DFX Intelligence
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Borrower
A•••••••• L••
Also written as: A••••••• Finance Inc.- Corporate; A••••••• Finance, Inc; Emerald JV LP; Fin Inc - Corporate; Finance, Inc; LLC Asset Type; LLC First and
What matters now
- 100¢ → 91¢consensus mark
Consensus mark 91¢ on cost, down from 100¢ a year ago, 97¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived14 of 14 lenders' own marks, weighted by principal
Mark path, consensus per quarter end
100¢ · 100¢ · 100¢ · 97¢ · 91¢Q2 2025 to Q2 2026
Where each lender marks it, 4 points apart
90¢94¢
Principal held
at least $236M
sum of BDC pieces, a lower bound
Fair value
$222M
91c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
27
14 on the latest quarter
Facilities
6
0 equity pieces beside them
Next maturity
Jun 1, 2029
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
15
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••• O•• C••••• I••••• C•••• | $76.7M | 91¢ | -6 pts |
| A••• S•••••••• I••••• F••• | $52.1M | 90¢ | -7 pts |
| G•••• C•••••• P•••••• C••••• F••• | $29.9M | 91¢ | -6 pts |
| H•• C•••••••• L•••••• F••• | $21.1M | 91¢ | -6 pts |
| G•••••• S•••• P•••••• C••••• C•••• | $16.9M | 90¢ | -7 pts |
View all 14 lendersShow fewerlargest exposure first
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| P••••• S••••• C•••••• B•• I••• | $8.89M | 91¢ | -6 pts |
| A•••••• S•••••••• C••••• F••• | $7.4M | 91¢ | -6 pts |
| F••••••• B•• C•••••• C••• | $5.13M | 91¢ | -7 pts |
| A••••• D••• S•••••••• B•• | $4.95M | 91¢ | -6 pts |
| N•••• H•••• P•••••• I••••• F••• L•• | $4.93M | 90¢ | -7 pts |
| H•• C•••••••• C•••••• S•••••••• F••• | $3.1M | 91¢ | -6 pts |
| B••• O•• T••••••••• I••••• C•••• | $3M | 94¢ | -5 pts |
| A•••••• P•••••• C••••• F••• | $1.99M | 91¢ | -6 pts |
| F••••••• P•••••• L•••••• F••• | $8.85K | 90¢ | -6 pts |
Every BDC piece · 22 positions across 14 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••• O•• C••••• I••••• C•••• | term loan first lien F•••• lien senior secured loan | N••••••••• I••••• | $58.3M | $52.6M 90c | S+300 bp |
| A••• S•••••••• I••••• F••• | term loan first lien F•••• lien senior secured loan 1 | $36.4M | $32.8M 90c | S+325 bp |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien S••••• secured 1 | $25.0M | $22.7M 91c | S+300 bp |
| H•• C•••••••• L•••••• F••• | unstated lien unstated N••••••••• I••••• | $18.5M | $16.8M 91c | S+300 bp |
| B••• O•• C••••• I••••• C•••• | notes unsecured or subordinated U•••••••• notes | N••••••••• I••••• | $18.4M | $17.3M 94c | S+850 bp |
View all 22 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• S•••••••• I••••• F••• | term loan first lien F•••• lien senior secured loan 2 | $15.7M | $14.2M 90c | S+300 bp |
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• I•••••••• I••••••• R••• 6.89% R•••••••• R••• and S•• | $12.3M | $11.1M 90c | SOFR+325 bp |
| A•••••• S•••••••• C••••• F••• | term loan first lien Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 3.00% I••••••• R••• 6.66% M• | $6.1M | $5.5M 91c | SOFR+300 bp |
| F••••••• B•• C•••••• C••• | unstated lien unstated | $5.1M | $4.6M 91c | S+325 bp |
| P••••• S••••• C•••••• B•• I••• | term loan first lien Investment F•••• L••• S••••• S•••••• L••• I••••••• R••• 6.89% (S + 3.25%) M••••••• D••• 6/ | $5.0M | $4.5M 90c | SOFR+325 bp |
| A••••• D••• S•••••••• B•• | term loan first lien Investment T••• F•••• L••• S•••••• D••• - T••• L••• I••••••• R••• S+325, 0.00% F•••• M•••• | $5.0M | $4.5M 91c | SOFR+325 bp |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien S••••• secured 2 | $5.0M | $4.5M 91c | S+325 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• & S••••• S + 3.00% I••••••• R••• 6.64% M••••••• | $4.9M | $4.4M 90c | SOFR+300 bp |
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• I•••••••• I••••••• R••• 6.64% R•••••••• R••• and S•• | $4.6M | $4.2M 91c | SOFR+300 bp |
