DFX Intelligence
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Borrower
A••••••• T•••••• R••••• G••••• L••
Air Freight and Logisticsgroup grade Aon a schedule nowsponsor unattributed
Also written as: LLC Asset Type
What matters now
- 95¢ → 90¢consensus mark
Consensus mark 90¢ on cost, down from 95¢ a year ago, 89¢ 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 - $69.5Mprincipal outstanding
$69.5M principal held by 3 lenders; matures Jun 2027.
Q2 2026 · Refinancing is due in 8 months at a 90¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
95¢ · 94¢ · 93¢ · 89¢ · 90¢Q2 2025 to Q2 2026
Where each lender marks it, 5 points apart
88¢93¢
Principal held
at least $69.5M
sum of BDC pieces, a lower bound
Fair value
$62.5M
90c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
4
3 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Jun 1, 2027
$19.7M inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
10
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••• | $49.9M | 89¢ | +4 pts |
| F••••••• P•••••• C••••• F••• | $19.4M | 93¢ | +1 pts |
| A•••••• S•••••••• C••••• F••• | $245K | 88¢ | -2 pts |
Every BDC piece · 10 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••• C•••••• S•••••••• F••••••• I••• | subordinated debt unsecured or subordinated S••••••••• D••• S••••• 14.25% PIK I••••••• R••• 14.25% M••••••• D••• 12/1/2028 One | $24.2M | $21.5M 89c | S+1425 bp PIK 14.25% |
| B••• C•••••• S•••••••• F••••••• I••• | subordinated debt unsecured or subordinated S••••••••• D••• S••••• 14.25% PIK I••••••• R••• 14.25% M••••••• D••• 12/1/2028 | $19.4M | $17.2M 89c | S+1425 bp PIK 14.25% |
| F••••••• P•••••• C••••• F••• | term loan first lien F•••• L••• D••• T••• L••• R•••••••• R••• and S••••• S••• + 5.75% I••••••• R••• 9.63% M•••• | $14.6M | $13.5M 93c | SOFR+575 bp |
| B••• C•••••• S•••••••• F••••••• I••• | subordinated debt unsecured or subordinated S••••••••• D••• S••••• 14.25% PIK I••••••• R••• 14.25% M••••••• D••• 12/1/2028 Two | $6.3M | $5.6M 89c | S+1425 bp PIK 14.25% |
| F••••••• P•••••• C••••• F••• | term loan first lien F•••• L••• D••• T••• L••• R•••••••• R••• and S••••• S••• + 5.75% I••••••• R••• 9.63% M•••• | $4.9M | $4.5M 93c | SOFR+575 bp |
View all 10 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A•••••• S•••••••• C••••• F••• | term loan first lien Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 5.69% I••••••• R••• 9.59% M• | $129,000 | $114,000 88c | SOFR+569 bp |
| A•••••• S•••••••• C••••• F••• | term loan first lien Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 5.50% I••••••• R••• 9.40% M• | $40,000 | $35,000 88c | SOFR+550 bp |
| A•••••• S•••••••• C••••• F••• | delayed draw term loan first lien Asset T••• F•••• L••• D•••••• D••• T••• L••• R•••••••• R••• and S••••• S + 5.50% I••••••• | $34,000 | $30,000 88c | SOFR+550 bp |
| A•••••• S•••••••• C••••• F••• | delayed draw term loan first lien Asset T••• F•••• L••• D•••••• D••• T••• L••• R•••••••• R••• and S••••• S + 5.69% I••••••• | $33,000 | $29,000 88c | SOFR+569 bp |
| A•••••• S•••••••• C••••• F••• | delayed draw term loan first lien Asset T••• F•••• L••• D•••••• D••• T••• L••• R•••••••• R••• and S••••• S + 5.75% I••••••• | $9,000 | $8,000 89c | SOFR+575 bp |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| unsecured or subordinated subordinated debt unsecured or subordinated | at least $49.9M | 89c | S+1425 bp PIK 14.25% | Dec 1, 2028 | 1 |
| first lien term loan first lien | at least $19.6M | 93c | SOFR+575 bp | Jun 1, 2028 | 3 |
| first lien delayed draw term loan first lien | at least $76,000 | n/a | SOFR+575 bp | Jun 1, 2028 | 2 |
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 | $69.5M | $62.5M | 90c | 3 |
| Mar 31, 2026 | 4 | $117M | $104M | 89c | 3 |
| Dec 31, 2025 | 4 | $116M | $107M | 93c | 3 |
| Sep 30, 2025 | 4 | $115M | $108M | 94c | 3 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 4 | $114M | $108M | 95c | 3 |
| Mar 31, 2025 | 4 | $113M | $107M | 95c | 3 |
| Dec 31, 2024 | 4 | $182M | $174M | 97c | 3 |
| Sep 30, 2024 | 4 | $111M | $106M | 97c | 3 |
| Jun 30, 2024 | 4 | $111M | $108M | 98c | 3 |
| Mar 31, 2024 | 4 | $111M | $108M | 99c | 3 |
| Dec 31, 2023 | 3 | $110M | $109M | 100c | 3 |
| Sep 30, 2023 | 3 | $110M | $109M | 100c | 3 |
| Jun 30, 2023 | 3 | $102M | $98.8M | 99c | 3 |
| Mar 31, 2023 | 1 | $39.9M | $39.5M | 101c | 3 |
| Dec 31, 2022 | 2 | $125M | $123M | 100c | 6 |
| Sep 30, 2022 | 1 | $39.5M | $39.5M | 102c | 3 |
| Dec 31, 2021 | 1 | $20.0M | $20.0M | 102c | 2 |
What changed
- Maturity approachingJun 1, 2028
- Maturity approachingJun 1, 2028
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
Full timeline · 23 eventsShow fewer
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Mar 31, 2026
- PIK interest increasedMar 31, 2026
- Marked down across lendersMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- PIK interest increasedMar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- PIK interest increasedDec 31, 2024
- PIK interest increasedDec 31, 2024
- Marked down (one lender)Sep 30, 2024
- Marked down (one lender)Sep 30, 2024
- PIK interest increasedSep 30, 2023
- PIK interest increasedSep 30, 2023
- Spread changed (observed)Jun 30, 2023
- New lender joined a facilityJun 30, 2023
- Spread increasedJun 30, 2023
- Spread increasedJun 30, 2023
- Maturity shortened (observed)Jun 30, 2023
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- AMERICAN TRAILER RENTALderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 4 BDCsderived
- Industry
- Air Freight and Logisticsreportedas one filer wrote it