M••• I••

group grade Con a schedule nowsponsor unattributed

Also written as: Emerald JV LP

What matters now

96¢ → 100¢
consensus mark
Consensus mark 100¢ on cost, up from 96¢ in Q4 2022.
Q2 2026 · The lenders' own valuations moved back up.
Derived1 of 1 lender' own marks, weighted by principal

Mark path, consensus per quarter end

96¢ · 100¢Q4 2022 to Q2 2026

Principal held

at least $1.4M

sum of BDC pieces, a lower bound

Fair value

$1.4M

100c on cost, debt pieces

Unfunded

Not disclosed

commitments not yet drawn

BDC lenders

1 on the latest quarter

Facilities

0 equity pieces beside them

Next maturity

Mar 31, 2032

no dated debt inside 24 months

On the tape since

Dec 31, 2022

latest Jun 30, 2026

Events

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
P•••• C•••••• S•••••••• B•• C••••	$1.37M	100¢	new this quarter

Every BDC piece · 1 position across 1 lenderlargest principal first, with instrument and rate

BDC	Instrument	Principal	Fair value	Rate
P•••• C•••••• S•••••••• B•• C••••	term loan first lien T••• L••• \| D••• Investments \| F•••• L••• S••••• S•••••• \| S••• + 4.750% \| 8.391% \| 03/31/	$1.4M	$1.4M 100c	SOFR+475 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 $1.4M	100c	SOFR+475 bp	Mar 31, 2032	1
other lien unstated exited Dec 31, 2022	at least $200,000	96c	S+400 bp	Nov 15, 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
Jun 30, 2026	1	$1.4M	$1.4M	100c	0
Dec 31, 2022	1	$200,000	$175,000	96c	0

What changed

Identity