DFX Intelligence
Private Credit Intelligence
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Borrower
P••••••• S•••••••• I••
S•••••••group grade Aon a schedule nowsponsor unattributed
Also written as: First Lien; Inc Asset Type; Inc. Emerald JV LP
Principal held
at least $149M
sum of BDC pieces, a lower bound
Fair value
$81.4M
56c on cost, debt pieces
Unfunded
$7.5M
commitments not yet drawn
BDC lenders
13
11 on the latest quarter
Facilities
4
1 equity pieces beside them
Next maturity
Jun 1, 2029
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
7
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 $101M | 57c | SOFR+475 bp | Mar 31, 2031 | 9 |
| other lien unstated | at least $48.4M | 55c | S+475 bp | Mar 25, 2031 | 3 |
| first lien revolver first lien | unknown | n/a | Mar 21, 2031 | 1 | |
| second lien term loan second lien exited Mar 31, 2026 | at least $6.5M | 72c | S+800 bp | unstated | 2 |
Equity pieces beside the debt: equity ($6.5M fair value, 1 BDC)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A•••••• P•••••• C••••• F••• | term loan first lien Asset Type First Lien Term Loan Reference Rate and Spread S + 4.75% Interest Rate 8.41% Ma | $2.0M | $1.0M 52c | SOFR+475 bp |
| A•••••• S•••••••• C••••• F••• | term loan first lien Asset Type First Lien Term Loan Reference Rate and Spread S + 4.75% Interest Rate 8.41% Ma | $2.9M | $1.7M 57c | SOFR+475 bp |
| A••• C•••••• C••• | revolver first lien | n/a | n/a | |
| B•••••• P•••••• C••••• C••• | term loan first lien First Lien Senior Secured Term Loan | $6.4M | $3.5M 54c | S+600 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated Non-Affiliated Issuer | $19.6M | $10.1M 52c | S+475 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated Non-Affiliated Issuer | $18.1M | $10.2M 57c | S+475 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $10.6M | $6.0M 57c | S+475 bp |
| B••• O•• C••••• I••••• C•••• | term loan first lien First lien senior secured loan 2 | Non-Affiliated Issuer | $14.4M | $7.9M 55c | S+475 bp |
| B••• O•• C••••• I••••• C•••• | term loan first lien First lien senior secured loan 1 | Non-Affiliated Issuer | $4.9M | $2.5M 50c | S+475 bp |
| B••• O•• T••••••••• I••••• C•••• | term loan first lien First lien senior secured loan 2 | $14.4M | $7.9M 55c | S+475 bp |
| B••• O•• T••••••••• I••••• C•••• | term loan first lien First lien senior secured loan 1 | $4.9M | $2.5M 50c | S+475 bp |
| C••••••• C•••••• B••• I••• | term loan first lien Investment Type Senior Secured First Lien Term Loan Interest Term S + 600 Interest Rate 9. | $4.9M | $3.3M 66c | SOFR+600 bp |
| N•• M••••••• G••••••• I• I••••• F•••• L••••• | term loan first lien First Lien | Non-Affiliated Issuer | $1.3M | $671,000 52c | S+475 bp |
| N•• S•• I• I••• | term loan first lien First Lien | Non-Affiliated Issuer | $3.3M | $1.7M 52c | S+475 bp |
| V•••• C••••• S•••••••• L•••••• C•••• | term loan first lien First-Lien Debt Reference Rate and Spread SOFR + 4.75% Interest Rate 8.39% Maturity Date 3 | $41.5M | $22.6M 61c | SOFR+475 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 | 11 | $149M | $81.4M | 56c | 0 |
| Mar 31, 2026 | 11 | $150M | $103M | 71c | 0 |
| Dec 31, 2025 | 11 | $137M | $121M | 90c | 0 |
| Sep 30, 2025 | 11 | $136M | $124M | 93c | 0 |
| Jun 30, 2025 | 11 | $131M | $126M | 97c | 0 |
| Mar 31, 2025 | 11 | $132M | $125M | 96c | 0 |
| Dec 31, 2024 | 11 | $268M | $265M | 100c | 0 |
| Sep 30, 2024 | 11 | $127M | $127M | 101c | 0 |
| Jun 30, 2024 | 11 | $121M | $121M | 101c | 0 |
| Mar 31, 2024 | 10 | $125M | $125M | 100c | 0 |
| Dec 31, 2023 | 7 | $79.7M | $79.2M | 100c | 0 |
| Sep 30, 2023 | 7 | $78.5M | $76.8M | 99c | 0 |
| Jun 30, 2023 | 7 | $78.7M | $75.5M | 97c | 0 |
| Mar 31, 2023 | 7 | $76.5M | $72.6M | 96c | 0 |
| Dec 31, 2022 | 7 | $78.0M | $75.1M | 98c | 0 |
| Sep 30, 2022 | 2 | $15.5M | $14.5M | 94c | 0 |
| Dec 31, 2021 | 2 | $11.7M | $11.6M | 99c | 0 |
What changed
- Marked down across lendersJun 30, 2026
- New lender joined a facilityJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down across lendersMar 31, 2026
- Facility left every BDC scheduleMar 31, 2026
- Marked down across lendersMar 31, 2026
- New lender joined a facilityMar 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
- 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)Sep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Marked down (one lender)Sep 30, 2025
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- PERFORCE SOFTWAREderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 13 BDCsderived
- Industry
- S•••••••reportedas one filer wrote it