DFX Intelligence
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Borrower
Q•••• S••••••• U• H•••••••• I••
Information Technology Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: Emerald JV LP; Q•••• S•••••••, Inc
Principal held
at least $18.3M
sum of BDC pieces, a lower bound
Fair value
$12.6M
69c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
8
1 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Feb 1, 2030
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
14
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 $18.3M | 69c | SOFR+100 bp PIK 6.75% | Feb 1, 2030 | 6 |
| second lien term loan second lien exited Mar 31, 2025 | at least $20.0M | 50c | SOFR+750 bp | Feb 1, 2030 | 2 |
| other lien unstated exited Dec 31, 2024 | at least $3.9M | 64c | S+325 bp | unstated | 2 |
Lenders
every BDC piece at the latest quarter end, largest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| F•••• I••••••••• C••• | term loan first lien F•••• L••• D••• V••••••• I•••• S••••• (S + 1.00%) V••••••• I•••• F•••• (0.50%) R••• C••• 4 | $18.3M | $12.6M 69c | SOFR+100 bp PIK 6.75% |
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 | 1 | $18.3M | $12.6M | 69c | 1 |
| Mar 31, 2026 | 2 | $21.5M | $14.8M | 70c | 1 |
| Dec 31, 2025 | 2 | $21.3M | $19.5M | 94c | 1 |
| Sep 30, 2025 | 2 | $21.0M | $19.2M | 94c | 1 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 2 | $23.7M | $18.6M | 82c | 1 |
| Mar 31, 2025 | 2 | $23.9M | $12.0M | 51c | 0 |
| Dec 31, 2024 | 4 | $52.2M | $26.5M | 52c | 0 |
| Sep 30, 2024 | 2 | $23.9M | $12.5M | 53c | 0 |
| Jun 30, 2024 | 2 | $23.9M | $17.2M | 74c | 0 |
| Mar 31, 2024 | 3 | $55.4M | $42.0M | 77c | 0 |
| Dec 31, 2023 | 5 | $83.2M | $63.0M | 77c | 0 |
| Sep 30, 2023 | 4 | $57.6M | $47.4M | 84c | 0 |
| Jun 30, 2023 | 3 | $55.7M | $43.6M | 80c | 0 |
| Mar 31, 2023 | 3 | $51.8M | $41.7M | 82c | 0 |
| Dec 31, 2022 | 3 | $36.2M | $28.0M | 78c | 0 |
| Sep 30, 2022 | 1 | $28.0M | $20.8M | 75c | 0 |
| Dec 31, 2021 | 1 | $65.0M | $65.1M | 100c | 0 |
What changed
- Spread changed (observed)Jun 30, 2026
- Spread changed (observed)Mar 31, 2026
- Marked down across lendersMar 31, 2026
- Lender left a facilityMar 31, 2026
- Marked down (one lender)Mar 31, 2026
Full timeline · 30 eventsShow fewer
- Marked down (one lender)Mar 31, 2026
- Mark recoveredSep 30, 2025
- Mark recoveredJun 30, 2025
- Spread changed (observed)Jun 30, 2025
- New lender joined a facilityJun 30, 2025
- Facility left every BDC scheduleMar 31, 2025
- Spread changed (observed)Mar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Spread increasedMar 31, 2025
- Spread changed (observed)Dec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
- Marked down across lendersSep 30, 2024
- Marked down (one lender)Sep 30, 2024
- Marked down (one lender)Sep 30, 2024
- Marked down across lendersDec 31, 2023
- Marked down across lendersDec 31, 2023
- Lender left a facilityDec 31, 2023
- Lender left a facilityDec 31, 2023
- Marked down (one lender)Dec 31, 2023
- Marked down (one lender)Dec 31, 2023
- Marked down (one lender)Dec 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
- QUEST SOFTWAREderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 8 BDCsderived
- Industry
- Information Technology Servicesreportedas one filer wrote it