DFX Intelligence
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Borrower
G• R••••• I••••••••• L••
group grade Aon a schedule nowsponsor unattributed
Also written as: 1; Emerald JV LP; Rectangle Health
What matters now
- 100¢ → 91¢consensus mark
Consensus mark 91¢ on cost, down from 100¢ a year ago, 94¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived8 of 8 lenders' own marks, weighted by principal - $266Mprincipal outstanding
$266M principal held by 8 lenders; matures Oct 2027.
Q2 2026 · Refinancing is due in 12 months at a 91¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
100¢ · 100¢ · 100¢ · 94¢ · 91¢Q2 2025 to Q2 2026
Where each lender marks it on the first lien term loan, 5 points apart
88¢93¢
Principal held
at least $266M
sum of BDC pieces, a lower bound
Fair value
$240M
91c on cost, debt pieces
Unfunded
$9.0M
commitments not yet drawn
BDC lenders
9
8 on the latest quarter
Facilities
6
0 equity pieces beside them
Next maturity
Oct 1, 2027
$5.6M inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
6
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••• | $151M | 91¢ | -4 pts |
| B••• O•• T••••••••• F•••••• C•••• | $27.8M | 91¢ | -3 pts |
| B••• O•• C•••••• C••• | $25.7M | 92¢ | -3 pts |
| B••• O•• C••••• I••••• C•••• | $25.2M | 91¢ | -3 pts |
| B••••••••• S•••••• L•••••• F••• | $16.8M | 91¢ | -4 pts |
View all 8 lendersShow fewerlargest exposure first
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| A••• C•••••• C••• | $14.9M | 89¢ | -3 pts |
| B••• O•• T••••••••• I••••• C•••• | $4.12M | 91¢ | -3 pts |
| B••• O•• C•••••• C••• I• | $927K | 91¢ | -2 pts |
Every BDC piece · 22 positions across 8 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | revolver lien unstated N••••••••• I••••• | $108M | $96.9M 91c | S+600 bp |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated | $43.2M | $39.1M 91c | S+600 bp |
| B••• O•• T••••••••• F•••••• C•••• | term loan first lien F•••• lien senior secured loan | N••••••••• I••••• | $26.5M | $24.1M 92c | S+600 bp |
| B••• O•• C•••••• C••• | term loan first lien F•••• lien senior secured loan | N••••••••• | $24.5M | $22.2M 93c | S+600 bp |
| B••• O•• C••••• I••••• C•••• | term loan first lien F•••• lien senior secured loan | N••••••••• I••••• | $24.2M | $22.0M 91c | S+600 bp |
View all 22 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• S•••••• L•••••• F••• | revolver lien unstated N••••••••• I••••• | $16.8M | $15.1M 91c | S+600 bp |
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan | $9.8M | $8.6M 88c | S+600 bp |
| B••• O•• T••••••••• I••••• C•••• | term loan first lien F•••• lien senior secured loan | $4.1M | $3.7M 91c | S+600 bp |
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan 1 | $3.0M | $2.7M 90c | S+600 bp |
| A••• C•••••• C••• | revolver first lien F•••• lien senior secured revolving loan | $2.1M | $1.9M 90c | S+600 bp |
| B••• O•• T••••••••• F•••••• C•••• | revolver first lien F•••• lien senior secured revolving loan | N••••••••• I••••• | $1.3M | $1.1M 85c | S+600 bp |
| B••• O•• C•••••• C••• | revolver first lien F•••• lien senior secured revolving loan | N••••••••• | $1.2M | $1.0M 85c | S+600 bp |
| B••• O•• C••••• I••••• C•••• | revolver first lien F•••• lien senior secured revolving loan | N••••••••• I••••• | $976,000 | $821,000 85c | S+600 bp |
| B••• O•• C•••••• C••• I• | term loan first lien F•••• lien senior secured loan | Non A••••••••• | $884,000 | $802,000 91c | S+600 bp |
| B••• O•• C•••••• C••• I• | revolver first lien F•••• lien senior secured revolving loan | Non A••••••••• | $43,000 | $36,000 84c | S+600 bp |
