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

M••••••• B•••• I••

Softwaregroup grade Aon a schedule nowsponsor unattributed
Also written as: Inc. Emerald JV LP; M••••••• 1, LLC; M••••••• Acquisition, Inc; M••••••• B•••• I••. 1; M••••••• B•••• I••. 2; M••••••• B•••• I••. 3
Principal held
at least $515M
sum of BDC pieces, a lower bound
Fair value
$496M
99c on cost, debt pieces
Unfunded
$49.3M
commitments not yet drawn
BDC lenders
23
10 on the latest quarter
Facilities
8
0 equity pieces beside them
Next maturity
Dec 1, 2027
$2.5M inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
20
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
FacilityHeldOn costPricingMaturityBDCs
other lien unstatedat least $339M100cS+475 bpDec 2, 20318
first lien term loan first lienat least $170M99cSOFR+475 bpDec 2, 203117
first lien delayed draw term loan first lienat least $3.5Mn/aSOFR+475 bpDec 2, 20313
first lien revolver first lienat least $2.8Mn/aSOFR+475 bpDec 2, 20313
delayed draw term loan lien unstatedunknownn/aunstated8
revolver lien unstatedunknownn/aunstated7
second lien term loan second lien
exited Sep 30, 2025
at least $26.0M100cSOFR+675 bpMay 18, 20294
second lien delayed draw term loan second lien
exited Jun 30, 2025
unknownn/aunstated2
Lenders
every BDC piece at the latest quarter end
BDCInstrumentPrincipalFair valueRate
A•••••• P•••••• C••••• F•••revolver first lien
Commitment Type Revolver Commitment Expiration Date 12/2/2031
n/a$-13,000
A•••••• P•••••• C••••• F•••revolver first lien
Asset Type First Lien Revolver Reference Rate and Spread S + 4.75% Interest Rate 8.62% Mat
$860,000$-13,000
650c
SOFR+475 bp
A•••••• P•••••• C••••• F•••term loan first lien
Asset Type First Lien Term Loan Reference Rate and Spread S + 4.75% Interest Rate 8.62% Ma
$21.5M$21.2M
99c
SOFR+475 bp
A•••••• P•••••• C••••• F•••delayed draw term loan first lien
Asset Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Interest
$1.1M$-16,000
1600c
SOFR+475 bp
A•••••• P•••••• C••••• F•••delayed draw term loan first lien
Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/3/2027
n/a$-16,000
A•••••• S•••••••• C••••• F•••revolver first lien
Asset Type First Lien Revolver Reference Rate and Spread S + 4.75% Interest Rate 8.62% Mat
$1.9M$-28,000
700c
SOFR+475 bp
A•••••• S•••••••• C••••• F•••delayed draw term loan first lien
Asset Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Interest
$2.4M$-35,000
1167c
SOFR+475 bp
A•••••• S•••••••• C••••• F•••revolver first lien
Commitment Type Revolver Commitment Expiration Date 12/2/2031
n/a$-28,000
A•••••• S•••••••• C••••• F•••term loan first lien
Asset Type First Lien Term Loan Reference Rate and Spread S + 4.75% Interest Rate 8.62% Ma
$47.3M$46.6M
99c
SOFR+475 bp
A•••••• S•••••••• C••••• F•••delayed draw term loan first lien
Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/3/2027
n/a$-35,000
A•••••• S•••••••• C••••• F••• I• L••term loan first lien
Asset Type First Lien Term Loan Reference Rate and Spread S + 4.75% Interest Rate 8.62% Ma
$2.1M$2.1M
99c
SOFR+475 bp
A•••••• S•••••••• C••••• F••• I• L••revolver first lien
Commitment Type Revolver Commitment Expiration Date 12/2/2031
n/a$-1,000
A•••••• S•••••••• C••••• F••• I• L••revolver first lien
Asset Type First Lien Revolver Reference Rate and Spread S + 4.75% Interest Rate 8.62% Mat
$86,000$-1,000SOFR+475 bp
A•••••• S•••••••• C••••• F••• I• L••delayed draw term loan first lien
Asset Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Interest
$108,000$-2,000SOFR+475 bp
