DFX Intelligence
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Borrower
B• P••••••••• L••
Containers & Packaginggroup grade Aon a schedule nowsponsor unattributed
Also written as: LLC Emerald JV LP; LLC Investments; LLC Rights
Principal held
at least $178M
sum of BDC pieces, a lower bound
Fair value
$135M
77c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
8
7 on the latest quarter
Facilities
2
1 equity pieces beside them
Next maturity
Dec 11, 2028
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
4
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 | at least $95.8M | 79c | S+750 bp PIK 1.00% | Dec 11, 2028 | 8 |
| first lien term loan first lien | at least $81.8M | 75c | SOFR+750 bp PIK 1.00% | Dec 11, 2028 | 4 |
Equity pieces beside the debt: equity ($0 fair value, 4 BDCs)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | unstated lien unstated N••••••••• I••••• | $8.1M | $6.4M 80c | S+750 bp PIK 1.00% |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $51.8M | $41.0M 80c | S+750 bp PIK 1.00% |
| B••••••••• S•••••• L•••••• F••• | unstated lien unstated N••••••••• I••••• | $7.5M | $5.9M 80c | S+750 bp PIK 1.00% |
| H•• C•••••••• L•••••• F••• | unstated lien unstated N••••••••• I••••• | $28.4M | $21.5M 76c | S+750 bp PIK 1.00% |
| M••••• S•••••• D••••• L•••••• F••• | equity equity Investment C••••• Equity A••••••••• D••• 10/12/2021 | n/a | $0 0c | |
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 7.50% (incl. 1.00% PIK) I••••••• | $17.7M | $13.1M 75c | SOFR+750 bp PIK 1.00% |
| M••••• S•••••• D••••• L•••••• F••• | equity equity Investment C••••• Equity A••••••••• D••• 03/12/2024 | n/a | $0 0c | |
| N•••• H•••• P•••••• I••••• F••• A• L•• | term loan first lien F•••• L••• D••• R•••••••• R••• and S••••• S + 7.50% (incl. 1.00% PIK) I••••••• R••• 11.43% | $1.9M | $1.4M 75c | SOFR+750 bp PIK 1.00% |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• & S••••• S + 7.50% (incl. 1.00% PIK) I••••••• R• | $34.0M | $25.3M 76c | SOFR+750 bp PIK 1.00% |
| N•••• H•••• P•••••• I••••• F••• L•• | equity equity Investment C••••• Equity A••••••••• D••• 12/10/2021 | n/a | $0 0c | |
| N•••• H•••• P•••••• I••••• F••• L•• | equity equity Investment C••••• Equity A••••••••• D••• 03/12/2024 | n/a | $0 0c | |
| T• S••••• B•• L•• | term loan first lien F•••• L••• D••• R•••••••• R••• and S••••• S + 7.50% (incl. 1.00% PIK) I••••••• R••• 11.43% | $28.1M | $20.9M 75c | SOFR+750 bp PIK 1.00% |
| T• S••••• B•• L•• | equity equity C••••• Equity A••••••••• D••• 03/12/2024 | n/a | $0 0c | |
| T• S••••• B•• L•• | equity equity C••••• Equity A••••••••• D••• 12/10/2021 | n/a | $0 0c |
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 | $178M | $135M | 77c | 8 |
| Mar 31, 2026 | 7 | $149M | $116M | 79c | 7 |
| Dec 31, 2025 | 7 | $178M | $138M | 79c | 0 |
| Sep 30, 2025 | 7 | $178M | $150M | 85c | 0 |
| Jun 30, 2025 | 7 | $179M | $154M | 88c | 0 |
| Mar 31, 2025 | 7 | $179M | $155M | 88c | 3 |
| Dec 31, 2024 | 7 | $342M | $311M | 93c | 6 |
| Sep 30, 2024 | 7 | $171M | $157M | 94c | 0 |
| Jun 30, 2024 | 7 | $148M | $139M | 95c | 0 |
| Mar 31, 2024 | 8 | $172M | $165M | 97c | 0 |
| Dec 31, 2023 | 8 | $172M | $167M | 98c | 0 |
| Sep 30, 2023 | 8 | $174M | $169M | 99c | 0 |
| Jun 30, 2023 | 7 | $171M | $165M | 98c | 0 |
| Mar 31, 2023 | 7 | $121M | $115M | 96c | 0 |
| Dec 31, 2022 | 7 | $172M | $163M | 97c | 0 |
| Sep 30, 2022 | 2 | $21.7M | $21.2M | 100c | 0 |
| Dec 31, 2021 | 2 | $42.2M | $41.3M | 100c | 0 |
What changed
- PIK interest appearsMar 31, 2026
- Spread changed (observed)Mar 31, 2026
- Spread increasedMar 31, 2026
- Spread increasedMar 31, 2026
- Spread increasedMar 31, 2026
- Spread increasedMar 31, 2026
- Spread increasedMar 31, 2026
- Spread increasedMar 31, 2026
- PIK interest appearsMar 31, 2026
- PIK interest appearsMar 31, 2026
- PIK interest appearsMar 31, 2026
- PIK interest appearsMar 31, 2026
- PIK interest appearsMar 31, 2026
- PIK interest appearsMar 31, 2026
- Marked down across lendersDec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Lender left a facilityJun 30, 2025
- Lender left a facilityJun 30, 2025
- PIK interest appearsMar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down (one lender)Mar 31, 2025
- PIK interest appearsMar 31, 2025
- PIK interest appearsMar 31, 2025
- PIK interest appearsMar 31, 2025
- New lender joined a facilityDec 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
- B• P••••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 8 BDCsderived
- Industry
- Containers & Packagingreportedas one filer wrote it