DFX Intelligence
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Borrower
B••••• F•••••• U• L••
Diversified Consumer Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: B••••• Finance 2019 LLC; Emerald JV LP; LL; Verdelite JV LP
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
100¢ · 100¢ · 100¢ · 100¢ · 99¢Q2 2025 to Q2 2026
Where each lender marks it, 1 points apart
99¢100¢
Principal held
at least $20.1M
sum of BDC pieces, a lower bound
Fair value
$20.1M
99c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
11
5 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Oct 16, 2031
no dated debt inside 24 months
On the tape since
Mar 31, 2023
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••• | $9.83M | 99¢ | 0 pts |
| F••••••• B•• C•••••• C••• | $5.7M | 100¢ | 0 pts |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | $2.39M | 100¢ | 0 pts |
| B•••••••• P•••••• C••••• F••• | $2.04M | 99¢ | 0 pts |
| S••••• C•••• C•••••• C••• | $176K | 100¢ | 0 pts |
Every BDC piece · 5 positions across 5 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $9.8M | $9.8M 99c | S+200 bp |
| F••••••• B•• C•••••• C••• | unstated lien unstated | $5.7M | $5.7M 100c | S+200 bp |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | term loan first lien F•••• L••• D••• | $2.4M | $2.4M 100c | S+200 bp |
| B•••••••• P•••••• C••••• F••• | term loan first lien I••••••••• F•••• L••• T••• L••• Ref S•••(Q) F•••• —% S••••• 2.00% T•••• C••••• 5.66% M•••• | $2.0M | $2.0M 99c | SOFR+200 bp |
| S••••• C•••• C•••••• C••• | term loan first lien F•••• L••• - T••• L••• | $176,000 | $176,000 100c | S+200 bp |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| other lien unstated | at least $15.5M | 99c | S+200 bp | Oct 16, 2031 | 2 |
| first lien term loan first lien | at least $4.6M | 100c | SOFR+200 bp | Oct 16, 2031 | 3 |
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 | 5 | $20.1M | $20.1M | 99c | 0 |
| Mar 31, 2026 | 5 | $20.2M | $20.2M | 100c | 0 |
| Dec 31, 2025 | 6 | $33.6M | $33.8M | 100c | 0 |
| Sep 30, 2025 | 7 | $64.1M | $64.5M | 100c | 0 |
All 14 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 8 | $61.6M | $61.9M | 100c | 0 |
| Mar 31, 2025 | 6 | $55.2M | $55.1M | 100c | 0 |
| Dec 31, 2024 | 5 | $90.4M | $91.3M | 101c | 0 |
| Sep 30, 2024 | 2 | $1.6M | $1.6M | 100c | 0 |
| Jun 30, 2024 | 2 | $1.6M | $1.6M | 100c | 0 |
| Mar 31, 2024 | 2 | $1.6M | $1.6M | 100c | 0 |
| Dec 31, 2023 | 2 | $2.4M | $2.4M | 100c | 0 |
| Sep 30, 2023 | 2 | $1.3M | $1.3M | 100c | 0 |
| Jun 30, 2023 | 1 | $761,000 | $763,000 | 101c | 0 |
| Mar 31, 2023 | 1 | $997,400 | $994,900 | 100c | 0 |
What changed
- New lender joined a facilityMar 31, 2026
- Lender left a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- Lender left a facilitySep 30, 2025
- Lender left a facilitySep 30, 2025
Full timeline · 20 eventsShow fewer
- New lender joined a facilityJun 30, 2025
- New lender joined a facilityJun 30, 2025
- New lender joined a facilityMar 31, 2025
- Maturity extended (observed)Dec 31, 2024
- Spread changed (observed)Dec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
- Spread increasedDec 31, 2024
- Spread increasedDec 31, 2024
- Maturity extended (observed)Dec 31, 2024
- Maturity extended (observed)Dec 31, 2024
- New lender joined a facilitySep 30, 2023
- New borrower on a BDC scheduleMar 31, 2023
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- BELRON FINANCEderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 11 BDCsderived
- Industry
- Diversified Consumer Servicesreportedas one filer wrote it