DFX Intelligence
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Borrower
N•• C•••
Financial Servicesgroup grade Aoff every schedule since Mar 31, 2024sponsor unattributed
Also written as: Diversified Financial Services; Emerald JV LP; Fixed Rate; Other Diversified Financial Services; Verdelite JV 2LP; Verdelite JV LP
Nothing material in the last 200 days. Last change: 31 Mar 2024, Consensus mark 102¢ on cost, up from 99¢ a year ago, 105¢ last quarter.
Mark path, consensus per quarter end
99¢ · 100¢ · 98¢ · 105¢ · 102¢Q1 2023 to Q1 2024
Principal held
at least $42.1M
sum of BDC pieces, a lower bound
Fair value
$42.7M
103c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
7
5 on the latest quarter
Facilities
4
0 equity pieces beside them
Next maturity
Feb 1, 2027
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Mar 31, 2024
Events
7
dated, non-routine
Lender marks
each lender's own fair value over cost at Mar 31, 2024, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | $26.9M | 101¢ | -1 pts |
| A••• S•••••••• I••••• F••• | $8.25M | 101¢ | -1 pts |
| O•••••• S•••••••• C••••• F••• | $5.84M | 108¢ | -1 pts |
| B•••••••• P•••••• C••••• F••• | $980K | 103¢ | -1 pts |
| G•••••• S•••• P•••••• C••••• C•••• | $173K | 101¢ | 0 pts |
Every BDC piece · 8 positions across 5 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $13.4M | $13.5M 101c | S+325 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $9.1M | $9.2M 102c | S+325 bp |
| A••• S•••••••• I••••• F••• | term loan first lien F•••• lien senior secured loan | $8.3M | $8.3M 101c | S+325 bp |
| O•••••• S•••••••• C••••• F••• | notes lien unstated B••• 1 | $5.0M | $5.5M 110c | 8.50% |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $4.3M | $4.3M 102c | S+325 bp |
View all 8 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B•••••••• P•••••• C••••• F••• | term loan first lien I••••••••• F•••• L••• T••• L••• Ref S•••(M) S••••• 3.36% T•••• C••••• 8.69% M••••••• 2/13/ | $980,470 | $982,799 103c | S+336 bp |
| O•••••• S•••••••• C••••• F••• | notes lien unstated B••• 2 | $841,000 | $887,000 108c | 7.50% |
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• Financial Services I••••••• R••• 8.69% R•••••••• R•• | $173,000 | $173,000 101c | S+325 bp |
Capital structure as the BDCs see it
latest quarter end Mar 31, 2024
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| other lien unstated exited Mar 31, 2024 | at least $26.9M | 101c | S+325 bp | Feb 15, 2027 | 1 |
| first lien term loan first lien exited Mar 31, 2024 | at least $9.4M | 101c | S+325 bp | Feb 16, 2027 | 3 |
| notes lien unstated exited Mar 31, 2024 | at least $5.8M | 110c | 8.50% | Oct 1, 2031 | 1 |
| unsecured or subordinated notes unsecured or subordinated exited Dec 31, 2023 | at least $5.6M | 120c | 6.88% | Aug 15, 2028 | 1 |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2024 | 5 | $42.1M | $42.7M | 103c | 0 |
| Dec 31, 2023 | 7 | $95.0M | $95.9M | 106c | 0 |
| Sep 30, 2023 | 7 | $84.8M | $78.7M | 100c | 0 |
| Jun 30, 2023 | 6 | $74.0M | $67.8M | 99c | 0 |
All 8 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2023 | 6 | $60.4M | $53.9M | 98c | 0 |
| Dec 31, 2022 | 4 | $63.9M | $56.6M | 97c | 0 |
| Sep 30, 2022 | 3 | $64.1M | $56.7M | 91c | 0 |
| Dec 31, 2021 | 1 | $9.5M | $9.4M | 99c | 0 |
What changed
- Facility left every BDC scheduleMar 31, 2024
- Facility left every BDC scheduleMar 31, 2024
- Facility left every BDC scheduleMar 31, 2024
- Mark recoveredDec 31, 2023
- Facility left every BDC scheduleDec 31, 2023
Full timeline · 13 eventsShow fewer
- Maturity shortened (observed)Dec 31, 2023
- Maturity extended (observed)Sep 30, 2023
- New lender joined a facilitySep 30, 2023
- Maturity extended (observed)Sep 30, 2023
- Maturity extended (observed)Sep 30, 2023
- Maturity shortened (observed)Jun 30, 2023
- Mark recoveredMar 31, 2023
- New lender joined a facilityMar 31, 2023
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- NFPderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 7 BDCsderived
- Industry
- Financial Servicesreportedas one filer wrote it