DFX Intelligence
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Borrower
P•••••••• G••••• S•••••••• I••
group grade Aon a schedule nowsponsor unattributed
Also written as: Emerald JV LP
What matters now
- 2 of 2 lenderson non-accrual
Non-accrual at 2 of 2 lenders on the latest schedules, first placed in Q1 2026.
since Q1 2026 · Interest has stopped accruing; the lenders no longer expect to be paid in full.
FactBDC schedules of investments, 30 Jun 2026For restructuring advisers, special situations funds, the lenders' LPsSee every lender → - 81¢ → 57¢consensus mark
Consensus mark 57¢ on cost, down from 81¢ a year ago, 65¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived2 of 2 lenders' own marks, weighted by principal - $149Mprincipal outstanding
$149M principal held by 2 lenders; matures Dec 2028.
Q2 2026 · Refinancing is due in 27 months at a 57¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
81¢ · 77¢ · 75¢ · 65¢ · 57¢Q2 2025 to Q2 2026
Where each lender marks it, 1 points apart
56¢57¢
Principal held
at least $149M
sum of BDC pieces, a lower bound
Fair value
$81.9M
57c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
1
0 equity pieces beside them
Next maturity
Dec 31, 2028
no dated debt inside 24 months
On the tape since
Mar 31, 2025
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••• | $92.9M | 56¢ | -9 pts |
| B••••••••• S•••••• L•••••• F••• | $56M | 57¢ | -9 pts |
Every BDC piece · 3 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | unstated lien unstated N••••••••• I••••• | $84.0M | $46.2M 56c | S+600 bp PIK 3.21% |
| B••••••••• S•••••• L•••••• F••• | unstated lien unstated N••••••••• I••••• | $56.0M | $30.8M 57c | S+600 bp PIK 3.21% |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $8.9M | $4.9M 57c | S+600 bp PIK 3.21% |
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 $149M | 57c | S+600 bp PIK 3.21% | Dec 31, 2028 | 2 |
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 | $149M | $81.9M | 57c | 3 |
| Mar 31, 2026 | 2 | $148M | $96.2M | 65c | 3 |
| Dec 31, 2025 | 2 | $148M | $110M | 75c | 3 |
| Sep 30, 2025 | 2 | $143M | $110M | 77c | 0 |
All 6 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 2 | $143M | $114M | 81c | 0 |
| Mar 31, 2025 | 2 | $143M | $126M | 89c | 0 |
What changed
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Placed on non-accrualMar 31, 2026
- Placed on non-accrualMar 31, 2026
- Marked down (one lender)Mar 31, 2026
Full timeline · 13 eventsShow fewer
- Marked down (one lender)Mar 31, 2026
- PIK interest appearsDec 31, 2025
- PIK interest appearsDec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Marked down (one lender)Jun 30, 2025
- Marked down (one lender)Jun 30, 2025
- New borrower on a BDC scheduleMar 31, 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
- PARAMOUNT SURFACESderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived