DFX Intelligence
Private Credit Intelligence
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Borrower
S•••••• L••
Softwaregroup grade Aon a schedule nowsponsor unattributed
Also written as: Emerald JV LP; Services; Software; Software/Services; Verdelite JV LP
Principal held
at least $78.0M
sum of BDC pieces, a lower bound
Fair value
$75.2M
96c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
13
3 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Oct 1, 2029
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
7
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien | at least $70.8M | 96c | SOFR+250 bp | Oct 7, 2029 | 9 |
| second lien term loan second lien | at least $7.3M | 96c | S+475 bp | Nov 1, 2032 | 2 |
| other lien unstated exited Dec 31, 2024 | at least $4.3M | 101c | S+300 bp | unstated | 3 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• S•••••••• I••••• F••• | term loan first lien First lien senior secured loan | $60.0M | $57.8M 96c | S+250 bp |
| A••• S•••••••• I••••• F••• | term loan second lien Second lien senior secured loan | $7.3M | $7.0M 96c | S+475 bp |
| B•••••••• P•••••• C••••• F••• | term loan first lien Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 2.50% Total Coupon 6.14% Ma | $1.8M | $1.7M 97c | SOFR+250 bp |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien Senior secured | $9.0M | $8.7M 97c | S+250 bp |
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 | $78.0M | $75.2M | 96c | 0 |
| Mar 31, 2026 | 3 | $81.9M | $79.5M | 97c | 0 |
| Dec 31, 2025 | 3 | $82.7M | $83.2M | 101c | 0 |
| Sep 30, 2025 | 3 | $93.4M | $93.5M | 100c | 0 |
| Jun 30, 2025 | 2 | $52.0M | $52.2M | 101c | 0 |
| Mar 31, 2025 | 2 | $45.0M | $44.9M | 100c | 0 |
| Dec 31, 2024 | 3 | $37.9M | $38.2M | 101c | 0 |
| Sep 30, 2024 | 4 | $90.2M | $90.3M | 100c | 0 |
| Jun 30, 2024 | 4 | $87.3M | $87.4M | 100c | 0 |
| Mar 31, 2024 | 8 | $180M | $180M | 100c | 0 |
| Dec 31, 2023 | 9 | $196M | $196M | 101c | 0 |
| Sep 30, 2023 | 9 | $183M | $183M | 100c | 0 |
| Jun 30, 2023 | 9 | $175M | $171M | 98c | 0 |
| Mar 31, 2023 | 9 | $157M | $153M | 98c | 0 |
| Dec 31, 2022 | 10 | $179M | $176M | 99c | 0 |
| Sep 30, 2022 | 2 | $133M | $130M | 98c | 0 |
| Dec 31, 2021 | 2 | $109M | $109M | 100c | 0 |
What changed
- Marked down (one lender)Mar 31, 2026
- New lender joined a facilitySep 30, 2025
- Spread changed (observed)Dec 31, 2024
- Spread changed (observed)Dec 31, 2024
- Maturity extended (observed)Dec 31, 2024
- New lender joined a facilityDec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
- Lender left a facilitySep 30, 2024
- Maturity extended (observed)Mar 31, 2024
- Spread changed (observed)Mar 31, 2024
- Lender left a facilityMar 31, 2024
- Lender left a facilityMar 31, 2024
- Lender left a facilityMar 31, 2024
- Maturity extended (observed)Mar 31, 2024
- Maturity extended (observed)Mar 31, 2024
- Maturity extended (observed)Mar 31, 2024
- Maturity extended (observed)Mar 31, 2024
- Maturity extended (observed)Mar 31, 2024
- Lender left a facilityDec 31, 2023
- Lender left a facilitySep 30, 2023
- New lender joined a facilitySep 30, 2022
- New borrower on a BDC scheduleDec 31, 2021
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- SOPHIAderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 13 BDCsderived
- Industry
- Softwarereportedas one filer wrote it