DFX Intelligence
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Borrower
T••••• L•••• I••
Interactive Media & Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: Emerald JV LP; Inc. 1; Inc. 1 Emerald JV LP; Inc. 2; Inc. 2 Emerald JV LP; Inc. Software; Services; Software/Services
Principal held
at least $292M
sum of BDC pieces, a lower bound
Fair value
$259M
90c on cost, debt pieces
Unfunded
$34.5M
commitments not yet drawn
BDC lenders
11
8 on the latest quarter
Facilities
5
0 equity pieces beside them
Next maturity
May 1, 2028
$292M inside 24 months
On the tape since
Sep 30, 2021
latest Jun 30, 2026
Events
6
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| revolver lien unstated | at least $186M | 86c | S+575 bp | May 5, 2028 | 4 |
| first lien term loan first lien | at least $106M | 95c | SOFR+575 bp | May 5, 2028 | 7 |
| first lien revolver first lien | unknown | n/a | S+6 bp | unstated | 4 |
| delayed draw term loan lien unstated exited Sep 30, 2023 | unknown | n/a | S+550 bp | unstated | 1 |
| other lien unstated exited Jun 30, 2025 | unknown | n/a | unstated | 8 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | revolver lien unstated R••••••• | n/a | n/a | S+575 bp |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated N••••••••• I••••• | $25.1M | $22.0M 88c | S+575 bp |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated R••••••• | n/a | n/a | S+575 bp |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated N••••••••• I••••• | $42.8M | $35.7M 84c | S+575 bp |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated | $57.9M | $50.4M 87c | S+575 bp |
| B••••••••• S•••••• L•••••• F••• | revolver lien unstated R••••••• | n/a | n/a | S+575 bp |
| B••••••••• S•••••• L•••••• F••• | revolver lien unstated N••••••••• I••••• | $13.5M | $11.8M 88c | S+575 bp |
| B••••••••• S•••••• L•••••• F••• | revolver lien unstated N••••••••• I••••• | $46.5M | $39.8M 86c | S+575 bp |
| F••••••• B•• C•••••• C••• | term loan first lien | $0 | $-282,000 972c | S+575 bp |
| F••••••• B•• C•••••• C••• | term loan first lien S••••• S•••••• F•••• L••• D••• | n/a | n/a | |
| F••••••• B•• C•••••• C••• | term loan first lien | $38.8M | $36.4M 95c | S+575 bp |
| G•••• C•••••• B••• I••• | term loan first lien One stop 2 | N••••••••• I••••• | $1.5M | $1.4M 96c | S+575 bp |
| G•••• C•••••• B••• I••• | term loan first lien One stop 3 | N••••••••• I••••• | $0 | $-8,000 267c | S+575 bp |
| G•••• C•••••• B••• I••• | term loan first lien One stop 1 | N••••••••• I••••• | $7.2M | $6.8M 96c | S+575 bp |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien One stop 1 | $8.6M | $8.2M 96c | S+575 bp |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien One stop 2 | $2.5M | $2.4M 96c | S+575 bp |
| M••••• S•••••• D••••• L•••••• F••• | revolver first lien F•••• L••• D••• C••••••••• T••• R••••••• C••••••••• E••••••••• D••• 05/05/2028 | n/a | n/a | S+6 bp |
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 5.75% I••••••• R••• 9.58% M•••••• | $0 | $-215,000 1024c | SOFR+6 bp |
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 5.75% I••••••• R••• 9.58% M•••••• | $26.6M | $25.2M 95c | SOFR+6 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 5.75% I••••••• R••• 9.58% M•••••• | $0 | $-92,000 161c | SOFR+575 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | revolver first lien F•••• L••• D••• C••••••••• T••• R••••••• C••••••••• E••••••••• D••• 05/05/2028 | n/a | n/a | S+575 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 5.75% I••••••• R••• 9.58% M•••••• | $15.9M | $15.1M 97c | SOFR+575 bp |
| T• S••••• B•• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 5.75% I••••••• R••• 9.58% M•••••• | $4.5M | $4.3M 95c | SOFR+575 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 | 8 | $292M | $259M | 90c | 0 |
| Mar 31, 2026 | 8 | $292M | $263M | 91c | 0 |
| Dec 31, 2025 | 8 | $293M | $268M | 92c | 0 |
| Sep 30, 2025 | 8 | $314M | $288M | 93c | 0 |
| Jun 30, 2025 | 8 | $295M | $281M | 97c | 0 |
| Mar 31, 2025 | 8 | $296M | $283M | 97c | 0 |
| Dec 31, 2024 | 8 | $639M | $610M | 97c | 0 |
| Sep 30, 2024 | 8 | $310M | $294M | 96c | 0 |
| Jun 30, 2024 | 8 | $299M | $281M | 95c | 0 |
| Mar 31, 2024 | 10 | $312M | $293M | 95c | 0 |
| Dec 31, 2023 | 10 | $343M | $329M | 97c | 0 |
| Sep 30, 2023 | 11 | $313M | $300M | 97c | 0 |
| Jun 30, 2023 | 10 | $303M | $293M | 98c | 0 |
| Mar 31, 2023 | 10 | $243M | $237M | 99c | 0 |
| Dec 31, 2022 | 9 | $302M | $294M | 99c | 0 |
| Sep 30, 2022 | 4 | $151M | $149M | 101c | 0 |
| Dec 31, 2021 | 4 | $172M | $170M | 101c | 0 |
| Sep 30, 2021 | 1 | $5.4M | $5.4M | 102c | 0 |
What changed
- Maturity approachingMay 5, 2028
- Maturity approachingMay 5, 2028
- Lender left a facilityJun 30, 2025
- Facility left every BDC scheduleJun 30, 2025
- Lender left a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilitySep 30, 2024
- New lender joined a facilityJun 30, 2024
- Lender left a facilityJun 30, 2024
- New lender joined a facilityJun 30, 2024
- Spread changed (observed)Sep 30, 2023
- New lender joined a facilitySep 30, 2023
- Facility left every BDC scheduleSep 30, 2023
- New borrower on a BDC scheduleSep 30, 2021
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- T••••• L•••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 11 BDCsderived
- Industry
- Interactive Media & Servicesreportedas one filer wrote it