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
H••••• G•••• H••••••• L••••••
group grade Aon a schedule nowsponsor unattributed
Also written as: Emerald JV LP; HIG Finance 2 Ltd. / Preatorian; Verdelite JV 1LP; Verdelite JV 2LP; Verdelite JV LP
Principal held
at least $19.0M
sum of BDC pieces, a lower bound
Fair value
$17.9M
94c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
7
1 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Apr 1, 2030
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
5
dated, non-routine
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 $19.0M | 94c | S+275 bp | Feb 1, 2031 | 3 |
| other lien unstated exited Jun 30, 2024 | at least $4.4M | 102c | S+400 bp | Feb 15, 2031 | 1 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien Senior secured 2 | $3.3M | $3.1M 95c | S+275 bp |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien Senior secured 1 | $15.7M | $14.8M 94c | S+275 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 | 1 | $19.0M | $17.9M | 94c | 0 |
| Mar 31, 2026 | 1 | $26.6M | $25.8M | 97c | 0 |
| Dec 31, 2025 | 1 | $26.6M | $26.7M | 101c | 0 |
| Sep 30, 2025 | 2 | $63.3M | $63.4M | 100c | 0 |
| Jun 30, 2025 | 2 | $36.7M | $36.9M | 101c | 0 |
| Mar 31, 2025 | 1 | $17.0M | $16.9M | 99c | 0 |
| Dec 31, 2024 | 2 | $25.0M | $25.2M | 101c | 0 |
| Sep 30, 2024 | 1 | $15.0M | $15.1M | 100c | 0 |
| Jun 30, 2024 | 2 | $14.5M | $14.5M | 101c | 0 |
| Mar 31, 2024 | 2 | $11.4M | $11.4M | 101c | 0 |
| Dec 31, 2023 | 2 | $30.4M | $30.5M | 101c | 0 |
| Sep 30, 2023 | 2 | $27.4M | $27.3M | 101c | 0 |
| Jun 30, 2023 | 1 | $24.6M | $24.5M | 101c | 0 |
| Mar 31, 2023 | 1 | $13.5M | $13.3M | 100c | 0 |
| Dec 31, 2022 | 1 | $13.5M | $13.2M | 98c | 0 |
| Sep 30, 2022 | 1 | $46.8M | $44.7M | 96c | 0 |
| Dec 31, 2021 | 1 | $14.0M | $14.0M | 100c | 0 |
What changed
- Spread changed (observed)Dec 31, 2025
- Lender left a facilitySep 30, 2025
- Spread changed (observed)Jun 30, 2025
- New lender joined a facilityJun 30, 2025
- Spread increasedJun 30, 2025
- Spread changed (observed)Dec 31, 2024
- New lender joined a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
- Facility left every BDC scheduleJun 30, 2024
- Maturity extended (observed)Mar 31, 2024
- Maturity extended (observed)Mar 31, 2024
- Maturity extended (observed)Mar 31, 2024
- Maturity extended (observed)Sep 30, 2023
- Spread increasedJun 30, 2023
- Maturity extended (observed)Jun 30, 2023
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- HOWDEN #UKderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 7 BDCsderived