DFX Intelligence
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Borrower
P•••••••• E••••••• H•••••• C•
Commercial Services and Suppliesgroup grade Aon a schedule nowsponsor unattributed
Also written as: Emerald JV LP
Principal held
at least $109M
sum of BDC pieces, a lower bound
Fair value
$106M
101c on cost, debt pieces
Unfunded
$12.4M
commitments not yet drawn
BDC lenders
6
6 on the latest quarter
Facilities
6
0 equity pieces beside them
Next maturity
Nov 24, 2032
no dated debt inside 24 months
On the tape since
Sep 30, 2022
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 |
|---|---|---|---|---|---|
| other lien unstated | at least $50.6M | 101c | S+500 bp | Nov 24, 2032 | 1 |
| first lien term loan first lien | at least $49.7M | 100c | SOFR+500 bp | Nov 24, 2032 | 5 |
| first lien delayed draw term loan first lien | at least $6.9M | 100c | SOFR+500 bp | Nov 24, 2032 | 5 |
| first lien revolver first lien | at least $2.1M | n/a | SOFR+500 bp | Nov 24, 2032 | 5 |
| delayed draw term loan lien unstated | unknown | n/a | unstated | 4 | |
| revolver lien unstated | unknown | n/a | unstated | 4 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A•••••• P•••••• C••••• F••• | term loan first lien Asset Type First Lien Term Loan Reference Rate and Spread S + 5.00% Interest Rate 8.75% Ma | $6.4M | $6.4M 100c | SOFR+500 bp |
| A•••••• P•••••• C••••• F••• | delayed draw term loan first lien Asset Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Interest | $1.0M | $765,000 100c | SOFR+500 bp |
| A•••••• P•••••• C••••• F••• | revolver first lien Commitment Type Revolver Commitment Expiration Date 11/24/2032 | n/a | $-3,000 | |
| A•••••• P•••••• C••••• F••• | revolver first lien Asset Type First Lien Revolver Reference Rate and Spread S + 5.00% Interest Rate 8.75% Mat | $575,000 | $-3,000 150c | SOFR+500 bp |
| A•••••• P•••••• C••••• F••• | delayed draw term loan first lien Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/24/2027 | n/a | $-1,000 | |
| A•••••• S•••••••• C••••• F••• | revolver first lien Commitment Type Revolver Commitment Expiration Date 11/24/2032 | n/a | $-7,000 | |
| A•••••• S•••••••• C••••• F••• | delayed draw term loan first lien Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/24/2027 | n/a | $-3,000 | |
| A•••••• S•••••••• C••••• F••• | term loan first lien Asset Type First Lien Term Loan Reference Rate and Spread S + 5.00% Interest Rate 8.75% Ma | $16.0M | $15.9M 100c | SOFR+500 bp |
| A•••••• S•••••••• C••••• F••• | delayed draw term loan first lien Asset Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Interest | $2.6M | $1.9M 100c | SOFR+500 bp |
| A•••••• S•••••••• C••••• F••• | revolver first lien Asset Type First Lien Revolver Reference Rate and Spread S + 5.00% Interest Rate 8.75% Mat | $1.4M | $-7,000 140c | SOFR+500 bp |
| A•••••• S•••••••• C••••• F••• I• L•• | term loan first lien Asset Type First Lien Term Loan Reference Rate and Spread S + 5.00% Interest Rate 8.75% Ma | $640,000 | $637,000 100c | SOFR+500 bp |
| A•••••• S•••••••• C••••• F••• I• L•• | delayed draw term loan first lien Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/24/2027 | n/a | $0 | |
| A•••••• S•••••••• C••••• F••• I• L•• | revolver first lien Asset Type First Lien Revolver Reference Rate and Spread S + 5.00% Interest Rate 8.75% Mat | $58,000 | $0 | SOFR+500 bp |
| A•••••• S•••••••• C••••• F••• I• L•• | revolver first lien Commitment Type Revolver Commitment Expiration Date 11/24/2032 | n/a | $0 | |
