DFX Intelligence
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Borrower
O•••• A••••••••• L••
Materialsgroup grade Aoff every schedule since Dec 31, 2025sponsor unattributed
Also written as: Emerald JV LP; LLC First and; LLC Type; Verdelite JV LP
Nothing material in the last 200 days. Last change: 31 Dec 2025, Consensus mark 73¢ on cost, down from 99¢ a year ago, 94¢ last quarter.
Mark path, consensus per quarter end
99¢ · 94¢ · 93¢ · 94¢ · 73¢Q4 2024 to Q4 2025
Principal held
at least $22.0M
sum of BDC pieces, a lower bound
Fair value
$15.8M
73c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
7
3 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Apr 29, 2029
no dated debt inside 24 months
On the tape since
Mar 31, 2023
latest Dec 31, 2025
Events
7
dated, non-routine
Lender marks
each lender's own fair value over cost at Dec 31, 2025, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | $15.2M | 72¢ | -22 pts |
| F••••••• P•••••• C••••• F••• | $4.9M | 71¢ | -22 pts |
| C••••••• P•••••• C••••• I••••• C••• | $1.85M | 78¢ | -24 pts |
Every BDC piece · 5 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $9.9M | $7.1M 73c | S+425 bp |
| F••••••• P•••••• C••••• F••• | term loan first lien F•••• L••• D••• T••• L••• R•••••••• R••• and S••••• S••• + 4.25% I••••••• R••• 7.92% M•••• | $4.9M | $3.5M 71c | SOFR+425 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated N••••••••• I••••• | $2.9M | $2.1M 72c | S+425 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $2.4M | $1.7M 72c | S+425 bp |
| C••••••• P•••••• C••••• I••••• C••• | term loan first lien Investment T••• S••••• S•••••• F•••• L••• T••• L••• I••••••• T••• S + 425, 50 F•••• I••••• | $1.8M | $1.3M 78c | SOFR+425 bp |
Capital structure as the BDCs see it
latest quarter end Dec 31, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| other lien unstated exited Dec 31, 2025 | at least $15.2M | 72c | S+425 bp | Apr 29, 2029 | 1 |
| first lien term loan first lien exited Dec 31, 2025 | at least $6.7M | 73c | SOFR+425 bp | Apr 30, 2029 | 2 |
| second lien term loan second lien exited Sep 30, 2025 | at least $987,277 | 94c | SOFR+425 bp | Apr 29, 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 |
|---|---|---|---|---|---|
| Dec 31, 2025 | 3 | $22.0M | $15.8M | 73c | 0 |
| Sep 30, 2025 | 7 | $39.0M | $36.4M | 94c | 0 |
| Jun 30, 2025 | 7 | $38.5M | $35.4M | 93c | 0 |
| Mar 31, 2025 | 6 | $41.5M | $38.8M | 94c | 0 |
All 12 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2024 | 6 | $73.4M | $72.6M | 99c | 0 |
| Sep 30, 2024 | 6 | $27.8M | $50.2M | 99c | 0 |
| Jun 30, 2024 | 5 | $27.5M | $43.5M | 100c | 0 |
| Mar 31, 2024 | 4 | $15.6M | $15.7M | 101c | 0 |
| Dec 31, 2023 | 4 | $20.5M | $20.3M | 102c | 0 |
| Sep 30, 2023 | 3 | $11.6M | $11.6M | 102c | 0 |
| Jun 30, 2023 | 2 | $9.8M | $9.6M | 101c | 0 |
| Mar 31, 2023 | 2 | $3.0M | $2.9M | 100c | 0 |
What changed
- Facility left every BDC scheduleDec 31, 2025
- Marked down across lendersDec 31, 2025
- Facility left every BDC scheduleDec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
Full timeline · 20 eventsShow fewer
- Marked down (one lender)Dec 31, 2025
- Facility left every BDC scheduleSep 30, 2025
- New lender joined a facilityJun 30, 2025
- Marked down across lendersMar 31, 2025
- Marked down across lendersMar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down (one lender)Mar 31, 2025
- New lender joined a facilityMar 31, 2024
- New lender joined a facilityDec 31, 2023
- New lender joined a facilitySep 30, 2023
- New borrower on a BDC scheduleMar 31, 2023
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- OSCARderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 7 BDCsderived
- Industry
- Materialsreportedas one filer wrote it