A• • R• L••••••••• I••

Transportation: Cargogroup grade Aon a schedule nowsponsor unattributed

Also written as: A• • R• L•••••••• Holdings, Inc

See every lender's mark Find rescue capital

Special situations PE firms

What matters now

2 of 2 lenders
on non-accrual
Non-accrual at 2 of 2 lenders on the latest schedules, first placed in Q1 2026.
since Q1 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 →
92¢ → 64¢
consensus mark
Consensus mark 64¢ on cost, down from 92¢ a year ago, 80¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived2 of 2 lenders' own marks, weighted by principal
10 pts
56¢ to 66¢
Lenders disagree by 10 points: N••••• C•••••••• D••••• L•••••• C•••• 56¢ to B••• C•••••• S•••••••• F••••••• I••• 66¢.
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 →
$41.4M
principal outstanding
$41.4M principal held by 2 lenders; matures Feb 2028.
Q2 2026 · Refinancing is due in 16 months at a 64¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
82¢ → 66¢
-16 pts, one lender
B••• C•••••• S•••••••• F••••••• I••• marked it 82¢ → 66¢, the largest move among 2 lenders this quarter.
Q2 2026 · One holder repriced far more than the rest.
FactB••• C•••••• S•••••••• F••••••• I••• schedule of investmentsOpen the lender →

Mark path, consensus per quarter end

92¢ · 92¢ · 87¢ · 80¢ · 64¢Q2 2025 to Q2 2026

Where each lender marks it, 10 points apart

56¢66¢

Principal held

at least $41.4M

sum of BDC pieces, a lower bound

Fair value

$26.5M

64c on cost, debt pieces

Unfunded

Not disclosed

commitments not yet drawn

BDC lenders

2 on the latest quarter

Facilities

0 equity pieces beside them

Next maturity

Feb 3, 2028

$41.1M inside 24 months

On the tape since

Dec 31, 2021

latest Jun 30, 2026

Events

dated, non-routine

Lender marks

each lender's own fair value over cost at Jun 30, 2026, folded to one row per lender

Lender	Exposure	Current mark	QoQ change
B••• C•••••• S•••••••• F••••••• I•••	$33.9M	66¢	-16 pts
N••••• C•••••••• D••••• L•••••• C••••	$7.52M	56¢	-14 pts

Every BDC piece · 13 positions across 2 lenderslargest principal first, with instrument and rate

BDC	Instrument	Principal	Fair value	Rate
B••• C•••••• S•••••••• F••••••• I•••	term loan first lien F•••• L••• S••••• S•••••• L••• S••• F•••• 1.00% S••••• 2.60% (4.25% PIK) I••••••• R••• 10.	$13.5M	$8.6M 64c	SOFR+260 bp PIK 4.25%
B••• C•••••• S•••••••• F••••••• I•••	term loan first lien F•••• L••• S••••• S•••••• L••• S••• F•••• 1.00% S••••• 2.65% (4.25% PIK) I••••••• R••• 10.	$6.1M	$3.9M 65c	SOFR+265 bp PIK 4.25%
B••• C•••••• S•••••••• F••••••• I•••	revolver first lien F•••• L••• S••••• S•••••• L••• - R••••••• S••• F•••• 1.00% S••••• 2.50% (4.25% PIK) I•••••	$5.9M	$3.6M 62c	SOFR+250 bp PIK 4.25%
N••••• C•••••••• D••••• L•••••• C••••	term loan first lien F•••• L••• D••• 4	$4.5M	$2.4M 54c	S+250 bp PIK 4.25%
B••• C•••••• S•••••••• F••••••• I•••	term loan first lien F•••• L••• S••••• S•••••• L••• S••• F•••• 1.00% S••••• 2.65% (4.25% PIK) I••••••• R••• 10.	$2.8M	$1.8M 64c	SOFR+265 bp PIK 4.25%

