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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 Dec 31, 2021
393 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| T• M••••••••• H•••••• L•• | equity equity | Not disclosed | $3.1M | ||
| T• J• M••••••••• H••• C• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $3.1M 193c | ||
| N••••• N••••••• I••• | term loan first lien | $3.1M | $3.1M 100c | LIBOR+1150 bp PIK 4.00% | Mar 31, 2024 |
| M• C• P• S••• A••••••••• L• L• C• | term loan first lien | $3.0M | $3.0M 102c | SOFR+650 bp | Nov 28, 2025 |
| T• E• A• M• P••••• C••••••• L• L• C• | term loan first lien | $3.0M | $3.0M | LIBOR+500 bp | Dec 17, 2027 |
| P• V• H• C• H•••••• C••• | term loan first lien | $3.2M | $3.0M | LIBOR+475 bp | Feb 17, 2027 |
| D• S• P•••••• I••• | term loan first lien | $3.0M | $3.0M | LIBOR+575 bp | Dec 8, 2028 |
| R••••• B•••• I• N• C• | term loan first lien | $3.0M | $3.0M | LIBOR+550 bp | Oct 23, 2028 |
| H•••••• B•••••• H•••••••• I••• | term loan first lien | $2.9M | $2.9M | LIBOR+525 bp | Dec 13, 2024 |
| P••••••• A••••••••• L• L• C• | term loan first lien | $2.9M | $2.9M | LIBOR+500 bp | Mar 17, 2025 |
| W• M••••• R• E• D••• L• L• C• | term loan first lien | $2.9M | $2.9M 100c | PIK 10.00% | Feb 4, 2028 |
| I• N• H• B••••• I••• | term loan first lien | $2.9M | $2.9M 98c | LIBOR+600 bp | Jun 28, 2028 |
| S•••••• E••••••••• C••••••••• | term loan first lien | $2.9M | $2.9M 100c | LIBOR+600 bp | Sep 29, 2023 |
| T•• C••• • B••••••• G•••• L• L• C• | term loan first lien | $2.9M | $2.8M | LIBOR+575 bp | Oct 20, 2025 |
| V• P• S• H•••••••• L• L• C• | term loan first lien | $2.8M | $2.7M 96c | LIBOR+900 bp PIK 2.00% | Oct 4, 2024 |
| B••••••• I••••••••• L•••••• | term loan first lien | $2.7M | $2.7M | Prime+425 bp | Nov 5, 2025 |
| A••••• M••••• L•• | equity equity | Not disclosed | $2.6M | ||
| A••••• M••••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $2.6M 126c | ||
| H••••••• M••••••••• C•••••• | term loan first lien | $2.5M | $2.5M 101c | LIBOR+725 bp | Apr 24, 2023 |
| T• C• F• I• I• I• O• W• L• B•••• L• L• C• | term loan first lien | $2.5M | $2.5M 100c | LIBOR+600 bp | Apr 17, 2026 |
| S•••• B•• S••••••• L• L• C• | term loan first lien | $2.5M | $2.5M 102c | LIBOR+625 bp | Jul 8, 2027 |
| T•••••• M••••••• S••••••• I•• | term loan first lien | $2.5M | $2.5M | LIBOR+550 bp | Feb 26, 2027 |
| N•••• H•••• U• S• H• C• A••••••••• I••• | term loan first lien | $2.5M | $2.5M 102c | LIBOR+600 bp | Oct 30, 2025 |
| T••••••• L• L• C• | term loan first lien | $2.5M | $2.5M 101c | LIBOR+700 bp | Dec 18, 2026 |
| S••••••• S••••••• A••••••••• S•• C•••• | term loan first lien | $2.5M | $2.5M 100c | LIBOR+600 bp | Sep 30, 2026 |
