DFX Intelligence
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Borrower
F•••• S•••••• B•••• I••
Ground Transportationgroup grade Aon a schedule nowsponsor unattributed
Also written as: Inc. Emerald JV LP
Principal held
at least $71.4M
sum of BDC pieces, a lower bound
Fair value
$71.4M
100c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
7
5 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Aug 1, 2030
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
2
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 $71.4M | 100c | SOFR+225 bp | Aug 15, 2030 | 5 |
| other lien unstated exited Mar 31, 2023 | at least $16,000 | n/a | S+300 bp | Jul 21, 2028 | 1 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••••• D••• S•••••••• B•• | term loan first lien Investment T••• F•••• L••• S•••••• D••• - T••• L••• I••••••• R••• S+225, 0.00% F•••• M•••• | $7.9M | $8.0M 100c | SOFR+225 bp |
| A••• S•••••••• I••••• F••• | term loan first lien F•••• lien senior secured loan | $59.6M | $59.6M 100c | S+225 bp |
| B•••••• P•••••• C••••• C••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• | $1.3M | $1.3M 100c | S+225 bp |
| F•••• E•••• P•••••• C••••• F••• | term loan first lien F•••• L••• D••• R•••••••• R••• and S••••• S + 2.25% I••••••• R••• F•••• 0.00% I••••••• R•• | $1.7M | $1.7M 100c | SOFR+225 bp |
| S••••• C•••• C•••••• C••• | term loan first lien F•••• L••• - T••• L••• | $845,000 | $847,000 100c | S+225 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 | 5 | $71.4M | $71.4M | 100c | 0 |
| Mar 31, 2026 | 4 | $93.5M | $93.2M | 100c | 0 |
| Dec 31, 2025 | 4 | $102M | $102M | 100c | 0 |
| Sep 30, 2025 | 3 | $107M | $107M | 100c | 0 |
| Jun 30, 2025 | 3 | $86.8M | $86.8M | 100c | 0 |
| Mar 31, 2025 | 3 | $54.8M | $54.7M | 100c | 0 |
| Dec 31, 2024 | 3 | $47.7M | $47.8M | 100c | 0 |
| Sep 30, 2024 | 2 | $8.4M | $8.4M | 100c | 0 |
| Jun 30, 2024 | 2 | $9.0M | $9.0M | 100c | 0 |
| Mar 31, 2024 | 1 | $3.2M | $3.1M | 102c | 0 |
| Dec 31, 2023 | 1 | $5.7M | $5.6M | 102c | 0 |
| Sep 30, 2023 | 1 | $8.5M | $8.3M | 100c | 0 |
| Mar 31, 2023 | 1 | $16,000 | $15,000 | 100c | 0 |
| Dec 31, 2022 | 1 | $15.7M | $14.2M | 91c | 0 |
| Sep 30, 2022 | 1 | $13.7M | $12.7M | 93c | 0 |
| Dec 31, 2021 | 1 | $5.0M | $5.0M | 100c | 0 |
What changed
- New lender joined a facilityDec 31, 2025
- Maturity extended (observed)Sep 30, 2025
- New lender joined a facilitySep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- New lender joined a facilityJun 30, 2024
- New lender joined a facilityJun 30, 2024
- Facility left every BDC scheduleMar 31, 2023
- Lender left a facilityMar 31, 2023
- Marked down (one lender)Sep 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
- FIRST STUDENTderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 7 BDCsderived
- Industry
- Ground Transportationreportedas one filer wrote it