DFX Intelligence
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Borrower
P•••••• I••••••••• H•••••••• L••
group grade Bon a schedule nowsponsor unattributed
Also written as: LLC - Class A Units; LLC 1 Emerald JV LP; LLC Emerald JV LP
What matters now
- 93¢ → 100¢consensus mark
Consensus mark 100¢ on cost, up from 93¢ a year ago, 100¢ 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
93¢ · 82¢ · 100¢ · 100¢ · 100¢Q2 2025 to Q2 2026
Principal held
at least $316M
sum of BDC pieces, a lower bound
Fair value
$443M
100c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
1
1 equity pieces beside them
Next maturity
Dec 31, 2030
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
2
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 |
|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | $316M | 100¢ | 0 pts |
Every BDC piece · 6 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | unstated lien unstated C••••••••• A••••••••• I••••• | $203M | $203M 100c | S+525 bp PIK 3.25% |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated C••••••••• A••••••••• I••••• | $101M | $101M 100c | S+575 bp PIK 9.54% |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $7.7M | $7.7M 100c | S+525 bp PIK 3.25% |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $3.8M | $3.8M 100c | S+575 bp PIK 9.54% |
| B••••••••• P•••••• C••••• F••• | equity equity C•••• A U•••• | Not disclosed | $4.6M 95c |
View all 6 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | equity equity C•••• A U•••• | C••••••••• A••••••••• I••••• | Not disclosed | $123M 95c |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
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 | $316M | $316M | 100c | 4 |
| Mar 31, 2026 | 1 | $312M | $312M | 100c | 4 |
| Dec 31, 2025 | 1 | $872M | $733M | 100c | 8 |
| Sep 30, 2025 | 1 | $567M | $463M | 82c | 0 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 1 | $568M | $525M | 93c | 0 |
| Mar 31, 2025 | 1 | $570M | $547M | 97c | 0 |
| Dec 31, 2024 | 1 | $1.1B | $1.1B | 98c | 0 |
| Sep 30, 2024 | 1 | $572M | $557M | 98c | 0 |
| Jun 30, 2024 | 1 | $574M | $554M | 97c | 0 |
| Mar 31, 2024 | 1 | $575M | $545M | 96c | 0 |
| Dec 31, 2023 | 1 | $598M | $559M | 95c | 0 |
| Sep 30, 2023 | 1 | $578M | $541M | 95c | 0 |
| Jun 30, 2023 | 1 | $580M | $551M | 96c | 0 |
| Mar 31, 2023 | 1 | $560M | $541M | 98c | 0 |
| Dec 31, 2022 | 1 | $583M | $571M | 99c | 0 |
| Sep 30, 2022 | 1 | $544M | $531M | 99c | 0 |
| Dec 31, 2021 | 1 | $491M | $480M | 100c | 0 |
What changed
- Maturity extended (observed)Mar 31, 2026
- returned to accrualMar 31, 2026
- non accrual placedDec 31, 2025
- PIK interest appearsDec 31, 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
- PRODEGEderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived