DFX Intelligence
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Borrower
V•• G••••• S•••• M•••• 3• S•• R••
Professional Servicesgroup grade Aoff every schedule since Dec 31, 2025sponsor unattributed
Nothing material in the last 200 days. Last change: 31 Dec 2025, Consensus mark 101¢ on cost, up from 99¢ a year ago, 106¢ last quarter.
Mark path, consensus per quarter end
99¢ · 102¢ · 103¢ · 106¢ · 101¢Q4 2024 to Q4 2025
Principal held
at least $12.5M
sum of BDC pieces, a lower bound
Fair value
$12.6M
101c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
1
1 equity pieces beside them
Next maturity
Oct 7, 2032
no dated debt inside 24 months
On the tape since
Dec 31, 2022
latest Dec 31, 2025
Events
5
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 |
|---|---|---|---|
| A••••• D••• S•••••••• B•• | $12.5M | 101¢ | -5 pts |
Every BDC piece · 1 position across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••••• D••• S•••••••• B•• | term loan first lien Investment T••• F•••• L••• S•••••• D••• – T••• L••• I••••••• R••• S+250, 0.00% F•••• M•••• | $12.5M | $12.6M 101c | SOFR+250 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 $12.5M | 101c | SOFR+250 bp | Oct 7, 2032 | 1 |
Equity pieces beside the debt: other ($216M fair value, 1 BDC)
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 | $12.5M | $12.6M | 101c | 0 |
| Sep 30, 2025 | 1 | $219M | $250M | 106c | 0 |
| Jun 30, 2025 | 1 | $207M | $238M | 107c | 0 |
| Mar 31, 2025 | 1 | $202M | $222M | 102c | 0 |
All 13 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2024 | 1 | $202M | $216M | 99c | 0 |
| Sep 30, 2024 | 1 | $202M | $225M | 103c | 0 |
| Jun 30, 2024 | 1 | $202M | $218M | 100c | 0 |
| Mar 31, 2024 | 1 | $134M | $148M | 105c | 0 |
| Dec 31, 2023 | 1 | $134M | $152M | 107c | 0 |
| Sep 30, 2023 | 1 | $134M | $145M | 103c | 0 |
| Jun 30, 2023 | 1 | $134M | $149M | 105c | 0 |
| Mar 31, 2023 | 1 | $134M | $146M | n/a | 0 |
| Dec 31, 2022 | 1 | $134M | $144M | 103c | 0 |
What changed
- Spread changed (observed)Dec 31, 2025
- Facility left every BDC scheduleDec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Maturity extended (observed)Sep 30, 2025
- Maturity extended (observed)Sep 30, 2025
Full timeline · 8 eventsShow fewer
- Spread changed (observed)Jun 30, 2024
- Marked down (one lender)Jun 30, 2024
- Spread changed (observed)Mar 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
- VFS SPEEDderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived
- Industry
- Professional Servicesreportedas one filer wrote it