Yes, dribbles of rain water over time.For me, the most important thing is to work out what has caused this. Deck leak?
Thanks for the suggestions which I will investigate, especially electrolysis,Umm. Laid deck I assume. On Tiller Girl I found the caulking on the laid deck would not last. I investigated further and found that the screws had been fastened with plain steel screws (you can hear the builder telling the commissioning owner 'they'll out last you') and did but I had to bite the bullet to lift the laid deck. Having done that I decided that a glassed high spec marine ply deck was better. Not original, not pretty but it saved the boat.
The rain water has gathered round the inside of that ferrous bolt and attacked the wood, I suspect. Dare I ask what it looks like inside? The planking I mean of course.
I would be seriously looking at replacing the two planks. I would want to see how hard that affected area is, especially the lower plank with the 'brown'.
PS. I don't think that is rot, more likely electrolysis. Which if right, is at least not rot. Remove the electrolysis and there would be no trouble. So at least replace the ferrous with a silicon bronze bolt. Is there a bulkhead there?