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

WorkWave Intermediate II, LLC

group grade Aon a schedule nowsponsor unattributed
Principal held
at least $435M
sum of BDC pieces, a lower bound
Fair value
$416M
99c on cost, debt pieces
Unfunded
$41.2M
commitments not yet drawn
BDC lenders
4
3 on the latest quarter
Facilities
4
0 equity pieces beside them
Next maturity
Sep 1, 2032
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
14
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 $324M98cS+575 bpSep 1, 20322
first lien revolver first lienat least $111M99cS+575 bpSep 30, 20323
other lien unstatedunknownn/aunstated4
first lien delayed draw term loan first lien
exited Jun 30, 2025
at least $11.1M101cS+650 bp
PIK 3.25%
Jun 29, 20271
Lenders
every BDC piece at the latest quarter end
BDCInstrumentPrincipalFair valueRate
ARES CAPITAL CORPunstated lien unstatedn/an/a
ARES CAPITAL CORPrevolver first lien
First lien senior secured revolving loan
$1.3M$1.3M
100c
S+575 bp
ARES CAPITAL CORPterm loan first lien
First lien senior secured loan
$144M$141M
98c
S+575 bp
ARES STRATEGIC INCOME FUNDterm loan first lien
First lien senior secured loan
$180M$177M
99c
S+575 bp
ARES STRATEGIC INCOME FUNDunstated lien unstatedn/an/a
ARES STRATEGIC INCOME FUNDrevolver first lien
First lien senior secured revolving loan
$3.1M$3.0M
106c
S+575 bp
HPS Corporate Lending Fundrevolver first lien
Non-Affiliated Issuer
$11.6M$1.3M
93c
S+575 bp
HPS Corporate Lending Fundrevolver first lien
Non-Affiliated Issuer
$94.7M$93.0M
99c
S+575 bp
HPS Corporate Lending Fundrevolver first lien
1st Lien Senior Secured Revolving Loan
n/an/a
Through time
the borrower's pieces summed across BDCs, every quarter end
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20263$435M$416M99c0
Mar 31, 20263$329M$322M98c1
Dec 31, 20253$433M$417M100c2
Sep 30, 20253$429M$414M100c6
Jun 30, 20252$92.2M$92.2M100c4
Mar 31, 20252$91.6M$91.6M100c4
Dec 31, 20242$102M$102M100c5
Sep 30, 20242$88.9M$88.9M100c4
Jun 30, 20242$81.8M$70.9M100c2
Mar 31, 20241$70.4M$70.4M100c2
Dec 31, 20231$70.4M$70.4M100c0
Sep 30, 20231$70.4M$70.4M100c0
Jun 30, 20231$90.4M$90.4M100c2
Mar 31, 20231$87.7M$87.7M100c2
Dec 31, 20221$84.7M$84.7M100c1
Sep 30, 20221$65.6M$65.6M100c0
Dec 31, 20211$61.6M$61.6M100c1
What changed
Every change including routine ones
Identity
Group key
WORKWAVEderivedthe codename stem after legal suffixes and deal words
Spellings
1 across 4 BDCsderived