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

W•••• I•••••••• A••••••••• L••

I••••••••group grade Aon a schedule nowsponsor C••••••••• C•••••• P•••••••• L•• carried
Also written as: Debt investments; LLC Asset Type; W•••• Associates Holdings, LLC
Principal held
at least $609M
sum of BDC pieces, a lower bound
Fair value
$601M
102c on cost, debt pieces
Unfunded
$56.0M
commitments not yet drawn
BDC lenders
33
30 on the latest quarter
Facilities
7
0 equity pieces beside them
Next maturity
Apr 1, 2030
no dated debt inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2026
Events
16
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 $304M100cSOFR+500 bpApr 30, 203023
other lien unstatedat least $210M101cS+500 bpApr 3, 203011
term loan lien unstatedat least $44.2M100cS+500 bpApr 3, 20301
first lien delayed draw term loan first lienat least $41.9M99cSOFR+500 bpApr 30, 20309
delayed draw term loan lien unstatedat least $6.8Mn/a8.73%Apr 3, 203010
revolver lien unstatedat least $1.1Mn/a0.50%Apr 3, 203010
first lien revolver first lienat least $984,000n/aSOFR+500 bpApr 30, 203011
Lenders
every BDC piece at the latest quarter end
BDCInstrumentPrincipalFair valueRate
5• L•••••• P••••••• C••••delayed draw term loan first lien
Investment Type First Lien Delayed Draw Term Loan Initial Acquisition Date 2/2025 Referenc
$13.6M$13.3M
98c
SOFR+500 bp
5• L•••••• P••••••• C••••revolver first lien
Investment Type First Lien Revolver Initial Acquisition Date 2/2025 Reference Rate and Spr
n/a$-15,000
375c
SOFR+500 bp
A••••••••• C••••• C••••••• L••term loan first lien
First Lien Term Loan
$4.5M$4.4M
99c
SOFR+500 bp
A•••••• P•••••• C••••• F•••delayed draw term loan first lien
Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/14/2026
n/a$-2,000
A•••••• P•••••• C••••• F•••revolver first lien
Commitment Type Revolver Commitment Expiration Date 4/3/2030
n/a$-1,000
A•••••• P•••••• C••••• F•••delayed draw term loan first lien
Asset Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Interest
$2.9M$1.9M
100c
SOFR+500 bp
A•••••• P•••••• C••••• F•••term loan first lien
Asset Type First Lien Term Loan Reference Rate and Spread S + 5.00% Interest Rate 8.75% Ma
$4.0M$4.0M
100c
SOFR+500 bp
A•••••• P•••••• C••••• F•••revolver first lien
Asset Type First Lien Revolver Reference Rate and Spread S + 5.00% Interest Rate 8.75% Mat
$209,000$-1,000
100c
SOFR+500 bp
A•••••• S•••••••• C••••• F•••delayed draw term loan first lien
Asset Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Interest
$6.7M$4.5M
100c
SOFR+500 bp
A•••••• S•••••••• C••••• F•••term loan first lien
Asset Type First Lien Term Loan Reference Rate and Spread S + 5.00% Interest Rate 8.75% Ma
$9.7M$9.7M
100c
SOFR+500 bp
A•••••• S•••••••• C••••• F•••delayed draw term loan first lien
Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/14/2026
n/a$-5,000
A•••••• S•••••••• C••••• F•••revolver first lien
Asset Type First Lien Revolver Reference Rate and Spread S + 5.00% Interest Rate 8.75% Mat
$700,000$-2,000
200c
SOFR+500 bp
A•••••• S•••••••• C••••• F•••revolver first lien
Commitment Type Revolver Commitment Expiration Date 4/3/2030
n/a$-2,000
A•••••• S•••••••• C••••• F••• I• L••term loan first lien
Asset Type First Lien Term Loan Reference Rate and Spread S + 5.00% Interest Rate 8.75% Ma
$2.9M$2.9M
100c
SOFR+500 bp
A•••••• S•••••••• C••••• F••• I• L••revolver first lien
