DFX Intelligence
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Borrower
S•• A••••••••• B•••••••• I••
Softwaregroup grade Aoff every schedule since Mar 31, 2025sponsor unattributed
Also written as: Emerald JV LP; Verdelite JV LP
Nothing material in the last 200 days. Last change: 31 Mar 2025, Consensus mark 98¢ on cost, down from 101¢ a year ago, 100¢ last quarter.
Mark path, consensus per quarter end
101¢ · 101¢ · 100¢ · 100¢ · 98¢Q1 2024 to Q1 2025
Principal held
at least $13.5M
sum of BDC pieces, a lower bound
Fair value
$13.4M
98c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
3
1 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Dec 5, 2031
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Mar 31, 2025
Events
5
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 |
|---|---|---|---|
| G•••••• S•••• P•••••• C••••• C•••• | $13.5M | 98¢ | -2 pts |
Every BDC piece · 1 position across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• S••••••• I••••••• R••• 7.56% R•••••••• R••• and S••• | $13.5M | $13.4M 98c | SOFR+325 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 Sep 30, 2024 | at least $20.5M | 101c | S+400 bp | Aug 14, 2026 | 1 |
| first lien term loan first lien exited Mar 31, 2025 | at least $13.5M | 98c | SOFR+325 bp | Dec 5, 2031 | 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 | 1 | $13.5M | $13.4M | 98c | 0 |
| Dec 31, 2024 | 1 | $7.8M | $7.8M | 100c | 0 |
| Sep 30, 2024 | 2 | $24.8M | $24.9M | 100c | 0 |
| Jun 30, 2024 | 2 | $24.9M | $24.9M | 101c | 0 |
All 12 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2024 | 2 | $24.9M | $25.0M | 101c | 0 |
| Dec 31, 2023 | 2 | $33.4M | $33.5M | 101c | 0 |
| Sep 30, 2023 | 2 | $25.0M | $25.0M | 100c | 0 |
| Jun 30, 2023 | 1 | $21.5M | $21.5M | 100c | 0 |
| Mar 31, 2023 | 1 | $13.1M | $12.9M | 98c | 0 |
| Dec 31, 2022 | 1 | $21.6M | $21.1M | 98c | 0 |
| Sep 30, 2022 | 1 | $20.3M | $19.9M | 98c | 0 |
| Dec 31, 2021 | 1 | $3.0M | $3.0M | 100c | 0 |
What changed
- Facility left every BDC scheduleMar 31, 2025
- Spread changed (observed)Mar 31, 2025
- Spread increasedMar 31, 2025
- New lender joined a facilityDec 31, 2024
- Maturity extended (observed)Dec 31, 2024
Full timeline · 7 eventsShow fewer
- Spread changed (observed)Dec 31, 2024
- Facility left every BDC scheduleSep 30, 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
- S•• A••••••••• B•••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 3 BDCsderived
- Industry
- Softwarereportedas one filer wrote it