DFX Intelligence
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Borrower
R••••••••• H•••••••• L••
group grade Aoff every schedule since Mar 31, 2025sponsor unattributed
Also written as: Emerald JV LP; Legence; LLC 1 Emerald JV LP; Verdelite JV LP
Nothing material in the last 200 days. Last change: 31 Mar 2025, $1.39M principal held by 1 lender; matures Jun 2028.
Mark path, consensus per quarter end
101¢ · 101¢ · 101¢ · 101¢ · 100¢Q1 2024 to Q1 2025
Principal held
at least $1.4M
sum of BDC pieces, a lower bound
Fair value
$1.4M
100c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
2
1 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Jun 30, 2028
no dated debt inside 24 months
On the tape since
Sep 30, 2022
latest Mar 31, 2025
Events
4
dated, non-routine
Lender marks
each lender's own fair value over cost at Mar 31, 2025, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | $1.39M | 100¢ | -1 pts |
Every BDC piece · 1 position across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated | $1.4M | $1.4M 100c | S+375 bp |
Capital structure as the BDCs see it
latest quarter end Mar 31, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| other lien unstated exited Dec 31, 2022 | at least $18.3M | 96c | S+375 bp | Dec 16, 2027 | 1 |
| delayed draw term loan lien unstated exited Mar 31, 2025 | at least $1.4M | 100c | S+375 bp | Jun 30, 2028 | 1 |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2025 | 1 | $1.4M | $1.4M | 100c | 0 |
| Dec 31, 2024 | 1 | $50.0M | $50.3M | 101c | 0 |
| Sep 30, 2024 | 1 | $20.1M | $20.2M | 101c | 0 |
| Jun 30, 2024 | 1 | $20.1M | $20.2M | 101c | 0 |
All 11 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2024 | 1 | $20.2M | $20.2M | 101c | 0 |
| Dec 31, 2023 | 1 | $26.7M | $26.7M | 101c | 0 |
| Sep 30, 2023 | 1 | $19.2M | $19.1M | 101c | 0 |
| Jun 30, 2023 | 1 | $19.2M | $19.1M | 101c | 0 |
| Mar 31, 2023 | 1 | $11.6M | $11.4M | 99c | 0 |
| Dec 31, 2022 | 1 | $18.3M | $17.3M | 96c | 0 |
| Sep 30, 2022 | 1 | $29.8M | $28.4M | 96c | 0 |
What changed
- Facility left every BDC scheduleMar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- Facility left every BDC scheduleDec 31, 2022
- New borrower on a BDC scheduleSep 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
- REFFICIENCYderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived