DFX Intelligence
The names on this page are hidden. Create a free account to reveal 5 records a month, or get Private Credit Intelligence at $249 a month for every name. Every figure, date and source on this page is public either way.
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 |
|---|---|---|---|---|---|
| A• P• C• O• W••••••••• I••• E••••• S••••••••• C•••• A• v••••• | equity equity | Not disclosed | $737,000 187c | ||
| N•••• H•••• U• S• H• C• A••••••••• I••• | term loan first lien | $717,000 | $717,000 100c | LIBOR+600 bp | Oct 30, 2025 |
| N•••••• B•••••••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $714,000 97c | PIK 9.00% | |
| S•••• B•• S••••••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $714,000 214c | ||
| L••••••••• S• P• V• I• I• L• L• C• | term loan first lien | $744,000 | $713,000 96c | LIBOR+1075 bp | Mar 31, 2023 |
| F••••• M••••• I••• E••••• S••••••••• | warrants equity | Not disclosed | $702,000 | Jan 14, 2029 | |
| J• B• W• A• F•••••• L• L• C• | delayed draw term loan first lien | $2.7M | $677,000 100c | 9.00% | Dec 24, 2026 |
| R••••••• H••••• G••••• L• L• C• | delayed draw term loan first lien | $784,000 | $673,000 101c | LIBOR+600 bp | Nov 20, 2025 |
| M•••••••• I••• | term loan first lien | $669,000 | $664,000 99c | LIBOR+850 bp PIK 1.50% | Feb 14, 2025 |
| P••••••• A••••••••• L• L• C• | term loan first lien | $655,000 | $655,000 100c | LIBOR+650 bp | Apr 12, 2022 |
| M• C• A•••• M••••••••• • C••••••••• L• L• C• | equity equity | Not disclosed | $644,000 81c | ||
| M• A•••• M••••••••• ••••••••• L•• | equity equity | Not disclosed | $644,000 | ||
| M• C• A•••• M••••••••• • C••••••••• L• L• C• | equity equity | Not disclosed | $644,000 | ||
| A••••••• C•••••••• H••••• I••• | term loan first lien | $634,000 | $634,000 100c | LIBOR+1000 bp PIK 11.50% | Dec 31, 2026 |
| A••••••• C•••••••• H••••• I••• | term loan first lien | Not disclosed | $634,000 | ||
| A••••••• C•••••••• H••••• I••• | term loan first lien | Not disclosed | $634,000 | ||
| A••••••• C•••••••• H••••• I••• | unstated lien unstated | Not disclosed | $634,000 | ||
| N• E• C• B• C••••••••• L• L• C• | revolver first lien | $1.4M | $632,000 48c | LIBOR+1100 bp PIK 12.00% | |
| N••• C••••••••• L•• | revolver first lien | Not disclosed | $632,000 | ||
| C•••••• A••••• H•••••• L• L• C• | revolver first lien | $1.3M | $587,000 94c | LIBOR+575 bp | Jun 30, 2027 |
| E•••••••• C••••••••• o• A••••••• J••••• | term loan lien unstated | $833,000 | $576,000 69c | LIBOR+1100 bp PIK 5.50% | |
| M• V• R••••••••• I• I• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $558,000 186c | ||
| P••••••• I••• E••••• S••••••••• | equity equity | Not disclosed | $557,000 118c | PIK 8.00% | |
| C• P••••• H•••••••• L••• ••• C••••• H•••••••• L••• | revolver lien unstated | Not disclosed | $550,000 | ||
| C• P••••• H•••••••• L••• ••• C••••• H•••••••• L••• | revolver first lien | Not disclosed | $550,000 | ||
| C••••• H•••••••• L•• | revolver first lien | Not disclosed | $550,000 | ||
| C••••• H•••••••• L• L• C• | revolver first lien | $871,000 | $550,000 104c | PIK 14.00% | Aug 31, 2022 |
| M• F• G• C•••••••• L• L• C• | term loan first lien | $543,000 | $543,000 100c | LIBOR+800 bp | Jun 23, 2022 |
| N•••• H•••• U• S• H• C• A••••••••• I••• | delayed draw term loan first lien | $1.4M | $487,000 101c | LIBOR+600 bp | Oct 30, 2025 |
| V•••••• P••••••• L• L• C• | revolver first lien | $1.1M | $479,000 100c | LIBOR+950 bp | Jun 19, 2023 |
| V••• G•••• H•••••• I••• | term loan first lien | $478,000 | $478,000 100c | LIBOR+1200 bp PIK 8.00% | Nov 2, 2022 |
| S•••••• E••••••••• C••••••••• | term loan first lien | $477,000 | $477,000 100c | LIBOR+600 bp | Sep 29, 2023 |
| A•••• I••••••••• H•••••• L• L• C• | term loan first lien | $473,000 | $472,000 101c | LIBOR+615 bp | Jan 4, 2024 |
| A•••• I••••••••• H•••••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $446,000 150c | ||
| L••••• T••••• H•••••••• L• L• C• | revolver first lien | $1.7M | $443,000 100c | LIBOR+575 bp | Aug 2, 2027 |
| I• D• I• G• P•••••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $428,000 173c | ||
| M••• L•••• C••••••••• E••••• S••••••••• | equity equity | Not disclosed | $423,000 146c | ||
| B• L• S• T• O•••••••• C••••••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $420,000 59c | ||
| E•••••• W••• A••••••••• C••••••• L• L• C• | revolver first lien | $750,000 | $400,000 100c | LIBOR+650 bp | Jul 14, 2028 |
| S••• C••••••••• M•• C•• L• L• C• | term loan first lien | $336,000 | $336,000 102c | LIBOR+675 bp | Jan 12, 2027 |
| M••• L•••• C••••••••• | term loan first lien | $323,000 | $330,000 104c | LIBOR+600 bp | Oct 20, 2025 |
| V••• G•••• H•••••• I••• | term loan first lien | $293,000 | $293,000 101c | LIBOR+1200 bp PIK 8.00% | Nov 2, 2022 |
| B••• T• R••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $293,000 109c | ||
| Q•••• R••••••• M••••••••• G••••• L• L• C• E••••• S••••••••• | warrants equity | Not disclosed | $286,000 427c | Mar 19, 2028 | |
| F••••• M••••• I••• | term loan first lien | $282,000 | $281,000 100c | LIBOR+950 bp PIK 2.00% | Dec 30, 2022 |
| A•••• I••••••••• H•••••• L• L• C• | term loan first lien | $279,000 | $278,000 102c | LIBOR+615 bp | Jan 4, 2024 |
| A••••••• C•••••••• H••••• I••• | warrants equity | Not disclosed | $264,000 | ||
| A••••••• C•••••••• H••••• I•••• E••••• S••••••••• | warrants equity | Not disclosed | $264,000 | Dec 18, 2024 | |
| A••••••• C•••••••• H••••• I••• | warrants equity | Not disclosed | $264,000 | ||
| T••••• L••• C••• L• L• C• | term loan first lien | $253,000 | $255,000 | LIBOR+625 bp | Dec 14, 2026 |
| V•••••• P••••••• L• L• C• | term loan first lien | $237,000 | $230,000 98c | LIBOR+750 bp PIK 8.50% | Jun 19, 2023 |
| P• K• S• H•••••••• L• L• C• E••••• S••••••••• | preferred equity equity | Not disclosed | $219,000 378c | PIK 12.00% | |
| R•• Z••• R•••••••• I••• | term loan first lien | $213,000 | $213,000 101c | LIBOR+675 bp | Jun 5, 2023 |
| E•••••• W••• A••••••••• C••••••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $208,000 166c | PIK 8.00% | |
| R••••••• F•••••• I••• E••••• S••••••••• | equity equity | Not disclosed | $203,000 251c | ||
| V••• G•••• H•••••• I••• | term loan first lien | $180,000 | $180,000 100c | LIBOR+1200 bp PIK 8.00% | Nov 2, 2022 |
| D••••• A••••••••• I••• E••••• S••••••••• | equity equity | Not disclosed | $179,000 100c | ||
| C•••••• A••••• H•••••• L• L• C• | delayed draw term loan first lien | Not disclosed | $176,000 94c | LIBOR+575 bp | Jun 30, 2027 |
| Q•••• R••••••• M••••••••• G••••• L• L• C• E••••• S•••••••• | warrants equity | Not disclosed | $169,000 | Mar 19, 2028 | |
| A•••• I••••••••• H•••••• L• L• C• | revolver first lien | $320,000 | $160,000 100c | LIBOR+575 bp | Jan 4, 2024 |
| M• C• P• S••• A••••••••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $148,000 124c | ||
| R••••••• P••••••• I••••••••• L• L• C• | revolver first lien | $473,000 | $142,000 100c | LIBOR+675 bp | Aug 4, 2026 |
| L• V• F• H•••••••• I••• | revolver first lien | $238,000 | $119,000 100c | LIBOR+625 bp | Jun 10, 2027 |
| L••••• T••••• H•••••••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $109,000 98c | ||
