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Borrower

P•••••• V•• A••••••• L••

group grade Aon a schedule nowsponsor unattributed
Also written as: First Lien; Jedi Group Holdings LLC; LLC Emerald JV LP

What matters now

  1. 1 of 6 lenders
    on non-accrual

    Non-accrual at 1 of 6 lenders on the latest schedules, first placed in Q1 2025.

    since Q1 2025 · Interest has stopped accruing; the lenders no longer expect to be paid in full.

    FactBDC schedules of investments, 30 Jun 2026For restructuring advisers, special situations funds, the lenders' LPsSee every lender →
  2. 73¢ → 81¢
    consensus mark

    Consensus mark 81¢ on cost, up from 73¢ a year ago, 80¢ last quarter.

    Q2 2026 · The lenders' own valuations moved back up.

    Derived6 of 6 lenders' own marks, weighted by principal
  3. 25 pts
    76¢ to 101¢

    Lenders disagree by 25 points: A••• C•••••• C••• 76¢ to N•• S•• I• I••• 101¢.

    Q2 2026 · Holders value the same loan differently, so a position could trade between them.

    Derivedeach lender's own fair value over costFor secondary buyers, special situations fundsLender marks →
  4. $113M
    principal outstanding

    $113M principal held by 6 lenders; matures Jun 2028.

    Q2 2026 · Refinancing is due in 20 months at a 81¢ mark.

    FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
Q2 2025: 73¢Q3 2025: 78¢Q4 2025: 80¢Q1 2026: 80¢Q2 2026: 81¢73¢ · 78¢ · 80¢ · 80¢ · 81¢Q2 2025 to Q2 2026
Where each lender marks it, 25 points apart
76¢Consensus: 81¢A••• C•••••• C•••: 76¢N•• M••••••• P•••••• C••••• F•••: 101¢N•• S•• I• I•••: 101¢G•••• C•••••• P•••••• C••••• F•••: 100¢N•• M••••••• G••••••• I• B••• L•••••: 100¢N•• M••••••• G••••••• I• I••••• F•••• L•••••: 100¢101¢
Principal held
at least $113M
sum of BDC pieces, a lower bound
Fair value
$82.5M
82c on cost, debt pieces
Unfunded
$1.2M
commitments not yet drawn
BDC lenders
8
6 on the latest quarter
Facilities
4
1 equity pieces beside them
Next maturity
Jun 1, 2028
$112M inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
8
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2026, folded to one row per lender
LenderExposureCurrent markQoQ change
A••• C•••••• C•••$88.4M76¢+2 pts
N•• M••••••• P•••••• C••••• F•••$8.11M101¢+2 pts
N•• S•• I• I•••$6.48M101¢+2 pts
G•••• C•••••• P•••••• C••••• F•••$5M100¢+2 pts
N•• M••••••• G••••••• I• B••• L•••••$4.01M100¢+1 pts
View all 6 lenderslargest exposure first
LenderExposureCurrent markQoQ change
N•• M••••••• G••••••• I• I••••• F•••• L•••••$1.33M100¢+1 pts
Every BDC piece · 9 positions across 6 lenderslargest principal first, with instrument and rate
BDCInstrumentPrincipalFair valueRate
A••• C•••••• C•••term loan second lien
S••••• lien senior secured loan
$88.4M$57.5M
76c
N•• M••••••• P•••••• C••••• F•••term loan first lien
F•••• L••• | N••••••••• I•••••
$8.1M$8.1M
101c
S+500 bp
N•• S•• I• I•••term loan first lien
F•••• L••• | N••••••••• I•••••
$6.5M$6.5M
101c
S+500 bp
G•••• C•••••• P•••••• C••••• F•••term loan first lien
S••••• secured
$5.0M$5.0M
100c
S+500 bp
N•• M••••••• G••••••• I• B••• L•••••term loan first lien
F•••• lien
$4.0M$4.0M
100c
S+500 bp
View all 9 positionslargest principal first
BDCInstrumentPrincipalFair valueRate
N•• M••••••• G••••••• I• I••••• F•••• L•••••term loan first lien
F•••• L••• | N••••••••• I•••••
$1.3M$1.3M
100c
S+500 bp
A••• C•••••• C•••revolver first lien
F•••• lien senior secured revolving loan
$0$0
A••• C•••••• C•••unstated lien unstatedNot disclosedNot disclosed
A••• C•••••• C•••equity equity
C•••• R common units
Not disclosed$0
0c
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
FacilityHeldOn costPricingMaturityBDCs
second lien term loan second lienat least $88.4M76cJun 1, 20281
first lien term loan first lienat least $24.9M100cS+500 bpJun 1, 20286
first lien revolver first lienat least $0n/aJun 1, 20281
other lien unstatedunknownn/aunstated3
Equity pieces beside the debt: equity ($0 fair value, 1 BDC)
Through time
the borrower's pieces summed across BDCs, every quarter end
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20266$113M$82.5M82c0
Mar 31, 20266$111M$80.6M80c0
Dec 31, 20256$118M$89.0M81c0
Sep 30, 20256$111M$83.0M79c0
All 17 quarters
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20255$93.2M$65.9M73c0
Mar 31, 20251$76.3M$49.6M66c0
Dec 31, 20241$76.3M$58.8M77c0
Sep 30, 20241$76.3M$60.3M79c0
Jun 30, 20241$76.3M$60.3M79c0
Mar 31, 20242$111M$95.9M86c0
Dec 31, 20232$116M$103M89c0
Sep 30, 20233$115M$104M91c0
Jun 30, 20233$115M$98.9M86c0
Mar 31, 20233$110M$96.0M87c0
Dec 31, 20223$118M$100M85c0
Sep 30, 20222$107M$99.8M93c0
Dec 31, 20212$78.3M$78.3M100c0
What changed
Full timeline · 19 events
Every change including routine ones
Identity
Group key
P•••••• V•• A•••••••derivedthe codename stem after legal suffixes and deal words
Spellings
1 across 8 BDCsderived