DFX Intelligence
Private Credit Intelligence
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Borrower
J•••••• B••••• L••
group grade Aon a schedule nowsponsor unattributed
Also written as: 1; 2; Emerald JV LP; J•••••• Holdings, LP; LLC 1 Emerald JV LP; LLC 2 Emerald JV LP; LP - A-1; LP - A-2
Principal held
at least $412M
sum of BDC pieces, a lower bound
Fair value
$400M
97c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
2
1 equity pieces beside them
Next maturity
Apr 15, 2028
$376M inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
8
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| delayed draw term loan lien unstated | at least $412M | 97c | S+900 bp | Jul 16, 2028 | 2 |
| other lien unstated exited Dec 31, 2022 | at least $504M | 100c | S+875 bp | Oct 15, 2027 | 2 |
Equity pieces beside the debt: equity ($523,000 fair value, 2 BDCs)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | equity equity Class A-2 Common Units | Non-Affiliated Issuer | n/a | $148,000 12c | |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated | $25.5M | $24.8M 97c | S+525 bp |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated | $24.7M | $23.4M 95c | S+900 bp |
| B••••••••• P•••••• C••••• F••• | equity equity Class A-2 Common Units | n/a | $9,000 8c | |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated Non-Affiliated Issuer | $224M | $218M 98c | S+525 bp |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated Non-Affiliated Issuer | $6.5M | $6.2M 95c | S+900 bp |
| B••••••••• P•••••• C••••• F••• | equity equity Class A-1 Common Units | n/a | $18,000 9c | |
| B••••••••• P•••••• C••••• F••• | equity equity Class A-1 Common Units | Non-Affiliated Issuer | n/a | $274,000 12c | |
| B••••••••• S•••••• L•••••• F••• | equity equity Class A-2 Common Units | Non-Affiliated Issuer | n/a | $26,000 12c | |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated Non-Affiliated Issuer | $5.2M | $4.9M 95c | S+900 bp |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated Non-Affiliated Issuer | $126M | $123M 98c | S+525 bp |
| B••••••••• S•••••• L•••••• F••• | equity equity Class A-1 Common Units | Non-Affiliated Issuer | n/a | $48,000 12c |
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 | 2 | $412M | $400M | 97c | 0 |
| Mar 31, 2026 | 2 | $412M | $401M | 98c | 0 |
| Dec 31, 2025 | 2 | $424M | $412M | 98c | 0 |
| Sep 30, 2025 | 2 | $412M | $398M | 97c | 0 |
| Jun 30, 2025 | 2 | $407M | $388M | 96c | 0 |
| Mar 31, 2025 | 2 | $286M | $271M | 95c | 0 |
| Dec 31, 2024 | 2 | $831M | $789M | 96c | 0 |
| Sep 30, 2024 | 2 | $490M | $462M | 95c | 0 |
| Jun 30, 2024 | 2 | $491M | $466M | 96c | 0 |
| Mar 31, 2024 | 2 | $492M | $468M | 96c | 0 |
| Dec 31, 2023 | 2 | $561M | $536M | 96c | 0 |
| Sep 30, 2023 | 2 | $470M | $456M | 98c | 0 |
| Jun 30, 2023 | 2 | $471M | $462M | 99c | 0 |
| Mar 31, 2023 | 2 | $441M | $437M | 100c | 0 |
| Dec 31, 2022 | 2 | $504M | $499M | 100c | 0 |
| Sep 30, 2022 | 2 | $438M | $433M | 101c | 0 |
| Dec 31, 2021 | 2 | $398M | $394M | 101c | 0 |
What changed
- Spread changed (observed)Jun 30, 2026
- Spread changed (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Spread increasedSep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- Spread changed (observed)Jun 30, 2025
- Maturity shortened (observed)Jun 30, 2025
- Spread changed (observed)Dec 31, 2024
- Spread changed (observed)Mar 31, 2024
- Spread changed (observed)Dec 31, 2023
- Facility left every BDC scheduleDec 31, 2022
- Spread increasedDec 31, 2022
- Maturity extended (observed)Dec 31, 2022
- Maturity shortened (observed)Sep 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
- JAYHAWKderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 2 BDCsderived