A•••••• S•••••••• C••••• F••• I• L••delayed draw term loan first lien
Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/3/2027
n/a$-2,000
B••••••••• P•••••• C••••• F•••delayed draw term loan lien unstated
Delayed Draw Term Loan
n/an/a
B••••••••• P•••••• C••••• F•••unstated lien unstated
Non-Affiliated Issuer
$339M$337M
100c
S+475 bp
B••••••••• P•••••• C••••• F•••revolver lien unstated
Revolver
n/an/a
N•• M••••••• G••••••• I• B••• L•••••term loan first lien
First Lien - Undrawn 1
$1.0M$-11,000
550c
N•• M••••••• G••••••• I• B••• L•••••term loan first lien
First Lien
$25.7M$25.4M
99c
S+475 bp
N•• M••••••• G••••••• I• B••• L•••••term loan first lien
First Lien - Undrawn 2
$1.3M$-14,000
N•• M••••••• G••••••• I• I••••• F•••• L•••••term loan first lien
First Lien - Undrawn 2 | Non-Affiliated Issuer
$242,000$-3,000
300c
N•• M••••••• G••••••• I• I••••• F•••• L•••••term loan first lien
First Lien | Non-Affiliated Issuer
$6.1M$6.0M
99c
S+475 bp
N•• M••••••• G••••••• I• I••••• F•••• L•••••term loan first lien
First Lien - Undrawn 1 | Non-Affiliated Issuer
$303,000$-3,000
N•• M••••••• P•••••• C••••• F•••term loan first lien
First Lien | Non-Affiliated Issuer
$24.3M$24.1M
99c
S+475 bp
N•• M••••••• P•••••• C••••• F•••term loan first lien
First Lien Undrawn 1 | Non-Affiliated Issuer
$973,000$-10,000
500c
N•• M••••••• P•••••• C••••• F•••term loan first lien
First Lien Undrawn 2 | Non-Affiliated Issuer
$1.2M$-13,000
O•• S••••• P•••••• L•••••• F••• •• L••revolver lien unstated
2025 Revolver
n/an/a
O•• S••••• P•••••• L•••••• F••• •• L••delayed draw term loan lien unstated
2025 Delayed Draw Term Loan
n/an/a
O•• S••••• P•••••• L•••••• F••• •• L••term loan first lien
First Lien Debt
$4,000$0S+475 bp
O•• S••••• P•••••• L•••••• F••• •• L••term loan first lien
First Lien Debt
$92,000$92,000
101c
S+475 bp
O•• S••••• P•••••• L•••••• F••• •• L••term loan first lien
First Lien Debt
$5,000$0S+475 bp
T• R••• P•••• O•• S••••• P•••••• C••••• F•••term loan first lien
First Lien Debt
$1.7M$-4,000S+475 bp
T• R••• P•••• O•• S••••• P•••••• C••••• F•••term loan first lien
First Lien Debt
$1.4M$-3,000
50c
S+475 bp
T• R••• P•••• O•• S••••• P•••••• C••••• F•••term loan first lien
First Lien Debt
$34.6M$34.5M
100c
S+475 bp
T• R••• P•••• O•• S••••• P•••••• C••••• F•••revolver lien unstated
2025 Revolver
n/an/a
T• R••• P•••• O•• S••••• P•••••• C••••• F•••delayed draw term loan lien unstated
2025 Delayed Draw Term Loan
n/an/a
V•••• C••••• S•••••••• L•••••• C••••revolver lien unstated
Commitment Type Revolver Commitment Expiration Date 12/2/2031
n/an/a
V•••• C••••• S•••••••• L•••••• C••••delayed draw term loan lien unstated
Commitment Type Delayed Draw Commitment Expiration Date 12/2/2031
n/an/a
Through time
the borrower's pieces summed across BDCs, every quarter end
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 202610$515M$496M99c0
Mar 31, 202610$515M$498M100c0
Dec 31, 202510$600M$578M100c0
Sep 30, 20258$486M$485M100c0
Jun 30, 202511$542M$477M89c0
Mar 31, 202512$429M$353M84c0
Dec 31, 202412$889M$756M86c0
Sep 30, 202412$343M$304M90c0
Jun 30, 202412$319M$283M90c0
Mar 31, 202412$217M$174M81c0
Dec 31, 202314$321M$262M82c0
Sep 30, 202312$218M$176M82c0
Jun 30, 202312$220M$185M85c0
Mar 31, 202311$221M$189M87c0
Dec 31, 202210$290M$258M90c0
Sep 30, 20224$139M$128M94c0
Dec 31, 20214$229M$226M100c0
What changed
Every change including routine ones
Identity
Group key
MAVERICKderivedthe codename stem after legal suffixes and deal words
Spellings
6 across 23 BDCsderived
Industry
Softwarereportedas one filer wrote it