DFX Intelligence
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Borrower
C••••• B••••• I••
group grade Aon a schedule nowsponsor unattributed
Also written as: Emerald JV LP; First Lien
What matters now
- $725Mprincipal outstanding
$725M principal held by 4 lenders; matures Dec 2028.
Q2 2026 · Refinancing is due in 26 months at a 84¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
84¢ · 84¢ · 81¢ · 83¢ · 84¢Q2 2025 to Q2 2026
Where each lender marks it, 1 points apart
83¢84¢
Principal held
at least $725M
sum of BDC pieces, a lower bound
Fair value
$605M
84c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
5
4 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Dec 1, 2028
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
5
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••• | $633M | 84¢ | +1 pts |
| N•• M••••••• P•••••• C••••• F••• | $52.6M | 83¢ | 0 pts |
| N•• S•• I• I••• | $26.9M | 83¢ | 0 pts |
| B••••••••• S•••••• L•••••• F••• | $12.7M | 84¢ | +1 pts |
Every BDC piece · 7 positions across 4 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $608M | $507M 84c | S+650 bp PIK 4.00% |
| N•• M••••••• P•••••• C••••• F••• | term loan first lien F•••• L••• 1 | N••••••••• I••••• | $50.0M | $41.6M 83c | S+250 bp PIK 4.00% |
| N•• S•• I• I••• | term loan first lien F•••• L••• | N••••••••• I••••• | $25.5M | $21.2M 83c | S+250 bp PIK 4.00% |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated | $25.4M | $21.2M 84c | S+650 bp PIK 4.00% |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $12.7M | $10.6M 84c | S+650 bp PIK 4.00% |
View all 7 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| N•• M••••••• P•••••• C••••• F••• | term loan first lien F•••• L••• 2 | N••••••••• I••••• | $2.6M | $2.2M 83c | S+250 bp PIK 2.75% |
| N•• S•• I• I••• | term loan first lien F•••• L••• | N••••••••• I••••• | $1.3M | $1.1M 83c | S+250 bp PIK 4.00% |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| delayed draw term loan lien unstated | at least $646M | 84c | S+650 bp PIK 4.00% | Dec 21, 2028 | 2 |
| first lien term loan first lien | at least $79.5M | 83c | S+250 bp PIK 4.00% | Dec 1, 2028 | 3 |
| other lien unstated exited Dec 31, 2022 | at least $530M | 96c | S+625 bp PIK 2.75% | Dec 21, 2028 | 2 |
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 | 4 | $725M | $605M | 84c | 7 |
| Mar 31, 2026 | 4 | $718M | $589M | 83c | 7 |
| Dec 31, 2025 | 4 | $763M | $617M | 81c | 9 |
| Sep 30, 2025 | 4 | $704M | $587M | 84c | 7 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 4 | $697M | $582M | 84c | 7 |
| Mar 31, 2025 | 4 | $690M | $593M | 87c | 7 |
| Dec 31, 2024 | 4 | $1.4B | $1.2B | 88c | 14 |
| Sep 30, 2024 | 4 | $664M | $579M | 88c | 7 |
| Jun 30, 2024 | 4 | $644M | $561M | 88c | 7 |
| Mar 31, 2024 | 4 | $625M | $535M | 87c | 7 |
| Dec 31, 2023 | 5 | $716M | $624M | 88c | 13 |
| Sep 30, 2023 | 4 | $604M | $561M | 94c | 7 |
| Jun 30, 2023 | 4 | $610M | $559M | 94c | 7 |
| Mar 31, 2023 | 4 | $587M | $538M | 95c | 8 |
| Dec 31, 2022 | 4 | $627M | $586M | 97c | 9 |
| Sep 30, 2022 | 2 | $508M | $484M | 97c | 1 |
| Dec 31, 2021 | 2 | $475M | $464M | 100c | 1 |
What changed
- PIK interest increasedDec 31, 2024
- PIK interest increasedMar 31, 2024
- PIK interest increasedMar 31, 2024
- PIK interest increasedMar 31, 2024
- PIK interest increasedMar 31, 2024
Full timeline · 17 eventsShow fewer
- PIK interest increasedMar 31, 2024
- PIK interest increasedMar 31, 2024
- Marked down across lendersDec 31, 2023
- Marked down (one lender)Dec 31, 2023
- Marked down (one lender)Dec 31, 2023
- Spread changed (observed)Jun 30, 2023
- Spread increasedJun 30, 2023
- Spread increasedJun 30, 2023
- Facility left every BDC scheduleDec 31, 2022
- Lender left a facilityDec 31, 2022
- Lender left a facilityDec 31, 2022
- PIK interest appearsDec 31, 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
- CCBLUEderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 5 BDCsderived