DFX Intelligence
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Borrower
G••••••••• G••••• S•••••• I••
Transportation Infrastructuregroup grade Aoff every schedule since Dec 31, 2025sponsor unattributed
Also written as: Letters of Credit; Undrawn Commitment
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
101¢ · 101¢ · 100¢ · 101¢Q1 2025 to Q4 2025
Where each lender marks it on the first lien term loan, 0 points apart
101¢101¢
Principal held
at least $23.0M
sum of BDC pieces, a lower bound
Fair value
$23.0M
101c on cost, debt pieces
Unfunded
$122,000
commitments not yet drawn
BDC lenders
3
2 on the latest quarter
Facilities
3
1 equity pieces beside them
Next maturity
May 9, 2029
no dated debt inside 24 months
On the tape since
Jun 30, 2024
latest Dec 31, 2025
Events
5
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 |
|---|---|---|---|
| M••••• F•••••••• I••••••••• C••• | $19.1M | 101¢ | 0 pts |
| M••••• A••••• I••••••••• P•••••• L•••••• | $3.92M | 101¢ | +1 pts |
Every BDC piece · 7 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| M••••• F•••••••• I••••••••• C••• | term loan first lien F•••• L••• S•••••• D••• - T••• L••• S•••+525, 1.00% F•••• M••••••• D••• 05/09/29 | $15.0M | $15.0M 101c | SOFR+525 bp |
| M••••• A••••• I••••••••• P•••••• L•••••• | term loan first lien F•••• L••• S•••••• D••• - T••• L••• S+525, 1.00% F•••• M••••••• D••• 05/09/29 | $3.7M | $3.7M 101c | SOFR+525 bp |
| M••••• F•••••••• I••••••••• C••• | delayed draw term loan first lien F•••• L••• S•••••• D••• - D•••••• D••• S•••+525, 1.00% F•••• M••••••• D••• 05/09/29 | $3.5M | $3.5M 101c | SOFR+525 bp |
| M••••• F•••••••• I••••••••• C••• | revolver first lien F•••• L••• S•••••• D••• - R••••••• S•••+525, 1.00% F•••• M••••••• D••• 05/09/29 | $635,000 | $635,000 104c | SOFR+525 bp |
| M••••• A••••• I••••••••• P•••••• L•••••• | delayed draw term loan first lien F•••• L••• S•••••• D••• - D•••••• D••• S+525, 1.00% F•••• M••••••• D••• 05/09/29 | $146,000 | $146,000 101c | SOFR+525 bp |
View all 7 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| M••••• A••••• I••••••••• P•••••• L•••••• | revolver first lien F•••• L••• S•••••• D••• - R••••••• S+525, 1.00% F•••• M••••••• D••• 05/09/29 | $27,000 | $27,000 108c | SOFR+525 bp |
| M••••• A••••• I••••••••• P•••••• L•••••• | unstated lien unstated | Not disclosed | Not disclosed |
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 $18.8M | 101c | SOFR+525 bp | May 9, 2029 | 2 |
| first lien delayed draw term loan first lien exited Dec 31, 2025 | at least $3.6M | 101c | SOFR+525 bp | May 9, 2029 | 2 |
| first lien revolver first lien exited Dec 31, 2025 | at least $662,000 | 104c | SOFR+525 bp | May 9, 2029 | 2 |
Equity pieces beside the debt: other (Not disclosed fair value, 1 BDC)
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 | $23.0M | $23.0M | 101c | 0 |
| Sep 30, 2025 | 2 | $21.8M | $21.6M | 100c | 0 |
| Jun 30, 2025 | 2 | $17.9M | $17.8M | 101c | 0 |
| Mar 31, 2025 | 3 | $16.3M | $16.2M | 101c | 0 |
All 7 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2024 | 3 | $0 | $0 | n/a | 0 |
| Sep 30, 2024 | 3 | $0 | $0 | n/a | 0 |
| Jun 30, 2024 | 3 | $0 | $0 | n/a | 0 |
What changed
- Facility left every BDC scheduleDec 31, 2025
- Facility left every BDC scheduleDec 31, 2025
- Facility left every BDC scheduleDec 31, 2025
- New lender joined a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
Full timeline · 9 eventsShow fewer
- New lender joined a facilitySep 30, 2025
- Spread changed (observed)Jun 30, 2025
- Spread increasedJun 30, 2025
- New borrower on a BDC scheduleJun 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
- GAT AIRLINE GROUND SUPPORTderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 3 BDCsderived
- Industry
- Transportation Infrastructurereportedas one filer wrote it