DFX Intelligence
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Borrower
S••••• A••••••••• L••
Also written as: Emerald JV LP
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
101¢ · 100¢ · 100¢ · 100¢ · 100¢Q2 2025 to Q2 2026
Where each lender marks it, 0 points apart
100¢100¢
Principal held
at least $31.8M
sum of BDC pieces, a lower bound
Fair value
$31.8M
100c on cost, debt pieces
Unfunded
$918,600
commitments not yet drawn
BDC lenders
7
4 on the latest quarter
Facilities
4
0 equity pieces beside them
Next maturity
Dec 1, 2031
no dated debt inside 24 months
On the tape since
Dec 31, 2023
latest Jun 30, 2026
Events
1
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••• | $21M | 100¢ | 0 pts |
| B•••••••• P•••••• C••••• F••• | $5.47M | 100¢ | 0 pts |
| A••• S•••••••• I••••• F••• | $5.35M | 100¢ | 0 pts |
| G•••• C•••••• P•••••• C••••• F••• | no principal filed | no cost filed | new this quarter |
Every BDC piece · 7 positions across 4 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated | $21.0M | $21.0M 100c | S+250 bp |
| B•••••••• P•••••• C••••• F••• | term loan first lien I••••••••• F•••• L••• T••• L••• Ref S•••(Q) F•••• —% S••••• 2.50% T•••• C••••• 6.20% M•••• | $5.5M | $5.5M 100c | SOFR+250 bp |
| A••• S•••••••• I••••• F••• | term loan first lien F•••• lien senior secured loan | $5.3M | $5.3M 100c | S+250 bp |
| B•••••••• P•••••• C••••• F••• | delayed draw term loan first lien I••••••••• F•••• L••• D•••••• D••• T••• L••• Ref S•••(Q) F•••• 1.00% S••••• 2.50% T•••• C• | $0 | $162 35c | SOFR+250 bp |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien S••••• secured | $0 | $0 0c |
View all 7 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• S•••••••• I••••• F••• | unstated lien unstated | Not disclosed | Not disclosed | |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated D•••••• D••• T••• L••• | Not disclosed | Not disclosed | S+250 bp |
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 $21.0M | 100c | S+250 bp | Dec 11, 2031 | 3 |
| first lien term loan first lien | at least $10.8M | 100c | SOFR+250 bp | Dec 11, 2031 | 6 |
| first lien delayed draw term loan first lien | at least $0 | n/a | SOFR+250 bp | Dec 11, 2031 | 4 |
| other lien unstated | unknown | n/a | unstated | 5 |
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 | 4 | $31.8M | $31.8M | 100c | 0 |
| Mar 31, 2026 | 4 | $33.4M | $33.5M | 100c | 0 |
| Dec 31, 2025 | 6 | $42.0M | $42.2M | 100c | 0 |
| Sep 30, 2025 | 6 | $62.3M | $62.4M | 100c | 0 |
All 8 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 6 | $48.9M | $49.0M | 101c | 0 |
| Mar 31, 2025 | 6 | $49.4M | $48.9M | 99c | 0 |
| Dec 31, 2024 | 7 | $74.0M | $73.6M | 100c | 0 |
| Dec 31, 2023 | 2 | $0 | $0 | n/a | 0 |
What changed
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Mar 31, 2026
- Lender left a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- Lender left a facilityMar 31, 2025
Full timeline · 16 eventsShow fewer
- Lender left a facilityMar 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
- New lender joined a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
- New borrower on a BDC scheduleDec 31, 2023
Sponsor
Possible relationship, not established: A•••••• I••••••••• M••••••••• L•, because a company of this name is on the sponsor's portfolio page (confidence 0.7). No deal announcement or filing names it as a party, so it is not shown as this borrower’s sponsor.
- A•••••• I••••••••• M••••••••• L•
- the sponsor's own portfolio page lists a company of this nameestimatedarcline.com"••• Locked"
Identity
- Group key
- S••••• A••••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 7 BDCsderived
- Industry
- A•••••••• and Defensereportedas one filer wrote it