DFX Intelligence
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Borrower
S•••••••• P•••••• L••
Also written as: Emerald JV LP; Services; Software; Software/Services; SolarWinds
Principal held
at least $250M
sum of BDC pieces, a lower bound
Fair value
$206M
86c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
9
7 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Apr 16, 2032
no dated debt inside 24 months
On the tape since
Mar 31, 2025
latest Jun 30, 2026
Events
4
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| other lien unstated | at least $195M | 87c | S+400 bp | Apr 18, 2033 | 3 |
| second lien term loan second lien | at least $50.0M | 80c | SOFR+600 bp | Apr 30, 2033 | 1 |
| first lien term loan first lien | at least $4.5M | 86c | SOFR+400 bp | Apr 16, 2032 | 5 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| 5• L•••••• P••••••• C•••• | term loan second lien Investment Type Second Lien Term Loan Initial Acquisition Date 7/2025 Reference Rate and S | $50.0M | $38.9M 80c | SOFR+600 bp |
| A• P•••••• L•••••• F••• | term loan first lien US Corporate Debt | 1st Lien/Senior Secured Debt | Term Loan | 7.65% (S + 4.00%) | 4/16/20 | $498,744 | $415,828 95c | SOFR+400 bp |
| A•• B••• L•• | unstated lien unstated | $47.5M | $38.6M 84c | S+600 bp |
| A•• B••• L•• | unstated lien unstated | $99.5M | $83.6M 90c | S+400 bp |
| B•••••• P•••••• C••••• C••• | term loan first lien First Lien Senior Secured Term Loan | $1.5M | $1.2M 84c | S+400 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $45.8M | $38.5M 86c | S+400 bp |
| F••••••• B•• C•••••• C••• | unstated lien unstated | $2.7M | $2.3M 85c | S+400 bp |
| P••••• S••••• C•••••• B•• I••• | term loan first lien Investment First Lien Senior Secured Loan Interest Rate 7.67% (S + 4.00%) Maturity Date 4/ | $2.5M | $2.1M 86c | SOFR+400 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 | $250M | $206M | 86c | 0 |
| Mar 31, 2026 | 6 | $293M | $248M | 88c | 0 |
| Dec 31, 2025 | 5 | $208M | $205M | 101c | 0 |
| Sep 30, 2025 | 4 | $158M | $154M | 100c | 0 |
| Jun 30, 2025 | 5 | $71.8M | $70.3M | 101c | 0 |
| Mar 31, 2025 | 4 | $69.0M | $67.0M | 100c | 0 |
What changed
- Marked down across lendersJun 30, 2026
- New lender joined a facilityJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down across lendersMar 31, 2026
- 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
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityJun 30, 2025
- Lender left a facilityJun 30, 2025
- Lender left a facilityJun 30, 2025
- New borrower on a BDC scheduleMar 31, 2025
Sponsor
- T••••••••• M••••••••• L•••
- the sponsor's own portfolio page lists a company of this nameestimatedturnriver.com"••• Locked"
Identity
- Group key
- STARLIGHTderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 9 BDCsderived
- Industry
- Softwarereportedas one filer wrote it