DFX Intelligence
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Borrower
W••••••••• L••
Hotels, Restaurants & Leisuregroup grade Aon a schedule nowsponsor unattributed
Also written as: LLC 1; LLC 1 Emerald JV LP; LLC 2; LLC Emerald JV LP; Verdelite JV LP; Whataburger Restaurants LLC
What matters now
- $125Mprincipal outstanding
$125M principal held by 4 lenders; matures Aug 2028.
Q2 2026 · Refinancing is due in 22 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
100¢ · 100¢ · 100¢ · 100¢ · 100¢Q2 2025 to Q2 2026
Where each lender marks it on the first lien term loan, 0 points apart
100¢100¢
Principal held
at least $125M
sum of BDC pieces, a lower bound
Fair value
$125M
100c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
7
4 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Aug 1, 2028
no dated debt inside 24 months
On the tape since
Sep 30, 2022
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 |
|---|---|---|---|
| A••• S•••••••• I••••• F••• | $55.7M | 100¢ | 0 pts |
| B••••••••• P•••••• C••••• F••• | $52.7M | 100¢ | 0 pts |
| G•••••• S•••• P•••••• C••••• C•••• | $15.5M | 100¢ | 0 pts |
| B•••••••• P•••••• C••••• F••• | $1.23M | 100¢ | 0 pts |
Every BDC piece · 6 positions across 4 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• S•••••••• I••••• F••• | term loan first lien F•••• lien senior secured loan | $55.7M | $55.6M 100c | S+250 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $33.6M | $33.6M 100c | S+250 bp |
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• H•••••, R••••••••• & L•••••• I••••••• R••• 6.14% R•• | $15.5M | $15.4M 100c | SOFR+250 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated N••••••••• I••••• | $12.1M | $12.1M 100c | S+250 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $6.9M | $6.9M 100c | S+250 bp |
View all 6 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B•••••••• P•••••• C••••• F••• | term loan first lien I••••••••• F•••• L••• T••• L••• Ref S•••(M) S••••• 2.50% T•••• C••••• 0.00% M••••••• 8/3/2 | $1.2M | $1.2M 100c | SOFR+250 bp |
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 $72.4M | 100c | SOFR+250 bp | Aug 3, 2028 | 3 |
| other lien unstated | at least $52.7M | 100c | S+250 bp | Aug 3, 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 | $125M | $125M | 100c | 0 |
| Mar 31, 2026 | 4 | $131M | $131M | 100c | 0 |
| Dec 31, 2025 | 4 | $141M | $141M | 100c | 0 |
| Sep 30, 2025 | 3 | $117M | $117M | 100c | 0 |
All 16 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 3 | $108M | $108M | 100c | 0 |
| Mar 31, 2025 | 3 | $70.7M | $70.5M | 100c | 0 |
| Dec 31, 2024 | 3 | $86.7M | $87.0M | 100c | 0 |
| Sep 30, 2024 | 3 | $40.7M | $40.7M | 100c | 0 |
| Jun 30, 2024 | 2 | $37.5M | $37.5M | 100c | 0 |
| Mar 31, 2024 | 5 | $38.2M | $38.3M | 101c | 0 |
| Dec 31, 2023 | 4 | $43.2M | $43.3M | 102c | 0 |
| Sep 30, 2023 | 4 | $29.8M | $29.7M | 101c | 0 |
| Jun 30, 2023 | 2 | $18.8M | $18.7M | 102c | 0 |
| Mar 31, 2023 | 1 | $1.0M | $1.0M | 103c | 0 |
| Dec 31, 2022 | 3 | $10.8M | $10.5M | 100c | 0 |
| Sep 30, 2022 | 1 | $14.9M | $13.8M | 93c | 0 |
What changed
- New lender joined a facilitySep 30, 2024
- Spread changed (observed)Jun 30, 2024
- Lender left a facilityMar 31, 2024
- New lender joined a facilityMar 31, 2024
- Lender left a facilityMar 31, 2024
Full timeline · 7 eventsShow fewer
- Lender left a facilityDec 31, 2022
- New borrower on a BDC scheduleSep 30, 2022
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- WHATABRANDSderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 7 BDCsderived
- Industry
- Hotels, Restaurants & Leisurereportedas one filer wrote it