DFX Intelligence
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Borrower
L••••• T••• S•••••••• H•••••••• L••
Also written as: Emerald JV LP; LLC-Services: Business
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
101¢ · 101¢ · 100¢ · 100¢ · 100¢Q2 2024 to Q2 2025
Where each lender marks it, 1 points apart
100¢101¢
Principal held
unknown
sum of BDC pieces, a lower bound
Fair value
Not disclosed
n/a on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
8
0 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
unstated
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Aug 31, 2025
Events
4
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2025, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| B•••••••• P•••••• C••••• F••• | $19.9M | 101¢ | 0 pts |
| G•••• C•••••• P•••••• C••••• F••• | $13.5M | 100¢ | 0 pts |
| F••••••• B•• C•••••• C••• | $9.88M | 100¢ | 0 pts |
| B••••••••• P•••••• C••••• F••• | $4.91M | 100¢ | 0 pts |
| F•••• E•••• P•••••• C••••• F••• | $995K | 100¢ | 0 pts |
Every BDC piece · 5 positions across 5 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) S••••• 3.75% T•••• C••••• 8.08% M••••••• 3/18/ | $19.9M | $19.9M 101c | SOFR+375 bp |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien S••••• secured | $13.5M | $13.5M 100c | S+375 bp |
| F••••••• B•• C•••••• C••• | unstated lien unstated | $9.9M | $9.9M 100c | S+375 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $4.9M | $4.9M 100c | S+375 bp |
| F•••• E•••• P•••••• C••••• F••• | term loan first lien F•••• L••• D••• R•••••••• R••• and S••••• S + 3.75% I••••••• R••• F•••• 0.00% I••••••• R•• | $995,000 | $997,000 100c | SOFR+375 bp |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Jun 30, 2025 | at least $34.4M | 100c | SOFR+375 bp | Mar 19, 2028 | 4 |
| other lien unstated exited Jun 30, 2025 | at least $14.8M | 100c | S+375 bp | Mar 20, 2028 | 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, 2025 | 5 | $49.2M | $49.2M | 100c | 0 |
| Mar 31, 2025 | 5 | $42.6M | $42.6M | 100c | 0 |
| Dec 31, 2024 | 4 | $51.7M | $51.8M | 100c | 0 |
| Sep 30, 2024 | 3 | $40.5M | $40.5M | 101c | 0 |
All 13 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2024 | 3 | $40.6M | $40.6M | 101c | 0 |
| Mar 31, 2024 | 4 | $42.9M | $42.5M | 100c | 0 |
| Dec 31, 2023 | 4 | $45.2M | $44.8M | 100c | 0 |
| Sep 30, 2023 | 5 | $43.1M | $42.8M | 100c | 0 |
| Jun 30, 2023 | 4 | $36.7M | $35.9M | 98c | 0 |
| Mar 31, 2023 | 4 | $36.8M | $35.6M | 97c | 0 |
| Dec 31, 2022 | 4 | $49.3M | $46.8M | 95c | 0 |
| Sep 30, 2022 | 1 | $19.2M | $18.5M | 97c | 0 |
| Dec 31, 2021 | 3 | $35.0M | $35.0M | 100c | 0 |
What changed
- Facility left every BDC scheduleJun 30, 2025
- Facility left every BDC scheduleJun 30, 2025
- Lender left a facilityJun 30, 2025
- Lender left a facilityJun 30, 2025
- New lender joined a facilityMar 31, 2025
Full timeline · 10 eventsShow fewer
- Spread changed (observed)Dec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilitySep 30, 2023
- Marked down (one lender)Dec 31, 2022
- New borrower on a BDC scheduleDec 31, 2021
Sponsor
Possible relationship, not established: W••• P•••• P•••••••, because a company of this name is on the sponsor's portfolio page (confidence 0.7). No deal announcement or filing names it as a party, so it is not shown as this borrower’s sponsor.
- W••• P•••• P•••••••
- the sponsor's own portfolio page lists a company of this nameestimatedwppartners.com"••• Locked"
Identity
- Group key
- LIQUID TECH SOLUTIONSderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 8 BDCsderived