DFX Intelligence
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Borrower
S•••••• C••••••• P•••••• L••
Professional Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: Emerald JV LP; S•••••• C•••••••; Verdelite JV LP
What matters now
- 99¢ → 83¢consensus mark
Consensus mark 83¢ on cost, down from 99¢ a year ago, 79¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived4 of 4 lenders' own marks, weighted by principal - $21Mprincipal outstanding
$21M principal held by 4 lenders; matures May 2028.
Q2 2026 · Refinancing is due in 20 months at a 83¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
99¢ · 84¢ · 92¢ · 79¢ · 83¢Q2 2025 to Q2 2026
Where each lender marks it on the first lien term loan, 0 points apart
83¢83¢
Principal held
at least $21.0M
sum of BDC pieces, a lower bound
Fair value
$17.4M
83c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
11
4 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
May 12, 2028
$21.0M inside 24 months
On the tape since
Sep 30, 2023
latest Jun 30, 2026
Events
13
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••• | $12.2M | 83¢ | +4 pts |
| A•••••• S•••••••• C••••• F••• | $4.75M | 83¢ | +4 pts |
| A•••••• P•••••• C••••• F••• | $3.31M | 83¢ | +4 pts |
| S••••• C•••• C•••••• C••• | $709K | 83¢ | +4 pts |
Every BDC piece · 5 positions across 4 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | revolver lien unstated | $10.7M | $8.9M 83c | S+375 bp |
| A•••••• S•••••••• C••••• F••• | term loan first lien Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 3.75% I••••••• R••• 7.41% M• | $4.7M | $3.9M 83c | SOFR+375 bp |
| A•••••• P•••••• C••••• F••• | term loan first lien Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 3.75% I••••••• R••• 7.41% M• | $3.3M | $2.7M 83c | SOFR+375 bp |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated | $1.5M | $1.3M 83c | S+375 bp |
| S••••• C•••• C•••••• C••• | term loan first lien F•••• L••• - T••• L••• | $709,000 | $588,000 83c | S+375 bp |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| revolver lien unstated | at least $12.2M | 83c | S+375 bp | May 12, 2028 | 1 |
| first lien term loan first lien | at least $8.8M | 83c | SOFR+375 bp | May 12, 2028 | 3 |
| other lien unstated exited Jun 30, 2024 | at least $43.3M | 101c | S+450 bp | May 12, 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 | 4 | $21.0M | $17.4M | 83c | 0 |
| Mar 31, 2026 | 4 | $38.8M | $30.6M | 79c | 0 |
| Dec 31, 2025 | 5 | $57.6M | $52.7M | 92c | 0 |
| Sep 30, 2025 | 5 | $87.9M | $73.6M | 84c | 0 |
All 12 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 7 | $90.7M | $89.6M | 99c | 0 |
| Mar 31, 2025 | 6 | $94.7M | $94.0M | 100c | 0 |
| Dec 31, 2024 | 7 | $151M | $151M | 101c | 0 |
| Sep 30, 2024 | 6 | $83.6M | $83.6M | 102c | 0 |
| Jun 30, 2024 | 6 | $60.5M | $60.4M | 101c | 0 |
| Mar 31, 2024 | 2 | $3.2M | $3.2M | 101c | 0 |
| Dec 31, 2023 | 2 | $3.2M | $3.2M | 101c | 0 |
| Sep 30, 2023 | 2 | $5.1M | $5.0M | 100c | 0 |
What changed
- Maturity approachingMay 12, 2028
- Maturity approachingMay 12, 2028
- Marked down across lendersMar 31, 2026
- Marked down across lendersMar 31, 2026
- Marked down (one lender)Mar 31, 2026
Full timeline · 30 eventsShow fewer
- 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
- Mark recoveredDec 31, 2025
- Lender left a facilityDec 31, 2025
- Marked down across lendersSep 30, 2025
- Marked down across lendersSep 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
- Marked down (one lender)Sep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Maturity shortened (observed)Jun 30, 2025
- Lender left a facilityJun 30, 2025
- Maturity extended (observed)Mar 31, 2025
- New lender joined a facilityMar 31, 2025
- Spread changed (observed)Dec 31, 2024
- New lender joined a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
- Spread changed (observed)Sep 30, 2024
- Lender left a facilitySep 30, 2024
- Lender left a facilitySep 30, 2024
- Facility left every BDC scheduleJun 30, 2024
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- SKOPIMA CONSILIOderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 11 BDCsderived
- Industry
- Professional Servicesreportedas one filer wrote it