DFX Intelligence
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Borrower
A••••• B•••• I••
Interactive Media & Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: Emerald JV LP; Publishing
What matters now
- $187Mprincipal outstanding
$187M principal held by 8 lenders; matures Dec 2027.
Q2 2026 · Refinancing is due in 14 months at a 100¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
101¢ · 101¢ · 101¢ · 101¢ · 100¢Q2 2025 to Q2 2026
Where each lender marks it, 1 points apart
100¢101¢
Principal held
at least $187M
sum of BDC pieces, a lower bound
Fair value
$187M
100c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
10
8 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Dec 6, 2027
$187M inside 24 months
On the tape since
Dec 31, 2022
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 |
|---|---|---|---|
| O•••••• S•••••••• C••••• F••• | $92.1M | 101¢ | 0 pts |
| O•••••• S•••••••• L•••••• C••• | $46.7M | 101¢ | 0 pts |
| D••••••• C••••• C• | $29.3M | 100¢ | -1 pts |
| G•••••• S•••• P•••••• C••••• C•••• | $7.05M | 100¢ | +1 pts |
| F••••••• B•• C•••••• C••• | $5.88M | 101¢ | 0 pts |
View all 8 lendersShow fewerlargest exposure first
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| A•••••• S•••••••• C••••• F••• | $2.93M | 101¢ | 0 pts |
| N•••• H•••• P•••••• I••••• F••• L•• | $2.39M | 100¢ | 0 pts |
| C••••••• P•••••• C••••• I••••• C••• | $1.1M | 101¢ | 0 pts |
Every BDC piece · 8 positions across 8 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| O•••••• S•••••••• C••••• F••• | term loan first lien F•••• L••• T••• L••• | $92.1M | $92.1M 101c | S+550 bp |
| O•••••• S•••••••• L•••••• C••• | term loan first lien F•••• L••• T••• L••• | $46.7M | $46.7M 101c | S+550 bp |
| D••••••• C••••• C• | term loan first lien F•••• L••• D••• T••• L••• I••••••• R••• 9.14% R•••••••• R••• S••• S••••• 5.50% A••••••••• | $29.3M | $29.3M 100c | SOFR+550 bp |
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• S••••••• I••••••• R••• 6.99 R•••••••• R••• and S•••• | $7.1M | $7.0M 100c | SOFR+325 bp |
| F••••••• B•• C•••••• C••• | unstated lien unstated | $5.9M | $5.9M 101c | S+325 bp |
View all 8 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A•••••• S•••••••• C••••• F••• | term loan first lien Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 3.25% I••••••• R••• 7.01% M• | $2.9M | $2.9M 101c | SOFR+325 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 3.25% I••••••• R••• 6.99% M•••••• | $2.4M | $2.4M 100c | SOFR+325 bp |
| C••••••• P•••••• C••••• I••••• C••• | term loan first lien Investment T••• S••••• S•••••• F•••• L••• T••• L••• I••••••• T••• S + 335 I••••••• R••• 6. | $1.1M | $1.1M 101c | SOFR+325 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 $182M | 100c | SOFR+325 bp | Dec 31, 2027 | 7 |
| other lien unstated | at least $5.9M | 101c | S+325 bp | Dec 6, 2027 | 3 |
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 | 8 | $187M | $187M | 100c | 0 |
| Mar 31, 2026 | 8 | $188M | $188M | 101c | 0 |
| Dec 31, 2025 | 8 | $196M | $196M | 101c | 0 |
| Sep 30, 2025 | 8 | $281M | $282M | 101c | 0 |
All 15 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 7 | $183M | $183M | 101c | 0 |
| Mar 31, 2025 | 6 | $182M | $181M | 101c | 0 |
| Dec 31, 2024 | 6 | $191M | $190M | 101c | 0 |
| Sep 30, 2024 | 7 | $189M | $188M | 101c | 0 |
| Jun 30, 2024 | 7 | $187M | $185M | 101c | 0 |
| Mar 31, 2024 | 5 | $162M | $160M | 100c | 0 |
| Dec 31, 2023 | 3 | $144M | $142M | 100c | 0 |
| Sep 30, 2023 | 1 | $2.4M | $2.4M | 98c | 0 |
| Jun 30, 2023 | 1 | $2.5M | $2.4M | 97c | 0 |
| Mar 31, 2023 | 1 | $2.5M | $2.3M | 94c | 0 |
| Dec 31, 2022 | 1 | $2.5M | $2.3M | 93c | 0 |
What changed
- Maturity approachingDec 31, 2027
- Maturity approachingDec 6, 2027
- Maturity approachingDec 6, 2027
- Spread changed (observed)Dec 31, 2025
- New lender joined a facilitySep 30, 2025
Full timeline · 13 eventsShow fewer
- New lender joined a facilityJun 30, 2025
- Lender left a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Maturity shortened (observed)Dec 31, 2024
- Lender left a facilitySep 30, 2024
- New lender joined a facilityJun 30, 2024
- New lender joined a facilityJun 30, 2024
- New lender joined a facilityMar 31, 2024
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- ARCHESderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 10 BDCsderived
- Industry
- Interactive Media & Servicesreportedas one filer wrote it