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

I•••••••• P••••••••• L••

group grade Aon a schedule nowsponsor unattributed
Also written as: Ironhorse Purchaser dba Mersino, Inc; Letters of Credit; LLC Letter of Credit; Mersino, Inc; Undrawn Commitment
Principal held
at least $56.5M
sum of BDC pieces, a lower bound
Fair value
$49.6M
100c on cost, debt pieces
Unfunded
$826,000
commitments not yet drawn
BDC lenders
7
3 on the latest quarter
Facilities
6
1 equity pieces beside them
Next maturity
Sep 30, 2027
$17.3M inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
17
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 $32.5M100cS+600 bpMar 31, 20294
first lien delayed draw term loan first lienat least $9.2M100cS+600 bpMar 31, 20292
term loan lien unstatedat least $8.6M100cS+600 bpSep 30, 20271
first lien revolver first lienat least $6.1M100cS+600 bpMar 31, 20292
revolver lien unstatedat least $50,000n/aS+600 bpSep 30, 20272
delayed draw term loan lien unstatedat least $50,000n/a1.00%Sep 30, 20271
Equity pieces beside the debt: other (n/a fair value, 4 BDCs)
Lenders
every BDC piece at the latest quarter end
BDCInstrumentPrincipalFair valueRate
C••• I••••••••• C•••unstated lien unstatedn/an/a
T•• T••• B•••• C•••••• I••••• F•••term loan first lien
First lien senior secured term loan
$32.5M$32.2M
100c
S+600 bp
T•• T••• B•••• C•••••• I••••• F•••unstated lien unstatedn/an/a
T•• T••• B•••• C•••••• I••••• F•••unstated lien unstatedn/an/a
T•• T••• B•••• C•••••• I••••• F•••delayed draw term loan first lien
First lien senior secured delayed draw term loan 2
$730,000$-7,000
100c
S+600 bp
T•• T••• B•••• C•••••• I••••• F•••revolver first lien
First lien senior secured revolving loan
$6.1M$442,000
100c
S+600 bp
T•• T••• B•••• C•••••• I••••• F•••delayed draw term loan first lien
First lien senior secured delayed draw term loan 1
$8.5M$8.4M
100c
S+600 bp
W••••• T••• C•••••• C•••delayed draw term loan lien unstated
Delayed Draw Term Loan | Non-Affiliated Issuer
$50,000$-1,0001.00%
W••••• T••• C•••••• C•••revolver lien unstated
Revolver | Non-Affiliated Issuer
$50,000$4,000
100c
S+600 bp
W••••• T••• C•••••• C•••term loan lien unstated
Term Loan | Non-Affiliated Issuer
$8.6M$8.6M
100c
S+600 bp
W••••• T••• C•••••• C•••delayed draw term loan lien unstated
Delayed Draw Term Loan
n/an/a
W••••• T••• C•••••• C•••revolver lien unstated
Revolver
n/an/a
Through time
the borrower's pieces summed across BDCs, every quarter end
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20263$56.5M$49.6M100c0
Mar 31, 20263$62.4M$55.5M100c0
Dec 31, 20253$125M$111M100c0
Sep 30, 20254$74.7M$66.6M100c0
Jun 30, 20254$65.3M$67.2M101c0
Mar 31, 20256$67.2M$69.3M101c0
Dec 31, 20246$99.9M$91.6M101c0
Sep 30, 20246$67.5M$71.4M101c0
Jun 30, 20246$67.6M$71.1M101c0
Mar 31, 20246$67.8M$72.5M101c0
Dec 31, 20236$67.9M$73.0M100c0
Sep 30, 20233$65.4M$61.5M100c0
Jun 30, 20233$65.5M$61.0M100c0
Mar 31, 20233$65.7M$57.2M100c0
Dec 31, 20222$58.3M$39.6M100c0
Dec 31, 20211$0$0n/a0
What changed
Every change including routine ones
Identity
Group key
IRONHORSEderivedthe codename stem after legal suffixes and deal words
Spellings
2 across 7 BDCsderived