DFX Intelligence
Private Credit Intelligence
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Borrower
T•••••• A•• C••••••••• H••••••• C•••••••••
group grade Aon a schedule nowsponsor unattributed
Also written as: Emerald JV LP; First Lien; First Lien - Undrawn; T•••••• Air C••••••••• Holding Corporation
Principal held
at least $622M
sum of BDC pieces, a lower bound
Fair value
$613M
101c on cost, debt pieces
Unfunded
$79.9M
commitments not yet drawn
BDC lenders
16
13 on the latest quarter
Facilities
6
1 equity pieces beside them
Next maturity
Oct 1, 2027
$5.0M inside 24 months
On the tape since
Sep 30, 2021
latest Jun 30, 2026
Events
8
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 $426M | 101c | S+425 bp | Jun 29, 2029 | 4 |
| first lien term loan first lien | at least $102M | 100c | S+425 bp | Jun 29, 2029 | 13 |
| revolver lien unstated | at least $93.7M | 101c | S+425 bp | Jun 29, 2029 | 2 |
| delayed draw term loan lien unstated | unknown | n/a | unstated | 2 | |
| first lien delayed draw term loan first lien exited Dec 31, 2024 | unknown | n/a | unstated | 2 | |
| first lien revolver first lien exited Dec 31, 2024 | unknown | n/a | unstated | 2 |
Equity pieces beside the debt: equity ($22,000 fair value, 2 BDCs)
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 | $43.0M | $43.0M 100c | S+425 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated Non-Affiliated Issuer | $77.7M | $77.4M 101c | S+425 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated Non-Affiliated Issuer | $189M | $189M 101c | S+425 bp |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated Revolver | n/a | n/a | |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated Delayed Draw Term Loan | n/a | n/a | |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $117M | $117M 100c | S+425 bp |
| B••••••••• P•••••• C••••• F••• | equity equity Common Units | Non-Affiliated Issuer | n/a | $14,000 280c | |
| B••••••••• S•••••• L•••••• F••• | revolver lien unstated Revolver | n/a | n/a | |
| B••••••••• S•••••• L•••••• F••• | equity equity Common Units | Non-Affiliated Issuer | n/a | $8,000 267c | |
| B••••••••• S•••••• L•••••• F••• | revolver lien unstated Non-Affiliated Issuer | $34.4M | $34.4M 101c | S+425 bp |
| B••••••••• S•••••• L•••••• F••• | revolver lien unstated Non-Affiliated Issuer | $59.3M | $59.3M 101c | S+425 bp |
| F••••••• B•• C•••••• C••• | term loan first lien Senior S•••••• First Lien Debt | n/a | n/a | |
| F••••••• B•• C•••••• C••• | term loan first lien | $0 | $0 0c | S+425 bp |
| F••••••• B•• C•••••• C••• | term loan first lien | $16.1M | $16.1M 101c | S+425 bp |
| F••••••• B•• C•••••• C••• | term loan first lien | $0 | $0 0c | S+425 bp |
| F••••••• B•• C•••••• C••• | term loan first lien Senior S•••••• First Lien Debt | n/a | n/a | |
| G•••• C•••••• B•• 4• I••• | term loan first lien One stop 1 | $0 | $-1,000 100c | |
| G•••• C•••••• B•• 4• I••• | term loan first lien One stop 3 | $424,000 | $420,000 99c | S+425 bp |
| G•••• C•••••• B•• 4• I••• | term loan first lien One stop 2 | $142,000 | $141,000 99c | S+425 bp |
| G•••• C•••••• B•• 4• I••• | term loan first lien One stop 5 | $0 | $-2,000 200c | |
| G•••• C•••••• B•• 4• I••• | term loan first lien One stop 4 | $898,000 | $891,000 100c | S+425 bp |
| G•••• C•••••• B••• I••• | term loan first lien One stop 3 | Non-Affiliated Issuer | $1.4M | $1.4M 99c | S+425 bp |
| G•••• C•••••• B••• I••• | term loan first lien One stop 2 | Non-Affiliated Issuer | $0 | $-1,000 100c | |
| G•••• C•••••• B••• I••• | term loan first lien One stop 4 | Non-Affiliated Issuer | $0 | $-3,000 300c | |
| G•••• C•••••• B••• I••• | term loan first lien One stop 1 | Non-Affiliated Issuer | $3.0M | $2.9M 99c | S+425 bp |
| G•••• C•••••• B••• I••• | term loan first lien One stop 5 | Non-Affiliated Issuer | $1.6M | $1.6M 100c | S+425 bp |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien One stop 4 | $219,000 | $217,000 100c | S+425 bp |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien One stop 2 | $34,000 | $34,000 100c | S+425 bp |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien One stop 5 | $0 | $0 | |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien One stop 3 | $103,000 | $102,000 99c | S+425 bp |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien One stop 1 | $0 | $0 | |
| G•••• C•••••• D••••• L•••••• U•••••••• C••• | term loan first lien One stop 3 | $50,000 | $50,000 100c | S+425 bp |
| G•••• C•••••• D••••• L•••••• U•••••••• C••• | term loan first lien One stop 2 | $17,000 | $17,000 100c | S+425 bp |
| G•••• C•••••• D••••• L•••••• U•••••••• C••• | term loan first lien One stop 5 | $0 | $0 | |
