DFX Intelligence
The names on this page are hidden. Create a free account to reveal 5 records a month, or get Private Credit Intelligence at $249 a month for every name. Every figure, date and source on this page is public either way.
Borrower
A••••• C••••••••• G••••• L••
Professional Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: Emerald JV LP; LLC. First and; Research & C••••••••• Services; Verdelite JV LP
What matters now
- 100¢ → 95¢consensus mark
Consensus mark 95¢ on cost, down from 100¢ a year ago, 96¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived3 of 3 lenders' own marks, weighted by principal
Mark path, consensus per quarter end
100¢ · 99¢ · 98¢ · 96¢ · 95¢Q2 2025 to Q2 2026
Where each lender marks it on the first lien term loan, 0 points apart
95¢95¢
Principal held
at least $18.1M
sum of BDC pieces, a lower bound
Fair value
$17.2M
95c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
6
3 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Dec 17, 2031
no dated debt inside 24 months
On the tape since
Sep 30, 2022
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 |
|---|---|---|---|
| G•••••• S•••• P•••••• C••••• C•••• | $8.23M | 95¢ | -1 pts |
| P••••• S••••• C•••••• B•• I••• | $7.28M | 95¢ | -1 pts |
| B••••••••• P•••••• C••••• F••• | $2.61M | 95¢ | -1 pts |
Every BDC piece · 4 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• P••••••••• Services I••••••• R••• 7.17% R•••••••• R• | $8.2M | $7.8M 95c | SOFR+350 bp |
| P••••• S••••• C•••••• B•• I••• | term loan first lien Investment F•••• L••• S••••• S•••••• L••• I••••••• R••• 7.17% (S + 3.50%) M••••••• D••• 12 | $7.3M | $6.9M 95c | SOFR+350 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $1.5M | $1.4M 95c | S+350 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $1.1M | $1.1M 95c | S+350 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 $15.5M | 95c | SOFR+350 bp | Dec 29, 2031 | 2 |
| other lien unstated | at least $2.6M | 95c | S+350 bp | Dec 29, 2031 | 1 |
| second lien term loan second lien exited Jun 30, 2024 | at least $1.4M | 100c | S+425 bp | Mar 17, 2028 | 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 | 3 | $18.1M | $17.2M | 95c | 0 |
| Mar 31, 2026 | 3 | $20.5M | $19.6M | 96c | 0 |
| Dec 31, 2025 | 3 | $53.2M | $51.9M | 98c | 0 |
| Sep 30, 2025 | 3 | $33.1M | $32.8M | 99c | 0 |
All 16 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 3 | $27.7M | $27.7M | 100c | 0 |
| Mar 31, 2025 | 3 | $20.4M | $20.1M | 98c | 0 |
| Dec 31, 2024 | 4 | $37.1M | $37.1M | 100c | 0 |
| Sep 30, 2024 | 4 | $20.6M | $20.7M | 100c | 0 |
| Jun 30, 2024 | 4 | $8.0M | $8.1M | 100c | 0 |
| Mar 31, 2024 | 1 | $1.3M | $1.3M | 100c | 0 |
| Dec 31, 2023 | 1 | $366,000 | $364,000 | 102c | 0 |
| Sep 30, 2023 | 1 | $473,000 | $470,000 | 101c | 0 |
| Jun 30, 2023 | 1 | $224,000 | $0 | n/a | 0 |
| Mar 31, 2023 | 1 | $2.4M | $2.0M | 86c | 0 |
| Dec 31, 2022 | 1 | $3.0M | $2.6M | 87c | 0 |
| Sep 30, 2022 | 1 | $8.7M | $7.6M | 89c | 0 |
What changed
- Maturity extended (observed)Dec 31, 2024
- Spread changed (observed)Dec 31, 2024
- Lender left a facilityDec 31, 2024
- Maturity extended (observed)Dec 31, 2024
- Maturity extended (observed)Dec 31, 2024
Full timeline · 13 eventsShow fewer
- Maturity extended (observed)Dec 31, 2024
- Maturity extended (observed)Dec 31, 2024
- New lender joined a facilitySep 30, 2024
- New lender joined a facilityJun 30, 2024
- Facility left every BDC scheduleJun 30, 2024
- Mark recoveredJun 30, 2024
- Spread changed (observed)Jun 30, 2024
- 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
- ANKURA CONSULTINGderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 6 BDCsderived
- Industry
- Professional Servicesreportedas one filer wrote it