DFX Intelligence
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Borrower
P••••••••• I••
Also written as: h; Inc Software/Services; Inc. 1 Emerald JV LP; Inc. 2 Emerald JV LP; Inc. Asset Type; Inc. Emerald JV LP; Services; Software
What matters now
- $648Mprincipal outstanding
$648M principal held by 15 lenders; matures Aug 2028.
Q2 2026 · Refinancing is due in 22 months at a 96¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
100¢ · 101¢ · 101¢ · 96¢ · 96¢Q2 2025 to Q2 2026
Where each lender marks it, 2 points apart
95¢97¢
Principal held
at least $648M
sum of BDC pieces, a lower bound
Fair value
$638M
96c on cost, debt pieces
Unfunded
$3.4M
commitments not yet drawn
BDC lenders
25
15 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
2
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 |
|---|---|---|---|
| A••• S•••••••• I••••• F••• | $128M | 97¢ | 0 pts |
| B••• O•• T••••••••• F•••••• C•••• | $127M | 95¢ | -1 pts |
| A••• C•••••• C••• | $105M | 97¢ | 0 pts |
| B••• O•• C••••• I••••• C•••• | $99.6M | 96¢ | 0 pts |
| B••••••••• P•••••• C••••• F••• | $73.7M | 95¢ | -1 pts |
View all 15 lendersShow fewerlargest exposure first
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| B••• O•• T••••••••• I••••• C•••• | $40.2M | 95¢ | -1 pts |
| G•••• C•••••• P•••••• C••••• F••• | $27.4M | 97¢ | 0 pts |
| H•• C•••••••• L•••••• F••• | $18.8M | 97¢ | -1 pts |
| N•••• H•••• P•••••• I••••• F••• L•• | $6.94M | 96¢ | -1 pts |
| F••••••• B•• C•••••• C••• | $6.58M | 97¢ | 0 pts |
| B•••••••• P•••••• C••••• F••• | $5.04M | 97¢ | 0 pts |
| P••••• S••••• C•••••• B•• I••• | $3.94M | 97¢ | 0 pts |
| B••• C•••••• P•••••• C••••• | $2.93M | 97¢ | 0 pts |
| A•••••• S•••••••• C••••• F••• | $2.03M | 97¢ | 0 pts |
| A•••••• P•••••• C••••• F••• | $985K | 97¢ | 0 pts |
Every BDC piece · 30 positions across 15 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 | $76.6M | $73.8M 96c | S+300 bp |
| B••• O•• T••••••••• F•••••• C•••• | term loan second lien S••••• lien senior secured loan 2 | N••••••••• I••••• | $66.0M | $62.4M 94c | S+575 bp |
| B••• O•• T••••••••• F•••••• C•••• | term loan second lien S••••• lien senior secured loan 1 | N••••••••• I••••• | $57.7M | $62.4M 96c | S+575 bp |
| A••• C•••••• C••• | term loan second lien S••••• lien senior secured loan | $52.1M | $50.5M 96c | S+575 bp |
| A••• C•••••• C••• | term loan second lien S••••• lien senior secured loan 1 | $52.1M | $50.5M 98c | S+575 bp |
View all 30 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | unstated lien unstated N••••••••• I••••• | $41.7M | $39.4M 95c | S+575 bp |
| B••• O•• C••••• I••••• C•••• | term loan second lien S••••• lien senior secured loan 1 | N••••••••• I••••• | $35.7M | $33.8M 95c | S+575 bp |
| B••• O•• C••••• I••••• C•••• | term loan first lien F•••• lien senior secured loan | N••••••••• I••••• | $32.5M | $31.4M 97c | S+300 bp |
| B••• O•• C••••• I••••• C•••• | term loan second lien S••••• lien senior secured loan 2 | N••••••••• I••••• | $31.3M | $33.8M 95c | S+575 bp |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien S••••• secured | $27.4M | $26.5M 97c | S+300 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated N••••••••• I••••• | $26.6M | $28.7M 93c | S+575 bp |
| A••• S•••••••• I••••• F••• | term loan second lien S••••• lien senior secured loan 2 | $25.9M | $25.1M 98c | S+575 bp |
| A••• S•••••••• I••••• F••• | term loan second lien S••••• lien senior secured loan 1 | $25.8M | $25.1M 96c | S+575 bp |
| B••• O•• T••••••••• I••••• C•••• | term loan second lien S••••• lien senior secured loan 1 | $19.1M | $18.0M 95c | S+575 bp |
| H•• C•••••••• L•••••• F••• | unstated lien unstated N••••••••• I••••• | $18.8M | $18.2M 97c | S+300 bp |
| B••• O•• T••••••••• I••••• C•••• | term loan second lien S••••• lien senior secured loan 2 | $16.7M | $18.0M 95c | S+575 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• & S••••• S + 3.00% I••••••• R••• 6.73% M••••••• | $6.9M | $6.7M 96c | SOFR+300 bp |
| F••••••• B•• C•••••• C••• | unstated lien unstated | $6.6M | $6.3M 97c | S+300 bp |
| B•••••••• P•••••• C••••• F••• | term loan first lien I••••••••• F•••• L••• T••• L••• Ref S•••(Q) S••••• 3.00% T•••• C••••• 6.73% M••••••• 8/21/ | $5.0M | $4.9M 97c | SOFR+300 bp |
