DFX Intelligence
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Borrower
M••••••
Technology Rate S+5.75%, 1.00% Floorgroup grade Aon a schedule nowsponsor unattributed
Also written as: Dirst lien; Dirst lien - Funded; Emerald JV LP; Inc. - Funded; Inc. 1; Inc. 2; Mercury Acquisition 2021, LLC; Mercury Bidco LLC
Principal held
at least $94.7M
sum of BDC pieces, a lower bound
Fair value
$95.7M
96c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
10
4 on the latest quarter
Facilities
4
2 equity pieces beside them
Next maturity
Jan 3, 2028
$13.0M inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
17
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 $88.2M | 96c | SOFR+575 bp | Nov 1, 2032 | 4 |
| other lien unstated | at least $4.5M | 100c | S+575 bp | Dec 17, 2029 | 4 |
| first lien revolver first lien | at least $2.0M | n/a | SOFR+575 bp | May 31, 2029 | 2 |
| second lien term loan second lien exited Dec 31, 2025 | at least $3.0M | 40c | S+1100 bp PIK 17.00% | Jun 30, 2027 | 1 |
Equity pieces beside the debt: preferred equity ($7.3M fair value, 1 BDC), equity ($0 fair value, 1 BDC)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A•• B••• L•• | unstated lien unstated | $4.5M | $4.5M 100c | S+575 bp |
| A••• S•••••••• I••••• F••• | term loan first lien F•••• lien senior secured loan | $44.9M | $43.8M 98c | S+300 bp |
| C•••••• S•••••••• C••• | preferred equity equity A••••••••• 2021, LLC | S••••• A P•••••••• U•••• | n/a | $3.7M 95c | |
| C•••••• S•••••••• C••• | term loan first lien A••••••••• 2021, LLC | F•••• lien - T••• L••• B | $6.5M | $6.0M | S+800 bp |
| C•••••• S•••••••• C••• | equity equity A••••••••• 2021, LLC | S••••• A U•••• | n/a | $0 | |
| C•••••• S•••••••• C••• | term loan first lien A••••••••• 2021, LLC | F•••• lien - T••• L••• A | $6.5M | $6.0M | S+800 bp |
| C•••••• S•••••••• C••• | equity equity A••••••••• 2021, LLC | S••••• A U•••• | $0 | $0 | |
| C•••••• S•••••••• C••• | preferred equity equity A••••••••• 2021, LLC | S••••• A P•••••••• U•••• | $0 | $3.7M | |
| C•••••• S•••••••• C••• | preferred equity equity A••••••••• 2021, LLC | S••••• B P•••••••• U•••• | $0 | $0 | |
| C•••••• S•••••••• C••• | term loan first lien A••••••••• 2021, LLC | F•••• L••• - T••• L••• A | $6.5M | $6.0M 92c | S+800 bp |
| C•••••• S•••••••• C••• | preferred equity equity A••••••••• 2021, LLC | S••••• B P•••••••• U•••• | n/a | $0 | |
| C•••••• S•••••••• C••• | term loan first lien A••••••••• 2021, LLC | F•••• L••• - T••• L••• B | $6.5M | $6.0M 92c | S+800 bp |
| C•••••• S•••••••• C••• | preferred equity equity A••••••••• 2021, LLC | S••••• C P•••••••• U•••• | n/a | $0 | |
| C•••••• S•••••••• C••• | preferred equity equity A••••••••• 2021, LLC | S••••• C P•••••••• U•••• | $0 | $0 | |
| S••••• P•••• S•••••••• L•••••• F••• | revolver first lien 1st L•••/S•••••• L•••• I••••••••• 1st L••• R••••••• I••••••• T••••••••• R••• S+5.75%, 1.00 | $2.0M | $-105,501 605c | SOFR+575 bp |
| S••••• P•••• S•••••••• L•••••• F••• | term loan first lien 1st L•••/S•••••• L•••• I••••••••• 1st L••• T••• L••• I••••••• T••••••••• R••• S+5.75%, 1.0 | $17.3M | $16.2M 95c | SOFR+575 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 | 4 | $94.7M | $88.3M | 111c | 0 |
| Mar 31, 2026 | 4 | $79.9M | $86.7M | 112c | 2 |
| Dec 31, 2025 | 3 | $83.4M | $77.3M | 96c | 1 |
| Sep 30, 2025 | 3 | $100M | $94.2M | 96c | 0 |
| Jun 30, 2025 | 3 | $92.5M | $86.9M | 97c | 0 |
| Mar 31, 2025 | 3 | $84.1M | $77.1M | 95c | 0 |
| Dec 31, 2024 | 3 | $158M | $155M | 99c | 0 |
| Sep 30, 2024 | 4 | $92.6M | $88.2M | 98c | 0 |
| Jun 30, 2024 | 4 | $92.8M | $88.4M | 98c | 0 |
| Mar 31, 2024 | 3 | $76.1M | $72.2M | 98c | 0 |
| Dec 31, 2023 | 3 | $40.0M | $37.0M | 98c | 0 |
| Sep 30, 2023 | 3 | $35.1M | $33.3M | 96c | 0 |
| Jun 30, 2023 | 3 | $35.1M | $33.6M | 97c | 0 |
| Mar 31, 2023 | 3 | $50.3M | $48.5M | 98c | 0 |
| Dec 31, 2022 | 3 | $41.3M | $39.9M | 98c | 0 |
| Sep 30, 2022 | 1 | $15.7M | $15.4M | 100c | 0 |
| Mar 31, 2022 | 1 | $15.8M | $15.5M | 100c | 0 |
| Dec 31, 2021 | 2 | $20.0M | $20.0M | 101c | 0 |
What changed
- Spread changed (observed)Jun 30, 2026
- Spread changed (observed)Mar 31, 2026
- PIK interest appearsMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- PIK interest appearsMar 31, 2026
- Spread increasedMar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Maturity extended (observed)Dec 31, 2025
- PIK interest appearsDec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Facility left every BDC scheduleDec 31, 2025
- PIK interest appearsDec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Spread changed (observed)Sep 30, 2025
- Marked down across lendersSep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Marked down across lendersJun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Maturity shortened (observed)Jun 30, 2025
- New lender joined a facilityMar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- Lender left a facilityDec 31, 2024
- Lender left a facilitySep 30, 2024
- Spread changed (observed)Jun 30, 2024
- New lender joined a facilityJun 30, 2024
- Spread changed (observed)Mar 31, 2024
- Lender left a facilityMar 31, 2024
- New lender joined a facilityMar 31, 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
- M••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 5 across 10 BDCsderived
- Industry
- Technology Rate S+5.75%, 1.00% Floorreportedas one filer wrote it