DFX Intelligence
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Borrower
R•• H•••••••• L••
group grade Aon a schedule nowsponsor unattributed
Also written as: LLC Emerald JV LP
What matters now
- 90¢ → 98¢consensus mark
Consensus mark 98¢ on cost, up from 90¢ a year ago, 96¢ last quarter.
Q2 2026 · The lenders' own valuations moved back up.
Derived2 of 2 lenders' own marks, weighted by principal
Mark path, consensus per quarter end
90¢ · 90¢ · 94¢ · 96¢ · 98¢Q2 2025 to Q2 2026
Where each lender marks it, 0 points apart
98¢98¢
Principal held
at least $335M
sum of BDC pieces, a lower bound
Fair value
$325M
98c 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
Dec 31, 2028
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
1
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••• | $304M | 98¢ | +2 pts |
| B••••••••• S•••••• L•••••• F••• | $30.9M | 98¢ | +2 pts |
Every BDC piece · 5 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $266M | $258M 98c | S+575 bp |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $29.6M | $28.7M 98c | S+575 bp |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated | $26.0M | $25.2M 98c | S+575 bp |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $12.2M | $11.9M 98c | S+575 bp |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $1.4M | $1.3M 98c | S+575 bp |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| delayed draw term loan lien unstated | at least $335M | 98c | S+575 bp | Dec 31, 2028 | 2 |
| other lien unstated exited Dec 31, 2022 | at least $263M | 101c | S+575 bp | 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 | $335M | $325M | 98c | 0 |
| Mar 31, 2026 | 2 | $336M | $319M | 96c | 0 |
| Dec 31, 2025 | 2 | $323M | $301M | 94c | 0 |
| Sep 30, 2025 | 2 | $324M | $290M | 90c | 0 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 2 | $325M | $289M | 90c | 0 |
| Mar 31, 2025 | 2 | $326M | $290M | 90c | 0 |
| Dec 31, 2024 | 2 | $653M | $581M | 90c | 0 |
| Sep 30, 2024 | 2 | $327M | $302M | 93c | 0 |
| Jun 30, 2024 | 2 | $328M | $306M | 94c | 0 |
| Mar 31, 2024 | 2 | $329M | $311M | 96c | 0 |
| Dec 31, 2023 | 2 | $330M | $312M | 96c | 0 |
| Sep 30, 2023 | 2 | $331M | $317M | 97c | 0 |
| Jun 30, 2023 | 2 | $262M | $256M | 99c | 0 |
| Mar 31, 2023 | 2 | $241M | $238M | 101c | 0 |
| Dec 31, 2022 | 2 | $263M | $260M | 101c | 0 |
| Sep 30, 2022 | 2 | $242M | $239M | 101c | 0 |
| Dec 31, 2021 | 2 | $243M | $238M | 100c | 0 |
What changed
- Facility left every BDC scheduleDec 31, 2022
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- RWL HOLDINGderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived