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M••• S••••• C•••••• C•••

Business development companymanaged by M••• S••••• C•••••• C•••Listed: MAIN· HOUSTON, TX

A business development company traded as MAIN, internally managed, holding $5.7B across 221 borrowers at Jun 30, 2026.

Composed from this BDC's filings and its latest schedule of investments.

As of 2026-06-30 · the latest schedule of investments read for this BDC

Fair value: $5.7B
Borrowers: 221
Mark on cost: 96.5¢
First lien: 0%

Schedule of investments (824)Quarter by quarter Sponsors

As of 2026-06-30 · the latest schedule of investments read for this BDC

What matters now

$35.1M
on non-accrual, 2 borrowers
2 borrowers on non-accrual, $35.1M principal; the largest is C••••••• D••• S•••••• L•• ($31.9M).
Q2 2026 · Loans that have stopped paying interest; they set the book's credit losses.
FactBDC schedules of investments, 30 Jun 2026For LPs and shareholders in these BDCs, co-lenders on the same namesOpen C••••••• D••• S•••••• L•• →
$31.9M
newly on non-accrual
1 borrower newly placed on non-accrual in Q2 2026, $31.9M principal: C••••••• D••• S•••••• L•• ($31.9M).
Q2 2026 · The newest credit problems in the book.
FactBDC schedules of investments, 30 Jun 2026Open C••••••• D••• S•••••• L•• →
35 below 80¢
$268M principal
35 positions across 22 borrowers marked below 80¢ on cost, $268M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026
107 → 123
loans paying in kind
Loans paying in kind rose from 107 to 123 positions in the quarter to Jun 30, 2026.
Q2 2026 · Borrowers paying interest in more debt rather than cash is an early sign of strain.
Factthe schedule's PIK rates, quarter on quarterQuarter by quarter →
$8.9B → $6.6B
fair value, 4 quarters
Its portfolio shrank 26% at fair value over the last four quarters.
Q2 2026 · The book is shrinking.
Factthe schedule's fair value, a year apartQuarter by quarter →

Every headline figure, and the identifiersCIK 1396440 · file 814-00746Show

Fair value

$5.7B

as of Jun 30, 2026

Principal held

$4.0B

debt pieces, the filer's figure

Cost

$5.0B

97c on cost, debt pieces

Unfunded

$395M

commitments not yet drawn

Positions

824

221 borrowers

First lien

66% debt by fair value

Quarters on the tape

since Dec 31, 2021

Facilities held

448

21 sponsors financed

Portfolio through time

Fair value by quarter end$6.6B as of Jun 30, 2026

Dec 31, 2021$8.1B then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$6.6B	221	97c	123	662 bp
Mar 31, 2026	$6.4B	217	96c	107	659 bp
Dec 31, 2025	$6.9B	230	97c	84	662 bp
Sep 30, 2025	$5.6B	218	97c	101	687 bp

All 19 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$8.9B	218	97c	153	711 bp
Mar 31, 2025	$11B	219	97c	148	713 bp
Dec 31, 2024	$15B	237	96c	186	717 bp
Sep 30, 2024	$5.4B	223	96c	94	718 bp
Jun 30, 2024	$5.2B	221	97c	82	715 bp
Mar 31, 2024	$4.8B	222	97c	70	713 bp
Dec 31, 2023	$8.0B	234	97c	66	742 bp
Sep 30, 2023	$4.7B	229	97c	62	731 bp
Jun 30, 2023	$4.5B	225	97c	55	726 bp
Mar 31, 2023	$4.5B	223	95c	60	726 bp
Dec 31, 2022	$5.1B	227	94c	50	728 bp
Sep 30, 2022	$6.1B	219	94c	65	757 bp
Jun 30, 2022	$2.1B	95	n/a	14	869 bp
Mar 31, 2022	Not disclosed	96	n/a	0	834 bp
Dec 31, 2021	$8.1B	211	96c	85	737 bp

Sponsors financed

E•••••• L••• C•••••• M••••••••• L••• possible
2 borrowers $118M
S•••• C•••••• G••••• L•• possible
2 borrowers $47.8M
C•••••••• P••••••• possible
2 borrowers $44.5M
I••••••••• O••••••••• P•••••••• L•• possible
1 borrower $94.1M
B••••••• C•••••• possible
1 borrower $57.4M

All 15 sponsors

C••••••••• C•••••• P••••••• possible
1 borrower $43.9M
W••• P•••• P••••••• possible
1 borrower $38.6M
J•• M••••••••• L••• inferred
1 borrower $36.0M
R•••••• C•••••• P••••••• M••••••••• L•• possible
1 borrower $29.1M
S•• P•••••••• L•• possible
1 borrower $26.9M
C••••• P••••••• H•••••••• L•• possible
1 borrower $26.1M
B••• W•••• E••••• L•• possible
1 borrower $23.9M
S•••••• C•••••• P••••••• M••••••••• L•• possible
1 borrower $21.9M
A•••••• E••••• P•••••••• L•• possible
1 borrower $20.4M
L•••••• G•••• • P•••••••• L••• possible
1 borrower $20.3M

What changed

Repeat sponsor and lender pairJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked

Full timeline · 20 events

Repeat sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
Placed on non-accrualJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

A•••• S••••• L•• term loan
2 BDCs hold it · matures Dec 31, 2030
$118M 101c
M•••••• C••••••• G••••• L•• term loan
2 BDCs hold it · matures Oct 1, 2030 · possible sponsor E•••••• L••• C•••••• M••••••••• L•••
$112M 101c
B••••• P•••••• G••••• L•• term loan
1 BDC hold it · matures Oct 31, 2027
$101M 200c
C••••••• F••• C••••••••• term loan
2 BDCs hold it · matures Jun 27, 2029 · possible sponsor I••••••••• O••••••••• P•••••••• L••
$94.1M 101c
Z•• P•••••••• L•• term loan
2 BDCs hold it · matures Jun 14, 2029
$83.8M 101c
H•••••• H•••••••• L•• term loan
2 BDCs hold it · matures Jun 30, 2031
$81.5M 100c
G••••••••• H•••••••• L•• term loan
2 BDCs hold it · matures Jan 1, 2028
$76.6M 100c
X•••• A••• I•• term loan
3 BDCs hold it · matures Dec 20, 2028
$70.8M 101c
S• E•••• L•• term loan
2 BDCs hold it · matures Jun 16, 2028
$69.1M 100c
F•••• K••• H•••••••• L•• term loan
2 BDCs hold it · matures Jun 30, 2030
$66.0M 101c
S•••• C•••• T•••••••• H•••••••• L•• term loan
2 BDCs hold it · matures Aug 8, 2029
$62.0M 101c
J•• E••••••••• • M••••••••• L•• term loan
2 BDCs hold it · matures Jun 20, 2030
$59.9M 57c

Schedule of investments at Sep 30, 2022

742 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
B••••• C•••••• S•••••••• C•••••••••	term loan lien unstated	Not disclosed	$1.0M	13.00%
B••••• C•••••• S•••••••• C•••••••••	term loan lien unstated	$1.0M	$1.0M 100c	13.00%	Dec 11, 2024
H••• R•••• S••••••• L••	preferred equity equity	Not disclosed	$1.0M
C••••••• S•••• H•••••••• L••	equity equity	Not disclosed	$970,000 65c
C••••••• S•••• H•••••••• L••	equity equity	Not disclosed	$970,000
M•••••••• H••••••• L••	equity equity	Not disclosed	$889,000 100c
A•••••• E••••••••• C•••••• o• F••••••	term loan lien unstated	$817,000	$817,000 101c	S+1250 bp	Nov 2, 2025
A••••••• T••••••••• S•••••••• L•••	term loan lien unstated	$14.4M	$808,000 6c	S+650 bp	Jun 8, 2023
A•• W••••••••• L••	term loan lien unstated	$1.9M	$800,000 43c	5.00%	Aug 16, 2023
B•• T••• S•••••••• L••	subordinated debt unsecured or subordinated	$800,000	$800,000 100c	S+1100 bp	Apr 8, 2021
B•• T••• S•••••••• L••	subordinated debt unsecured or subordinated	Not disclosed	$800,000	S+1100 bp
A•• W••••••••• L••	term loan lien unstated	Not disclosed	$800,000	5.00%
A•• I••••••••• L••• M••••• U•••• A••••• 1• 2•••	unstated lien unstated	Not disclosed	$800,000 53c
A•• I••••••••• L••	equity equity	Not disclosed	$800,000
P•••••••• E••••••••• L••	equity equity	Not disclosed	$790,000 66c
P•••••••• E••••••••• L••	equity equity	Not disclosed	$790,000
V•• H••••• L••	term loan lien unstated	$800,000	$773,000 100c	S+600 bp	Dec 1, 2023
V•• H••••• L••	term loan lien unstated	Not disclosed	$773,000	S+600 bp
M•• I••••• F•••• I•••	equity equity	Not disclosed	$761,000 101c
M•• I••••• F•••• I•••	equity equity	Not disclosed	$761,000
B••••••••• S•••••••• L••	term loan lien unstated	$761,000	$761,000 100c	S+925 bp	Jul 22, 2019
A•• O••••••••• L••	equity equity	Not disclosed	$720,000 100c
I••••••••• B••• C••••••• L•••	term loan lien unstated	$726,000	$716,000 99c	S+650 bp	Aug 28, 2025
B••••• V•••••••• L••	term loan lien unstated	$711,000	$711,000 100c	7.00%	Oct 31, 2024
B••••• V•••••••• L••	term loan lien unstated	Not disclosed	$711,000	7.00%
C••••• T•••• F••• I•••••••••	equity equity	Not disclosed	$710,000
C••••• T•••• F••• I•••••••••	equity equity	Not disclosed	$710,000 100c
O•••••• I••••••••• I•••	term loan lien unstated	Not disclosed	$703,000	12.00% PIK 12.00%
O•••••• I••••••••• I•••	term loan lien unstated	$983,000	$703,000 72c	12.00% PIK 12.00%	Dec 31, 2022
O•••••• I••••••••• I•••	term loan lien unstated	$964,000	$690,000 72c	12.00% PIK 12.00%	Dec 31, 2022
O•••••• I••••••••• I•••	term loan lien unstated	Not disclosed	$690,000	12.00% PIK 12.00%
I••••••••• S••••••• A••••••••• L••• M••••• U•••• J••• 1•	unstated lien unstated	Not disclosed	$690,000 77c
A••• A••••••• H•••••••• L••	term loan lien unstated	$720,000	$679,000 103c	S+700 bp	Dec 15, 2026
A••••• S••••••• L••	term loan lien unstated	$800,000	$660,000 100c	S+650 bp	Aug 11, 2027
S••• H•••••••• L••	equity equity	Not disclosed	$639,000 100c
Q•••••• L•••• S••••••• L••	equity equity	Not disclosed	$625,000
Q•••••• L•••• S••••••• L••• M••••• U•••• J••• 0•	unstated lien unstated	Not disclosed	$625,000 8c
B•••••• G•••• I••••••••• H•••••• C••••••• I•••	term loan lien unstated	$620,000	$620,000 105c	S+500 bp	Jun 10, 2026
J••••••• H••••••••• I•••	preferred equity equity	Not disclosed	$616,000 531c
C••••••• S••••• L••	equity equity	Not disclosed	$610,000
C••••••• S••••• L••• M••••• U•••• T•• D••••••• 2•• 2•••	unstated lien unstated	Not disclosed	$610,000 290c
B••••••••• E••••••••• L••• M••••• U•••• M•••• 1•	unstated lien unstated	Not disclosed	$560,000 53c
D••••• U• I•••	term loan lien unstated	$763,000	$530,000 100c	S+800 bp	Aug 16, 2027
F••• E••••••••• L••	term loan lien unstated	$491,000	$491,000 100c	S+750 bp	Jan 2, 2026
I••••••••• S••••••• A••••••••• L••	term loan lien unstated	$463,000	$463,000 108c	S+675 bp	Aug 13, 2026
Z•••••••• N•••• L••	term loan lien unstated	$450,000	$450,000 100c	12.00%	Oct 1, 2024
Z•••••••• N•••• L••	term loan lien unstated	Not disclosed	$450,000	12.00%
S•••• I••••••••• L••	warrants equity	Not disclosed	$440,000
S•••• I••••••••• L••	warrants equity	Not disclosed	$440,000 243c		Sep 13, 2028
I• P••••• C•••••••••	term loan lien unstated	$443,000	$435,000 105c	S+575 bp	Jul 30, 2026
V•••••••• L••	term loan unsecured or subordinated	$409,000	$409,000 100c	8.00%	Nov 16, 2023
V•••••••• L••	unstated unsecured or subordinated	Not disclosed	$409,000	8.00%
U••••• G••••• S•••••••• I••••	term loan lien unstated	$403,000	$380,000 94c	S+550 bp PIK 2.00%	Aug 20, 2024
U••••• G••••• S•••••••• I•••	term loan lien unstated	Not disclosed	$380,000	S+550 bp PIK 2.00%
W•••••••• B•••••• L••	term loan lien unstated	$391,000	$379,000 106c	S+600 bp	Dec 17, 2026
B•••• A•••••••• I•••• P•••••••• M••••• U•••• T•• N••••••• 1•	unstated lien unstated	Not disclosed	$378,000 201c	16.00% PIK 16.00%
W•••••••• B•••••• L••	term loan lien unstated	$371,000	$359,000 108c	S+600 bp	Dec 17, 2026
D•• R••• S•••• P••••••• L••	preferred equity equity	Not disclosed	$350,000 18c
D•• R••• S•••• P••••••• L••	preferred equity equity	Not disclosed	$350,000
B••••••• P•••••• P••••••• L••	term loan lien unstated	Not disclosed	$320,000	10.00%
B••••••• P•••••• P••••••• L••	term loan lien unstated	$320,000	$320,000 100c	10.00%	Feb 28, 2027
W••• S••••• P•••• I•••	equity equity	Not disclosed	$310,000 78c
A•• I••••••••• L••	term loan lien unstated	$300,000	$300,000 100c	13.00%	Jul 31, 2024
A•• I••••••••• L••	term loan lien unstated	Not disclosed	$300,000	13.00%
S•• H•••••••• L••	term loan lien unstated	$323,000	$298,000 95c	S+625 bp	Oct 29, 2026
H••••• I••••••••• H•••••••	term loan lien unstated	$320,000	$297,000 93c	S+950 bp PIK 5.75%	Dec 21, 2023
D•• E••••••••• L••	preferred equity equity	Not disclosed	$270,000 35c	8.00% PIK 8.00%
A••• A••••••• H•••••••• L••	equity equity	Not disclosed	$258,000 72c
H••••• P•••••• F••• I•••••••••	equity equity	Not disclosed	$244,000 100c
2••• M•• L•••	equity equity	Not disclosed	$244,000
D••••••• L••	term loan lien unstated	Not disclosed	$223,000	7.50%
D••••••• L••	term loan lien unstated	$223,000	$223,000 100c	7.50%	Dec 31, 2025
D••••• U• I•••	equity equity	Not disclosed	$201,000 100c
S•• H•••••••• L••	equity equity	Not disclosed	$200,000 100c
O•••••• I••••••••• I•••	subordinated debt unsecured or subordinated	Not disclosed	$197,000	10.00% PIK 10.00%
O•••••• I••••••••• I•••	subordinated debt unsecured or subordinated	$197,000	$197,000 100c	10.00% PIK 10.00%	Dec 31, 2022
B•••• A•••••••• I•••	term loan lien unstated	$194,000	$194,000 100c	S+1050 bp PIK 1.50%	Jan 6, 2024
N•• J••••• L••	equity equity	Not disclosed	$175,000
A••••••• T••••••••• S•••••••• L•••	term loan lien unstated	$3.0M	$168,000 6c	S+650 bp	Dec 8, 2022
I••••••••• S••••••• A••••••••• L••• P•••••••• M••••• U•••• O•• J•••••• 3•	unstated lien unstated	Not disclosed	$161,000 127c	10.00% PIK 10.00%
N••••• L••	term loan lien unstated	$160,000	$160,000 100c	11.00%	Feb 28, 2025
N••••• L••	term loan lien unstated	Not disclosed	$160,000	11.00%
P•• R••• I•••	equity equity	Not disclosed	$157,000
P•• R••• I•••	equity equity	Not disclosed	$157,000 100c
E••••••••• R••••••• • C••••••••• L••	term loan lien unstated	$120,000	$116,000 161c	S+625 bp	May 23, 2027
I••••••••• S••••••• A••••••••• L••• P•••••••• M••••• U•••• T•• M•• 1•	unstated lien unstated	Not disclosed	$101,000 113c	20.00% PIK 20.00%
A•• H•••••••• I•••	equity equity	Not disclosed	$75,000
A•• H•••••••• I•••	warrants equity	Not disclosed	$75,000
A•• H•••••••• I•••	warrants equity	Not disclosed	$75,000		Dec 11, 2025
A•• H•••••••• I•••	equity equity	Not disclosed	$75,000 2c
O••••••••• R•••••• S•• L••	term loan lien unstated	$4.5M	$61,000 1c	11.50%	Nov 15, 2026
L•••••• G•••• I••••••••• L•••• M••••• U•••• J••• 0•	unstated lien unstated	Not disclosed	$25,000 20c
R• B•••••• L•••• M••••• U•••• N••••••• 1•	unstated lien unstated	Not disclosed	$24,000 52c
A••••••••• L••	equity equity	Not disclosed	$14,000 6c
C•••••• B•••• L••	term loan lien unstated	$2.7M	$10,000 0c	15.00% PIK 15.00%	Jan 5, 2015
C••••••••• H•••••• L••	term loan lien unstated	$0	$0	S+600 bp	Feb 26, 2023
Q•••••• L•••• S••••••• L••	preferred equity equity	Not disclosed	$0
G••••••••• H•••••••• L••	term loan lien unstated	$0	$0	S+800 bp	Jan 1, 2025
N••••••••• L••	term loan lien unstated	$0	$0 0c	S+675 bp	Dec 18, 2024
A•• W••••••••• L••• P•••••••• M••••• U•••• N••••••• 1•• 2•••	unstated lien unstated	Not disclosed	$0 0c

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Registration

Fiscal year end: 1231reported
Incorporated: MDreported
On the SEC BDC report: 2012 to 2026reported
Filings listed: 19reported10-Q and 10-K since 2022
Latest schedule: 0001396440-26-000094reported