DFX Intelligence
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Borrower
P•••••• N••••• L••
Also written as: Debt Securities; Emerald JV LP; LLC B; LLC Dollar; LLC Verdelite JV LP; Plusgrade L.P.; POLARIS PURCHASER, INC
What matters now
- 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 - 17 pts80¢ to 97¢
Lenders disagree by 17 points: O•• S••••• P•••••• L•••••• F••• •• L•• 80¢ to A•• B••• L•• 97¢.
Q2 2026 · Holders value the same loan differently, so a position could trade between them.
Derivedeach lender's own fair value over costFor secondary buyers, special situations fundsLender marks → - $298Mprincipal 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
99¢ · 99¢ · 97¢ · 92¢ · 91¢Q2 2025 to Q2 2026
Where each lender marks it, 17 points apart
80¢97¢
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
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| A•• B••• L•• | $149M | 97¢ | -3 pts |
| A••• S•••••••• I••••• F••• | $66.6M | 88¢ | -2 pts |
| T• R••• P•••• O•• S••••• P•••••• C••••• F••• | $65.7M | 81¢ | +1 pts |
| O•• S••••• P•••••• L•••••• F••• •• L•• | $6.2M | 80¢ | +2 pts |
| N•••• H•••• P•••••• I••••• F••• L•• | $5.76M | 86¢ | -7 pts |
View all 7 lendersShow fewerlargest exposure first
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| B•••••••• P•••••• C••••• F••• | $2.91M | 87¢ | -1 pts |
| P•••• C•••••• S•••••••• B•• C•••• | $1.44M | 87¢ | -3 pts |
Every BDC piece · 8 positions across 7 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| 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 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| 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
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| other lien unstated | at least $149M | 97c | S+400 bp | Jun 2, 2028 | 7 |
| first lien term loan first lien | at least $82.5M | 88c | SOFR+400 bp | Jun 2, 2028 | 10 |
| second lien term loan second lien | at least $66.1M | 80c | S+900 bp | Jun 4, 2029 | 2 |
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 | 7 | $298M | $253M | 91c | 0 |
| Mar 31, 2026 | 7 | $304M | $261M | 92c | 0 |
| Dec 31, 2025 | 6 | $221M | $209M | 97c | 0 |
| Sep 30, 2025 | 7 | $151M | $146M | 98c | 0 |
All 16 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 7 | $134M | $131M | 99c | 0 |
| Mar 31, 2025 | 7 | $117M | $114M | 99c | 0 |
| Dec 31, 2024 | 8 | $226M | $226M | 102c | 0 |
| Sep 30, 2024 | 8 | $94.0M | $93.5M | 101c | 0 |
| Jun 30, 2024 | 10 | $105M | $105M | 101c | 0 |
| Mar 31, 2024 | 11 | $140M | $139M | 101c | 0 |
| Dec 31, 2023 | 8 | $99.8M | $98.5M | 101c | 0 |
| Sep 30, 2023 | 7 | $79.2M | $76.3M | 98c | 0 |
| Jun 30, 2023 | 6 | $68.6M | $63.4M | 95c | 0 |
| Mar 31, 2023 | 5 | $51.1M | $46.7M | 93c | 0 |
| Dec 31, 2022 | 5 | $59.7M | $54.5M | 93c | 0 |
| Sep 30, 2022 | 1 | $47.3M | $43.8M | 94c | 0 |
What changed
- Maturity approachingJun 2, 2028
- Maturity approachingJun 2, 2028
- Spread changed (observed)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down across lendersMar 31, 2026
Full timeline · 30 eventsShow fewer
- Spread changed (observed)Mar 31, 2026
- Lender left a facilityMar 31, 2026
- Marked down across lendersMar 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
- Spread increasedMar 31, 2026
- Spread increasedMar 31, 2026
- New lender joined a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- New lender joined a facilityJun 30, 2025
- New lender joined a facilityJun 30, 2025
- Lender left a facilityMar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Lender left a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
- Lender left a facilityJun 30, 2024
- Lender left a facilityJun 30, 2024
- Spread increasedJun 30, 2024
- Maturity extended (observed)Mar 31, 2024
- New lender joined a facilityMar 31, 2024
- Lender left a facilityMar 31, 2024
Sponsor
Possible relationship, not established: N•••••• M••••••••• I•••, because a company of this name is on the sponsor's portfolio page (confidence 0.6). No deal announcement or filing names it as a party, so it is not shown as this borrower’s sponsor.
- N•••••• M••••••••• I•••
- the sponsor's own portfolio page lists a company of this nameestimatednovacapcorp.com"••• Locked"
Identity
- Group key
- POLARISderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 16 BDCsderived
- Industry
- High Techreportedas one filer wrote it