DFX Intelligence
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Borrower
K•••• C•••
group grade Aon a schedule nowsponsor unattributed
Also written as: Emerald JV LP; Verdelite JV LP
What matters now
- 100¢ → 96¢consensus mark
Consensus mark 96¢ on cost, down from 100¢ a year ago, 90¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived2 of 2 lenders' own marks, weighted by principal
Mark path, consensus per quarter end
100¢ · 100¢ · 97¢ · 90¢ · 96¢Q2 2025 to Q2 2026
Where each lender marks it, 1 points apart
96¢97¢
Principal held
at least $25.2M
sum of BDC pieces, a lower bound
Fair value
$24.3M
96c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
11
2 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Jun 12, 2030
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
6
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••• | $22.8M | 96¢ | +6 pts |
| H•• C•••••••• L•••••• F••• | $2.35M | 97¢ | +7 pts |
Every BDC piece · 3 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $20.3M | $19.6M 96c | S+275 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $2.5M | $2.4M 96c | S+275 bp |
| H•• C•••••••• L•••••• F••• | unstated lien unstated N••••••••• I••••• | $2.4M | $2.3M 97c | S+275 bp |
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 $25.2M | 96c | S+275 bp | Jun 12, 2030 | 5 |
| first lien term loan first lien exited Dec 31, 2025 | at least $7.3M | 97c | SOFR+275 bp | Jun 12, 2030 | 5 |
| term loan lien unstated exited Sep 30, 2024 | at least $2.2M | 100c | S+450 bp | Jun 12, 2030 | 1 |
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 | 2 | $25.2M | $24.3M | 96c | 0 |
| Mar 31, 2026 | 2 | $22.9M | $20.6M | 90c | 0 |
| Dec 31, 2025 | 3 | $32.6M | $31.7M | 97c | 0 |
| Sep 30, 2025 | 3 | $32.7M | $32.7M | 100c | 0 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 4 | $23.3M | $23.3M | 100c | 0 |
| Mar 31, 2025 | 6 | $36.2M | $36.2M | 100c | 0 |
| Dec 31, 2024 | 6 | $46.2M | $46.7M | 101c | 0 |
| Sep 30, 2024 | 7 | $27.9M | $28.0M | 101c | 0 |
| Jun 30, 2024 | 7 | $33.1M | $33.3M | 102c | 0 |
| Mar 31, 2024 | 7 | $28.2M | $28.3M | 102c | 0 |
| Dec 31, 2023 | 2 | $12.5M | $12.5M | 105c | 0 |
| Sep 30, 2023 | 1 | $5.0M | $5.0M | 105c | 0 |
| Jun 30, 2023 | 2 | $12.5M | $12.4M | 104c | 0 |
| Mar 31, 2023 | 1 | $962,000 | $947,000 | 103c | 0 |
| Dec 31, 2022 | 1 | $53.2M | $51.2M | 97c | 0 |
| Sep 30, 2022 | 1 | $53.9M | $51.1M | 96c | 0 |
| Dec 31, 2021 | 1 | $22.8M | $22.4M | 99c | 0 |
What changed
- Marked down (one lender)Mar 31, 2026
- Facility left every BDC scheduleDec 31, 2025
- Spread changed (observed)Sep 30, 2025
- Lender left a facilityJun 30, 2025
- New lender joined a facilityMar 31, 2025
Full timeline · 17 eventsShow fewer
- Spread changed (observed)Dec 31, 2024
- New lender joined a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
- Facility left every BDC scheduleSep 30, 2024
- Spread changed (observed)Jun 30, 2024
- Spread changed (observed)Jun 30, 2024
- New lender joined a facilityMar 31, 2024
- New lender joined a facilityMar 31, 2024
- New lender joined a facilityMar 31, 2024
- New lender joined a facilityMar 31, 2024
- New lender joined a facilityDec 31, 2023
- New lender joined a facilityJun 30, 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
- K••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 11 BDCsderived