DFX Intelligence
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Borrower
Q••••• P•••• S••••••• C•••
group grade Aon a schedule nowsponsor unattributed
Also written as: Emerald JV LP
What matters now
- $427Mprincipal outstanding
$427M principal held by 2 lenders; matures Mar 2028.
Q1 2026 · Refinancing is due in 18 months at a 101¢ mark.
FactBDC schedules of investments, 31 Mar 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
101¢ · 101¢ · 101¢ · 101¢ · 101¢Q1 2025 to Q1 2026
Principal held
at least $427M
sum of BDC pieces, a lower bound
Fair value
$426M
101c on cost, debt pieces
Unfunded
$71.2M
commitments not yet drawn
BDC lenders
3
2 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Mar 27, 2028
$427M inside 24 months
On the tape since
Dec 31, 2021
latest Mar 31, 2026
Events
7
dated, non-routine
Lender marks
each lender's own fair value over cost at Mar 31, 2026, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | $243M | 101¢ | 0 pts |
| B••••••••• S•••••• L•••••• F••• | $183M | 101¢ | 0 pts |
Every BDC piece · 11 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $86.1M | $86.1M 101c | S+425 bp |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $82.2M | $82.2M 101c | S+425 bp |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $60.2M | $60.2M 100c | S+425 bp |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $53.3M | $53.3M 101c | S+425 bp |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $35.0M | $35.0M 101c | S+425 bp |
View all 11 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $33.6M | $33.6M 101c | S+425 bp |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $32.4M | $32.4M 101c | S+425 bp |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $27.4M | $27.4M 100c | S+425 bp |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $16.3M | $16.1M 100c | S+425 bp |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated D•••••• D••• T••• L••• 1 | Not disclosed | Not disclosed | S+425 bp |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated D•••••• D••• T••• L••• 2 | Not disclosed | Not disclosed | S+425 bp |
Capital structure as the BDCs see it
latest quarter end Mar 31, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| delayed draw term loan lien unstated exited Mar 31, 2026 | at least $427M | 101c | S+425 bp | Mar 27, 2028 | 2 |
| other lien unstated exited Dec 31, 2022 | at least $95.8M | 101c | S+525 bp | Mar 26, 2027 | 2 |
| term loan lien unstated exited Dec 31, 2025 | at least $2.5M | n/a | S+425 bp | Mar 27, 2031 | 1 |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2026 | 2 | $427M | $426M | 101c | 0 |
| Dec 31, 2025 | 3 | $457M | $456M | 108c | 0 |
| Sep 30, 2025 | 3 | $339M | $339M | 101c | 0 |
| Jun 30, 2025 | 3 | $296M | $295M | 101c | 0 |
All 16 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2025 | 2 | $296M | $296M | 101c | 0 |
| Dec 31, 2024 | 3 | $594M | $593M | 101c | 0 |
| Sep 30, 2024 | 2 | $192M | $190M | 101c | 0 |
| Jun 30, 2024 | 2 | $182M | $180M | 101c | 0 |
| Mar 31, 2024 | 2 | $175M | $172M | 100c | 0 |
| Dec 31, 2023 | 2 | $220M | $214M | 99c | 0 |
| Sep 30, 2023 | 2 | $126M | $122M | 98c | 0 |
| Jun 30, 2023 | 2 | $95.3M | $94.4M | 100c | 0 |
| Mar 31, 2023 | 2 | $84.2M | $83.3M | 101c | 0 |
| Dec 31, 2022 | 2 | $95.8M | $94.7M | 101c | 0 |
| Sep 30, 2022 | 2 | $80.5M | $79.5M | 101c | 0 |
| Dec 31, 2021 | 2 | $81.1M | $80.1M | 101c | 0 |
What changed
- Facility left every BDC scheduleMar 31, 2026
- Spread changed (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Facility left every BDC scheduleDec 31, 2025
- Maturity extended (observed)Dec 31, 2025
Full timeline · 13 eventsShow fewer
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Jun 30, 2025
- Maturity extended (observed)Dec 31, 2024
- New lender joined a facilityDec 31, 2024
- Spread increasedSep 30, 2023
- Spread increasedSep 30, 2023
- Facility left every BDC scheduleDec 31, 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
- Q••••• P•••• S•••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 3 BDCsderived