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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%
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
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.
- $8.9B → $6.6Bfair value, 4 quarters
Its portfolio shrank 26% at fair value over the last four quarters.
Q2 2026 · The book is shrinking.
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$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 quartersShow fewer
| 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••• 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, 2024
724 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| H••• R•••• S••••••• L•• | preferred equity equity | Not disclosed | $950,000 633c | ||
| C••••••• S••••• L•• | equity equity | Not disclosed | $950,000 187c | ||
| G• H••• I••••••••• L•• | term loan lien unstated | $947,000 | $947,000 100c | S+650 bp | Nov 30, 2025 |
| Z•••••••• N•••• L•• | term loan lien unstated | $1.0M | $945,000 95c | 6.50% | Oct 1, 2024 |
| E•••• E••••• F••• I••••••••• | equity equity | Not disclosed | $899,000 45c | ||
| A••• A••••••• H•••••••• L•• | equity equity | Not disclosed | $892,000 92c | ||
| C••••• T••• H•••••••• L•• | term loan lien unstated | $900,000 | $884,000 100c | S+600 bp | Dec 17, 2026 |
| W••• S••••• P•••• I••• | equity equity | Not disclosed | $880,000 220c | ||
| B•••• A•••••••• I••• | preferred equity equity | Not disclosed | $878,000 307c | ||
| J••••••• H••••••••• I••• | preferred equity equity | Not disclosed | $870,000 791c | ||
| D•• E••••••••• L•• | preferred equity equity | Not disclosed | $855,000 65c | 10.00% PIK 10.00% | |
| P••••••••• A••••••• S•••••••• S•••••• D••• 4• | term loan lien unstated | $863,000 | $851,000 100c | S+525 bp | May 1, 2029 |
| S•••• C•••• T•••••••• H•••••••• L•• | equity equity | Not disclosed | $835,000 97c | ||
| D••••• U• I••• | equity equity | Not disclosed | $830,000 115c | ||
| J••••••• H••••••••• I••• | term loan lien unstated | $825,000 | $823,000 100c | S+700 bp | Nov 4, 2024 |
| G•••••••• L•• | equity equity | Not disclosed | $810,000 115c | ||
| I•••••• B••••••• M•••••••• L••••• | term loan lien unstated | $791,000 | $791,000 110c | S+700 bp | Jun 30, 2028 |
| E•••••••• I••• | equity equity | Not disclosed | $780,000 118c | ||
| B••••••••• S•••••••• L•• | term loan lien unstated | $761,000 | $761,000 100c | S+725 bp | Jul 22, 2019 |
| E•• F••• I••••••••• | equity equity | Not disclosed | $761,000 94c | ||
| P••••••••• A••••••• S•••••••• S•••••• D••• 3• | term loan lien unstated | $760,000 | $756,000 102c | S+550 bp | May 1, 2029 |
| A•• O••••••••• L•• | term loan lien unstated | $756,000 | $756,000 100c | S+650 bp | Jan 18, 2027 |
| P••••••••• A••••••• S•••••••• S•••••• D••• 2• | term loan lien unstated | $756,000 | $753,000 103c | S+550 bp | May 1, 2029 |
| B••••••••• S•••••••• L•• | term loan lien unstated | $7.1M | $750,000 11c | S+725 bp | Jul 22, 2019 |
| I•••••• A••••••••• M••••••••• L•• | term loan lien unstated | $790,000 | $723,000 94c | S+800 bp | Apr 3, 2028 |
| A•• O••••••••• L•• | equity equity | Not disclosed | $720,000 100c | ||
| I•••••••• I••••••••• L•• | preferred equity equity | Not disclosed | $711,000 100c | ||
| B••••• V•••••••• L•• | term loan lien unstated | $711,000 | $711,000 100c | 7.00% | Oct 31, 2024 |
