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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 Dec 31, 2024

1,786 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
L•••••• L••	term loan lien unstated	$4.1M	$3.3M 81c	S+800 bp PIK 3.00%	Aug 16, 2026
P•••• R•••• L••	preferred equity equity	Not disclosed	$3.2M 100c
P•••• R•••• L••	preferred equity equity	Not disclosed	$3.2M 100c
D•• I••••••••• L••	preferred equity equity	Not disclosed	$3.2M
D•• I••••••••• L••	preferred equity equity	Not disclosed	$3.2M 100c	15.00% PIK 15.00%
D•• I••••••••• L••	preferred equity equity	Not disclosed	$3.2M 100c	15.00% PIK 15.00%
D•• I••••••••• L••	preferred equity equity	Not disclosed	$3.2M	15.00% PIK 15.00%
U••••• G••••• S•••••••• I•••	preferred equity equity	Not disclosed	$3.2M 100c	20.00% PIK 20.00%
U••••• G••••• S•••••••• I•••	preferred equity equity	Not disclosed	$3.2M 100c	20.00% PIK 20.00%
U••••• G••••• S•••••••• I•••	preferred equity equity	Not disclosed	$3.2M
U••••• G••••• S•••••••• I•••	preferred equity equity	Not disclosed	$3.2M
U••••• G••••• S•••••••• I•••	preferred equity equity	Not disclosed	$3.2M 100c	20.00% PIK 20.00%
J•• E••••••••• • M••••••••• L••	term loan lien unstated	$3.3M	$3.2M 97c	S+800 bp	Dec 22, 2026
J•• E••••••••• • M••••••••• L••	term loan lien unstated	Not disclosed	$3.2M	S+625 bp
J•• E••••••••• • M••••••••• L••	term loan lien unstated	$3.3M	$3.2M 97c	S+800 bp	Dec 22, 2026
J•• E••••••••• • M••••••••• L••	term loan lien unstated	Not disclosed	$3.2M	S+625 bp
G•• R••••• T••••••••• L••	term loan lien unstated	$3.1M	$3.1M 100c	S+600 bp	Oct 29, 2026
G•• R••••• T••••••••• L••	term loan lien unstated	$3.1M	$3.1M 100c	S+600 bp	Oct 29, 2026
B••••••••• C•••••• F••• I•••••••••	equity equity	Not disclosed	$3.1M 58c
B••••••••• C•••••• F••• I•••••••••	equity equity	Not disclosed	$3.1M 58c
R••• O•••• L••	term loan lien unstated	$3.4M	$3.1M 92c	S+700 bp	Aug 27, 2026
R••• O•••• L••	term loan lien unstated	$3.4M	$3.1M 92c	S+700 bp	Aug 27, 2026
R••• O•••• L••	term loan lien unstated	$3.4M	$3.1M 92c	S+900 bp	Aug 27, 2026
R••• O•••• L••	term loan lien unstated	$3.4M	$3.1M 92c	S+900 bp	Aug 27, 2026
E•••• A••••••••• L••	equity equity	Not disclosed	$3.0M 196c
E•••• A••••••••• L••	equity equity	Not disclosed	$3.0M 196c
H•••••• P•••••• a•• C•••••••• L••	unstated unsecured or subordinated	$3.0M	$2.9M 98c	10.00%	Apr 2, 2026
H•••••• P•••••• a•• C•••••••• L••	unstated unsecured or subordinated	$3.0M	$2.9M 98c	10.00%	Apr 2, 2026
I•••••••• I••••••••• L••	term loan lien unstated	$2.9M	$2.9M 100c	13.00%	Jan 31, 2028
I•••••••• I••••••••• L••	term loan lien unstated	$2.9M	$2.9M 100c	13.00%	Jan 31, 2028
L••• H•••••••• I••••••••• I• L•••	equity equity	Not disclosed	$2.9M 168c
