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.

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Borrower

T•• H••• P•••••• C•••

group grade Aon a schedule nowsponsor unattributed
Also written as: First Lien; First Lien - Undrawn; Subordinated
Principal held
at least $69.3M
sum of BDC pieces, a lower bound
Fair value
$49.7M
85c on cost, debt pieces
Unfunded
$779,000
commitments not yet drawn
BDC lenders
5
4 on the latest quarter
Facilities
4
2 equity pieces beside them
Next maturity
Oct 1, 2026
$4.3M inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
28
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
FacilityHeldOn costPricingMaturityBDCs
first lien term loan first lienat least $58.1M82cS+400 bpJul 1, 20295
second lien term loan second lienat least $8.3M98cS+400 bpJun 30, 20291
unsecured or subordinated subordinated debt unsecured or subordinatedat least $2.9M98c11.00%
PIK 11.00%
Dec 15, 20315
other lien unstatedunknownn/aunstated2
Equity pieces beside the debt: equity ($4.4M fair value, 1 BDC), warrants ($58,000 fair value, 1 BDC)
Lenders
every BDC piece at the latest quarter end
BDCInstrumentPrincipalFair valueRate
C••• I••••••••• C•••subordinated debt unsecured or subordinated
Unsecured Debt
$1.8M$1.7M
92c
11.00%
C••• I••••••••• C•••term loan second lien
Senior Secured Second Lien Debt
$780,000$0
C••• I••••••••• C•••warrants equity
Warrants | Equity
n/a$58,000
C••• I••••••••• C•••unstated lien unstatedn/an/a
C••• I••••••••• C•••subordinated debt unsecured or subordinated
Unsecured Debt
n/an/a11.00%
PIK 11.00%
C••• I••••••••• C•••term loan second lien
Senior Secured Second Lien Debt
$7.5M$7.3M
98c
S+400 bp
C••• I••••••••• C•••equity equity
Common Shares | Equity
n/a$4.4M
51c
N•• M••••••• F•••••• C•••term loan first lien
First lien 1
$27.4M$17.7M
72c
S+400 bp
N•• M••••••• F•••••• C•••term loan first lien
First lien 2
$10.2M$6.5M
109c
S+400 bp
N•• M••••••• F•••••• C•••subordinated debt unsecured or subordinated
Subordinated 2
$412,000$412,000
118c
11.00%
PIK 11.00%
N•• M••••••• F•••••• C•••term loan first lien
First lien - Undrawn
$2.7M$0
N•• M••••••• F•••••• C•••subordinated debt unsecured or subordinated
Subordinated 1
$356,000$356,000
100c
11.00%
PIK 11.00%
N•• M••••••• P•••••• C••••• F•••term loan first lien
First Lien 1 | Non-Affiliated Issuer
$5.9M$3.8M
65c
S+400 bp
N•• M••••••• P•••••• C••••• F•••subordinated debt unsecured or subordinated
Subordinated 2 | Non-Affiliated Issuer
$46,000$46,000
1533c
11.00%
PIK 11.00%
N•• M••••••• P•••••• C••••• F•••term loan first lien
First Lien Undrawn 1 | Non-Affiliated Issuer
$612,000$0
N•• M••••••• P•••••• C••••• F•••term loan first lien
First Lien 2 | Non-Affiliated Issuer
$4.9M$3.1M
136c
S+400 bp
N•• M••••••• P•••••• C••••• F•••term loan first lien
First Lien 3 | Non-Affiliated Issuer
$3.1M$2.0M
135c
S+400 bp
N•• M••••••• P•••••• C••••• F•••subordinated debt unsecured or subordinated
Subordinated 1 | Non-Affiliated Issuer
$212,000$212,000
100c
11.00%
PIK 11.00%
N•• S•• I• I•••term loan first lien
First Lien - Undrawn | Non-Affiliated Issuer
$208,000$0
N•• S•• I• I•••term loan first lien
First Lien | Non-Affiliated Issuer
$1.8M$1.1M
66c
S+400 bp
N•• S•• I• I•••unstated lien unstatedn/an/a
N•• S•• I• I•••term loan first lien
First Lien | Non-Affiliated Issuer
$1.4M$884,000
143c
S+400 bp
N•• S•• I• I•••subordinated debt unsecured or subordinated
Subordinated | Non-Affiliated Issuer
$54,000$54,000
100c
11.00%
PIK 11.00%
Through time
the borrower's pieces summed across BDCs, every quarter end
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20264$69.3M$45.2M85c6
Mar 31, 20264$69.3M$45.4M87c8
Dec 31, 20254$78.6M$56.2M82c17
Sep 30, 20254$50.2M$33.0M76c13
Jun 30, 20254$47.6M$37.8M90c11
Mar 31, 20254$47.3M$37.3M89c12
Dec 31, 20244$82.2M$63.8M89c22
Sep 30, 20244$41.4M$36.0M90c12
Jun 30, 20244$40.3M$35.8M92c12
Mar 31, 20244$37.2M$34.4M95c10
Dec 31, 20235$126M$72.0M60c0
Sep 30, 20234$67.9M$49.7M80c0
Jun 30, 20234$57.6M$40.9M75c0
Mar 31, 20234$57.7M$40.7M76c0
Dec 31, 20224$60.3M$41.8M76c0
Sep 30, 20222$45.7M$32.2M75c0
Dec 31, 20212$45.9M$37.4M88c0
What changed
Every change including routine ones
Identity
Group key
TMK HAWKderivedthe codename stem after legal suffixes and deal words
Spellings
1 across 5 BDCsderived