DFX Intelligence
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Borrower
E•••• R••• S•••••••• L••
Research & Consulting Servicesgroup grade Aoff every schedule since Dec 31, 2025sponsor unattributed
Nothing material in the last 200 days. Last change: 31 Dec 2025, $14.2M principal held by 1 lender; matures May 2027.
Mark path, consensus per quarter end
100¢ · 100¢ · 100¢ · 100¢ · 100¢Q4 2024 to Q4 2025
Principal held
at least $14.2M
sum of BDC pieces, a lower bound
Fair value
$14.1M
100c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
May 1, 2027
$14.2M inside 24 months
On the tape since
Mar 31, 2024
latest Dec 31, 2025
Events
4
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 |
|---|---|---|---|
| S•••••••• P•••••• C••••• F••• L•• | $14.2M | 100¢ | 0 pts |
Every BDC piece · 6 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien T••• L••• | N•••••••••, N••••••••• D••• Investments | F•••• L••• S••••• S•••••• | R••••••• | $3.4M | $3.3M 100c | SOFR+550 bp |
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien T••• L••• | N••• D••• Inv. | F•••• L••• S••••• S•••••• L••• | 5/1/2027 One | $3.4M | $3.3M 100c | SOFR+550 bp |
| S•••••••• P•••••• C••••• F••• L•• | delayed draw term loan first lien D•••••• D••• T••• C L••• | N••• D••• Inv. | F•••• L••• S••••• S•••••• L••• | 5/1/2027 | $1.9M | $1.9M 100c | SOFR+550 bp |
| S•••••••• P•••••• C••••• F••• L•• | delayed draw term loan first lien D•••••• D••• T••• C L••• | N•••••••••, N••••••••• D••• Investments | F•••• L••• S••••• S•• | $1.9M | $1.9M 100c | SOFR+550 bp |
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien T••• L••• | N•••••••••, N••••••••• D••• Investments | F•••• L••• S••••• S•••••• | R••••••• | $1.9M | $1.8M 100c | SOFR+550 bp |
View all 6 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien T••• L••• | N••• D••• Inv. | F•••• L••• S••••• S•••••• L••• | 5/1/2027 | $1.9M | $1.8M 100c | SOFR+550 bp |
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 $10.5M | 100c | SOFR+550 bp | May 1, 2027 | 1 |
| first lien delayed draw term loan first lien exited Dec 31, 2025 | at least $3.7M | 100c | SOFR+550 bp | May 1, 2027 | 1 |
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 | 1 | $14.2M | $14.1M | 100c | 0 |
| Sep 30, 2025 | 1 | $7.1M | $7.1M | 100c | 0 |
| Jun 30, 2025 | 1 | $5.5M | $5.4M | 100c | 0 |
| Mar 31, 2025 | 1 | $5.3M | $5.2M | 100c | 0 |
All 8 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2024 | 1 | $21.1M | $20.7M | 100c | 0 |
| Sep 30, 2024 | 1 | $5.3M | $5.2M | 100c | 0 |
| Jun 30, 2024 | 1 | $5.3M | $5.2M | 101c | 0 |
| Mar 31, 2024 | 1 | $5.3M | $5.2M | 100c | 0 |
What changed
- Facility left every BDC scheduleDec 31, 2025
- Facility left every BDC scheduleDec 31, 2025
- Maturity extended (observed)Jun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- New borrower on a BDC scheduleMar 31, 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
- E•••• R••• S•••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived
- Industry
- Research & Consulting Servicesreportedas one filer wrote it