L••• H•••••••• I••••••••• I• L•••	equity equity	Not disclosed	$2.9M 168c
C••••••••• T••••• L••	term loan lien unstated	$3.0M	$2.9M 100c	S+900 bp	Jan 29, 2028
C••••••••• T••••• L••	term loan lien unstated	Not disclosed	$2.9M	S+900 bp
C••••••••• T••••• L••	term loan lien unstated	Not disclosed	$2.9M	S+900 bp
C••••••••• T••••• L••	term loan lien unstated	$3.0M	$2.9M 100c	S+900 bp	Jan 29, 2028
C••••••••• T••••• L••	term loan lien unstated	Not disclosed	$2.9M	S+900 bp
L• M••••••••• I•••	term loan lien unstated	$2.9M	$2.9M 101c	S+725 bp	Dec 31, 2025
L• M••••••••• I•••	term loan lien unstated	$2.9M	$2.9M 101c	S+725 bp	Dec 31, 2025
I•••••••• I••••••••• L••	equity equity	Not disclosed	$2.9M 103c
I•••••••• I••••••••• L••	equity equity	Not disclosed	$2.9M 103c
C•••••• H•• H•••••••• L••	preferred equity equity	Not disclosed	$2.9M
C•••••• H•• H•••••••• L••	preferred equity equity	Not disclosed	$2.9M
E•••••• W•••••••• F•••• L••	term loan lien unstated	$2.8M	$2.7M 97c	S+800 bp	Oct 30, 2025
E•••••• W•••••••• F•••• L••	term loan lien unstated	$2.8M	$2.7M 97c	S+800 bp	Oct 30, 2025
K••••••••• M••••••••• C••••••• L••	equity equity	Not disclosed	$2.7M 273c
K••••••••• M••••••••• C••••••• L••	equity equity	Not disclosed	$2.7M 273c
N•• J••••• L••	equity equity	Not disclosed	$2.7M 71c
N•• J••••• L••	equity equity	Not disclosed	$2.7M
N•• J••••• L••	equity equity	Not disclosed	$2.7M
N•• J••••• L••	equity equity	Not disclosed	$2.7M 71c
I•••••• A••••••••• M••••••••• L••	term loan lien unstated	$2.9M	$2.7M 93c	S+1000 bp PIK 2.00%	Apr 3, 2028
I•••••• A••••••••• M••••••••• L••	term loan lien unstated	$2.9M	$2.7M 93c	S+1000 bp PIK 2.00%	Apr 3, 2028
U••••• G••••• S•••••••• I•••	term loan lien unstated	$1.3M	$2.7M 177c	15.00% PIK 15.00%	Jun 30, 2028
U••••• G••••• S•••••••• I•••	unstated lien unstated	Not disclosed	$2.7M
U••••• G••••• S•••••••• I•••	term loan lien unstated	$1.3M	$2.7M 177c	15.00% PIK 15.00%	Jun 30, 2028
H••• R•••• S••••••• L••	term loan lien unstated	$2.6M	$2.6M 100c	S+600 bp	Jan 15, 2026
H••• R•••• S••••••• L••	term loan lien unstated	$2.6M	$2.6M 100c	S+600 bp	Jan 15, 2026
V••••• C••• F••••••••• L••	equity equity	Not disclosed	$2.6M 254c
V••••• C••• F••••••••• L••	equity equity	Not disclosed	$2.6M 254c
B••••••• B•••••• I•••	term loan lien unstated	$3.1M	$2.6M 84c	S+750 bp PIK 14.75%	Aug 28, 2025
B••••••• B•••••• I•••	term loan lien unstated	$3.1M	$2.6M 84c	S+750 bp PIK 14.75%	Aug 28, 2025
O••••••••• L••	unstated lien unstated	Not disclosed	$2.6M
O••••••••• L••	preferred equity equity	Not disclosed	$2.6M 229c
O••••••••• L••	preferred equity equity	Not disclosed	$2.6M 229c
A••••• S••••••• L••	equity equity	Not disclosed	$2.5M 177c
