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M••••• C•••••• C•••
Business development companymanaged by M• A•••••••Non-tradedLatest schedule Dec 31, 2025· CHICAGO, IL
A non-traded business development company, managed by M• A•••••••, holding $335M across 90 borrowers at Dec 31, 2025.
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
- $335M
- Borrowers
- 90
- Mark on cost
- 91.2¢
- First lien
- 81%
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
Nothing material in the last 200 days. Last change: 31 Dec 2025, 10 borrowers on non-accrual, $21.2M principal; the largest is M• R••••••••• I•• L•• ($8.1M).
Every headline figure, and the identifiersCIK 1512931 · file 814-00866ShowHide
Fair value
$335M
as of Dec 31, 2025
Principal held
$354M
debt pieces, the filer's figure
Cost
$373M
91c on cost, debt pieces
Unfunded
$20.5M
commitments not yet drawn
Positions
359
90 borrowers
First lien
81%
90% debt by fair value
Quarters on the tape
19
since Dec 31, 2020
Facilities held
0
0 sponsors financed
Portfolio through time
Fair value by quarter end$413M as of Dec 31, 2025
Dec 31, 2020$149M then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Dec 31, 2025 | $413M | 90 | 91c | 75 | 678 bp |
| Sep 30, 2025 | $466M | 80 | 89c | 75 | 683 bp |
| Jun 30, 2025 | $474M | 81 | 90c | 67 | 682 bp |
| Mar 31, 2025 | $546M | 89 | 92c | 72 | 683 bp |
All 19 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Dec 31, 2024 | $1.8B | 97 | 93c | 252 | 680 bp |
| Sep 30, 2024 | $712M | 97 | 95c | 83 | 666 bp |
| Jun 30, 2024 | $633M | 96 | 96c | 77 | 693 bp |
| Mar 31, 2024 | $647M | 100 | 96c | 72 | 692 bp |
| Dec 31, 2023 | $922M | 99 | 96c | 97 | 701 bp |
| Sep 30, 2023 | $665M | 126 | 97c | 66 | 713 bp |
| Jun 30, 2023 | $768M | 160 | 98c | 66 | 686 bp |
| Mar 31, 2023 | $719M | 106 | 98c | 85 | 749 bp |
| Dec 31, 2022 | $1.5B | 187 | 96c | 163 | 699 bp |
| Sep 30, 2022 | $545M | 101 | 99c | 60 | 724 bp |
| Jun 30, 2022 | $129M | 12 | n/a | 0 | n/a |
| Mar 31, 2022 | $132M | 12 | n/a | 0 | n/a |
| Dec 31, 2021 | $856M | 131 | 101c | 67 | 695 bp |
| Sep 30, 2021 | $137M | 16 | n/a | 0 | n/a |
| Dec 31, 2020 | $149M | 13 | n/a | 0 | n/a |
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
- Placed on non-accrualDec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
Full timeline · 20 eventsShow fewer
- Marked down (one lender)Dec 31, 2025
- Spread increasedDec 31, 2025
- PIK interest appearsDec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Lender left a facilitySep 30, 2025
- Placed on non-accrualSep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Marked down (one lender)Sep 30, 2025
- PIK interest appearsSep 30, 2025
- PIK interest appearsSep 30, 2025
- PIK interest increasedSep 30, 2025
Schedule of investments at Sep 30, 2021
61 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| M• R• C• C• S••••• L••• F••• I• L• L• C• E••••• S••••••••• | term loan lien unstated | Not disclosed | $41.3M | ||
| H• F• Z• C•••••• G•••• L• L• C• | term loan first lien | Not disclosed | $14.8M | ||
| M•••• H•••••••• I••• | term loan first lien | Not disclosed | $12.6M | Dec 30, 2023 | |
| A••••••• C•••••••• H••••• I••• | term loan first lien | Not disclosed | $10.2M | ||
| M• C• A•••• M••••••••• • C••••••••• L• L• C• | term loan first lien | Not disclosed | $6.9M | Jan 26, 2024 | |
| A••••• M••••• L• L• C• | term loan first lien | Not disclosed | $6.5M | Feb 5, 2025 | |
| H• F• Z• C•••••• G•••• L• L• C• | term loan first lien | Not disclosed | $5.3M | ||
| A••••••• C•••••••• H••••• I••• | term loan first lien | Not disclosed | $4.6M | ||
| A••••••• C•••••••• H••••• I••• | term loan first lien | Not disclosed | $4.2M | ||
| C••••• H•••••••• L• L• C• | term loan first lien | Not disclosed | $3.9M | ||
| L••••• O•••••• H••••••• C••• E••••• S••••••••• | preferred equity equity | Not disclosed | $3.6M | ||
| A••••• M••••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $3.1M | ||
| A••••••• C•••••••• H••••• I••• | term loan first lien | Not disclosed | $3.1M | ||
| T• J• M••••••••• H••• C• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $3.1M | ||
| F•••••• D••••• G•••• H•••••••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $2.4M | ||
| L••••• O•••••• H••••••• C•• | delayed draw term loan lien unstated | Not disclosed | $2.4M | ||
| L••••• O•••••• H••••••• C•• I••••••••• | unstated lien unstated | Not disclosed | $1.6M | ||
| S••••• A••••• S•• H••••••• I• L•• | delayed draw term loan lien unstated | Not disclosed | $1.1M | ||
