DFX Intelligence
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Borrower
N•••••• H•••••••• L••
Aerospace & Defensegroup grade Aoff every schedule since Dec 31, 2025sponsor unattributed
Also written as: Emerald JV LP; N••••••; N•••••• Group
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
101¢ · 100¢ · 100¢ · 100¢ · 100¢Q4 2024 to Q4 2025
Where each lender marks it on the first lien term loan, 0 points apart
100¢100¢
Principal held
at least $25.1M
sum of BDC pieces, a lower bound
Fair value
$25.1M
100c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
4
4 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Jun 1, 2031
no dated debt inside 24 months
On the tape since
Dec 31, 2022
latest Dec 31, 2025
Events
4
dated, non-routine
Lender marks
each lender's own fair value over cost at Dec 31, 2025, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| B••• O•• C••••• I••••• C•••• | $19M | 100¢ | 0 pts |
| B••• C•••••• P•••••• C••••• | $2.97M | 100¢ | 0 pts |
| A•••• C••••• B•• I••• | $1.98M | 100¢ | new this quarter |
| B••••••••• P•••••• C••••• F••• | $1.12M | 100¢ | 0 pts |
Every BDC piece · 5 positions across 4 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••• O•• C••••• I••••• C•••• | term loan first lien F•••• lien senior secured loan | N••••••••• I••••• | $19.0M | $19.0M 100c | S+325 bp |
| B••• C•••••• P•••••• C••••• | term loan first lien F•••• L••• S••••• S•••••• L••• S••• S••••• 3.25% I••••••• R••• 6.97% M••••••• D••• 6/6/203 | $3.0M | $3.0M 100c | SOFR+325 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $1.1M | $1.1M 100c | S+325 bp |
| A•••• C••••• B•• I••• | term loan first lien Investment T••• S••••• S•••••• I•••••• T••• L••• I•••• S+ S••••• 3.25% I••••••• R••• 6.90% | $987,550 | $985,081 100c | SOFR+325 bp |
| A•••• C••••• B•• I••• | term loan first lien Investment T••• 1st L••• T••• L••• I•••• S+ S••••• 3.25% I••••••• R••• 6.90% A••••••••• D• | $987,550 | $985,081 100c | SOFR+325 bp |
Capital structure as the BDCs see it
latest quarter end Dec 31, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Dec 31, 2025 | at least $24.0M | 100c | SOFR+325 bp | Jun 6, 2031 | 3 |
| other lien unstated exited Dec 31, 2025 | at least $1.1M | 100c | S+325 bp | Jun 6, 2031 | 1 |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2025 | 4 | $25.1M | $25.1M | 100c | 0 |
| Sep 30, 2025 | 3 | $23.2M | $23.2M | 100c | 0 |
| Jun 30, 2025 | 3 | $23.2M | $23.2M | 100c | 0 |
| Mar 31, 2025 | 4 | $22.0M | $21.9M | 100c | 0 |
All 12 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2024 | 2 | $34.9M | $35.1M | 101c | 0 |
| Sep 30, 2024 | 2 | $16.0M | $16.0M | 100c | 0 |
| Jun 30, 2024 | 2 | $16.0M | $15.9M | 100c | 0 |
| Mar 31, 2024 | 1 | $1.5M | $1.5M | 99c | 0 |
| Dec 31, 2023 | 1 | $962,500 | $950,468 | 99c | 0 |
| Sep 30, 2023 | 1 | $481,818 | $474,591 | 99c | 0 |
| Jun 30, 2023 | 1 | $481,818 | $477,000 | 100c | 0 |
| Dec 31, 2022 | 1 | $481,818 | $477,000 | 100c | 0 |
What changed
- Facility left every BDC scheduleDec 31, 2025
- Facility left every BDC scheduleDec 31, 2025
- New lender joined a facilityMar 31, 2025
- New lender joined a facilityJun 30, 2024
- Maturity extended (observed)Jun 30, 2024
Full timeline · 7 eventsShow fewer
- Spread changed (observed)Jun 30, 2024
- Maturity extended (observed)Jun 30, 2024
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- NOVARIAderivedthe codename stem after legal suffixes and deal words
- Spellings
- 3 across 4 BDCsderived
- Industry
- Aerospace & Defensereportedas one filer wrote it