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M••• S••••• C•••••• C•••
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 · the latest schedule of investments read for this BDC
- Fair value
- $5.7B
- Borrowers
- 221
- Mark on cost
- 96.5¢
- First lien
- 0%
As of · the latest schedule of investments read for this BDC
What matters now
- $35.1Mon 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•• → - $31.9Mnewly 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.
- 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 → 123loans 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.
Every headline figure, and the identifiersCIK 1396440 · file 814-00746ShowHide
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
0%
66% debt by fair value
Quarters on the tape
19
since Dec 31, 2021
Facilities held
448
21 sponsors financed
Portfolio through time
Fair value by quarter end$5.7B as of Jun 30, 2026
Dec 31, 2021$7.1B then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $5.7B | 221 | 97c | 123 | 662 bp |
| Mar 31, 2026 | $5.7B | 217 | 96c | 107 | 659 bp |
| Dec 31, 2025 | $5.5B | 230 | 97c | 84 | 662 bp |
| Sep 30, 2025 | $5.1B | 218 | 97c | 101 | 687 bp |
All 19 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2025 | $5.1B | 218 | 97c | 153 | 711 bp |
| Mar 31, 2025 | $5.1B | 219 | 97c | 148 | 713 bp |
| Dec 31, 2024 | $10B | 237 | 96c | 186 | 717 bp |
| Sep 30, 2024 | $4.9B | 223 | 96c | 94 | 718 bp |
| Jun 30, 2024 | $4.7B | 221 | 97c | 82 | 715 bp |
| Mar 31, 2024 | $4.6B | 222 | 97c | 70 | 713 bp |
| Dec 31, 2023 | $4.3B | 234 | 97c | 66 | 742 bp |
| Sep 30, 2023 | $4.3B | 229 | 97c | 62 | 731 bp |
| Jun 30, 2023 | $4.2B | 225 | 97c | 55 | 726 bp |
| Mar 31, 2023 | $4.2B | 223 | 95c | 60 | 726 bp |
| Dec 31, 2022 | $4.1B | 227 | 94c | 50 | 728 bp |
| Sep 30, 2022 | $4.0B | 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 | $7.1B | 211 | 96c | 85 | 737 bp |
Sponsors financed
- E•••••• L••• C•••••• M••••••••• L••• possible2 borrowers $118M
- S•••• C•••••• G••••• L•• possible2 borrowers $47.8M
- C•••••••• P••••••• possible2 borrowers $44.5M
- I••••••••• O••••••••• P•••••••• L•• possible1 borrower $94.1M
- B••••••• C•••••• possible1 borrower $57.4M
All 15 sponsorsShow fewer
- C••••••••• C•••••• P••••••• possible1 borrower $43.9M
- W••• P•••• P••••••• possible1 borrower $38.6M
- J•• M••••••••• L••• inferred1 borrower $36.0M
- 1 borrower $29.1M
- S•• P•••••••• L•• possible1 borrower $26.9M
- C••••• P••••••• H•••••••• L•• possible1 borrower $26.1M
- B••• W•••• E••••• L•• possible1 borrower $23.9M
- 1 borrower $21.9M
- A•••••• E••••• P•••••••• L•• possible1 borrower $20.4M
- L•••••• G•••• • P•••••••• L••• possible1 borrower $20.3M
What changed
- Repeat sponsor and lender pairJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
Full timeline · 20 eventsShow fewer
- Repeat sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- Placed on non-accrualJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
Largest facilities held, with co-lenders
- A•••• S••••• L•• term loan2 BDCs hold it · matures Dec 31, 2030$118M 101c
- M•••••• C••••••• G••••• L•• term loan2 BDCs hold it · matures Oct 1, 2030 · possible sponsor E•••••• L••• C•••••• M••••••••• L•••$112M 101c
- B••••• P•••••• G••••• L•• term loan1 BDC hold it · matures Oct 31, 2027$101M 200c
- C••••••• F••• C••••••••• term loan2 BDCs hold it · matures Jun 27, 2029 · possible sponsor I••••••••• O••••••••• P•••••••• L••$94.1M 101c
- Z•• P•••••••• L•• term loan2 BDCs hold it · matures Jun 14, 2029$83.8M 101c
