DFX Intelligence
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Borrower
E••••• S••••••• C•••••••••
S•••••••group grade Aon a schedule nowsponsor unattributed
Also written as: Emerald JV LP; E••••• S••••••• Corp. 1; E••••• S••••••• Corp. 2; Services; S•••••••; S•••••••/Services; Verdelite JV LP
Principal held
at least $77.9M
sum of BDC pieces, a lower bound
Fair value
$74.4M
96c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
8
8 on the latest quarter
Facilities
4
0 equity pieces beside them
Next maturity
May 1, 2031
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
9
dated, non-routine
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 $71.0M | 96c | SOFR+275 bp | May 30, 2031 | 6 |
| other lien unstated | at least $6.0M | 96c | S+275 bp | May 30, 2031 | 4 |
| delayed draw term loan lien unstated | at least $912,000 | 96c | S+275 bp | May 30, 2031 | 2 |
| first lien delayed draw term loan first lien exited Dec 31, 2024 | at least $5.2M | 100c | S+275 bp | unstated | 2 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• S•••••••• I••••• F••• | term loan first lien First lien senior secured loan | $47.6M | $45.4M 96c | S+275 bp |
| B•••••••• P•••••• C••••• F••• | term loan first lien Instrument First Lien Term Loan Ref SOFR(M) Floor 0.75% Spread 2.75% Total Coupon 6.37% Ma | $4.8M | $4.6M 96c | SOFR+275 bp |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated Non-Affiliated Issuer | $912,000 | $874,000 96c | S+275 bp |
| F••••••• B•• C•••••• C••• | unstated lien unstated | $6.0M | $5.8M 96c | S+275 bp |
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st Lien/Senior Secured Debt Industry S••••••• Interest Rate 6.39% Reference Rate and Spre | $7.0M | $6.7M 95c | SOFR+275 bp |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien Senior secured | $6.0M | $5.7M 96c | S+275 bp |
| N•••• H•••• P•••••• I••••• F••• A• L•• | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 6.39% Maturit | $491,000 | $469,000 95c | SOFR+275 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment First Lien Debt Reference Rate & Spread S + 2.75% Interest Rate 6.39% Maturity | $5.1M | $4.9M 95c | SOFR+275 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 | $77.9M | $74.4M | 96c | 0 |
| Mar 31, 2026 | 8 | $92.7M | $90.9M | 98c | 0 |
| Dec 31, 2025 | 8 | $106M | $106M | 100c | 0 |
| Sep 30, 2025 | 7 | $110M | $110M | 100c | 0 |
| Jun 30, 2025 | 6 | $98.2M | $98.4M | 100c | 0 |
| Mar 31, 2025 | 6 | $80.6M | $80.4M | 100c | 0 |
| Dec 31, 2024 | 6 | $103M | $104M | 101c | 0 |
| Sep 30, 2024 | 6 | $58.6M | $58.3M | 100c | 0 |
| Jun 30, 2024 | 5 | $40.7M | $40.7M | 101c | 0 |
| Mar 31, 2024 | 4 | $41.0M | $41.2M | 101c | 0 |
| Dec 31, 2023 | 4 | $45.7M | $45.9M | 102c | 0 |
| Sep 30, 2023 | 4 | $38.0M | $37.9M | 101c | 0 |
| Jun 30, 2023 | 4 | $28.3M | $27.9M | 100c | 0 |
| Mar 31, 2023 | 4 | $13.0M | $12.8M | 99c | 0 |
| Dec 31, 2022 | 4 | $23.1M | $22.2M | 98c | 0 |
| Sep 30, 2022 | 1 | $43.7M | $41.1M | 94c | 0 |
| Dec 31, 2021 | 1 | $9.0M | $9.0M | 100c | 0 |
What changed
- New lender joined a facilityDec 31, 2025
- New lender joined a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
- Lender left a facilityJun 30, 2025
- Lender left a facilityJun 30, 2025
- Spread changed (observed)Dec 31, 2024
- Spread changed (observed)Dec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- Spread changed (observed)Dec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilitySep 30, 2024
- Lender left a facilitySep 30, 2024
- New lender joined a facilitySep 30, 2024
- Lender left a facilitySep 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- New lender joined a facilityJun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Spread changed (observed)Dec 31, 2023
- Spread changed (observed)Sep 30, 2023
- Spread increasedSep 30, 2023
- Spread increasedSep 30, 2023
- Marked down across lendersSep 30, 2022
- Marked down (one lender)Sep 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
- E••••• S•••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 3 across 8 BDCsderived
- Industry
- S•••••••reportedas one filer wrote it