| N••••• N••••••• I••• | revolver first lien | $2.4M | $2.4M 99c | LIBOR+1150 bp PIK 4.00% | Mar 31, 2024 |
| O••••• I••• | term loan first lien | $2.4M | $2.4M | LIBOR+500 bp | Jun 22, 2026 |
| P• H• B••••• H••••••• I• I• I• I• N• C• | term loan first lien | $2.4M | $2.3M | LIBOR+500 bp | Sep 26, 2025 |
| E•••••••• C••••••••• o• A••••••• E••••• S••••••••• | preferred equity equity | Not disclosed | $2.3M 30c | PIK 12.00% | |
| T• C• F• I• I• I• O• W• L• B•••• L• L• C• | term loan first lien | $2.2M | $2.2M 102c | LIBOR+600 bp | Apr 17, 2026 |
| I• M••• P••• L••• M••••• E••••• S••••••••• | unstated lien unstated | Not disclosed | $2.2M | Sep 18, 2025 | |
| S••••••• S••••••• A••••••••• S•• C•••• | term loan first lien | $2.2M | $2.2M 100c | LIBOR+600 bp | Sep 30, 2026 |
| S••••• A••••• S•• H••••••• I• L•• | revolver lien unstated | Not disclosed | $2.1M | ||
| S••••• A••••• S• F• R• H••••••• I• I• L• L• C• | revolver first lien | $4.9M | $2.1M 100c | LIBOR+700 bp | Aug 9, 2024 |
| A••• C••••••••• | term loan first lien | $2.1M | $2.1M 103c | LIBOR+700 bp PIK 3.75% | Apr 13, 2027 |
| T• C• F• I• I• I• O• W• L• B•••• L• L• C• | term loan first lien | $2.0M | $2.0M 102c | LIBOR+600 bp | Apr 17, 2026 |
| S••• C••••••••• M•• C•• L• L• C• | term loan first lien | $2.0M | $2.0M 102c | LIBOR+675 bp | Jan 12, 2027 |
| C••• H•••••• L• L• C• | term loan first lien | $2.0M | $2.0M | SOFR+400 bp | Nov 23, 2027 |
| N• C• B• P• P•••••••• L• L• C• | term loan first lien | $1.9M | $2.0M 101c | LIBOR+950 bp | Jun 16, 2023 |
| W•••• P•••• I••• | term loan first lien | $2.0M | $2.0M | LIBOR+450 bp | May 11, 2028 |
| M•••••• H•••••••• L• L• C• | term loan first lien | $1.9M | $1.9M 101c | LIBOR+600 bp | Oct 16, 2023 |
| M•••••• • D••••• A••••••••• I•• | term loan first lien | $1.9M | $1.9M 103c | LIBOR+550 bp | Dec 18, 2023 |
| A•••• I••••••••• H•••••• L• L• C• | term loan first lien | $1.9M | $1.9M 101c | LIBOR+615 bp | Jan 4, 2024 |
| F•••••• D••••• G•••• H•••••••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $1.9M 51c | ||
| F•••••• D••••• G•••• H•••••••• L•• | equity equity | Not disclosed | $1.9M | ||
| R••••••••• O• D• A• L• L• C• | term loan first lien | $1.9M | $1.9M 102c | LIBOR+750 bp PIK 8.50% | Jun 8, 2029 |
| B••••••• B•• A••••••••• C••• | term loan first lien | $1.9M | $1.9M 101c | LIBOR+650 bp | Feb 12, 2026 |
| V•••••• P••••••• L• L• C• | term loan first lien | $1.6M | $1.9M 119c | LIBOR+750 bp PIK 1.50% | Jun 19, 2023 |
| L• S• C• S• H•••••••• I••• | term loan first lien | $1.8M | $1.8M | LIBOR+450 bp | Dec 15, 2028 |
| N••••• N••••••• I••• | term loan first lien | $1.9M | $1.8M 99c | LIBOR+1150 bp PIK 4.00% | Mar 31, 2024 |
| B••••••• I••••••••• L•••••• | term loan first lien | $1.8M | $1.8M | Prime+425 bp | Nov 5, 2025 |