Asset Type First Lien Revolver Reference Rate and Spread S + 5.00% Interest Rate 8.75% Mat
$75,000$-0SOFR+500 bp
A•••••• S•••••••• C••••• F••• I• L••revolver first lien
Commitment Type Revolver Commitment Expiration Date 4/3/2030
n/a$0
A•••••• S•••••••• C••••• F••• I• L••delayed draw term loan first lien
Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/14/2026
n/a$-1,000
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 + 5.00% Interest
$1.0M$696,000
100c
SOFR+500 bp
A••• C•••••• C•••unstated lien unstatedn/an/a
A••• C•••••• C•••term loan first lien
First lien senior secured loan
$11.7M$11.6M
99c
S+500 bp
A••• S•••••••• I••••• F•••unstated lien unstatedn/an/a
A••• S•••••••• I••••• F•••term loan first lien
First lien senior secured loan
$16.4M$16.2M
100c
S+500 bp
B••••••••• P•••••• C••••• F•••delayed draw term loan lien unstated
Delayed Draw Term Loan
n/an/a
B••••••••• P•••••• C••••• F•••revolver lien unstated
Revolver
n/an/a
B••••••••• P•••••• C••••• F•••unstated lien unstated
Non-Affiliated Issuer
$112M$111M
101c
S+500 bp
B••••••••• S•••••• L•••••• F•••delayed draw term loan lien unstated
Delayed Draw Term Loan
n/an/a
B••••••••• S•••••• L•••••• F•••revolver lien unstated
Revolver
n/an/a
B••••••••• S•••••• L•••••• F•••unstated lien unstated
Non-Affiliated Issuer
$98.4M$98.3M
101c
S+500 bp
D••••••• C••••• C•revolver first lien
Revolving Line of Credit
n/an/a
D••••••• C••••• C•delayed draw term loan first lien
First Lien Debt Delayed Draw Term Loan Interest Rate 8.73% Reference Rate SOFR Spread 5.00
$6.8M$6.8M
100c
SOFR+500 bp
D••••••• C••••• C•delayed draw term loan first lien
Delayed Draw Term Loan
n/an/a
D••••••• C••••• C•revolver first lien
First Lien Debt Revolving Line of Credit Reference Rate SOFR Spread 5.00% Acquisition Date
n/a$-2,000
100c
SOFR+500 bp
G•••• C•••••• B•• 4• I•••term loan first lien
One stop 2
$0$-1,000
100c
G•••• C•••••• B•• 4• I•••term loan first lien
One stop 1
$1.6M$1.6M
100c
S+500 bp
G•••• C•••••• B••• I•••term loan first lien
One stop 2 | Non-Affiliated Issuer
$5.5M$5.5M
100c
S+500 bp
G•••• C•••••• B••• I•••term loan first lien
One stop 1 | Non-Affiliated Issuer
$0$-2,000
100c
G•••• C•••••• D••••• L•••••• C•••term loan first lien
One stop 2
$511,000$508,000
100c
S+500 bp
G•••• C•••••• D••••• L•••••• C•••term loan first lien
One stop 1
$0$0
G•••• C•••••• D••••• L•••••• U•••••••• C•••term loan first lien
One stop 1
$239,000$237,000
100c
S+500 bp
G•••• C•••••• D••••• L•••••• U•••••••• C•••term loan first lien
One stop 2
$0$0
G•••• C•••••• P•••••• C••••• F•••term loan first lien
One stop 1
$21.5M$21.4M
100c
S+500 bp
G•••• C•••••• P•••••• C••••• F•••term loan first lien
One stop 2
$0$-8,000
100c
J•••••••• C••••• P••••••• B•• I•••revolver first lien
Investment Type First Lien Revolver
n/a$0
J•••••••• C••••• P••••••• B•• I•••delayed draw term loan first lien
Investment Type First Lien Delayed Draw Term Loan
n/a$0
L••• P•••••• C••••• L••term loan first lien
First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.73% Maturity Date 4/03
$5.4M$5.4M
101c
SOFR+500 bp
L••• A••••• P•••••• C••••• F•••delayed draw term loan lien unstated
Delayed Draw) [Member]
$3.4M$3.4M8.73%
L••• A••••• P•••••• C••••• F•••revolver lien unstated
Revolver) [Member]
$0$-2,000
L••• A••••• P•••••• C••••• F••• S•delayed draw term loan lien unstated
Delayed Draw) [Member]
