DFX Intelligence
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Borrower
I•• U• H•••••••• I••
group grade Con a schedule nowsponsor unattributed
Also written as: Emerald JV LP
What matters now
- 1 of 1 lenderon non-accrual
Non-accrual at 1 of 1 lender on the latest schedules, first placed in Q1 2026.
since Q1 2026 · Interest has stopped accruing; the lenders no longer expect to be paid in full.
FactBDC schedules of investments, 30 Jun 2026For restructuring advisers, special situations funds, the lenders' LPsSee every lender → - 78¢ → 39¢consensus mark
Consensus mark 39¢ on cost, down from 78¢ a year ago, 40¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived1 of 1 lender' own marks, weighted by principal - $35Mprincipal outstanding
$35M principal held by 1 lender; matures Jun 2028.
Q2 2026 · Refinancing is due in 20 months at a 39¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
78¢ · 59¢ · 55¢ · 40¢ · 39¢Q2 2025 to Q2 2026
Principal held
at least $35.0M
sum of BDC pieces, a lower bound
Fair value
$13.2M
39c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
1
0 equity pieces beside them
Next maturity
Jun 8, 2028
$35.0M inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
2
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 |
|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | $35M | 39¢ | -1 pts |
Every BDC piece · 1 position across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $35.0M | $13.2M 39c | S+525 bp |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| other lien unstated | at least $35.0M | 39c | S+525 bp | Jun 8, 2028 | 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 | $35.0M | $13.2M | 39c | 0 |
| Mar 31, 2026 | 1 | $35.0M | $13.7M | 40c | 0 |
| Dec 31, 2025 | 1 | $35.0M | $18.6M | 55c | 0 |
| Sep 30, 2025 | 1 | $35.0M | $19.9M | 59c | 0 |
All 16 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 1 | $35.0M | $26.5M | 78c | 0 |
| Mar 31, 2025 | 1 | $35.0M | $27.5M | 82c | 0 |
| Dec 31, 2024 | 1 | $70.0M | $62.8M | 94c | 0 |
| Sep 30, 2024 | 1 | $35.0M | $33.6M | 100c | 0 |
| Jun 30, 2024 | 1 | $35.0M | $33.6M | 101c | 0 |
| Mar 31, 2024 | 1 | $35.0M | $33.6M | 101c | 0 |
| Dec 31, 2023 | 1 | $70.0M | $66.3M | 100c | 0 |
| Sep 30, 2023 | 1 | $35.0M | $33.2M | 100c | 0 |
| Jun 30, 2023 | 1 | $35.0M | $33.1M | 100c | 0 |
| Dec 31, 2022 | 1 | $35.0M | $32.4M | 99c | 0 |
| Sep 30, 2022 | 1 | $8.3M | $7.7M | 98c | 0 |
| Dec 31, 2021 | 1 | $35.0M | $33.3M | 100c | 0 |
What changed
- Maturity approachingJun 8, 2028
- non accrual placedMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Sep 30, 2025
- Spread increasedJun 30, 2025
Full timeline · 7 eventsShow fewer
- Marked down (one lender)Mar 31, 2025
- Marked down (one lender)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
- ICS US HOLDINGderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived