The capital structure graph behind private markets. Who lent, to whom, under which sponsor, through which facility, how large the piece was, when it matures and what changed, with a filing behind every number. A BDC piece is that BDC's piece, a sum of pieces is a lower bound, and a sponsor is named with the evidence that names it.

Borrower

Cambium Learning Group, Inc

Education Servicesgroup grade Aon a schedule nowsponsor Veritas Capital Fund Management, L.L.C. carried
Also written as: Emerald JV LP
Principal held
at least $1.3B
sum of BDC pieces, a lower bound
Fair value
$1.2B
93c on cost, debt pieces
Unfunded
$149M
commitments not yet drawn
BDC lenders
4
4 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Jul 20, 2028
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
1
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
FacilityHeldOn costPricingMaturityBDCs
revolver lien unstatedat least $1.2B93cS+550 bpJul 20, 20282
other lien unstatedat least $56.3M96cS+550 bpJul 20, 20283
first lien term loan first lienat least $5.8M100cSOFR+550 bpJul 20, 20281
Lenders
every BDC piece at the latest quarter end
BDCInstrumentPrincipalFair valueRate
APS BDC, LLCunstated lien unstated$56.3M$54.2M
96c
S+550 bp
Blackstone Private Credit Fundrevolver lien unstated$33.7M$31.4M
93c
S+550 bp
Blackstone Private Credit Fundrevolver lien unstated
Revolver
n/an/a
Blackstone Private Credit Fundrevolver lien unstated
Revolver
n/an/a
Blackstone Private Credit Fundrevolver lien unstated
Non-Affiliated Issuer
$924M$860M
93c
S+550 bp
Blackstone Secured Lending Fundrevolver lien unstated
Non-Affiliated Issuer
$282M$262M
93c
S+550 bp
Blackstone Secured Lending Fundrevolver lien unstated
Revolver
n/an/a
Stepstone Private Credit Fund LLCterm loan first lien
Term Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | Reference Rate Spread / Floo
$5.8M$5.8M
100c
SOFR+550 bp
Through time
the borrower's pieces summed across BDCs, every quarter end
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20264$1.3B$1.2B93c0
Mar 31, 20264$1.3B$1.3B97c0
Dec 31, 20253$1.3B$1.2B98c0
Sep 30, 20253$1.3B$1.2B100c1
Jun 30, 20253$1.3B$1.3B100c0
Mar 31, 20253$1.3B$1.3B100c0
Dec 31, 20243$2.5B$2.5B100c0
Sep 30, 20243$1.3B$1.3B101c0
Jun 30, 20243$1.3B$1.3B101c0
Mar 31, 20243$1.3B$1.3B101c0
Dec 31, 20233$1.3B$1.3B101c0
Sep 30, 20233$1.3B$1.3B101c0
Jun 30, 20232$1.3B$1.3B101c0
Mar 31, 20232$1.2B$1.2B101c0
Dec 31, 20222$1.3B$1.3B101c0
Sep 30, 20222$1.3B$1.3B101c0
Dec 31, 20212$1.3B$1.3B101c0
What changed
Every change including routine ones
Identity
Group key
CAMBIUM LEARNINGderivedthe codename stem after legal suffixes and deal words
Spellings
1 across 4 BDCsderived
Industry
Education Servicesreportedas one filer wrote it