DFX Intelligence
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Borrower
R•••••• N••• L•••••• L••
Software & Servicesgroup grade Aoff every schedule since Sep 30, 2025sponsor not established · possible relationship
Also written as: Media Services
Nothing material in the last 200 days. Last change: 30 Sep 2025, Non-accrual at 2 of 2 lenders on the latest schedules, first placed in Q1 2025.
Mark path, consensus per quarter end
90¢ · 71¢ · 44¢ · 32¢ · 23¢Q3 2024 to Q3 2025
Where each lender marks it on the first lien term loan, 4 points apart
20¢24¢
Principal held
at least $13.0M
sum of BDC pieces, a lower bound
Fair value
$3.0M
23c on cost, debt pieces
Unfunded
$375,000
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Dec 31, 2026
$3.0M inside 24 months
On the tape since
Dec 31, 2021
latest Sep 30, 2025
Events
31
dated, non-routine
Lender marks
each lender's own fair value over cost at Sep 30, 2025, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| B•••••• B••• I••• | $10M | 24¢ | -10 pts |
| C••••••• C•••••• B••• I••• | $2.96M | 20¢ | -7 pts |
Every BDC piece · 7 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B•••••• B••• I••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• 1 | $10.0M | $2.4M 24c | S+400 bp PIK 6.80% |
| C••••••• C•••••• B••• I••• | term loan first lien Investment T••• U••••••••• F•••• L••• T••• L••• M•••••••/D••••••••• D••• 12/2026 | $2.6M | $516,000 20c | S+700 bp |
| C••••••• C•••••• B••• I••• | term loan first lien Investment T••• U••••••••• F•••• L••• M•••••••/D••••••••• D••• 12/2026 | $321,000 | $63,000 20c | S+700 bp |
| B•••••• B••• I••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• 2 | $6,000 | $6,000 100c | S+700 bp |
| C••••••• C•••••• B••• I••• | revolver first lien Investment T••• U••••••••• F•••• L••• R••••••• I••••••• T••• S + 700, 100 F•••• I••••••• R | $1,000 | $1,000 100c | SOFR+700 bp |
View all 7 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B•••••• B••• I••• | revolver lien unstated R••••••• | $0 | $0 0c | S+700 bp |
| C••••••• C•••••• B••• I••• | revolver first lien Investment T••• R••••••• C••••••••• E••••••••• D••• 12/31/2026 | Not disclosed | Not disclosed |
Capital structure as the BDCs see it
latest quarter end Sep 30, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Sep 30, 2025 | at least $13.0M | 23c | S+700 bp PIK 6.80% | Dec 31, 2026 | 2 |
| first lien revolver first lien exited Sep 30, 2025 | at least $1,000 | n/a | SOFR+700 bp | Dec 31, 2026 | 1 |
| revolver lien unstated exited Sep 30, 2025 | at least $0 | n/a | S+700 bp | unstated | 1 |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Sep 30, 2025 | 2 | $13.0M | $3.0M | 23c | 1 |
| Jun 30, 2025 | 2 | $13.3M | $4.2M | 32c | 1 |
| Mar 31, 2025 | 2 | $12.9M | $5.6M | 44c | 1 |
| Dec 31, 2024 | 2 | $25.7M | $18.2M | 71c | 6 |
All 14 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Sep 30, 2024 | 2 | $12.6M | $11.3M | 90c | 3 |
| Jun 30, 2024 | 2 | $12.5M | $11.4M | 91c | 3 |
| Mar 31, 2024 | 2 | $12.4M | $11.2M | 90c | 3 |
| Dec 31, 2023 | 2 | $12.4M | $12.0M | 97c | 1 |
| Sep 30, 2023 | 2 | $12.3M | $11.8M | 96c | 3 |
| Jun 30, 2023 | 2 | $12.1M | $11.9M | 98c | 1 |
| Mar 31, 2023 | 2 | $12.1M | $11.9M | 98c | 0 |
| Dec 31, 2022 | 2 | $12.1M | $11.9M | 98c | 0 |
| Sep 30, 2022 | 2 | $9.4M | $9.4M | 100c | 0 |
| Dec 31, 2021 | 1 | $9.5M | $9.5M | 100c | 0 |
What changed
- Marked down across lendersSep 30, 2025
- Facility left every BDC scheduleSep 30, 2025
- Default reported on Form N-PORTSep 30, 2025••• Locked
- Facility left every BDC scheduleSep 30, 2025
- Marked down (one lender)Sep 30, 2025
Full timeline · 30 eventsShow fewer
- Marked down (one lender)Sep 30, 2025
- Facility left every BDC scheduleSep 30, 2025
- Marked down across lendersJun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Spread increasedJun 30, 2025
- PIK interest increasedMar 31, 2025
- Marked down across lendersMar 31, 2025
- Spread changed (observed)Mar 31, 2025
- Placed on non-accrualMar 31, 2025
- Placed on non-accrualMar 31, 2025
- Marked down across lendersMar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down (one lender)Mar 31, 2025
- PIK interest increasedMar 31, 2025
- Spread increasedMar 31, 2025
- Marked down across lendersDec 31, 2024
- Marked down across lendersDec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Spread changed (observed)Sep 30, 2024
- PIK interest increasedSep 30, 2024
- Maturity extended (observed)Jun 30, 2024
Sponsor
Possible relationship, not established: W••••••• 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.
- W••••••• C•••••• M••••••••• L••
- the sponsor's own portfolio page lists a company of this nameestimatedwvcapital.com"••• Locked"
Identity
- Group key
- R•••••• N••• L•••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived
- Industry
- Software & Servicesreportedas one filer wrote it