| I•• H••••••• G••••• L•• | term loan lien unstated | $719,000 | $707,000 100c | S+900 bp PIK 2.00% | Jun 21, 2027 |
| G••• P•••••• A••••••••• L•• | term loan lien unstated | $707,000 | $703,000 101c | S+600 bp | Sep 30, 2028 |
| M•••••••• H••••••• L•• | equity equity | Not disclosed | $678,000 76c | ||
| W••••• S••••••• L•• | term loan lien unstated | $667,000 | $655,000 106c | S+800 bp | Nov 19, 2026 |
| D•••••• L•• | term loan lien unstated | $646,000 | $653,000 103c | S+875 bp | Aug 6, 2024 |
| H••••• I••••••••• H••••••• | term loan lien unstated | $1.6M | $638,000 89c | S+350 bp PIK 2.50% | Jun 21, 2026 |
| S••• H•••••••• L•• | equity equity | Not disclosed | $610,000 95c | ||
| B••••••••• E••••••••• L•• | equity equity | Not disclosed | $580,000 55c | ||
| C••••• T•••• F••• I••••••••• | equity equity | Not disclosed | $568,000 100c | ||
| D•• I••••••••• L•• | term loan lien unstated | Not disclosed | $560,000 | 12.00% | |
| D•• I••••••••• L•• | term loan lien unstated | $560,000 | $560,000 101c | 12.00% | Jun 19, 2029 |
| I••••••• E••••• S••••••• | equity equity | Not disclosed | $550,000 41c | ||
| P•• R••• I••• | equity equity | Not disclosed | $514,000 216c | ||
| P•••••••• E••••••••• L•• | equity equity | Not disclosed | $510,000 43c | ||
| B••• B•••• L•••••• U••• P•••••••• E••••• | notes lien unstated | Not disclosed | $500,000 88c | ||
| C••••••••• I••• | equity equity | Not disclosed | $490,000 199c | ||
| A•• H•••••••• I••• | term loan lien unstated | $481,000 | $476,000 100c | 18.00% PIK 18.00% | Jun 25, 2025 |
| O•••••• I••••••••• I••• | term loan lien unstated | $2.1M | $473,000 22c | 12.00% PIK 12.00% | Dec 31, 2024 |
| O•••••• I••••••••• I••• | term loan lien unstated | Not disclosed | $473,000 | 12.00% PIK 12.00% | |
| M••• M•••• o• A••••••• L•• | equity equity | Not disclosed | $460,000 100c | ||
| 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 |
| B••••• T••••• L•• | term loan lien unstated | $450,000 | $445,000 100c | 10.00% | Mar 7, 2027 |
| 2••• M•• L••• | equity equity | Not disclosed | $441,000 | ||
| H••••• P•••••• F••• I••••••••• | equity equity | Not disclosed | $441,000 100c | ||
| I••••••• E••••• S••••••• | preferred equity equity | Not disclosed | $440,000 182c | 10.00% PIK 10.00% | |
| J••••••• H••••••••• I••• | term loan lien unstated | $425,000 | $425,000 102c | S+1000 bp | Nov 4, 2024 |
| A•• I••••••••• L•• | term loan lien unstated | $400,000 | $400,000 100c | 13.00% | Jul 31, 2024 |
| C••••••••• B•••• L•• | term loan lien unstated | $477,000 | $389,000 100c | S+650 bp | Jun 28, 2029 |
| W•••••••• B•••••• L•• | term loan lien unstated | $384,000 | $384,000 105c | S+625 bp | Dec 17, 2026 |
| A••••••• T••••••••• S•••••••• L••• | term loan lien unstated | $15.5M | $374,000 3c | Jun 8, 2023 | |
| 2••• M•• L••• | equity equity | Not disclosed | $374,000 | ||
| H••••• P•••••• F••• I••••••••• | equity equity | Not disclosed | $374,000 151c | ||
| I•••••• B••••••• C••••••••• | equity equity | Not disclosed | $370,000 56c | ||
| M• C••••• H•••••• L•• | preferred equity equity | Not disclosed | $330,000 8c | ||
| E••••••••• R••••••• • C••••••••• L•• | term loan lien unstated | $328,000 | $328,000 110c | S+550 bp | May 23, 2027 |
| B••••••• P•••••• P••••••• L•• | equity equity | Not disclosed | $310,000 14c | ||
