DFX Intelligence
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Borrower
X•••• T•• L••
Professional Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: Emerald JV LP; LLC First and; Verdelite JV LP
Principal held
at least $228M
sum of BDC pieces, a lower bound
Fair value
$208M
92c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
14
7 on the latest quarter
Facilities
4
0 equity pieces beside them
Next maturity
Oct 28, 2032
no dated debt inside 24 months
On the tape since
Jun 30, 2024
latest Jun 30, 2026
Events
6
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien | at least $196M | 92c | SOFR+325 bp | Dec 1, 2032 | 9 |
| other lien unstated | at least $31.7M | 92c | S+325 bp | Dec 1, 2032 | 1 |
| second lien term loan second lien exited Sep 30, 2024 | at least $1.8M | 101c | S+425 bp | Jun 24, 2031 | 1 |
| term loan lien unstated exited Jun 30, 2024 | at least $1.8M | 101c | S+425 bp | Jun 13, 2031 | 1 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• S•••••••• I••••• F••• | term loan first lien F•••• lien senior secured loan | $38.7M | $35.3M 92c | S+325 bp |
| B•••••••• P•••••• C••••• F••• | term loan first lien I••••••••• F•••• L••• T••• L••• Ref S•••(Q) S••••• 3.25% T•••• C••••• 6.91% M••••••• 10/28 | $1.4M | $1.3M 92c | SOFR+325 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $18.6M | $17.1M 92c | S+325 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated N••••••••• I••••• | $12.1M | $11.2M 92c | S+325 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $981,000 | $902,000 92c | S+325 bp |
| B••• O•• C••••• I••••• C•••• | term loan first lien F•••• lien senior secured loan | N••••••••• I••••• | $91.3M | $83.3M 92c | S+325 bp |
| B••• O•• T••••••••• F•••••• C•••• | term loan first lien F•••• lien senior secured loan | N••••••••• I••••• | $18.3M | $16.7M 92c | S+325 bp |
| B••• O•• T••••••••• I••••• C•••• | term loan first lien F•••• lien senior secured loan | $39.3M | $35.9M 91c | S+325 bp |
| P••••• S••••• C•••••• B•• I••• | term loan first lien Investment F•••• L••• S••••• S•••••• L••• I••••••• R••• 6.91% (S + 3.25%) M••••••• D••• 12 | $7.1M | $6.6M 92c | SOFR+325 bp |
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 | 7 | $228M | $208M | 92c | 0 |
| Mar 31, 2026 | 7 | $240M | $223M | 93c | 0 |
| Dec 31, 2025 | 7 | $294M | $295M | 100c | 0 |
| Sep 30, 2025 | 6 | $174M | $174M | 100c | 0 |
| Jun 30, 2025 | 6 | $175M | $175M | 100c | 0 |
| Mar 31, 2025 | 6 | $174M | $174M | 100c | 0 |
| Dec 31, 2024 | 8 | $299M | $301M | 101c | 0 |
| Sep 30, 2024 | 8 | $157M | $158M | 101c | 0 |
| Jun 30, 2024 | 8 | $160M | $159M | 100c | 0 |
What changed
- Marked down across lendersMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Maturity extended (observed)Dec 31, 2025
- New lender joined a facilityDec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Spread changed (observed)Dec 31, 2024
- Lender left a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilitySep 30, 2024
- Facility left every BDC scheduleSep 30, 2024
- New borrower on a BDC scheduleJun 30, 2024
- Lender left a facilityJun 30, 2024
- Facility left every BDC scheduleJun 30, 2024
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- X•••• T•derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 14 BDCsderived
- Industry
- Professional Servicesreportedas one filer wrote it