| C••••• H•••••••• L•• | revolver first lien | Not disclosed | $830,000 | ||
| M• C• A•••• M••••••••• • C••••••••• L• L• C• | delayed draw term loan first lien | Not disclosed | $816,000 | Jan 26, 2024 | |
| S••••• A••••• S• F• R• H••••••• I• I• L• L• C• | equity equity | Not disclosed | $734,000 | ||
| M• C• A•••• M••••••••• • C••••••••• L• L• C• | equity equity | Not disclosed | $720,000 | ||
| N• E• C• B• C••••••••• L• L• C• | revolver first lien | Not disclosed | $687,000 | ||
| S••••• A••••• S• F• R• H••••••• I• I• L• L• C• | revolver first lien | Not disclosed | $642,000 | Aug 9, 2024 | |
| A••••••• C•••••••• H••••• I••• | term loan first lien | Not disclosed | $616,000 | ||
| M• C• A•••• M••••••••• • I••••••••• L• L• C• P••••••••• | notes lien unstated | Not disclosed | $501,000 | ||
| A••••••• C•••••••• H••••• I•••• E••••• S••••••••• | warrants equity | Not disclosed | $350,000 | Dec 18, 2024 | |
| S• H• I• H•••••••• I••• | revolver lien unstated | Not disclosed | $208,000 | ||
| S• H• I• H•••••••• I•••• I••••••••• | unstated lien unstated | Not disclosed | $131,000 | ||
| A••••••• C•••••••• H••••• I••• | term loan first lien | Not disclosed | $96,000 | ||
| L••••• O•••••• H••••••• C•• | revolver lien unstated | Not disclosed | $74,000 | ||
| A••••••• C•••••••• H••••• I••• | term loan first lien | Not disclosed | $20,000 | ||
| T• J• M••••••••• H••• C• L• L• C• | revolver first lien | Not disclosed | Not disclosed | Jun 28, 2024 | |
| A••••••• C•••••••• H••••• I••• | term loan first lien | Not disclosed | Not disclosed | ||
| A••••• M••••• L• L• C• | revolver first lien | Not disclosed | Not disclosed | Feb 5, 2025 | |
| A••••• M••••• L• L• C• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | ||
| S•• H••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| V•••• B••••• L• L• C• ••• I••••••• L• L• C• | term loan lien unstated | Not disclosed | Not disclosed | ||
| V•••• B••••• L• L• C• ••• I••••••• L• L• C• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | ||
| M•••• H••••••• I••• | revolver lien unstated | Not disclosed | Not disclosed | ||
| S•• H•••••• L•• | term loan unsecured or subordinated | Not disclosed | Not disclosed | ||
| S••••• C•••••••• C••••••••• E••••• S••••••••• | warrants equity | Not disclosed | Not disclosed | ||
| V•••• B••••• L• L• C• ••• I••••••• L• L• C•• E••••• S••••••••• S••••• C• | equity equity | Not disclosed | Not disclosed | ||
| V•••• B••••• L• L• C• ••• I••••••• L• L• C• | term loan lien unstated | Not disclosed | Not disclosed | ||
| V•••• B••••• L• L• C• ••• I••••••• L• L• C• | term loan lien unstated | Not disclosed | Not disclosed | ||
| L••••• O•••••• H••••••• C••• E••••• S••••••••• | equity equity | Not disclosed | Not disclosed | ||
| V•••• B••••• L• L• C• ••• I••••••• L• L• C• | term loan lien unstated | Not disclosed | Not disclosed | ||
| C••••• H•••••••• L• L• C• J••••• | term loan first lien | Not disclosed | Not disclosed | Jan 2, 2023 | |
| A••••••• C•••••••• H••••• I••• | revolver first lien | Not disclosed | Not disclosed | Dec 31, 2026 | |
| V•••• B••••• L• L• C• ••• I••••••• L• L• C• | term loan lien unstated | Not disclosed | Not disclosed | ||
| A••••••• C•••••••• H••••• I••• | term loan first lien | Not disclosed | Not disclosed | ||
| S••••• C•••••••• C••••••••• | revolver lien unstated | Not disclosed | Not disclosed | ||
| S• H• I• H•••••••• I••• | equity equity | Not disclosed | Not disclosed | ||
| V•••• B••••• L• L• C• ••• I••••••• L• L• C• | term loan lien unstated | Not disclosed | Not disclosed | ||
| C••••• H•••••••• L• L• C• J••••• | term loan first lien | Not disclosed | Not disclosed | Jan 2, 2023 | |
| N• E• C• B• C••••••••• L• L• C• | equity equity | Not disclosed | Not disclosed | ||
| M•••• H•••••••• I•••• E••••• S••••••••• | equity equity | Not disclosed | Not disclosed | ||
| C••••• H•••••••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | Not disclosed | ||
| V•••• B••••• L• L• C• ••• I••••••• L• L• C• | term loan lien unstated | Not disclosed | Not disclosed | ||
| V•••• B••••• L• L• C• ••• I••••••• L• L• C• | term loan lien unstated | Not disclosed | Not disclosed | ||
| S••••• C•••••••• C••••••••• I••••••••• | unstated lien unstated | Not disclosed | Not disclosed |
Page 1 of 1
Registration
- Fiscal year end
- 1231reported
- Incorporated
- NYreported
- On the SEC BDC report
- 2012 to 2025reported
- Filings listed
- 17reported10-Q and 10-K since 2022
- Latest schedule
- 0001512931-26-000011reported