DFX Intelligence
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Borrower
S•••••••• B•••• H••••••• L•
Oil, Gas & Consumable Fuelsgroup grade Aon a schedule nowsponsor unattributed
Also written as: Emerald JV LP; Verdelite JV LP
What matters now
- 101¢ → 102¢consensus mark
Consensus mark 102¢ on cost, up from 101¢ in Q3 2025, 99¢ last quarter.
Q2 2026 · The lenders' own valuations moved back up.
Derived1 of 1 lender' own marks, weighted by principal
Mark path, consensus per quarter end
101¢ · 92¢ · 99¢ · 102¢Q3 2025 to Q2 2026
Principal held
at least $16.5M
sum of BDC pieces, a lower bound
Fair value
$16.4M
102c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
3
1 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Oct 1, 2032
no dated debt inside 24 months
On the tape since
Sep 30, 2025
latest Jun 30, 2026
Events
4
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 |
|---|---|---|---|
| A••••• D••• S•••••••• B•• | $16.5M | 102¢ | +3 pts |
Every BDC piece · 1 position across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••••• D••• S•••••••• B•• | term loan first lien Investment T••• F•••• L••• S•••••• D••• – T••• L••• I••••••• R••• S+275, 0.00% F•••• M•••• | $16.5M | $16.4M 102c | SOFR+275 bp |
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 $16.5M | 102c | SOFR+275 bp | Oct 1, 2032 | 1 |
| other lien unstated exited Sep 30, 2025 | at least $3.6M | 101c | S+275 bp | Oct 1, 2032 | 1 |
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 | $16.5M | $16.4M | 102c | 0 |
| Mar 31, 2026 | 1 | $16.5M | $16.1M | 99c | 0 |
| Dec 31, 2025 | 1 | $16.5M | $15.0M | 92c | 0 |
| Sep 30, 2025 | 2 | $20.1M | $20.1M | 101c | 0 |
What changed
- Mark recoveredMar 31, 2026
- Marked down across lendersDec 31, 2025
- Marked down (one lender)Dec 31, 2025
- New borrower on a BDC scheduleSep 30, 2025
- Facility left every BDC scheduleSep 30, 2025
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- STONEPEAK BAYOUderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 3 BDCsderived
- Industry
- Oil, Gas & Consumable Fuelsreportedas one filer wrote it