DFX Intelligence
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Borrower
C••• H•••••••• L••
Financial Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: LLC Emerald JV LP
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
100¢ · 100¢ · 100¢ · 100¢ · 100¢Q2 2025 to Q2 2026
Where each lender marks it on the first lien term loan, 1 point apart
99¢100¢
Principal held
at least $126M
sum of BDC pieces, a lower bound
Fair value
$125M
100c on cost, debt pieces
Unfunded
$21.5M
commitments not yet drawn
BDC lenders
4
4 on the latest quarter
Facilities
5
0 equity pieces beside them
Next maturity
Nov 2, 2029
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
7
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2026, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | $110M | 100¢ | 0 pts |
| A•••••• P•••••• C••••• F••• | $5.94M | 99¢ | 0 pts |
| B••••••••• S•••••• L•••••• F••• | $5.81M | 101¢ | 0 pts |
| A•••••• S•••••••• C••••• F••• | $4.21M | 100¢ | +1 pts |
Every BDC piece · 11 positions across 4 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | revolver lien unstated | $92.9M | $92.9M 100c | S+425 bp |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated N••••••••• I••••• | $17.5M | $17.0M 98c | S+425 bp |
| B••••••••• S•••••• L•••••• F••• | revolver lien unstated N••••••••• I••••• | $5.8M | $5.8M 101c | S+425 bp |
| A•••••• P•••••• C••••• F••• | term loan first lien Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 4.25% I••••••• R••• 7.91% M• | $5.7M | $5.6M 99c | SOFR+425 bp |
| A•••••• S•••••••• C••••• F••• | term loan first lien Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 4.25% I••••••• R••• 7.91% M• | $4.0M | $4.0M 100c | SOFR+425 bp |
View all 11 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A•••••• P•••••• C••••• F••• | revolver first lien Asset T••• F•••• L••• R••••••• R•••••••• R••• and S••••• S + 4.25% I••••••• R••• 7.91% M•• | $270,000 | -$3,000 300c | SOFR+425 bp |
| A•••••• S•••••••• C••••• F••• | revolver first lien Asset T••• F•••• L••• R••••••• R•••••••• R••• and S••••• S + 4.25% I••••••• R••• 7.91% M•• | $191,000 | -$2,000 100c | SOFR+425 bp |
| A•••••• P•••••• C••••• F••• | revolver first lien C••••••••• T••• R••••••• C••••••••• E••••••••• D••• 11/2/2029 | Not disclosed | -$3,000 | |
| A•••••• S•••••••• C••••• F••• | revolver first lien C••••••••• T••• R••••••• C••••••••• E••••••••• D••• 11/2/2029 | Not disclosed | -$2,000 | |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated R••••••• | Not disclosed | Not disclosed | S+425 bp |
| B••••••••• S•••••• L•••••• F••• | revolver lien unstated R••••••• | Not disclosed | Not disclosed | S+425 bp |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| revolver lien unstated | at least $116M | 100c | S+425 bp | Nov 2, 2029 | 2 |
| first lien term loan first lien | at least $9.7M | 100c | SOFR+425 bp | Nov 2, 2029 | 2 |
| first lien revolver first lien | at least $461,000 | n/a | SOFR+425 bp | Nov 2, 2029 | 2 |
| other lien unstated exited Jun 30, 2023 | at least $143M | 100c | S+500 bp | Nov 2, 2027 | 2 |
| delayed draw term loan lien unstated exited Mar 31, 2023 | unknown | n/a | S+525 bp | unstated | 2 |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2026 | 4 | $126M | $125M | 100c | 0 |
| Mar 31, 2026 | 4 | $127M | $126M | 100c | 0 |
| Dec 31, 2025 | 4 | $130M | $129M | 100c | 0 |
| Sep 30, 2025 | 4 | $139M | $138M | 100c | 0 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 4 | $149M | $148M | 100c | 0 |
| Mar 31, 2025 | 4 | $149M | $148M | 100c | 0 |
| Dec 31, 2024 | 4 | $292M | $291M | 100c | 0 |
| Sep 30, 2024 | 3 | $143M | $142M | 100c | 0 |
| Jun 30, 2024 | 3 | $143M | $143M | 100c | 0 |
| Mar 31, 2024 | 3 | $144M | $143M | 100c | 0 |
| Dec 31, 2023 | 2 | $250M | $250M | 100c | 0 |
| Sep 30, 2023 | 2 | $140M | $139M | 100c | 0 |
| Jun 30, 2023 | 2 | $143M | $142M | 100c | 0 |
| Mar 31, 2023 | 2 | $30.4M | $29.8M | 101c | 0 |
| Dec 31, 2022 | 2 | $152M | $151M | 100c | 0 |
| Sep 30, 2022 | 2 | $59.4M | $58.7M | 102c | 0 |
| Dec 31, 2021 | 2 | $154M | $150M | 100c | 0 |
What changed
- Maturity extended (observed)Mar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Maturity extended (observed)Mar 31, 2026
Full timeline · 15 eventsShow fewer
- Maturity extended (observed)Mar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Lender left a facilityDec 31, 2024
- Spread changed (observed)Jun 30, 2024
- Spread changed (observed)Jun 30, 2024
- Lender left a facilityMar 31, 2024
- Facility left every BDC scheduleJun 30, 2023
- Facility left every BDC scheduleMar 31, 2023
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- C••• HOLDINGderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 4 BDCsderived
- Industry
- Financial Servicesreportedas one filer wrote it