DFX Intelligence
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Borrower
J••• B••••• I••
Commercial and Professional Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: Inc. 1; Inc. 2; Inc. Emerald JV LP
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
101¢ · 101¢ · 101¢ · 101¢ · 101¢Q2 2025 to Q2 2026
Where each lender marks it on the first lien term loan, 1 point apart
99¢100¢
Principal held
at least $437M
sum of BDC pieces, a lower bound
Fair value
$437M
101c on cost, debt pieces
Unfunded
$208M
commitments not yet drawn
BDC lenders
6
6 on the latest quarter
Facilities
6
0 equity pieces beside them
Next maturity
Dec 15, 2030
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
5
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••• | $363M | 101¢ | 0 pts |
| C•• I• P•••••••• H•••••••• L•• | $39.9M | 100¢ | 0 pts |
| N••••• C•••••••• D••••• L•••••• C•••• | $13.9M | 99¢ | -1 pts |
| B••••••••• S•••••• L•••••• F••• | $11M | 101¢ | 0 pts |
| C••••••• C•••••• B••• I••• | $4.99M | 100¢ | 0 pts |
View all 6 lendersShow fewerlargest exposure first
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | $3.85M | 99¢ | -1 pts |
Every BDC piece · 22 positions across 6 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | unstated lien unstated N••••••••• I••••• | $328M | $328M 101c | S+450 bp |
| C•• I• P•••••••• H•••••••• L•• | term loan first lien I••••••• C••••••••• and P••••••••• Services Investment T••• U••••••••• F•••• L••• T••• L•• | $36.6M | $36.5M 100c | SOFR+450 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated N••••••••• I••••• | $27.9M | $27.9M 103c | S+450 bp |
| N••••• C•••••••• D••••• L•••••• C•••• | term loan first lien F•••• L••• D••• | $13.9M | $13.8M 99c | S+450 bp |
| B••••••••• S•••••• L•••••• F••• | unstated lien unstated N••••••••• I••••• | $9.9M | $9.9M 101c | S+450 bp |
View all 22 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | unstated lien unstated N••••••••• I••••• | $7.1M | $7.1M 109c | S+450 bp |
| C••••••• C•••••• B••• I••• | term loan first lien Investment T••• S••••• S•••••• F•••• L••• T••• L••• I••••••• T••• S + 475, 75 F•••• I••••• | $4.6M | $4.6M 100c | SOFR+475 bp |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | term loan first lien F•••• L••• D••• | $3.9M | $3.8M 99c | S+450 bp |
| C•• I• P•••••••• H•••••••• L•• | delayed draw term loan first lien I••••••• C••••••••• and P••••••••• Services Investment T••• U••••••••• F•••• L••• D•••••• | $3.4M | $3.3M 100c | SOFR+450 bp |
| B••••••••• S•••••• L•••••• F••• | unstated lien unstated N••••••••• I••••• | $844,000 | $844,000 103c | S+450 bp |
| C••••••• C•••••• B••• I••• | delayed draw term loan first lien Investment T••• S••••• S•••••• F•••• L••• D•••••• D••• T••• L••• I••••••• T••• S + 475, 75 | $419,000 | $412,000 100c | SOFR+475 bp |
| B••••••••• S•••••• L•••••• F••• | unstated lien unstated N••••••••• I••••• | $215,000 | $215,000 109c | S+450 bp |
| C•• I• P•••••••• H•••••••• L•• | revolver first lien I••••••• C••••••••• and P••••••••• Services Investment T••• U••••••••• F•••• L••• R••••••• | $0 | -$19,000 68c | S+450 bp |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated D•••••• D••• T••• L••• 1 | Not disclosed | Not disclosed | S+450 bp |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated R••••••• | Not disclosed | Not disclosed | S+450 bp |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated D•••••• D••• T••• L••• 2 | Not disclosed | Not disclosed | S+450 bp |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated D•••••• D••• T••• L••• 2 | Not disclosed | Not disclosed | S+450 bp |
