DFX Intelligence
Private Credit Intelligence
The capital structure graph behind private markets. Who lent, to whom, under which sponsor, through which facility, how large the piece was, when it matures and what changed, with a filing behind every number. A BDC piece is that BDC's piece, a sum of pieces is a lower bound, and a sponsor is named with the evidence that names it.
The names on this page are hidden. Create a free account and they fill in. No card, and every figure, date and source on this page is public either way.
Borrower
4•••••• I••••••••• H•••••••• I••
Paper and Forest Productsgroup grade Aon a schedule nowsponsor unattributed
Also written as: 48Forty TopCo LLC
Principal held
unknown
sum of BDC pieces, a lower bound
Fair value
$35.7M
100c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
8
8 on the latest quarter
Facilities
2
3 equity pieces beside them
Next maturity
Jan 15, 2031
no dated debt inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2026
Events
6
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| other lien unstated | unknown | 92c | unstated | 4 | |
| first lien term loan first lien | unknown | 100c | Jan 15, 2031 | 1 |
Equity pieces beside the debt: equity ($8.0M fair value, 7 BDCs), warrants ($0 fair value, 1 BDC), preferred equity ($21.0M fair value, 8 BDCs)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B•••••••• D••••• L•••••• C•••• | preferred equity equity Instrument Preferred Units | n/a | $850,706 87c | |
| B•••••••• D••••• L•••••• C•••• | equity equity Instrument Class A-1 Common Units | n/a | $0 | |
| B•••••••• D••••• L•••••• C•••• | preferred equity equity Preferred Units Acquisition Date 1/14/2026 | n/a | n/a | |
| B•••••••• D••••• L•••••• C•••• | equity equity Class A-1 Common Units Acquisition Date 1/14/2026 | n/a | n/a | |
| B•••••••• P•••••• C••••• F••• | equity equity Instrument Class A-1 Common Units | n/a | $0 | |
| B•••••••• P•••••• C••••• F••• | preferred equity equity Instrument Preferred Units | n/a | $948,157 87c | |
| B•••••••• T•• C•••••• C•••• | preferred equity equity Preferred Units | n/a | $6.0M 87c | |
| B•••••••• T•• C•••••• C•••• | equity equity Class A-1 Common Units | n/a | $0 | |
| C•••••• C••••• S••••••••• I••• | preferred equity equity Investment | Non-Affiliated Issuer | Common and Preferred Equity Investments | n/a | $5.6M 87c | |
| C•••••• C••••• S••••••••• I••• | preferred equity equity Investment | Non-Affiliated Issuer | Common and Preferred Equity Investments | n/a | $0 | |
| C•••••• S•••••• L••••••• I••• | equity equity Credit Fund | Equity Investments | $1,000 | $2.3M 87c | |
| C•••••• S•••••• L••••••• I••• | equity equity Investment | Non-Affiliated Issuer | Equity Investments | n/a | $5.6M 87c | |
| C•••••• S•••••• L••••••• I••• | equity equity Investment | Non-Affiliated Issuer | Equity Investments | n/a | $0 | |
| C•••••• S•••••• L••••••• I••• | equity equity Credit Fund | Equity Investments | $1,000 | $0 | |
| P••••••••• F••••••• R••• C•••••• L••• | equity equity Common Equity Acquisition 11/5/2024 Industry Containers and Packaging | n/a | $0 | |
| P••••••••• F••••••• R••• C•••••• L••• | preferred equity equity Preferred Equity Acquisition 11/5/2024 Industry Containers and Packaging | n/a | $3.1M 75c | |
| P••••••••• F••••••• R••• C•••••• L••• | preferred equity equity Preferred Equity Preferred Equity Acquisition 8/27/2025 Industry Containers and Packaging | n/a | $954,000 75c | |
| P••••••••• I••••••••• C••• | preferred equity equity Preferred Equityv Acquisition 11/05/24 Industry Containers, Packaging and Glass | n/a | $3.6M 75c | |
| P••••••••• I••••••••• C••• | equity equity Common Equity Acquisition 11/05/24 Industry Containers, Packaging and Glass | n/a | n/a | |
| S••• M••••••• L•••• M••••••••• C•••••• C••• | unstated lien unstated Acquisition Date 1/14/2026 | n/a | $3.9M 92c | |
| S••• M••••••• L•••• M••••••••• C•••••• C••• | term loan first lien First lien senior secured term loan Spread Above Index S + 5.25% - Interest R••• 8.90% - A | n/a | $1.6M 100c | |
| S••• M••••••• L•••• M••••••••• C•••••• C••• | term loan first lien First lien senior secured term loan Spread Above Index S + 5.00% - Interest R••• 8.65% - A | n/a | $1.2M 100c | |
| S••• M••••••• L•••• M••••••••• C•••••• C••• | warrants equity Warrants and other equity securities Acquisition Date 10/11/2022 | n/a | $0 |
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 | 8 | $0 | $2.8M | 100c | 0 |
| Mar 31, 2026 | 8 | $0 | $2.8M | 100c | 0 |
| Dec 31, 2025 | 8 | $0 | $14.6M | 49c | 0 |
| Sep 30, 2025 | 8 | $0 | $7.3M | 49c | 0 |
| Jun 30, 2025 | 8 | $0 | $7.9M | 53c | 0 |
| Mar 31, 2025 | 8 | $15.1M | $11.5M | 78c | 0 |
| Dec 31, 2024 | 6 | $1,000 | $26.3M | 92c | 0 |
| Sep 30, 2024 | 1 | $14.7M | $12.6M | 88c | 0 |
| Jun 30, 2024 | 1 | $14.7M | $13.7M | 96c | 0 |
| Mar 31, 2024 | 1 | $14.8M | $13.7M | 96c | 0 |
| Dec 31, 2023 | 1 | $29.6M | $27.6M | 97c | 0 |
| Sep 30, 2023 | 1 | $14.9M | $13.9M | 97c | 0 |
| Jun 30, 2023 | 1 | $14.9M | $14.6M | 102c | 0 |
| Mar 31, 2023 | 1 | $15.0M | $14.4M | 100c | 0 |
| Dec 31, 2022 | 1 | $59.9M | $57.5M | 100c | 0 |
What changed
- New lender joined a facilityJun 30, 2026
- Maturity extended (observed)Mar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Mark recoveredMar 31, 2026
- Lender left a facilitySep 30, 2025
- Lender left a facilitySep 30, 2025
- Marked down (one lender)Jun 30, 2025
- Marked down across lendersJun 30, 2025
- Lender left a facilityJun 30, 2025
- Marked down across lendersMar 31, 2025
- Marked down (one lender)Mar 31, 2025
- New lender joined a facilityMar 31, 2025
- New lender joined a facilityMar 31, 2025
- Maturity extended (observed)Dec 31, 2024
- Maturity extended (observed)Dec 31, 2024
- Marked down across lendersSep 30, 2024
- Marked down (one lender)Sep 30, 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
- 48FORTYderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 8 BDCsderived
- Industry
- Paper and Forest Productsreportedas one filer wrote it