DFX Intelligence
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Borrower
A••••••• I••
Softwaregroup grade Aon a schedule nowsponsor unattributed
Also written as: Emerald JV LP; Inc. Software/Services; Inc. Undrawn Commitment; Inc.Senior; Inc.Sr Secured; Services; Software
Principal held
at least $76.1M
sum of BDC pieces, a lower bound
Fair value
$72.8M
96c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
45
7 on the latest quarter
Facilities
5
0 equity pieces beside them
Next maturity
Mar 1, 2032
no dated debt inside 24 months
On the tape since
Sep 30, 2022
latest Jun 30, 2026
Events
17
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 $62.8M | 96c | SOFR+250 bp | Mar 26, 2032 | 41 |
| other lien unstated | at least $13.2M | 96c | S+250 bp | Mar 26, 2032 | 16 |
| revolver lien unstated exited Mar 31, 2026 | at least $33.8M | 98c | S+275 bp | Mar 26, 2032 | 6 |
| first lien revolver first lien exited Dec 31, 2025 | at least $13.3M | 101c | S+275 bp | Mar 26, 2032 | 23 |
| second lien revolver second lien exited Dec 31, 2024 | unknown | n/a | unstated | 3 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• S•••••••• I••••• F••• | term loan first lien F•••• lien senior secured loan | $36.0M | $34.4M 96c | S+250 bp |
| B•••••••• P•••••• C••••• F••• | term loan first lien I••••••••• F•••• L••• T••• L••• Ref S•••(Q) S••••• 2.50% T•••• C••••• 6.23% M••••••• 3/26/ | $460,359 | $441,945 96c | SOFR+250 bp |
| B••• O•• C••••• I••••• C•••• | term loan first lien F•••• lien senior secured loan | N••••••••• I••••• | $2.5M | $2.4M 98c | S+250 bp |
| B••• O•• T••••••••• F•••••• C•••• | term loan first lien F•••• lien senior secured loan | N••••••••• I••••• | $2.5M | $2.4M 98c | S+250 bp |
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• S••••••• I••••••• R••• 6.23% R•••••••• R••• and S••• | $5.6M | $5.4M 95c | SOFR+250 bp |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien S••••• secured | $15.8M | $15.2M 96c | S+250 bp |
| H•• C•••••••• L•••••• F••• | unstated lien unstated N••••••••• I••••• | $13.2M | $12.7M 96c | S+250 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 | 7 | $76.1M | $72.8M | 96c | 0 |
| Mar 31, 2026 | 8 | $98.6M | $96.4M | 98c | 0 |
| Dec 31, 2025 | 8 | $168M | $169M | 101c | 0 |
| Sep 30, 2025 | 11 | $270M | $270M | 100c | 0 |
| Jun 30, 2025 | 11 | $253M | $254M | 101c | 0 |
| Mar 31, 2025 | 11 | $228M | $227M | 100c | 0 |
| Dec 31, 2024 | 35 | $1.4B | $1.4B | 101c | 0 |
| Sep 30, 2024 | 37 | $909M | $896M | 102c | 0 |
| Jun 30, 2024 | 36 | $898M | $886M | 102c | 0 |
| Mar 31, 2024 | 37 | $910M | $882M | 102c | 0 |
| Dec 31, 2023 | 38 | $996M | $954M | 101c | 0 |
| Sep 30, 2023 | 9 | $294M | $278M | 101c | 0 |
What changed
- Facility left every BDC scheduleMar 31, 2026
- Spread changed (observed)Dec 31, 2025
- Lender left a facilityDec 31, 2025
- Facility left every BDC scheduleDec 31, 2025
- Spread changed (observed)Dec 31, 2025
- Lender left a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- Spread changed (observed)Sep 30, 2025
- Lender left a facilitySep 30, 2025
- Lender left a facilitySep 30, 2025
- Lender left a facilitySep 30, 2025
- New lender joined a facilityJun 30, 2025
- Maturity extended (observed)Mar 31, 2025
- Spread changed (observed)Mar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- Spread changed (observed)Mar 31, 2025
- New lender joined a facilityMar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- Spread changed (observed)Mar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- Lender left a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- AVALARAderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 45 BDCsderived
- Industry
- Softwarereportedas one filer wrote it