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•••• G••••• S••

group grade Aon a schedule nowsponsor unattributed
Also written as: Ceres PikCo
Principal held
at least $75.8M
sum of BDC pieces, a lower bound
Fair value
$74.4M
101c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
4
4 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Jul 1, 2031
no dated debt inside 24 months
On the tape since
Sep 30, 2024
latest Jun 30, 2026
Events
7
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 $68.0M101cS+525 bpJul 1, 20314
unsecured or subordinated subordinated debt unsecured or subordinatedat least $7.8M101cS+800 bp
PIK 10.15%
Jul 1, 20324
Lenders
every BDC piece at the latest quarter end
BDCInstrumentPrincipalFair valueRate
G•••• C•••••• B•• 4• I•••term loan first lien
One stop 1
$2.8M$2.7M
97c
S+525 bp
G•••• C•••••• B•• 4• I•••term loan first lien
One stop 3
$193,000$190,000
103c
S+475 bp
G•••• C•••••• B•• 4• I•••term loan first lien
One stop 2
$1.4M$1.3M
105c
S+475 bp
G•••• C•••••• B•• 4• I•••subordinated debt unsecured or subordinated
Subordinated debt
$920,000$883,000
101c
S+800 bp
PIK 10.15%
G•••• C•••••• B•• 4• I•••term loan first lien
One stop 4
$0$-3,000
G•••• C•••••• B••• I•••term loan first lien
One stop 3 | Non-Affiliated Issuer
$2.4M$2.4M
103c
S+475 bp
G•••• C•••••• B••• I•••term loan first lien
One stop 1 | Non-Affiliated Issuer
$17.0M$16.8M
105c
S+475 bp
G•••• C•••••• B••• I•••subordinated debt unsecured or subordinated
Subordinated debt | Non-Affiliated Issuer
$2.3M$2.2M
101c
S+800 bp
PIK 10.15%
G•••• C•••••• B••• I•••term loan first lien
One stop 2 | Non-Affiliated Issuer
$7.5M$7.4M
97c
S+525 bp
G•••• C•••••• B••• I•••term loan first lien
One stop 4 | Non-Affiliated Issuer
$0$-35,000
G•••• C•••••• D••••• L•••••• C•••subordinated debt unsecured or subordinated
Subordinated debt
$123,000$118,000
102c
S+800 bp
PIK 10.15%
G•••• C•••••• D••••• L•••••• C•••term loan first lien
One stop 4
$741,000$730,000
97c
S+525 bp
G•••• C•••••• D••••• L•••••• C•••term loan first lien
One stop 3
$0$-1,000
G•••• C•••••• D••••• L•••••• C•••term loan first lien
One stop 2
$70,000$69,000
103c
S+475 bp
G•••• C•••••• D••••• L•••••• C•••term loan first lien
One stop 1
$495,000$487,000
105c
S+475 bp
G•••• C•••••• P•••••• C••••• F•••term loan first lien
One stop 4
$19.6M$19.3M
97c
S+525 bp
G•••• C•••••• P•••••• C••••• F•••term loan first lien
One stop 2
$2.0M$1.9M
103c
S+475 bp
G•••• C•••••• P•••••• C••••• F•••term loan first lien
One stop 3
$0$-29,000
G•••• C•••••• P•••••• C••••• F•••term loan first lien
One stop 1
$13.9M$13.7M
105c
S+475 bp
G•••• C•••••• P•••••• C••••• F•••subordinated debt unsecured or subordinated
Subordinated debt
$4.4M$4.2M
101c
S+800 bp
PIK 10.15%
Through time
the borrower's pieces summed across BDCs, every quarter end
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20264$75.8M$74.4M101c4
Mar 31, 20263$75.2M$73.8M102c3
Dec 31, 20254$46.1M$46.1M110c4
Sep 30, 20254$68.3M$68.3M110c5
Jun 30, 20254$45.8M$45.8M110c4
Mar 31, 20254$37.7M$37.7M101c4
Dec 31, 20244$35.9M$35.9M97c4
Sep 30, 20244$38.4M$38.0M103c4
What changed
Every change including routine ones
Identity
Group key
CERES GROUPEderivedthe codename stem after legal suffixes and deal words
Spellings
1 across 4 BDCsderived