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.
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Borrower
B••••• P••••••••• L••
Containers, P•••••••• and Glassgroup grade Aon a schedule nowsponsor unattributed
Also written as: Emerald JV LP; LLC Investments; LLC Verdelite JV LP; Paper &
Principal held
at least $97.2M
sum of BDC pieces, a lower bound
Fair value
$99.1M
100c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
18
9 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Jun 1, 2031
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
1
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 $46.9M | 99c | S+325 bp | Jun 7, 2031 | 3 |
| first lien term loan first lien | at least $32.8M | 99c | SOFR+325 bp | Jun 7, 2031 | 13 |
| second lien term loan second lien | at least $17.5M | 104c | S+650 bp | Jun 7, 2032 | 1 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A•••••• P•••••• C••••• F••• | term loan first lien Asset Type F•••• Lien Term Loan Reference Rate and Spread S + 3.25% Interest Rate 7.00% Ma | $3.0M | $3.0M 99c | SOFR+325 bp |
| A•••••• S•••••••• C••••• F••• | term loan first lien Asset Type F•••• Lien Term Loan Reference Rate and Spread S + 3.25% Interest Rate 7.00% Ma | $7.4M | $7.4M 100c | SOFR+325 bp |
| A•••••• S•••••••• C••••• F••• I• L•• | term loan first lien Asset Type F•••• Lien Term Loan Reference Rate and Spread S + 3.25% Interest Rate 7.00% Ma | $1.2M | $1.2M 99c | SOFR+325 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $4.5M | $4.4M 100c | S+325 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $23.8M | $23.7M 99c | S+325 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated Non-Affiliated Issuer | $18.6M | $18.6M 99c | S+325 bp |
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st Lien/Senior Secured D••• Industry Containers & P•••••••• Interest Rate 6.97% Reference | $9.9M | $9.8M 99c | SOFR+325 bp |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien Senior secured | $4.0M | $4.0M 100c | S+325 bp |
| N•••• H•••• P•••••• I••••• F••• A• L•• | term loan first lien F•••• Lien D••• Reference Rate and Spread S + 3.25% Interest Rate 6.98% Maturity Date 06/0 | $1.5M | $1.5M 99c | SOFR+325 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment F•••• Lien D••• Reference Rate & Spread S + 3.25% Interest Rate 6.98% Maturity | $5.9M | $5.9M 99c | SOFR+325 bp |
| T• R••• P•••• O•• S••••• P•••••• C••••• F••• | term loan second lien Second Lien D••• | $14.1M | $16.0M 104c | S+650 bp |
| T• R••• P•••• O•• S••••• P•••••• C••••• F••• | term loan second lien Second Lien D••• | $1.1M | $1.1M 100c | S+600 bp |
| T• R••• P•••• O•• S••••• P•••••• C••••• F••• | term loan second lien Second Lien D••• | $2.4M | $2.7M 104c | S+650 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 | 9 | $97.2M | $99.1M | 100c | 0 |
| Mar 31, 2026 | 11 | $105M | $103M | 97c | 0 |
| Dec 31, 2025 | 11 | $153M | $159M | 102c | 0 |
| Sep 30, 2025 | 9 | $129M | $132M | 101c | 0 |
| Jun 30, 2025 | 8 | $118M | $121M | 101c | 0 |
| Mar 31, 2025 | 7 | $94.8M | $94.8M | 100c | 0 |
| Dec 31, 2024 | 9 | $168M | $169M | 100c | 0 |
| Sep 30, 2024 | 9 | $77.7M | $78.0M | 100c | 0 |
| Jun 30, 2024 | 8 | $71.9M | $72.3M | 100c | 0 |
| Mar 31, 2024 | 5 | $74.7M | $74.8M | 101c | 0 |
| Dec 31, 2023 | 3 | $68.0M | $68.1M | 101c | 0 |
| Sep 30, 2023 | 4 | $49.7M | $49.2M | 100c | 0 |
| Jun 30, 2023 | 2 | $42.8M | $42.2M | 100c | 0 |
| Mar 31, 2023 | 3 | $57.5M | $56.7M | 188c | 0 |
| Dec 31, 2022 | 3 | $86.7M | $83.5M | 97c | 0 |
| Sep 30, 2022 | 1 | $42.7M | $40.5M | 95c | 0 |
| Dec 31, 2021 | 1 | $8.5M | $8.5M | 101c | 0 |
What changed
- Lender left a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- New lender joined a facilityMar 31, 2026
- Lender left a facilityDec 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 facilitySep 30, 2025
- Maturity extended (observed)Jun 30, 2025
- New lender joined a facilityMar 31, 2025
- Lender left a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Maturity extended (observed)Jun 30, 2024
- New lender joined a facilityJun 30, 2024
- New lender joined a facilityJun 30, 2024
- New lender joined a facilityJun 30, 2024
- New lender joined a facilityJun 30, 2024
- Spread increasedJun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Lender left a facilityMar 31, 2024
- New lender joined a facilityMar 31, 2024
- New lender joined a facilityMar 31, 2024
- New lender joined a facilitySep 30, 2023
- New lender joined a facilitySep 30, 2023
- Marked down (one lender)Sep 30, 2022
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- BERLIN PACKAGINGderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 18 BDCsderived
- Industry
- Containers, P•••••••• and Glassreportedas one filer wrote it