DFX Intelligence
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Borrower
R•••••• I•••••••••
Air Freight & Logisticsgroup grade Aon a schedule nowsponsor not established · possible relationship
What matters now
- 99¢ → 93¢consensus mark
Consensus mark 93¢ on cost, down from 99¢ a year ago, 96¢ 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
Mark path, consensus per quarter end
99¢ · 98¢ · 98¢ · 96¢ · 93¢Q2 2025 to Q2 2026
Where each lender marks it, 0 points apart
93¢93¢
Principal held
at least $4.1M
sum of BDC pieces, a lower bound
Fair value
$3.7M
93c on cost, debt pieces
Unfunded
$69,000
commitments not yet drawn
BDC lenders
4
3 on the latest quarter
Facilities
7
0 equity pieces beside them
Next maturity
Dec 29, 2028
no dated debt inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2026
Events
5
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 |
|---|---|---|---|
| M••••• S•••••• D••••• L•••••• F••• | $2.06M | 93¢ | -3 pts |
| N•••• H•••• P•••••• I••••• F••• L•• | $1.59M | 93¢ | -3 pts |
| T• S••••• B•• L•• | $418K | 93¢ | -4 pts |
Every BDC piece · 12 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 6.75% I••••••• R••• 10.41% M••••• | $1.6M | $1.5M 93c | SOFR+675 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• & S••••• S + 6.75% I••••••• R••• 10.41% M••••••• | $1.2M | $1.1M 93c | SOFR+675 bp |
| T• S••••• B•• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 6.75% I••••••• R••• 10.41% M••••• | $328,000 | $302,000 93c | SOFR+675 bp |
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 6.75% I••••••• R••• 10.41% M••••• | $295,000 | $268,000 92c | SOFR+675 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• & S••••• S + 6.75% I••••••• R••• 10.41% M••••••• | $228,000 | $208,000 92c | SOFR+675 bp |
View all 12 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 6.75% I••••••• R••• 10.41% M••••• | $148,000 | $136,000 93c | SOFR+675 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• & S••••• S + 6.75% I••••••• R••• 10.41% M••••••• | $115,000 | $105,000 93c | SOFR+675 bp |
| T• S••••• B•• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 6.75% I••••••• R••• 10.41% M••••• | $60,000 | $54,000 92c | SOFR+675 bp |
| T• S••••• B•• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 6.75% I••••••• R••• 10.41% M••••• | $30,000 | $28,000 93c | SOFR+675 bp |
| M••••• S•••••• D••••• L•••••• F••• | revolver first lien F•••• L••• D••• C••••••••• T••• R••••••• C••••••••• E••••••••• D••• 12/29/2028 | Not disclosed | Not disclosed | S+675 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | revolver first lien F•••• L••• D••• C••••••••• T••• R••••••• C••••••••• E••••••••• D••• 12/29/2028 | Not disclosed | Not disclosed | S+675 bp |
| T• S••••• B•• L•• | revolver first lien F•••• L••• D••• C••••••••• T••• R••••••• C••••••••• E••••••••• D••• 12/29/2028 | Not disclosed | Not disclosed | S+675 bp |
Named as lender on a deal announcement: C•••••••• A•••• M••••••••• L•• (Jan 5, 2023) nonantumcapital.com
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 $4.1M | 93c | SOFR+675 bp | Dec 29, 2028 | 3 |
| first lien revolver first lien | unknown | n/a | S+675 bp | unstated | 3 |
| revolver lien unstated exited Dec 31, 2024 | at least $379,000 | 100c | S+625 bp | unstated | 2 |
| other lien unstated exited Jun 30, 2025 | unknown | n/a | unstated | 4 | |
| first lien delayed draw term loan first lien exited Jun 30, 2024 | unknown | n/a | unstated | 1 |
All 7 facilitiesShow fewerheld first, largest first
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| delayed draw term loan lien unstated exited Jun 30, 2024 | unknown | n/a | S+625 bp | unstated | 2 |
| term loan lien unstated exited Jan 5, 2023 from a deal announcement | size not stated | n/a | unstated | 0 |
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 | 3 | $4.1M | $3.7M | 93c | 0 |
| Mar 31, 2026 | 3 | $4.1M | $3.9M | 96c | 0 |
| Dec 31, 2025 | 3 | $4.1M | $3.9M | 98c | 0 |
| Sep 30, 2025 | 3 | $4.1M | $3.9M | 98c | 0 |
All 15 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 3 | $4.1M | $4.0M | 99c | 0 |
| Mar 31, 2025 | 3 | $3.8M | $3.7M | 99c | 0 |
| Dec 31, 2024 | 3 | $7.4M | $7.2M | 100c | 0 |
| Sep 30, 2024 | 3 | $3.6M | $3.5M | 100c | 0 |
| Jun 30, 2024 | 3 | $2.9M | $2.8M | 100c | 0 |
| Mar 31, 2024 | 4 | $3.6M | $3.5M | 101c | 0 |
| Dec 31, 2023 | 4 | $3.6M | $3.5M | 101c | 0 |
| Sep 30, 2023 | 4 | $3.6M | $3.5M | 101c | 0 |
| Jun 30, 2023 | 4 | $3.6M | $3.4M | 99c | 0 |
| Mar 31, 2023 | 4 | $3.7M | $3.6M | 100c | 0 |
| Dec 31, 2022 | 4 | $3.5M | $3.3M | 100c | 0 |
What changed
- Spread changed (observed)Mar 31, 2026
- Spread increasedMar 31, 2026
- Spread increasedMar 31, 2026
- Spread increasedMar 31, 2026
- Facility left every BDC scheduleJun 30, 2025
Full timeline · 15 eventsShow fewer
- Lender left a facilityJun 30, 2025
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityJun 30, 2024
- New lender joined a facilityJun 30, 2024
- Facility left every BDC scheduleJun 30, 2024
- Facility left every BDC scheduleJun 30, 2024
Sponsor
Possible relationship, not established: R•••••••• P••••••• M••••••••• L••, because a company of this name is on the sponsor's portfolio page (confidence 0.7). No deal announcement or filing names it as a party, so it is not shown as this borrower’s sponsor.
- R•••••••• P••••••• M••••••••• L••
- pe transactionderivednonantumcapital.comconfidence 0.8
- N••••••• C•••••• P•••••••
- the sponsor's own portfolio page lists a company of this nameestimatednonantumcapital.com"••• Locked"
- R•••••••• P••••••• M••••••••• L••
- the sponsor's own portfolio page lists a company of this nameestimatednonantumcapital.com"••• Locked"
Identity
- Group key
- R•••••• I•••••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 4 BDCsderived
- Industry
- Air Freight & Logisticsreportedas one filer wrote it