DFX Intelligence
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Borrower
B•••• L••••••
group grade Aoff every schedule since Mar 31, 2025sponsor unattributed
Also written as: Emerald JV LP
Nothing material in the last 200 days. Last change: 31 Mar 2025, Consensus mark 99¢ on cost, up from 96¢ a year ago, 96¢ last quarter.
Mark path, consensus per quarter end
96¢ · 96¢ · 100¢ · 96¢ · 99¢Q1 2024 to Q1 2025
Where each lender marks it on the term loan, 4 points apart
96¢100¢
Principal held
at least $119M
sum of BDC pieces, a lower bound
Fair value
$149M
99c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Mar 16, 2028
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Mar 31, 2025
Events
2
dated, non-routine
Lender marks
each lender's own fair value over cost at Mar 31, 2025, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | $82.7M | 100¢ | +3 pts |
| B••••••••• S•••••• L•••••• F••• | $36.6M | 97¢ | +4 pts |
Every BDC piece · 9 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | term loan lien unstated | $40.7M | $52.6M 95c | S+675 bp |
| B••••••••• S•••••• L•••••• F••• | term loan lien unstated | $26.3M | $34.0M 94c | S+675 bp |
| B••••••••• P•••••• C••••• F••• | term loan lien unstated | $26.0M | $33.6M 108c | S+650 bp |
| B••••••••• P•••••• C••••• F••• | term loan lien unstated | $8.3M | $10.9M 105c | S+600 bp |
| B••••••••• S•••••• L•••••• F••• | term loan lien unstated | $5.3M | $7.1M 105c | S+600 bp |
View all 9 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | term loan lien unstated | $5.1M | $3.6M 99c | S+600 bp |
| B••••••••• S•••••• L•••••• F••• | term loan lien unstated | $3.3M | $2.3M 99c | S+600 bp |
| B••••••••• P•••••• C••••• F••• | term loan lien unstated | $2.6M | $2.7M 105c | S+600 bp |
| B••••••••• S•••••• L•••••• F••• | term loan lien unstated | $1.7M | $1.8M 105c | S+600 bp |
Capital structure as the BDCs see it
latest quarter end Mar 31, 2025
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2025 | 2 | $119M | $149M | 99c | 0 |
| Dec 31, 2024 | 2 | $239M | $287M | 96c | 0 |
| Sep 30, 2024 | 2 | $119M | $153M | 102c | 0 |
| Jun 30, 2024 | 2 | $93.0M | $118M | 96c | 0 |
All 12 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2024 | 2 | $93.0M | $117M | 96c | 0 |
| Dec 31, 2023 | 2 | $119M | $150M | 98c | 0 |
| Sep 30, 2023 | 2 | $93.0M | $112M | 92c | 0 |
| Jun 30, 2023 | 2 | $93.0M | $117M | 96c | 0 |
| Mar 31, 2023 | 2 | $67.0M | $81.9M | 90c | 0 |
| Dec 31, 2022 | 2 | $67.0M | $81.2M | 89c | 0 |
| Sep 30, 2022 | 2 | $67.0M | $75.2M | 83c | 0 |
| Dec 31, 2021 | 2 | $67.0M | $91.6M | 101c | 0 |
What changed
- Facility left every BDC scheduleMar 31, 2025
- Marked down (one lender)Dec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Facility left every BDC scheduleJun 30, 2024
- Maturity shortened (observed)Mar 31, 2024
Full timeline · 8 eventsShow fewer
- Maturity extended (observed)Jun 30, 2023
- Marked down (one lender)Sep 30, 2022
- Marked down (one lender)Sep 30, 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
- B•••• #UKderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived