DFX Intelligence
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Borrower
A••• G•••• T•••••••• L••
Financial Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: Emerald JV LP; LLC 1; LLC 1 Emerald JV LP; LLC 2; LLC 2 Emerald JV LP; LLC 3; LLC 3 Emerald JV LP; LLC 4
Principal held
at least $371M
sum of BDC pieces, a lower bound
Fair value
$375M
95c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
18
10 on the latest quarter
Facilities
4
0 equity pieces beside them
Next maturity
Feb 1, 2032
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 $199M | 96c | SOFR+350 bp | Feb 27, 2032 | 9 |
| other lien unstated | at least $172M | 95c | S+350 bp | Feb 27, 2032 | 3 |
| second lien term loan second lien exited Jun 30, 2024 | at least $75.4M | 101c | S+675 bp | Jul 27, 2029 | 5 |
| second lien delayed draw term loan second lien exited Jun 30, 2024 | at least $6.6M | 102c | S+675 bp | Jul 1, 2029 | 2 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••••• D••• S•••••••• B•• | term loan first lien Investment T••• F•••• L••• S•••••• D••• - T••• L••• I••••••• R••• S+350, 0.00% F•••• M•••• | $11.1M | $10.6M 95c | SOFR+350 bp |
| B•••••••• P•••••• C••••• F••• | term loan first lien I••••••••• F•••• L••• T••• L••• Ref S•••(Q) F•••• —% S••••• 3.50% T•••• C••••• 7.15% M•••• | $1.0M | $950,180 97c | SOFR+350 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $70.9M | $67.4M 95c | S+350 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $3.5M | $3.3M 95c | S+350 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated N••••••••• I••••• | $81.8M | $77.7M 95c | S+350 bp |
| B••• O•• C••••• I••••• C•••• | term loan first lien F•••• lien senior secured loan | N••••••••• I••••• | $137M | $129M 95c | S+350 bp |
| F••••••• P•••••• L•••••• F••• | term loan first lien Investment F•••• L••• - T••• L••• R•••••••• R••• and S••••• S•••+350 I••••••• R••• 7.2% M• | $24,749 | $23.4M 95c | SOFR+350 bp |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien S••••• secured | $10.8M | $10.3M 95c | S+350 bp |
| H•• C•••••••• C•••••• S•••••••• F••• | unstated lien unstated N••••••••• I••••• | $2.2M | $2.1M 95c | S+350 bp |
| H•• C•••••••• L•••••• F••• | unstated lien unstated N••••••••• I••••• | $13.4M | $12.7M 96c | S+350 bp |
| S•••• P•••• C••••• C••• | term loan first lien F•••• L••• T••• L•••, Due 2/27/2032 | $27.6M | $26.3M 100c | SOFR+350 bp |
| S•••• P•••• C••••• I••••• F••• | term loan first lien F•••• L••• T••• L••• | $11.7M | $11.2M 99c | S+350 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 | 10 | $371M | $375M | 95c | 0 |
| Mar 31, 2026 | 11 | $393M | $358M | 92c | 0 |
| Dec 31, 2025 | 11 | $414M | $390M | 95c | 0 |
| Sep 30, 2025 | 11 | $384M | $376M | 98c | 0 |
| Jun 30, 2025 | 8 | $346M | $345M | 100c | 0 |
| Mar 31, 2025 | 6 | $314M | $314M | 100c | 0 |
| Dec 31, 2024 | 5 | $608M | $613M | 101c | 0 |
| Sep 30, 2024 | 4 | $294M | $295M | 100c | 0 |
| Jun 30, 2024 | 7 | $438M | $439M | 102c | 0 |
| Mar 31, 2024 | 7 | $439M | $439M | 102c | 0 |
| Dec 31, 2023 | 7 | $543M | $541M | 102c | 0 |
| Sep 30, 2023 | 5 | $172M | $172M | 103c | 0 |
| Jun 30, 2023 | 6 | $217M | $214M | 103c | 0 |
| Mar 31, 2023 | 6 | $149M | $145M | 100c | 0 |
| Dec 31, 2022 | 7 | $267M | $257M | 99c | 0 |
| Sep 30, 2022 | 3 | $102M | $98.8M | 98c | 0 |
| Dec 31, 2021 | 2 | $77.4M | $77.8M | 101c | 0 |
What changed
- Lender left a facilityMar 31, 2026
- New lender joined a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
- New lender joined a facilityJun 30, 2025
- Maturity extended (observed)Mar 31, 2025
- New lender joined a facilityMar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- New lender joined a facilityDec 31, 2024
- Spread changed (observed)Sep 30, 2024
- New lender joined a facilitySep 30, 2024
- Maturity shortened (observed)Sep 30, 2024
- Spread changed (observed)Jun 30, 2024
- Facility left every BDC scheduleJun 30, 2024
- Facility left every BDC scheduleJun 30, 2024
- Spread increasedJun 30, 2024
- Spread increasedJun 30, 2024
- Spread increasedJun 30, 2024
- Spread increasedJun 30, 2024
- Spread changed (observed)Mar 31, 2024
- New lender joined a facilityDec 31, 2023
- New lender joined a facilityDec 31, 2022
- New lender joined a facilityDec 31, 2022
- New lender joined a facilityDec 31, 2022
- New lender joined a facilityDec 31, 2022
- Lender left a facilitySep 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
- APEX TREASURYderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 18 BDCsderived
- Industry
- Financial Servicesreportedas one filer wrote it