DFX Intelligence
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Borrower
K•••• A••••••••• I••
Also written as: BluSky; First lien; Inc. Emerald JV LP
Principal held
at least $473M
sum of BDC pieces, a lower bound
Fair value
$421M
91c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
16
13 on the latest quarter
Facilities
4
0 equity pieces beside them
Next maturity
Oct 1, 2028
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
10
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 $254M | 92c | SOFR+550 bp | Oct 19, 2028 | 13 |
| other lien unstated | at least $198M | 89c | S+550 bp | Oct 19, 2028 | 5 |
| delayed draw term loan lien unstated | at least $22.0M | 88c | S+550 bp | Oct 19, 2028 | 3 |
| first lien delayed draw term loan first lien | at least $104,000 | 90c | S+575 bp | Oct 1, 2028 | 4 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | unstated lien unstated N••••••••• I••••• | $45.8M | $40.2M 88c | S+550 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated N••••••••• I••••• | $20.4M | $17.9M 88c | S+550 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $132M | $115M 90c | S+550 bp |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $2.3M | $2.0M 88c | S+550 bp |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $19.7M | $17.3M 88c | S+550 bp |
| B••• O•• C•••••• C••• | term loan first lien F•••• lien senior secured loan | N••••••••• | $42.9M | $38.1M 95c | S+550 bp |
| B••• O•• C•••••• C••• | delayed draw term loan first lien F•••• lien senior secured delayed draw term loan | N••••••••• | $31,000 | $27,000 90c | S+575 bp |
| B••• O•• C•••••• C••• I• | term loan first lien F•••• lien senior secured loan | Non A••••••••• | $953,000 | $846,000 90c | S+550 bp |
| B••• O•• C•••••• C••• I• | delayed draw term loan first lien F•••• lien senior secured delayed draw term loan | Non A••••••••• | $1,000 | $1,000 100c | S+575 bp |
| B••• O•• C••••• I••••• C•••• | delayed draw term loan first lien F•••• lien senior secured delayed draw term loan | N••••••••• I••••• | $72,000 | $64,000 90c | S+575 bp |
| B••• O•• C••••• I••••• C•••• | term loan first lien F•••• lien senior secured loan | N••••••••• I••••• | $99.6M | $88.4M 89c | S+550 bp |
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 5.50% I••••••• R••• 9.26% M•••••• | $7.6M | $6.9M 93c | SOFR+550 bp |
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 5.50% I••••••• R••• 9.26% M•••••• | $33.0M | $30.3M 93c | SOFR+550 bp |
| N•• M••••••• F•••••• C••• | term loan first lien F•••• lien 4 | $19,000 | $17,000 94c | S+575 bp |
| N•• M••••••• F•••••• C••• | term loan first lien F•••• lien 1 | $6.7M | $6.2M 92c | S+550 bp |
| N•• M••••••• F•••••• C••• | term loan first lien F•••• lien 2 | $1.1M | $1.0M 92c | S+550 bp |
| N•• M••••••• F•••••• C••• | term loan first lien F•••• lien 3 | $770,000 | $706,000 92c | S+550 bp |
| N•• M••••••• G••••••• I• B••• L••••• | term loan first lien F•••• lien 1 | $1.7M | $1.6M 92c | S+550 bp |
| N•• M••••••• G••••••• I• B••• L••••• | term loan first lien F•••• lien 2 | $19,000 | $17,000 89c | S+575 bp |
| N•• M••••••• G••••••• I• I••••• F•••• L••••• | term loan first lien F•••• L••• | N••••••••• I••••• | $9,000 | $9,000 100c | S+575 bp |