| X•• E•• P••••••••• I••• E••••• S••••••••• | equity equity | Not disclosed | $106,000 216c | PIK 8.00% | |
| C••••••• I••• | revolver first lien | $409,000 | $102,000 100c | LIBOR+550 bp | Feb 28, 2024 |
| E••••• N••••••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $102,000 103c | ||
| I••••••••• B••••• I•••• E••••• S••••••••• | equity equity | Not disclosed | $101,000 125c | ||
| A••••••• C•••••••• H••••• I••• | term loan first lien | Not disclosed | $99,000 | ||
| A••••••• C•••••••• H••••• I••• | term loan first lien | $99,000 | $99,000 100c | LIBOR+1000 bp PIK 11.50% | Dec 31, 2026 |
| A••••••• C•••••••• H••••• I••• | term loan first lien | Not disclosed | $99,000 | ||
| A••••••• C•••••••• H••••• I••• | term loan first lien | Not disclosed | $99,000 | ||
| A••••••• C•••••••• H••••• I••• | unstated lien unstated | Not disclosed | $99,000 | ||
| V• P• S• H•••••••• L• L• C• | revolver first lien | $1.0M | $97,000 96c | LIBOR+900 bp PIK 2.00% | Oct 4, 2024 |
| P••••••• I••• | revolver first lien | $442,000 | $88,000 100c | LIBOR+650 bp | Dec 30, 2024 |
| C••••••••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $87,000 100c | ||
| E••••• N••••••• L• L• C• | revolver first lien | $171,000 | $85,000 100c | LIBOR+800 bp | Dec 31, 2025 |
| S•••••• G••••• I••• E••••• S••••••••• | equity equity | Not disclosed | $81,000 100c | ||
| L••••• O•••••• H••••••• C•• | equity equity | Not disclosed | $78,000 | ||
| N••••• N••••••• I••• E••••• S••••••••• | equity equity | Not disclosed | $69,000 45c | ||
| N•••••• B•••••••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $67,000 44c | ||
| H•••••• B•••••• H•••••••• I••• | term loan first lien | $66,000 | $65,000 | LIBOR+525 bp | Dec 13, 2024 |
| C•••••••• T••••••••• I••• | term loan first lien | $60,000 | $60,000 100c | LIBOR+575 bp | Feb 28, 2024 |
| T•• K•••• C••••••• L• L• C• | revolver first lien | $105,000 | $43,000 100c | LIBOR+650 bp | Apr 3, 2026 |
| R••••••• H••••• G••••• L• L• C• E••••• S••••••••• | preferred equity equity | Not disclosed | $40,000 100c | PIK 12.00% | |
| P• K• S• H•••••••• L• L• C• E••••• S••••••••• | preferred equity equity | Not disclosed | $34,000 378c | PIK 12.00% | |
| B••• T• R••• L• L• C• | delayed draw term loan first lien | $569,000 | $34,000 103c | LIBOR+600 bp | Apr 1, 2027 |
| P• K• S• H•••••••• L• L• C• E••••• S••••••••• | preferred equity equity | Not disclosed | $34,000 378c | PIK 12.00% | |
| A••••••• C•••••••• H••••• I••• | unstated lien unstated | Not disclosed | $20,000 | ||
| A••••••• C•••••••• H••••• I••• | term loan first lien | Not disclosed | $20,000 | ||
| A••••••• C•••••••• H••••• I••• | term loan first lien | $20,000 | $20,000 100c | LIBOR+1000 bp PIK 11.50% | Dec 31, 2026 |
| A••••••• C•••••••• H••••• I••• | term loan first lien | Not disclosed | $20,000 | ||
| A••••••• C•••••••• H••••• I••• | term loan first lien | Not disclosed | $20,000 | ||
| V•••••• P••••••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $16,000 3c | PIK 10.00% | |
| D••••• A••••••••• I••• E••••• S••••••••• | equity equity | Not disclosed | $9,000 | ||
| N••••• N••••••• I••• E••••• S••••••••• | equity equity | Not disclosed | $5,000 13c | ||
| P• K• S• H•••••••• L• L• C• E••••• S••••••••• | preferred equity equity | Not disclosed | $5,000 500c | PIK 12.00% | |
| W••••••• M••••• 7•• J• V• L• L• C• E••••• S••••••••• | preferred equity equity | Not disclosed | $2,000 100c | PIK 4.00% | |
| M•••• H•••••••• I••• | equity equity | Not disclosed | $0 | ||
| M•••• H•••••••• I••• | revolver lien unstated | Not disclosed | $0 |
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