DFX Intelligence
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Borrower
A• A••••• B••••• I••
group grade Aon a schedule nowsponsor unattributed
Also written as: AI A••••• US B••••, Inc; Inc. Emerald JV LP
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
101¢ · 101¢ · 101¢ · 101¢ · 101¢Q1 2025 to Q1 2026
Principal held
at least $256M
sum of BDC pieces, a lower bound
Fair value
$256M
101c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
5
3 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Dec 1, 2028
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Mar 31, 2026
Events
4
dated, non-routine
Lender marks
each lender's own fair value over cost at Mar 31, 2026, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | $245M | 101¢ | 0 pts |
| B••••••••• S•••••• L•••••• F••• | $7.53M | 101¢ | 0 pts |
| N•• M••••••• F•••••• C••• | $3.06M | 100¢ | 0 pts |
Every BDC piece · 3 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $245M | $245M 101c | S+475 bp |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $7.5M | $7.5M 101c | S+475 bp |
| N•• M••••••• F•••••• C••• | term loan first lien F•••• lien | $3.1M | $3.1M 100c | S+475 bp |
Capital structure as the BDCs see it
latest quarter end Mar 31, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| delayed draw term loan lien unstated exited Mar 31, 2026 | at least $253M | 101c | S+475 bp | Dec 21, 2028 | 2 |
| other lien unstated exited Dec 31, 2022 | at least $173M | 100c | S+550 bp PIK 9.75% | Dec 29, 2029 | 2 |
| first lien term loan first lien exited Mar 31, 2026 | at least $3.1M | 100c | S+475 bp | Dec 1, 2028 | 1 |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2026 | 3 | $256M | $256M | 101c | 0 |
| Dec 31, 2025 | 3 | $259M | $256M | 101c | 0 |
| Sep 30, 2025 | 3 | $259M | $256M | 101c | 0 |
| Jun 30, 2025 | 3 | $259M | $256M | 101c | 0 |
All 16 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2025 | 3 | $259M | $256M | 101c | 0 |
| Dec 31, 2024 | 3 | $518M | $512M | 101c | 0 |
| Sep 30, 2024 | 3 | $259M | $256M | 101c | 0 |
| Jun 30, 2024 | 3 | $287M | $284M | 101c | 2 |
| Mar 31, 2024 | 2 | $207M | $207M | 101c | 2 |
| Dec 31, 2023 | 2 | $237M | $237M | 101c | 2 |
| Sep 30, 2023 | 4 | $228M | $226M | 101c | 2 |
| Jun 30, 2023 | 2 | $211M | $207M | 99c | 2 |
| Mar 31, 2023 | 2 | $172M | $168M | 99c | 2 |
| Dec 31, 2022 | 2 | $173M | $169M | 100c | 2 |
| Sep 30, 2022 | 2 | $144M | $140M | 100c | 2 |
| Dec 31, 2021 | 2 | $178M | $174M | 100c | 0 |
What changed
- Facility left every BDC scheduleMar 31, 2026
- Facility left every BDC scheduleMar 31, 2026
- Maturity shortened (observed)Sep 30, 2024
- Maturity shortened (observed)Sep 30, 2024
- Maturity extended (observed)Jun 30, 2023
Full timeline · 13 eventsShow fewer
- Maturity extended (observed)Jun 30, 2023
- Maturity extended (observed)Jun 30, 2023
- Facility left every BDC scheduleDec 31, 2022
- Spread increasedDec 31, 2022
- Maturity extended (observed)Dec 31, 2022
- Maturity extended (observed)Dec 31, 2022
- PIK interest appearsSep 30, 2022
- PIK interest appearsSep 30, 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
- AI ALTIUSderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 5 BDCsderived