- H•••••• H•••••••• L•• term loan2 BDCs hold it · matures Jun 30, 2031$81.5M 100c
- G••••••••• H•••••••• L•• term loan2 BDCs hold it · matures Jan 1, 2028$76.6M 100c
- X•••• A••• I•• term loan3 BDCs hold it · matures Dec 20, 2028$70.8M 101c
- S• E•••• L•• term loan2 BDCs hold it · matures Jun 16, 2028$69.1M 100c
- F•••• K••• H•••••••• L•• term loan2 BDCs hold it · matures Jun 30, 2030$66.0M 101c
- S•••• C•••• T•••••••• H•••••••• L•• term loan2 BDCs hold it · matures Aug 8, 2029$62.0M 101c
- J•• E••••••••• • M••••••••• L•• term loan2 BDCs hold it · matures Jun 20, 2030$59.9M 57c
Schedule of investments at Jun 30, 2023
672 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| T••••• I••••••••• L•• | preferred equity equity | Not disclosed | $533,000 150c | ||
| A•• I••••••••• L•• | equity equity | Not disclosed | $510,000 32c | ||
| B••••••• B•••••• I••• | warrants equity | Not disclosed | $510,000 49c | Oct 19, 2032 | |
| J••••••• H••••••••• I••• | preferred equity equity | Not disclosed | $500,000 455c | ||
| P•••••••• E••••••••• L•• | equity equity | Not disclosed | $500,000 42c | ||
| A•• W••••••••• L•• | term loan lien unstated | $2.0M | $483,000 24c | 5.00% | Aug 16, 2023 |
| Q•••••• L•••• S••••••• L•• | equity equity | Not disclosed | $460,000 6c | ||
| Z•••••••• N•••• L•• | term loan lien unstated | $450,000 | $450,000 100c | 12.00% | Oct 1, 2024 |
| O•••••• I••••••••• I••• | term loan lien unstated | $983,000 | $450,000 46c | 12.00% PIK 12.00% | Dec 31, 2023 |
| C••••• T••• H•••••••• L•• | term loan lien unstated | $450,000 | $442,000 100c | S+600 bp | Dec 17, 2026 |
| O•••••• I••••••••• I••• | term loan lien unstated | $964,000 | $441,000 46c | 12.00% PIK 12.00% | Dec 31, 2023 |
| W••• S••••• P•••• I••• | equity equity | Not disclosed | $420,000 105c | ||
| A•• I••••••••• L•• | term loan lien unstated | $400,000 | $400,000 100c | 13.00% | Jul 31, 2024 |
| W•••••••• B•••••• L•• | term loan lien unstated | $389,000 | $389,000 107c | S+625 bp | Dec 17, 2026 |
| A•• H•••••••• I••• | term loan lien unstated | $381,000 | $360,000 96c | 18.00% PIK 18.00% | Jun 25, 2025 |
| I•••••• A••••••••• M••••••••• L•• | equity equity | Not disclosed | $336,000 100c | ||
| B••••••• P•••••• P••••••• L•• | term loan lien unstated | $320,000 | $320,000 100c | 10.00% | Feb 28, 2027 |
| 2••• M•• L••• | equity equity | Not disclosed | $315,000 | ||
| H••••• P•••••• F••• I••••••••• | equity equity | Not disclosed | $315,000 127c | ||
| H••••• I••••••••• H••••••• | term loan lien unstated | $344,000 | $315,000 92c | S+950 bp PIK 14.34% | Dec 21, 2023 |
| B•••• A•••••••• I••• | preferred equity equity | Not disclosed | $310,000 | ||
| O•••••• I••••••••• I••• | subordinated debt unsecured or subordinated | $305,000 | $305,000 100c | 10.00% PIK 10.00% | Dec 31, 2023 |
| G••• P•••••• A••••••••• L•• | term loan lien unstated | $303,000 | $303,000 106c | S+575 bp | Sep 30, 2028 |
| G••• P•••••• A••••••••• L•• | term loan lien unstated | $303,000 | $303,000 106c | S+575 bp | Sep 30, 2028 |
| J••••• H••••••••• L•• | term loan lien unstated | $4.0M | $280,000 7c | S+1600 bp PIK 21.48% | Aug 21, 2024 |
| I•••••• A••••••••• M••••••••• L•• | term loan lien unstated | $286,000 | $264,000 100c | S+800 bp | Apr 3, 2028 |
| D•• E••••••••• L•• | preferred equity equity | Not disclosed | $260,000 34c | 8.00% PIK 8.00% | |
| P•• R••• I••• | equity equity | Not disclosed | $250,000 105c | ||
| C••••••••• I••• | equity equity | Not disclosed | $246,000 100c | ||
