DFX Intelligence
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Borrower
C•••••• G••••• I••
Construction & Engineeringgroup grade Aon a schedule nowsponsor unattributed
Also written as: Emerald JV LP
Principal held
at least $15.6M
sum of BDC pieces, a lower bound
Fair value
$15.6M
100c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
4
2 on the latest quarter
Facilities
6
0 equity pieces beside them
Next maturity
Nov 16, 2027
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
9
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 $15.6M | 100c | SOFR+475 bp | Jun 16, 2033 | 2 |
| first lien revolver first lien | unknown | n/a | SOFR+475 bp | Jun 16, 2033 | 1 |
| other lien unstated exited Dec 31, 2024 | at least $662M | 101c | S+525 bp | Nov 16, 2027 | 2 |
| first lien delayed draw term loan first lien exited Mar 31, 2026 | at least $3.8M | 100c | SOFR+475 bp | Nov 16, 2027 | 1 |
| delayed draw term loan lien unstated exited Dec 31, 2024 | unknown | n/a | Nov 16, 2027 | 3 | |
| revolver lien unstated exited Dec 31, 2024 | unknown | n/a | Nov 16, 2027 | 3 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A•••• C••••• B•• I••• | term loan first lien Investment Type 1st Lien Term Loan Index S+ Spread 4.75% Interest Rate 8.48% Acquisition D | $498,750 | $498,750 100c | SOFR+475 bp |
| A•••• P•••••• C••••• F•••• L•• | term loan first lien Investment Type 1st Lien Term Loan Index S+ Spread 4.75% Interest Rate 8.48% Acquisition D | $15.1M | $15.1M 100c | SOFR+475 bp |
| A•••• P•••••• C••••• F•••• L•• | revolver first lien Unitranche Revolver Maturity 11/16/2027 | n/a | n/a | SOFR+475 bp |
| A•••• P•••••• C••••• F•••• L•• | revolver first lien 1st Lien Revolver Maturity 6/16/2033 | n/a | n/a | SOFR+475 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 | 2 | $15.6M | $15.6M | 100c | 0 |
| Mar 31, 2026 | 2 | $27.2M | $27.2M | 100c | 0 |
| Dec 31, 2025 | 2 | $81.4M | $81.4M | 100c | 0 |
| Sep 30, 2025 | 1 | $26.5M | $26.5M | 100c | 0 |
| Jun 30, 2025 | 1 | $24.9M | $24.9M | 100c | 0 |
| Dec 31, 2024 | 3 | $712M | $712M | 101c | 0 |
| Sep 30, 2024 | 2 | $313M | $313M | 101c | 0 |
| Jun 30, 2024 | 2 | $314M | $313M | 101c | 0 |
| Mar 31, 2024 | 2 | $308M | $308M | 101c | 0 |
| Dec 31, 2023 | 2 | $309M | $303M | 100c | 0 |
| Sep 30, 2023 | 2 | $282M | $276M | 99c | 0 |
| Jun 30, 2023 | 2 | $282M | $274M | 98c | 0 |
| Mar 31, 2023 | 2 | $267M | $258M | 98c | 0 |
| Dec 31, 2022 | 2 | $262M | $254M | 98c | 0 |
| Sep 30, 2022 | 2 | $229M | $226M | 101c | 0 |
| Dec 31, 2021 | 2 | $191M | $190M | 102c | 0 |
What changed
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Mar 31, 2026
- Facility left every BDC scheduleMar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Maturity shortened (observed)Mar 31, 2026
- Maturity extended (observed)Dec 31, 2025
- New lender joined a facilityDec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Facility left every BDC scheduleDec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- Spread increasedMar 31, 2023
- Spread increasedMar 31, 2023
- Maturity extended (observed)Dec 31, 2022
- Maturity extended (observed)Dec 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
- CUMMINGderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 4 BDCsderived
- Industry
- Construction & Engineeringreportedas one filer wrote it