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

C••••••••• L••

Financial Servicesgroup grade Aon a schedule nowsponsor T• A••••••••• carried
Principal held
at least $259M
sum of BDC pieces, a lower bound
Fair value
$256M
100c on cost, debt pieces
Unfunded
$21.6M
commitments not yet drawn
BDC lenders
15
13 on the latest quarter
Facilities
5
0 equity pieces beside them
Next maturity
Apr 22, 2032
no dated debt inside 24 months
On the tape since
Dec 31, 2023
latest Jun 30, 2026
Events
9
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 $253M100cSOFR+450 bpApr 22, 203214
revolver lien unstatedat least $5.5M100cS+450 bpApr 22, 20323
first lien revolver first lienat least $0n/aSOFR+450 bpApr 22, 20328
second lien revolver second lienunknownn/aunstated2
other lien unstated
exited Mar 31, 2026
at least $12.4M100cS+475 bpApr 22, 203210
Lenders
every BDC piece at the latest quarter end
BDCInstrumentPrincipalFair valueRate
A•• P•••••• C••••• I••••• F•••revolver first lien
Commitment Type Revolving Loan
n/an/a
A•• P•••••• C••••• I••••• F•••revolver first lien
First Lien Revolving Loan Reference Rate and Spread SOFR + 4.50% Acquisition Date 4/16/202
$0$-32,000
119c
SOFR+450 bp
A•• P•••••• C••••• I••••• F•••term loan first lien
First Lien Term Loan Reference Rate and Spread SOFR + 4.75% All In Rate 8.14% Acquisition
$44.1M$43.8M
100c
SOFR+450 bp
A•• B••• L••revolver lien unstated$4.7M$4.6M
100c
S+450 bp
A•• B••• L••revolver lien unstated$794,000$-2,000
67c
S+450 bp
A•• B••• L••revolver lien unstated
Revolver
n/an/a
C•••••• C••••• S••••••••• I•••term loan first lien
Investment | Non-Affiliated Issuer | First Lien Debt
$36.1M$35.9M
100c
S+450 bp
C•••••• C••••• S••••••••• I•••revolver second lien
Investments | Non-Affiliated Issuer | First and Second Lien Debt | Revolver
n/an/a
C•••••• S•••••• L••••••• I•••revolver second lien
Investments | Non-Affiliated | First and Second Lien Debt | Revolver
n/an/a
C•••••• S•••••• L••••••• I•••term loan first lien
Investment | Non-Affiliated Issuer | First Lien Debt
$11.3M$11.2M
100c
S+450 bp
C•••••• S•••••• L••••••• I•••term loan first lien
Credit Fund | First Lien Debt
$24.8M$24.7M
100c
S+450 bp
F••••••• B•• C•••••• C•••term loan first lien
S••••• S•••••• First Lien Debt
n/an/a
F••••••• B•• C•••••• C•••term loan first lien$30.0M$30.0M
101c
S+450 bp
F••••••• B•• C•••••• C•••term loan first lien$0$0
0c
S+450 bp
L••• P•••••• C••••• L••revolver first lien
First Lien Debt Commitment Type Revolver Commitment Expiration Date 04/22/2032
n/an/a
L••• P•••••• C••••• L••term loan first lien
First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.14% Maturity Date 04/2
$0$-3,000
100c
SOFR+450 bp
L••• P•••••• C••••• L••term loan first lien
First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.14% Maturity Date 04/2
$3.6M$3.6M
100c
SOFR+450 bp
M••••• S•••••• D••••• L•••••• F•••term loan first lien
Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.14% Maturit
$0$-6,000
86c
SOFR+450 bp
M••••• S•••••• D••••• L•••••• F•••term loan first lien
Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.14% Maturit
$8.6M$8.5M
100c
SOFR+450 bp
M••••• S•••••• D••••• L•••••• F•••revolver first lien
First Lien Debt Commitment Type Revolver Commitment Expiration Date 04/22/2032
n/an/a
N•••• H•••• P•••••• I••••• F••• A• L••term loan first lien
Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.14% Maturit
$0$-4,000
100c
SOFR+450 bp
N•••• H•••• P•••••• I••••• F••• A• L••term loan first lien
Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.14% Maturit
$5.4M$5.4M
100c
SOFR+450 bp
N•••• H•••• P•••••• I••••• F••• A• L••revolver first lien
First Lien Debt Commitment Type Revolver Commitment Expiration Date 04/22/2032
n/a$-4,000
N•••• H•••• P•••••• I••••• F••• L••term loan first lien
Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.14% Maturity
$0$-15,000
88c
SOFR+450 bp
N•••• H•••• P•••••• I••••• F••• L••revolver first lien
First Lien Debt Commitment Type Revolver Commitment Expiration Date 04/22/2032
n/an/a
N•••• H•••• P•••••• I••••• F••• L••term loan first lien
Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.14% Maturity
$21.2M$21.0M
100c
SOFR+450 bp
O•• S••••• P•••••• L•••••• F••• •• L••revolver lien unstated
Revolver
n/an/a
O•• S••••• P•••••• L•••••• F••• •• L••term loan first lien
First Lien Debt | Finance
$1.0M$-3,000
50c
S+450 bp
O•• S••••• P•••••• L•••••• F••• •• L••term loan first lien
First Lien Debt | Finance
$6.0M$5.9M
100c
S+450 bp
S•••• P•••• C••••• C•••revolver first lien
First Lien Revolving Loan, Due 4/22/2032
n/a$-18,000
29c
SOFR+450 bp
S•••• P•••• C••••• C•••term loan first lien
First Lien Term Loan, Due 4/22/2032
$43.5M$43.3M
101c
SOFR+450 bp
S•••• P•••• C••••• I••••• F•••revolver first lien
First Lien Revolver
$0$-4,791
45c
S+450 bp
S•••• P•••• C••••• I••••• F•••revolver first lien
First Lien Revolving Loan
n/an/a
S•••• P•••• C••••• I••••• F•••term loan first lien
First Lien Term Loan
$13.3M$13.2M
100c
S+450 bp
T• S••••• B•• L••revolver first lien
First Lien Debt Commitment Type Revolver Commitment Expiration Date 04/22/2032
n/an/a
T• S••••• B•• L••term loan first lien
First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.14% Maturity Date 04/2
$4.5M$4.5M
100c
SOFR+450 bp
T• S••••• B•• L••term loan first lien
First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.14% Maturity Date 04/2
$0$-3,000
75c
SOFR+450 bp
Through time
the borrower's pieces summed across BDCs, every quarter end
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 202613$259M$256M100c0
Mar 31, 202613$259M$255M100c0
Dec 31, 202512$276M$273M101c0
Sep 30, 202512$258M$255M100c0
Jun 30, 202512$244M$241M100c0
Mar 31, 20254$38.8M$37.8M102c0
Dec 31, 20245$52.8M$49.8M102c0
Sep 30, 20244$39.0M$38.0M102c0
Jun 30, 20244$39.2M$38.2M102c0
Mar 31, 20244$39.3M$37.6M100c0
Dec 31, 20234$39.3M$37.6M100c0
What changed
Every change including routine ones
Identity
Group key
CLIFFWATERderivedthe codename stem after legal suffixes and deal words
Spellings
1 across 15 BDCsderived
Industry
Financial Servicesreportedas one filer wrote it