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Borrower

C••••••••• O•••••••• I••

High Tech Industriesgroup grade Aon a schedule nowsponsor not established · possible relationship
Also written as: Emerald JV LP; Inc. - Funded; Inc. Initial; Inc. Verdelite JV LP; Sunshine Software Holdings, Inc
See every lender's markFind rescue capital
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Special situations PE firms

What matters now

  1. 96¢ → 63¢
    consensus mark

    Consensus mark 63¢ on cost, down from 96¢ a year ago, 74¢ last quarter.

    Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.

    Derived9 of 9 lenders' own marks, weighted by principal
  2. 10 pts
    58¢ to 68¢

    Lenders disagree by 10 points: B••• O•• C••••• I••••• C•••• 58¢ to B••••••••• P•••••• C••••• F••• 68¢.

    Q2 2026 · Holders value the same loan differently, so a position could trade between them.

    Derivedeach lender's own fair value over costFor secondary buyers, special situations fundsLender marks →
  3. $738M
    principal outstanding

    $738M principal held by 9 lenders; matures Oct 2026.

    Q2 2026 · Refinancing is due in 0 months at a 63¢ mark.

    FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
  4. 80¢ → 68¢
    -12 pts, one lender

    B••••••••• P•••••• C••••• F••• marked it 80¢ → 68¢, the largest move among 9 lenders this quarter.

    Q2 2026 · One holder repriced far more than the rest.

