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

N•••••••• A•••••••• I••

group grade Aon a schedule nowsponsor unattributed
Also written as: Emerald JV LP; Inc. 1 Emerald JV LP; Inc. 2; Inc. 2 Emerald JV LP
Principal held
at least $840M
sum of BDC pieces, a lower bound
Fair value
$638M
76c on cost, debt pieces
Unfunded
$48.3M
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Jul 16, 2030
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
5
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
FacilityHeldOn costPricingMaturityBDCs
delayed draw term loan lien unstatedat least $840M76cS+550 bp
PIK 4.00%
Jul 16, 20302
other lien unstated
exited Dec 31, 2022
at least $634M100cS+575 bp
PIK 5.11%
Jul 16, 20272
Lenders
every BDC piece at the latest quarter end
BDCInstrumentPrincipalFair valueRate
B••••••••• P•••••• C••••• F•••delayed draw term loan lien unstated
Delayed Draw Term Loan 2
n/an/a
B••••••••• P•••••• C••••• F•••delayed draw term loan lien unstated
Delayed Draw Term Loan 1
n/an/a
B••••••••• P•••••• C••••• F•••delayed draw term loan lien unstated
Delayed Draw Term Loan 1
n/an/a
B••••••••• P•••••• C••••• F•••delayed draw term loan lien unstated
Non-Affiliated Issuer
$548M$416M
76c
S+550 bp
PIK 4.00%
B••••••••• P•••••• C••••• F•••delayed draw term loan lien unstated
Delayed Draw Term Loan 2
n/an/a
B••••••••• P•••••• C••••• F•••delayed draw term loan lien unstated$22.0M$16.7M
76c
S+550 bp
PIK 4.00%
B••••••••• S•••••• L•••••• F•••delayed draw term loan lien unstated
Delayed Draw Term Loan 1
n/an/a
B••••••••• S•••••• L•••••• F•••delayed draw term loan lien unstated
Delayed Draw Term Loan 2
n/an/a
B••••••••• S•••••• L•••••• F•••delayed draw term loan lien unstated
Non-Affiliated Issuer
$270M$205M
76c
S+550 bp
PIK 4.00%
Through time
the borrower's pieces summed across BDCs, every quarter end
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20262$840M$638M76c3
Mar 31, 20262$833M$664M80c3
Dec 31, 20252$827M$702M85c3
Sep 30, 20252$820M$725M89c3
Jun 30, 20252$814M$720M89c3
Mar 31, 20252$807M$714M89c3
Dec 31, 20242$1.6B$1.3B87c0
Sep 30, 20242$770M$677M88c0
Jun 30, 20242$758M$690M91c0
Mar 31, 20242$759M$706M93c0
Dec 31, 20232$1.2B$1.2B93c0
Sep 30, 20232$711M$689M98c6
Jun 30, 20232$679M$662M98c3
Mar 31, 20232$652M$646M100c2
Dec 31, 20222$634M$628M100c3
Sep 30, 20222$612M$609M100c0
Dec 31, 20212$577M$574M100c0
What changed
Every change including routine ones
Identity
Group key
NAVIGATORderivedthe codename stem after legal suffixes and deal words
Spellings
1 across 2 BDCsderived