DFX Intelligence
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Borrower
I••• I••••••••• H•••••••• L••
Air Freight & Logisticsgroup grade Aon a schedule nowsponsor unattributed
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
100¢ · 100¢ · 100¢ · 100¢Q3 2025 to Q2 2026
Where each lender marks it, 0 points apart
100¢100¢
Principal held
at least $94.3M
sum of BDC pieces, a lower bound
Fair value
$92.4M
100c on cost, debt pieces
Unfunded
$27.4M
commitments not yet drawn
BDC lenders
4
4 on the latest quarter
Facilities
7
0 equity pieces beside them
Next maturity
Mar 1, 2029
no dated debt inside 24 months
On the tape since
Sep 30, 2025
latest Jun 30, 2026
Events
2
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 |
|---|---|---|---|
| L••• A••••• P•••••• C••••• F••• | $34.9M | no cost filed | new this quarter |
| D••••••• C••••• C• | $32.1M | 100¢ | 0 pts |
| F••••••• B•• C•••••• C••• | $22M | 100¢ | 0 pts |
| L••• A••••• P•••••• C••••• F••• S• | $5.25M | no cost filed | new this quarter |
Every BDC piece · 20 positions across 4 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| L••• A••••• P•••••• C••••• F••• | term loan lien unstated T••• L•••) [M•••••] | $27.4M | $27.0M | S+625 bp |
| D••••••• C••••• C• | term loan first lien F•••• L••• D••• T••• L••• I••••••• R••• 9.89% R•••••••• R••• S••• S••••• 6.25% A••••••••• | $25.2M | $24.9M 100c | SOFR+625 bp |
| F••••••• B•• C•••••• C••• | term loan first lien | $17.2M | $17.0M 100c | S+625 bp |
| L••• A••••• P•••••• C••••• F••• | delayed draw term loan lien unstated D•••••• D•••) [M•••••] | $7.6M | $7.4M | S+625 bp |
| D••••••• C••••• C• | delayed draw term loan first lien F•••• L••• D••• D•••••• D••• T••• L••• I••••••• R••• 9.89% R•••••••• R••• S••• S••••• 6.25 | $7.0M | $6.7M 99c | SOFR+625 bp |
View all 20 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| F••••••• B•• C•••••• C••• | term loan first lien | $4.8M | $4.7M 100c | S+625 bp |
| L••• A••••• P•••••• C••••• F••• S• | term loan lien unstated T••• L•••) [M•••••] | $4.1M | $4.0M | S+625 bp |
| L••• A••••• P•••••• C••••• F••• S• | delayed draw term loan lien unstated D•••••• D•••) [M•••••] | $1.1M | $1.1M | S+625 bp |
| F••••••• B•• C•••••• C••• | term loan first lien | $0 | $-15,000 100c | S+625 bp |
| F••••••• B•• C•••••• C••• | term loan first lien | $0 | $-57,000 163c | S+625 bp |
| L••• A••••• P•••••• C••••• F••• | delayed draw term loan lien unstated D•••••• D••• 2026 5th A••••••••) [M•••••] | $0 | $-119,000 | S+625 bp |
| L••• A••••• P•••••• C••••• F••• | revolver lien unstated R•••••••) [M•••••] | $0 | $-31,000 | S+625 bp |
| L••• A••••• P•••••• C••••• F••• S• | revolver lien unstated R•••••••) [M•••••] | $0 | $-5,000 | S+625 bp |
| L••• A••••• P•••••• C••••• F••• S• | delayed draw term loan lien unstated D•••••• D••• 2026) [M•••••] | $0 | $-15,000 | S+625 bp |
| D••••••• C••••• C• | revolver first lien F•••• L••• D••• R•••••••• L••• of Credit R•••••••• R••• S••• S••••• 6.25% A••••••••• D••• | Not disclosed | $-25,000 109c | SOFR+625 bp |
| D••••••• C••••• C• | delayed draw term loan first lien D•••••• D••• T••• L••• | Not disclosed | Not disclosed | |
| D••••••• C••••• C• | revolver first lien R•••••••• L••• of Credit | Not disclosed | Not disclosed | |
| F••••••• B•• C•••••• C••• | term loan first lien S••••• S•••••• F•••• L••• D••• | Not disclosed | Not disclosed | |
| F••••••• B•• C•••••• C••• | term loan first lien S••••• S•••••• F•••• L••• D••• | Not disclosed | Not disclosed | |
| F••••••• B•• C•••••• C••• | term loan first lien S••••• S•••••• F•••• L••• D••• | Not disclosed | Not disclosed |
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 $47.2M | 100c | SOFR+625 bp | Mar 1, 2029 | 2 |
| term loan lien unstated | at least $31.5M | n/a | S+625 bp | Mar 1, 2029 | 2 |
| delayed draw term loan lien unstated | at least $8.7M | n/a | S+625 bp | Mar 1, 2029 | 3 |
| first lien delayed draw term loan first lien | at least $7.0M | 99c | SOFR+625 bp | Mar 1, 2029 | 1 |
| revolver lien unstated | at least $0 | n/a | S+625 bp | Mar 1, 2029 | 3 |
All 7 facilitiesShow fewerheld first, largest first
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien revolver first lien | unknown | n/a | SOFR+625 bp | Mar 1, 2029 | 1 |
| other lien unstated exited Sep 30, 2025 | at least $17.4M | 100c | S+625 bp | Mar 1, 2029 | 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 | 4 | $94.3M | $92.4M | 173c | 0 |
| Mar 31, 2026 | 3 | $52.8M | $51.8M | 100c | 0 |
| Dec 31, 2025 | 4 | $83.6M | $81.9M | 174c | 0 |
| Sep 30, 2025 | 4 | $17.4M | $16.8M | 100c | 0 |
What changed
- New lender joined a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- New borrower on a BDC scheduleSep 30, 2025
- Facility left every BDC scheduleSep 30, 2025
- Lender left a facilitySep 30, 2025
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••• INTERMEDIATE HOLDINGderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 4 BDCsderived
- Industry
- Air Freight & Logisticsreportedas one filer wrote it