DFX Intelligence
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Borrower
I••••• I••
Softwaregroup grade Aon a schedule nowsponsor unattributed
Also written as: Emerald JV LP; Inc. - Funded; Inc. Secnd Lien; Inc.4; Inc.Second Lien; S+; Software; Technology 1.1
Principal held
at least $14.3M
sum of BDC pieces, a lower bound
Fair value
$10.0M
70c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
22
6 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Mar 2, 2028
$7.4M inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
15
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| other lien unstated | at least $6.0M | 74c | S+675 bp | Mar 2, 2029 | 6 |
| second lien term loan second lien | at least $5.8M | 62c | SOFR+675 bp | Mar 2, 2029 | 12 |
| first lien term loan first lien | at least $2.5M | 78c | SOFR+350 bp | Mar 2, 2028 | 10 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A•••• C••••• B•• I••• | term loan first lien Investment T••• 1st L••• T••• L••• I•••• S+ S••••• 3.50% I••••••• R••• 7.23% A••••••••• D• | $2.5M | $1.9M 78c | SOFR+350 bp |
| F••••••• B•• C•••••• C••• | unstated lien unstated | $4.9M | $3.8M 77c | S+350 bp |
| F••••••• B•• C•••••• C••• | unstated lien unstated | $1.0M | $622,000 60c | S+675 bp |
| H•••••• P••• C•••••••• I•••••• I••• | term loan second lien S••••• L••• D••• I••••••• C••••••• and C••••••• P••••••••• E•••••••• and S••••••• M••••••• | $670,732 | $477,561 71c | SOFR+675 bp |
| M••••• S•••••• D••••• L•••••• F••• | term loan second lien Investment S••••• L••• D••• R•••••••• R••• and S••••• S + 6.75% I••••••• R••• 10.56% M•••• | $2.6M | $1.6M 60c | SOFR+7 bp |
| N•• M••••••• P•••••• C••••• F••• | term loan second lien S••••• L••• | N••••••••• I••••• | $2.2M | $1.3M 61c | S+675 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan second lien Investment S••••• L••• D••• R•••••••• R••• and S••••• S + 6.75% I••••••• R••• 10.56% M•••• | $355,000 | $213,000 60c | SOFR+675 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 | 6 | $14.3M | $10.0M | 70c | 0 |
| Mar 31, 2026 | 7 | $17.2M | $12.9M | 75c | 0 |
| Dec 31, 2025 | 9 | $48.7M | $44.4M | 91c | 0 |
| Sep 30, 2025 | 11 | $44.2M | $39.2M | 89c | 0 |
| Jun 30, 2025 | 11 | $44.3M | $40.9M | 93c | 0 |
| Mar 31, 2025 | 10 | $31.8M | $29.5M | 94c | 0 |
| Dec 31, 2024 | 13 | $126M | $125M | 100c | 0 |
| Sep 30, 2024 | 11 | $56.1M | $55.8M | 100c | 0 |
| Jun 30, 2024 | 12 | $176M | $173M | 99c | 0 |
| Mar 31, 2024 | 12 | $170M | $169M | 100c | 0 |
| Dec 31, 2023 | 16 | $321M | $318M | 99c | 0 |
| Sep 30, 2023 | 11 | $165M | $162M | 99c | 0 |
| Jun 30, 2023 | 12 | $162M | $154M | 96c | 0 |
| Mar 31, 2023 | 11 | $150M | $141M | 95c | 0 |
| Dec 31, 2022 | 12 | $187M | $171M | 92c | 0 |
| Sep 30, 2022 | 3 | $118M | $110M | 94c | 0 |
| Dec 31, 2021 | 3 | $136M | $137M | 101c | 0 |
What changed
- Maturity approachingMar 2, 2028
- Marked down across lendersJun 30, 2026
- Spread changed (observed)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down across lendersMar 31, 2026
- Marked down across lendersMar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Lender left a facilityMar 31, 2026
- New lender joined a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- Spread changed (observed)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Mark recoveredDec 31, 2025
- Lender left a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down across lendersSep 30, 2025
- Lender left a facilitySep 30, 2025
- Lender left a facilitySep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Marked down (one lender)Sep 30, 2025
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- IDERAderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 22 BDCsderived
- Industry
- Softwarereportedas one filer wrote it