| O•••••• I••••••••• I••• | subordinated debt unsecured or subordinated | $305,000 | $305,000 100c | 10.00% PIK 10.00% | Dec 31, 2024 |
| G••• P•••••• A••••••••• L•• | term loan lien unstated | $299,000 | $297,000 104c | S+600 bp | Sep 30, 2028 |
| P•••• R•••• L•• | equity equity | Not disclosed | $290,000 879c | ||
| A•• W••••••••• L•• | term loan lien unstated | $3.0M | $285,000 10c | 5.00% | Sep 1, 2024 |
| B••••• T••••• L•• | term loan lien unstated | $270,000 | $270,000 100c | 10.00% | Mar 7, 2027 |
| D••••••• L•• | term loan lien unstated | $270,000 | $268,000 100c | 7.50% | Dec 31, 2025 |
| A•• I••••••••• L•• | preferred equity equity | Not disclosed | $266,000 149c | ||
| B••••••• P•••••• P••••••• L•• | term loan lien unstated | $320,000 | $265,000 83c | 10.00% | Feb 28, 2027 |
| T•• A•••••••• N••••••• L•• | preferred equity equity | Not disclosed | $236,000 | ||
| T•• A•••••••• N••••••• L•• | preferred equity equity | Not disclosed | $236,000 100c | ||
| G• H••• I••••••••• L•• | term loan lien unstated | $226,000 | $226,000 101c | S+650 bp | Nov 30, 2025 |
| A••••••••• S•••••• K••• H•••••••• L•• | term loan lien unstated | $220,000 | $220,000 100c | S+1000 bp | Aug 16, 2024 |
| O•••••• I••••••••• I••• | term loan lien unstated | Not disclosed | $220,000 | 12.00% PIK 12.00% | |
| O•••••• I••••••••• I••• | term loan lien unstated | $983,000 | $220,000 22c | 12.00% PIK 12.00% | Dec 31, 2024 |
| O•••••• I••••••••• I••• | term loan lien unstated | $964,000 | $215,000 22c | 12.00% PIK 12.00% | Dec 31, 2024 |
| O•••••• I••••••••• I••• | term loan lien unstated | Not disclosed | $215,000 | 12.00% PIK 12.00% | |
| A•• W••••••••• L•• | term loan lien unstated | $2.3M | $214,000 10c | 5.00% | Sep 1, 2024 |
| J••••• H••••••••• L•• | equity equity | Not disclosed | $200,000 100c | ||
| D••••••• L•• | preferred equity equity | Not disclosed | $200,000 8c | ||
| B••••••• B•••••• I••• | term loan lien unstated | $180,000 | $164,000 298c | S+850 bp PIK 12.94% | Aug 28, 2025 |
| M•••••••• H••••••• L•• | subordinated debt unsecured or subordinated | $163,000 | $163,000 100c | 8.00% PIK 8.00% | Mar 31, 2025 |
| B•••• A•••••••• I••• | preferred equity equity | Not disclosed | $110,000 | ||
| A••••••• I••• | warrants equity | Not disclosed | $110,000 | May 19, 2028 | |
| I•••••••• S••••••• S••••••• L•••• | term loan lien unstated | $7.3M | $99,000 1c | S+700 bp PIK 12.44% | Aug 7, 2023 |
| I•••••• A••••••••• M••••••••• L•• | equity equity | Not disclosed | $90,000 22c | ||
| A••••••• T••••••••• S•••••••• L••• | term loan lien unstated | $3.2M | $76,000 3c | Apr 7, 2023 | |
| D•••••• C••••••••• L•• | preferred equity equity | Not disclosed | $60,000 47c | ||
| B••• C• L•• | term loan lien unstated | $58,000 | $58,000 100c | 14.00% PIK 14.00% | Apr 1, 2025 |
| B••• C• L•• | term loan lien unstated | Not disclosed | $58,000 | 14.00% PIK 14.00% | |
| N•• J••••• L•• | equity equity | Not disclosed | $50,000 44c | ||
| N•• J••••• L•• | equity equity | Not disclosed | $50,000 | ||
| A•• I••••••••• L•• | equity equity | Not disclosed | $40,000 3c | ||
| O••••••••• R•••••• S•• L•• | term loan lien unstated | $4.4M | $35,000 1c | Nov 15, 2026 | |
| L•••••• G•••• I••••••••• L•• | equity equity | Not disclosed | $25,000 20c | ||
| C•••••• B•••• L•• | term loan lien unstated | $2.7M | $16,000 1c | Jan 5, 2015 |
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