DFX Intelligence
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Borrower
T••••••••• S••
Also written as: Emerald JV LP; Teamsystem Holdco 3 S.p.A; Teamsystem Holdco 3 SpA; T••••••••• S.p.A
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
100¢ · 100¢ · 96¢ · 96¢Q3 2025 to Q2 2026
Principal held
at least $41.5M
sum of BDC pieces, a lower bound
Fair value
$46.4M
96c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
2
1 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Jul 7, 2033
no dated debt inside 24 months
On the tape since
Dec 31, 2022
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••• | $41.5M | 96¢ | 0 pts |
Every BDC piece · 1 position across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | notes lien unstated N••••••••• I••••• | $41.5M | $46.4M 96c | S+575 bp PIK 6.50% |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
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 | $41.5M | $46.4M | 96c | 1 |
| Mar 31, 2026 | 1 | $41.5M | $46.5M | 96c | 0 |
| Dec 31, 2025 | 1 | $41.5M | $48.3M | 100c | 0 |
| Sep 30, 2025 | 1 | $41.5M | $48.3M | 100c | 0 |
All 12 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 1 | $0 | $0 | n/a | 0 |
| Jun 30, 2024 | 1 | $19.8M | $21.2M | 112c | 0 |
| Mar 31, 2024 | 1 | $19.8M | $21.4M | 113c | 0 |
| Dec 31, 2023 | 1 | $19.8M | $21.9M | 115c | 0 |
| Sep 30, 2023 | 1 | $19.8M | $21.0M | 111c | 0 |
| Jun 30, 2023 | 1 | $19.8M | $22.2M | 117c | 0 |
| Mar 31, 2023 | 1 | $19.8M | $22.1M | 117c | 0 |
| Dec 31, 2022 | 1 | $39.6M | $42.8M | 113c | 0 |
What changed
- PIK interest appearsJun 30, 2026
- PIK interest appearsJun 30, 2026
- Facility left every BDC scheduleJun 30, 2024
- Lender left a facilityJun 30, 2024
- Marked down (one lender)Sep 30, 2023
Full timeline · 6 eventsShow fewer
- New borrower on a BDC scheduleDec 31, 2022
Sponsor
Possible relationship, not established: S••••• L••• T••••••••• M••••••••• L••, because a company of this name is on the sponsor's portfolio page (confidence 0.55). No deal announcement or filing names it as a party, so it is not shown as this borrower’s sponsor.
- S••••• L••• T••••••••• M••••••••• L••
- the sponsor's own portfolio page lists a company of this nameestimatedsilverlake.com"••• Locked"
- P•••••• C•••••• P•••••••• L•
- the sponsor's own portfolio page lists a company of this nameestimatedpalamon.com"••• Locked"
- H•••••• • F••••••• L••
- the sponsor's own portfolio page lists a company of this nameestimatedhf.com"••• Locked"
Identity
- Group key
- TEAMSYSTEMderivedthe codename stem after legal suffixes and deal words
- Spellings
- 3 across 2 BDCsderived