| U•••••••• W••••••• S••••••• H•••••••• L•• | preferred equity equity | Not disclosed | $220,000 21c | 14.00% PIK 14.00% | |
| P•••••• H••••••••• I••• | term loan lien unstated | $216,000 | $216,000 173c | S+575 bp | Jan 19, 2027 |
| D••••• U• I••• | equity equity | Not disclosed | $201,000 100c | ||
| B••••••••• E••••••••• L•• | equity equity | Not disclosed | $180,000 17c | ||
| N•• A••••••••• I•• | term loan lien unstated | $3.8M | $154,000 4c | S+550 bp | Apr 26, 2024 |
| U•••••••• E••••• F••• I••• L• | equity equity | Not disclosed | $150,000 100c | ||
| I••••••••• S••••••• A••••••••• L•• | preferred equity equity | Not disclosed | $149,000 112c | 10.00% PIK 10.00% | |
| N•• J••••• L•• | equity equity | Not disclosed | $145,000 127c | ||
| N•• J••••• L•• | equity equity | Not disclosed | $145,000 | ||
| A••••••• T••••••••• S•••••••• L••• | term loan lien unstated | $3.0M | $135,000 5c | S+650 bp | Apr 7, 2023 |
| D•••••• C••••••••• L•• | preferred equity equity | Not disclosed | $128,000 100c | ||
| I••••••••• S••••••• A••••••••• L•• | preferred equity equity | Not disclosed | $98,000 101c | 20.00% PIK 20.00% | |
| S•• H•••••••• L•• | equity equity | Not disclosed | $97,000 49c | ||
| O••••••••• R•••••• S•• L•• | term loan lien unstated | $4.5M | $75,000 2c | 11.50% | Nov 15, 2026 |
| Z•••••••• N•••• L•• | preferred equity equity | Not disclosed | $70,000 2c | ||
| L•••••• G•••• I••••••••• L•• | equity equity | Not disclosed | $25,000 20c | ||
| C•••••• B•••• L•• | term loan lien unstated | $2.7M | $22,000 1c | 15.00% PIK 15.00% | Jan 5, 2015 |
| R• B•••••• L•• | equity equity | Not disclosed | $17,000 37c | ||
| D•••••• C••••••••• L•• | term loan lien unstated | $1,000 | $1,000 100c | Jul 17, 2023 | |
| M••••• L•••••••• H•••••••• L•• | term loan lien unstated | $0 | $0 | Jan 31, 2024 | |
| M• P•••••• L••• F••• | term loan lien unstated | Not disclosed | $0 | ||
| A•• W••••••••• L•• | preferred equity equity | Not disclosed | $0 0c | ||
| D•••••• C••••••••• L•• | preferred equity equity | Not disclosed | $0 | ||
| F•••• L•• | equity equity | Not disclosed | $0 0c | ||
| M• P•••••• L••• F••• | term loan lien unstated | Not disclosed | $0 | ||
| A•• H•••••••• I••• | equity equity | Not disclosed | $0 0c | ||
| A•• C•••••• G••••• L•• | preferred equity equity | Not disclosed | $0 | ||
| G••• P••••••••• H•••••••• L•• | term loan lien unstated | $0 | $0 | S+950 bp | Jul 1, 2027 |
| C••• P••••• I••• | term loan lien unstated | Not disclosed | $0 | S+1050 bp | |
| B••••• P•••••• G••••• L•• | term loan lien unstated | Not disclosed | $0 | S+919 bp | |
| B•• T••• S•••••••• L•• | preferred equity equity | Not disclosed | $0 0c | 15.00% | |
| C••• P••••• I••• | term loan lien unstated | Not disclosed | $0 | S+1050 bp | |
| A••••••••• S•••••• K••• H•••••••• L•• | warrants equity | Not disclosed | $0 0c | Aug 16, 2029 | |
| A•••••• r•••••• t• i••••••••• t••••••••• t• o• f••• o•••• 1••• A•• c••••••••• d••••• t•• p•••••• A•••••••• I••••••••• | unstated lien unstated | Not disclosed | $0 | ||
| A••••••••• S•••••• K••• H•••••••• L•• | preferred equity equity | Not disclosed | $0 0c | 14.13% | |
| A••••••••• L•• | equity equity | Not disclosed | $0 0c | ||
| F•••• K••• H•••••••• L•• | term loan lien unstated | Not disclosed | $0 | S+650 bp | |
| I• P••••• C••••••••• | term loan lien unstated | $0 | $0 0c | S+575 bp | Jul 30, 2026 |
| C••••••••• T••••• L•• | term loan lien unstated | Not disclosed | $0 | S+900 bp | |
| C••• P••••• I••• | term loan lien unstated | Not disclosed | $0 | S+1050 bp | |
| M• P•••••• L••• F••• I• L• | term loan lien unstated | $0 | $0 | Dec 31, 2024 | |
