DFX Intelligence
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Borrower
M•••••• I••• L••
Also written as: Emerald JV LP; LLC 1; LLC 2; Verdelite JV LP
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
101¢ · 101¢ · 101¢ · 100¢ · 100¢Q2 2025 to Q2 2026
Where each lender marks it, 1 points apart
100¢101¢
Principal held
at least $17.6M
sum of BDC pieces, a lower bound
Fair value
$17.6M
100c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
16
4 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
May 6, 2032
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
6
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••• | $6.56M | 101¢ | +1 pts |
| G•••••• S•••• P•••••• C••••• C•••• | $4.85M | 100¢ | 0 pts |
| B•••••••• P•••••• C••••• F••• | $4.74M | 100¢ | -1 pts |
| B•••••• P•••••• C••••• C••• | $1.5M | 100¢ | new this quarter |
Every BDC piece · 4 positions across 4 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $6.6M | $6.5M 101c | S+175 bp |
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• C••••••••• Services & S••••••• I••••••• R••• 5.47% R | $4.8M | $4.8M 100c | SOFR+175 bp |
| B•••••••• P•••••• C••••• F••• | term loan first lien I••••••••• F•••• L••• T••• L••• Ref S•••(S) S••••• 1.75% T•••• C••••• 5.47% M••••••• 5/6/2 | $4.7M | $4.7M 100c | SOFR+175 bp |
| B•••••• P•••••• C••••• C••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• | $1.5M | $1.5M 100c | S+175 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 $11.1M | 100c | SOFR+175 bp | May 6, 2032 | 11 |
| other lien unstated | at least $6.6M | 101c | S+175 bp | May 6, 2032 | 6 |
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 | $17.6M | $17.6M | 100c | 0 |
| Mar 31, 2026 | 8 | $209M | $209M | 100c | 0 |
| Dec 31, 2025 | 9 | $239M | $241M | 101c | 0 |
| Sep 30, 2025 | 11 | $265M | $265M | 101c | 0 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 12 | $222M | $222M | 101c | 0 |
| Mar 31, 2025 | 12 | $208M | $206M | 100c | 0 |
| Dec 31, 2024 | 7 | $176M | $176M | 101c | 0 |
| Sep 30, 2024 | 7 | $84.7M | $84.6M | 101c | 0 |
| Jun 30, 2024 | 7 | $81.4M | $81.4M | 101c | 0 |
| Mar 31, 2024 | 6 | $66.6M | $66.4M | 101c | 0 |
| Dec 31, 2023 | 4 | $69.7M | $69.4M | 101c | 0 |
| Sep 30, 2023 | 5 | $62.2M | $61.1M | 99c | 0 |
| Jun 30, 2023 | 4 | $56.9M | $55.6M | 99c | 0 |
| Mar 31, 2023 | 4 | $48.4M | $45.9M | 96c | 0 |
| Dec 31, 2022 | 5 | $68.4M | $63.4M | 94c | 0 |
| Sep 30, 2022 | 1 | $54.7M | $50.7M | 94c | 0 |
| Dec 31, 2021 | 1 | $7.0M | $7.0M | 101c | 0 |
What changed
- Spread changed (observed)Jun 30, 2026
- New lender joined a facilityJun 30, 2026
- Maturity shortened (observed)Jun 30, 2026
- Maturity shortened (observed)Jun 30, 2026
- Maturity shortened (observed)Jun 30, 2026
Full timeline · 30 eventsShow fewer
- Lender left a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- Maturity extended (observed)Dec 31, 2025
- Lender left a facilityDec 31, 2025
- Maturity shortened (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Spread changed (observed)Sep 30, 2025
- Lender left a facilitySep 30, 2025
- Lender left a facilitySep 30, 2025
- New lender joined a facilityJun 30, 2025
- Lender left a facilityJun 30, 2025
- Spread increasedJun 30, 2025
- Spread increasedJun 30, 2025
- Maturity shortened (observed)Jun 30, 2025
- Maturity extended (observed)Jun 30, 2025
- Spread changed (observed)Mar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- Lender left a facilityMar 31, 2025
Sponsor
Possible relationship, not established: M•••••• C•••••• P•••••••, because a company of this name is on the sponsor's portfolio page (confidence 0.7). No deal announcement or filing names it as a party, so it is not shown as this borrower’s sponsor.
- M•••••• C•••••• P•••••••
- the sponsor's own portfolio page lists a company of this nameestimatedmadison.net"••• Locked"
Identity
- Group key
- M•••••• I••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 16 BDCsderived
- Industry
- Machineryreportedas one filer wrote it