DFX Intelligence
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Borrower
M•••••• S••••• • F••• L••
Household Durablesgroup grade Aon a schedule nowsponsor unattributed
Also written as: Emerald JV LP; Project M•••••• S••••• • F•••, LLC
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
100¢ · 100¢ · 101¢ · 100¢ · 100¢Q2 2025 to Q2 2026
Where each lender marks it, 1 points apart
100¢101¢
Principal held
at least $67.3M
sum of BDC pieces, a lower bound
Fair value
$67.4M
100c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
13
8 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Sep 1, 2031
no dated debt inside 24 months
On the tape since
Sep 30, 2021
latest Jun 30, 2026
Events
6
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 |
|---|---|---|---|
| A••• S•••••••• I••••• F••• | $19.8M | 100¢ | 0 pts |
| B••••••••• P•••••• C••••• F••• | $17.8M | 100¢ | 0 pts |
| A••••• D••• S•••••••• B•• | $15M | 101¢ | 0 pts |
| N•••• H•••• P•••••• I••••• F••• L•• | $3.85M | 100¢ | 0 pts |
| A•••••• S•••••••• C••••• F••• | $3.65M | 100¢ | 0 pts |
View all 8 lendersShow fewerlargest exposure first
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| B•••••••• P•••••• C••••• F••• | $3.48M | 100¢ | 0 pts |
| H•• C•••••••• L•••••• F••• | $3.22M | 100¢ | 0 pts |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | $530K | 100¢ | 0 pts |
Every BDC piece · 9 positions across 8 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• S•••••••• I••••• F••• | term loan first lien F•••• lien senior secured loan | $19.8M | $19.8M 100c | S+250 bp |
| A••••• D••• S•••••••• B•• | term loan first lien Investment T••• F•••• L••• S•••••• D••• - T••• L••• I••••••• R••• S+250, 0.00% F•••• M•••• | $15.0M | $15.0M 101c | SOFR+150 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $12.4M | $12.5M 100c | S+150 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated N••••••••• I••••• | $5.4M | $5.4M 100c | S+150 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 2.50% I••••••• R••• 6.23% M•••••• | $3.8M | $3.8M 100c | SOFR+250 bp |
View all 9 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A•••••• S•••••••• C••••• F••• | term loan first lien Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 2.50% I••••••• R••• 6.25% M• | $3.7M | $3.7M 100c | SOFR+250 bp |
| B•••••••• P•••••• C••••• F••• | term loan first lien I••••••••• F•••• L••• T••• L••• Ref P•••• S••••• 1.50% T•••• C••••• 6.14% M••••••• 9/26/20 | $3.5M | $3.5M 100c | Prime+150 bp |
| H•• C•••••••• L•••••• F••• | unstated lien unstated N••••••••• I••••• | $3.2M | $3.2M 100c | S+150 bp |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | term loan first lien F•••• L••• D••• 1 | $530,000 | $532,000 100c | S+150 bp |
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 $46.3M | 100c | SOFR+150 bp | Sep 26, 2031 | 9 |
| other lien unstated | at least $21.0M | 100c | S+150 bp | Sep 26, 2031 | 3 |
| term loan lien unstated exited Sep 30, 2022 | at least $445,000 | 100c | S+360 bp | Mar 1, 2025 | 1 |
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 | $67.3M | $67.4M | 100c | 0 |
| Mar 31, 2026 | 8 | $64.1M | $64.2M | 100c | 0 |
| Dec 31, 2025 | 8 | $78.2M | $78.8M | 101c | 0 |
| Sep 30, 2025 | 8 | $62.1M | $62.2M | 100c | 0 |
All 14 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 8 | $74.6M | $74.8M | 100c | 0 |
| Mar 31, 2025 | 7 | $49.4M | $49.4M | 100c | 0 |
| Dec 31, 2024 | 7 | $80.9M | $81.6M | 100c | 0 |
| Sep 30, 2024 | 7 | $32.4M | $32.4M | 100c | 0 |
| Jun 30, 2023 | 2 | $583,000 | $583,000 | 100c | 0 |
| Mar 31, 2023 | 2 | $594,000 | $594,000 | 100c | 0 |
| Dec 31, 2022 | 1 | $440,000 | $440,000 | 100c | 0 |
| Sep 30, 2022 | 2 | $1.1M | $1.1M | 100c | 0 |
| Dec 31, 2021 | 1 | $5.2M | $5.2M | 101c | 0 |
| Sep 30, 2021 | 1 | $471,000 | $471,000 | 100c | 0 |
What changed
- Spread changed (observed)Mar 31, 2025
- New lender joined a facilityMar 31, 2025
- Lender left a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Maturity extended (observed)Sep 30, 2024
Full timeline · 21 eventsShow fewer
- New lender joined a facilitySep 30, 2024
- New lender joined a facilitySep 30, 2024
- New lender joined a facilitySep 30, 2024
- Lender left a facilitySep 30, 2024
- New lender joined a facilitySep 30, 2024
- New lender joined a facilitySep 30, 2024
- New lender joined a facilitySep 30, 2024
- New lender joined a facilitySep 30, 2024
- Spread changed (observed)Jun 30, 2023
- Lender left a facilityJun 30, 2023
- Lender left a facilityJun 30, 2023
- Spread increasedMar 31, 2023
- Spread changed (observed)Dec 31, 2022
- Spread increasedDec 31, 2022
- Facility left every BDC scheduleSep 30, 2022
- New borrower on a BDC scheduleSep 30, 2021
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- MADISON SAFETY AND FLOWderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 13 BDCsderived
- Industry
- Household Durablesreportedas one filer wrote it