DFX Intelligence
Private Credit Intelligence
The capital structure graph behind private markets. Who lent, to whom, under which sponsor, through which facility, how large the piece was, when it matures and what changed, with a filing behind every number. A BDC piece is that BDC's piece, a sum of pieces is a lower bound, and a sponsor is named with the evidence that names it.
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Borrower
V•••••• P••••• L••
Hotels, Restaurants and Leisuregroup grade Aon a schedule nowsponsor unattributed
Also written as: Emerald JV LP
Principal held
at least $28.2M
sum of BDC pieces, a lower bound
Fair value
$28.2M
102c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
6
6 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Jul 1, 2032
no dated debt inside 24 months
On the tape since
Jun 30, 2025
latest Jun 30, 2026
Events
2
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| other lien unstated | at least $18.6M | 103c | S+425 bp | Jul 1, 2032 | 2 |
| first lien term loan first lien | at least $5.6M | 100c | SOFR+425 bp | Mar 31, 2033 | 3 |
| term loan lien unstated | at least $4.0M | 104c | S+425 bp | Jul 1, 2032 | 1 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B•••••• P•••••• C••••• C••• | term loan first lien First Lien Senior Secured Term Loan | $2.5M | $2.5M 100c | S+425 bp |
| B•••••••• P•••••• C••••• F••• | term loan first lien Instrument First Lien Term Loan Ref SOFR(Q) Spread 4.25% Total Coupon 6.14% Maturity 7/1/2 | $1.7M | $1.7M 101c | SOFR+425 bp |
| B••••••••• P•••••• C••••• F••• | term loan lien unstated Non-Affiliated Issuer | $4.0M | $4.0M 104c | S+425 bp |
| C••••••• P•••••• C••••• I••••• C••• | term loan first lien Investment Type Senior Secured First Lien Term Loan Interest Term S + 425 Interest Rate 7. | $1.3M | $1.3M 100c | SOFR+425 bp |
| H•• C•••••••• C•••••• S•••••••• F••• | unstated lien unstated Non-Affiliated Issuer | $3.9M | $3.9M 103c | S+425 bp |
| H•• C•••••••• L•••••• F••• | unstated lien unstated Non-Affiliated Issuer | $14.7M | $14.7M 103c | S+425 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 | 6 | $28.2M | $28.2M | 102c | 0 |
| Mar 31, 2026 | 6 | $13.8M | $13.7M | 101c | 0 |
| Dec 31, 2025 | 6 | $133M | $133M | 104c | 0 |
| Sep 30, 2025 | 5 | $154M | $154M | 104c | 0 |
| Jun 30, 2025 | 6 | $24.3M | $24.1M | 102c | 0 |
What changed
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Spread increasedSep 30, 2025
- New borrower on a BDC scheduleJun 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
- VOYAGERderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 6 BDCsderived
- Industry
- Hotels, Restaurants and Leisurereportedas one filer wrote it