DFX Intelligence
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Borrower
P•••••• P•••••••• L••
Construction Materialsgroup grade Aon a schedule nowsponsor unattributed
Also written as: Emerald JV LP
Principal held
at least $165M
sum of BDC pieces, a lower bound
Fair value
$163M
100c on cost, debt pieces
Unfunded
$11.6M
commitments not yet drawn
BDC lenders
7
6 on the latest quarter
Facilities
4
0 equity pieces beside them
Next maturity
Nov 1, 2027
$165M inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
11
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 $148M | 100c | S+550 bp | Nov 12, 2027 | 2 |
| first lien term loan first lien | at least $16.2M | 100c | SOFR+550 bp | Nov 12, 2027 | 5 |
| other lien unstated exited Mar 31, 2023 | at least $77.6M | 99c | S+550 bp | Nov 12, 2027 | 2 |
| delayed draw term loan lien unstated exited Dec 31, 2022 | unknown | n/a | S+550 bp | unstated | 2 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A•••••• S•••••••• C••••• F••• | term loan first lien Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 5.50% I••••••• R••• 9.35% M• | $244,000 | $242,000 100c | SOFR+550 bp |
| A••••• D••• S•••••••• B•• | term loan first lien Investment T••• F•••• L••• S•••••• D••• – T••• L••• I••••••• R••• S+560, 0.75% F•••• M•••• | $4.8M | $4.8M 100c | SOFR+560 bp |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated R••••••• 1 | n/a | n/a | |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated N••••••••• I••••• | $2.6M | $2.6M 99c | S+450 bp |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated R••••••• 2 | n/a | n/a | |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated N••••••••• I••••• | $3.3M | $3.2M 99c | S+550 bp |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated | $73.4M | $72.8M 100c | S+550 bp |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated N••••••••• I••••• | $61.6M | $61.2M 100c | S+550 bp |
| B••••••••• S•••••• L•••••• F••• | revolver lien unstated R••••••• 2 | n/a | n/a | |
| B••••••••• S•••••• L•••••• F••• | revolver lien unstated N••••••••• I••••• | $173,000 | $170,000 99c | S+550 bp |
| B••••••••• S•••••• L•••••• F••• | revolver lien unstated N••••••••• I••••• | $7.1M | $7.1M 100c | S+550 bp |
| B••••••••• S•••••• L•••••• F••• | revolver lien unstated R••••••• 1 | n/a | n/a | |
| B••••••••• S•••••• L•••••• F••• | revolver lien unstated N••••••••• I••••• | $138,000 | $135,000 98c | S+450 bp |
| G•••• C•••••• B••• I••• | term loan first lien One stop 4 | N••••••••• I••••• | $24,000 | $24,000 100c | S+450 bp |
| G•••• C•••••• B••• I••• | term loan first lien One stop 2 | N••••••••• I••••• | $1.8M | $1.8M 100c | S+550 bp |
| G•••• C•••••• B••• I••• | term loan first lien One stop 1 | N••••••••• I••••• | $8.9M | $8.8M 100c | S+550 bp |
| G•••• C•••••• B••• I••• | term loan first lien One stop 3 | N••••••••• I••••• | $30,000 | $30,000 100c | S+550 bp |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien One stop 1 | $345,000 | $343,000 100c | S+550 bp |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien One stop 3 | $15,000 | $15,000 100c | S+550 bp |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien One stop 4 | $12,000 | $12,000 100c | S+450 bp |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien One stop 2 | $70,000 | $70,000 100c | S+550 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 | 6 | $165M | $163M | 100c | 0 |
| Mar 31, 2026 | 6 | $169M | $167M | 100c | 0 |
| Dec 31, 2025 | 6 | $166M | $165M | 100c | 0 |
| Sep 30, 2025 | 6 | $180M | $178M | 100c | 0 |
| Jun 30, 2025 | 6 | $168M | $165M | 99c | 0 |
| Mar 31, 2025 | 6 | $171M | $168M | 99c | 0 |
| Dec 31, 2024 | 6 | $312M | $302M | 98c | 1 |
| Sep 30, 2024 | 6 | $170M | $165M | 99c | 0 |
| Jun 30, 2024 | 6 | $165M | $161M | 99c | 0 |
| Mar 31, 2024 | 7 | $166M | $160M | 98c | 0 |
| Dec 31, 2023 | 6 | $238M | $230M | 98c | 0 |
| Sep 30, 2023 | 6 | $174M | $169M | 98c | 0 |
| Jun 30, 2023 | 6 | $173M | $167M | 98c | 0 |
| Mar 31, 2023 | 6 | $94.2M | $91.9M | 105c | 0 |
| Dec 31, 2022 | 4 | $205M | $200M | 99c | 0 |
| Sep 30, 2022 | 5 | $86.8M | $84.6M | 100c | 0 |
| Dec 31, 2021 | 2 | $121M | $118M | 100c | 0 |
What changed
- Maturity approachingNov 12, 2027
- Maturity approachingNov 12, 2027
- Maturity approachingNov 12, 2027
- Maturity approachingNov 12, 2027
- Spread changed (observed)Jun 30, 2026
- Spread changed (observed)Mar 31, 2026
- Spread changed (observed)Jun 30, 2025
- PIK interest appearsDec 31, 2024
- PIK interest appearsDec 31, 2024
- Spread changed (observed)Sep 30, 2024
- Facility left every BDC scheduleMar 31, 2023
- Facility left every BDC scheduleDec 31, 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
- P•••••• P•••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 7 BDCsderived
- Industry
- Construction Materialsreportedas one filer wrote it