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
C•• G•••••• I••
Softwaregroup grade Aon a schedule nowsponsor unattributed
Also written as: Emerald JV LP; Inc First and; INC. - CDK Global II LLC; Services; Software; Verdelite JV LP
Principal held
at least $50.4M
sum of BDC pieces, a lower bound
Fair value
$33.1M
69c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
11
2 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Jul 6, 2029
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 $49.4M | 69c | S+325 bp | Jul 6, 2029 | 3 |
| first lien term loan first lien | at least $992,000 | 52c | SOFR+325 bp | Jul 6, 2029 | 6 |
| second lien term loan second lien exited Sep 30, 2023 | at least $1.5M | 100c | S+425 bp | Jul 6, 2029 | 1 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $49.4M | $32.6M 69c | S+325 bp |
| F•••• E•••• P•••••• C••••• F••• | term loan first lien F•••• Lien Debt Reference Rate and Spread S + 3.25% Interest Rate Floor 0.00% Interest Rat | $992,000 | $515,000 52c | SOFR+325 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 | 2 | $50.4M | $33.1M | 69c | 0 |
| Mar 31, 2026 | 2 | $53.5M | $38.3M | 75c | 0 |
| Dec 31, 2025 | 2 | $55.6M | $47.3M | 89c | 0 |
| Sep 30, 2025 | 2 | $56.7M | $49.2M | 91c | 0 |
| Jun 30, 2025 | 2 | $56.9M | $47.6M | 88c | 0 |
| Mar 31, 2025 | 2 | $42.0M | $36.2M | 89c | 0 |
| Dec 31, 2024 | 2 | $48.2M | $47.7M | 99c | 0 |
| Sep 30, 2024 | 2 | $9.0M | $8.9M | 100c | 0 |
| Jun 30, 2024 | 1 | $5.0M | $4.9M | 99c | 0 |
| Mar 31, 2024 | 1 | $7.0M | $7.0M | 100c | 0 |
| Dec 31, 2023 | 2 | $9.0M | $9.0M | 102c | 0 |
| Sep 30, 2023 | 4 | $64.0M | $64.0M | 102c | 0 |
| Jun 30, 2023 | 5 | $72.7M | $72.4M | 102c | 0 |
| Mar 31, 2023 | 4 | $64.7M | $64.5M | 102c | 0 |
| Dec 31, 2022 | 4 | $67.0M | $66.4M | 102c | 0 |
| Sep 30, 2022 | 1 | $0 | $0 | n/a | 0 |
What changed
- Marked down across lendersJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down across lendersMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down across lendersMar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down (one lender)Mar 31, 2025
- New lender joined a facilityDec 31, 2024
- Lender left a facilitySep 30, 2024
- Spread changed (observed)Sep 30, 2024
- Lender left a facilitySep 30, 2023
- Lender left a facilitySep 30, 2023
- Facility left every BDC scheduleSep 30, 2023
- Lender left a facilityJun 30, 2023
- Lender left a facilityMar 31, 2023
- New lender joined a facilityDec 31, 2022
- Lender left a facilityDec 31, 2022
- Lender left a facilityDec 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
- CDK GLOBALderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 11 BDCsderived
- Industry
- Softwarereportedas one filer wrote it