DFX Intelligence
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Borrower
E••••••••• L••
Also written as: Education Dynamics; LLC Senior
What matters now
- $13.1Mprincipal outstanding
$13.1M principal held by 1 lender; matures Sep 2027.
Q2 2026 · Refinancing is due in 12 months at a 100¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
96¢ · 96¢ · 97¢ · 100¢ · 100¢Q2 2025 to Q2 2026
Principal held
at least $13.1M
sum of BDC pieces, a lower bound
Fair value
$13.2M
100c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
5
1 equity pieces beside them
Next maturity
Sep 15, 2027
$13.1M inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
13
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 |
|---|---|---|---|
| W••••••••• F••••••• I••• | $13.1M | 100¢ | 0 pts |
Every BDC piece · 3 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| W••••••••• F••••••• I••• | term loan first lien F•••• L••• S•••••• T••• L••• | $12.6M | $12.6M 100c | //fasb.org/us-gaap/2025#Base Rate+650 bp |
| W••••••••• F••••••• I••• | revolver first lien F•••• L••• S•••••• R•••••••• L••• | $540,000 | $542,000 101c | Prime+550 bp |
| W••••••••• F••••••• I••• | preferred equity equity P•••••••• U•••• | $167,000 | $61,000 37c |
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 $12.6M | 100c | //fasb.org/us-gaap/2025#Base Rate+650 bp | Sep 15, 2027 | 1 |
| first lien revolver first lien | at least $540,000 | 101c | Prime+550 bp | Sep 15, 2027 | 1 |
| unsecured or subordinated subordinated debt unsecured or subordinated exited Dec 31, 2023 | at least $167,000 | 100c | 4.00% | Mar 15, 2027 | 1 |
| unsecured or subordinated term loan unsecured or subordinated exited Jun 30, 2024 | at least $167,000 | 83c | S+400 bp | Mar 15, 2027 | 1 |
| first lien delayed draw term loan first lien exited Jun 30, 2023 | unknown | n/a | SOFR+700 bp PIK 0.50% | Sep 15, 2026 | 1 |
Equity pieces beside the debt: preferred equity ($61,000 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 |
|---|---|---|---|---|---|
| Jun 30, 2026 | 1 | $13.1M | $13.1M | 100c | 0 |
| Mar 31, 2026 | 1 | $13.0M | $13.0M | 100c | 0 |
| Dec 31, 2025 | 1 | $13.0M | $12.5M | 97c | 0 |
| Sep 30, 2025 | 1 | $13.2M | $12.6M | 96c | 0 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 1 | $13.2M | $12.6M | 96c | 0 |
| Mar 31, 2025 | 1 | $13.0M | $12.4M | 96c | 0 |
| Dec 31, 2024 | 1 | $13.1M | $12.4M | 95c | 0 |
| Sep 30, 2024 | 1 | $13.1M | $12.4M | 96c | 2 |
| Jun 30, 2024 | 1 | $12.7M | $11.9M | 95c | 2 |
| Mar 31, 2024 | 1 | $12.9M | $12.3M | 96c | 2 |
| Dec 31, 2023 | 1 | $13.1M | $12.7M | 98c | 2 |
| Sep 30, 2023 | 1 | $13.0M | $12.4M | 97c | 2 |
| Jun 30, 2023 | 1 | $13.1M | $12.5M | 97c | 3 |
| Mar 31, 2023 | 1 | $13.2M | $12.7M | 98c | 3 |
| Dec 31, 2022 | 1 | $13.2M | $12.8M | 98c | 3 |
| Sep 30, 2022 | 1 | $13.5M | $13.3M | 100c | 2 |
| Dec 31, 2021 | 1 | $13.5M | $13.2M | 100c | 3 |
What changed
- Maturity approachingSep 15, 2027
- Maturity approachingSep 15, 2027
- Mark recoveredMar 31, 2026
- Spread changed (observed)Dec 31, 2025
- Spread changed (observed)Jun 30, 2025
Full timeline · 17 eventsShow fewer
- Spread increasedJun 30, 2025
- Facility left every BDC scheduleJun 30, 2024
- Marked down across lendersMar 31, 2024
- Marked down (one lender)Mar 31, 2024
- Facility left every BDC scheduleDec 31, 2023
- Facility left every BDC scheduleJun 30, 2023
- Spread increasedDec 31, 2022
- PIK interest appearsDec 31, 2022
- Spread changed (observed)Dec 31, 2022
- PIK interest appearsDec 31, 2022
- Spread changed (observed)Sep 30, 2022
- New borrower on a BDC scheduleDec 31, 2021
Sponsor
Possible relationship, not established: H•••••• C•••••• M••••••••• L••, because a company of this name is on the sponsor's portfolio page (confidence 0.6). No deal announcement or filing names it as a party, so it is not shown as this borrower’s sponsor.
- H•••••• C•••••• M••••••••• L••
- the sponsor's own portfolio page lists a company of this nameestimatedhalyard.com"••• Locked"
Identity
- Group key
- EDUCATIONDYNAMICSderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 1 BDCderived