DFX Intelligence
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Borrower
C••••••••• B••••••• B•••••• I••
Also written as: Emerald JV LP; First and; Inc. Tranche B; Verdelite JV LP
Principal held
at least $26.1M
sum of BDC pieces, a lower bound
Fair value
$14.8M
59c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
9
4 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Apr 12, 2028
$5.3M inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
12
dated, non-routine
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 $22.2M | 58c | SOFR+563 bp | May 15, 2031 | 7 |
| other lien unstated | at least $3.9M | 63c | S+325 bp | Apr 12, 2028 | 2 |
| second lien term loan second lien exited Dec 31, 2024 | at least $1.5M | 97c | SOFR+450 bp | May 15, 2031 | 1 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $3.9M | $2.4M 63c | S+325 bp |
| C•••••• C••••• S••••••••• I••• | term loan first lien Investment | N••••••••• I••••• | F•••• L••• D••• | $7.5M | $4.3M 58c | S+563 bp |
| C•••••• C••••• S••••••••• I••• | term loan first lien Investment | N••••••••• I••••• | F•••• L••• D••• | $2.4M | $1.2M 52c | S+450 bp |
| C•••••• S•••••• L••••••• I••• | term loan first lien Investment | N••••••••• I••••• | F•••• L••• D••• | $7.8M | $4.5M 59c | S+563 bp |
| C•••••• S•••••• L••••••• I••• | term loan first lien Investment | N••••••••• I••••• | F•••• L••• D••• | $3.1M | $1.6M 55c | S+450 bp |
| O••• D••••• L•••••• B•• F••• | term loan first lien F•••• L••• T••• L••• R•••••••• R••• and S••••• 3M S••• + 3.25% I••••••• R••• 7.01% I•••••• | $1.5M | $897,058 65c | SOFR+325 bp |
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 | 4 | $26.1M | $14.8M | 59c | 0 |
| Mar 31, 2026 | 4 | $26.2M | $13.9M | 55c | 0 |
| Dec 31, 2025 | 5 | $86.0M | $67.4M | 80c | 0 |
| Sep 30, 2025 | 5 | $86.2M | $82.2M | 98c | 0 |
| Jun 30, 2025 | 5 | $89.6M | $80.2M | 91c | 0 |
| Mar 31, 2025 | 5 | $89.9M | $79.1M | 90c | 0 |
| Dec 31, 2024 | 3 | $116M | $113M | 99c | 0 |
| Sep 30, 2024 | 4 | $45.2M | $45.1M | 101c | 0 |
| Jun 30, 2024 | 4 | $42.8M | $42.8M | 101c | 0 |
| Mar 31, 2024 | 2 | $36.7M | $37.0M | 102c | 0 |
| Dec 31, 2023 | 2 | $41.4M | $41.8M | 102c | 0 |
| Sep 30, 2023 | 2 | $34.0M | $33.7M | 101c | 0 |
| Jun 30, 2023 | 2 | $78.2M | $75.2M | 97c | 0 |
| Mar 31, 2023 | 2 | $89.1M | $83.3M | 271c | 0 |
| Dec 31, 2022 | 3 | $120M | $113M | 98c | 0 |
| Sep 30, 2022 | 1 | $57.4M | $52.1M | 99c | 0 |
| Dec 31, 2021 | 1 | $2.9M | $2.9M | 100c | 0 |
What changed
- Maturity approachingApr 12, 2028
- Spread changed (observed)Jun 30, 2026
- Marked down across lendersMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Maturity shortened (observed)Mar 31, 2026
- Spread changed (observed)Dec 31, 2025
- Marked down across lendersDec 31, 2025
- Lender left a facilityDec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Mark recoveredSep 30, 2025
- Spread changed (observed)Jun 30, 2025
- Spread changed (observed)Mar 31, 2025
- New lender joined a facilityMar 31, 2025
- New lender joined a facilityMar 31, 2025
- New lender joined a facilityMar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Maturity shortened (observed)Mar 31, 2025
- New lender joined a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- Maturity extended (observed)Dec 31, 2024
- Spread changed (observed)Dec 31, 2024
Sponsor
- C••••••• D••••••• • R•••• L••
- the sponsor's own portfolio page lists a company of this nameestimatedcdr.com"••• Locked"
Identity
- Group key
- C••••••••• B••••••• B•••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 9 BDCsderived
- Industry
- Construction & B•••••••reportedas one filer wrote it