DFX Intelligence
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Borrower
L•••• C•••• U• C••••••••• B••••• L••
C••••••••• Services & Suppliesgroup grade Aon a schedule nowsponsor unattributed
Also written as: Emerald JV LP; LLC Region United States Ref Rte & Sprd S +; Verdelite JV LP
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
103¢ · 102¢ · 102¢ · 102¢ · 102¢Q2 2025 to Q2 2026
Where each lender marks it on the first lien term loan, 0 points apart
100¢100¢
Principal held
at least $90.7M
sum of BDC pieces, a lower bound
Fair value
$90.9M
102c on cost, debt pieces
Unfunded
$28.8M
commitments not yet drawn
BDC lenders
11
8 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Dec 2, 2031
no dated debt inside 24 months
On the tape since
Dec 31, 2024
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 |
|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | $50.8M | 103¢ | 0 pts |
| G•••••• S•••• P•••••• C••••• C•••• | $23.2M | 100¢ | +1 pts |
| P••••• S••••• C•••••• B•• I••• | $9.06M | 100¢ | 0 pts |
| N•••• H•••• P•••••• I••••• F••• L•• | $2.72M | 100¢ | 0 pts |
| N•••• H•••• P•••••• I••••• F••• A• L•• | $1.82M | 100¢ | +1 pts |
View all 8 lendersShow fewerlargest exposure first
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| F•••• E•••• P•••••• C••••• F••• | $1.81M | 101¢ | 0 pts |
| B•••••••• P•••••• C••••• F••• | $1.4M | 100¢ | 0 pts |
| B••••••••• S•••••• L•••••• F••• | no principal filed | no cost filed | no comparable mark |
Every BDC piece · 11 positions across 8 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | revolver lien unstated N••••••••• I••••• | $44.4M | $44.5M 104c | S+300 bp |
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• E••••••••• E•••••••• I••••••• R••• 6.62% R•••••••• R | $23.2M | $23.2M 100c | SOFR+300 bp |
| P••••• S••••• C•••••• B•• I••• | term loan first lien Investment F•••• L••• S••••• S•••••• L••• I••••••• R••• 6.62% (S + 3.00%) M••••••• D••• 12 | $9.1M | $9.1M 100c | SOFR+300 bp |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated | $6.0M | $6.0M 100c | S+300 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• & S••••• S + 3.00% I••••••• R••• 6.62% M••••••• | $2.7M | $2.7M 100c | SOFR+300 bp |
View all 11 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| N•••• H•••• P•••••• I••••• F••• A• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 3.00% I••••••• R••• 6.62% M•••••• | $1.8M | $1.8M 100c | SOFR+300 bp |
| F•••• E•••• P•••••• C••••• F••• | term loan first lien F•••• L••• D••• 3.00% I••••••• R••• F•••• 0.00% I••••••• R••• 6.62% M••••••• D••• 12/2/203 | $1.8M | $1.8M 101c | SOFR+300 bp |
| B•••••••• P•••••• C••••• F••• | term loan first lien I••••••••• F•••• L••• T••• L••• Ref S•••(M) F•••• —% S••••• 3.00% T•••• C••••• 6.62% M•••• | $1.4M | $1.4M 100c | SOFR+300 bp |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated | $345,000 | $346,000 100c | S+300 bp |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated R••••••• | Not disclosed | Not disclosed | S+300 bp |
| B••••••••• S•••••• L•••••• F••• | revolver lien unstated R••••••• | Not disclosed | Not disclosed |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| revolver lien unstated | at least $50.8M | 103c | S+300 bp | Dec 2, 2031 | 2 |
| first lien term loan first lien | at least $40.0M | 100c | SOFR+300 bp | Dec 2, 2031 | 6 |
| other lien unstated exited Dec 31, 2024 | at least $216M | 104c | S+425 bp | Dec 2, 2031 | 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 | 8 | $90.7M | $90.9M | 102c | 0 |
| Mar 31, 2026 | 8 | $97.0M | $97.0M | 102c | 0 |
| Dec 31, 2025 | 8 | $178M | $179M | 102c | 0 |
| Sep 30, 2025 | 8 | $145M | $145M | 102c | 0 |
All 7 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 8 | $133M | $134M | 103c | 0 |
| Mar 31, 2025 | 8 | $151M | $147M | 100c | 0 |
| Dec 31, 2024 | 8 | $292M | $292M | 103c | 0 |
What changed
- Spread changed (observed)Mar 31, 2026
- Spread changed (observed)Mar 31, 2026
- New lender joined a facilityDec 31, 2025
- Spread changed (observed)Sep 30, 2025
- Spread changed (observed)Sep 30, 2025
Full timeline · 10 eventsShow fewer
- Lender left a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
- Lender left a facilityJun 30, 2025
- New borrower on a BDC scheduleDec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- L•••• CROWN COMMERCIALderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 11 BDCsderived
- Industry
- C••••••••• Services & Suppliesreportedas one filer wrote it