DFX Intelligence
Private Credit Intelligence
The capital structure graph behind private markets. Who lent, to whom, under which sponsor, through which facility, how large the piece was, when it matures and what changed, with a filing behind every number. A BDC piece is that BDC's piece, a sum of pieces is a lower bound, and a sponsor is named with the evidence that names it.
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Borrower
L•• A••••••••• L••
Building Productsgroup grade Aon a schedule nowsponsor unattributed
Also written as: Emerald JV LP; LLC Amendment No. 4 Refinancing; Verdelite JV LP
Principal held
at least $42.3M
sum of BDC pieces, a lower bound
Fair value
$35.6M
86c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
10
5 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Jun 6, 2031
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
10
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| other lien unstated | at least $25.9M | 86c | S+375 bp | Jun 6, 2031 | 2 |
| first lien term loan first lien | at least $12.5M | 87c | SOFR+375 bp | Jun 6, 2031 | 7 |
| term loan lien unstated | at least $3.9M | 84c | SOFR+375 bp | Jun 6, 2031 | 1 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | unstated lien unstated Non-Affiliated Issuer | $8.0M | $6.7M 85c | S+375 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $5.2M | $4.4M 85c | S+375 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $9.3M | $7.8M 85c | S+375 bp |
| F••••••• P•••••• C••••• F••• | term loan lien unstated Term Loan Reference Rate and Spread SOFR + 3.75% Interest Rate 7.50% Maturity Date 6/6/203 | $3.9M | $3.3M 84c | SOFR+375 bp |
| F••••••• B•• C•••••• C••• | unstated lien unstated | $3.4M | $2.9M 97c | S+375 bp |
| P••••• S••••• C•••••• B•• I••• | term loan first lien Investment First Lien Senior Secured Loan Interest Rate 7.50% (S +CSA + 3.75%) Maturity Da | $10.3M | $8.7M 85c | SOFR+375 bp |
| P•••• C•••••• S•••••••• B•• C•••• | term loan first lien Term Loan | Debt Investments | First Lien Senior Secured | SOFR + 3.850% | 7.525 % | 06/06 | $2.2M | $1.8M 97c | 7.50% |
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 | 5 | $42.3M | $35.6M | 86c | 0 |
| Mar 31, 2026 | 6 | $42.8M | $34.5M | 82c | 0 |
| Dec 31, 2025 | 6 | $86.8M | $81.9M | 95c | 0 |
| Sep 30, 2025 | 8 | $87.3M | $85.4M | 99c | 0 |
| Jun 30, 2025 | 7 | $115M | $109M | 96c | 0 |
| Mar 31, 2025 | 7 | $118M | $111M | 95c | 0 |
| Dec 31, 2024 | 8 | $206M | $205M | 101c | 0 |
| Sep 30, 2024 | 7 | $94.7M | $93.0M | 100c | 0 |
| Jun 30, 2024 | 5 | $78.1M | $76.8M | 100c | 0 |
| Mar 31, 2024 | 4 | $63.0M | $62.9M | 100c | 0 |
| Dec 31, 2023 | 4 | $76.3M | $75.6M | 100c | 0 |
| Sep 30, 2023 | 3 | $59.4M | $58.1M | 98c | 0 |
| Jun 30, 2023 | 2 | $61.0M | $58.8M | 97c | 0 |
| Mar 31, 2023 | 1 | $55.2M | $52.2M | 95c | 0 |
| Dec 31, 2022 | 2 | $64.2M | $55.9M | 88c | 0 |
| Sep 30, 2022 | 1 | $55.6M | $48.8M | 88c | 0 |
| Dec 31, 2021 | 1 | $35.0M | $34.7M | 100c | 0 |
What changed
- Spread changed (observed)Jun 30, 2026
- Spread changed (observed)Mar 31, 2026
- Marked down across lendersMar 31, 2026
- Marked down across lendersMar 31, 2026
- Lender left a facilityMar 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
- Marked down (one lender)Mar 31, 2026
- Spread changed (observed)Dec 31, 2025
- Lender left a facilityDec 31, 2025
- Spread changed (observed)Sep 30, 2025
- Lender left a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
- Lender left a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
- Lender left a facilityJun 30, 2025
- Marked down across lendersMar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Maturity shortened (observed)Mar 31, 2025
- Maturity extended (observed)Dec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilitySep 30, 2024
- Maturity extended (observed)Sep 30, 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
- LBM ACQUISITIONderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 10 BDCsderived
- Industry
- Building Productsreportedas one filer wrote it