DFX Intelligence
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Borrower
I•• B•••• I••
Air Freight & Logisticsgroup grade Aoff every schedule since Dec 31, 2025sponsor unattributed
Also written as: Inc._Revolver; ITS Logistics
Nothing material in the last 200 days. Last change: 31 Dec 2025, $13.7M principal held by 2 lenders; matures Jun 2027.
Mark path, consensus per quarter end
100¢ · 100¢ · 100¢ · 100¢ · 100¢Q4 2024 to Q4 2025
Where each lender marks it on the first lien term loan, 0 points apart
100¢100¢
Principal held
at least $13.7M
sum of BDC pieces, a lower bound
Fair value
$13.6M
100c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
3
2 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Jun 14, 2027
$13.7M inside 24 months
On the tape since
Dec 31, 2021
latest Dec 31, 2025
Events
7
dated, non-routine
Lender marks
each lender's own fair value over cost at Dec 31, 2025, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| S•••••••• P•••••• C••••• F••• L•• | $10.4M | 100¢ | 0 pts |
| W••••••••• F••••••• I••• | $3.27M | 100¢ | 0 pts |
Every BDC piece · 6 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien T••• L••• | N••• D••• Inv. | F•••• L••• S••••• S•••••• L••• | 6/14/2027 | $5.2M | $5.2M 100c | SOFR+600 bp |
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien T••• L••• | N•••••••••, N••••••••• D••• Investments | F•••• L••• S••••• S•••••• | R••••••• | $5.2M | $5.2M 100c | SOFR+600 bp |
| W••••••••• F••••••• I••• | term loan first lien F•••• L••• S•••••• T••• L••• | $3.3M | $3.3M 100c | SOFR+600 bp |
| S•••••••• P•••••• C••••• F••• L•• | revolver first lien R•••••••• L••• | N••• D••• Inv. | F•••• L••• S••••• S•••••• L••• | 6/14/2027 | $0 | -$7,000 140c | SOFR+550 bp |
| S•••••••• P•••••• C••••• F••• L•• | revolver first lien R•••••••• L••• | N•••••••••, N••••••••• D••• Investments | F•••• L••• S••••• S•••••• | R•• | $0 | -$7,000 140c | SOFR+550 bp |
View all 6 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| W••••••••• F••••••• I••• | revolver first lien F•••• L••• S•••••• R•••••••• L••• | Not disclosed | $2,000 | SOFR+600 bp |
Capital structure as the BDCs see it
latest quarter end Dec 31, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Dec 31, 2025 | at least $13.7M | 100c | SOFR+600 bp | Jun 14, 2027 | 2 |
| first lien revolver first lien exited Dec 31, 2025 | at least $0 | n/a | SOFR+550 bp | Jun 14, 2027 | 2 |
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 | 2 | $13.7M | $13.6M | 100c | 0 |
| Sep 30, 2025 | 2 | $8.8M | $8.7M | 100c | 1 |
| Jun 30, 2025 | 2 | $33.5M | $28.6M | 100c | 0 |
| Mar 31, 2025 | 2 | $33.6M | $28.7M | 100c | 0 |
All 15 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2024 | 2 | $33.7M | $28.8M | 100c | 0 |
| Sep 30, 2024 | 1 | $3.3M | $3.3M | 101c | 0 |
| Jun 30, 2024 | 1 | $3.3M | $3.3M | 101c | 0 |
| Mar 31, 2024 | 1 | $3.3M | $3.3M | 100c | 0 |
| Dec 31, 2023 | 1 | $3.5M | $3.5M | 100c | 0 |
| Sep 30, 2023 | 1 | $3.5M | $3.5M | 101c | 0 |
| Jun 30, 2023 | 1 | $3.6M | $3.5M | 100c | 0 |
| Mar 31, 2023 | 1 | $3.7M | $3.7M | 100c | 0 |
| Dec 31, 2022 | 1 | $3.6M | $3.5M | 101c | 0 |
| Sep 30, 2022 | 1 | $3.6M | $3.6M | 101c | 0 |
| Dec 31, 2021 | 1 | $3.6M | $3.5M | 100c | 0 |
What changed
- Facility left every BDC scheduleDec 31, 2025
- Facility left every BDC scheduleDec 31, 2025
- Maturity shortened (observed)Dec 31, 2025
- Maturity shortened (observed)Dec 31, 2025
- Maturity extended (observed)Sep 30, 2025
Full timeline · 19 eventsShow fewer
- New lender joined a facilitySep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- New lender joined a facilitySep 30, 2025
- Spread increasedJun 30, 2025
- Spread increasedJun 30, 2025
- Spread increasedJun 30, 2025
- New lender joined a facilityDec 31, 2024
- Spread increasedMar 31, 2024
- Spread increasedMar 31, 2024
- Maturity extended (observed)Sep 30, 2022
- Maturity extended (observed)Sep 30, 2022
- Maturity extended (observed)Sep 30, 2022
- Maturity extended (observed)Sep 30, 2022
- New borrower on a BDC scheduleDec 31, 2021
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- I•• B••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 3 BDCsderived
- Industry
- Air Freight & Logisticsreportedas one filer wrote it