DFX Intelligence
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Borrower
M•••••••• H•••••••• I••
Softwaregroup grade Aon a schedule nowsponsor unattributed
Also written as: Emerald JV LP; Inc. 1; Inc. 1 Emerald JV LP; Inc. 2; Inc. 2 Emerald JV LP; M••••••••
Principal held
at least $9.6M
sum of BDC pieces, a lower bound
Fair value
$9.6M
100c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
3
2 on the latest quarter
Facilities
5
1 equity pieces beside them
Next maturity
Dec 2, 2031
no dated debt inside 24 months
On the tape since
Sep 30, 2022
latest Jun 30, 2026
Events
7
dated, non-routine
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 $9.6M | 100c | SOFR+475 bp | Dec 2, 2031 | 2 |
| first lien delayed draw term loan first lien | at least $0 | n/a | SOFR+475 bp | Dec 2, 2031 | 2 |
| first lien revolver first lien | at least $0 | n/a | SOFR+475 bp | Dec 2, 2031 | 2 |
| other lien unstated exited Jun 30, 2023 | at least $77.2M | 98c | S+675 bp | May 18, 2029 | 1 |
| delayed draw term loan lien unstated exited Sep 30, 2025 | at least $41.5M | 103c | S+500 bp | May 18, 2028 | 1 |
Equity pieces beside the debt: preferred equity ($2.4M fair value, 1 BDC)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A•••• C••••• B•• I••• | delayed draw term loan first lien Investment T••• U••••••••• D••• I•••• S+ S••••• 4.75% I••••••• R••• 8.48% M••••••• 12/2/20 | n/a | n/a | SOFR+475 bp |
| A•••• C••••• B•• I••• | term loan first lien Investment T••• 1st L••• T••• L••• I•••• S+ S••••• 4.75% I••••••• R••• 8.48% A••••••••• D• | $458,716 | $456,422 100c | SOFR+475 bp |
| A•••• C••••• B•• I••• | revolver first lien Investment T••• U••••••••• R••••••• I•••• S+ S••••• 4.75% I••••••• R••• 8.48% A••••••••• D | $0 | $0 0c | SOFR+475 bp |
| A•••• C••••• B•• I••• | revolver first lien Investment T••• U••••••••• R••••••• I•••• S+ S••••• 4.75% I••••••• R••• 8.48% M••••••• 12/ | n/a | n/a | SOFR+475 bp |
| A•••• P•••••• C••••• F•••• L•• | delayed draw term loan first lien U••••••••• D••• M••••••• 12/2/2031 | n/a | n/a | SOFR+475 bp |
| A•••• P•••••• C••••• F•••• L•• | revolver first lien U••••••••• R••••••• M••••••• 12/2/2031 | n/a | n/a | SOFR+475 bp |
| A•••• P•••••• C••••• F•••• L•• | term loan first lien Investment T••• U••••••••• T••• L••• I•••• S+ S••••• 4.75% I••••••• R••• 8.48% A••••••••• | $9.2M | $9.1M 100c | SOFR+475 bp |
| A•••• P•••••• C••••• F•••• L•• | delayed draw term loan first lien Investment T••• U••••••••• D••• I•••• S+ S••••• 4.75% I••••••• R••• 8.48% A••••••••• D••• | $0 | $0 0c | SOFR+475 bp |
| A•••• P•••••• C••••• F•••• L•• | revolver first lien Investment T••• U••••••••• R••••••• I•••• S+ S••••• 4.75% I••••••• R••• 8.48% A••••••••• D | $0 | $0 0c | SOFR+475 bp |
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 | $9.6M | $9.6M | 100c | 0 |
| Mar 31, 2026 | 2 | $9.6M | $9.6M | 100c | 0 |
| Dec 31, 2025 | 2 | $10.1M | $10.0M | 100c | 0 |
| Sep 30, 2025 | 1 | $41.5M | $41.5M | 103c | 0 |
| Jun 30, 2025 | 1 | $41.6M | $41.6M | 103c | 0 |
| Mar 31, 2025 | 1 | $41.7M | $41.7M | 103c | 0 |
| Dec 31, 2024 | 3 | $83.6M | $83.6M | 103c | 0 |
| Sep 30, 2024 | 1 | $41.9M | $41.8M | 103c | 0 |
| Jun 30, 2024 | 1 | $42.0M | $41.9M | 103c | 0 |
| Mar 31, 2024 | 1 | $140M | $137M | 101c | 0 |
| Dec 31, 2023 | 1 | $182M | $178M | 101c | 0 |
| Sep 30, 2023 | 1 | $77.0M | $72.8M | 99c | 0 |
| Jun 30, 2023 | 1 | $77.2M | $72.2M | 98c | 0 |
| Mar 31, 2023 | 1 | $34.8M | $32.4M | 93c | 0 |
| Dec 31, 2022 | 1 | $34.8M | $32.8M | 95c | 0 |
| Sep 30, 2022 | 1 | $34.9M | $33.4M | 96c | 0 |
What changed
- Facility left every BDC scheduleSep 30, 2025
- Spread changed (observed)Mar 31, 2025
- Spread changed (observed)Dec 31, 2024
- Spread changed (observed)Jun 30, 2024
- Maturity shortened (observed)Jun 30, 2024
- Spread changed (observed)Mar 31, 2024
- Spread increasedDec 31, 2023
- Facility left every BDC scheduleJun 30, 2023
- New borrower on a BDC scheduleSep 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
- MITRATECHderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 3 BDCsderived
- Industry
- Softwarereportedas one filer wrote it