DFX Intelligence
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Borrower
O••••• U•••••••• S•••••••• I••
group grade Aon a schedule nowsponsor unattributed
Also written as: Emerald JV LP; Pine Intermediate Holding LLC
What matters now
- 94¢ → 99¢consensus mark
Consensus mark 99¢ on cost, up from 94¢ a year ago, 99¢ last quarter.
Q2 2026 · The lenders' own valuations moved back up.
Derived1 of 1 lender' own marks, weighted by principal
Mark path, consensus per quarter end
94¢ · 96¢ · 98¢ · 99¢ · 99¢Q2 2025 to Q2 2026
Principal held
at least $55.3M
sum of BDC pieces, a lower bound
Fair value
$54.7M
99c 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
Jun 1, 2029
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
5
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 |
|---|---|---|---|
| A••• C•••••• C••• | $55.3M | 99¢ | 0 pts |
Every BDC piece · 1 position across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• C•••••• C••• | term loan second lien S••••• lien senior secured loan | $55.3M | $54.7M 99c | S+675 bp |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| second lien term loan second lien | at least $55.3M | 99c | S+675 bp | Jun 1, 2029 | 1 |
| other lien unstated exited Dec 31, 2025 | at least $13.8M | 98c | S+325 bp | Jun 23, 2028 | 1 |
| first lien term loan first lien exited Sep 30, 2025 | at least $3.7M | 95c | S+325 bp | Jun 1, 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 |
|---|---|---|---|---|---|
| Jun 30, 2026 | 1 | $55.3M | $54.7M | 99c | 0 |
| Mar 31, 2026 | 1 | $55.3M | $54.7M | 99c | 0 |
| Dec 31, 2025 | 2 | $69.1M | $67.6M | 98c | 0 |
| Sep 30, 2025 | 3 | $75.8M | $73.1M | 96c | 0 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 3 | $75.8M | $71.3M | 94c | 0 |
| Mar 31, 2025 | 3 | $77.0M | $76.1M | 99c | 0 |
| Dec 31, 2024 | 3 | $98.8M | $98.9M | 100c | 0 |
| Sep 30, 2024 | 2 | $66.7M | $66.0M | 99c | 0 |
| Jun 30, 2024 | 2 | $66.7M | $66.0M | 99c | 0 |
| Mar 31, 2024 | 2 | $69.1M | $68.3M | 99c | 0 |
| Dec 31, 2023 | 2 | $71.9M | $71.3M | 99c | 0 |
| Sep 30, 2023 | 2 | $72.0M | $71.2M | 99c | 0 |
| Jun 30, 2023 | 2 | $72.0M | $69.4M | 96c | 0 |
| Mar 31, 2023 | 2 | $72.1M | $68.0M | 94c | 0 |
| Dec 31, 2022 | 2 | $70.1M | $65.4M | 93c | 0 |
| Sep 30, 2022 | 1 | $55.3M | $51.9M | 94c | 0 |
| Dec 31, 2021 | 1 | $55.3M | $54.7M | 99c | 0 |
What changed
- Facility left every BDC scheduleDec 31, 2025
- Facility left every BDC scheduleSep 30, 2025
- Marked down across lendersJun 30, 2025
- Marked down across lendersJun 30, 2025
- Marked down (one lender)Jun 30, 2025
Full timeline · 8 eventsShow fewer
- Marked down (one lender)Jun 30, 2025
- Marked down across lendersSep 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
- O••••• U•••••••• S•••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 5 BDCsderived