DFX Intelligence
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Borrower
R••••• S•••••••• I••
Also written as: Emerald JV LP; Inc. 1; Inc. 1 Emerald JV LP; Inc. 2; Inc. 2 Emerald JV LP; Verdelite JV LP
Principal held
at least $68.9M
sum of BDC pieces, a lower bound
Fair value
$65.6M
96c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
12
7 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Nov 28, 2028
no dated debt inside 24 months
On the tape since
Jul 30, 2019
latest Jun 30, 2026
Events
4
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 $42.9M | 97c | SOFR+375 bp | Nov 28, 2028 | 8 |
| other lien unstated | at least $25.9M | 96c | S+375 bp | Nov 28, 2028 | 5 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $3.6M | $3.4M 96c | S+375 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated N••••••••• I••••• | $10.3M | $9.8M 96c | S+375 bp |
| H•• C•••••••• L•••••• F••• | unstated lien unstated N••••••••• I••••• | $12.1M | $11.5M 97c | S+375 bp |
| M••••• C•••••• I••••• P••• C••• | term loan first lien S••••• S•••••• L•••• | $5.0M | $4.7M 101c | S+375 bp |
| M••••••• C•••••••• L•••••• I••••• F•••• I••• | term loan first lien S••••• S•••••• L••• T••• L••• | $491,288 | $465,824 95c | 8.84% |
| P••••• S••••• C•••••• B•• I••• | term loan first lien Investment F•••• L••• S••••• S•••••• L••• I••••••• R••• 7.39% (S +CSA + 3.75%) M••••••• D• | $12.0M | $11.5M 96c | SOFR+375 bp |
| S••••• C•••• C•••••• C••• | term loan first lien F•••• L••• - T••• L••• | $731,000 | $696,000 96c | S+375 bp |
| V•••• C••••• S•••••••• L•••••• C•••• | term loan first lien F••••••••• D••• R•••••••• R••• and S••••• S••• + 3.75% I••••••• R••• 7.39% M••••••• D••• 1 | $24.7M | $23.5M 96c | SOFR+375 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 | 7 | $68.9M | $65.6M | 96c | 0 |
| Mar 31, 2026 | 7 | $82.8M | $79.6M | 97c | 0 |
| Dec 31, 2025 | 8 | $133M | $132M | 100c | 1 |
| Sep 30, 2025 | 9 | $134M | $134M | 101c | 0 |
| Jun 30, 2025 | 9 | $126M | $126M | 101c | 0 |
| Mar 31, 2025 | 5 | $102M | $102M | 101c | 0 |
| Dec 31, 2024 | 7 | $197M | $199M | 101c | 0 |
| Sep 30, 2024 | 4 | $78.9M | $79.0M | 101c | 0 |
| Jun 30, 2024 | 3 | $67.8M | $68.1M | 102c | 0 |
| Mar 31, 2024 | 2 | $55.7M | $55.4M | 101c | 0 |
| Dec 31, 2023 | 3 | $61.8M | $60.9M | 100c | 0 |
| Sep 30, 2023 | 2 | $72.8M | $72.5M | 101c | 0 |
| Jun 30, 2023 | 2 | $29.4M | $29.2M | 101c | 0 |
| Mar 31, 2023 | 2 | $26.0M | $25.6M | 99c | 0 |
| Dec 31, 2022 | 2 | $33.0M | $31.8M | 98c | 0 |
| Sep 30, 2022 | 1 | $59.4M | $57.1M | 96c | 0 |
| Jun 30, 2022 | 1 | $2.0M | $1.9M | 94c | 0 |
| Dec 31, 2021 | 1 | $23.1M | $23.1M | 100c | 0 |
| Jul 30, 2019 | 1 | $0 | $0 | n/a | 0 |
What changed
- New lender joined a facilityMar 31, 2026
- PIK interest appearsDec 31, 2025
- Lender left a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- Spread increasedDec 31, 2025
- Spread increasedDec 31, 2025
- PIK interest appearsDec 31, 2025
- Spread changed (observed)Sep 30, 2025
- Lender left a facilitySep 30, 2025
- New lender joined a facilityJun 30, 2025
- New lender joined a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityJun 30, 2024
- Mark recoveredDec 31, 2023
- Spread increasedSep 30, 2023
- Maturity extended (observed)Sep 30, 2023
- Maturity shortened (observed)Dec 31, 2022
- Maturity extended (observed)Sep 30, 2022
- Lender left a facilityJun 30, 2022
- New borrower on a BDC scheduleJul 30, 2019
- Lender left a facilityJul 30, 2019
Sponsor
- C•••• S••••• C••••••
- the sponsor's own portfolio page lists a company of this nameestimatedcourtsquare.com"••• Locked"
Identity
- Group key
- R••••• S•••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 12 BDCsderived
- Industry
- Diversified S•••••••reportedas one filer wrote it