$3.4M$3.4M8.73%
L••• A••••• P•••••• C••••• F••• S•revolver lien unstated
Revolver) [Member]
$0$-2,000
M••••• S•••••• D••••• L•••••• F•••term loan first lien
Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.73% Maturit
$51.0M$50.8M
101c
SOFR+5 bp
M••••• S•••••• D••••• L•••••• F•••term loan first lien
Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.73% Maturit
$0$-6,000
150c
SOFR+5 bp
M••••• S•••••• D••••• L•••••• F•••revolver first lien
First Lien Debt Commitment Type Revolver Commitment Expiration Date 03/04/2030
n/an/a
N•••• H•••• P•••••• I••••• F••• A• L••term loan first lien
Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.73% Maturit
$6.4M$6.4M
100c
SOFR+500 bp
N•••• H•••• P•••••• I••••• F••• L••revolver first lien
First Lien Debt Commitment Type Revolver Commitment Expiration Date 04/03/2030
n/an/a
N•••• H•••• P•••••• I••••• F••• L••term loan first lien
Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.73% Maturit
$0$-5,000
45c
SOFR+500 bp
N•••• H•••• P•••••• I••••• F••• L••term loan first lien
Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.73% Maturit
$99.5M$99.0M
101c
SOFR+500 bp
N••••• C•••••••• D••••• L•••••• C••••term loan first lien
First Lien Debt
$14.5M$14.4M
99c
S+500 bp
S••••• C••••• I••••••••• L••revolver first lien
Investment Type First Lien Revolver
n/a$0
S••••• C••••• I••••••••• L••delayed draw term loan first lien
Investment Type First Lien Delayed Draw Term Loan
n/a$0
S•• P•••••• C••••• B•• I• L••term loan first lien
Bank Debt/S••••• S•••••• Loans — 233.6% | 10/2023 | 4/2030
$2.1M$2.1M
101c
8.63%
S•••••••• P•••••• C••••• F••• L••term loan first lien
Term Loan | NCNA Debt Inv. | First Lien S••••• S•••••• Loan | 4/3/2030
$15.9M$15.9M
100c
SOFR+500 bp
S•••• P•••• C••••• C•••delayed draw term loan first lien
First Lien Delayed Draw Term Loan, Due 4/3/2030
$8.2M$8.1M
100c
SOFR+500 bp
S•••• P•••• C••••• C•••revolver first lien
First Lien Revolving Loan, Due 4/3/2030
n/a$-2,000
100c
SOFR+500 bp
S•••• P•••• C••••• I••••• F•••delayed draw term loan first lien
First Lien Delayed Draw Term Loan
$2.7M$2.7M
100c
S+500 bp
S•••• P•••• C••••• I••••• F•••revolver first lien
First Lien Revolving Loan
n/an/a
S•••• P•••• C••••• I••••• F•••revolver first lien
First Lien Revolver
$0$-644
81c
S+500 bp
T• S••••• B•• L••term loan first lien
Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.73% Maturit
$30.8M$30.6M
100c
SOFR+500 bp
W••••• T••• C•••••• C•••term loan lien unstated
Term Loan | Non-Affiliated Issuer
$44.2M$44.2M
100c
S+500 bp
W••••• T••• C•••••• C•••revolver lien unstated
Revolver 1
n/an/a
W••••• T••• C•••••• C•••revolver lien unstated
Revolver | Non-Affiliated Issuer
$1.1M$00.50%
Through time
the borrower's pieces summed across BDCs, every quarter end
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 202630$609M$601M102c0
Mar 31, 202629$608M$600M100c0
Dec 31, 202530$618M$611M102c0
Sep 30, 202530$550M$539M101c0
Jun 30, 202529$498M$485M101c0
Mar 31, 202526$483M$468M101c0
Dec 31, 202417$1.0B$1.0B101c0
Sep 30, 202413$381M$378M101c0
Jun 30, 202412$304M$301M101c0
Mar 31, 202413$332M$324M100c0
Dec 31, 20233$43.3M$41.9M100c0
What changed
Every change including routine ones
Identity
Group key
WORLD INSURANCE ASSOCIATESderivedthe codename stem after legal suffixes and deal words
Spellings
1 across 33 BDCsderived
Industry
I••••••••reportedas one filer wrote it