DFX Intelligence
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Borrower
P•••••••• A••••••••• C•••
Building Productsgroup grade Aon a schedule nowsponsor unattributed
Also written as: Emerald JV LP
Principal held
at least $10.8M
sum of BDC pieces, a lower bound
Fair value
$4.0M
39c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
5
2 on the latest quarter
Facilities
4
0 equity pieces beside them
Next maturity
Dec 31, 2028
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
13
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 $10.8M | 39c | SOFR+278 bp PIK 3.32% | Dec 31, 2028 | 3 |
| delayed draw term loan lien unstated exited Dec 31, 2024 | at least $287M | 94c | S+600 bp | Apr 1, 2027 | 2 |
| other lien unstated exited Dec 31, 2022 | at least $147M | 102c | S+575 bp | Apr 1, 2027 | 2 |
| first lien delayed draw term loan first lien exited Sep 30, 2023 | at least $1.1M | 97c | S+575 bp | Apr 30, 2027 | 2 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B•••••••• D••••• L•••••• C•••• | term loan first lien I••••••••• F•••• L••• T••• L••• Ref S•••(Q) F•••• 1.00% S••••• 2.78% C••• + 3.32% PIK T••• | $1.0M | $373,323 38c | SOFR+278 bp PIK 3.32% |
| B•••••••• T•• C•••••• C•••• | term loan first lien F•••• L••• T••• L••• Ref S•••(Q) F•••• 1.00% S••••• 2.78% C••• + 3.32% PIK T•••• C••••• 9. | $9.8M | $3.6M 39c | SOFR+278 bp PIK 3.32% |
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 | $10.8M | $4.0M | 39c | 2 |
| Mar 31, 2026 | 2 | $10.7M | $4.7M | 45c | 2 |
| Dec 31, 2025 | 2 | $10.6M | $6.0M | 57c | 0 |
| Sep 30, 2025 | 2 | $10.4M | $7.6M | 74c | 0 |
| Jun 30, 2025 | 2 | $10.4M | $9.0M | 88c | 0 |
| Mar 31, 2025 | 2 | $10.4M | $9.0M | 88c | 0 |
| Dec 31, 2024 | 4 | $299M | $279M | 94c | 0 |
| Sep 30, 2024 | 4 | $155M | $146M | 96c | 0 |
| Jun 30, 2024 | 4 | $155M | $149M | 98c | 0 |
| Mar 31, 2024 | 4 | $155M | $150M | 98c | 0 |
| Dec 31, 2023 | 5 | $164M | $157M | 97c | 0 |
| Sep 30, 2023 | 5 | $156M | $152M | 99c | 0 |
| Jun 30, 2023 | 5 | $156M | $152M | 100c | 0 |
| Mar 31, 2023 | 5 | $148M | $146M | 101c | 0 |
| Dec 31, 2022 | 5 | $161M | $160M | 102c | 0 |
| Sep 30, 2022 | 2 | $139M | $137M | 102c | 0 |
| Dec 31, 2021 | 2 | $119M | $115M | 100c | 0 |
What changed
- Marked down across lendersJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down across lendersMar 31, 2026
- PIK interest appearsMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- PIK interest appearsMar 31, 2026
- PIK interest appearsMar 31, 2026
- Maturity extended (observed)Dec 31, 2025
- Marked down across lendersDec 31, 2025
- non accrual placedDec 31, 2025
- non accrual placedDec 31, 2025
- nport default reportedDec 31, 2025••• Locked
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)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 scheduleDec 31, 2024
- Facility left every BDC scheduleSep 30, 2023
- non accrual placedMar 31, 2023
- Facility left every BDC scheduleDec 31, 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
- PORCELAINderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 5 BDCsderived
- Industry
- Building Productsreportedas one filer wrote it