DFX Intelligence
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Borrower
W••• U•• T•••• H•••••••• L••
group grade Aon a schedule nowsponsor unattributed
Also written as: Emerald JV LP; LLC 1; LLC 2; LLC2
What matters now
- $127Mprincipal outstanding
$127M principal held by 1 lender; matures Jul 2028.
Q1 2026 · Refinancing is due in 22 months at a 102¢ mark.
FactBDC schedules of investments, 31 Mar 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
100¢ · 102¢ · 102¢ · 102¢ · 102¢Q1 2025 to Q1 2026
Principal held
at least $127M
sum of BDC pieces, a lower bound
Fair value
$128M
102c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
5
1 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Jul 26, 2028
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Mar 31, 2026
Events
3
dated, non-routine
Lender marks
each lender's own fair value over cost at Mar 31, 2026, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | $127M | 102¢ | 0 pts |
Every BDC piece · 5 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | unstated lien unstated N••••••••• I••••• | $83.7M | $84.1M 102c | S+475 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated N••••••••• I••••• | $19.4M | $19.4M 100c | S+400 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $15.3M | $15.4M 102c | S+475 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $6.2M | $6.2M 101c | S+400 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $2.5M | $2.5M 101c | S+400 bp |
Capital structure as the BDCs see it
latest quarter end Mar 31, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| other lien unstated exited Mar 31, 2026 | at least $127M | 102c | S+475 bp | Jul 26, 2028 | 3 |
| second lien term loan second lien exited Sep 30, 2024 | at least $20.0M | 95c | SOFR+700 bp | Jul 26, 2029 | 2 |
| first lien term loan first lien exited Sep 30, 2023 | at least $6.9M | 103c | S+400 bp | Jul 26, 2028 | 1 |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2026 | 1 | $127M | $128M | 102c | 0 |
| Dec 31, 2025 | 1 | $127M | $128M | 102c | 0 |
| Sep 30, 2025 | 1 | $125M | $125M | 102c | 0 |
| Jun 30, 2025 | 1 | $126M | $127M | 102c | 0 |
All 16 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2025 | 1 | $121M | $119M | 100c | 0 |
| Dec 31, 2024 | 1 | $44.8M | $45.1M | 101c | 0 |
| Sep 30, 2024 | 2 | $71.7M | $69.7M | 98c | 0 |
| Jun 30, 2024 | 2 | $71.8M | $69.1M | 97c | 0 |
| Mar 31, 2024 | 2 | $67.0M | $62.1M | 94c | 0 |
| Dec 31, 2023 | 2 | $100M | $88.8M | 90c | 0 |
| Sep 30, 2023 | 5 | $80.2M | $72.5M | 92c | 0 |
| Jun 30, 2023 | 5 | $81.5M | $71.1M | 89c | 0 |
| Mar 31, 2023 | 5 | $81.5M | $73.3M | 92c | 0 |
| Dec 31, 2022 | 3 | $95.9M | $84.8M | 90c | 0 |
| Sep 30, 2022 | 3 | $69.0M | $62.8M | 93c | 0 |
| Dec 31, 2021 | 1 | $78.7M | $79.0M | 102c | 0 |
What changed
- Lender left a facilityMar 31, 2026
- Facility left every BDC scheduleMar 31, 2026
- Spread increasedMar 31, 2025
- Maturity shortened (observed)Dec 31, 2024
- Facility left every BDC scheduleSep 30, 2024
Full timeline · 11 eventsShow fewer
- Facility left every BDC scheduleSep 30, 2023
- New lender joined a facilityMar 31, 2023
- Marked down (one lender)Dec 31, 2022
- Lender left a facilitySep 30, 2022
- New lender joined a facilitySep 30, 2022
- Marked down (one lender)Sep 30, 2022
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- WWEX UNIderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 5 BDCsderived