| N•• M••••••• P•••••• C••••• F••• | term loan first lien F•••• L••• 2 | N••••••••• I••••• | $949,000 | $870,000 92c | S+550 bp |
| N•• M••••••• P•••••• C••••• F••• | term loan first lien F•••• L••• 1 | N••••••••• I••••• | $8.3M | $7.6M 92c | S+550 bp |
| N•• S•• I• I••• | term loan first lien F•••• lien | N••••••••• I••••• | $484,000 | $444,000 92c | S+550 bp |
| N•• S•• I• I••• | term loan first lien F•••• lien | N••••••••• I••••• | $12,000 | $11,000 92c | S+575 bp |
| N•• S•• I• I••• | term loan first lien F•••• lien | N••••••••• I••••• | $725,000 | $664,000 92c | S+550 bp |
| N•• S•• I• I••• | term loan first lien F•••• lien | N••••••••• I••••• | $4.2M | $3.9M 92c | S+550 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• & S••••• S + 5.50% I••••••• R••• 9.26% M••••••• | $16.3M | $15.0M 93c | SOFR+550 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• & S••••• S + 5.50% I••••••• R••• 9.26% M••••••• | $20.4M | $18.8M 94c | SOFR+550 bp |
| T• S••••• B•• L•• | term loan first lien F•••• L••• D••• R•••••••• R••• and S••••• S+ 5.50% I••••••• R••• 9.26% M••••••• D••• 10/19 | $7.8M | $7.2M 93c | SOFR+550 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 | 13 | $473M | $421M | 91c | 0 |
| Mar 31, 2026 | 13 | $475M | $425M | 91c | 0 |
| Dec 31, 2025 | 13 | $485M | $433M | 91c | 0 |
| Sep 30, 2025 | 13 | $477M | $423M | 91c | 0 |
| Jun 30, 2025 | 13 | $483M | $430M | 92c | 0 |
| Mar 31, 2025 | 13 | $485M | $429M | 92c | 0 |
| Dec 31, 2024 | 13 | $937M | $822M | 91c | 0 |
| Sep 30, 2024 | 14 | $487M | $436M | 92c | 0 |
| Jun 30, 2024 | 14 | $470M | $451M | 99c | 0 |
| Mar 31, 2024 | 15 | $489M | $480M | 101c | 0 |
| Dec 31, 2023 | 16 | $656M | $642M | 101c | 0 |
| Sep 30, 2023 | 13 | $469M | $465M | 102c | 0 |
| Jun 30, 2023 | 14 | $467M | $454M | 100c | 0 |
| Mar 31, 2023 | 14 | $319M | $304M | 98c | 0 |
| Dec 31, 2022 | 14 | $456M | $430M | 98c | 0 |
| Sep 30, 2022 | 4 | $138M | $130M | 97c | 0 |
| Dec 31, 2021 | 4 | $232M | $227M | 100c | 0 |
What changed
- Marked down (one lender)Jun 30, 2026
- Mark recoveredMar 31, 2026
- Lender left a facilityJun 30, 2025
- Lender left a facilityJun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Lender left a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Maturity extended (observed)Dec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Maturity extended (observed)Dec 31, 2024
- Maturity extended (observed)Dec 31, 2024
- Maturity extended (observed)Dec 31, 2024
- Marked down across lendersSep 30, 2024
- Marked down across lendersSep 30, 2024
- Marked down (one lender)Sep 30, 2024
- Marked down (one lender)Sep 30, 2024
- Marked down (one lender)Sep 30, 2024
- Marked down (one lender)Sep 30, 2024
- Marked down (one lender)Sep 30, 2024
- Marked down (one lender)Sep 30, 2024
- Marked down (one lender)Sep 30, 2024
- Marked down (one lender)Sep 30, 2024
- Marked down (one lender)Sep 30, 2024
- Marked down (one lender)Sep 30, 2024
- Marked down (one lender)Sep 30, 2024
- Marked down (one lender)Sep 30, 2024
- Marked down (one lender)Sep 30, 2024
Sponsor
- K••••••• • C••••••
- Form D signer consensus, grade Bestimated"••• Locked"
Identity
- Group key
- K••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 16 BDCsderived
- Industry
- Construction & Engineeringreportedas one filer wrote it