DFX Intelligence
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Borrower
A•••••••• B••••• L••
Capital Marketsgroup grade Aon a schedule nowsponsor unattributed
Also written as: LLC Emerald JV LP
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
101¢ · 100¢ · 100¢ · 100¢ · 100¢Q2 2025 to Q2 2026
Where each lender marks it, 0 points apart
100¢100¢
Principal held
at least $27.9M
sum of BDC pieces, a lower bound
Fair value
$28.0M
100c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
5
2 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Nov 1, 2030
no dated debt inside 24 months
On the tape since
Sep 30, 2022
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 |
|---|---|---|---|
| G•••••• S•••• P•••••• C••••• C•••• | $26.4M | 100¢ | 0 pts |
| B•••••••• P•••••• C••••• F••• | $1.49M | 100¢ | 0 pts |
Every BDC piece · 2 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• Financial Services I••••••• R••• 6.75% R•••••••• R•• | $26.4M | $26.5M 100c | SOFR+300 bp |
| B•••••••• P•••••• C••••• F••• | term loan first lien I••••••••• F•••• L••• T••• L••• Ref S•••(Q) F•••• —% S••••• 3.00% T•••• C••••• 6.75% M•••• | $1.5M | $1.5M 100c | SOFR+300 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 $27.9M | 100c | SOFR+300 bp | Nov 1, 2030 | 3 |
| other lien unstated exited Jun 30, 2024 | at least $1.2M | 99c | S+325 bp | Nov 1, 2028 | 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 | 2 | $27.9M | $28.0M | 100c | 0 |
| Mar 31, 2026 | 2 | $28.0M | $28.0M | 100c | 0 |
| Dec 31, 2025 | 2 | $34.7M | $34.9M | 100c | 0 |
| Sep 30, 2025 | 2 | $17.2M | $17.2M | 100c | 0 |
All 16 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 1 | $13.6M | $13.6M | 101c | 0 |
| Mar 31, 2025 | 1 | $8.0M | $8.0M | 100c | 0 |
| Dec 31, 2024 | 1 | $8.0M | $8.0M | 100c | 0 |
| Sep 30, 2024 | 2 | $9.3M | $9.3M | 100c | 0 |
| Jun 30, 2024 | 2 | $9.1M | $9.0M | 100c | 0 |
| Mar 31, 2024 | 2 | $12.7M | $12.7M | 100c | 0 |
| Dec 31, 2023 | 2 | $12.1M | $12.0M | 100c | 0 |
| Sep 30, 2023 | 2 | $6.6M | $6.6M | 99c | 0 |
| Jun 30, 2023 | 2 | $5.4M | $4.9M | 98c | 0 |
| Mar 31, 2023 | 1 | $3.0M | $3.0M | 99c | 0 |
| Dec 31, 2022 | 1 | $5.0M | $4.9M | 98c | 0 |
| Sep 30, 2022 | 1 | $3.0M | $2.9M | 97c | 0 |
What changed
- New lender joined a facilitySep 30, 2025
- Maturity extended (observed)Mar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- New lender joined a facilitySep 30, 2024
- Lender left a facilitySep 30, 2024
Full timeline · 7 eventsShow fewer
- Facility left every BDC scheduleJun 30, 2024
- New borrower on a BDC scheduleSep 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
- ALLSPRINGderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 5 BDCsderived
- Industry
- Capital Marketsreportedas one filer wrote it