    FactB••••••••• P•••••• C••••• F••• schedule of investmentsOpen the lender →
Mark path, consensus per quarter end
Q2 2025: 96¢Q3 2025: 97¢Q4 2025: 94¢Q1 2026: 74¢Q2 2026: 63¢96¢ · 97¢ · 94¢ · 74¢ · 63¢Q2 2025 to Q2 2026
Where each lender marks it, 10 points apart
58¢Consensus: 63¢A••• S•••••••• I••••• F•••: 67¢A••• C•••••• C•••: 64¢B••• O•• C•••••• C•••: 60¢B••••••••• P•••••• C••••• F•••: 68¢B••• O•• T••••••••• F•••••• C••••: 58¢B••• O•• C••••• I••••• C••••: 58¢B••• O•• C•••••• C••• I•: 58¢G•••• C•••••• P•••••• C••••• F•••: 65¢O••• D••••• L•••••• B•• F•••: 66¢68¢
Principal held
at least $738M
sum of BDC pieces, a lower bound
Fair value
$582M
63c on cost, debt pieces
Unfunded
$28.4M
commitments not yet drawn
BDC lenders
12
9 on the latest quarter
Facilities
4
2 equity pieces beside them
Next maturity
Oct 1, 2026
$9.8M inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
18
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2026, folded to one row per lender
LenderExposureCurrent markQoQ change
A••• S•••••••• I••••• F•••$186M67¢-11 pts
A••• C•••••• C•••$164M64¢-11 pts
B••• O•• C•••••• C•••$160M60¢-11 pts
B••••••••• P•••••• C••••• F•••$83.4M68¢-12 pts
B••• O•• T••••••••• F•••••• C••••$71.7M58¢-11 pts
View all 9 lenderslargest exposure first
LenderExposureCurrent markQoQ change
B••• O•• C••••• I••••• C••••$44.6M58¢-11 pts
B••• O•• C•••••• C••• I•$16.7M58¢-11 pts
G•••• C•••••• P•••••• C••••• F•••$9.34M65¢-9 pts
O••• D••••• L•••••• B•• F•••$2.89M66¢-9 pts
Every BDC piece · 18 positions across 9 lenderslargest principal first, with instrument and rate
BDCInstrumentPrincipalFair valueRate
B••• O•• C•••••• C•••term loan second lien
S••••• lien senior secured loan | N•••••••••
$160M$92.2M
60c
S+650 bp
A••• C•••••• C•••term loan second lien
S••••• lien senior secured loan
$138M$88.0M
64c
S+650 bp
A••• S•••••••• I••••• F•••term loan first lien
F•••• lien senior secured loan
$108M$68.3M
66c
S+375 bp
A••• S•••••••• I••••• F•••term loan second lien
S••••• lien senior secured loan
$77.8M$49.8M
69c
S+650 bp
B••• O•• T••••••••• F•••••• C••••term loan second lien
S••••• lien senior secured loan | N••••••••• I•••••
$71.7M$41.2M
58c
S+650 bp
View all 18 positionslargest principal first
BDCInstrumentPrincipalFair valueRate
B••• O•• C••••• I••••• C••••term loan second lien
S••••• lien senior secured loan | N••••••••• I•••••
$44.6M$25.6M
58c
S+650 bp
B••••••••• P•••••• C••••• F•••unstated lien unstated
N••••••••• I•••••
$34.0M$23.5M
70c
S+600 bp
B••••••••• P•••••• C••••• F•••unstated lien unstated$29.6M$19.0M
68c
S+375 bp
B••••••••• P•••••• C••••• F•••unstated lien unstated
N••••••••• I•••••
$17.8M$11.4M
64c
S+375 bp
B••• O•• C•••••• C••• I•term loan second lien
S••••• lien senior secured loan | Non A•••••••••
$16.7M$9.6M
58c
S+650 bp
A••• C•••••• C•••term loan first lien
F•••• lien senior secured loan
$16.4M$10.3M
68c
S+375 bp
A••• C•••••• C•••revolver first lien
F•••• lien senior secured revolving loan
$9.8M$6.2M
63c
S+300 bp
G•••• C•••••• P•••••• C••••• F•••term loan first lien
S••••• secured
$9.3M$6.0M
65c
S+375 bp
O••• D••••• L•••••• B•• F•••term loan first lien
F•••• L••• T••• L••• R•••••••• R••• and S••••• 1M S••• + 3.75% F•••• 0.50% I••••••• R••• 7
$2.9M$1.9M
66c
SOFR+375 bp
B••••••••• P•••••• C••••• F•••unstated lien unstated$2.1M$1.4M
67c
S+375 bp
A••• C•••••• C•••preferred equity equity
Series A preferred shares
Not disclosed$113M
60c
PIK 10.50%
A••• C•••••• C•••equity equity
C•••• A-1 common stock
Not disclosed$14.7M
108c
A••• C•••••• C•••unstated lien unstatedNot disclosedNot disclosed
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
FacilityHeldOn costPricingMaturityBDCs
second lien term loan second lienat least $509M62cS+650 bpOct 1, 20297
first lien term loan first lienat least $137M66cSOFR+375 bpOct 16, 20286
other lien unstatedat least $83.4M68cS+600 bpOct 16, 20282
first lien revolver first lienat least $9.8M63cS+300 bpOct 1, 20261
Equity pieces beside the debt: preferred equity ($113M fair value, 1 BDC), equity ($14.7M fair value, 1 BDC)
Through time
the borrower's pieces summed across BDCs, every quarter end
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20269$738M$454M63c0
Mar 31, 20269$738M$531M74c0
Dec 31, 20259$747M$680M94c0
Sep 30, 20259$731M$688M97c0
All 17 quarters
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20259$654M$606M95c0
Mar 31, 20258$571M$494M89c0
Dec 31, 20248$756M$661M88c0
Sep 30, 202410$539M$498M93c0
Jun 30, 202410$536M$499M94c0
Mar 31, 20249$521M$504M98c0
Dec 31, 20239$626M$595M96c0
Sep 30, 20237$400M$373M94c0
Jun 30, 20238$512M$477M94c0
Mar 31, 20238$503M$476M95c0
Dec 31, 20228$501M$469M94c0
Sep 30, 20223$305M$281M93c0
Dec 31, 20213$263M$259M99c0
What changed
Full timeline · 30 events
Every change including routine ones
Identity
Group key
C••••••••• O•••••••derivedthe codename stem after legal suffixes and deal words
Spellings
1 across 12 BDCsderived
Industry
High Tech Industriesreportedas one filer wrote it