| A•••••• S•••••••• C••••• F••• I• L•• | delayed draw term loan first lien Asset Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Interest | $103,000 | $76,000 99c | SOFR+500 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated Non-Affiliated Issuer | $5.4M | $5.4M 101c | S+500 bp |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated Revolver | n/a | n/a | |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $29.2M | $29.2M 101c | S+500 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated Non-Affiliated Issuer | $15.9M | $15.9M 101c | S+500 bp |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated Delayed Draw Term Loan | n/a | n/a | |
| J•••••••• C••••• P••••••• B•• I••• | delayed draw term loan first lien Investment Type First Lien Delayed Draw Term Loan | n/a | $-4,000 | |
| J•••••••• C••••• P••••••• B•• I••• | revolver first lien Type First Lien Revolver Reference Rate and Spread S + 5.00% Maturity Date 11/24/2032 | $0 | $-2,000 67c | SOFR+500 bp |
| J•••••••• C••••• P••••••• B•• I••• | term loan first lien Type First Lien Term Loan Reference Rate and Spread S + 5.00% Maturity Date 11/24/2032 | $21.3M | $21.2M 100c | SOFR+500 bp |
| J•••••••• C••••• P••••••• B•• I••• | delayed draw term loan first lien Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Maturity Date 1 | $2.6M | $2.5M 100c | SOFR+500 bp |
| J•••••••• C••••• P••••••• B•• I••• | revolver first lien Investment Type First Lien Revolver | n/a | $-2,000 | |
| S••••• C••••• I••••••••• L•• | revolver first lien Investment Type First Lien Revolver | n/a | $-1,000 | |
| S••••• C••••• I••••••••• L•• | delayed draw term loan first lien Investment Type First Lien Delayed Draw Term Loan | n/a | $-1,000 | |
| S••••• C••••• I••••••••• L•• | term loan first lien Type First Lien Term Loan Reference Rate and Spread S + 5.00% Maturity Date 11/24/2032 | $5.4M | $5.4M 100c | SOFR+500 bp |
| S••••• C••••• I••••••••• L•• | revolver first lien Type First Lien Revolver Reference Rate and Spread S + 5.00% Maturity Date 11/24/2032 | $0 | $-1,000 100c | SOFR+500 bp |
| S••••• C••••• I••••••••• L•• | delayed draw term loan first lien Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Maturity Date 1 | $647,000 | $643,000 100c | SOFR+500 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 | 6 | $109M | $106M | 101c | 0 |
| Mar 31, 2026 | 6 | $109M | $106M | 100c | 0 |
| Dec 31, 2025 | 6 | $107M | $102M | 100c | 0 |
| Sep 30, 2025 | 1 | $46.0M | $42.0M | 92c | 0 |
| Jun 30, 2025 | 1 | $46.1M | $41.5M | 91c | 0 |
| Mar 31, 2025 | 1 | $46.3M | $41.0M | 89c | 0 |
| Dec 31, 2024 | 1 | $92.6M | $76.5M | 83c | 6 |
| Sep 30, 2024 | 1 | $45.8M | $35.6M | 79c | 3 |
| Jun 30, 2024 | 1 | $45.3M | $34.0M | 76c | 2 |
| Mar 31, 2024 | 1 | $44.8M | $32.3M | 73c | 2 |
| Dec 31, 2023 | 1 | $72.4M | $52.6M | 74c | 0 |
| Sep 30, 2023 | 1 | $44.4M | $38.1M | 87c | 0 |
| Jun 30, 2023 | 1 | $44.6M | $34.6M | 79c | 0 |
| Mar 31, 2023 | 1 | $16.3M | $14.0M | 87c | 0 |
| Dec 31, 2022 | 1 | $15.1M | $12.7M | 86c | 0 |
| Sep 30, 2022 | 1 | $19.2M | $17.3M | 91c | 0 |
What changed
- Mark recoveredDec 31, 2025
- Spread changed (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Lender left a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- Mark recoveredMar 31, 2025
- PIK interest appearsMar 31, 2024
- Spread increasedMar 31, 2024
- PIK interest appearsMar 31, 2024
- Marked down (one lender)Jun 30, 2023
- Marked down (one lender)Dec 31, 2022
- Maturity shortened (observed)Dec 31, 2022
- New borrower on a BDC scheduleSep 30, 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
- POLYPHASE ELEVATORderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 6 BDCsderived
- Industry
- Commercial Services and Suppliesreportedas one filer wrote it