DFX Intelligence
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Borrower
G•••• W•••• S••••••• C•••
Commercial Services & Suppliesgroup grade Aon a schedule nowsponsor unattributed
Also written as: Emerald JV LP; G•••• W•••• S••••••• C•••.1; G••••W•••• S••••••• Corporation; Verdelite JV LP
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
100¢ · 100¢ · 101¢ · 100¢ · 100¢Q2 2025 to Q2 2026
Where each lender marks it on the first lien term loan, 1 point apart
99¢100¢
Principal held
at least $25.2M
sum of BDC pieces, a lower bound
Fair value
$25.2M
100c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
9
4 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Feb 1, 2029
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
4
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 |
|---|---|---|---|
| A••••• D••• S•••••••• B•• | $21.1M | 100¢ | 0 pts |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | $2.26M | 99¢ | 0 pts |
| C••••••• P•••••• C••••• I••••• C••• | $1.33M | 100¢ | +1 pts |
| A• P•••••• L•••••• F••• | $497K | 100¢ | new this quarter |
Every BDC piece · 4 positions across 4 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••••• D••• S•••••••• B•• | term loan first lien Investment T••• F•••• L••• S•••••• D••• - T••• L••• I••••••• R••• S+275, 0.00% F•••• M•••• | $21.1M | $21.1M 100c | SOFR+275 bp |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | term loan first lien F•••• L••• D••• | $2.3M | $2.3M 99c | S+275 bp |
| C••••••• P•••••• C••••• I••••• C••• | term loan first lien Investment T••• S••••• S•••••• F•••• L••• T••• L••• I••••••• T••• S + 275 I••••••• R••• 6. | $1.3M | $1.3M 100c | SOFR+275 bp |
| A• P•••••• L•••••• F••• | term loan first lien C••••••• C•••••••• D••• | C••••• 1st L•••/S••••• S•••••• D••• | T••• L••• | 8.66% (S + 5.0 | $497,481 | $496,113 100c | SOFR+500 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 $25.2M | 100c | SOFR+275 bp | Feb 28, 2029 | 4 |
| other lien unstated exited Dec 31, 2025 | at least $24.5M | 101c | S+300 bp | Feb 1, 2029 | 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 | 4 | $25.2M | $25.2M | 100c | 0 |
| Mar 31, 2026 | 3 | $25.0M | $24.9M | 100c | 0 |
| Dec 31, 2025 | 4 | $60.6M | $60.9M | 101c | 0 |
| Sep 30, 2025 | 3 | $73.0M | $73.1M | 100c | 0 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 3 | $32.1M | $32.2M | 100c | 0 |
| Mar 31, 2025 | 3 | $29.6M | $29.6M | 100c | 0 |
| Dec 31, 2024 | 4 | $78.0M | $78.4M | 101c | 0 |
| Sep 30, 2024 | 5 | $53.7M | $53.8M | 100c | 0 |
| Jun 30, 2024 | 2 | $32.8M | $33.0M | 101c | 0 |
| Mar 31, 2024 | 1 | $30.8M | $30.9M | 101c | 0 |
| Dec 31, 2023 | 2 | $50.7M | $50.9M | 102c | 0 |
| Sep 30, 2023 | 1 | $32.4M | $32.4M | 101c | 0 |
| Jun 30, 2023 | 2 | $43.0M | $42.8M | 100c | 0 |
| Mar 31, 2023 | 2 | $56.1M | $55.3M | 262c | 0 |
| Dec 31, 2022 | 2 | $114M | $110M | 98c | 0 |
| Sep 30, 2022 | 1 | $54.0M | $50.7M | 94c | 0 |
| Dec 31, 2021 | 1 | $29.4M | $29.4M | 100c | 0 |
What changed
- New lender joined a facilityJun 30, 2026
- Facility left every BDC scheduleDec 31, 2025
- New lender joined a facilityDec 31, 2025
- Lender left a facilityJun 30, 2025
- Spread changed (observed)Mar 31, 2025
Full timeline · 17 eventsShow fewer
- Lender left a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Spread increasedDec 31, 2024
- Spread changed (observed)Sep 30, 2024
- New lender joined a facilitySep 30, 2024
- Lender left a facilitySep 30, 2024
- New lender joined a facilitySep 30, 2024
- New lender joined a facilityJun 30, 2024
- Maturity extended (observed)Dec 31, 2023
- Maturity shortened (observed)Jun 30, 2023
- Marked down (one lender)Sep 30, 2022
- Maturity extended (observed)Sep 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
- G•••• W•••• S•••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 3 across 9 BDCsderived
- Industry
- Commercial Services & Suppliesreportedas one filer wrote it