| D••••••••• M••••• I••• | term loan first lien | $1.7M | $1.7M 100c | LIBOR+550 bp | Apr 7, 2023 |
| E••••• N••••••• L• L• C• | term loan first lien | $1.7M | $1.7M 102c | LIBOR+800 bp | Dec 31, 2025 |
| T••••• L••• C••• L• L• C• | term loan first lien | $1.7M | $1.7M | LIBOR+625 bp | Dec 14, 2026 |
| N••••• N••••••• I••• | term loan first lien | $1.7M | $1.7M 100c | LIBOR+1150 bp PIK 4.00% | Mar 31, 2024 |
| R••••••• B••••••••• L• L• C• | term loan first lien | Not disclosed | $1.7M | ||
| I• T• G••••• H•••••• L• L• C• | term loan first lien | $1.3M | $1.6M 131c | LIBOR+900 bp | Nov 10, 2023 |
| I••••••••• T•••••• G••••• I••• | term loan first lien | $1.7M | $1.6M | LIBOR+500 bp | May 1, 2024 |
| S••••••• S••••••• A••••••••• S•• C•••• | term loan first lien | $1.6M | $1.5M 100c | LIBOR+600 bp | Sep 30, 2026 |
| F•••••• E••• C•••• I••••••••• L• L• C• J••••• | term loan lien unstated | $1.5M | $1.5M 103c | PIK 16.00% | Jun 28, 2024 |
| V••• G•••• H•••••• I••• | term loan first lien | $1.5M | $1.5M 100c | LIBOR+1200 bp PIK 8.00% | Nov 2, 2022 |
| M•••• L•••• I•••• J••••• | term loan lien unstated | $1.5M | $1.5M 102c | 12.00% | May 1, 2023 |
| M•••• L•••• I•••• J••••• | term loan lien unstated | $1.5M | $1.5M 102c | 12.00% | Mar 24, 2026 |
| R••••••• H••••• G••••• L• L• C• | term loan first lien | $1.5M | $1.5M 103c | LIBOR+600 bp | Nov 20, 2025 |
| L• V• F• H•••••••• I••• | term loan first lien | $1.5M | $1.5M 102c | LIBOR+625 bp | Jun 10, 2027 |
| O•••• I••• | term loan first lien | $1.5M | $1.5M 100c | LIBOR+725 bp | May 2, 2025 |
| V• H• T• S•••••••• | term loan first lien | $1.5M | $1.5M 100c | LIBOR+700 bp PIK 8.00% | Dec 21, 2026 |
| V•••••• P••••••• L• L• C• | term loan first lien | $548,000 | $1.5M 268c | LIBOR+750 bp | Jun 19, 2023 |
| A••••••••• A••• W•••• I••••••••• L• L• C• | term loan first lien | $1.5M | $1.4M | LIBOR+475 bp | Dec 1, 2027 |
| L• V• F• H•••••••• I••• | term loan first lien | $1.4M | $1.4M 100c | LIBOR+625 bp | Jun 10, 2027 |
| F••••• M••••• I••• | term loan first lien | $1.3M | $1.3M 100c | LIBOR+950 bp PIK 2.00% | Dec 30, 2022 |
| P••••••• I••• | term loan first lien | $1.3M | $1.3M 100c | LIBOR+650 bp | Dec 30, 2024 |
| P•••••• I••• | term loan first lien | $1.3M | $1.3M 100c | LIBOR+650 bp | Dec 30, 2024 |
| M• V• R••••••••• I• I• L• L• C• | delayed draw term loan first lien | $8.0M | $1.3M 133c | LIBOR+975 bp | Jul 29, 2026 |
| P••••••• A••••••••• L• L• C• | term loan first lien | $1.3M | $1.3M 100c | LIBOR+650 bp | Apr 12, 2022 |
| C••••••• I•• | term loan first lien | $1.2M | $1.2M 100c | LIBOR+550 bp | Feb 28, 2024 |
| P•••••• S•••••••• G•••• | term loan first lien | $1.2M | $1.2M | LIBOR+700 bp | Jan 3, 2023 |