| B••• O•• T••••••••• I••••• C•••• | term loan first lien F•••• lien senior secured loan | $4.4M | $4.3M 96c | S+300 bp |
| P••••• S••••• C•••••• B•• I••• | term loan first lien Investment F•••• L••• S••••• S•••••• L••• I••••••• R••• 6.73% (S + 3.00%) M••••••• D••• 8/ | $3.9M | $3.8M 97c | SOFR+300 bp |
| B••• O•• T••••••••• F•••••• C•••• | term loan first lien F•••• lien senior secured loan | N••••••••• I••••• | $3.1M | $3.0M 97c | S+300 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $2.9M | $2.8M 97c | S+300 bp |
| B••• C•••••• P•••••• C••••• | term loan first lien F•••• L••• S••••• S•••••• L••• S••• F•••• 0.50% S••••• 3.00% I••••••• R••• 6.73% M••••••• | $2.9M | $2.8M 97c | SOFR+300 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated N••••••••• I••••• | $2.5M | $2.5M 97c | S+300 bp |
| A•••••• S•••••••• C••••• F••• | term loan first lien Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 3.00% I••••••• R••• 6.75% M• | $2.0M | $2.0M 97c | SOFR+300 bp |
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan | $1.0M | $900,000 100c | S+300 bp |
| A•••••• P•••••• C••••• F••• | term loan first lien Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 3.00% I••••••• R••• 6.75% M• | $985,000 | $953,000 97c | SOFR+300 bp |
| 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 |
|---|---|---|---|---|---|
| second lien term loan second lien | at least $382M | 96c | S+575 bp | Dec 1, 2033 | 5 |
| first lien term loan first lien | at least $167M | 97c | SOFR+300 bp | Aug 31, 2028 | 12 |
| other lien unstated | at least $99.1M | 95c | S+300 bp | Dec 8, 2033 | 5 |
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 | 15 | $648M | $638M | 96c | 0 |
| Mar 31, 2026 | 15 | $657M | $648M | 96c | 0 |
| Dec 31, 2025 | 16 | $715M | $737M | 101c | 0 |
| Sep 30, 2025 | 17 | $369M | $370M | 101c | 0 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 17 | $354M | $354M | 100c | 0 |
| Mar 31, 2025 | 17 | $312M | $311M | 100c | 0 |
| Dec 31, 2024 | 14 | $373M | $374M | 100c | 0 |
| Sep 30, 2024 | 13 | $236M | $236M | 100c | 0 |
| Jun 30, 2024 | 13 | $219M | $219M | 100c | 0 |
| Mar 31, 2024 | 14 | $223M | $223M | 101c | 0 |
| Dec 31, 2023 | 13 | $483M | $487M | 102c | 0 |
| Sep 30, 2023 | 13 | $250M | $250M | 101c | 0 |
| Jun 30, 2023 | 13 | $247M | $241M | 98c | 0 |
| Mar 31, 2023 | 13 | $234M | $224M | 96c | 0 |
| Dec 31, 2022 | 13 | $351M | $339M | 97c | 0 |
| Sep 30, 2022 | 3 | $132M | $129M | 98c | 0 |
| Dec 31, 2021 | 5 | $165M | $166M | 101c | 0 |
What changed
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- New lender joined a facilityDec 31, 2025
Full timeline · 30 eventsShow fewer
- Lender left a facilityDec 31, 2025
- Spread increasedDec 31, 2025
- New lender joined a facilityDec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Lender left a facilitySep 30, 2025
- 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
- New lender joined a facilityMar 31, 2025
- Lender left a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
- Maturity shortened (observed)Dec 31, 2024
- Maturity extended (observed)Jun 30, 2024
- New lender joined a facilityJun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- New lender joined a facilityMar 31, 2024
- New lender joined a facilityMar 31, 2024
- New lender joined a facilityMar 31, 2024
- Lender left a facilityMar 31, 2024
- New lender joined a facilityMar 31, 2024
- Lender left a facilityMar 31, 2024
- New lender joined a facilityMar 31, 2024
- Maturity shortened (observed)Mar 31, 2024
Sponsor
Possible relationship, not established: S••••• C•••••• P••••••• M••••••••• L••, because a company of this name is on the sponsor's portfolio page (confidence 0.6). No deal announcement or filing names it as a party, so it is not shown as this borrower’s sponsor.
- S••••• C•••••• P••••••• M••••••••• L••
- the sponsor's own portfolio page lists a company of this nameestimatedsproutcapitalpartners.com"••• Locked"
Identity
- Group key
- PROOFPOINTderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 25 BDCsderived
- Industry
- Softwarereportedas one filer wrote it