DFX Intelligence
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Borrower
R•••••••• I••
Also written as: Emerald JV LP; Inc. - Funded; Inc. 1; Inc. 2; Inc.-High Tech Industries; Services; Software; Software/Services
What matters now
- 100¢ → 95¢consensus mark
Consensus mark 95¢ on cost, down from 100¢ a year ago, 97¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived10 of 10 lenders' own marks, weighted by principal - $113Mprincipal outstanding
$113M principal held by 10 lenders; matures Apr 2028.
Q2 2026 · Refinancing is due in 18 months at a 95¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
100¢ · 101¢ · 101¢ · 97¢ · 95¢Q2 2025 to Q2 2026
Where each lender marks it, 7 points apart
94¢101¢
Principal held
at least $113M
sum of BDC pieces, a lower bound
Fair value
$106M
95c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
25
10 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Apr 1, 2028
$113M inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
7
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••• | $44.6M | 95¢ | -2 pts |
| B••• O•• T••••••••• F•••••• C•••• | $35.9M | 94¢ | -3 pts |
| B••• O•• C••••• I••••• C•••• | $17.6M | 94¢ | -3 pts |
| P••••• S••••• C•••••• B•• I••• | $5.93M | 95¢ | -3 pts |
| B••••••••• P•••••• C••••• F••• | $2.7M | 95¢ | -2 pts |
View all 10 lendersShow fewerlargest exposure first
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| N•• M••••••• F•••••• C••• | $1.96M | 101¢ | -3 pts |
| B•••••••• P•••••• C••••• F••• | $1.59M | 94¢ | -3 pts |
| N•• M••••••• G••••••• I• B••• L••••• | $1.38M | 100¢ | -4 pts |
| N•• M••••••• P•••••• C••••• F••• | $1.31M | 100¢ | -4 pts |
| N•• M••••••• G••••••• I• I••••• F•••• L••••• | $325K | 101¢ | -3 pts |
Every BDC piece · 12 positions across 10 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 1 | $36.5M | $34.3M 94c | S+375 bp |
| B••• O•• T••••••••• F•••••• C•••• | term loan first lien F•••• lien senior secured loan 1 | N••••••••• I••••• | $34.6M | $32.4M 94c | S+375 bp |
| B••• O•• C••••• I••••• C•••• | term loan first lien F•••• lien senior secured loan | N••••••••• I••••• | $17.6M | $16.5M 94c | S+375 bp |
| A••• S•••••••• I••••• F••• | term loan first lien F•••• lien senior secured loan 2 | $8.1M | $7.5M 100c | S+300 bp |
| P••••• S••••• C•••••• B•• I••• | term loan first lien Investment F•••• L••• S••••• S•••••• L••• I••••••• R••• 7.48% (S + 3.75%) M••••••• D••• 4/ | $5.9M | $5.6M 95c | SOFR+375 bp |
View all 12 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $2.7M | $2.5M 95c | S+300 bp |
| N•• M••••••• F•••••• C••• | term loan first lien F•••• lien | $2.0M | $1.8M 101c | S+375 bp |
| B•••••••• P•••••• C••••• F••• | term loan first lien I••••••••• F•••• L••• T••• L••• Ref S•••(Q) S••••• 3.75% T•••• C••••• 7.45% M••••••• 4/24/ | $1.6M | $1.5M 94c | SOFR+375 bp |
| N•• M••••••• G••••••• I• B••• L••••• | term loan first lien F•••• lien | $1.4M | $1.3M 100c | S+375 bp |
| B••• O•• T••••••••• F•••••• C•••• | term loan first lien F•••• lien senior secured loan 2 | N••••••••• I••••• | $1.3M | $1.2M 95c | S+300 bp |
| N•• M••••••• P•••••• C••••• F••• | term loan first lien F•••• L••• | N••••••••• I••••• | $1.3M | $1.2M 100c | S+375 bp |
