DFX Intelligence
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Borrower
T•• C•••••••• L••
Professional Servicesgroup grade Aoff every schedule since Dec 31, 2025sponsor unattributed
Also written as: Emerald JV LP; Inc Verdelite JV LP
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
101¢ · 99¢ · 99¢ · 100¢ · 100¢Q4 2024 to Q4 2025
Where each lender marks it on the first lien term loan, 1 point apart
100¢101¢
Principal held
at least $52.8M
sum of BDC pieces, a lower bound
Fair value
$53.0M
100c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
12
5 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Dec 8, 2028
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Dec 31, 2025
Events
4
dated, non-routine
Lender marks
each lender's own fair value over cost at Dec 31, 2025, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| G•••••• S•••• P•••••• C••••• C•••• | $42.4M | 100¢ | 0 pts |
| A•••••• S•••••••• C••••• F••• | $5.58M | 101¢ | +1 pts |
| A•••••• P•••••• C••••• F••• | $2.98M | 100¢ | new this quarter |
| B•••••• P•••••• C••••• C••• | $997K | 100¢ | new this quarter |
| S••••• C•••• C•••••• C••• | $844K | 101¢ | 0 pts |
Every BDC piece · 6 positions across 5 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• C••••••••• & E••••••••• I••••••• R••• 6.72% R••••••• | $21.2M | $21.3M 100c | SOFR+300 bp |
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• C••••••••• & E••••••••• I••••••• R••• 6.72% R••••••• | $21.2M | $21.3M 100c | SOFR+300 bp |
| A•••••• S•••••••• C••••• F••• | term loan first lien Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 3.00% I••••••• R••• 6.67% M• | $5.6M | $5.6M 101c | SOFR+300 bp |
| A•••••• P•••••• C••••• F••• | term loan first lien Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 3.00% I••••••• R••• 6.67% M• | $3.0M | $3.0M 100c | SOFR+300 bp |
| B•••••• P•••••• C••••• C••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• | $997,000 | $1.0M 100c | S+300 bp |
View all 6 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| S••••• C•••• C•••••• C••• | term loan first lien F•••• L••• - T••• L••• | $844,000 | $848,000 101c | S+300 bp |
Capital structure as the BDCs see it
latest quarter end Dec 31, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Dec 31, 2025 | at least $52.8M | 100c | SOFR+300 bp | Dec 8, 2028 | 5 |
| second lien term loan second lien exited Mar 31, 2024 | at least $45.6M | 100c | SOFR+675 bp | Dec 7, 2029 | 5 |
| other lien unstated exited Mar 31, 2025 | at least $26.7M | 99c | S+300 bp | Dec 8, 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 |
|---|---|---|---|---|---|
| Dec 31, 2025 | 5 | $52.8M | $53.0M | 100c | 0 |
| Sep 30, 2025 | 3 | $25.7M | $25.7M | 100c | 0 |
| Jun 30, 2025 | 4 | $26.8M | $26.7M | 99c | 0 |
| Mar 31, 2025 | 4 | $51.7M | $51.3M | 99c | 0 |
All 15 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2024 | 4 | $79.3M | $80.1M | 101c | 0 |
| Sep 30, 2024 | 3 | $41.6M | $41.7M | 101c | 0 |
| Jun 30, 2024 | 3 | $41.7M | $41.9M | 101c | 0 |
| Mar 31, 2024 | 6 | $82.8M | $82.4M | 100c | 0 |
| Dec 31, 2023 | 7 | $156M | $153M | 99c | 0 |
| Sep 30, 2023 | 5 | $73.0M | $71.2M | 98c | 0 |
| Jun 30, 2023 | 5 | $73.1M | $70.8M | 97c | 0 |
| Mar 31, 2023 | 4 | $70.1M | $66.8M | 96c | 0 |
| Dec 31, 2022 | 5 | $97.7M | $92.9M | 96c | 0 |
| Sep 30, 2022 | 1 | $45.5M | $42.8M | 94c | 0 |
| Dec 31, 2021 | 1 | $18.8M | $18.7M | 100c | 0 |
What changed
- Facility left every BDC scheduleDec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityMar 31, 2025
- Facility left every BDC scheduleMar 31, 2025
- Spread changed (observed)Mar 31, 2025
Full timeline · 11 eventsShow fewer
- New lender joined a facilityMar 31, 2025
- New lender joined a facilityJun 30, 2024
- Facility left every BDC scheduleMar 31, 2024
- New lender joined a facilityDec 31, 2023
- Marked down (one lender)Sep 30, 2022
- Maturity extended (observed)Sep 30, 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
- T•• C••••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 12 BDCsderived
- Industry
- Professional Servicesreportedas one filer wrote it