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••••• S••••••••• I••
Services: Businessgroup grade Aon a schedule nowsponsor unattributed
Also written as: Business Equipment & Services; Emerald JV LP; Inc. 1; Inc. 1 Emerald JV LP; Inc. 2 Emerald JV LP; Inc. Verdelite JV LP
Principal held
at least $163M
sum of BDC pieces, a lower bound
Fair value
$114M
72c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
10
8 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Apr 24, 2028
$67.5M inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
6
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 $120M | 72c | S+725 bp | Apr 23, 2029 | 5 |
| second lien term loan second lien | at least $27.8M | 68c | SOFR+725 bp | Apr 23, 2029 | 6 |
| first lien term loan first lien | at least $15.2M | 79c | SOFR+400 bp | Apr 24, 2028 | 5 |
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 | $990,000 | $753,000 80c | S+400 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $12.0M | $9.2M 78c | S+400 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $3.6M | $2.7M 79c | S+400 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated Non-Affiliated Issuer | $41.4M | $26.9M 65c | S+725 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $24.9M | $16.2M 69c | S+725 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated Non-Affiliated Issuer | $37.7M | $28.9M 78c | S+400 bp |
| C•••••••• L•••••• S••••••••• L•• | term loan second lien Second-lien loan | $10.9M | $7.0M 68c | S+725 bp |
| N•••• H•••• P•••••• I••••• F••• A• L•• | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 4.00% Interest Rate 7.93% Maturit | $982,000 | $747,000 76c | SOFR+400 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment First Lien Debt Reference Rate & Spread S + 4.00% Interest Rate 7.93% Maturity | $3.3M | $2.5M 77c | SOFR+400 bp |
| P••••• S••••• C•••••• B•• I••• | term loan second lien Investment Second Lien Senior Secured Loan Interest Rate 11.18% (S +CSA + 7.25%) Maturity | $5.5M | $3.6M 65c | SOFR+725 bp |
| P••••••• C•••••• C••• | term loan second lien Second Lien Term Loan | n/a | n/a | |
| T• R••• P•••• O•• S••••• P•••••• C••••• F••• | term loan second lien Second Lien Debt | $11.4M | $7.4M 69c | S+725 bp |
| T• R••• P•••• O•• S••••• P•••••• C••••• F••• | term loan first lien First Lien Debt | $10.0M | $7.7M 80c | S+400 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 | $163M | $114M | 72c | 0 |
| Mar 31, 2026 | 7 | $163M | $121M | 76c | 0 |
| Dec 31, 2025 | 7 | $251M | $236M | 97c | 0 |
| Sep 30, 2025 | 8 | $186M | $179M | 99c | 0 |
| Jun 30, 2025 | 7 | $180M | $169M | 97c | 0 |
| Mar 31, 2025 | 6 | $151M | $146M | 99c | 0 |
| Dec 31, 2024 | 6 | $339M | $331M | 100c | 0 |
| Sep 30, 2024 | 6 | $154M | $147M | 98c | 0 |
| Jun 30, 2024 | 5 | $149M | $145M | 100c | 0 |
| Mar 31, 2024 | 5 | $165M | $158M | 98c | 0 |
| Dec 31, 2023 | 6 | $237M | $224M | 98c | 0 |
| Sep 30, 2023 | 5 | $148M | $137M | 94c | 0 |
| Jun 30, 2023 | 5 | $181M | $162M | 90c | 0 |
| Mar 31, 2023 | 5 | $173M | $145M | 84c | 0 |
| Dec 31, 2022 | 5 | $308M | $237M | 78c | 0 |
| Sep 30, 2022 | 3 | $143M | $123M | 86c | 0 |
| Jun 30, 2022 | 1 | $80.0M | $78.3M | 99c | 0 |
| Jun 3, 2022 | 1 | $0 | $0 | n/a | 0 |
| Dec 31, 2021 | 1 | $180M | $180M | 101c | 0 |
What changed
- Maturity approachingApr 24, 2028
- Marked down across lendersJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Lender left a facilityMar 31, 2026
- Marked down across lendersMar 31, 2026
- Marked down across lendersMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- New lender joined a facilitySep 30, 2025
- Lender left a facilitySep 30, 2025
- New lender joined a facilityJun 30, 2025
- New lender joined a facilityJun 30, 2025
- New lender joined a facilityJun 30, 2025
- Lender left 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 facilityDec 31, 2024
- Lender left a facilitySep 30, 2024
- Spread increasedJun 30, 2024
- Lender left a facilityDec 31, 2023
- New lender joined a facilitySep 30, 2023
- Lender left a facilityJun 30, 2023
- Mark recoveredMar 31, 2023
- Marked down (one lender)Dec 31, 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
- VISION SOLUTIONSderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 10 BDCsderived
- Industry
- Services: Businessreportedas one filer wrote it