DFX Intelligence
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Borrower
V•••••• C•••••••••
IT Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: Emerald JV LP; Verdelite JV LP; V•••••• Corp. 1; V•••••• Corp. 2
What matters now
- 100¢ → 87¢consensus mark
Consensus mark 87¢ on cost, down from 100¢ a year ago, 90¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived4 of 4 lenders' own marks, weighted by principal - $80.6Mprincipal outstanding
$80.6M principal held by 4 lenders; matures Feb 2029.
Q2 2026 · Refinancing is due in 28 months at a 87¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
100¢ · 99¢ · 100¢ · 90¢ · 87¢Q2 2025 to Q2 2026
Where each lender marks it, 1 points apart
86¢87¢
Principal held
at least $80.6M
sum of BDC pieces, a lower bound
Fair value
$70.2M
87c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
11
4 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Feb 1, 2029
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 |
|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | $49.9M | 87¢ | -3 pts |
| B••• O•• C••••• I••••• C•••• | $16.3M | 86¢ | -4 pts |
| G•••••• S•••• P•••••• C••••• C•••• | $9.39M | 86¢ | -4 pts |
| N•••• H•••• P•••••• I••••• F••• L•• | $4.92M | 86¢ | -3 pts |
Every BDC piece · 6 positions across 4 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $30.3M | $26.6M 87c | S+325 bp |
| B••• O•• C••••• I••••• C•••• | term loan first lien F•••• lien senior secured loan | N••••••••• I••••• | $16.3M | $14.1M 86c | S+325 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated N••••••••• I••••• | $14.6M | $12.8M 88c | S+325 bp |
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• T••••••••• H••••••• & E•••••••• I••••••• R••• 6.89% | $9.4M | $8.1M 86c | SOFR+325 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• & S••••• S +3.25% I••••••• R••• 6.89% M••••••• D | $4.9M | $4.3M 86c | SOFR+325 bp |
View all 6 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $4.9M | $4.3M 88c | S+325 bp |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| other lien unstated | at least $49.9M | 87c | S+325 bp | Feb 15, 2029 | 2 |
| first lien term loan first lien | at least $30.6M | 86c | SOFR+325 bp | Feb 15, 2029 | 5 |
| unsecured or subordinated subordinated debt unsecured or subordinated exited Sep 30, 2024 | at least $35.8M | 113c | S+713 bp | Dec 1, 2028 | 6 |
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 | 4 | $80.6M | $70.2M | 87c | 0 |
| Mar 31, 2026 | 4 | $80.8M | $72.9M | 90c | 0 |
| Dec 31, 2025 | 4 | $93.2M | $93.4M | 100c | 0 |
| Sep 30, 2025 | 5 | $103M | $102M | 99c | 0 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 5 | $98.6M | $98.6M | 100c | 0 |
| Mar 31, 2025 | 5 | $98.8M | $98.7M | 100c | 0 |
| Dec 31, 2024 | 4 | $129M | $130M | 100c | 0 |
| Sep 30, 2024 | 9 | $87.3M | $85.5M | 105c | 0 |
| Jun 30, 2024 | 9 | $85.4M | $82.7M | 104c | 0 |
| Mar 31, 2024 | 8 | $70.7M | $67.2M | 105c | 0 |
| Dec 31, 2023 | 9 | $71.9M | $67.3M | 103c | 0 |
| Sep 30, 2023 | 8 | $63.6M | $58.1M | 100c | 0 |
| Jun 30, 2023 | 7 | $52.1M | $47.8M | 101c | 0 |
| Mar 31, 2023 | 6 | $38.2M | $34.3M | 147c | 0 |
| Dec 31, 2022 | 6 | $47.2M | $41.8M | 98c | 0 |
| Sep 30, 2022 | 1 | $42.0M | $39.5M | 94c | 0 |
| Dec 31, 2021 | 1 | $38.7M | $38.9M | 100c | 0 |
What changed
- Marked down across lendersMar 31, 2026
- 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
Full timeline · 20 eventsShow fewer
- Lender left a facilitySep 30, 2025
- New lender joined a facilityMar 31, 2025
- Facility left every BDC scheduleSep 30, 2024
- Lender left a facilitySep 30, 2024
- Lender left a facilitySep 30, 2024
- Lender left a facilitySep 30, 2024
- Lender left a facilitySep 30, 2024
- New lender joined a facilityJun 30, 2024
- Lender left a facilityDec 31, 2023
- Lender left a facilityDec 31, 2023
- New lender joined a facilityDec 31, 2023
- New lender joined a facilitySep 30, 2023
- Lender left a facilityDec 31, 2022
- Marked down (one lender)Sep 30, 2022
- Maturity extended (observed)Sep 30, 2022
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- VIRTUSAderivedthe codename stem after legal suffixes and deal words
- Spellings
- 3 across 11 BDCsderived
- Industry
- IT Servicesreportedas one filer wrote it