DFX Intelligence
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Borrower
M••• H•••••• C•
group grade Aoff every schedule since Sep 30, 2025sponsor unattributed
Also written as: Co. 1; Co. 2; Emerald JV LP
Nothing material in the last 200 days. Last change: 30 Sep 2025, $145M principal held by 2 lenders; matures Dec 2027.
Mark path, consensus per quarter end
101¢ · 101¢ · 100¢ · 101¢ · 101¢Q3 2024 to Q3 2025
Principal held
at least $145M
sum of BDC pieces, a lower bound
Fair value
$145M
101c on cost, debt pieces
Unfunded
$5.1M
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Dec 1, 2027
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Sep 30, 2025
Events
2
dated, non-routine
Lender marks
each lender's own fair value over cost at Sep 30, 2025, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | $140M | 101¢ | 0 pts |
| B••••••••• S•••••• L•••••• F••• | $5.7M | 101¢ | 0 pts |
Every BDC piece · 9 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated | $107M | $107M 101c | S+550 bp |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated | $18.5M | $18.5M 101c | S+550 bp |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated | $10.9M | $10.9M 101c | S+550 bp |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated | $4.7M | $4.7M 101c | S+550 bp |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated | $3.5M | $3.5M 101c | S+550 bp |
View all 9 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated | $983,000 | $983,000 101c | S+550 bp |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated D•••••• D••• T••• L•••, E•••••• JV LP | Not disclosed | Not disclosed | S+550 bp |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated D•••••• D••• T••• L••• | Not disclosed | Not disclosed | S+550 bp |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated D•••••• D••• T••• L••• | Not disclosed | Not disclosed | S+550 bp |
Capital structure as the BDCs see it
latest quarter end Sep 30, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| delayed draw term loan lien unstated exited Sep 30, 2025 | at least $145M | 101c | S+550 bp | Dec 1, 2027 | 2 |
| other lien unstated exited Dec 31, 2022 | at least $130M | 100c | S+550 bp | Dec 1, 2027 | 2 |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Sep 30, 2025 | 2 | $145M | $145M | 101c | 0 |
| Jun 30, 2025 | 2 | $146M | $146M | 101c | 0 |
| Mar 31, 2025 | 2 | $21.4M | $21.1M | 100c | 0 |
| Dec 31, 2024 | 2 | $152M | $151M | 101c | 0 |
All 14 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Sep 30, 2024 | 2 | $130M | $130M | 101c | 0 |
| Jun 30, 2024 | 2 | $131M | $130M | 101c | 0 |
| Mar 31, 2024 | 2 | $21.6M | $21.3M | 101c | 0 |
| Dec 31, 2023 | 2 | $129M | $129M | 102c | 0 |
| Sep 30, 2023 | 2 | $129M | $129M | 102c | 0 |
| Jun 30, 2023 | 2 | $130M | $128M | 101c | 0 |
| Mar 31, 2023 | 2 | $19.8M | $18.9M | 100c | 0 |
| Dec 31, 2022 | 2 | $130M | $128M | 100c | 0 |
| Sep 30, 2022 | 2 | $35.1M | $33.7M | 100c | 0 |
| Dec 31, 2021 | 2 | $97.2M | $94.3M | 100c | 0 |
What changed
- Facility left every BDC scheduleSep 30, 2025
- Maturity shortened (observed)Jun 30, 2023
- Maturity shortened (observed)Jun 30, 2023
- Facility left every BDC scheduleDec 31, 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
- M••• H••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived