DFX Intelligence
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Borrower
F••••••••• E•••••••• G••••• I••
group grade Aon a schedule nowsponsor unattributed
Also written as: First Lien; Inc. - Funded; Inc. Emerald JV LP; Second Lien; Verdelite JV LP
Principal held
at least $115M
sum of BDC pieces, a lower bound
Fair value
$112M
99c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
7
6 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Aug 1, 2028
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
12
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| second lien term loan second lien | at least $70.0M | 102c | S+650 bp | Aug 1, 2029 | 6 |
| first lien term loan first lien | at least $33.2M | 97c | S+425 bp | Aug 1, 2028 | 5 |
| other lien unstated | at least $12.2M | 92c | S+425 bp | Aug 31, 2028 | 1 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $2.4M | $2.2M 93c | S+425 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $3.8M | $3.5M 92c | S+425 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated N••••••••• I••••• | $5.9M | $5.4M 91c | S+425 bp |
| N•• M••••••• F•••••• C••• | term loan second lien S••••• lien 2 | $11.0M | $11.0M 102c | S+650 bp |
| N•• M••••••• F•••••• C••• | term loan first lien F•••• lien | $6.3M | $5.9M 99c | S+425 bp |
| N•• M••••••• F•••••• C••• | term loan second lien S••••• lien 1 | $22.5M | $22.5M 100c | S+650 bp |
| N•• M••••••• G••••••• I• B••• L••••• | term loan first lien F•••• L••• | $4.5M | $4.2M 99c | S+425 bp |
| N•• M••••••• G••••••• I• B••• L••••• | term loan second lien S••••• L••• | $9.8M | $9.8M 108c | S+650 bp |
| N•• M••••••• G••••••• I• I••••• F•••• L••••• | term loan second lien S••••• L••• | N••••••••• I••••• | $594,000 | $594,000 105c | S+650 bp |
| N•• M••••••• G••••••• I• I••••• F•••• L••••• | term loan first lien F•••• L••• | N••••••••• I••••• | $7.1M | $6.6M 96c | S+425 bp |
| N•• M••••••• P•••••• C••••• F••• | term loan first lien F•••• L••• 1 | N••••••••• I••••• | $3.3M | $3.0M 99c | S+425 bp |
| N•• M••••••• P•••••• C••••• F••• | term loan second lien S••••• L••• | N••••••••• I••••• | $19.7M | $19.7M 100c | S+650 bp |
| N•• S•• I• I••• | term loan second lien S••••• L••• | N••••••••• I••••• | $6.5M | $6.5M 100c | S+650 bp |
| N•• S•• I• I••• | term loan first lien F•••• L••• | N••••••••• I••••• | $11.9M | $11.1M 95c | S+425 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 | $115M | $112M | 99c | 0 |
| Mar 31, 2026 | 6 | $116M | $112M | 99c | 0 |
| Dec 31, 2025 | 6 | $149M | $145M | 99c | 0 |
| Sep 30, 2025 | 6 | $119M | $113M | 98c | 0 |
| Jun 30, 2025 | 6 | $117M | $113M | 99c | 0 |
| Mar 31, 2025 | 6 | $99.4M | $97.4M | 100c | 0 |
| Dec 31, 2024 | 6 | $185M | $184M | 101c | 0 |
| Sep 30, 2024 | 6 | $92.5M | $91.5M | 100c | 0 |
| Jun 30, 2024 | 6 | $90.1M | $89.5M | 101c | 0 |
| Mar 31, 2024 | 5 | $85.2M | $85.0M | 101c | 0 |
| Dec 31, 2023 | 6 | $161M | $159M | 100c | 0 |
| Sep 30, 2023 | 5 | $85.3M | $82.5M | 98c | 0 |
| Jun 30, 2023 | 5 | $85.3M | $77.7M | 93c | 0 |
| Mar 31, 2023 | 5 | $81.4M | $76.2M | 95c | 0 |
| Dec 31, 2022 | 5 | $93.8M | $86.7M | 94c | 0 |
| Sep 30, 2022 | 2 | $38.6M | $36.8M | 96c | 0 |
| Dec 31, 2021 | 2 | $36.7M | $36.7M | 101c | 0 |
What changed
- Spread changed (observed)Jun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread changed (observed)Dec 31, 2025
- Spread changed (observed)Sep 30, 2025
- Spread increasedSep 30, 2025
- Spread increasedSep 30, 2025
- Spread increasedSep 30, 2025
- Spread increasedSep 30, 2025
- Spread increasedSep 30, 2025
- New lender joined a facilityMar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Maturity extended (observed)Dec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityJun 30, 2024
- Spread changed (observed)Mar 31, 2024
- Spread changed (observed)Dec 31, 2023
- Maturity extended (observed)Dec 31, 2023
- New lender joined a facilityDec 31, 2023
- Mark recoveredSep 30, 2023
- Mark recoveredSep 30, 2023
- Spread increasedSep 30, 2023
- Spread changed (observed)Jun 30, 2023
- Marked down across lendersJun 30, 2023
- Marked down (one lender)Jun 30, 2023
- Spread increasedJun 30, 2023
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- FOUNDATIONAL EDUCATIONderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 7 BDCsderived