DFX Intelligence
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Borrower
W••• P•••••••• I••• I••
group grade Aon a schedule nowsponsor unattributed
Also written as: Emerald JV LP; Inc. 1; Inc. 1 Emerald JV LP; Inc. 2; Inc. 2 Emerald JV LP
What matters now
- 3 of 3 lenderson non-accrual
Non-accrual at 3 of 3 lenders on the latest schedules, first placed in Q2 2024.
since Q2 2024 · Interest has stopped accruing; the lenders no longer expect to be paid in full.
FactBDC schedules of investments, 30 Jun 2026For restructuring advisers, special situations funds, the lenders' LPsSee every lender → - $185Mprincipal outstanding
$185M principal held by 3 lenders; matures Jun 2029.
Q2 2026 · Refinancing is due in 33 months at a 100¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
101¢ · 101¢ · 100¢ · 100¢ · 100¢Q2 2025 to Q2 2026
Where each lender marks it, 0 points apart
100¢100¢
Principal held
at least $185M
sum of BDC pieces, a lower bound
Fair value
$150M
116c on cost, debt pieces
Unfunded
$31.8M
commitments not yet drawn
BDC lenders
4
3 on the latest quarter
Facilities
6
0 equity pieces beside them
Next maturity
Jun 29, 2029
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
21
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••• | $98.5M | 100¢ | 0 pts |
| F••••••• B•• C•••••• C••• | $46.2M | 100¢ | 0 pts |
| B••••••••• S•••••• L•••••• F••• | $40.3M | 100¢ | 0 pts |
Every BDC piece · 12 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $49.7M | $49.7M 100c | S+650 bp PIK 5.12% |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $43.2M | $27.6M 188c | S+1000 bp PIK 10.00% |
| F••••••• B•• C•••••• C••• | term loan first lien | $24.7M | $24.7M 100c | S+650 bp PIK 3.25% |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $21.6M | $21.6M 100c | S+650 bp PIK 5.12% |
| F••••••• B•• C•••••• C••• | term loan first lien | $21.4M | $10.1M 121c | PIK 10.00% |
View all 12 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $18.7M | $12.0M 188c | S+1000 bp PIK 10.00% |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated | $3.0M | $3.0M 100c | S+650 bp PIK 5.12% |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated | $2.6M | $1.6M 184c | S+1000 bp PIK 10.00% |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated D•••••• D••• T••• L••• | Not disclosed | Not disclosed | |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated D•••••• D••• T••• L••• | Not disclosed | Not disclosed | |
| F••••••• B•• C•••••• C••• | unstated lien unstated | Not disclosed | $0 | |
| F••••••• B•• C•••••• C••• | term loan first lien S••••• S•••••• F•••• L••• D••• | Not disclosed | Not disclosed |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| delayed draw term loan lien unstated | at least $139M | 120c | S+1000 bp PIK 10.00% | Jun 30, 2030 | 2 |
| first lien term loan first lien | at least $46.2M | 105c | S+650 bp PIK 10.00% | Jun 30, 2030 | 1 |
| other lien unstated | unknown | n/a | unstated | 4 | |
| revolver lien unstated exited Sep 30, 2024 | at least $122M | 100c | S+1000 bp PIK 10.00% | Jun 30, 2030 | 2 |
| first lien revolver first lien exited Sep 30, 2024 | at least $40.5M | 100c | S+650 bp PIK 10.00% | Jun 30, 2030 | 2 |
All 6 facilitiesShow fewerheld first, largest first
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien delayed draw term loan first lien exited Dec 31, 2024 | unknown | n/a | unstated | 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 | 3 | $185M | $150M | 116c | 8 |
| Mar 31, 2026 | 3 | $182M | $137M | 107c | 8 |
| Dec 31, 2025 | 3 | $223M | $166M | 104c | 10 |
| Sep 30, 2025 | 3 | $175M | $127M | 102c | 8 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 3 | $172M | $128M | 103c | 8 |
| Mar 31, 2025 | 3 | $143M | $111M | 100c | 5 |
| Dec 31, 2024 | 3 | $345M | $248M | 100c | 15 |
| Sep 30, 2024 | 3 | $163M | $121M | 100c | 7 |
| Jun 30, 2024 | 3 | $229M | $150M | 70c | 0 |
| Mar 31, 2024 | 3 | $230M | $143M | 67c | 0 |
| Dec 31, 2023 | 3 | $197M | $121M | 62c | 0 |
| Sep 30, 2023 | 4 | $230M | $154M | 68c | 0 |
| Jun 30, 2023 | 4 | $231M | $174M | 76c | 0 |
| Mar 31, 2023 | 4 | $223M | $169M | 77c | 0 |
| Dec 31, 2022 | 4 | $325M | $267M | 84c | 0 |
| Sep 30, 2022 | 2 | $147M | $134M | 93c | 0 |
| Dec 31, 2021 | 4 | $177M | $172M | 100c | 0 |
What changed
- Spread changed (observed)Dec 31, 2025
- Spread changed (observed)Jun 30, 2025
- non accrual placedJun 30, 2025
- Maturity shortened (observed)Mar 31, 2025
- returned to accrualMar 31, 2025
Full timeline · 30 eventsShow fewer
- Lender left a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- Mark recoveredSep 30, 2024
- Maturity extended (observed)Sep 30, 2024
- Facility left every BDC scheduleSep 30, 2024
- PIK interest appearsSep 30, 2024
- Spread changed (observed)Sep 30, 2024
- Facility left every BDC scheduleSep 30, 2024
- Mark recoveredSep 30, 2024
- Maturity extended (observed)Sep 30, 2024
- PIK interest appearsSep 30, 2024
- Spread changed (observed)Sep 30, 2024
- non accrual placedSep 30, 2024
- PIK interest appearsSep 30, 2024
- Spread increasedSep 30, 2024
- Spread increasedSep 30, 2024
- PIK interest appearsSep 30, 2024
- PIK interest appearsSep 30, 2024
- Spread increasedSep 30, 2024
- Maturity extended (observed)Sep 30, 2024
- Maturity extended (observed)Sep 30, 2024
- Maturity extended (observed)Sep 30, 2024
- non accrual placedJun 30, 2024
- non accrual placedJun 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
- W••• P•••••••• I••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 4 BDCsderived