DFX Intelligence
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Borrower
S••• G••••• L•••••••• N••••••• L••
Air Freight & L••••••••group grade Aon a schedule nowsponsor unattributed
Also written as: Emerald JV LP; LLC 1; LLC 1 Emerald JV LP; LLC 2; LLC 3
Principal held
at least $76.7M
sum of BDC pieces, a lower bound
Fair value
$74.8M
99c on cost, debt pieces
Unfunded
$433,000
commitments not yet drawn
BDC lenders
7
7 on the latest quarter
Facilities
6
1 equity pieces beside them
Next maturity
Nov 27, 2029
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
49
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| delayed draw term loan lien unstated | at least $63.8M | 100c | S+1050 bp PIK 13.67% | May 27, 2030 | 4 |
| first lien term loan first lien | at least $12.2M | 88c | SOFR+700 bp PIK 13.67% | May 31, 2030 | 5 |
| first lien revolver first lien | at least $556,000 | 115c | S+1050 bp | Nov 30, 2029 | 1 |
| first lien delayed draw term loan first lien | at least $121,000 | 100c | SOFR+1050 bp PIK 9.50% | Nov 27, 2029 | 5 |
| other lien unstated | unknown | n/a | unstated | 4 | |
| revolver lien unstated exited Dec 31, 2025 | at least $58.9M | 100c | S+1050 bp PIK 13.82% | May 27, 2030 | 2 |
Equity pieces beside the debt: equity ($0 fair value, 2 BDCs)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated | $700,000 | $700,000 100c | S+1050 bp PIK 9.50% |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $11.1M | $11.1M 101c | S+1000 bp PIK 13.67% |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $1.1M | $1.1M 100c | S+1050 bp PIK 9.50% |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated D•••••• D••• T••• L••• | Not disclosed | Not disclosed | |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $32.8M | $32.8M 100c | S+700 bp PIK 10.67% |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated | $3.1M | $3.1M 101c | S+1000 bp PIK 13.67% |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated | $9.1M | $9.1M 100c | S+700 bp PIK 10.67% |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated D•••••• D••• T••• L••• | Not disclosed | Not disclosed | |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated | $291,000 | $291,000 100c | S+1050 bp PIK 9.50% |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $2.5M | $2.5M 100c | S+1050 bp PIK 9.50% |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $746,000 | $746,000 101c | S+1000 bp PIK 13.67% |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $171,000 | $171,000 101c | S+1050 bp PIK 9.50% |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $2.2M | $2.2M 100c | S+700 bp PIK 10.67% |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $71,000 | $71,000 100c | S+1050 bp PIK 9.50% |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated D•••••• D••• T••• L••• | Not disclosed | Not disclosed | |
| C••••••• C•••••• B••• I••• | equity equity Investment T••• C••••• S•••• | Not disclosed | $0 0c | |
| C••••••• C•••••• B••• I••• | term loan first lien Investment T••• S••••• S•••••• F•••• L••• T••• L••• M•••••••/ D••••••••• D••• 05/2030 | $1.5M | $1.2M 93c | S+1050 bp |
| C••••••• C•••••• B••• I••• | delayed draw term loan first lien Investment T••• D•••••• D••• T••• L••• C••••••••• E••••••••• D••• 5/10/2027 | Not disclosed | Not disclosed | |
| C••••••• C•••••• B••• I••• | term loan first lien Investment T••• S••••• S•••••• F•••• L••• T••• L••• I••••••• T••• S + 1050 (950 PIK), 100 | $114,000 | $114,000 100c | SOFR+1050 bp PIK 9.50% |
| C••••••• C•••••• B••• I••• | revolver first lien Investment T••• S••••• S•••••• F•••• L••• R••••••• M•••••••/ D••••••••• D••• 11/2029 | $556,000 | $556,000 115c | S+1050 bp |
| J•••••••• C••••• P••••••• B•• I••• | term loan first lien T••• F•••• L••• T••• L•••, L••••••• R•••••••• R••• and S••••• S + 7.00% PIK M••••••• D••• | $4.1M | $4.1M 104c | SOFR+700 bp |
