DFX Intelligence
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Borrower
G••••••••• I••
Softwaregroup grade Aoff every schedule since Jun 30, 2025sponsor unattributed
Also written as: Emerald JV LP; Inc. Asset Type; NeoGov
Principal held
at least $483M
sum of BDC pieces, a lower bound
Fair value
$441M
101c on cost, debt pieces
Unfunded
$95.8M
commitments not yet drawn
BDC lenders
6
6 on the latest quarter
Facilities
4
1 equity pieces beside them
Next maturity
Dec 1, 2028
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2025
Events
4
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Jun 30, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| other lien unstated exited Jun 30, 2025 | at least $300M | 101c | S+500 bp | Dec 2, 2028 | 2 |
| first lien term loan first lien exited Jun 30, 2025 | at least $183M | 100c | SOFR+500 bp | Dec 2, 2028 | 4 |
| delayed draw term loan lien unstated exited Jun 30, 2025 | unknown | n/a | unstated | 2 | |
| revolver lien unstated exited Jun 30, 2025 | unknown | n/a | unstated | 2 |
Equity pieces beside the debt: preferred equity ($29.4M fair value, 3 BDCs)
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 + 5.00% I••••••• R••• 9.29% M• | $199,000 | $199,000 101c | SOFR+500 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $6.6M | $6.6M 105c | S+550 bp |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated R••••••• | n/a | n/a | |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $285M | $285M 101c | S+500 bp |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated D•••••• D••• T••• L••• | n/a | n/a | |
| B••••••••• S•••••• L•••••• F••• | revolver lien unstated R••••••• | n/a | n/a | |
| B••••••••• S•••••• L•••••• F••• | unstated lien unstated | $8.6M | $8.6M 100c | S+500 bp |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated D•••••• D••• T••• L••• | n/a | n/a | |
| G•••••• S•••• B••• I••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• S••••••• R•••••••• R••• and S••••• S + 5.00% M•••••• | $13.0M | $-65,000 813c | SOFR+500 bp |
| G•••••• S•••• B••• I••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• S••••••• I••••••• R••• 9.30% R•••••••• R••• and S••• | $68.0M | $67.7M 100c | SOFR+500 bp |
| G•••••• S•••• B••• I••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• S••••••• I••••••• R••• 9.29% R•••••••• R••• and S••• | $8.3M | $1.4M 100c | SOFR+500 bp |
| G•••••• S•••• M••••• M••••• L•••••• C•••• I• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• S••••••• I••••••• R••• 9.29% R•••••••• R••• and S••• | $2.6M | $437,000 101c | SOFR+500 bp |
| G•••••• S•••• M••••• M••••• L•••••• C•••• I• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• S••••••• I••••••• R••• 0.00% R•••••••• R••• and S••• | $1.5M | $-8,000 800c | SOFR+500 bp |
| G•••••• S•••• M••••• M••••• L•••••• C•••• I• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• S••••••• I••••••• R••• 9.30% R•••••••• R••• and S••• | $19.5M | $19.4M 100c | SOFR+500 bp |
| G•••••• S•••• P•••••• M••••• M••••• C••••• I• L•• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• S••••••• R•••••••• R••• and S••••• S + 5.00% M•••••• | $11.7M | $-58,000 829c | SOFR+500 bp |
| G•••••• S•••• P•••••• M••••• M••••• C••••• I• L•• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• S••••••• I••••••• R••• 9.30% R•••••••• R••• and S••• | $51.7M | $51.4M 100c | SOFR+500 bp |
| G•••••• S•••• P•••••• M••••• M••••• C••••• I• L•• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• S••••••• I••••••• R••• 9.92% R•••••••• R••• and S••• | $6.1M | $1.0M 100c | SOFR+500 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, 2025 | 6 | $483M | $441M | 101c | 0 |
| Mar 31, 2025 | 6 | $477M | $431M | 100c | 0 |
| Dec 31, 2024 | 6 | $773M | $727M | 100c | 0 |
| Sep 30, 2024 | 5 | $479M | $433M | 100c | 0 |
| Jun 30, 2024 | 5 | $306M | $271M | 100c | 0 |
| Mar 31, 2024 | 5 | $303M | $266M | 101c | 0 |
| Dec 31, 2023 | 5 | $451M | $376M | 100c | 0 |
| Sep 30, 2023 | 5 | $304M | $264M | 100c | 0 |
| Jun 30, 2023 | 5 | $305M | $176M | 99c | 0 |
| Mar 31, 2023 | 5 | $218M | $145M | 99c | 0 |
| Dec 31, 2022 | 5 | $280M | $251M | 99c | 0 |
| Sep 30, 2022 | 2 | $150M | $146M | 100c | 0 |
| Dec 31, 2021 | 2 | $151M | $147M | 100c | 0 |
What changed
- Facility left every BDC scheduleJun 30, 2025
- Facility left every BDC scheduleJun 30, 2025
- Lender left a facilityJun 30, 2025
- Lender left a facilityJun 30, 2025
- Lender left a facilityJun 30, 2025
- Spread increasedJun 30, 2025
- Facility left every BDC scheduleJun 30, 2025
- Facility left every BDC scheduleJun 30, 2025
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- GOVERNMENTJOBS COMderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 6 BDCsderived
- Industry
- Softwarereportedas one filer wrote it