DFX Intelligence
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Borrower
A•••••• H•••••••• I••
Air Freight & Logisticsgroup grade Aoff every schedule since Dec 31, 2025sponsor unattributed
Also written as: Inc. Emerald JV LP
Principal held
at least $576M
sum of BDC pieces, a lower bound
Fair value
$575M
100c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
6
5 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Jun 11, 2027
$576M inside 24 months
On the tape since
Dec 31, 2021
latest Dec 31, 2025
Events
3
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Dec 31, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| other lien unstated exited Dec 31, 2025 | at least $494M | 100c | S+475 bp | Jun 11, 2027 | 5 |
| first lien term loan first lien exited Dec 31, 2025 | at least $81.1M | 100c | SOFR+475 bp | Jun 11, 2027 | 3 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | unstated lien unstated Non-Affiliated Issuer | $227M | $227M 100c | S+475 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated Non-Affiliated Issuer | $92.8M | $92.8M 101c | S+475 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated Non-Affiliated Issuer | $50.9M | $50.9M 101c | S+475 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated Non-Affiliated Issuer | $24.2M | $24.2M 100c | S+475 bp |
| B••••••••• S•••••• L•••••• F••• | unstated lien unstated Non-Affiliated Issuer | $6.1M | $6.1M 100c | S+475 bp |
| B••••••••• S•••••• L•••••• F••• | unstated lien unstated Non-Affiliated Issuer | $93.4M | $93.4M 101c | S+475 bp |
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.57% Maturit | $14.8M | $14.8M 100c | SOFR+475 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 6/11/2027 | $7.0M | $6.9M 99c | SOFR+475 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.57% Maturity | $48.5M | $48.2M 100c | SOFR+475 bp |
| T• S••••• B•• L•• | term loan first lien First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.57% Maturity Date 06/1 | $10.8M | $10.8M 100c | SOFR+475 bp |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2025 | 5 | $576M | $575M | 100c | 0 |
| Sep 30, 2025 | 5 | $577M | $577M | 101c | 0 |
| Jun 30, 2025 | 5 | $579M | $579M | 101c | 0 |
| Mar 31, 2025 | 5 | $580M | $580M | 101c | 0 |
| Dec 31, 2024 | 5 | $931M | $931M | 101c | 0 |
| Sep 30, 2024 | 5 | $460M | $451M | 99c | 0 |
| Jun 30, 2024 | 5 | $458M | $447M | 99c | 0 |
| Mar 31, 2024 | 6 | $462M | $449M | 98c | 0 |
| Dec 31, 2023 | 6 | $468M | $454M | 98c | 0 |
| Sep 30, 2023 | 6 | $464M | $454M | 99c | 0 |
| Jun 30, 2023 | 6 | $466M | $451M | 98c | 0 |
| Mar 31, 2023 | 6 | $442M | $433M | 99c | 0 |
| Dec 31, 2022 | 6 | $468M | $461M | 100c | 0 |
| Sep 30, 2022 | 2 | $366M | $362M | 101c | 0 |
| Dec 31, 2021 | 2 | $388M | $385M | 101c | 0 |
What changed
- Facility left every BDC scheduleDec 31, 2025
- Lender left a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- Facility left every BDC scheduleDec 31, 2025
- Spread changed (observed)Mar 31, 2025
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 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
- AGI CFIderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 6 BDCsderived
- Industry
- Air Freight & Logisticsreportedas one filer wrote it