DFX Intelligence
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Borrower
R•••• H•••••• L••
group grade Aon a schedule nowsponsor unattributed
Also written as: LLC Emerald JV LP; R•••• Group GmbH; R•••• Group Holdings II, Inc; R•••• US LP
What matters now
- 71¢ → 97¢consensus mark
Consensus mark 97¢ on cost, up from 71¢ a year ago, 100¢ last quarter.
Q2 2026 · The lenders' own valuations moved back up.
Derived2 of 2 lenders' own marks, weighted by principal - $128Mprincipal outstanding
$128M principal held by 2 lenders; matures Oct 2027.
Q2 2026 · Refinancing is due in 13 months at a 97¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
71¢ · 101¢ · 101¢ · 100¢ · 97¢Q2 2025 to Q2 2026
Where each lender marks it, 0 points apart
97¢97¢
Principal held
at least $128M
sum of BDC pieces, a lower bound
Fair value
$123M
97c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
4
2 on the latest quarter
Facilities
4
2 equity pieces beside them
Next maturity
Oct 25, 2027
$128M inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
10
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 |
|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | $109M | 97¢ | -3 pts |
| B••••••••• S•••••• L•••••• F••• | $18.9M | 97¢ | -3 pts |
Every BDC piece · 3 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | unstated lien unstated N••••••••• I••••• | $95.7M | $92.6M 97c | S+575 bp |
| B••••••••• S•••••• L•••••• F••• | unstated lien unstated N••••••••• I••••• | $18.9M | $18.3M 97c | S+575 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $13.0M | $12.6M 97c | S+575 bp |
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 $128M | 97c | S+575 bp | Oct 25, 2027 | 2 |
| first lien term loan first lien exited Jun 30, 2025 | at least $75.4M | 20c | //tcpcapital.com/20250630#Fixed+350 bp PIK 5.00% | Sep 30, 2028 | 2 |
| delayed draw term loan lien unstated exited Jun 30, 2025 | at least $1.5M | 153c | //tcpcapital.com/20250630#Fixed Rate+1500 bp | Sep 15, 2027 | 2 |
| first lien delayed draw term loan first lien exited Jun 30, 2025 | at least $106,710 | 153c | //tcpcapital.com/20250630#Fixed+1500 bp | Sep 15, 2027 | 1 |
Equity pieces beside the debt: preferred equity ($0 fair value, 2 BDCs), equity ($0 fair value, 2 BDCs)
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 | 2 | $128M | $123M | 97c | 0 |
| Mar 31, 2026 | 2 | $128M | $126M | 100c | 0 |
| Dec 31, 2025 | 2 | $128M | $128M | 101c | 0 |
| Sep 30, 2025 | 2 | $128M | $128M | 101c | 0 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 4 | $205M | $144M | 72c | 4 |
| Mar 31, 2025 | 4 | $205M | $146M | 74c | 4 |
| Dec 31, 2024 | 4 | $574M | $524M | 92c | 6 |
| Sep 30, 2024 | 4 | $321M | $313M | 99c | 4 |
| Jun 30, 2024 | 4 | $319M | $311M | 99c | 4 |
| Mar 31, 2024 | 4 | $315M | $308M | 100c | 2 |
| Dec 31, 2023 | 2 | $275M | $273M | 101c | 0 |
| Sep 30, 2023 | 2 | $250M | $249M | 101c | 0 |
| Jun 30, 2023 | 2 | $251M | $249M | 101c | 0 |
| Mar 31, 2023 | 2 | $226M | $223M | 100c | 0 |
| Dec 31, 2022 | 2 | $252M | $247M | 100c | 0 |
| Sep 30, 2022 | 2 | $238M | $233M | 100c | 0 |
| Dec 31, 2021 | 2 | $239M | $234M | 100c | 0 |
What changed
- Maturity approachingOct 25, 2027
- Maturity approachingOct 25, 2027
- Facility left every BDC scheduleJun 30, 2025
- Lender left a facilityJun 30, 2025
- Lender left a facilityJun 30, 2025
Full timeline · 18 eventsShow fewer
- Facility left every BDC scheduleJun 30, 2025
- Lender left a facilityJun 30, 2025
- Facility left every BDC scheduleJun 30, 2025
- nport default reportedJun 30, 2025••• Locked
- Marked down across lendersMar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down across lendersDec 31, 2024
- non accrual placedDec 31, 2024
- non accrual placedDec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Marked down (one lender)Dec 31, 2024
- New lender joined a facilityJun 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
- RAZORderivedthe codename stem after legal suffixes and deal words
- Spellings
- 3 across 4 BDCsderived