DFX Intelligence
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Borrower
W••• M••••• P•••••••• L••
group grade Aon a schedule nowsponsor unattributed
Also written as: Emerald JV LP; LLC 1; LLC 1 Emerald JV LP; LLC 2; LLC 2 Emerald JV LP
Principal held
at least $798M
sum of BDC pieces, a lower bound
Fair value
$793M
100c on cost, debt pieces
Unfunded
$75.0M
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Nov 8, 2028
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
3
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| revolver lien unstated | at least $798M | 100c | S+475 bp | Nov 8, 2028 | 2 |
| other lien unstated exited Sep 30, 2025 | at least $804M | 100c | S+475 bp | Nov 8, 2028 | 2 |
| delayed draw term loan lien unstated exited Jun 30, 2025 | unknown | n/a | S+475 bp | unstated | 2 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | revolver lien unstated N••••••••• I••••• | $990,000 | $985,000 100c | S+475 bp |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated N••••••••• I••••• | $24.1M | $22.5M 96c | S+475 bp |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated R••••••• | n/a | n/a | S+475 bp |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated N••••••••• I••••• | $704M | $701M 100c | S+475 bp |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated R••••••• | n/a | n/a | S+475 bp |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated | $28.3M | $28.1M 100c | S+475 bp |
| B••••••••• S•••••• L•••••• F••• | revolver lien unstated N••••••••• I••••• | $491,000 | $460,000 94c | S+475 bp |
| B••••••••• S•••••• L•••••• F••• | revolver lien unstated N••••••••• I••••• | $25.7M | $25.6M 100c | S+475 bp |
| B••••••••• S•••••• L•••••• F••• | revolver lien unstated R••••••• | n/a | n/a | S+475 bp |
| B••••••••• S•••••• L•••••• F••• | revolver lien unstated N••••••••• I••••• | $14.4M | $14.3M 100c | S+475 bp |
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 | $798M | $793M | 100c | 0 |
| Mar 31, 2026 | 2 | $800M | $795M | 100c | 0 |
| Dec 31, 2025 | 2 | $802M | $793M | 100c | 0 |
| Sep 30, 2025 | 2 | $804M | $796M | 100c | 0 |
| Jun 30, 2025 | 2 | $784M | $777M | 100c | 0 |
| Mar 31, 2025 | 2 | $781M | $774M | 100c | 0 |
| Dec 31, 2024 | 2 | $1.6B | $1.6B | 100c | 0 |
| Sep 30, 2024 | 2 | $761M | $747M | 99c | 0 |
| Jun 30, 2024 | 2 | $777M | $764M | 100c | 0 |
| Mar 31, 2024 | 2 | $779M | $760M | 99c | 0 |
| Dec 31, 2023 | 2 | $810M | $790M | 99c | 0 |
| Sep 30, 2023 | 2 | $785M | $758M | 98c | 0 |
| Jun 30, 2023 | 2 | $790M | $763M | 98c | 0 |
| Mar 31, 2023 | 2 | $743M | $724M | 99c | 0 |
| Dec 31, 2022 | 2 | $1.5B | $1.5B | 99c | 0 |
| Sep 30, 2022 | 2 | $747M | $728M | 99c | 0 |
| Dec 31, 2021 | 2 | $1.5B | $1.5B | 100c | 0 |
What changed
- Facility left every BDC scheduleSep 30, 2025
- Facility left every BDC scheduleJun 30, 2025
- Spread changed (observed)Dec 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
- W••• M••••• P•••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived