DFX Intelligence
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Borrower
R••••••••• L•••••••• I••
Also written as: Inc. Emerald JV LP; Services; Software; Software/Services
What matters now
- 93¢ → 86¢consensus mark
Consensus mark 86¢ on cost, down from 93¢ a year ago, 77¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived1 of 1 lender' own marks, weighted by principal - $1.98Mprincipal outstanding
$1.98M principal held by 1 lender.
Q2 2026 · The loss if the marks hold, spread across the holders below.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
93¢ · 89¢ · 95¢ · 77¢ · 86¢Q2 2025 to Q2 2026
Principal held
at least $2.0M
sum of BDC pieces, a lower bound
Fair value
$1.6M
86c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
6
1 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
unstated
no dated debt inside 24 months
On the tape since
Sep 30, 2022
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 |
|---|---|---|---|
| B•••••• P•••••• C••••• C••• | $1.98M | 86¢ | +9 pts |
Every BDC piece · 1 position across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B•••••• P•••••• C••••• C••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• | $2.0M | $1.6M 86c | S+400 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 $2.0M | 86c | S+400 bp | unstated | 4 |
| other lien unstated exited Mar 31, 2023 | at least $2.0M | 102c | S+450 bp | Mar 30, 2029 | 2 |
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 | 1 | $2.0M | $1.6M | 86c | 0 |
| Mar 31, 2026 | 1 | $2.5M | $1.8M | 77c | 0 |
| Dec 31, 2025 | 3 | $2.5M | $2.2M | 95c | 0 |
| Sep 30, 2025 | 3 | $63.7M | $55.0M | 88c | 0 |
All 15 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 3 | $68.1M | $61.7M | 93c | 0 |
| Mar 31, 2025 | 2 | $51.9M | $50.9M | 99c | 0 |
| Dec 31, 2024 | 2 | $64.1M | $63.9M | 100c | 0 |
| Sep 30, 2024 | 2 | $32.1M | $32.1M | 100c | 0 |
| Jun 30, 2024 | 1 | $909,000 | $908,000 | 100c | 0 |
| Mar 31, 2024 | 2 | $32.3M | $32.3M | 100c | 0 |
| Dec 31, 2023 | 2 | $24.9M | $24.9M | 102c | 0 |
| Sep 30, 2023 | 2 | $20.9M | $20.7M | 102c | 0 |
| Jun 30, 2023 | 1 | $20.0M | $19.7M | 101c | 0 |
| Mar 31, 2023 | 3 | $29.5M | $28.7M | 100c | 0 |
| Dec 31, 2022 | 2 | $8.0M | $7.7M | 98c | 0 |
What changed
- Mark recoveredJun 30, 2026
- Marked down across lendersMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Mark recoveredDec 31, 2025
- Lender left a facilityDec 31, 2025
Full timeline · 16 eventsShow fewer
- Lender left a facilityDec 31, 2025
- Marked down across lendersJun 30, 2025
- New lender joined a facilityJun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Maturity extended (observed)Sep 30, 2023
- New lender joined a facilitySep 30, 2023
- Maturity extended (observed)Sep 30, 2023
- Lender left a facilityMar 31, 2023
- Facility left every BDC scheduleMar 31, 2023
- New borrower on a BDC scheduleSep 30, 2022
Sponsor
Possible relationship, not established: W• C•••••• P•••••••, because a company of this name is on the sponsor's portfolio page (confidence 0.7). No deal announcement or filing names it as a party, so it is not shown as this borrower’s sponsor.
- W• C•••••• P•••••••
- the sponsor's own portfolio page lists a company of this nameestimatedrenaissance.com"••• Locked"
Identity
- Group key
- R••••••••• L•••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 6 BDCsderived