DFX Intelligence
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Borrower
G•••••• F•••••••• H•••••••• L••
Professional Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: Emerald JV LP; LLC 1; LLC 2; LLC Verdelite JV LP
What matters now
- 95¢ → 97¢consensus mark
Consensus mark 97¢ on cost, up from 95¢ a year ago, 86¢ last quarter.
Q2 2026 · The lenders' own valuations moved back up.
Derived4 of 4 lenders' own marks, weighted by principal - 86¢ → 97¢+11 pts, one lender
B••••••••• P•••••• C••••• F••• marked it 86¢ → 97¢, the largest move among 4 lenders this quarter.
Q2 2026 · One holder repriced far more than the rest.
Mark path, consensus per quarter end
95¢ · 92¢ · 85¢ · 86¢ · 97¢Q2 2025 to Q2 2026
Where each lender marks it, 1 points apart
97¢98¢
Principal held
at least $57.1M
sum of BDC pieces, a lower bound
Fair value
$55.4M
97c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
6
4 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Sep 27, 2030
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
3
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2026, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | $32.3M | 97¢ | +11 pts |
| G•••••• S•••• P•••••• C••••• C•••• | $12.8M | 97¢ | +11 pts |
| P••••• S••••• C•••••• B•• I••• | $10.2M | 97¢ | +10 pts |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | $1.79M | 98¢ | +11 pts |
Every BDC piece · 6 positions across 4 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $17.7M | $17.2M 97c | S+325 bp |
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• D••••••••• C••••••• Services I••••••• R••• 6.89% R•• | $12.8M | $12.4M 97c | SOFR+325 bp |
| P••••• S••••• C•••••• B•• I••• | term loan first lien Investment F•••• L••• S••••• S•••••• L••• I••••••• R••• 6.89% (S + 3.25%) M••••••• D••• 9/ | $10.2M | $9.9M 97c | SOFR+325 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated N••••••••• I••••• | $8.8M | $8.6M 97c | S+325 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $5.7M | $5.6M 97c | S+325 bp |
View all 6 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | term loan first lien F•••• L••• D••• | $1.8M | $1.7M 98c | S+325 bp |
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 $32.3M | 97c | S+325 bp | Sep 27, 2030 | 2 |
| first lien term loan first lien | at least $24.8M | 97c | SOFR+325 bp | Sep 27, 2030 | 4 |
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 | 4 | $57.1M | $55.4M | 97c | 0 |
| Mar 31, 2026 | 4 | $57.3M | $49.3M | 86c | 0 |
| Dec 31, 2025 | 4 | $80.6M | $68.3M | 85c | 0 |
| Sep 30, 2025 | 4 | $57.5M | $53.1M | 92c | 0 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 4 | $61.8M | $58.8M | 95c | 0 |
| Mar 31, 2025 | 4 | $60.9M | $60.2M | 99c | 0 |
| Dec 31, 2024 | 5 | $91.4M | $92.5M | 101c | 0 |
| Sep 30, 2024 | 3 | $40.3M | $40.0M | 100c | 0 |
| Jun 30, 2024 | 2 | $26.5M | $26.5M | 100c | 0 |
| Mar 31, 2024 | 1 | $6.0M | $5.9M | 100c | 0 |
| Dec 31, 2023 | 2 | $12.0M | $12.0M | 101c | 0 |
| Sep 30, 2023 | 1 | $2.0M | $2.0M | 101c | 0 |
| Jun 30, 2023 | 1 | $15.8M | $15.8M | 101c | 0 |
| Mar 31, 2023 | 1 | $6.1M | $6.0M | 100c | 0 |
| Dec 31, 2022 | 1 | $14.3M | $13.8M | 98c | 0 |
| Sep 30, 2022 | 1 | $11.1M | $10.8M | 98c | 0 |
| Dec 31, 2021 | 1 | $6.9M | $6.9M | 101c | 0 |
What changed
- Mark recoveredJun 30, 2026
- Marked down across lendersDec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
Full timeline · 14 eventsShow fewer
- Marked down (one lender)Dec 31, 2025
- Spread changed (observed)Mar 31, 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 facilityJun 30, 2024
- Maturity extended (observed)Sep 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
- GENUINE FINANCIALderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 6 BDCsderived
- Industry
- Professional Servicesreportedas one filer wrote it