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Borrower

P••••••• S•••••••• I••

group grade Aon a schedule nowsponsor unattributed
Also written as: Emerald JV LP; Inc 1; Inc. 2

What matters now

  1. 1 of 1 lender
    on non-accrual

    Non-accrual at 1 of 1 lender on the latest schedules.

    Q2 2026 · Interest has stopped accruing; the lenders no longer expect to be paid in full.

    FactBDC schedules of investments, 30 Jun 2026For restructuring advisers, special situations funds, the lenders' LPsSee every lender →
  2. 33¢ → 23¢
    consensus mark

    Consensus mark 23¢ on cost, down from 33¢ a year ago, 27¢ last quarter.

    Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.

    Derived1 of 1 lender' own marks, weighted by principal
  3. $53.6M
    principal outstanding

    $53.6M principal held by 1 lender; matures Apr 2029.

    Q2 2026 · Refinancing is due in 31 months at a 23¢ mark.

    FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
Q2 2025: 33¢Q3 2025: 33¢Q4 2025: 27¢Q1 2026: 27¢Q2 2026: 23¢33¢ · 33¢ · 27¢ · 27¢ · 23¢Q2 2025 to Q2 2026
Principal held
at least $53.6M
sum of BDC pieces, a lower bound
Fair value
$7.9M
23c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
1
0 equity pieces beside them
Next maturity
Apr 16, 2029
no dated debt inside 24 months
On the tape since
Jun 30, 2023
latest Jun 30, 2026
Events
1
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2026, folded to one row per lender
LenderExposureCurrent markQoQ change
B••••••••• P•••••• C••••• F•••$53.6M23¢-4 pts
Every BDC piece · 4 positions across 1 lenderlargest principal first, with instrument and rate
BDCInstrumentPrincipalFair valueRate
B••••••••• P•••••• C••••• F•••unstated lien unstated
C••••••••• A••••••••• I•••••
$27.5M$0
0c
S+825 bp
PIK 11.99%
B••••••••• P•••••• C••••• F•••unstated lien unstated
C••••••••• A••••••••• I•••••
$13.4M$6.1M
52c
S+825 bp
PIK 11.99%
B••••••••• P•••••• C••••• F•••unstated lien unstated$8.5M$0
0c
S+825 bp
PIK 11.99%
B••••••••• P•••••• C••••• F•••unstated lien unstated$4.1M$1.9M
53c
S+825 bp
PIK 11.99%
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
FacilityHeldOn costPricingMaturityBDCs
other lien unstatedat least $53.6M23cS+825 bp
PIK 11.99%
Apr 16, 20291
Through time
the borrower's pieces summed across BDCs, every quarter end
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20261$53.6M$7.9M23c4
Mar 31, 20261$52.6M$9.3M27c4
Dec 31, 20251$51.0M$9.3M27c4
Sep 30, 20251$49.4M$11.7M33c4
All 13 quarters
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20251$47.9M$11.7M33c4
Mar 31, 20251$46.5M$11.6M33c4
Dec 31, 20241$97.3M$52.1M70c9
Sep 30, 20241$38.4M$24.9M73c3
Jun 30, 20241$38.0M$24.7M73c4
Mar 31, 20241$37.6M$24.7M74c4
Dec 31, 20231$45.9M$31.2M77c3
Sep 30, 20231$36.8M$27.4M79c2
Jun 30, 20231$8.5M$6.4M85c1
What changed
Every change including routine ones
Identity
Group key
P••••••• S•••••••derivedthe codename stem after legal suffixes and deal words
Spellings
1 across 1 BDCderived