DFX Intelligence
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Borrower
B•••• P••••• C•••••• I••
Softwaregroup grade Aon a schedule nowsponsor unattributed
Also written as: 3; Emerald JV LP; Fixed Rate; Inc. Verdelite JV LP; Inc.1; Management B•••• P••••• C•••••• I••
Principal held
at least $188M
sum of BDC pieces, a lower bound
Fair value
$166M
90c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
26
11 on the latest quarter
Facilities
4
0 equity pieces beside them
Next maturity
Jul 30, 2031
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 |
|---|---|---|---|---|---|
| other lien unstated | at least $134M | 89c | S+575 bp | Jul 30, 2032 | 1 |
| first lien term loan first lien | at least $54.2M | 93c | SOFR+275 bp | Jul 31, 2031 | 20 |
| second lien term loan second lien exited Sep 30, 2025 | at least $10.0M | 103c | S+575 bp | unstated | 1 |
| notes lien unstated exited Sep 30, 2022 | at least $500,000 | 102c | 7.13% | Oct 2, 2025 | 1 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A•••••• P•••••• C••••• F••• | term loan first lien Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 2.75% I••••••• R••• 6.50% M• | $3.9M | $3.6M 90c | SOFR+275 bp |
| A•••••• S•••••••• C••••• F••• | term loan first lien Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 2.75% I••••••• R••• 6.50% M• | $6.4M | $5.8M 90c | SOFR+275 bp |
| A•••••• S•••••••• C••••• F••• I• L•• | term loan first lien Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 2.75% I••••••• R••• 6.50% M• | $992,000 | $897,000 91c | SOFR+275 bp |
| B•••••• P•••••• C••••• C••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• | $2.5M | $2.2M 89c | S+275 bp |
| B•••••••• P•••••• C••••• F••• | term loan first lien I••••••••• F•••• L••• T••• L••• Ref S•••(Q) S••••• 3.00% T•••• C••••• 6.67% M••••••• 7/30/ | $4.8M | $4.4M 90c | SOFR+300 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $6.2M | $5.6M 91c | S+275 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $20.0M | $17.2M 88c | S+575 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $44.8M | $40.5M 91c | S+275 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated N••••••••• I••••• | $7.1M | $6.4M 90c | S+275 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated N••••••••• I••••• | $55.6M | $47.8M 87c | S+575 bp |
| C••••••• P•••••• C••••• I••••• C••• | term loan first lien Investment T••• S••••• S•••••• F•••• L••• T••• L••• I••••••• T••• S + 275 I••••••• R••• 6. | $1.5M | $1.4M 91c | SOFR+275 bp |
| P••••• S••••• C•••••• B•• I••• | term loan first lien Investment F•••• L••• S••••• S•••••• L••• I••••••• R••• 6.42% (S + 3.00%) M••••••• D••• 7/ | $9.8M | $8.9M 91c | SOFR+300 bp |
| S•••• P•••• C••••• C••• | term loan first lien F•••• L••• T••• L•••, Due 7/30/2031 | $2.5M | $2.3M 96c | SOFR+275 bp |
| S•••• P•••• C••••• I••••• F••• | term loan first lien F•••• L••• T••• L••• | $1.7M | $1.5M 96c | S+275 bp |
| V•••• C••••• S•••••••• L•••••• C•••• | term loan first lien F••••••••• D••• R•••••••• R••• and S••••• S••• + 2.75% I••••••• R••• 6.42% M••••••• D••• 7 | $19.9M | $18.0M 96c | SOFR+275 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 | 11 | $188M | $166M | 90c | 0 |
| Mar 31, 2026 | 14 | $244M | $220M | 91c | 0 |
| Dec 31, 2025 | 13 | $453M | $448M | 99c | 0 |
| Sep 30, 2025 | 11 | $354M | $352M | 100c | 0 |
| Jun 30, 2025 | 10 | $357M | $353M | 100c | 0 |
| Mar 31, 2025 | 9 | $333M | $326M | 98c | 0 |
| Dec 31, 2024 | 10 | $556M | $558M | 100c | 0 |
| Sep 30, 2024 | 10 | $267M | $266M | 100c | 0 |
| Jun 30, 2024 | 7 | $122M | $123M | 101c | 0 |
| Mar 31, 2024 | 6 | $116M | $116M | 101c | 0 |
| Dec 31, 2023 | 6 | $133M | $134M | 102c | 0 |
| Sep 30, 2023 | 3 | $33.3M | $33.3M | 101c | 0 |
| Jun 30, 2023 | 2 | $27.4M | $27.2M | 100c | 0 |
| Mar 31, 2023 | 2 | $16.2M | $16.0M | 99c | 0 |
| Dec 31, 2022 | 2 | $24.3M | $23.3M | 97c | 0 |
| Sep 30, 2022 | 2 | $62.4M | $59.3M | 96c | 0 |
| Dec 31, 2021 | 1 | $12.0M | $11.9M | 100c | 0 |
What changed
- Marked down across lendersMar 31, 2026
- Lender left a facilityMar 31, 2026
- New lender joined a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- New lender joined a facilityMar 31, 2026
- New lender joined a facilityMar 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
- 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
- Marked down (one lender)Mar 31, 2026
- New lender joined a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- Facility left every BDC scheduleSep 30, 2025
- New lender joined a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
- Spread changed (observed)Mar 31, 2025
- New lender joined a facilityMar 31, 2025
- Lender left a facilityDec 31, 2024
- Maturity extended (observed)Sep 30, 2024
- New lender joined a facilitySep 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
- BOXERderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 26 BDCsderived
- Industry
- Softwarereportedas one filer wrote it