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Borrower

C••••••••• L••

Softwaregroup grade Aon a schedule nowsponsor unattributed
Also written as: Connect Wise, LLC; Emerald JV LP; LL; LLC Asset Type; Services; Software; Software/Services; Verdelite JV LP
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Special situations PE firms

What matters now

  1. 101¢ → 92¢
    consensus mark

    Consensus mark 92¢ on cost, down from 101¢ a year ago, 92¢ last quarter.

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

    Derived12 of 12 lenders' own marks, weighted by principal
  2. $203M
    principal outstanding

    $203M principal held by 12 lenders; matures Sep 2028.

    Q2 2026 · Refinancing is due in 23 months at a 92¢ 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: 101¢Q3 2025: 100¢Q4 2025: 98¢Q1 2026: 92¢Q2 2026: 92¢101¢ · 100¢ · 98¢ · 92¢ · 92¢Q2 2025 to Q2 2026
Where each lender marks it on the first lien term loan, 2 points apart
91¢Consensus: 92¢A••• S•••••••• I••••• F•••: 92¢B••• O•• C••••• I••••• C••••: 92¢G•••• C•••••• P•••••• C••••• F•••: 92¢B••• O•• T••••••••• F•••••• C••••: 93¢G•••••• S•••• P•••••• C••••• C••••: 91¢A•••••• S•••••••• C••••• F•••: 92¢B••• O•• T••••••••• I••••• C••••: 92¢P••••• S••••• C•••••• B•• I•••: 92¢A••• C••• I••••••••• F•••: 92¢A•••••• P•••••• C••••• F•••: 92¢93¢
Principal held
at least $203M
sum of BDC pieces, a lower bound
Fair value
$186M
92c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
19
12 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Sep 1, 2028
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
2
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
A••• S•••••••• I••••• F•••$70.1M92¢0 pts
B••• O•• C••••• I••••• C••••$56.3M92¢0 pts
G•••• C•••••• P•••••• C••••• F•••$28.3M92¢-1 pts
B••• O•• T••••••••• F•••••• C••••$9.03M93¢-1 pts
G•••••• S•••• P•••••• C••••• C••••$8.25M91¢-1 pts
View all 12 lenderslargest exposure first
LenderExposureCurrent markQoQ change
A•••••• S•••••••• C••••• F•••$6.62M92¢-1 pts
B••• O•• T••••••••• I••••• C••••$5.72M92¢-1 pts
P••••• S••••• C•••••• B•• I•••$5.68M92¢-1 pts
F••••••• B•• C•••••• C•••$5.6M92¢0 pts
A••• C••• I••••••••• F•••$4.95M92¢0 pts
A•••••• P•••••• C••••• F•••$2.23M92¢0 pts
S••••• C•••• C•••••• C•••$38K92¢-3 pts
Every BDC piece · 12 positions across 12 lenderslargest principal first, with instrument and rate
BDCInstrumentPrincipalFair valueRate
A••• S•••••••• I••••• F•••term loan first lien
F•••• lien senior secured loan
$70.1M$64.2M
92c
S+350 bp
B••• O•• C••••• I••••• C••••term loan first lien
F•••• lien senior secured loan | N••••••••• I•••••
$56.3M$51.6M
92c
S+350 bp
G•••• C•••••• P•••••• C••••• F•••term loan first lien
S••••• secured
$28.3M$26.2M
92c
S+350 bp
B••• O•• T••••••••• F•••••• C••••term loan first lien
F•••• lien senior secured loan | N••••••••• I•••••
$9.0M$8.3M
93c
S+350 bp
G•••••• S•••• P•••••• C••••• C••••term loan first lien
1st L•••/S••••• S•••••• D••• I••••••• S••••••• I••••••• R••• 7.49% R•••••••• R••• and S•••
$8.3M$7.6M
91c
SOFR+350 bp
View all 12 positionslargest principal first
BDCInstrumentPrincipalFair valueRate
A•••••• S•••••••• C••••• F•••term loan first lien
Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 3.50% I••••••• R••• 7.51% M•
$6.6M$6.1M
92c
SOFR+350 bp
B••• O•• T••••••••• I••••• C••••term loan first lien
F•••• lien senior secured loan
$5.7M$5.2M
92c
S+350 bp
P••••• S••••• C•••••• B•• I•••term loan first lien
Investment F•••• L••• S••••• S•••••• L••• I••••••• R••• 7.49% (S +CSA + 3.50%) M••••••• D•
$5.7M$5.2M
92c
SOFR+350 bp
F••••••• B•• C•••••• C•••unstated lien unstated$5.6M$5.1M
92c
S+350 bp
A••• C••• I••••••••• F•••term loan first lien
F•••• lien snior secured loans
$4.9M$4.5M
92c
S+376 bp
A•••••• P•••••• C••••• F•••term loan first lien
Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 3.50% I••••••• R••• 7.51% M•
$2.2M$2.1M
92c
SOFR+350 bp
S••••• C•••• C•••••• C•••term loan first lien
F•••• L••• - T••• L•••
$38,000$35,000
92c
S+376 bp
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
FacilityHeldOn costPricingMaturityBDCs
first lien term loan first lienat least $197M92cSOFR+350 bpOct 1, 202811
other lien unstatedat least $5.6M92cS+350 bpSep 29, 20281
Through time
the borrower's pieces summed across BDCs, every quarter end
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 202612$203M$186M92c0
Mar 31, 202612$206M$190M92c0
Dec 31, 202513$224M$220M98c0
Sep 30, 202513$279M$279M100c0
All 17 quarters
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 202513$241M$242M101c0
Mar 31, 202510$207M$207M100c0
Dec 31, 202411$272M$274M101c0
Sep 30, 202410$152M$152M100c0
Jun 30, 20246$89.4M$88.8M100c0
Mar 31, 20246$83.5M$83.5M100c0
Dec 31, 20237$98.3M$98.2M100c0
Sep 30, 20236$80.4M$79.1M99c0
Jun 30, 20235$76.5M$74.3M98c0
Mar 31, 20234$68.5M$66.1M97c0
Dec 31, 20224$80.1M$76.0M95c0
Sep 30, 20221$32.3M$30.2M94c0
Dec 31, 20211$4.0M$4.0M100c0
What changed
Full timeline · 24 events
Every change including routine ones
Identity
Group key
CONNECTWISEderivedthe codename stem after legal suffixes and deal words
Spellings
2 across 19 BDCsderived
Industry
Softwarereportedas one filer wrote it