DFX Intelligence
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Borrower
C•••• H••••••• L••
Energy Equipment and Servicesgroup grade Bon a schedule nowsponsor unattributed
Also written as: Emerald JV LP
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
101¢ · 101¢ · 100¢ · 100¢ · 100¢Q2 2025 to Q2 2026
Where each lender marks it, 0 points apart
100¢100¢
Principal held
at least $3.8M
sum of BDC pieces, a lower bound
Fair value
$3.8M
100c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Feb 12, 2032
no dated debt inside 24 months
On the tape since
Mar 31, 2025
latest Jun 30, 2026
Events
2
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••• | $2.32M | 100¢ | 0 pts |
| B••••••••• P•••••• C••••• F••• | $1.47M | 100¢ | 0 pts |
Every BDC piece · 2 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B•••••••• P•••••• C••••• F••• | term loan first lien I••••••••• F•••• L••• T••• L••• Ref S•••(Q) S••••• 2.75% T•••• C••••• 6.43% M••••••• 2/12/ | $2.3M | $2.3M 100c | SOFR+275 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $1.5M | $1.5M 100c | S+275 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 $2.3M | 100c | SOFR+275 bp | Feb 12, 2032 | 1 |
| other lien unstated | at least $1.5M | 100c | S+275 bp | Feb 26, 2032 | 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 | $3.8M | $3.8M | 100c | 0 |
| Mar 31, 2026 | 2 | $5.1M | $5.1M | 100c | 0 |
| Dec 31, 2025 | 2 | $5.1M | $5.1M | 100c | 0 |
| Sep 30, 2025 | 2 | $4.0M | $4.0M | 101c | 0 |
All 6 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 2 | $4.0M | $4.0M | 101c | 0 |
| Mar 31, 2025 | 2 | $4.0M | $4.0M | 100c | 0 |
What changed
- Spread changed (observed)Sep 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
- COVIAderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived
- Industry
- Energy Equipment and Servicesreportedas one filer wrote it