DFX Intelligence
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Borrower
D•• • D••••• C•••
Business Servicesgroup grade Aon a schedule nowsponsor unattributed
Nothing material in the last 200 days. Last change: 31 Dec 2025, Consensus mark 93¢ on cost, down from 102¢ a year ago, 101¢ last quarter.
Mark path, consensus per quarter end
102¢ · 101¢ · 102¢ · 101¢ · 93¢Q4 2024 to Q4 2025
Principal held
unknown
sum of BDC pieces, a lower bound
Fair value
$175,000
n/a on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
5
1 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
8
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•••• S••••• L•••••• P••••••• | no principal filed | 93¢ | -8 pts |
Every BDC piece · 2 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| S•••• S••••• L•••••• P••••••• | term loan first lien F••••••••• loan ($945 par, due 4/2031) I•••••• A••••••••• D••• 4/4/2024 R•••••••• R••• and | Not disclosed | $869,000 93c | SOFR+435 bp |
| S•••• S••••• S•••••••• L••••••• I••• | equity equity C••••• S••••• (126,968 shares) I•••••• A••••••••• D••• 12/3/2021 | Not disclosed | $386,000 10c |
Capital structure as the BDCs see it
latest quarter end Dec 31, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien delayed draw term loan first lien exited Mar 31, 2024 | at least $1.1M | 96c | S+575 bp | Dec 3, 2027 | 1 |
| first lien term loan first lien exited Dec 31, 2025 | unknown | 93c | SOFR+435 bp | Apr 1, 2031 | 1 |
| first lien revolver first lien exited Mar 31, 2024 | unknown | n/a | S+575 bp | Dec 3, 2026 | 1 |
Equity pieces beside the debt: other (Not disclosed 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 | 2 | $0 | $869,000 | 93c | 0 |
| Sep 30, 2025 | 1 | $0 | $941,000 | 101c | 0 |
| Jun 30, 2025 | 1 | $0 | $956,000 | 102c | 0 |
| Mar 31, 2025 | 1 | $0 | $952,000 | 101c | 0 |
All 15 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2024 | 1 | $0 | $1.9M | 102c | 0 |
| Sep 30, 2024 | 1 | $2.4M | $2.5M | 102c | 0 |
| Jun 30, 2024 | 1 | $2.6M | $2.6M | 102c | 0 |
| Mar 31, 2024 | 2 | $14.3M | $12.8M | 98c | 0 |
| Dec 31, 2023 | 3 | $18.7M | $55.1M | 120c | 0 |
| Sep 30, 2023 | 1 | $10.9M | $10.9M | 99c | 0 |
| Jun 30, 2023 | 1 | $12.7M | $12.8M | 102c | 0 |
| Mar 31, 2023 | 1 | $8.2M | $8.2M | 100c | 0 |
| Dec 31, 2022 | 2 | $50.4M | $48.8M | 95c | 0 |
| Sep 30, 2022 | 1 | $39.2M | $39.2M | 93c | 0 |
| Dec 31, 2021 | 1 | $72.0M | $70.9M | 100c | 0 |
What changed
- Marked down (one lender)Dec 31, 2025
- Marked down across lendersDec 31, 2025
- Facility left every BDC scheduleDec 31, 2025
- New lender joined a facilityDec 31, 2024
- Maturity extended (observed)Jun 30, 2024
Full timeline · 14 eventsShow fewer
- Spread changed (observed)Jun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Facility left every BDC scheduleMar 31, 2024
- Facility left every BDC scheduleMar 31, 2024
- Mark recoveredMar 31, 2023
- Spread increasedMar 31, 2023
- New lender joined a facilityDec 31, 2022
- Marked down across lendersSep 30, 2022
- Marked down (one lender)Sep 30, 2022
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- DYE AND DURHAMderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 5 BDCsderived
- Industry
- Business Servicesreportedas one filer wrote it