DFX Intelligence
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Borrower
C•• B••••• L••
group grade Aoff every schedule since Mar 31, 2025sponsor unattributed
Also written as: 2024 2nd Amendment; Emerald JV LP; LLC 1; LLC 2
Nothing material in the last 200 days. Last change: 31 Mar 2025, Consensus mark 101¢ on cost, up from 99¢ a year ago, 99¢ last quarter.
Mark path, consensus per quarter end
99¢ · 99¢ · 99¢ · 99¢ · 101¢Q1 2024 to Q1 2025
Principal held
at least $380M
sum of BDC pieces, a lower bound
Fair value
$377M
101c on cost, debt pieces
Unfunded
$42.9M
commitments not yet drawn
BDC lenders
5
4 on the latest quarter
Facilities
5
0 equity pieces beside them
Next maturity
Oct 30, 2026
$2.1M inside 24 months
On the tape since
Dec 31, 2021
latest Mar 31, 2025
Events
5
dated, non-routine
Lender marks
each lender's own fair value over cost at Mar 31, 2025, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | $319M | 101¢ | +2 pts |
| B••••••••• S•••••• L•••••• F••• | $32.9M | 101¢ | +2 pts |
| H•• C•••••••• L•••••• F••• | $28.1M | 98¢ | 0 pts |
| A••••• D••• S•••••••• B•• | no principal filed | no cost filed | no comparable mark |
Every BDC piece · 18 positions across 4 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $142M | $142M 101c | S+550 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $135M | $135M 102c | S+550 bp |
| B••••••••• S•••••• L•••••• F••• | unstated lien unstated | $27.7M | $27.7M 101c | S+550 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $26.6M | $26.6M 101c | S+550 bp |
| H•• C•••••••• L•••••• F••• | revolver first lien | $24.6M | $24.0M 98c | S+550 bp |
View all 18 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $13.2M | $12.6M 98c | S+550 bp |
| B••••••••• S•••••• L•••••• F••• | unstated lien unstated | $3.0M | $3.0M 101c | S+550 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $2.7M | $2.7M 99c | S+550 bp |
| B••••••••• S•••••• L•••••• F••• | unstated lien unstated | $2.3M | $2.2M 99c | S+550 bp |
| H•• C•••••••• L•••••• F••• | revolver first lien | $2.1M | -$29,000 207c | |
| H•• C•••••••• L•••••• F••• | revolver first lien | $1.3M | $1.3M 98c | S+550 bp |
| A••••• D••• S•••••••• B•• | unstated lien unstated | Not disclosed | Not disclosed | |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated R••••••• | Not disclosed | Not disclosed | S+550 bp |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated D•••••• D••• T••• L••• | Not disclosed | Not disclosed | S+550 bp |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated R•••••••, E•••••• JV LP | Not disclosed | Not disclosed | S+550 bp |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated D•••••• D••• T••• L••• | Not disclosed | Not disclosed | S+550 bp |
| B••••••••• S•••••• L•••••• F••• | revolver lien unstated R••••••• | Not disclosed | Not disclosed | S+550 bp |
| H•• C•••••••• L•••••• F••• | revolver first lien 1st L••• S••••• S•••••• R•••••••• L••• | Not disclosed | Not disclosed |
Capital structure as the BDCs see it
latest quarter end Mar 31, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| other lien unstated exited Mar 31, 2025 | at least $352M | 101c | S+550 bp | Nov 1, 2028 | 3 |
| first lien revolver first lien exited Mar 31, 2025 | at least $28.1M | 98c | S+550 bp | Nov 1, 2028 | 1 |
| first lien delayed draw term loan first lien exited Mar 31, 2023 | unknown | n/a | unstated | 1 | |
| revolver lien unstated exited Mar 31, 2025 | unknown | n/a | S+550 bp | unstated | 2 |
| delayed draw term loan lien unstated exited Mar 31, 2025 | unknown | n/a | S+550 bp | unstated | 2 |
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, 2025 | 4 | $380M | $377M | 101c | 0 |
| Dec 31, 2024 | 4 | $753M | $734M | 99c | 0 |
| Sep 30, 2024 | 4 | $374M | $363M | 99c | 0 |
| Jun 30, 2024 | 5 | $371M | $361M | 99c | 0 |
All 12 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2024 | 4 | $368M | $356M | 99c | 0 |
| Dec 31, 2023 | 4 | $540M | $522M | 99c | 0 |
| Sep 30, 2023 | 4 | $370M | $355M | 98c | 0 |
| Jun 30, 2023 | 4 | $371M | $356M | 98c | 0 |
| Mar 31, 2023 | 4 | $233M | $221M | 98c | 0 |
| Dec 31, 2022 | 4 | $364M | $343M | 98c | 0 |
| Sep 30, 2022 | 2 | $219M | $210M | 98c | 0 |
| Dec 31, 2021 | 1 | $29.5M | $28.8M | 100c | 0 |
What changed
- Facility left every BDC scheduleMar 31, 2025
- Facility left every BDC scheduleMar 31, 2025
- Facility left every BDC scheduleMar 31, 2025
- Facility left every BDC scheduleMar 31, 2025
- New lender joined a facilityJun 30, 2024
Full timeline · 7 eventsShow fewer
- Facility left every BDC scheduleMar 31, 2023
- New lender joined a facilitySep 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
- C•• B••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 5 BDCsderived