DFX Intelligence
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Borrower
G•• U• I••• L••
group grade Con a schedule nowsponsor unattributed
Also written as: Emerald JV LP; Global Business Travel Group, Inc.
What matters now
- 100¢ → 100¢consensus mark
Consensus mark 100¢ on cost, up from 100¢ a year ago, 98¢ last quarter.
Q2 2026 · The lenders' own valuations moved back up.
Derived1 of 1 lender' own marks, weighted by principal
Mark path, consensus per quarter end
100¢ · 100¢ · 100¢ · 98¢ · 100¢Q2 2025 to Q2 2026
Principal held
at least $5.8M
sum of BDC pieces, a lower bound
Fair value
$5.8M
100c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
3
1 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Jul 25, 2031
no dated debt inside 24 months
On the tape since
Sep 30, 2024
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••• | $5.77M | 100¢ | +2 pts |
Every BDC piece · 2 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | unstated lien unstated N••••••••• I••••• | $3.9M | $3.9M 100c | S+200 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $1.8M | $1.8M 100c | S+200 bp |
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 $5.8M | 100c | S+200 bp | Jul 25, 2031 | 1 |
| first lien term loan first lien exited Mar 31, 2026 | at least $790,000 | 98c | S+200 bp | Jul 25, 2031 | 1 |
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 | 1 | $5.8M | $5.8M | 100c | 0 |
| Mar 31, 2026 | 2 | $6.6M | $6.5M | 98c | 0 |
| Dec 31, 2025 | 1 | $4.7M | $4.8M | 100c | 0 |
| Sep 30, 2025 | 1 | $4.7M | $4.8M | 100c | 0 |
All 8 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 1 | $4.8M | $4.8M | 100c | 0 |
| Mar 31, 2025 | 1 | $4.8M | $4.7M | 100c | 0 |
| Dec 31, 2024 | 1 | $8.0M | $8.1M | 100c | 0 |
| Sep 30, 2024 | 1 | $4.0M | $4.0M | 100c | 0 |
What changed
- Facility left every BDC scheduleMar 31, 2026
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- G•• U• I••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 3 BDCsderived