| P••••• S••••• C•••••• B•• I••• | term loan first lien Investment F•••• L••• S••••• S•••••• L••• I••••••• R••• 6.64% (S + 3.00%) M••••••• D••• 11 | $3.9M | $3.6M 91c | SOFR+300 bp |
| H•• C•••••••• C•••••• S•••••••• F••• | unstated lien unstated N••••••••• I••••• | $3.1M | $2.8M 91c | S+325 bp |
| B••• O•• T••••••••• I••••• C•••• | notes unsecured or subordinated U•••••••• notes | $3.0M | $2.8M 94c | S+850 bp |
| H•• C•••••••• L•••••• F••• | unstated lien unstated N••••••••• I••••• | $2.6M | $2.3M 91c | S+325 bp |
| A•••••• P•••••• C••••• F••• | term loan first lien Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 3.00% I••••••• R••• 6.66% M• | $2.0M | $1.8M 91c | SOFR+300 bp |
| A•••••• S•••••••• C••••• F••• | term loan first lien Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 3.25% I••••••• R••• 6.91% M• | $1.3M | $1.2M 91c | SOFR+325 bp |
| F••••••• P•••••• L•••••• F••• | term loan first lien Investment F•••• L••• - T••• L••• R•••••••• R••• and S••••• S•••+325 I••••••• R••• 6.9% M• | $4,950 | $4.5M 90c | SOFR+325 bp |
| F••••••• P•••••• L•••••• F••• | term loan first lien Investment F•••• L••• - T••• L••• R•••••••• R••• and S••••• S•••+300 I••••••• R••• 6.7% M• | $3,895 | $3.5M 90c | SOFR+300 bp |
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 $185M | 90c | SOFR+325 bp | Jun 21, 2032 | 10 |
| other lien unstated | at least $29.3M | 91c | S+325 bp | Jun 21, 2032 | 3 |
| unsecured or subordinated notes unsecured or subordinated | at least $21.4M | 94c | S+850 bp | Jun 1, 2029 | 2 |
| second lien term loan second lien exited Mar 31, 2024 | at least $5.0M | 102c | S+450 bp | Nov 6, 2030 | 1 |
| unsecured or subordinated term loan unsecured or subordinated exited Dec 31, 2023 | at least $3.7M | 102c | 7.00% | Nov 1, 2025 | 1 |
All 6 facilitiesShow fewerheld first, largest first
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| notes lien unstated exited Mar 31, 2026 | at least $500,000 | 97c | 4.25% | Feb 15, 2029 | 1 |
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 | 14 | $236M | $222M | 91c | 0 |
| Mar 31, 2026 | 16 | $228M | $221M | 97c | 0 |
| Dec 31, 2025 | 18 | $332M | $332M | 100c | 0 |
| Sep 30, 2025 | 16 | $344M | $344M | 100c | 0 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 15 | $274M | $274M | 100c | 0 |
| Mar 31, 2025 | 12 | $256M | $255M | 100c | 0 |
| Dec 31, 2024 | 13 | $469M | $471M | 101c | 0 |
| Sep 30, 2024 | 14 | $283M | $282M | 100c | 0 |
| Jun 30, 2024 | 13 | $266M | $265M | 100c | 0 |
| Mar 31, 2024 | 12 | $202M | $203M | 101c | 0 |
| Dec 31, 2023 | 13 | $204M | $204M | 101c | 0 |
| Sep 30, 2023 | 10 | $155M | $155M | 101c | 0 |
| Jun 30, 2023 | 10 | $147M | $146M | 101c | 0 |
| Mar 31, 2023 | 5 | $102M | $100M | 100c | 0 |
| Dec 31, 2022 | 7 | $191M | $182M | 97c | 0 |
| Sep 30, 2022 | 3 | $71.2M | $66.1M | 93c | 0 |
| Dec 31, 2021 | 4 | $118M | $117M | 100c | 0 |
What changed
- Marked down across lendersJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
Full timeline · 30 eventsShow fewer
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Lender left a facilityMar 31, 2026
- Facility left every BDC scheduleMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Lender left a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Maturity shortened (observed)Dec 31, 2025
- Lender left a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
- Spread increasedSep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- Maturity extended (observed)Jun 30, 2025
- New lender joined a facilityJun 30, 2025
Sponsor
Possible relationship, not established: G••••••• P•••• C•••••• L••, because a company of this name is on the sponsor's portfolio page (confidence 0.5). No deal announcement or filing names it as a party, so it is not shown as this borrower’s sponsor.
- G••••••• P•••• C•••••• L••
- the sponsor's own portfolio page lists a company of this nameestimatedgallatinpoint.com"••• Locked"
Identity
- Group key
- ACRISUREderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 27 BDCsderived
- Industry
- Insurancereportedas one filer wrote it