| A••• C•••••• C••• | unstated lien unstated | Not disclosed | Not disclosed | |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated R••••••• | Not disclosed | Not disclosed | S+600 bp |
| B••••••••• S•••••• L•••••• F••• | revolver lien unstated R••••••• | Not disclosed | Not disclosed | S+600 bp |
| B••• O•• C•••••• C••• | revolver first lien F•••• lien senior secured revolving loan | Not disclosed | $0 | S+600 bp |
| B••• O•• C•••••• C••• I• | revolver first lien F•••• lien senior secured revolving loan | N••••••••• | Not disclosed | Not disclosed | S+600 bp |
| B••• O•• C••••• I••••• C•••• | revolver first lien F•••• lien senior secured revolving loan | N•••••••••/non-affiliated | Not disclosed | Not disclosed | S+600 bp |
| B••• O•• T••••••••• F•••••• C•••• | revolver first lien F•••• lien senior secured revolving loan | N••••••••• I•••••, 10/2027 | Not disclosed | $0 | S+600 bp |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| revolver lien unstated | at least $167M | 91c | S+600 bp | Oct 30, 2028 | 2 |
| first lien term loan first lien | at least $93.0M | 91c | S+600 bp | Oct 1, 2028 | 6 |
| first lien revolver first lien | at least $5.6M | 87c | S+600 bp | Oct 1, 2027 | 5 |
| other lien unstated | unknown | n/a | unstated | 1 | |
| delayed draw term loan lien unstated exited Dec 31, 2023 | unknown | n/a | S+575 bp | unstated | 2 |
All 6 facilitiesShow fewerheld first, largest first
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien delayed draw term loan first lien exited Sep 30, 2024 | unknown | n/a | S+600 bp | unstated | 2 |
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 | 8 | $266M | $240M | 91c | 0 |
| Mar 31, 2026 | 8 | $263M | $246M | 94c | 0 |
| Dec 31, 2025 | 8 | $258M | $255M | 100c | 0 |
| Sep 30, 2025 | 8 | $256M | $254M | 100c | 0 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 8 | $256M | $254M | 100c | 0 |
| Mar 31, 2025 | 8 | $257M | $255M | 100c | 0 |
| Dec 31, 2024 | 8 | $438M | $435M | 100c | 0 |
| Sep 30, 2024 | 9 | $258M | $256M | 100c | 0 |
| Jun 30, 2024 | 9 | $259M | $257M | 101c | 0 |
| Mar 31, 2024 | 9 | $259M | $258M | 101c | 0 |
| Dec 31, 2023 | 9 | $305M | $304M | 101c | 0 |
| Sep 30, 2023 | 8 | $252M | $250M | 101c | 0 |
| Jun 30, 2023 | 9 | $258M | $253M | 100c | 0 |
| Mar 31, 2023 | 9 | $207M | $203M | 100c | 0 |
| Dec 31, 2022 | 9 | $252M | $247M | 100c | 0 |
| Sep 30, 2022 | 4 | $162M | $159M | 100c | 0 |
| Dec 31, 2021 | 4 | $170M | $166M | 100c | 0 |
What changed
- Maturity approachingOct 1, 2027
- Marked down across lendersMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
Full timeline · 25 eventsShow fewer
- Marked down (one lender)Mar 31, 2026
- Facility left every BDC scheduleSep 30, 2024
- Maturity extended (observed)Jun 30, 2024
- New lender joined a facilityJun 30, 2024
- Lender left a facilityMar 31, 2024
- Lender left a facilityMar 31, 2024
- Maturity extended (observed)Dec 31, 2023
- Facility left every BDC scheduleDec 31, 2023
- New lender joined a facilityDec 31, 2022
- New lender joined a facilityDec 31, 2022
- New lender joined a facilityDec 31, 2022
- New lender joined a facilityDec 31, 2022
- New lender joined a facilityDec 31, 2022
- New lender joined a facilityDec 31, 2022
- New lender joined a facilityDec 31, 2022
- New lender joined a facilityDec 31, 2022
- New lender joined a facilityDec 31, 2022
- New lender joined a facilityDec 31, 2022
- New lender joined a facilitySep 30, 2022
- New borrower on a BDC scheduleDec 31, 2021
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- GI RANGERderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 9 BDCsderived