DFX Intelligence
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Borrower
V•••••• B••••• L••
Machinerygroup grade Aon a schedule nowsponsor unattributed
Also written as: 1; 2; Emerald JV LP; LLC 1 Emerald JV LP; LLC 3 Emerald JV LP; LLC2
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
100¢ · 101¢ · 102¢ · 101¢ · 101¢Q2 2025 to Q2 2026
Where each lender marks it, 2 points apart
100¢102¢
Principal held
at least $134M
sum of BDC pieces, a lower bound
Fair value
$133M
101c on cost, debt pieces
Unfunded
$100,000
commitments not yet drawn
BDC lenders
7
5 on the latest quarter
Facilities
4
0 equity pieces beside them
Next maturity
Feb 13, 2031
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
7
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••• | $82.8M | 102¢ | 0 pts |
| F••••••• B•• C•••••• C••• | $38.3M | 100¢ | 0 pts |
| B••••••••• S•••••• L•••••• F••• | $8.33M | 101¢ | 0 pts |
| G•••••• S•••• P•••••• C••••• C•••• | $4.18M | 101¢ | +1 pts |
| A•••••• P•••••• C••••• F••• | $100K | no cost filed | new this quarter |
Every BDC piece · 9 positions across 5 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $57.8M | $57.8M 102c | S+600 bp |
| F••••••• B•• C•••••• C••• | unstated lien unstated | $38.3M | $38.0M 100c | S+600 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated N••••••••• I••••• | $21.4M | $21.4M 101c | S+600 bp |
| B••••••••• S•••••• L•••••• F••• | unstated lien unstated N••••••••• I••••• | $8.3M | $8.3M 101c | S+600 bp |
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• I••••••••• C••••••••• I••••••• R••• 6.66% R•••••••• | $4.2M | $4.2M 101c | SOFR+300 bp |
View all 9 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $3.4M | $3.4M 101c | S+300 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $296,000 | $297,000 101c | S+300 bp |
| A•••••• P•••••• C••••• F••• | revolver first lien Asset T••• F•••• L••• R••••••• R•••••••• R••• and S••••• S + 3.00% I••••••• R••• 6.75% M•• | $100,000 | $-1,000 100c | SOFR+300 bp |
| A•••••• P•••••• C••••• F••• | revolver first lien C••••••••• T••• R••••••• C••••••••• E••••••••• D••• 2/13/2031 | Not disclosed | $-1,000 |
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 $130M | 101c | S+600 bp | Feb 13, 2034 | 4 |
| first lien term loan first lien | at least $4.2M | 101c | SOFR+300 bp | Feb 14, 2033 | 2 |
| first lien revolver first lien | at least $100,000 | n/a | SOFR+300 bp | Feb 13, 2031 | 1 |
| revolver lien unstated exited Dec 31, 2024 | unknown | n/a | unstated | 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 | 5 | $134M | $133M | 101c | 0 |
| Mar 31, 2026 | 5 | $134M | $133M | 101c | 0 |
| Dec 31, 2025 | 4 | $190M | $190M | 102c | 0 |
| Sep 30, 2025 | 5 | $211M | $210M | 101c | 0 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 5 | $208M | $204M | 100c | 0 |
| Mar 31, 2025 | 5 | $207M | $198M | 98c | 0 |
| Dec 31, 2024 | 5 | $440M | $424M | 98c | 0 |
| Sep 30, 2024 | 4 | $194M | $185M | 97c | 0 |
| Jun 30, 2024 | 3 | $182M | $173M | 97c | 0 |
| Mar 31, 2024 | 3 | $182M | $171M | 96c | 0 |
| Dec 31, 2023 | 3 | $272M | $255M | 95c | 0 |
| Sep 30, 2023 | 4 | $113M | $105M | 94c | 0 |
| Jun 30, 2023 | 4 | $113M | $104M | 93c | 0 |
| Mar 31, 2023 | 4 | $103M | $91.7M | 90c | 0 |
| Dec 31, 2022 | 4 | $180M | $157M | 89c | 0 |
| Sep 30, 2022 | 2 | $57.2M | $54.3M | 96c | 0 |
| Dec 31, 2021 | 4 | $199M | $197M | 100c | 0 |
What changed
- Maturity extended (observed)Mar 31, 2026
- Spread changed (observed)Mar 31, 2026
- Spread changed (observed)Mar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Maturity extended (observed)Mar 31, 2026
Full timeline · 17 eventsShow fewer
- Maturity extended (observed)Mar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Lender left a facilitySep 30, 2025
- Maturity extended (observed)Jun 30, 2025
- Maturity extended (observed)Jun 30, 2025
- Facility left every BDC scheduleDec 31, 2024
- Marked down (one lender)Dec 31, 2022
- Marked down (one lender)Dec 31, 2022
- Marked down (one lender)Dec 31, 2022
- Maturity extended (observed)Sep 30, 2022
- New borrower on a BDC scheduleDec 31, 2021
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- VICTORYderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 7 BDCsderived
- Industry
- Machineryreportedas one filer wrote it