DFX Intelligence
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Borrower
G•• U••••••• P••••• C•••••••••
Also written as: Commerce P•••••, Inc; Commerce Topco, LLC; Emerald JV LP; Global Healthcare Exchange; Nexus TopCo LP; Verdelite JV LP
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
100¢ · 100¢ · 101¢ · 99¢ · 100¢Q2 2025 to Q2 2026
Where each lender marks it, 2 points apart
99¢101¢
Principal held
at least $494M
sum of BDC pieces, a lower bound
Fair value
$486M
100c on cost, debt pieces
Unfunded
$67.4M
commitments not yet drawn
BDC lenders
16
10 on the latest quarter
Facilities
3
1 equity pieces beside them
Next maturity
Feb 1, 2033
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
8
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 |
|---|---|---|---|
| G•••• C•••••• P•••••• C••••• F••• | $140M | 101¢ | +1 pts |
| A••• C•••••• C••• | $109M | 99¢ | +1 pts |
| A••• S•••••••• I••••• F••• | $96.5M | 99¢ | +1 pts |
| G•••• C•••••• B••• I••• | $54.4M | 101¢ | +1 pts |
| G•••• C•••••• B•• 4• I••• | $32.5M | 101¢ | +1 pts |
View all 10 lendersShow fewerlargest exposure first
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| N•• M••••••• G••••••• I• B••• L••••• | $22.7M | 101¢ | 0 pts |
| N•• M••••••• P•••••• C••••• F••• | $18.5M | 101¢ | 0 pts |
| G•••• C•••••• D••••• L•••••• C••• | $10.8M | 101¢ | +1 pts |
| N•• M••••••• G••••••• I• I••••• F•••• L••••• | $5.48M | 101¢ | 0 pts |
| G•••• C•••••• D••••• L•••••• U•••••••• C••• | $3.8M | 101¢ | +1 pts |
Every BDC piece · 31 positions across 10 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• S•••••••• I••••• F••• | term loan first lien F•••• lien senior secured loan | $96.5M | $95.6M 99c | S+500 bp PIK 2.50% |
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan | $92.4M | $91.4M 99c | S+500 bp PIK 2.50% |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien One stop 1 | $76.0M | $76.0M 101c | S+500 bp PIK 2.50% |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien One stop 3 | $63.9M | $63.9M 100c | S+500 bp PIK 2.50% |
| G•••• C•••••• B••• I••• | term loan first lien One stop 1 | N••••••••• I••••• | $54.0M | $54.0M 101c | S+500 bp PIK 2.50% |
View all 31 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| G•••• C•••••• B•• 4• I••• | term loan first lien One stop 1 | $28.9M | $28.9M 101c | S+500 bp PIK 2.50% |
| N•• M••••••• G••••••• I• B••• L••••• | term loan first lien F•••• L••• 1 | $17.7M | $17.7M 101c | S+250 bp PIK 2.50% |
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan 2 | $16.8M | $16.6M 99c | S+500 bp PIK 2.50% |
| N•• M••••••• P•••••• C••••• F••• | term loan first lien F•••• L••• 1 | N••••••••• I••••• | $13.9M | $13.9M 101c | S+250 bp PIK 2.50% |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien One stop 1 | $10.2M | $10.2M 101c | S+500 bp PIK 2.50% |
| G•••• C•••••• B•• 4• I••• | term loan first lien One stop 3 | $3.6M | $3.6M 100c | S+500 bp PIK 2.50% |
| N•• M••••••• G••••••• I• I••••• F•••• L••••• | term loan first lien F•••• L••• 1 | N••••••••• I••••• | $3.5M | $3.5M 101c | S+250 bp PIK 2.50% |
| G•••• C•••••• D••••• L•••••• U•••••••• C••• | term loan first lien One stop 1 | $3.1M | $3.1M 101c | S+500 bp PIK 2.50% |
| N•• M••••••• G••••••• I• B••• L••••• | term loan first lien F•••• L••• - U•••••• | $2.6M | $0 0c | S+250 bp |
| N•• M••••••• G••••••• I• B••• L••••• | term loan first lien F•••• L••• 2 | $2.4M | $2.4M 100c | S+250 bp PIK 2.50% |
| N•• M••••••• P•••••• C••••• F••• | term loan first lien F•••• L••• 2 | N••••••••• I••••• | $2.3M | $2.3M 100c | S+250 bp PIK 2.50% |
| N•• M••••••• P•••••• C••••• F••• | term loan first lien F•••• L••• U•••••• | N••••••••• I••••• | $2.2M | $0 0c | S+250 bp |
| N•• M••••••• G••••••• I• I••••• F•••• L••••• | term loan first lien F•••• L••• 2 | N••••••••• I••••• | $755,000 | $755,000 101c | S+250 bp PIK 2.50% |
| G•••• C•••••• D••••• L•••••• U•••••••• C••• | term loan first lien One stop 3 | $681,000 | $681,000 100c | S+500 bp PIK 2.50% |
