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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 |
|---|---|---|---|---|---|
| C• P••••• H•••••••• L••• ••• C••••• H•••••••• L••• | equity equity | Not disclosed | $0 | ||
| A••••• M••••• L•• | revolver first lien | Not disclosed | $0 | ||
| C• P••••• H•••••••• L••• ••• C••••• H•••••••• L••• | term loan lien unstated | Not disclosed | $0 | ||
| T• M••••••••• H•••••• L•• | revolver lien unstated | Not disclosed | $0 | ||
| N••• C••••••••• L•• | equity equity | Not disclosed | $0 | ||
| A••••••• C•••••••• H••••• I••• | revolver first lien | Not disclosed | $0 | ||
| C• P••••• H•••••••• L••• ••• C••••• H•••••••• L••• | term loan lien unstated | Not disclosed | $0 | ||
| A••••••• C•••••••• H••••• I••• | equity equity | Not disclosed | $0 | ||
| S••••• C•••••••• C••••••••• I••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| C••••••••• L• L• C• | revolver first lien | $652,000 | Not disclosed | LIBOR+650 bp | Dec 31, 2027 |
| T• J• M••••••••• H••• C• L• L• C• | revolver first lien | $477,000 | Not disclosed | LIBOR+550 bp | Jun 28, 2024 |
| B•••••••• L• L• C• ••• C••••••••• H•••••••• | revolver first lien | $1.1M | Not disclosed | LIBOR+650 bp | Sep 8, 2027 |
| M••• L•••• C••••••••• | revolver first lien | $269,000 | Not disclosed | LIBOR+600 bp | Oct 20, 2025 |
| V•••• B••••• L• L• C• | term loan first lien | $1.1M | Not disclosed n/a | PIK 2.00% | Feb 6, 2024 |
| T••••••• M••••••••• L• L• C• | term loan first lien | $199,000 | Not disclosed n/a | Oct 26, 2022 | |
| A••• C••••••••• | revolver first lien | $150,000 | Not disclosed | LIBOR+700 bp PIK 3.75% | Apr 13, 2027 |
| V• H• T• S•••••••• | delayed draw term loan first lien | $120,000 | Not disclosed | LIBOR+700 bp PIK 8.00% | Dec 21, 2026 |
| L• X• J• T• I••••••••• H•••••••• I••• | revolver first lien | $833,000 | Not disclosed | LIBOR+600 bp | Mar 11, 2025 |
| S•• H••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| M•••••• H•••••••• L• L• C• | revolver first lien | $657,000 | Not disclosed | LIBOR+600 bp | Oct 16, 2023 |
| A••••••• C•••••••• H••••• I••• | revolver first lien | Not disclosed | Not disclosed | Dec 31, 2026 | |
| S••••• C•••••••• C••••••••• E••••• S••••••••• | warrants equity | Not disclosed | Not disclosed | ||
| V•••• B••••• L• L• C• ••• I••••••• L• L• C• | term loan lien unstated | Not disclosed | Not disclosed | ||
| B••••••• S••••••• H•••••••• I••• ••• D••• S•••••••• H•••••••• I•••• | revolver first lien | $1.3M | Not disclosed | LIBOR+625 bp | Jun 13, 2025 |
| V•••• B••••• L• L• C• ••• I••••••• L• L• C• | term loan lien unstated | Not disclosed | Not disclosed | ||
| N•••••• B•••••••• L• L• C• | revolver first lien | $445,000 | Not disclosed | LIBOR+700 bp | Aug 20, 2026 |
| V•••• B••••• L• L• C• ••• I••••••• L• L• C•• E••••• S••••••••• S••••• C• | equity equity | Not disclosed | Not disclosed | ||
| C••••• H•••••••• L• L• C• J••••• | term loan first lien | $44,000 | Not disclosed | PIK 15.00% | Jan 2, 2023 |
| A••••• M••••• L• L• C• | revolver first lien | $1.1M | Not disclosed | LIBOR+550 bp | Feb 5, 2025 |
| E••••• N••••••• L• L• C• | delayed draw term loan first lien | $427,000 | Not disclosed | LIBOR+800 bp | Dec 31, 2025 |
| A••••••••• A••• W•••• I••••••••• L• L• C• | revolver first lien | $132,000 | Not disclosed | LIBOR+475 bp | Dec 1, 2027 |
| V•••• B••••• L• L• C• ••• I••••••• L• L• C• | term loan lien unstated | Not disclosed | Not disclosed | ||
| S•••• B•• S••••••• L• L• C• | revolver first lien | $444,000 | Not disclosed | LIBOR+625 bp | Dec 31, 2025 |
| D••••• A••••••••• I••• | revolver first lien | $596,000 | Not disclosed | LIBOR+675 bp | Jun 30, 2026 |
