DFX Intelligence
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Borrower
T••••• W•••• H•••••••• I••
group grade Aon a schedule nowsponsor unattributed
Also written as: Emerald JV LP; Inc First and; Inc. Asset Type; T••••• W•••• Holding, Inc; Verdelite JV LP
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
100¢ · 100¢ · 100¢ · 101¢ · 101¢Q2 2025 to Q2 2026
Principal held
at least $1.2M
sum of BDC pieces, a lower bound
Fair value
$1.3M
101c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
13
1 on the latest quarter
Facilities
4
0 equity pieces beside them
Next maturity
Mar 31, 2031
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
7
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••• | $1.24M | 101¢ | 0 pts |
Every BDC piece · 1 position across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $1.2M | $1.3M 101c | S+275 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 $1.2M | 101c | S+275 bp | Mar 31, 2031 | 5 |
| second lien term loan second lien exited Jun 30, 2023 | at least $2.0M | 104c | S+325 bp | Mar 31, 2028 | 1 |
| first lien term loan first lien exited Dec 31, 2025 | at least $622,540 | 100c | SOFR+225 bp | Mar 31, 2028 | 6 |
| unsecured or subordinated term loan unsecured or subordinated exited Dec 31, 2024 | at least $100,000 | 100c | 6.25% | Apr 1, 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 |
|---|---|---|---|---|---|
| Jun 30, 2026 | 1 | $1.2M | $1.3M | 101c | 0 |
| Mar 31, 2026 | 1 | $1.2M | $1.3M | 101c | 0 |
| Dec 31, 2025 | 3 | $77.0M | $77.3M | 100c | 0 |
| Sep 30, 2025 | 4 | $76.6M | $76.7M | 100c | 0 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 5 | $78.0M | $78.4M | 100c | 0 |
| Mar 31, 2025 | 5 | $78.2M | $78.0M | 100c | 0 |
| Dec 31, 2024 | 8 | $166M | $168M | 102c | 0 |
| Sep 30, 2024 | 9 | $91.0M | $90.9M | 101c | 0 |
| Jun 30, 2024 | 8 | $86.2M | $86.3M | 101c | 0 |
| Mar 31, 2024 | 6 | $70.9M | $70.3M | 100c | 0 |
| Dec 31, 2023 | 6 | $72.3M | $71.7M | 101c | 0 |
| Sep 30, 2023 | 5 | $66.3M | $64.7M | 99c | 0 |
| Jun 30, 2023 | 5 | $23.7M | $22.8M | 98c | 0 |
| Mar 31, 2023 | 4 | $58.5M | $52.7M | 91c | 0 |
| Dec 31, 2022 | 4 | $142M | $132M | 95c | 0 |
| Sep 30, 2022 | 2 | $62.2M | $56.1M | 92c | 0 |
| Dec 31, 2021 | 3 | $61.8M | $61.2M | 99c | 0 |
What changed
- Spread increasedMar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Lender left a facilityDec 31, 2025
- Facility left every BDC scheduleDec 31, 2025
- Spread changed (observed)Mar 31, 2025
Full timeline · 21 eventsShow fewer
- New lender joined a facilityDec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- New lender joined a facilitySep 30, 2024
- Lender left a facilitySep 30, 2024
- Lender left a facilitySep 30, 2024
- New lender joined a facilityJun 30, 2024
- New lender joined a facilityJun 30, 2024
- Spread increasedMar 31, 2024
- Spread increasedMar 31, 2024
- New lender joined a facilityDec 31, 2023
- Mark recoveredSep 30, 2023
- Facility left every BDC scheduleJun 30, 2023
- Marked down across lendersSep 30, 2022
- Marked down (one lender)Sep 30, 2022
- Marked down (one lender)Sep 30, 2022
- New borrower on a BDC scheduleDec 31, 2021
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- TRITON WATERderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 13 BDCsderived