DFX Intelligence
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Borrower
B••••••• R••••••• G•••• L••
Professional Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: B••••••• R••••••• G•••• Holdings, LLC; Emerald JV LP
What matters now
- 102¢ → 101¢consensus mark
Consensus mark 101¢ on cost, down from 102¢ a year ago, 98¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived2 of 2 lenders' own marks, weighted by principal
Mark path, consensus per quarter end
102¢ · 101¢ · 101¢ · 98¢ · 101¢Q2 2025 to Q2 2026
Where each lender marks it, 1 points apart
100¢101¢
Principal held
at least $29.1M
sum of BDC pieces, a lower bound
Fair value
$29.1M
101c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
3
2 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
May 1, 2032
no dated debt inside 24 months
On the tape since
Mar 31, 2025
latest Jun 30, 2026
Events
1
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••• | $14.9M | 101¢ | +2 pts |
| G•••••• S•••• P•••••• C••••• C•••• | $14.2M | 100¢ | +3 pts |
Every BDC piece · 2 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $14.9M | $14.9M 101c | S+325 bp |
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• P••••••••• Services I••••••• R••• 6.98% R•••••••• R• | $14.2M | $14.2M 100c | SOFR+325 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 $14.9M | 101c | S+325 bp | May 1, 2032 | 1 |
| first lien term loan first lien | at least $14.2M | 100c | SOFR+325 bp | May 1, 2032 | 1 |
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 | $29.1M | $29.1M | 101c | 0 |
| Mar 31, 2026 | 2 | $29.2M | $28.4M | 98c | 0 |
| Dec 31, 2025 | 2 | $48.9M | $49.0M | 101c | 0 |
| Sep 30, 2025 | 2 | $29.4M | $29.5M | 101c | 0 |
All 6 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 2 | $23.6M | $23.7M | 152c | 0 |
| Mar 31, 2025 | 2 | $17.1M | $16.9M | 100c | 0 |
What changed
- Marked down (one lender)Sep 30, 2025
- New borrower on a BDC scheduleMar 31, 2025
- Lender left a facilityMar 31, 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
- BERKELEY RESEARCHderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 3 BDCsderived
- Industry
- Professional Servicesreportedas one filer wrote it