DFX Intelligence
Private Credit Intelligence
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Borrower
L••••••••• L••
Trading Companies & Distributorsgroup grade Aon a schedule nowsponsor unattributed
Also written as: LLC Emerald JV LP
Principal held
at least $111M
sum of BDC pieces, a lower bound
Fair value
$110M
100c on cost, debt pieces
Unfunded
$2.5M
commitments not yet drawn
BDC lenders
9
7 on the latest quarter
Facilities
5
0 equity pieces beside them
Next maturity
Dec 30, 2032
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
0
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien | at least $102M | 100c | SOFR+550 bp | Dec 30, 2032 | 5 |
| term loan lien unstated | at least $8.2M | n/a | SOFR+550 bp | Dec 30, 2032 | 1 |
| revolver lien unstated | at least $1.2M | n/a | SOFR+550 bp | Dec 30, 2032 | 1 |
| first lien revolver first lien | at least $0 | n/a | SOFR+550 bp | Dec 30, 2032 | 5 |
| other lien unstated | unknown | n/a | unstated | 3 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••••• D••• S•••••••• B•• | term loan first lien Investment Type First Lien S•••••• D••• – Term Loan Interest Rate S+550, 0.75% Floor Matur | $39.9M | $39.4M 100c | SOFR+550 bp |
| A••••• D••• S•••••••• B•• | revolver first lien Investment Type First Lien S•••••• D••• – Revolver Interest Rate S+550, 0.75% Floor Maturi | n/a | $-116,000 80c | SOFR+550 bp |
| B••• C•••••• P•••••• C••••• | term loan first lien First Lien Senior S•••••• Loan SOFR Floor 0.75% Spread 5.50% Interest Rate 9.24% Maturity | $32.5M | $32.4M 101c | SOFR+550 bp |
| B••• C•••••• P•••••• C••••• | revolver first lien First Lien Senior S•••••• Loan - Revolver Maturity Date 12/30/2032 | $0 | $-33,000 35c | |
| B••• C•••••• S•••••••• F••••••• I••• | revolver first lien First Lien Senior S•••••• Loan - Revolver Maturity Date 12/30/2032 | n/a | $-7,000 37c | |
| J••• H•••••• C•••••• P•••••• I••••• F••• | term loan first lien First Lien Senior S•••••• Term Loan Capital Goods Spread Above Index SOFR + 5.50% (0.75% f | $13.0M | $12.9M 101c | SOFR+550 bp |
| J••• H•••••• C•••••• P•••••• I••••• F••• | revolver first lien First Lien Senior S•••••• Revolving Credit Line Capital Goods Spread Above Index SOFR + 5. | $0 | $-15,000 56c | SOFR+550 bp |
| J••• H•••••• C•••••• P•••••• I••••• F••• | revolver first lien First Lien Senior S••••••, Revolving Credit Line | n/a | n/a | |
| M••••••• P•••••• C••••• F••• | term loan lien unstated Term Loan (6 month CME Term SOFR + 5.500%) | Senior loans 238.6% | $8.2M | $8.1M | SOFR+550 bp |
| M••••••• P•••••• C••••• F••• | revolver lien unstated Revolver (6 month CME Term SOFR + 5.500%) | Senior loans 238.6% | $1.2M | $1.2M | SOFR+550 bp |
| M••••• A••••• I••••••••• P•••••• L•••••• | unstated lien unstated | n/a | n/a | |
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien Term Loan | NCNA D••• Inv. | First Lien Senior S•••••• Loan | 12/30/2032 | $16.4M | $16.1M 100c | SOFR+550 bp |
| S•••••••• P•••••• C••••• F••• L•• | revolver first lien Revolving Credit Loan | NCNA D••• Inv. | First Lien Senior S•••••• Loan | 12/30/2032 | n/a | $-40,000 118c | SOFR+50 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 | 7 | $111M | $110M | 110c | 0 |
| Mar 31, 2026 | 7 | $127M | $124M | 108c | 0 |
| Dec 31, 2025 | 7 | $203M | $200M | 105c | 2 |
| Sep 30, 2025 | 2 | $292M | $289M | 99c | 0 |
| Jun 30, 2025 | 2 | $292M | $290M | 99c | 0 |
| Mar 31, 2025 | 2 | $293M | $290M | 99c | 0 |
| Dec 31, 2024 | 2 | $588M | $582M | 99c | 0 |
| Sep 30, 2024 | 2 | $295M | $292M | 99c | 0 |
| Jun 30, 2024 | 2 | $296M | $293M | 99c | 0 |
| Mar 31, 2024 | 2 | $296M | $291M | 99c | 0 |
| Dec 31, 2023 | 2 | $297M | $292M | 99c | 0 |
| Sep 30, 2023 | 2 | $298M | $295M | 100c | 0 |
| Jun 30, 2023 | 2 | $298M | $295M | 100c | 0 |
| Mar 31, 2023 | 2 | $272M | $269M | 100c | 0 |
| Dec 31, 2022 | 2 | $300M | $297M | 100c | 0 |
| Sep 30, 2022 | 2 | $273M | $270M | 101c | 0 |
| Dec 31, 2021 | 2 | $150M | $150M | 101c | 0 |
What changed
- Lender left a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- Lender left a facilitySep 30, 2025
- Lender left a facilitySep 30, 2025
- Maturity extended (observed)Dec 31, 2024
- Maturity extended (observed)Dec 31, 2024
- Maturity extended (observed)Mar 31, 2024
- Maturity extended (observed)Mar 31, 2024
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- LINDSTROMderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 9 BDCsderived
- Industry
- Trading Companies & Distributorsreportedas one filer wrote it