DFX Intelligence
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Borrower
C••••••••• A••••••• L••
Commercial Services and Suppliesgroup grade Aon a schedule nowsponsor unattributed
Also written as: C••••••••• A••••••• L•• 1; C••••••••• A••••••• L•• 2; Emerald JV LP
Principal held
at least $103M
sum of BDC pieces, a lower bound
Fair value
$99.4M
98c on cost, debt pieces
Unfunded
$4.4M
commitments not yet drawn
BDC lenders
10
6 on the latest quarter
Facilities
4
0 equity pieces beside them
Next maturity
Mar 1, 2032
no dated debt inside 24 months
On the tape since
Dec 31, 2024
latest Jun 30, 2026
Events
4
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien | at least $90.5M | 98c | SOFR+325 bp | Mar 31, 2032 | 5 |
| first lien delayed draw term loan first lien | at least $12.9M | 98c | SOFR+325 bp | Mar 31, 2032 | 6 |
| other lien unstated | unknown | n/a | unstated | 5 | |
| delayed draw term loan lien unstated exited Mar 31, 2026 | at least $22.7M | 98c | S+325 bp | Mar 31, 2032 | 1 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••••• D••• S•••••••• B•• | delayed draw term loan first lien Investment T••• F•••• L••• S•••••• D••• - D•••••• D••• I••••••• R••• S+325, 0.00% F•••• M• | n/a | $-5,000 500c | SOFR+325 bp |
| A••••• D••• S•••••••• B•• | term loan first lien Investment T••• F•••• L••• S•••••• D••• - T••• L••• I••••••• R••• S+325, 0.00% F•••• M•••• | $3.6M | $3.5M 98c | SOFR+325 bp |
| B•••••••• P•••••• C••••• F••• | delayed draw term loan first lien I••••••••• F•••• L••• D•••••• D••• T••• L••• Ref S•••(Q) F•••• —% S••••• 3.25% T•••• C•••• | $-0 | $-29,542 1210c | SOFR+325 bp |
| B•••••••• P•••••• C••••• F••• | term loan first lien I••••••••• F•••• L••• T••• L••• Ref S•••(Q) F•••• —% S••••• 3.25% T•••• C••••• 6.98% M•••• | $23.0M | $22.5M 98c | SOFR+325 bp |
| B••• O•• C••••• I••••• C•••• | delayed draw term loan first lien F•••• lien senior secured delayed draw term loan | N•••••••••/non-affiliated | n/a | n/a | S+325 bp |
| B••• O•• C••••• I••••• C•••• | term loan first lien F•••• lien senior secured loan | N••••••••• I••••• | $46.5M | $45.2M 97c | S+325 bp |
| H•• C•••••••• C•••••• S•••••••• F••• | unstated lien unstated | n/a | n/a | |
| H•• C•••••••• C•••••• S•••••••• F••• | delayed draw term loan first lien N••••••••• I••••• | $333,000 | $326,000 98c | S+325 bp |
| H•• C•••••••• C•••••• S•••••••• F••• | delayed draw term loan first lien N••••••••• I••••• | $19,000 | $0 | |
| H•• C•••••••• L•••••• F••• | delayed draw term loan first lien N••••••••• I••••• | $635,000 | $-14,000 467c | |
| H•• C•••••••• L•••••• F••• | delayed draw term loan first lien 1st L••• S••••• S•••••• D•••••• D••• L••• | n/a | n/a | |
| H•• C•••••••• L•••••• F••• | delayed draw term loan first lien N••••••••• I••••• | $10.9M | $10.7M 98c | S+325 bp |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | delayed draw term loan first lien D•••••• D••• L••• | n/a | n/a | |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | delayed draw term loan first lien F•••• L••• D••• (D•••••• D•••) | $1.0M | $-11,000 367c | S+325 bp |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | term loan first lien F•••• L••• D••• | $17.4M | $17.2M 99c | S+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 | 6 | $103M | $99.4M | 98c | 0 |
| Mar 31, 2026 | 7 | $120M | $116M | 97c | 0 |
| Dec 31, 2025 | 7 | $134M | $130M | 101c | 0 |
| Sep 30, 2025 | 5 | $116M | $113M | 101c | 0 |
| Jun 30, 2025 | 6 | $126M | $122M | 100c | 0 |
| Mar 31, 2025 | 6 | $119M | $116M | 100c | 0 |
| Dec 31, 2024 | 1 | $0 | $0 | n/a | 0 |
What changed
- Mark recoveredJun 30, 2026
- Maturity shortened (observed)Jun 30, 2026
- Maturity extended (observed)Mar 31, 2026
- Facility left every BDC scheduleMar 31, 2026
- Lender left a facilityMar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Lender left a facilityMar 31, 2026
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- Maturity extended (observed)Sep 30, 2025
- Lender left a facilityJun 30, 2025
- Lender left a facilityJun 30, 2025
- New lender joined a facilityJun 30, 2025
- Lender left a facilityMar 31, 2025
- New lender joined a facilityMar 31, 2025
- New lender joined a facilityMar 31, 2025
- New lender joined a facilityMar 31, 2025
- Lender left a facilityMar 31, 2025
- New borrower on a BDC scheduleDec 31, 2024
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- C••••••••• A•••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 3 across 10 BDCsderived
- Industry
- Commercial Services and Suppliesreportedas one filer wrote it