DFX Intelligence
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Borrower
G• C••••••• P•••••• L••
Professional Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: Emerald JV LP; LLC 1; LLC 1 Emerald JV LP; LLC 2; LLC 2 Emerald JV LP; Verdelite JV LP
What matters now
- 100¢ → 85¢consensus mark
Consensus mark 85¢ on cost, down from 100¢ a year ago, 80¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived2 of 2 lenders' own marks, weighted by principal - 14 pts83¢ to 97¢
Lenders disagree by 14 points: B•••••••• P•••••• C••••• F••• 83¢ to B•••••• P•••••• C••••• C••• 97¢.
Q2 2026 · Holders value the same loan differently, so a position could trade between them.
Derivedeach lender's own fair value over costFor secondary buyers, special situations fundsLender marks → - $22.4Mprincipal outstanding
$22.4M principal held by 2 lenders; matures May 2028.
Q2 2026 · Refinancing is due in 20 months at a 85¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
100¢ · 86¢ · 92¢ · 80¢ · 85¢Q2 2025 to Q2 2026
Where each lender marks it, 14 points apart
83¢97¢
Principal held
at least $22.4M
sum of BDC pieces, a lower bound
Fair value
$18.6M
84c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
7
2 on the latest quarter
Facilities
4
0 equity pieces beside them
Next maturity
May 12, 2028
$20.4M inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
9
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••• | $20.4M | 83¢ | +4 pts |
| B•••••• P•••••• C••••• C••• | $1.96M | 97¢ | +4 pts |
Every BDC piece · 2 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B•••••••• P•••••• C••••• F••• | term loan first lien I••••••••• F•••• L••• T••• L••• Ref S•••(M) F•••• 0.50% S••••• 3.75% T•••• C••••• 7.39% M• | $20.4M | $17.0M 83c | SOFR+375 bp |
| B•••••• P•••••• C••••• C••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• | $2.0M | $1.6M 97c | S+375 bp |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien | at least $22.4M | 84c | SOFR+375 bp | May 12, 2028 | 2 |
| second lien term loan second lien exited Sep 30, 2024 | at least $18.0M | 101c | S+761 bp | May 14, 2029 | 3 |
| revolver lien unstated exited Jun 30, 2024 | at least $17.0M | 105c | S+450 bp | May 12, 2028 | 2 |
| other lien unstated exited Dec 31, 2023 | at least $442,000 | 98c | S+375 bp | May 14, 2026 | 2 |
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 | 2 | $22.4M | $18.6M | 84c | 0 |
| Mar 31, 2026 | 2 | $22.5M | $17.7M | 80c | 0 |
| Dec 31, 2025 | 2 | $25.0M | $22.9M | 95c | 0 |
| Sep 30, 2025 | 1 | $20.6M | $17.6M | 86c | 0 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 1 | $20.7M | $20.4M | 100c | 0 |
| Mar 31, 2025 | 1 | $20.7M | $20.6M | 100c | 0 |
| Dec 31, 2024 | 1 | $20.0M | $20.1M | 101c | 0 |
| Sep 30, 2024 | 3 | $28.9M | $28.9M | 101c | 0 |
| Jun 30, 2024 | 4 | $45.9M | $46.0M | 103c | 0 |
| Mar 31, 2024 | 5 | $90.0M | $89.9M | 102c | 0 |
| Dec 31, 2023 | 6 | $114M | $115M | 102c | 0 |
| Sep 30, 2023 | 6 | $90.5M | $89.0M | 99c | 0 |
| Jun 30, 2023 | 4 | $67.4M | $65.3M | 103c | 0 |
| Mar 31, 2023 | 4 | $58.2M | $54.0M | 99c | 0 |
| Dec 31, 2022 | 4 | $80.5M | $76.1M | 96c | 0 |
| Sep 30, 2022 | 1 | $47.6M | $43.6M | 93c | 0 |
| Dec 31, 2021 | 1 | $19.2M | $19.0M | 103c | 0 |
What changed
- Maturity approachingMay 12, 2028
- Marked down across lendersMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Mark recoveredDec 31, 2025
Full timeline · 20 eventsShow fewer
- New lender joined a facilityDec 31, 2025
- Marked down across lendersSep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Maturity shortened (observed)Mar 31, 2025
- Spread changed (observed)Dec 31, 2024
- Facility left every BDC scheduleSep 30, 2024
- Lender left a facilitySep 30, 2024
- Lender left a facilitySep 30, 2024
- Facility left every BDC scheduleJun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Facility left every BDC scheduleDec 31, 2023
- New lender joined a facilityDec 31, 2023
- Spread increasedSep 30, 2023
- 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
- GI CONSILIOderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 7 BDCsderived
- Industry
- Professional Servicesreportedas one filer wrote it