A••••• S••••••• L••	equity equity	Not disclosed	$2.5M 177c
D•• R••• P•••••••	equity equity	Not disclosed	$2.4M 125c
D•• R••• P•••••••	equity equity	Not disclosed	$2.4M 125c
S•••• I••••••••• L••	equity equity	Not disclosed	$2.4M
S•••• I••••••••• L••	equity equity	Not disclosed	$2.4M
C•• S••••••• L••	preferred equity equity	Not disclosed	$2.4M 113c
C•• S••••••• L••	preferred equity equity	Not disclosed	$2.4M 113c
H••••••••• S••• L•••	term loan lien unstated	$2.4M	$2.4M 101c	S+550 bp	Jul 3, 2029
H••••••••• S••• L••	term loan lien unstated	$2.4M	$2.4M 101c	S+550 bp	Jul 3, 2029
H••••••••• S••• L••	term loan lien unstated	$2.4M	$2.4M 101c	S+550 bp	Jul 3, 2029
W••• S••• A••••••• A••••••••• L••	term loan lien unstated	$2.4M	$2.4M 101c	S+500 bp	Mar 1, 2028
W••• S••• A••••••• A••••••••• L••	term loan lien unstated	$2.4M	$2.4M 101c	S+500 bp	Mar 1, 2028
H••••• I••••••••• H••••••••	term loan lien unstated	$2.4M	$2.3M 100c	S+350 bp PIK 2.50%	Jun 21, 2026
H••••• I••••••••• H•••••••	term loan lien unstated	$2.4M	$2.3M 100c	S+350 bp PIK 2.50%	Jun 21, 2026
H••••• I••••••••• H•••••••	term loan lien unstated	$2.4M	$2.3M 100c	S+350 bp PIK 2.50%	Jun 21, 2026
T•• T••• T•••••• L••	preferred equity equity	Not disclosed	$2.3M 229c
T•• T••• T•••••• L••	preferred equity equity	Not disclosed	$2.3M 229c
C•••••••• C••••• O••••••••• F••••	equity equity	Not disclosed	$2.3M 81c
C•••••••• C••••• O••••••••• F••••	equity equity	Not disclosed	$2.3M 81c
S• E•••• L••	term loan lien unstated	Not disclosed	$2.3M	11.75%
S• E•••• L••	term loan lien unstated	$2.3M	$2.3M 101c	11.75%	Jun 16, 2028
S• E•••• L••	term loan lien unstated	$2.3M	$2.3M 101c	11.75%	Jun 16, 2028
D•••••• C••••••••• L••	term loan lien unstated	$2.3M	$2.2M 103c	S+700 bp PIK 11.46%	Dec 31, 2026
D•••••• C••••••••• L••	term loan lien unstated	$2.3M	$2.2M 103c	S+700 bp PIK 11.46%	Dec 31, 2026
D•••••• C••••••••• L••	term loan lien unstated	$2.4M	$2.2M 102c	S+900 bp PIK 13.46%	Dec 31, 2026
D•••••• C••••••••• L••	term loan lien unstated	$2.4M	$2.2M 102c	S+900 bp PIK 13.46%	Dec 31, 2026
F••••••• F•••••••• S••• F••• L•	equity equity	Not disclosed	$2.2M
F••••••• F•••••••• F••••	equity equity	Not disclosed	$2.2M 85c
F••••••• F•••••••• S••• F••• L•	equity equity	Not disclosed	$2.2M
F••••••• F•••••••• F••••	equity equity	Not disclosed	$2.2M 85c
N•• J••••• L••	term loan lien unstated	$2.2M	$2.2M 100c	12.00%	Sep 18, 2028
N•• J••••• L••	term loan lien unstated	Not disclosed	$2.2M
N•• J••••• L••	term loan lien unstated	$2.2M	$2.2M 100c	12.00%	Sep 18, 2028
W•••••••• B•••••• L••	term loan lien unstated	$2.3M	$2.1M 95c	12.00% PIK 4.00%	Dec 17, 2026

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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