| M••••• A••••• I••••••••• P•••••• L•••••• | equity equity C••••• Equity - Equity U••• | Not disclosed | Not disclosed n/a | |
| M••••• A••••• I••••••••• P•••••• L•••••• | unstated lien unstated | Not disclosed | Not disclosed | |
| M••••• A••••• I••••••••• P•••••• L•••••• | term loan first lien F•••• L••• S•••••• D••• - T••• L••• 10.72% M••••••• D••• 05/27/30 | $2.1M | $1.3M 63c | S+100 bp |
| M••••• A••••• I••••••••• P•••••• L•••••• | delayed draw term loan first lien F•••• L••• S•••••• D••• - D•••••• D••• S+100 C••• plus 9.50% PIK, 1.00% F•••• M••••••• D•• | $48,000 | $48,000 100c | SOFR+100 bp PIK 9.50% |
| M••••• A••••• I••••••••• P•••••• L•••••• | term loan first lien F•••• L••• S•••••• D••• - T••• L••• S+100 C••• plus 9.50% PIK, 1.00% F•••• M••••••• D••• 1 | $117,000 | $117,000 100c | SOFR+100 bp PIK 9.50% |
| N••••• C•••••••• D••••• L•••••• C•••• | delayed draw term loan first lien D•••••• D••• L••• | Not disclosed | Not disclosed | |
| N••••• C•••••••• D••••• L•••••• C•••• | term loan first lien F•••• L••• D••• 2 | $500,000 | $500,000 101c | S+1000 bp PIK 13.67% |
| N••••• C•••••••• D••••• L•••••• C•••• | term loan first lien F•••• L••• D••• 1 | $137,000 | $137,000 100c | S+1050 bp PIK 9.50% |
| N••••• C•••••••• D••••• L•••••• C•••• | term loan first lien F•••• L••• D••• 3 | $1.8M | $1.1M 57c | S+700 bp PIK 10.67% |
| N••••• C•••••••• D••••• L•••••• C•••• | delayed draw term loan first lien F•••• L••• D••• (D•••••• D•••) | $73,000 | $57,000 100c | S+1050 bp PIK 9.50% |
| S••••• C••••• I••••••••• L•• | term loan first lien T••• F•••• L••• T••• L•••, L••••••• R•••••••• R••• and S••••• S + 7.00% PIK M••••••• D••• | $1.8M | $1.8M 104c | SOFR+700 bp PIK 7.00% |
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 | $76.7M | $74.8M | 99c | 20 |
| Mar 31, 2026 | 7 | $73.0M | $72.3M | 100c | 17 |
| Dec 31, 2025 | 7 | $78.8M | $78.3M | 101c | 16 |
| Sep 30, 2025 | 7 | $65.4M | $65.4M | 101c | 9 |
| Jun 30, 2025 | 7 | $63.5M | $63.5M | 101c | 12 |
| Mar 31, 2025 | 7 | $62.4M | $62.4M | 101c | 0 |
| Dec 31, 2024 | 7 | $130M | $130M | 101c | 9 |
| Sep 30, 2024 | 6 | $208M | $149M | 71c | 0 |
| Jun 30, 2024 | 6 | $204M | $156M | 75c | 0 |
| Mar 31, 2024 | 5 | $196M | $188M | 94c | 0 |
| Dec 31, 2023 | 6 | $240M | $238M | 98c | 0 |
| Sep 30, 2023 | 3 | $169M | $169M | 98c | 0 |
| Jun 30, 2023 | 3 | $163M | $165M | 98c | 0 |
| Mar 31, 2023 | 3 | $128M | $131M | 98c | 0 |
| Dec 31, 2022 | 3 | $167M | $169M | 98c | 0 |
| Sep 30, 2022 | 2 | $132M | $131M | 96c | 0 |
| Dec 31, 2021 | 2 | $146M | $151M | 101c | 0 |
What changed
- Marked down across lendersJun 30, 2026
- PIK interest increasedJun 30, 2026
- non accrual placedJun 30, 2026
- Spread changed (observed)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- PIK interest increasedJun 30, 2026
- PIK interest appearsJun 30, 2026
- Maturity shortened (observed)Jun 30, 2026
- Lender left a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Spread changed (observed)Mar 31, 2026
- Lender left a facilityMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- PIK interest appearsMar 31, 2026
- Facility left every BDC scheduleDec 31, 2025
- Spread changed (observed)Dec 31, 2025
- PIK interest increasedDec 31, 2025
- Spread changed (observed)Dec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- PIK interest increasedDec 31, 2025
- Lender left a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- PIK interest increasedSep 30, 2025
- Lender left a facilitySep 30, 2025
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- S••• LOGISTICS NETWORKderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 7 BDCsderived
- Industry
- Air Freight & L••••••••reportedas one filer wrote it