| G•••• C•••••• D••••• L•••••• U•••••••• C••• | term loan first lien One stop 4 | $107,000 | $107,000 100c | S+425 bp |
| G•••• C•••••• D••••• L•••••• U•••••••• C••• | term loan first lien One stop 1 | $0 | $0 | |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien One stop 3 | $2.7M | $2.7M 99c | S+425 bp |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien One stop 5 | $0 | $-9,000 180c | |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien One stop 1 | $0 | $-5,000 167c | |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien One stop 4 | $5.2M | $5.2M 100c | S+425 bp |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien One stop 2 | $908,000 | $901,000 99c | S+425 bp |
| N•• M••••••• F•••••• C••• | term loan first lien First lien 1 | $8.3M | $8.3M 100c | S+425 bp |
| N•• M••••••• F•••••• C••• | term loan first lien First lien 2 | $2.8M | $2.8M 100c | S+425 bp |
| N•• M••••••• F•••••• C••• | term loan first lien First lien - Undrawn | $818,000 | $0 0c | |
| N•• M••••••• G••••••• I• B••• L••••• | term loan first lien First Lien 2 | $2.9M | $2.9M 100c | S+425 bp |
| N•• M••••••• G••••••• I• B••• L••••• | term loan first lien First Lien - Undrawn 2 | $503,000 | $0 0c | |
| N•• M••••••• G••••••• I• B••• L••••• | term loan first lien First Lien 1 | $8.8M | $8.8M 100c | S+425 bp |
| N•• M••••••• G••••••• I• B••• L••••• | term loan first lien First Lien - Undrawn 1 | $1.9M | $0 | |
| N•• M••••••• G••••••• I• I••••• F•••• L••••• | term loan first lien First Lien - Undrawn 2 | Non-Affiliated Issuer | $122,000 | $0 | |
| N•• M••••••• G••••••• I• I••••• F•••• L••••• | term loan first lien First Lien - Undrawn 1 | Non-Affiliated Issuer | $457,000 | $0 | |
| N•• M••••••• G••••••• I• I••••• F•••• L••••• | term loan first lien First Lien 1 | Non-Affiliated Issuer | $2.1M | $2.1M 100c | S+425 bp |
| N•• M••••••• G••••••• I• I••••• F•••• L••••• | term loan first lien First Lien 2 | Non-Affiliated Issuer | $1.4M | $1.4M 100c | S+425 bp |
| N•• M••••••• P•••••• C••••• F••• | term loan first lien First Lien 2 | Non-Affiliated Issuer | $7.4M | $7.4M 100c | S+425 bp |
| N•• M••••••• P•••••• C••••• F••• | term loan first lien First Lien Undrawn 1 | Non-Affiliated Issuer | $1.8M | $0 | |
| N•• M••••••• P•••••• C••••• F••• | term loan first lien First Lien 1 | Non-Affiliated Issuer | $8.4M | $8.4M 100c | S+425 bp |
| N•• M••••••• P•••••• C••••• F••• | term loan first lien First Lien Undrawn 2 | Non-Affiliated Issuer | $1.2M | $0 0c | |
| N•• M••••••• P•••••• C••••• F••• | term loan first lien First Lien 3 | Non-Affiliated Issuer | $2.5M | $2.5M 100c | S+425 bp |
| N•• S•• I• I••• | term loan first lien First Lien | Non-Affiliated Issuer | $7.4M | $7.4M 100c | S+425 bp |
| N•• S•• I• I••• | term loan first lien First Lien - Undrawn | Non-Affiliated Issuer | n/a | $0 0c | |
| N•• S•• I• I••• | term loan first lien First Lien | Non-Affiliated Issuer | $3.2M | $3.2M 100c | S+425 bp |
| N•• S•• I• I••• | term loan first lien First Lien - Undrawn | Non-Affiliated Issuer | $1.3M | $0 | |
| N•• S•• I• I••• | term loan first lien First Lien | Non-Affiliated Issuer | $6.0M | $6.0M 100c | S+425 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 | 13 | $622M | $613M | 101c | 0 |
| Mar 31, 2026 | 13 | $624M | $615M | 101c | 0 |
| Dec 31, 2025 | 13 | $651M | $638M | 101c | 0 |
| Sep 30, 2025 | 8 | $390M | $387M | 101c | 0 |
| Jun 30, 2025 | 8 | $387M | $384M | 101c | 0 |
| Mar 31, 2025 | 9 | $400M | $396M | 101c | 0 |
| Dec 31, 2024 | 9 | $767M | $752M | 101c | 0 |
| Sep 30, 2024 | 9 | $376M | $370M | 101c | 0 |
| Jun 30, 2024 | 9 | $370M | $363M | 101c | 0 |
| Mar 31, 2024 | 10 | $370M | $363M | 101c | 0 |
| Dec 31, 2023 | 11 | $481M | $470M | 101c | 0 |
| Sep 30, 2023 | 11 | $316M | $304M | 101c | 0 |
| Jun 30, 2023 | 4 | $248M | $244M | 100c | 0 |
What changed
- Lender left a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Lender left a facilityJun 30, 2025
- Spread changed (observed)Jun 30, 2025
- Maturity extended (observed)Jun 30, 2025
- Maturity extended (observed)Jun 30, 2025
- Maturity extended (observed)Jun 30, 2025
- Maturity extended (observed)Jun 30, 2025
- Lender left a facilityMar 31, 2025
- Lender left a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- Maturity extended (observed)Dec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Spread changed (observed)Jun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Maturity extended (observed)Jun 30, 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
- TRINITY AIR CONSULTANTSderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 16 BDCsderived