DFX Intelligence
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Borrower
R•• S••• M••••• S•• L••
group grade Aon a schedule nowsponsor unattributed
Also written as: Air Freight & Logistics; Priority; Priority RCF
Principal held
at least $19.5M
sum of BDC pieces, a lower bound
Fair value
$14.6M
75c on cost, debt pieces
Unfunded
$139,000
commitments not yet drawn
BDC lenders
3
3 on the latest quarter
Facilities
3
1 equity pieces beside them
Next maturity
unstated
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
22
dated, non-routine
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 $19.5M | 75c | S+1050 bp PIK 13.70% | unstated | 3 |
| delayed draw term loan lien unstated | unknown | n/a | unstated | 3 | |
| revolver lien unstated exited Sep 30, 2024 | at least $675,000 | 103c | S+800 bp | unstated | 3 |
Equity pieces beside the debt: equity ($0 fair value, 3 BDCs)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B•••••• B••• I••• | equity equity C••••• S•••• | n/a | $0 0c | |
| B•••••• B••• I••• | term loan first lien F•••• Out T••• L••• | $1.2M | $1.2M 101c | S+1000 bp PIK 13.70% |
| B•••••• B••• I••• | delayed draw term loan lien unstated D•••••• D••• T••• L••• | n/a | n/a | |
| B•••••• B••• I••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• 2 | $385,000 | $385,000 100c | S+1050 bp PIK 9.50% |
| B•••••• B••• I••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• 1 | $2.9M | $1.8M 62c | S+700 bp PIK 10.70% |
| B•••••• C•••••• I••••••••• C••• | delayed draw term loan lien unstated D•••••• D••• T••• L••• | n/a | n/a | |
| B•••••• C•••••• I••••••••• C••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• 2 | $403,000 | $403,000 100c | S+1050 bp PIK 9.50% |
| B•••••• C•••••• I••••••••• C••• | term loan first lien F•••• Out T••• L••• | $1.2M | $1.2M 101c | S+1000 bp PIK 13.70% |
| B•••••• C•••••• I••••••••• C••• | equity equity C••••• S•••• | n/a | $0 0c | |
| B•••••• C•••••• I••••••••• C••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• 1 | $2.7M | $1.7M 62c | S+700 bp PIK 10.70% |
| B•••••• P•••••• C••••• C••• | delayed draw term loan lien unstated D•••••• D••• T••• L••• | n/a | n/a | |
| B•••••• P•••••• C••••• C••• | term loan first lien F•••• Out T••• L••• | $2.7M | $2.7M 101c | S+1000 bp PIK 13.70% |
| B•••••• P•••••• C••••• C••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• 1 | $7.1M | $4.3M 62c | S+700 bp PIK 10.70% |
| B•••••• P•••••• C••••• C••• | equity equity C••••• S•••• | n/a | $0 0c | |
| B•••••• P•••••• C••••• C••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• 2 | $870,000 | $870,000 100c | S+1050 bp PIK 9.50% |
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 | $19.5M | $14.6M | 75c | 9 |
| Mar 31, 2026 | 3 | $18.5M | $15.6M | 85c | 3 |
| Dec 31, 2025 | 3 | $22.0M | $18.4M | 84c | 0 |
| Sep 30, 2025 | 3 | $16.4M | $14.6M | 90c | 6 |
| Jun 30, 2025 | 3 | $15.9M | $15.9M | 100c | 3 |
| Mar 31, 2025 | 3 | $15.6M | $15.6M | 101c | 0 |
| Dec 31, 2024 | 3 | $27.8M | $27.8M | 101c | 0 |
| Sep 30, 2024 | 3 | $52.4M | $34.5M | 68c | 0 |
| Jun 30, 2024 | 3 | $50.0M | $35.3M | 70c | 0 |
| Mar 31, 2024 | 3 | $50.4M | $49.0M | 98c | 0 |
| Dec 31, 2023 | 3 | $60.6M | $58.8M | 99c | 0 |
| Sep 30, 2023 | 3 | $49.9M | $49.3M | 98c | 0 |
| Jun 30, 2023 | 3 | $49.9M | $49.3M | 100c | 0 |
| Mar 31, 2023 | 3 | $49.8M | $49.1M | 100c | 0 |
| Dec 31, 2022 | 3 | $52.6M | $51.9M | 99c | 0 |
| Sep 30, 2022 | 1 | $9.9M | $9.8M | 94c | 0 |
| Dec 31, 2021 | 1 | $7.6M | $7.5M | 101c | 0 |
What changed
- PIK interest increasedJun 30, 2026
- Marked down across lendersJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- PIK interest increasedJun 30, 2026
- PIK interest increasedJun 30, 2026
- PIK interest increasedJun 30, 2026
- Spread changed (observed)Mar 31, 2026
- PIK interest appearsMar 31, 2026
- PIK interest appearsMar 31, 2026
- PIK interest appearsMar 31, 2026
- PIK interest appearsMar 31, 2026
- Spread changed (observed)Dec 31, 2025
- Marked down across lendersDec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
- PIK interest increasedSep 30, 2025
- Marked down across lendersSep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Marked down (one lender)Sep 30, 2025
- PIK interest increasedSep 30, 2025
- PIK interest increasedSep 30, 2025
- PIK interest increasedSep 30, 2025
- Spread changed (observed)Jun 30, 2025
- PIK interest appearsJun 30, 2025
- Spread increasedJun 30, 2025
- Spread increasedJun 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
- REP S•••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 3 BDCsderived