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Borrower

P•••••• N••••• L••

High Techgroup grade Aon a schedule nowsponsor not established · possible relationship
Also written as: Debt Securities; Emerald JV LP; LLC B; LLC Dollar; Plusgrade; POLARIS PURCHASER, INC; Verdelite JV LP
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Special situations PE firms

What matters now

  1. 99¢ → 91¢
    consensus mark

    Consensus mark 91¢ on cost, down from 99¢ a year ago, 92¢ last quarter.

    Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.

    Derived7 of 7 lenders' own marks, weighted by principal
  2. $298M
    principal outstanding

    $298M principal held by 7 lenders; matures Jun 2028.

    Q2 2026 · Refinancing is due in 20 months at a 91¢ mark.

    FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
Q2 2025: 99¢Q3 2025: 99¢Q4 2025: 97¢Q1 2026: 92¢Q2 2026: 91¢99¢ · 99¢ · 97¢ · 92¢ · 91¢Q2 2025 to Q2 2026
Where each lender marks it on the first lien term loan, 5 points apart
86¢Consensus: 91¢A••• S•••••••• I••••• F•••: 88¢T• R••• P•••• O•• S••••• P•••••• C••••• F•••: 91¢N•••• H•••• P•••••• I••••• F••• L••: 86¢B•••••••• P•••••• C••••• F•••: 87¢91¢
Principal held
at least $298M
sum of BDC pieces, a lower bound
Fair value
$253M
91c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
16
7 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Jun 1, 2028
$232M inside 24 months
On the tape since
Sep 30, 2022
latest Jun 30, 2026
Events
8
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2026, folded to one row per lender
LenderExposureCurrent markQoQ change
A•• B••• L••$149M97¢-3 pts
A••• S•••••••• I••••• F•••$66.6M88¢-2 pts
T• R••• P•••• O•• S••••• P•••••• C••••• F•••$65.7M81¢+1 pts
O•• S••••• P•••••• L•••••• F••• •• L••$6.2M80¢+2 pts
N•••• H•••• P•••••• I••••• F••• L••$5.76M86¢-7 pts
View all 7 lenderslargest exposure first
LenderExposureCurrent markQoQ change
B•••••••• P•••••• C••••• F•••$2.91M87¢-1 pts
P•••• C•••••• S•••••••• B•• C••••$1.44M87¢-3 pts
Every BDC piece · 8 positions across 7 lenderslargest principal first, with instrument and rate
BDCInstrumentPrincipalFair valueRate
A•• B••• L••unstated lien unstated$149M$130M
97c
S+400 bp
A••• S•••••••• I••••• F•••term loan first lien
F•••• lien senior secured loan
$66.6M$57.6M
88c
S+400 bp
T• R••• P•••• O•• S••••• P•••••• C••••• F•••term loan second lien
S••••• L••• D•••
$59.9M$47.0M
80c
S+900 bp
O•• S••••• P•••••• L•••••• F••• •• L••term loan second lien
S••••• L••• D•••
$6.2M$4.9M
80c
S+900 bp
T• R••• P•••• O•• S••••• P•••••• C••••• F•••term loan first lien
F•••• L••• D•••
$5.8M$5.0M
91c
S+400 bp
View all 8 positionslargest principal first
BDCInstrumentPrincipalFair valueRate
N•••• H•••• P•••••• I••••• F••• L••term loan first lien
Investment F•••• L••• D••• R•••••••• R••• & S••••• S + 4.00% I••••••• R••• 7.93% M•••••••
$5.8M$5.0M
86c
SOFR+400 bp
B•••••••• P•••••• C••••• F•••term loan first lien
I••••••••• F•••• L••• T••• L••• Ref S•••(Q) F•••• 0.50% S••••• 4.26% T•••• C••••• 7.93% M•
$2.9M$2.5M
87c
SOFR+426 bp
P•••• C•••••• S•••••••• B•• C••••term loan first lien
T••• L••• | D••• Investments | F•••• L••• S••••• S•••••• | S••• + 4.261 % | 7.928 % | 06/0
$1.4M$1.3M
87c
SOFR+426 bp
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
FacilityHeldOn costPricingMaturityBDCs
other lien unstatedat least $149M97cS+400 bpJun 2, 20281
first lien term loan first lienat least $82.5M88cSOFR+400 bpJun 2, 20285
second lien term loan second lienat least $66.1M80cS+900 bpJun 4, 20292
Through time
the borrower's pieces summed across BDCs, every quarter end
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20267$298M$253M91c0
Mar 31, 20267$304M$261M92c0
Dec 31, 20256$221M$209M97c0
Sep 30, 20257$151M$146M98c0
All 16 quarters
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20257$134M$131M99c0
Mar 31, 20257$117M$114M99c0
Dec 31, 20248$226M$226M102c0
Sep 30, 20248$94.0M$93.5M101c0
Jun 30, 202410$105M$105M101c0
Mar 31, 202411$140M$139M101c0
Dec 31, 20238$99.8M$98.5M101c0
Sep 30, 20237$79.2M$76.3M98c0
Jun 30, 20236$68.6M$63.4M95c0
Mar 31, 20235$51.1M$46.7M93c0
Dec 31, 20225$59.7M$54.5M93c0
Sep 30, 20221$47.3M$43.8M94c0
What changed
Full timeline · 30 events
Every change including routine ones
Identity
Group key
POLARISderivedthe codename stem after legal suffixes and deal words
Spellings
2 across 16 BDCsderived
Industry
High Techreportedas one filer wrote it