DFX Intelligence
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Borrower
B••••••• I•••••••••
Machinerygroup grade Aon a schedule nowsponsor unattributed
Also written as: Emerald JV LP; Inc. First and; Verdelite JV LP
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
100¢ · 100¢ · 101¢ · 101¢ · 101¢Q1 2025 to Q1 2026
Principal held
at least $14.5M
sum of BDC pieces, a lower bound
Fair value
$14.5M
101c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
4
3 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Dec 14, 2028
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Mar 31, 2026
Events
6
dated, non-routine
Lender marks
each lender's own fair value over cost at Mar 31, 2026, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | $11.6M | 101¢ | 0 pts |
| A•••• C••••• B•• I••• | $2.91M | 101¢ | +1 pts |
| A•••• P•••••• C••••• F•••• L•• | no principal filed | 0¢ as filed, not counted | no comparable mark |
Every BDC piece · 5 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | unstated lien unstated N••••••••• I••••• | $6.8M | $6.9M 101c | S+400 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $4.3M | $4.3M 100c | S+400 bp |
| A•••• C••••• B•• I••• | term loan first lien Investment T••• S••••• S•••••• I•••••• T••• L••• (F•••• L•••) I•••• S+ S••••• 4.00% I••••• | $2.9M | $2.9M 101c | SOFR+400 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $378,000 | $379,000 100c | S+400 bp |
| A•••• P•••••• C••••• F•••• L•• | term loan first lien Investment T••• S••••• S•••••• I•••••• T••• L••• (F•••• L•••) I•••• S+ S••••• 4.00% I••••• | $0 | $0 0c | SOFR+400 bp |
Capital structure as the BDCs see it
latest quarter end Mar 31, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| other lien unstated exited Mar 31, 2026 | at least $11.6M | 101c | S+400 bp | Dec 14, 2028 | 1 |
| first lien term loan first lien exited Mar 31, 2026 | at least $2.9M | 101c | SOFR+400 bp | Dec 14, 2028 | 2 |
| second lien term loan second lien exited Sep 30, 2025 | at least $2.5M | 100c | SOFR+725 bp | Dec 14, 2029 | 1 |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2026 | 3 | $14.5M | $14.5M | 101c | 0 |
| Dec 31, 2025 | 3 | $25.8M | $26.0M | 101c | 0 |
| Sep 30, 2025 | 2 | $16.0M | $16.0M | 101c | 0 |
| Jun 30, 2025 | 1 | $6.9M | $6.9M | 100c | 0 |
All 16 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2025 | 3 | $9.8M | $9.8M | 100c | 0 |
| Dec 31, 2024 | 3 | $20.3M | $20.2M | 100c | 0 |
| Sep 30, 2024 | 3 | $12.4M | $12.3M | 100c | 0 |
| Jun 30, 2024 | 3 | $12.4M | $12.4M | 100c | 0 |
| Mar 31, 2024 | 2 | $11.4M | $11.4M | 100c | 0 |
| Dec 31, 2023 | 2 | $15.9M | $15.8M | 100c | 0 |
| Sep 30, 2023 | 2 | $11.5M | $11.3M | 99c | 0 |
| Jun 30, 2023 | 2 | $15.6M | $15.3M | 99c | 0 |
| Mar 31, 2023 | 1 | $11.2M | $10.8M | 97c | 0 |
| Dec 31, 2022 | 2 | $15.7M | $15.0M | 96c | 0 |
| Sep 30, 2022 | 1 | $11.3M | $10.7M | 96c | 0 |
| Dec 31, 2021 | 1 | $11.3M | $11.3M | 101c | 0 |
What changed
- Facility left every BDC scheduleMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Facility left every BDC scheduleMar 31, 2026
- New lender joined a facilityDec 31, 2025
- Spread changed (observed)Sep 30, 2025
Full timeline · 11 eventsShow fewer
- Maturity extended (observed)Sep 30, 2025
- Facility left every BDC scheduleSep 30, 2025
- Spread changed (observed)Dec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityJun 30, 2024
- Marked down (one lender)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
- B••••••• I•••••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 4 BDCsderived
- Industry
- Machineryreportedas one filer wrote it