DFX Intelligence
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Borrower
Z••••• I••••••••• L••
group grade Aon a schedule nowsponsor unattributed
Also written as: Emerald JV LP; LLC Health Care; Verdelite JV LP; Zipari; Z••••• Purchaser LLC
What matters now
- 100¢ → 92¢consensus mark
Consensus mark 92¢ on cost, down from 100¢ a year ago, 93¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived1 of 1 lender' own marks, weighted by principal
Mark path, consensus per quarter end
100¢ · 100¢ · 100¢ · 93¢ · 92¢Q2 2025 to Q2 2026
Principal held
at least $23.8M
sum of BDC pieces, a lower bound
Fair value
$21.9M
92c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
5
1 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Feb 14, 2032
no dated debt inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2026
Events
8
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••• | $23.8M | 92¢ | -1 pts |
Every BDC piece · 3 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $18.9M | $17.3M 92c | S+350 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated N••••••••• I••••• | $4.0M | $3.7M 93c | S+350 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $993,000 | $913,000 92c | S+350 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 $23.8M | 92c | S+350 bp | Feb 14, 2032 | 1 |
| first lien term loan first lien exited Dec 31, 2025 | at least $998,000 | 100c | SOFR+350 bp | Feb 14, 2032 | 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 | 1 | $23.8M | $21.9M | 92c | 0 |
| Mar 31, 2026 | 1 | $23.9M | $22.1M | 93c | 0 |
| Dec 31, 2025 | 2 | $28.9M | $28.9M | 100c | 0 |
| Sep 30, 2025 | 2 | $29.0M | $28.9M | 100c | 0 |
All 14 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 1 | $28.0M | $27.9M | 100c | 0 |
| Mar 31, 2025 | 1 | $20.0M | $19.8M | 99c | 0 |
| Dec 31, 2024 | 1 | $10.0M | $10.0M | 100c | 0 |
| Jun 30, 2024 | 2 | $118M | $33.2M | 30c | 0 |
| Mar 31, 2024 | 2 | $111M | $67.6M | 62c | 0 |
| Dec 31, 2023 | 2 | $223M | $135M | 62c | 0 |
| Sep 30, 2023 | 2 | $111M | $67.7M | 62c | 0 |
| Jun 30, 2023 | 2 | $111M | $0 | n/a | 0 |
| Mar 31, 2023 | 2 | $57.8M | $0 | n/a | 0 |
| Dec 31, 2022 | 2 | $111M | $100M | 92c | 0 |
What changed
- Marked down (one lender)Mar 31, 2026
- Facility left every BDC scheduleDec 31, 2025
- Mark recoveredSep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- Spread changed (observed)Sep 30, 2025
Full timeline · 11 eventsShow fewer
- Marked down across lendersJun 30, 2024
- Marked down (one lender)Jun 30, 2024
- Marked down (one lender)Jun 30, 2024
- non accrual placedSep 30, 2023
- non accrual placedSep 30, 2023
- New borrower on a 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
- ZODIACderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 5 BDCsderived