DFX Intelligence
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Borrower
D•••• B•••• L••
Chemicalsgroup grade Aon a schedule nowsponsor unattributed
Also written as: Delrin; Emerald JV LP; LLC 1; LLC 2
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
100¢ · 100¢ · 100¢ · 100¢ · 100¢Q2 2025 to Q2 2026
Where each lender marks it, 0 points apart
100¢100¢
Principal held
at least $24.0M
sum of BDC pieces, a lower bound
Fair value
$24.1M
100c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
6
2 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Nov 1, 2030
no dated debt inside 24 months
On the tape since
Dec 31, 2023
latest Jun 30, 2026
Events
3
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••• | $19.3M | 100¢ | 0 pts |
| B•••••••• P•••••• C••••• F••• | $4.7M | 100¢ | 0 pts |
Every BDC piece · 3 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $13.0M | $13.0M 100c | S+275 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated N••••••••• I••••• | $6.4M | $6.4M 100c | S+275 bp |
| B•••••••• P•••••• C••••• F••• | term loan first lien I••••••••• F•••• L••• T••• L••• Ref S•••(M) F•••• 1.00% S••••• 2.75% T•••• C••••• 6.39% M• | $4.7M | $4.7M 100c | SOFR+275 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 $19.3M | 100c | S+275 bp | Nov 1, 2030 | 1 |
| first lien term loan first lien | at least $4.7M | 100c | SOFR+275 bp | Nov 1, 2030 | 3 |
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 | 2 | $24.0M | $24.1M | 100c | 0 |
| Mar 31, 2026 | 3 | $40.6M | $40.5M | 100c | 0 |
| Dec 31, 2025 | 3 | $68.6M | $68.9M | 100c | 0 |
| Sep 30, 2025 | 3 | $80.1M | $80.2M | 100c | 0 |
All 11 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 3 | $78.7M | $78.3M | 100c | 0 |
| Mar 31, 2025 | 3 | $78.9M | $78.3M | 99c | 0 |
| Dec 31, 2024 | 2 | $158M | $158M | 100c | 0 |
| Sep 30, 2024 | 3 | $71.1M | $71.2M | 100c | 0 |
| Jun 30, 2024 | 3 | $83.0M | $83.3M | 100c | 0 |
| Mar 31, 2024 | 2 | $73.4M | $73.8M | 103c | 0 |
| Dec 31, 2023 | 2 | $71.4M | $71.4M | 103c | 0 |
What changed
- Lender left a facilityMar 31, 2026
- New lender joined a facilityMar 31, 2025
- Spread changed (observed)Dec 31, 2024
- Lender left a facilitySep 30, 2024
- Spread changed (observed)Jun 30, 2024
Full timeline · 6 eventsShow fewer
- New borrower on a BDC scheduleDec 31, 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
- DERBYderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 6 BDCsderived
- Industry
- Chemicalsreportedas one filer wrote it