| B••••••••• S•••••• L•••••• F••• | revolver lien unstated R••••••• | Not disclosed | Not disclosed | S+450 bp |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated D•••••• D••• T••• L••• 1 | Not disclosed | Not disclosed | S+450 bp |
| C••••••• C•••••• B••• I••• | revolver first lien Investment T••• S••••• S•••••• F•••• L••• R••••••• M•••••••/ D••••••••• D••• 12/2030 | Not disclosed | -$2,000 67c | S+475 bp |
| C••••••• C•••••• B••• I••• | delayed draw term loan first lien Investment T••• D•••••• D••• T••• L••• C••••••••• E••••••••• D••• 2/6/2028 | Not disclosed | Not disclosed | |
| C••••••• C•••••• B••• I••• | revolver first lien Investment T••• R••••••• C••••••••• E••••••••• D••• 2/6/2028 | Not disclosed | Not disclosed |
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 $374M | 101c | S+450 bp | Dec 15, 2030 | 2 |
| first lien term loan first lien | at least $58.9M | 100c | SOFR+450 bp | Dec 31, 2030 | 4 |
| first lien delayed draw term loan first lien | at least $3.8M | 100c | SOFR+475 bp | Dec 31, 2030 | 2 |
| first lien revolver first lien | at least $0 | n/a | S+450 bp | Dec 31, 2030 | 2 |
| delayed draw term loan lien unstated | unknown | n/a | S+450 bp | unstated | 2 |
All 6 facilitiesShow fewerheld first, largest first
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| revolver lien unstated | unknown | n/a | S+450 bp | unstated | 2 |
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 | $437M | $437M | 101c | 0 |
| Mar 31, 2026 | 6 | $438M | $438M | 101c | 0 |
| Dec 31, 2025 | 4 | $457M | $457M | 101c | 0 |
| Sep 30, 2025 | 4 | $458M | $458M | 101c | 0 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 4 | $413M | $413M | 101c | 0 |
| Mar 31, 2025 | 4 | $394M | $393M | 101c | 0 |
| Dec 31, 2024 | 4 | $729M | $729M | 101c | 0 |
| Sep 30, 2024 | 2 | $331M | $330M | 101c | 0 |
| Jun 30, 2024 | 2 | $295M | $294M | 101c | 0 |
| Mar 31, 2024 | 2 | $227M | $226M | 101c | 0 |
| Dec 31, 2023 | 3 | $240M | $239M | 101c | 0 |
| Sep 30, 2023 | 2 | $201M | $198M | 100c | 0 |
| Jun 30, 2023 | 2 | $182M | $175M | 98c | 0 |
| Mar 31, 2023 | 2 | $171M | $164M | 98c | 0 |
| Dec 31, 2022 | 2 | $183M | $176M | 98c | 0 |
| Sep 30, 2022 | 2 | $172M | $165M | 98c | 0 |
| Dec 31, 2021 | 2 | $140M | $136M | 100c | 0 |
What changed
- Maturity extended (observed)Mar 31, 2026
- New lender joined a facilityMar 31, 2026
- New lender joined a facilityMar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- New lender joined a facilityMar 31, 2026
Full timeline · 29 eventsShow fewer
- New lender joined a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- New lender joined a facilityMar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- New lender joined a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- Spread changed (observed)Dec 31, 2025
- Spread changed (observed)Dec 31, 2025
- Lender left a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- Lender left a facilitySep 30, 2025
- Lender left a facilitySep 30, 2025
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
- Maturity shortened (observed)Jun 30, 2024
- Maturity shortened (observed)Jun 30, 2024
- Maturity extended (observed)Dec 31, 2023
- Maturity extended (observed)Dec 31, 2023
- New lender joined a facilityDec 31, 2023
- Maturity extended (observed)Dec 31, 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
- J••• B••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 6 BDCsderived
- Industry
- Commercial and Professional Servicesreportedas one filer wrote it