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
A•••••• I••
Air Freight & Logisticsgroup grade Aon a schedule nowsponsor unattributed
Also written as: A•••••• Holdings, LLC; Emerald JV LP; First Lien; Inc. (6th Amendment; Inc. (6th Amendment Incremental; ShipStation Global
Principal held
at least $2.4B
sum of BDC pieces, a lower bound
Fair value
$2.4B
103c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
30
28 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Jun 1, 2033
no dated debt inside 24 months
On the tape since
Sep 30, 2022
latest Jun 30, 2026
Events
3
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 $1.2B | 101c | S+575 bp | Jun 1, 2033 | 3 |
| first lien term loan first lien | at least $1.1B | 100c | SOFR+575 bp | Jun 1, 2033 | 25 |
| term loan lien unstated | at least $58.8M | n/a | 9.42% | Jun 1, 2033 | 2 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| 2•••••• B••• I••• | term loan first lien Debt Investments | First Lien S••••• S•••••• Term Loan | SOFR + 6.000 | 9.416% | 5/29/2026 | n/a | $59.8M 100c | SOFR+600 bp |
| A••• C•••••• C••• | term loan first lien First lien senior secured loan | $245M | $242M 98c | S+575 bp |
| A••• S•••••••• I••••• F••• | term loan first lien First lien senior secured loan | $119M | $118M 100c | S+575 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $58.2M | $57.3M 101c | S+575 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated Non-Affiliated Issuer | $845M | $832M 101c | S+575 bp |
| B••••••••• S•••••• L•••••• F••• | unstated lien unstated Non-Affiliated Issuer | $282M | $277M 101c | S+575 bp |
| B••• O•• C•••••• C••• | term loan first lien First lien senior secured loan | Non-Affiliated | $24.6M | $24.3M 100c | S+575 bp |
| B••• O•• C••••• I••••• C•••• | term loan first lien First lien senior secured loan | Non-Affiliated Issuer | $60.1M | $59.2M 100c | S+575 bp |
| B••• O•• T••••••••• F•••••• C•••• | term loan first lien First lien senior secured loan | Non-Affiliated Issuer | $93.8M | $92.3M 100c | S+575 bp |
| C•••••• C••••• S••••••••• I••• | term loan first lien Investment | Non-Affiliated Issuer | First Lien Debt | $25.0M | $24.6M 100c | S+575 bp |
| C•••••• S•••••• L••••••• I••• | term loan first lien Investment | Non-Affiliated Issuer | First Lien Debt | $25.0M | $24.6M 100c | S+575 bp |
| G•••••• S•••• B••• I••• | term loan first lien 1st Lien/S••••• S•••••• Debt Industry Air Freight & Logistics Interest Rate 9.42% Referenc | $5.0M | $4.9M 100c | SOFR+575 bp |
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st Lien/S••••• S•••••• Debt Industry Air Freight & Logistics Interest Rate 9.42% Referenc | $221M | $218M 100c | SOFR+575 bp |
| H•• C•••••••• L•••••• F••• | unstated lien unstated Non-Affiliated Issuer | $24.3M | $24.3M 100c | S+575 bp |
| L••• A••••• P•••••• C••••• F••• | term loan lien unstated Term Loan 2026) [Member] | $51.5M | $50.8M | 9.42% |
| L••• A••••• P•••••• C••••• F••• S• | term loan lien unstated Term Loan 2026) [Member] | $7.2M | $7.1M | 9.42% |
| N•• M••••••• F•••••• C••• | term loan first lien First lien | $31.8M | $31.6M 100c | S+575 bp |
| N•• M••••••• G••••••• I• B••• L••••• | term loan first lien First Lien | $27.7M | $27.5M 100c | S+575 bp |
| N•• M••••••• G••••••• I• I••••• F•••• L••••• | term loan first lien First Lien | Non-Affiliated Issuer | $6.5M | $6.5M 100c | S+575 bp |
| N•• M••••••• P•••••• C••••• F••• | term loan first lien First Lien | Non-Affiliated Issuer | $20.3M | $20.1M 100c | S+575 bp |
| N•• S•• I• I••• | term loan first lien First Lien | Non-Affiliated Issuer | $19.8M | $19.7M 100c | S+575 bp |
| O•••••• G•••••• O••• L•• | term loan first lien First Lien Term Loan | $25.9M | $25.5M 100c | S+575 bp |
| O•••••• S•••••••• L•••••• C••• | term loan first lien First Lien Term Loan | $29.0M | $28.6M 100c | S+575 bp |
| O•••••• S•••••••• C••••• F••• | term loan first lien First Lien Term Loan | $76.0M | $74.9M 100c | S+575 bp |
| O•• S••••• P•••••• L•••••• F••• •• L•• | term loan first lien First Lien Debt | $100,000 | $99,000 100c | S+575 bp |
| P••••• S••••• C•••••• B•• I••• | term loan first lien Investment First Lien S••••• S•••••• Loan Interest Rate 9.42% (S +CSA + 5.75%) Maturity Da | $7.5M | $7.5M 100c | SOFR+575 bp |
| S•••• P•••• C••••• C••• | term loan first lien First Lien Term Loan, Due 6/1/2033 | $16.1M | $15.9M 100c | SOFR+575 bp |
| S•••• P•••• C••••• I••••• F••• | term loan first lien First Lien Term Loan | $10.5M | $10.4M 100c | S+575 bp |
| T• R••• P•••• O•• S••••• P•••••• C••••• F••• | term loan first lien First Lien Debt | $16.8M | $16.7M 100c | S+575 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 | 28 | $2.4B | $2.4B | 103c | 0 |
| Mar 31, 2026 | 11 | $1.7B | $1.5B | 101c | 0 |
| Dec 31, 2025 | 8 | $1.5B | $1.5B | 99c | 0 |
| Sep 30, 2025 | 8 | $1.5B | $1.5B | 99c | 0 |
| Jun 30, 2025 | 8 | $1.5B | $1.5B | 99c | 0 |
| Mar 31, 2025 | 6 | $307M | $299M | 98c | 0 |
| Dec 31, 2024 | 6 | $472M | $460M | 98c | 0 |
| Sep 30, 2024 | 6 | $309M | $299M | 97c | 0 |
| Jun 30, 2024 | 6 | $310M | $301M | 98c | 0 |
| Mar 31, 2024 | 6 | $310M | $303M | 98c | 0 |
| Dec 31, 2023 | 7 | $382M | $371M | 98c | 0 |
| Sep 30, 2023 | 6 | $312M | $303M | 98c | 0 |
| Jun 30, 2023 | 6 | $313M | $305M | 98c | 0 |
| Mar 31, 2023 | 6 | $314M | $305M | 98c | 0 |
| Dec 31, 2022 | 5 | $187M | $182M | 99c | 0 |
| Sep 30, 2022 | 1 | $37.1M | $36.5M | 99c | 0 |
What changed
- Maturity extended (observed)Jun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- New lender joined a facilityJun 30, 2026
- Maturity extended (observed)Mar 31, 2026
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- AUCTANEderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 30 BDCsderived
- Industry
- Air Freight & Logisticsreportedas one filer wrote it