DFX Intelligence
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Borrower
I•••••• L•••••••• L••
Also written as: Emerald JV LP; Verdelite JV LP
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
98¢ · 87¢ · 97¢ · 93¢ · 94¢Q2 2025 to Q2 2026
Where each lender marks it, 2 points apart
94¢96¢
Principal held
at least $40.9M
sum of BDC pieces, a lower bound
Fair value
$38.5M
94c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
4
2 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Dec 21, 2029
no dated debt inside 24 months
On the tape since
Mar 31, 2024
latest Jun 30, 2026
Events
4
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••• | $39.7M | 94¢ | +1 pts |
| A•••••• S•••••••• C••••• F••• | $1.16M | 96¢ | +1 pts |
Every BDC piece · 4 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $20.6M | $19.4M 94c | S+350 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated N••••••••• I••••• | $15.2M | $14.3M 95c | S+350 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $3.9M | $3.7M 95c | S+350 bp |
| A•••••• S•••••••• C••••• F••• | term loan first lien Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 3.50% I••••••• R••• 7.16% M• | $1.2M | $1.1M 96c | SOFR+350 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 $39.7M | 94c | S+350 bp | Dec 21, 2029 | 1 |
| first lien term loan first lien | at least $1.2M | 96c | SOFR+350 bp | Dec 21, 2029 | 3 |
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 | $40.9M | $38.5M | 94c | 0 |
| Mar 31, 2026 | 2 | $86.7M | $80.6M | 93c | 0 |
| Dec 31, 2025 | 3 | $91.1M | $88.1M | 97c | 0 |
| Sep 30, 2025 | 3 | $92.1M | $80.0M | 87c | 0 |
All 10 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 3 | $92.2M | $90.1M | 98c | 0 |
| Mar 31, 2025 | 1 | $89.4M | $89.2M | 100c | 0 |
| Dec 31, 2024 | 1 | $147M | $148M | 101c | 0 |
| Sep 30, 2024 | 1 | $68.8M | $68.9M | 101c | 0 |
| Jun 30, 2024 | 1 | $69.0M | $69.1M | 101c | 0 |
| Mar 31, 2024 | 2 | $71.6M | $71.5M | 100c | 0 |
What changed
- Mark recoveredDec 31, 2025
- Lender left a facilityDec 31, 2025
- Maturity shortened (observed)Dec 31, 2025
- Marked down across lendersSep 30, 2025
- Maturity extended (observed)Sep 30, 2025
Full timeline · 13 eventsShow fewer
- Marked down (one lender)Sep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- New lender joined a facilityJun 30, 2025
- New lender joined a facilityJun 30, 2025
- New borrower on a BDC scheduleMar 31, 2024
- Lender left a facilityMar 31, 2024
Sponsor
Possible relationship, not established: S••••• L••• T••••••••• M••••••••• L••, 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.
- S••••• L••• T••••••••• M••••••••• L••
- the sponsor's own portfolio page lists a company of this nameestimatedsilverlake.com"••• Locked"
Identity
- Group key
- I•••••• L•••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 4 BDCsderived
- Industry
- Mediareportedas one filer wrote it