DFX Intelligence
Private Credit Intelligence
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Borrower
G••••••••• L••
Construction & Engineeringgroup grade Aon a schedule nowsponsor unattributed
Also written as: 2023; 2024; Emerald JV LP; Emerald JV LP1; LLC - Funded; LLC 1; LLC 2; LLC Asset Type
Principal held
at least $9.7M
sum of BDC pieces, a lower bound
Fair value
$9.6M
100c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
24
3 on the latest quarter
Facilities
5
0 equity pieces beside them
Next maturity
Mar 1, 2031
no dated debt inside 24 months
On the tape since
Sep 30, 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 $9.7M | 100c | SOFR+300 bp | Mar 14, 2031 | 15 |
| term loan lien unstated exited Sep 30, 2022 | at least $8.8M | 101c | S+500 bp | Jan 1, 2026 | 1 |
| other lien unstated exited Jun 30, 2025 | at least $7.5M | 102c | S+300 bp | Mar 14, 2031 | 12 |
| revolver lien unstated exited Dec 31, 2023 | unknown | n/a | unstated | 5 | |
| delayed draw term loan lien unstated exited Jun 30, 2025 | unknown | n/a | unstated | 5 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A•••••• S•••••••• C••••• F••• | term loan first lien Asset Type First Lien Term Loan Reference Rate and Spread S + 3.00% Interest Rate 6.66% Ma | $2.0M | $2.0M 100c | SOFR+300 bp |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien S••••• secured | $7.5M | $7.4M 100c | S+300 bp |
| S••••• C•••• C•••••• C••• | term loan first lien First Lien - Term Loan | $206,000 | $206,000 100c | 3.00% |
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 | 3 | $9.7M | $9.6M | 100c | 0 |
| Mar 31, 2026 | 3 | $15.1M | $15.1M | 100c | 0 |
| Dec 31, 2025 | 4 | $18.9M | $19.0M | 100c | 0 |
| Sep 30, 2025 | 2 | $35.9M | $34.6M | 100c | 0 |
| Jun 30, 2025 | 3 | $20.9M | $18.7M | 101c | 0 |
| Mar 31, 2025 | 2 | $15.2M | $14.9M | 98c | 0 |
| Dec 31, 2024 | 3 | $76.2M | $70.8M | 102c | 0 |
| Sep 30, 2024 | 2 | $33.4M | $30.3M | 100c | 0 |
| Jun 30, 2024 | 3 | $46.1M | $43.2M | 101c | 0 |
| Mar 31, 2024 | 3 | $37.6M | $33.9M | 100c | 0 |
| Dec 31, 2023 | 20 | $146M | $139M | 102c | 0 |
| Sep 30, 2023 | 20 | $105M | $97.8M | 102c | 0 |
| Jun 30, 2023 | 20 | $103M | $79.6M | 100c | 0 |
| Mar 31, 2023 | 18 | $85.8M | $74.1M | 100c | 0 |
| Dec 31, 2022 | 1 | $8.8M | $9.5M | 107c | 0 |
| Sep 30, 2022 | 2 | $20.9M | $20.9M | 101c | 0 |
| Sep 30, 2021 | 1 | $5.3M | $5.7M | 106c | 0 |
What changed
- Lender left a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- Lender left a facilitySep 30, 2025
- Facility left every BDC scheduleJun 30, 2025
- Facility left every BDC scheduleJun 30, 2025
- Lender left a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Maturity extended (observed)Mar 31, 2024
- Spread changed (observed)Mar 31, 2024
- Maturity extended (observed)Mar 31, 2024
- Maturity extended (observed)Mar 31, 2024
- Maturity extended (observed)Mar 31, 2024
- Lender left a facilityDec 31, 2023
- Lender left a facilityDec 31, 2023
- Lender left a facilityDec 31, 2023
- Lender left a facilityDec 31, 2023
- Lender left a facilityDec 31, 2023
- Lender left a facilityDec 31, 2023
- Lender left a facilityDec 31, 2023
- Lender left a facilityDec 31, 2023
- Lender left a facilityDec 31, 2023
- New lender joined a facilityDec 31, 2023
- New lender joined a facilityDec 31, 2023
- New lender joined a facilityDec 31, 2023
- New lender joined a facilityDec 31, 2023
- New lender joined a facilityDec 31, 2023
- Facility left every BDC scheduleDec 31, 2023
- New lender joined a facilityDec 31, 2023
- New lender joined a facilityJun 30, 2023
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- GROUNDWORKSderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 24 BDCsderived
- Industry
- Construction & Engineeringreportedas one filer wrote it