DFX Intelligence
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Borrower
M••••••• I••••••••• I••
Softwaregroup grade Aon a schedule nowsponsor unattributed
Also written as: Emerald JV LP; Verdelite JV LP
Principal held
at least $252M
sum of BDC pieces, a lower bound
Fair value
$235M
94c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
18
11 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Jan 22, 2031
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
8
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| second lien term loan second lien | at least $125M | 92c | SOFR+525 bp | Jun 17, 2032 | 7 |
| other lien unstated | at least $68.1M | 96c | S+300 bp | Jun 17, 2031 | 4 |
| first lien term loan first lien | at least $59.0M | 95c | SOFR+300 bp | Jun 17, 2031 | 13 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• S•••••••• I••••• F••• | term loan second lien S••••• lien senior secured loan | $32.7M | $29.8M 92c | S+525 bp |
| A••• S•••••••• I••••• F••• | term loan first lien F•••• lien senior secured loan | $2.1M | $2.0M 96c | S+300 bp |
| B•••••• P•••••• C••••• C••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• | $2.1M | $2.0M 95c | S+300 bp |
| B•••••••• P•••••• C••••• F••• | term loan first lien I••••••••• F•••• L••• T••• L••• Ref S•••(M) S••••• 3.00% T•••• C••••• 6.64% M••••••• 1/22/ | $3.0M | $2.9M 96c | SOFR+300 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated N••••••••• I••••• | $38.7M | $36.9M 96c | S+300 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $5.0M | $4.7M 96c | S+300 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $14.6M | $13.9M 96c | S+300 bp |
| B••• O•• C••••• I••••• C•••• | term loan second lien S••••• lien senior secured loan | N••••••••• I••••• | $37.7M | $34.4M 92c | S+525 bp |
| B••• O•• C••••• I••••• C•••• | term loan first lien F•••• lien senior secured loan | N••••••••• I••••• | $46.5M | $44.2M 95c | S+300 bp |
| B••• O•• T••••••••• I••••• C•••• | term loan second lien S••••• lien senior secured loan | $7.3M | $6.7M 92c | S+525 bp |
| H•• C•••••••• L•••••• F••• | unstated lien unstated N••••••••• I••••• | $9.8M | $9.4M 96c | S+300 bp |
| J••• H•••••• C•••••• P•••••• I••••• F••• | term loan second lien S••••• L••• S••••• S•••••• T••• L••• I••••••• S••••••• & Services S••••• A•••• I•••• S••• | $4.1M | $3.9M 96c | SOFR+525 bp |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | term loan first lien F•••• L••• D••• | $5.3M | $5.1M 96c | S+300 bp |
| O•••••• S•••••••• C••••• F••• | term loan second lien S••••• L••• T••• L••• | $35.3M | $32.6M 93c | S+525 bp |
| P••••• S••••• C•••••• B•• I••• | term loan second lien Investment S••••• L••• S••••• S•••••• L••• I••••••• R••• 8.89% (S + 5.25%) M••••••• D••• 6 | $7.5M | $6.9M 93c | SOFR+525 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 | 11 | $252M | $235M | 94c | 0 |
| Mar 31, 2026 | 12 | $294M | $274M | 93c | 0 |
| Dec 31, 2025 | 14 | $380M | $380M | 100c | 0 |
| Sep 30, 2025 | 12 | $372M | $370M | 100c | 0 |
| Jun 30, 2025 | 13 | $408M | $405M | 100c | 0 |
| Mar 31, 2025 | 13 | $430M | $423M | 99c | 0 |
| Dec 31, 2024 | 12 | $653M | $652M | 100c | 0 |
| Sep 30, 2024 | 12 | $396M | $390M | 99c | 0 |
| Jun 30, 2024 | 10 | $360M | $357M | 100c | 0 |
| Mar 31, 2024 | 6 | $248M | $248M | 102c | 0 |
| Dec 31, 2023 | 6 | $267M | $265M | 101c | 0 |
| Sep 30, 2023 | 5 | $241M | $230M | 97c | 0 |
| Jun 30, 2023 | 4 | $192M | $178M | 94c | 0 |
| Mar 31, 2023 | 4 | $191M | $173M | 92c | 0 |
| Dec 31, 2022 | 3 | $193M | $169M | 89c | 0 |
| Sep 30, 2022 | 3 | $165M | $153M | 93c | 0 |
| Dec 31, 2021 | 2 | $130M | $130M | 101c | 0 |
What changed
- Maturity shortened (observed)Jun 30, 2026
- Marked down across lendersMar 31, 2026
- Lender left a facilityMar 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
- Lender left a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- Maturity extended (observed)Sep 30, 2025
- Lender left a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
- Lender left a facilityJun 30, 2025
- New lender joined a facilityMar 31, 2025
- Lender left a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilitySep 30, 2024
- Lender left a facilitySep 30, 2024
- New lender joined a facilitySep 30, 2024
- New lender joined a facilitySep 30, 2024
- Maturity extended (observed)Sep 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Spread changed (observed)Jun 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
- MITCHELLderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 18 BDCsderived
- Industry
- Softwarereportedas one filer wrote it