| B• L• S• T• O•••••••• C••••••• L• L• C• | term loan first lien | $1.1M | $1.1M 112c | LIBOR+850 bp PIK 9.00% | Aug 28, 2025 |
| V• B• E•• L• L• C• • D•••••• D••••• U••••••••• S•••••• L•••• | delayed draw term loan first lien | $2.3M | $1.1M 102c | LIBOR+765 bp | Nov 18, 2026 |
| Q•••• R••••••• M••••••••• G••••• L• L• C• | term loan first lien | $1.1M | $1.1M 100c | LIBOR+650 bp | Oct 20, 2025 |
| S•••••• G••••• I••• | term loan first lien | $1.1M | $1.1M 100c | SOFR+600 bp | Dec 22, 2026 |
| C• B• C• R••••••••• C•••• | term loan first lien | $1.1M | $1.1M | PIK 5.00% | Dec 30, 2022 |
| I• T• G••••• H•••••• L• L• C• | revolver first lien | $875,000 | $1.1M 121c | LIBOR+900 bp | Nov 10, 2023 |
| E••••• S••••••• G••••• L• L• C• | term loan first lien | $1.1M | $1.1M 101c | LIBOR+842 bp | May 4, 2022 |
| A• T••••••• H•••••• C••••••• I••• E••••• S••••••••• | equity equity | Not disclosed | $1.0M 913c | ||
| M• V• R••••••••• I• I• L• L• C• E••••• S••••••••• | warrants equity | Not disclosed | $1.0M 277c | Jul 28, 2031 | |
| T•• K•••• C••••••• L• L• C• | term loan first lien | $993,000 | $997,000 101c | LIBOR+650 bp | Apr 3, 2026 |
| M•••••• H•••••••• L• L• C• | delayed draw term loan first lien | $1.6M | $989,000 100c | LIBOR+600 bp | Oct 16, 2023 |
| Q•••• R••••••• M••••••••• G••••• L• L• C• | term loan first lien | $990,000 | $989,000 107c | LIBOR+650 bp | Oct 20, 2025 |
| P••••••• A••••••••• L• L• C• | term loan first lien | $990,000 | $989,000 100c | LIBOR+650 bp | Apr 12, 2022 |
| E•••••• W••• A••••••••• C••••••• L• L• C• | delayed draw term loan first lien | $2.5M | $925,000 100c | LIBOR+650 bp | Jul 14, 2028 |
| I• D• I• G• P•••••• L• L• C• | term loan first lien | $918,000 | $920,000 100c | LIBOR+600 bp | Dec 15, 2026 |
| A•••••••• L• L• C• | revolver first lien | $955,000 | $910,000 95c | LIBOR+850 bp PIK 3.00% | Apr 8, 2024 |
| O••••• I••• | term loan first lien | $876,000 | $876,000 | LIBOR+500 bp | Jun 22, 2026 |
| M• A•••• M••••••••• ••••••••• L•• | delayed draw term loan first lien | Not disclosed | $850,000 | ||
| M• C• A•••• M••••••••• • C••••••••• L• L• C• | delayed draw term loan first lien | $1.6M | $850,000 100c | LIBOR+1500 bp PIK 16.00% | Jan 26, 2024 |
| M• A•••• M••••••••• ••••••••• L•• | delayed draw term loan first lien | Not disclosed | $850,000 | ||
| M•••••• • D••••• A••••••••• I•• | term loan first lien | $829,000 | $842,000 103c | LIBOR+550 bp | Dec 18, 2023 |
| S•••••• E••••••••• C••••••••• | term loan first lien | $810,000 | $810,000 100c | LIBOR+600 bp | Sep 29, 2023 |
| E••••• N••••••• L• L• C• | term loan first lien | $788,000 | $786,000 102c | LIBOR+800 bp | Dec 31, 2025 |
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