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••••• F••••• L••

Business Servicesgroup grade Aon a schedule nowsponsor S•• M••••••••• S•••••••• L•• carried
Principal held
at least $14.2M
sum of BDC pieces, a lower bound
Fair value
$14.7M
101c on cost, debt pieces
Unfunded
$1.8M
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
2
2 equity pieces beside them
Next maturity
Sep 9, 2029
no dated debt inside 24 months
On the tape since
Sep 30, 2024
latest Jun 30, 2026
Events
1
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 $12.6M101cSOFR+575 bpSep 9, 20291
unsecured or subordinated subordinated debt unsecured or subordinatedat least $1.6M102c
PIK 5.00%
Mar 9, 20301
Equity pieces beside the debt: equity ($508,000 fair value, 1 BDC), other ($12.5M fair value, 1 BDC)
Lenders
every BDC piece at the latest quarter end
BDCInstrumentPrincipalFair valueRate
F•••• I••••••••• C•••subordinated debt unsecured or subordinated
Subordinated Debt Rate Cash 10.00% Rate PIK 5.00% Investment date 12/11/2025 Maturity 3/9/
$1.6M$1.6M
102c
PIK 5.00%
F•••• I••••••••• C•••term loan first lien
First Lien Debt ($1,818 unfunded commitment) Variable Index Spread (S + 5.75%) Variable In
n/an/aSOFR+575 bp
F•••• I••••••••• C•••term loan first lien
First Lien Debt Variable Index Spread (S + 5.75%) Variable Index Floor (2.00%) Rate Cash 9
$12.6M$12.6M
101c
SOFR+575 bp
F•••• I••••••••• C•••equity equity
Common Equity (1,050,000 units) Investment date 9/9/2024
n/a$508,000
48c
Through time
the borrower's pieces summed across BDCs, every quarter end
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20261$14.2M$14.2M101c1
Mar 31, 20261$14.1M$14.1M101c1
Dec 31, 20251$14.1M$14.1M101c1
Sep 30, 20251$12.6M$12.5M100c0
Jun 30, 20251$12.6M$12.6M101c0
Mar 31, 20251$11.4M$11.4M101c0
Dec 31, 20241$19.6M$19.4M100c0
Sep 30, 20241$9.8M$9.7M100c0
What changed
Identity
Group key
THRUST FLIGHTderivedthe codename stem after legal suffixes and deal words
Spellings
1 across 1 BDCderived
Industry
Business Servicesreportedas one filer wrote it