| N•• M••••••• G••••••• I• I••••• F•••• L••••• | term loan first lien F•••• L••• - U•••••• | N••••••••• I••••• | $626,000 | $0 0c | S+250 bp |
| N•• M••••••• G••••••• I• I••••• F•••• L••••• | term loan first lien F•••• L••• 3 | N••••••••• I••••• | $575,000 | $575,000 100c | S+250 bp PIK 2.50% |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien One stop 3 | $549,000 | $549,000 100c | S+500 bp PIK 2.50% |
| G•••• C•••••• B••• I••• | term loan first lien One stop 2 | N••••••••• I••••• | $353,000 | $353,000 100c | S+500 bp PIK 2.50% |
| G•••• C•••••• B•• 4• I••• | term loan first lien One stop 2 | $0 | $0 0c | S+500 bp |
| G•••• C•••••• B••• I••• | term loan first lien One stop 3 | N••••••••• I••••• | $0 | $0 0c | S+500 bp |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien One stop 2 | $0 | $0 0c | S+500 bp |
| G•••• C•••••• D••••• L•••••• U•••••••• C••• | term loan first lien One stop 2 | $0 | $0 0c | S+500 bp |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien One stop 2 | $0 | $0 0c | S+500 bp |
| A••• C•••••• C••• | equity equity C•••• C units | Not disclosed | $0 | |
| A••• C•••••• C••• | unstated lien unstated | Not disclosed | Not disclosed | |
| A••• S•••••••• I••••• F••• | unstated lien unstated | Not disclosed | Not disclosed |
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 $494M | 100c | S+500 bp PIK 2.50% | Feb 1, 2033 | 14 |
| other lien unstated | unknown | n/a | unstated | 4 | |
| second lien term loan second lien exited Dec 31, 2024 | at least $244M | 99c | S+475 bp | Dec 1, 2031 | 1 |
Equity pieces beside the debt: equity ($0 fair value, 1 BDC)
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 | 10 | $494M | $486M | 100c | 20 |
| Mar 31, 2026 | 10 | $492M | $480M | 99c | 20 |
| Dec 31, 2025 | 9 | $360M | $355M | 101c | 0 |
| Sep 30, 2025 | 9 | $612M | $609M | 101c | 0 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 9 | $442M | $439M | 100c | 0 |
| Mar 31, 2025 | 9 | $444M | $438M | 100c | 0 |
| Dec 31, 2024 | 6 | $434M | $429M | 99c | 0 |
| Sep 30, 2024 | 6 | $155M | $155M | 100c | 0 |
| Jun 30, 2024 | 6 | $155M | $155M | 100c | 0 |
| Mar 31, 2024 | 6 | $153M | $154M | 100c | 0 |
| Dec 31, 2023 | 6 | $150M | $148M | 100c | 0 |
| Sep 30, 2023 | 6 | $145M | $144M | 100c | 0 |
| Jun 30, 2023 | 4 | $144M | $143M | 100c | 0 |
| Mar 31, 2023 | 2 | $118M | $117M | 99c | 0 |
| Dec 31, 2022 | 2 | $118M | $116M | 98c | 0 |
| Sep 30, 2022 | 1 | $114M | $111M | 97c | 0 |
| Dec 31, 2021 | 1 | $114M | $114M | 100c | 0 |
What changed
- Maturity extended (observed)Mar 31, 2026
- PIK interest appearsMar 31, 2026
- New lender joined a facilityMar 31, 2026
- PIK interest appearsMar 31, 2026
- PIK interest appearsMar 31, 2026
Full timeline · 30 eventsShow fewer
- PIK interest appearsMar 31, 2026
- PIK interest appearsMar 31, 2026
- PIK interest appearsMar 31, 2026
- PIK interest appearsMar 31, 2026
- PIK interest appearsMar 31, 2026
- PIK interest appearsMar 31, 2026
- PIK interest appearsMar 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
- 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, 2025
- New lender joined a facilityMar 31, 2025
- New lender joined a facilityMar 31, 2025
- New lender joined a facilityMar 31, 2025
- Facility left every BDC scheduleDec 31, 2024
- Spread changed (observed)Dec 31, 2024
- Maturity extended (observed)Dec 31, 2024
- Maturity extended (observed)Dec 31, 2024
- Spread changed (observed)Dec 31, 2024
- New lender joined a facilityDec 31, 2024
Sponsor
- V•••••• C•••••• F••• M••••••••• L•••••
- the sponsor's own portfolio page lists a company of this nameestimatedveritascapital.com"••• Locked"
- W•••••• P••••• L••
- the sponsor's own portfolio page lists a company of this nameestimatedwarburgpincus.com"••• Locked"
Identity
- Group key
- G•• U••••••• P•••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 16 BDCsderived