DFX Intelligence
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Borrower
V• B••••• L••
Softwaregroup grade Aon a schedule nowsponsor unattributed
Also written as: LLC 1 Emerald JV LP; LLC Asset Type; LLC Emerald JV LP; Services; Software; Software/Services; Veeam
Principal held
at least $17.7M
sum of BDC pieces, a lower bound
Fair value
$15.8M
94c on cost, debt pieces
Unfunded
$17.1M
commitments not yet drawn
BDC lenders
14
5 on the latest quarter
Facilities
4
0 equity pieces beside them
Next maturity
Oct 11, 2030
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
8
dated, non-routine
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 $14.3M | 97c | SOFR+225 bp | Apr 14, 2031 | 10 |
| revolver lien unstated | at least $3.3M | 77c | S+225 bp | Apr 12, 2031 | 2 |
| first lien revolver first lien | at least $100,000 | n/a | SOFR+250 bp | Oct 11, 2030 | 1 |
| other lien unstated exited Dec 31, 2024 | at least $1.1M | 101c | S+275 bp | Apr 14, 2031 | 3 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A• P•••••• L•••••• F••• | term loan first lien US C•••••••• D••• | 1st L•••/S••••• S•••••• D••• | T••• L••• | 5.98% (S + 2.25%) | 4/12/20 | $496,250 | $475,780 97c | SOFR+225 bp |
| A•••••• P•••••• C••••• F••• | revolver first lien C••••••••• T••• R••••••• C••••••••• E••••••••• D••• 10/11/2030 | n/a | $-3,000 | |
| A•••••• P•••••• C••••• F••• | revolver first lien Asset T••• F•••• L••• R••••••• R•••••••• R••• and S••••• S + 2.50% I••••••• R••• 6.25% M•• | $100,000 | $-3,000 | SOFR+250 bp |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated R••••••• | n/a | n/a | |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated N••••••••• I••••• | $3.3M | $2.0M 77c | S+225 bp |
| F••••••• P•••••• C••••• F••• | term loan first lien F•••• L••• D••• T••• L••• R•••••••• R••• and S••••• S••• + 2.25% I••••••• R••• 5.91% M•••• | $2.0M | $1.9M 98c | SOFR+225 bp |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien S••••• secured | $11.8M | $11.4M 96c | S+225 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 | 5 | $17.7M | $15.8M | 94c | 0 |
| Mar 31, 2026 | 6 | $37.9M | $36.1M | 97c | 0 |
| Dec 31, 2025 | 4 | $35.9M | $35.9M | 102c | 0 |
| Sep 30, 2025 | 4 | $48.3M | $47.3M | 99c | 0 |
| Jun 30, 2025 | 6 | $44.9M | $44.1M | 100c | 0 |
| Mar 31, 2025 | 6 | $39.9M | $39.0M | 99c | 0 |
| Dec 31, 2024 | 7 | $66.8M | $65.3M | 100c | 0 |
| Sep 30, 2024 | 8 | $36.4M | $35.5M | 100c | 0 |
| Jun 30, 2024 | 6 | $32.5M | $32.6M | 100c | 0 |
| Mar 31, 2024 | 2 | $9.0M | $9.0M | 101c | 0 |
| Dec 31, 2023 | 2 | $9.5M | $9.6M | 101c | 0 |
| Sep 30, 2023 | 2 | $6.5M | $6.5M | 101c | 0 |
| Jun 30, 2023 | 4 | $5.4M | $5.1M | 100c | 0 |
| Mar 31, 2023 | 2 | $1.1M | $1.1M | 101c | 0 |
| Dec 31, 2022 | 3 | $4.2M | $4.1M | 99c | 0 |
| Dec 31, 2021 | 1 | $0 | $0 | n/a | 0 |
What changed
- Marked down across lendersJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- New lender joined a facilityMar 31, 2026
- New lender joined a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- New lender joined a facilityDec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Spread changed (observed)Sep 30, 2025
- Spread changed (observed)Sep 30, 2025
- Lender left a facilitySep 30, 2025
- Spread changed (observed)Sep 30, 2025
- Lender left a facilityJun 30, 2025
- Lender left a facilityJun 30, 2025
- Spread changed (observed)Dec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- Lender left a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
- New lender joined a facilitySep 30, 2024
- Lender left a facilitySep 30, 2024
- Lender left a facilitySep 30, 2024
- Maturity extended (observed)Jun 30, 2024
- New lender joined a facilityJun 30, 2024
- New lender joined a facilityJun 30, 2024
- New lender joined a facilityJun 30, 2024
- New lender joined a facilityJun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Lender left a facilityMar 31, 2024
- Lender left a facilityJun 30, 2023
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- V• B••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 14 BDCsderived
- Industry
- Softwarereportedas one filer wrote it