DFX Intelligence
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Borrower
T•••• 2•• L••
Wireless Telecommunication Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: Emerald JV LP; Sabre Industries; T•••• 2• Blocker, Inc; T•••• Acquisition, LLC; T•••• Holdco LLC; T•••• Parent Holdco L.P; Verdelite JV LP
Principal held
at least $213M
sum of BDC pieces, a lower bound
Fair value
$213M
100c on cost, debt pieces
Unfunded
$10.6M
commitments not yet drawn
BDC lenders
13
9 on the latest quarter
Facilities
4
1 equity pieces beside them
Next maturity
Dec 30, 2030
no dated debt inside 24 months
On the tape since
Sep 30, 2023
latest Jun 30, 2026
Events
2
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| second lien term loan second lien | at least $176M | 100c | SOFR+525 bp | May 1, 2034 | 3 |
| first lien term loan first lien | at least $18.7M | 100c | S+275 bp | Aug 23, 2032 | 4 |
| term loan lien unstated | at least $18.3M | 102c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+450 bp | Dec 30, 2030 | 2 |
| other lien unstated | unknown | n/a | unstated | 2 |
Equity pieces beside the debt: equity ($1.5M fair value, 3 BDCs)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• C•••••• C••• | unstated lien unstated | n/a | n/a | |
| A••• C••• I••••••••• F••• | term loan first lien F•••• lien senior secured loans 1 | $15.6M | $15.6M 100c | S+275 bp |
| A••• C••• I••••••••• F••• | term loan first lien F•••• lien senior secured loans 2 | $1.1M | $1.1M 100c | S+250 bp |
| B•••••• P•••••• C••••• C••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• | $1.2M | $1.2M 100c | S+250 bp |
| G•••••• S•••• B••• I••• | term loan second lien 2nd L•••/S••••• S•••••• D••• I••••••• W••••••• T••••••••• Services I••••••• R••• 8.89% R•• | $3.8M | $3.8M 100c | SOFR+525 bp |
| G•••••• S•••• P•••••• C••••• C•••• | term loan second lien 2nd L•••/S••••• S•••••• D••• I••••••• W••••••• T••••••••• Services I••••••• R••• 8.89% R•• | $156M | $155M 100c | SOFR+525 bp |
| S••••• C•••• C•••••• C••• | term loan first lien F•••• L••• - T••• L••• | $740,000 | $743,000 101c | 2.50% |
| S•••••• C•••••• I••••••••• C••• | equity equity C•••• A-3 C••••• S•••• | n/a | $881,346 156c | |
| S•••••• C•••••• I••••••••• C••• | term loan lien unstated T••• L••• | $11.8M | $11.8M 102c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+450 bp |
| S•••••• P•••••• C••••• B•• | term loan lien unstated T••• L••• | $2.0M | $2.0M 102c | SOFR+450 bp |
| S•••••• P•••••• C••••• B•• | term loan lien unstated T••• L••• (P••• SPV) | $4.5M | $4.5M 102c | SOFR+450 bp |
| S•••••• P•••••• C••••• B•• | equity equity C•••• A-3 C••••• S•••• | n/a | $587,573 156c | |
| W••• B•• B•• L•• | term loan second lien 2nd L•••/S••••• S•••••• D••• I••••••• W••••••• T••••••••• Services I••••••• R••• 8.89% R•• | $16.2M | $16.1M 100c | SOFR+525 bp |
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 | 9 | $213M | $212M | 100c | 0 |
| Mar 31, 2026 | 8 | $198M | $21.4M | 101c | 0 |
| Dec 31, 2025 | 6 | $23.3M | $23.3M | 102c | 0 |
| Sep 30, 2025 | 5 | $19.6M | $19.5M | 101c | 0 |
| Jun 30, 2025 | 5 | $49.7M | $49.6M | 100c | 0 |
| Mar 31, 2025 | 5 | $50.5M | $50.0M | 100c | 0 |
| Dec 31, 2024 | 4 | $66.3M | $65.6M | 100c | 0 |
| Sep 30, 2024 | 1 | $0 | $0 | n/a | 0 |
| Jun 30, 2024 | 1 | $0 | $0 | n/a | 0 |
| Mar 31, 2024 | 2 | $4.0M | $4.0M | 100c | 0 |
| Dec 31, 2023 | 1 | $6.0M | $6.0M | 100c | 0 |
| Sep 30, 2023 | 1 | $2.0M | $2.0M | 100c | 0 |
What changed
- New lender joined a facilityJun 30, 2026
- Spread changed (observed)Dec 31, 2025
- New lender joined a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- Lender left a facilityJun 30, 2025
- New lender joined a facilityMar 31, 2025
- New borrower on a BDC scheduleSep 30, 2023
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- TIGERderivedthe codename stem after legal suffixes and deal words
- Spellings
- 4 across 13 BDCsderived
- Industry
- Wireless Telecommunication Servicesreportedas one filer wrote it