DFX Intelligence
Private Credit Intelligence
The capital structure graph behind private markets. Who lent, to whom, under which sponsor, through which facility, how large the piece was, when it matures and what changed, with a filing behind every number. A BDC piece is that BDC's piece, a sum of pieces is a lower bound, and a sponsor is named with the evidence that names it.
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Borrower
L• L•••• H•••••••• I••
group grade Aon a schedule nowsponsor unattributed
Also written as: Emerald JV LP
Principal held
at least $202M
sum of BDC pieces, a lower bound
Fair value
$177M
88c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Aug 9, 2027
$202M inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
6
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| delayed draw term loan lien unstated | at least $202M | 88c | S+750 bp | Aug 9, 2027 | 2 |
| other lien unstated exited Dec 31, 2022 | at least $225M | 100c | S+650 bp | Feb 8, 2026 | 2 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated Non-Affiliated Issuer | $106M | $92.4M 87c | S+750 bp |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated | $13.4M | $11.8M 88c | S+750 bp |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated Non-Affiliated Issuer | $82.9M | $72.5M 88c | S+750 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 | 2 | $202M | $177M | 88c | 0 |
| Mar 31, 2026 | 2 | $202M | $177M | 88c | 0 |
| Dec 31, 2025 | 2 | $203M | $182M | 90c | 0 |
| Sep 30, 2025 | 2 | $204M | $182M | 90c | 0 |
| Jun 30, 2025 | 2 | $204M | $196M | 96c | 0 |
| Mar 31, 2025 | 2 | $205M | $203M | 100c | 0 |
| Dec 31, 2024 | 2 | $411M | $408M | 100c | 0 |
| Sep 30, 2024 | 2 | $206M | $204M | 100c | 0 |
| Jun 30, 2024 | 2 | $222M | $221M | 100c | 0 |
| Mar 31, 2024 | 2 | $222M | $221M | 100c | 0 |
| Dec 31, 2023 | 2 | $238M | $235M | 100c | 0 |
| Sep 30, 2023 | 2 | $224M | $221M | 100c | 0 |
| Jun 30, 2023 | 2 | $224M | $221M | 100c | 0 |
| Mar 31, 2023 | 2 | $210M | $207M | 100c | 0 |
| Dec 31, 2022 | 2 | $225M | $222M | 100c | 0 |
| Sep 30, 2022 | 2 | $211M | $208M | 100c | 0 |
| Dec 31, 2021 | 2 | $212M | $210M | 101c | 0 |
What changed
- Maturity approachingAug 9, 2027
- Maturity approachingAug 9, 2027
- Marked down across lendersSep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Spread changed (observed)Sep 30, 2024
- Maturity extended (observed)Sep 30, 2024
- Spread increasedSep 30, 2024
- Spread increasedSep 30, 2024
- Maturity extended (observed)Sep 30, 2024
- Maturity extended (observed)Sep 30, 2024
- Facility left every BDC scheduleDec 31, 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
- LD LOWERderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived