DFX Intelligence
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Borrower
S••••••••• A••••••• L••
Professional Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: Emerald JV LP
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
100¢ · 100¢ · 100¢ · 99¢ · 99¢Q2 2025 to Q2 2026
Where each lender marks it, 1 points apart
98¢99¢
Principal held
at least $40.1M
sum of BDC pieces, a lower bound
Fair value
$37.4M
98c on cost, debt pieces
Unfunded
$4.3M
commitments not yet drawn
BDC lenders
9
5 on the latest quarter
Facilities
6
0 equity pieces beside them
Next maturity
Feb 24, 2032
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
6
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 |
|---|---|---|---|
| C•••••• S•••••• L••••••• I••• | $17.6M | 98¢ | 0 pts |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | $7.68M | 99¢ | -1 pts |
| B•••••••• P•••••• C••••• F••• | $7.26M | 99¢ | 0 pts |
| W••••• T••• C•••••• C••• | $5.82M | 99¢ | 0 pts |
| B••••••••• P•••••• C••••• F••• | $1.7M | 98¢ | -1 pts |
Every BDC piece · 13 positions across 5 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| C•••••• S•••••• L••••••• I••• | term loan first lien Credit Fund | F•••• L••• D••• | $17.6M | $17.2M 98c | S+400 bp |
| B•••••••• P•••••• C••••• F••• | term loan first lien I••••••••• F•••• L••• T••• L••• Ref S•••(Q) S••••• 4.00% T•••• C••••• 7.73% M••••••• 2/24/ | $7.3M | $7.1M 99c | SOFR+400 bp |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | term loan first lien F•••• L••• D••• | $6.8M | $6.7M 99c | S+400 bp |
| W••••• T••• C•••••• C••• | term loan lien unstated T••• L••• | N••••••••• I••••• | $4.7M | $4.7M 99c | S+400 bp |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated | $1.7M | $1.7M 98c | S+400 bp |
View all 13 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| W••••• T••• C•••••• C••• | delayed draw term loan lien unstated D•••••• D••• T••• L••• | N••••••••• I••••• | $1.1M | $-15,000 | S+400 bp |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | delayed draw term loan first lien F•••• L••• D••• (D•••••• D•••) | $835,000 | $-14,000 | S+400 bp |
| B•••••••• P•••••• C••••• F••• | delayed draw term loan first lien I••••••••• F•••• L••• D•••••• D••• T••• L••• Ref S•••(Q) S••••• 4.00% T•••• C••••• 7.73% M | $0 | $-14,943 | SOFR+400 bp |
| C•••••• S•••••• L••••••• I••• | term loan first lien Investment | N••••••••• I••••• | F•••• L••• D••• | $0 | $-47,000 522c | S+400 bp |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated D•••••• D••• T••• L••• | Not disclosed | Not disclosed | S+400 bp |
| C•••••• S•••••• L••••••• I••• | delayed draw term loan second lien Investments | N••••••••• | F•••• and S••••• L••• D••• | D•••••• D••• | Not disclosed | Not disclosed | |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | delayed draw term loan first lien D•••••• D••• L••• | Not disclosed | Not disclosed | |
| W••••• T••• C•••••• C••• | delayed draw term loan lien unstated D•••••• D••• T••• L••• | Not disclosed | Not disclosed | S+400 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 $31.7M | 98c | SOFR+400 bp | Mar 1, 2032 | 4 |
| term loan lien unstated | at least $4.7M | 99c | S+400 bp | Feb 28, 2032 | 1 |
| delayed draw term loan lien unstated | at least $2.8M | 98c | S+400 bp | Feb 28, 2032 | 3 |
| first lien delayed draw term loan first lien | at least $835,000 | n/a | SOFR+400 bp | Feb 28, 2032 | 3 |
| second lien delayed draw term loan second lien | unknown | n/a | unstated | 1 |
All 6 facilitiesShow fewerheld first, largest first
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| other lien unstated exited Jun 30, 2025 | at least $22.6M | 100c | S+400 bp | Mar 1, 2032 | 3 |
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 | 5 | $40.1M | $37.4M | 98c | 0 |
| Mar 31, 2026 | 5 | $40.2M | $37.6M | 99c | 0 |
| Dec 31, 2025 | 5 | $41.0M | $39.1M | 100c | 0 |
| Sep 30, 2025 | 5 | $41.1M | $39.2M | 100c | 0 |
All 9 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 5 | $40.2M | $39.2M | 100c | 0 |
| Mar 31, 2025 | 6 | $48.4M | $46.5M | 100c | 0 |
| Dec 31, 2024 | 3 | $1.5M | $1.5M | 100c | 0 |
| Jun 30, 2023 | 1 | $2.0M | $1.9M | n/a | 0 |
| Dec 31, 2022 | 1 | $2.0M | $1.9M | n/a | 0 |
What changed
- New lender joined a facilityDec 31, 2025
- New lender joined a facilitySep 30, 2025
- Facility left every BDC scheduleJun 30, 2025
- New lender joined a facilityJun 30, 2025
- Lender left a facilityJun 30, 2025
Full timeline · 20 eventsShow fewer
- Lender left a facilityJun 30, 2025
- Maturity extended (observed)Mar 31, 2025
- Spread changed (observed)Mar 31, 2025
- New lender joined a facilityMar 31, 2025
- Spread changed (observed)Mar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- Lender left a facilityMar 31, 2025
- New lender joined a facilityMar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Lender left a facilityJun 30, 2023
- Lender left a facilityDec 31, 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
- S••••••••• A•••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 9 BDCsderived
- Industry
- Professional Servicesreportedas one filer wrote it