DFX Intelligence
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Borrower
S••••••••• I••
group grade Aoff every schedule since Mar 31, 2025sponsor unattributed
Also written as: Emerald JV LP; Inc. 1 Emerald JV LP; Inc. 2 Emerald JV LP; Inc.1
Nothing material in the last 200 days. Last change: 31 Mar 2025, $1.18B principal held by 2 lenders; matures Oct 2028.
Mark path, consensus per quarter end
99¢ · 99¢ · 99¢ · 99¢ · 99¢Q1 2024 to Q1 2025
Principal held
at least $1.2B
sum of BDC pieces, a lower bound
Fair value
$1.2B
99c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
4
2 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Oct 5, 2028
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Mar 31, 2025
Events
3
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••• | $903M | 99¢ | 0 pts |
| B••••••••• S•••••• L•••••• F••• | $282M | 99¢ | 0 pts |
Every BDC piece · 5 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $835M | $820M 99c | S+575 bp |
| B••••••••• S•••••• L•••••• F••• | unstated lien unstated | $278M | $273M 99c | S+575 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $58.2M | $57.2M 99c | S+575 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $9.8M | $9.6M 99c | S+575 bp |
| B••••••••• S•••••• L•••••• F••• | unstated lien unstated | $3.3M | $3.2M 99c | S+575 bp |
Capital structure as the BDCs see it
latest quarter end Mar 31, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| other lien unstated exited Mar 31, 2025 | at least $1.2B | 99c | S+575 bp | Oct 5, 2028 | 2 |
| first lien term loan first lien exited Dec 31, 2022 | at least $147M | 96c | S+575 bp | Oct 1, 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 |
|---|---|---|---|---|---|
| Mar 31, 2025 | 2 | $1.2B | $1.2B | 99c | 0 |
| Dec 31, 2024 | 2 | $2.4B | $2.3B | 99c | 0 |
| Sep 30, 2024 | 2 | $1.2B | $1.2B | 99c | 0 |
| Jun 30, 2024 | 2 | $1.2B | $1.2B | 99c | 0 |
All 12 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2024 | 2 | $1.2B | $1.2B | 99c | 0 |
| Dec 31, 2023 | 2 | $1.3B | $1.2B | 99c | 0 |
| Sep 30, 2023 | 2 | $1.2B | $1.2B | 99c | 0 |
| Jun 30, 2023 | 2 | $1.2B | $1.2B | 99c | 0 |
| Mar 31, 2023 | 2 | $1.1B | $1.1B | 99c | 0 |
| Dec 31, 2022 | 3 | $1.4B | $1.3B | 99c | 0 |
| Sep 30, 2022 | 3 | $1.3B | $1.3B | 99c | 0 |
| Dec 31, 2021 | 4 | $1.4B | $1.4B | 100c | 0 |
What changed
- Facility left every BDC scheduleMar 31, 2025
- Facility left every BDC scheduleDec 31, 2022
- New borrower on a BDC scheduleDec 31, 2021
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- STAMPS COMderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 4 BDCsderived