| J•••••• D••••• O•••• L•• | term loan lien unstated | $0 | $0 0c | S+1150 bp | Dec 10, 2026 |
| O•••••• H•••••••• L•• | term loan lien unstated | $0 | $0 | S+1100 bp | Jul 31, 2026 |
| F•••• K••• H•••••••• L•• | term loan lien unstated | Not disclosed | $0 | S+900 bp | |
| J••••• J••••••• o• I••••• L•• | term loan lien unstated | $0 | $0 | S+675 bp | Nov 14, 2023 |
| C••••••• S•••• H•••••••• L•• | equity equity | Not disclosed | $0 | ||
| O••••• A•••••••• I••••••••• | unstated lien unstated | Not disclosed | $0 | ||
| R• B•••••• L•• | warrants equity | Not disclosed | $0 0c | Oct 20, 2025 | |
| G••••••••• H•••••••• L•• | term loan lien unstated | $0 | $0 | S+850 bp | Jan 1, 2028 |
| V•••••••• L•• | warrants equity | Not disclosed | $0 | ||
| M• C••••• H•••••• L•• | preferred equity equity | Not disclosed | $0 0c | ||
| O•••••• I••••••••• I••• | warrants equity | Not disclosed | $0 0c | May 10, 2025 | |
| U•••••••• W••••••• S••••••• H•••••••• L•• | equity equity | Not disclosed | $0 0c | ||
| A•• H•••••••• I••• | warrants equity | Not disclosed | $0 | Dec 11, 2025 | |
| Q•••••• L•••• S••••••• L•• | term loan lien unstated | Not disclosed | $0 | ||
| N••••• L•• | term loan lien unstated | $0 | $0 | Feb 28, 2025 | |
| B••••• T••••• L•• | term loan lien unstated | Not disclosed | $0 | ||
| A•••••• r•••••• t• i••••••••• t••••••••• t• o• f••• o•••• 1••• A•• c••••••••• d••••• t•• p•••••• C•••••• I••••••••• | unstated lien unstated | Not disclosed | $0 | ||
| U••••• G••••• S•••••••• I••• | term loan lien unstated | Not disclosed | $0 | S+750 bp | |
| B••••• T••••• L•• | term loan lien unstated | $0 | $0 0c | Mar 7, 2027 | |
| M••••• F•••• I••••••••• L•• | term loan lien unstated | Not disclosed | $0 | S+1100 bp | |
| J••••• H••••••••• L•• | equity equity | Not disclosed | $0 0c | ||
| C••••••• E••••••• C•••••• L•• | term loan lien unstated | $0 | $0 | Mar 31, 2026 | |
| P•••••••• E••••••••• L•• | term loan lien unstated | Not disclosed | $0 | ||
| D•••••• C••••••••• L•• | equity equity | Not disclosed | $0 | ||
| S• E•••• L•• | term loan lien unstated | Not disclosed | $0 | ||
| A•• N••••••• C•••• | subordinated debt unsecured or subordinated | Not disclosed | $0 | ||
| M••••• F•••• I••••••••• L•• | term loan lien unstated | Not disclosed | $0 | S+1100 bp | |
| B•• T••• S•••••••• L•• | equity equity | Not disclosed | $0 0c | ||
| R•••••••• L•• ••••••• L•••• a•• R••••• H•••••••• L••• | preferred equity equity | Not disclosed | $0 0c | ||
| V•••••••• L•• | term loan unsecured or subordinated | Not disclosed | $0 |
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
Capital chain
M••• S••••• C•••••• C••• sits on 120 traced paths of capital across the graphs.
PE sponsor to borrower to facility to lenderSponsor to borrower to facility to lender
Every record on each path, what it committed or lent, and as of when. The capital chain is a join across the graphs and opens with the Data Factory.
Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.
Checking your plan…
Position history
2,671 field-level changes across filed schedules, latest first
- 2026-06-30
- Position exitedC••••• T••••••••• H•••••••• L••2026-06-30
- 2026-06-30
- New positionH••••••••• S••• L••2026-06-30
- 2026-06-30
- 2026-06-30
- 2026-06-30
- New positionS•••• T•••••• P•••••••• L•2026-06-30
- 2026-06-30
- 2026-06-30
Each line is one position compared between two consecutive BDC schedules of investments: principal, fair value mark, spread, PIK and maturity, as filed with the SEC.