DFX Intelligence
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Borrower
T••••• H•••••• I••
group grade Aon a schedule nowsponsor unattributed
Also written as: LLC Emerald JV LP; T••••• Midco
Principal held
at least $169M
sum of BDC pieces, a lower bound
Fair value
$142M
77c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
3
2 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Oct 14, 2028
no dated debt inside 24 months
On the tape since
Dec 31, 2021
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 |
|---|---|---|---|---|---|
| delayed draw term loan lien unstated | at least $169M | 77c | S+600 bp PIK 2.50% | Oct 14, 2028 | 2 |
| other lien unstated exited Dec 31, 2022 | at least $64.8M | 96c | S+600 bp PIK 2.50% | Aug 3, 2028 | 2 |
| first lien term loan first lien exited Mar 31, 2024 | at least $5.2M | 99c | S+250 bp | Mar 24, 2028 | 1 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $17.7M | $15.3M 75c | S+600 bp PIK 2.50% |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $13.8M | $10.4M 76c | S+600 bp PIK 2.50% |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $6.9M | $5.2M 74c | S+600 bp PIK 2.50% |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $32.3M | $24.4M 77c | S+600 bp PIK 2.50% |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $24.3M | $24.3M 81c | S+600 bp PIK 2.50% |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $6.6M | $5.7M 76c | S+600 bp PIK 2.50% |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $21.6M | $16.3M 77c | S+600 bp PIK 2.50% |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $16.2M | $16.2M 81c | S+600 bp PIK 2.50% |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $4.6M | $3.5M 76c | S+600 bp PIK 2.50% |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $11.8M | $10.2M 75c | S+600 bp PIK 2.50% |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $4.5M | $3.9M 76c | S+600 bp PIK 2.50% |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $9.2M | $6.9M 77c | S+600 bp PIK 2.50% |
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 | 2 | $169M | $142M | 77c | 12 |
| Mar 31, 2026 | 2 | $169M | $150M | 81c | 12 |
| Dec 31, 2025 | 2 | $168M | $153M | 84c | 12 |
| Sep 30, 2025 | 2 | $167M | $166M | 92c | 12 |
| Jun 30, 2025 | 2 | $166M | $183M | 100c | 12 |
| Mar 31, 2025 | 2 | $165M | $174M | 96c | 12 |
| Dec 31, 2024 | 2 | $328M | $347M | 96c | 24 |
| Sep 30, 2024 | 2 | $163M | $178M | 100c | 8 |
| Jun 30, 2024 | 2 | $163M | $173M | 97c | 8 |
| Mar 31, 2024 | 3 | $78.3M | $82.5M | 96c | 8 |
| Dec 31, 2023 | 2 | $74.8M | $76.9M | 96c | 8 |
| Sep 30, 2023 | 2 | $71.9M | $73.9M | 97c | 8 |
| Jun 30, 2023 | 2 | $70.4M | $74.2M | 97c | 4 |
| Mar 31, 2023 | 2 | $66.0M | $68.9M | 97c | 4 |
| Dec 31, 2022 | 2 | $64.8M | $66.5M | 96c | 2 |
| Sep 30, 2022 | 2 | $59.1M | $56.8M | 89c | 0 |
| Dec 31, 2021 | 2 | $48.3M | $50.1M | 99c | 0 |
What changed
- Marked down across lendersDec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down across lendersSep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Facility left every BDC scheduleMar 31, 2024
- Facility left every BDC scheduleDec 31, 2022
- PIK interest appearsDec 31, 2022
- PIK interest appearsDec 31, 2022
- Marked down (one lender)Sep 30, 2022
- Marked down (one lender)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
- TURINGderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 3 BDCsderived