| N•• M••••••• G••••••• I• I••••• F•••• L••••• | term loan first lien F•••• L••• | N••••••••• I••••• | $325,000 | $306,000 101c | S+375 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 $111M | 95c | SOFR+375 bp | Apr 24, 2028 | 13 |
| other lien unstated | at least $2.7M | 95c | S+300 bp | Apr 24, 2028 | 4 |
| second lien term loan second lien exited Dec 31, 2024 | at least $35.0M | 101c | S+375 bp | Apr 1, 2028 | 16 |
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 | $113M | $106M | 95c | 0 |
| Mar 31, 2026 | 11 | $133M | $129M | 97c | 0 |
| Dec 31, 2025 | 8 | $189M | $189M | 101c | 0 |
| Sep 30, 2025 | 10 | $250M | $250M | 101c | 0 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 10 | $251M | $250M | 100c | 0 |
| Mar 31, 2025 | 9 | $215M | $214M | 100c | 0 |
| Dec 31, 2024 | 9 | $287M | $287M | 101c | 0 |
| Sep 30, 2024 | 18 | $450M | $432M | 97c | 0 |
| Jun 30, 2024 | 17 | $448M | $438M | 99c | 0 |
| Mar 31, 2024 | 17 | $448M | $441M | 99c | 0 |
| Dec 31, 2023 | 15 | $425M | $424M | 101c | 0 |
| Sep 30, 2023 | 13 | $302M | $302M | 101c | 0 |
| Jun 30, 2023 | 14 | $328M | $318M | 98c | 0 |
| Mar 31, 2023 | 14 | $302M | $286M | 96c | 0 |
| Dec 31, 2022 | 14 | $361M | $347M | 97c | 0 |
| Sep 30, 2022 | 3 | $145M | $142M | 98c | 0 |
| Dec 31, 2021 | 4 | $138M | $138M | 102c | 0 |
What changed
- Maturity approachingApr 24, 2028
- Maturity approachingApr 24, 2028
- Lender left a facilityMar 31, 2026
- New lender joined a facilityMar 31, 2026
- New lender joined a facilityMar 31, 2026
Full timeline · 30 eventsShow fewer
- New lender joined a facilityMar 31, 2026
- Lender left a facilityDec 31, 2025
- Lender left a facilitySep 30, 2025
- Lender left a facilitySep 30, 2025
- Spread changed (observed)Dec 31, 2024
- New lender joined a facilityDec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- Spread changed (observed)Dec 31, 2024
- New lender joined a facilityDec 31, 2024
- Spread increasedDec 31, 2024
- Spread increasedDec 31, 2024
- Spread increasedDec 31, 2024
- Spread increasedDec 31, 2024
- Maturity shortened (observed)Dec 31, 2024
- Lender left a facilitySep 30, 2024
- Lender left a facilitySep 30, 2024
- Lender left a facilitySep 30, 2024
- Lender left a facilitySep 30, 2024
- Lender left a facilitySep 30, 2024
- Lender left a facilitySep 30, 2024
- Lender left a facilitySep 30, 2024
- Lender left a facilitySep 30, 2024
- Lender left a facilitySep 30, 2024
- Lender left a facilitySep 30, 2024
- New lender joined a facilitySep 30, 2024
Sponsor
Possible relationship, not established: C••••• P•••••• C••••••, because a company of this name is on the sponsor's portfolio page (confidence 0.55). No deal announcement or filing names it as a party, so it is not shown as this borrower’s sponsor.
- C••••• P•••••• C••••••
- the sponsor's own portfolio page lists a company of this nameestimatedcamdenpartners.com"••• Locked"
- C••••• P••••••• H•••••••• L••
- the sponsor's own portfolio page lists a company of this nameestimatedcamdenpartners.com"••• Locked"
Identity
- Group key
- REALPAGEderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 25 BDCsderived
- Industry
- Softwarereportedas one filer wrote it