View all 13 positionslargest principal first

BDC	Instrument	Principal	Fair value	Rate
B••• C•••••• S•••••••• F••••••• I•••	term loan first lien F•••• L••• S••••• S•••••• L••• S••• F•••• 1.00% S••••• 2.65% (4.25% PIK) I••••••• R••• 10.	$2.4M	$1.6M 64c	SOFR+265 bp PIK 4.25%
B••• C•••••• S•••••••• F••••••• I•••	revolver first lien F•••• L••• S••••• S•••••• L••• - R••••••• P F•••• 2.00% S••••• 6.75% PIK I••••••• R••• 13.	$2.3M	$2.3M 107c	Prime+675 bp PIK 6.75%
N••••• C•••••••• D••••• L•••••• C••••	term loan first lien F•••• L••• D••• 5	$1.4M	$753,000 55c	S+250 bp PIK 4.25%
B••• C•••••• S•••••••• F••••••• I•••	term loan first lien F•••• L••• S••••• S•••••• L••• S••• F•••• 1.00% S••••• 2.65% (4.25% PIK) I••••••• R••• 10.	$949,000	$605,000 64c	SOFR+265 bp PIK 4.25%
N••••• C•••••••• D••••• L•••••• C••••	term loan first lien F•••• L••• D••• 2	$918,000	$496,000 54c	S+250 bp PIK 4.25%
N••••• C•••••••• D••••• L•••••• C••••	revolver lien unstated R•••••••• L•••	$274,000	$274,000 100c	S+675 bp PIK 13.50%
N••••• C•••••••• D••••• L•••••• C••••	term loan first lien F•••• L••• D••• 1	$264,000	$143,000 54c	S+250 bp PIK 4.25%
N••••• C•••••••• D••••• L•••••• C••••	term loan first lien F•••• L••• D••• 3	$186,000	$100,000 54c	S+250 bp PIK 4.25%

Capital structure as the BDCs see it

latest quarter end Jun 30, 2026

Facility	Held	On cost	Pricing	Maturity	BDCs
first lien term loan first lien	at least $32.9M	62c	SOFR+265 bp PIK 4.25%	Feb 3, 2028	3
first lien revolver first lien	at least $8.2M	74c	SOFR+675 bp PIK 6.75%	Feb 3, 2028	1
revolver lien unstated	at least $274,000	100c	S+675 bp PIK 13.50%	Jul 17, 2031	1
other lien unstated exited Dec 31, 2024	at least $7.1M	93c	S+250 bp PIK 4.25%	Aug 3, 2026	1

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	2	$41.4M	$26.5M	64c	13
Mar 31, 2026	2	$38.6M	$30.7M	80c	12
Dec 31, 2025	2	$36.9M	$32.0M	87c	11
Sep 30, 2025	2	$35.5M	$32.4M	92c	6

All 17 quarters

Quarter end	BDCs	Principal held	Fair value	On cost	PIK pieces
Jun 30, 2025	3	$39.7M	$36.3M	92c	9
Mar 31, 2025	3	$39.7M	$37.6M	95c	9
Dec 31, 2024	3	$51.9M	$49.3M	95c	23
Sep 30, 2024	2	$31.1M	$29.8M	96c	2
Jun 30, 2024	2	$30.3M	$30.0M	99c	0
Mar 31, 2024	2	$30.5M	$30.4M	100c	0
Dec 31, 2023	2	$29.2M	$29.0M	100c	0
Sep 30, 2023	2	$36.5M	$36.4M	101c	0
Jun 30, 2023	2	$35.8M	$35.8M	101c	0
Mar 31, 2023	2	$36.1M	$36.1M	101c	0
Dec 31, 2022	1	$86.7M	$86.7M	101c	0
Sep 30, 2022	1	$46.5M	$46.5M	101c	0
Dec 31, 2021	1	$57.0M	$57.0M	101c	0

What changed

Maturity approachingFeb 3, 2028
••• Locked
Maturity approachingFeb 3, 2028
••• Locked
non accrual placedJun 30, 2026
••• Locked
Marked down across lendersJun 30, 2026
••• Locked
PIK interest increasedJun 30, 2026
••• Locked

Full timeline · 30 events

Marked down across lendersJun 30, 2026
••• Locked
Maturity extended (observed)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
PIK interest increasedJun 30, 2026
••• Locked
Maturity extended (observed)Jun 30, 2026
••• Locked
Marked down across lendersMar 31, 2026
••• Locked
non accrual placedMar 31, 2026
••• Locked
Marked down (one lender)Mar 31, 2026
••• Locked
Marked down (one lender)Mar 31, 2026
••• Locked
Marked down across lendersDec 31, 2025
••• Locked
Marked down (one lender)Dec 31, 2025
••• Locked
PIK interest appearsDec 31, 2025
••• Locked
Spread changed (observed)Sep 30, 2025
••• Locked
Maturity extended (observed)Sep 30, 2025
••• Locked
Maturity extended (observed)Sep 30, 2025
••• Locked
PIK interest increasedSep 30, 2025
••• Locked
Spread changed (observed)Sep 30, 2025
••• Locked
PIK interest increasedSep 30, 2025
••• Locked
PIK interest increasedSep 30, 2025
••• Locked
Maturity extended (observed)Sep 30, 2025
••• Locked
Maturity extended (observed)Sep 30, 2025
••• Locked
Maturity extended (observed)Sep 30, 2025
••• Locked
Spread changed (observed)Jun 30, 2025
••• Locked

Every change including routine ones

Identity

Group key: A AND R LOGISTICSderivedthe codename stem after legal suffixes and deal words
Spellings: 2 across 3 BDCsderived
Industry: Transportation: Cargoreportedas one filer wrote it