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Borrower

L••••••••• I••

Air Freight & Logisticsgroup grade Aon a schedule nowsponsor unattributed
Also written as: Inc. First and; Inc. One First and
See every lender's markFind rescue capital
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Special situations PE firms

What matters now

  1. 1 of 3 lenders
    on non-accrual

    Non-accrual at 1 of 3 lenders on the latest schedules.

    since Q2 2026 · Interest has stopped accruing; the lenders no longer expect to be paid in full.

    FactBDC schedules of investments, 30 Jun 2026For restructuring advisers, special situations funds, the lenders' LPsSee every lender →
  2. 80¢ → 66¢
    consensus mark

    Consensus mark 66¢ on cost, down from 80¢ a year ago, 83¢ last quarter.

    Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.

    Derived3 of 3 lenders' own marks, weighted by principal
  3. 63 pts
    8¢ to 71¢

    Lenders disagree by 63 points: K•••••• L•••• C•••••• C• 8¢ to T• R••• P•••• O•• S••••• P•••••• C••••• F••• 71¢.

    Q2 2026 · Holders value the same loan differently, so a position could trade between them.

    Derivedeach lender's own fair value over costFor secondary buyers, special situations fundsLender marks →
  4. $48M
    principal outstanding

    $48M principal held by 3 lenders; matures Jan 2029.

    Q2 2026 · Refinancing is due in 27 months at a 66¢ mark.

    FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
  5. 50¢ → 8¢
    -42 pts, one lender

    K•••••• L•••• C•••••• C• marked it 50¢ → 8¢, the largest move among 3 lenders this quarter.

    Q2 2026 · One holder repriced far more than the rest.

    FactK•••••• L•••• C•••••• C• schedule of investmentsOpen the lender →
Mark path, consensus per quarter end
Q2 2025: 80¢Q3 2025: 82¢Q4 2025: 87¢Q1 2026: 83¢Q2 2026: 66¢80¢ · 82¢ · 87¢ · 83¢ · 66¢Q2 2025 to Q2 2026
Where each lender marks it, 63 points apart
8¢Consensus: 66¢T• R••• P•••• O•• S••••• P•••••• C••••• F•••: 71¢F••••••• B•• C•••••• C•••: 9¢K•••••• L•••• C•••••• C•: 8¢71¢
Principal held
at least $48.0M
sum of BDC pieces, a lower bound
Fair value
$28.7M
66c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
6
3 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Jan 2, 2029
no dated debt inside 24 months
On the tape since
Sep 30, 2022
latest Jun 30, 2026
Events
28
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2026, folded to one row per lender
LenderExposureCurrent markQoQ change
T• R••• P•••• O•• S••••• P•••••• C••••• F•••$44.6M71¢-16 pts
F••••••• B•• C•••••• C•••$2.96M9¢-16 pts
K•••••• L•••• C•••••• C•$435K8¢-42 pts
Every BDC piece · 6 positions across 3 lenderslargest principal first, with instrument and rate
BDCInstrumentPrincipalFair valueRate
T• R••• P•••• O•• S••••• P•••••• C••••• F•••term loan first lien
F•••• L••• D•••
$30.3M$17.8M
64c
S+700 bp
T• R••• P•••• O•• S••••• P•••••• C••••• F•••term loan first lien
F•••• L••• D•••
$8.4M$5.0M
73c
S+450 bp
T• R••• P•••• O•• S••••• P•••••• C••••• F•••term loan first lien
F•••• L••• D•••
$5.7M$5.6M
103c
S+625 bp
F••••••• B•• C•••••• C•••unstated lien unstated$3.0M$270,000
9c
S+750 bp
K•••••• L•••• C•••••• C•term loan first lien
F•••• L••• D••• Air F•••••• & L••••••••, O••••••• P••••••• D••• 4/13/2023 S••• S 4.50% I••
$435,065$33,500
8c
SOFR+450 bp
View all 6 positionslargest principal first
BDCInstrumentPrincipalFair valueRate
T• R••• P•••• O•• S••••• P•••••• C••••• F•••term loan second lien
S••••• L••• D•••
$105,000$10,000
28c
S+450 bp
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
FacilityHeldOn costPricingMaturityBDCs
first lien term loan first lienat least $44.9M70cSOFR+700 bpAug 10, 20293
other lien unstatedat least $3.0M9cS+750 bpAug 10, 20293
second lien term loan second lienat least $105,000n/aS+450 bpAug 10, 20293
Through time
the borrower's pieces summed across BDCs, every quarter end
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20263$48.0M$28.7M66c0
Mar 31, 20263$48.2M$35.7M82c5
Dec 31, 20254$95.0M$72.4M87c10
Sep 30, 20254$44.9M$32.8M82c7
All 14 quarters
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20255$70.8M$53.4M81c8
Mar 31, 20255$69.2M$53.1M83c5
Dec 31, 20244$124M$104M95c0
Sep 30, 20243$31.5M$27.5M90c0
Jun 30, 20244$38.5M$35.2M95c0
Mar 31, 20243$35.6M$35.0M102c0
Dec 31, 20232$32.7M$32.0M102c0
Sep 30, 20232$27.7M$26.8M100c0
Jun 30, 20231$1.0M$832,98594c0
Sep 30, 20221$4.8M$3.7M79c0
What changed
Full timeline · 30 events
Every change including routine ones
Identity
Group key
LASERSHIPderivedthe codename stem after legal suffixes and deal words
Spellings
1 across 6 BDCsderived
Industry
Air Freight & Logisticsreportedas one filer wrote it