| L••••• O•••••• H••••••• C••• E••••• S••••••••• | equity equity | Not disclosed | Not disclosed | ||
| D••••••••• M••••• I••• | revolver first lien | $542,000 | Not disclosed | LIBOR+550 bp | Apr 7, 2023 |
| N•••••••• I••• | revolver first lien | $1.3M | Not disclosed | LIBOR+550 bp | Jun 30, 2022 |
| V•••• B••••• L• L• C• ••• I••••••• L• L• C• | term loan lien unstated | Not disclosed | Not disclosed | ||
| M•••• H•••••••• I•••• E••••• S••••••••• | equity equity | Not disclosed | Not disclosed | ||
| B•••••••• L• L• C• ••• C••••••••• H•••••••• | delayed draw term loan first lien | $1.1M | Not disclosed | LIBOR+650 bp | Sep 8, 2027 |
| J• B• W• A• F•••••• L• L• C• | equity equity | Not disclosed | Not disclosed | ||
| C•••••••• I••• | revolver first lien | $409,000 | Not disclosed | LIBOR+700 bp | Apr 16, 2027 |
| 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• V• F• H•••••••• I••• | delayed draw term loan first lien | $344,000 | Not disclosed | LIBOR+625 bp | Jun 10, 2027 |
| M•••• H•••••••• I••• | revolver first lien | Not disclosed | Not disclosed | S+800 bp | |
| L••••• O•••••• H••••••• C••• E••••• S••••••••• | preferred equity equity | Not disclosed | Not disclosed | ||
| C••••• H•••••••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | Not disclosed | ||
| T•••••• M••••••• S••••••• I•• | revolver first lien | $265,000 | Not disclosed | LIBOR+550 bp | Feb 26, 2027 |
| V•••• B••••• L• L• C• | term loan first lien | $13.6M | Not disclosed n/a | PIK 2.00% | Feb 6, 2024 |
| T••••••• M••••••••• L• L• C• | revolver first lien | $66,000 | Not disclosed n/a | Oct 26, 2022 | |
| V•••• B••••• L• L• C• ••• I••••••• L• L• C• | term loan lien unstated | Not disclosed | Not disclosed | ||
| Q•••• R••••••• M••••••••• G••••• L• L• C• | delayed draw term loan first lien | $1.8M | Not disclosed | LIBOR+650 bp | Oct 20, 2025 |
| L••••• O•••••• H••••••• C•• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | ||
| L••••• O•••••• H••••••• C•• | revolver lien unstated | Not disclosed | Not disclosed | ||
| A••••••••• A••• W•••• I••••••••• L• L• C• | delayed draw term loan first lien | $388,000 | Not disclosed | LIBOR+475 bp | Dec 1, 2027 |
| C••••• H•••••••• L• L• C• J••••• | term loan first lien | Not disclosed | Not disclosed n/a | PIK 15.00% | Jan 2, 2023 |
| X•• E•• P••••••••• I••• | revolver first lien | $742,000 | Not disclosed | LIBOR+650 bp | Jan 28, 2025 |
| C•••••••• T••••••••• I••• | revolver first lien | $167,000 | Not disclosed | LIBOR+575 bp | Feb 28, 2024 |
| M•••••••• I••• | revolver first lien | $667,000 | Not disclosed | LIBOR+800 bp | Feb 14, 2025 |
| H• S• A••••••••• I••• | revolver first lien | $817,000 | Not disclosed | LIBOR+675 bp | Jul 9, 2025 |
| A••••• M••••• L• L• C• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | ||
| I••••••••• B••••• I••• | revolver first lien | $1.4M | Not disclosed | LIBOR+575 bp | Aug 3, 2026 |
| B••••••••• I••• | revolver first lien | $1.2M | Not disclosed | LIBOR+650 bp | Dec 22, 2022 |
| V•••• B••••• L• L• C• | term loan first lien | $3.1M | Not disclosed n/a | PIK 2.00% | Feb 6, 2024 |
| V• H• T• S•••••••• | revolver first lien | $43,000 | Not disclosed | LIBOR+700 bp PIK 8.00% | Dec 21, 2026 |
| L••••• O•••••• H••••••• C•• I••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| S•••••• E••••••••• C••••••••• | revolver first lien | $671,000 | Not disclosed | LIBOR+600 bp | Sep 29, 2023 |
| T••••••• M••••••••• L• L• C• | term loan first lien | $1.4M | Not disclosed n/a | Oct 26, 2022 | |
| S••••• C•••••••• C••••••••• | revolver lien unstated | Not disclosed | Not disclosed | ||
| M•••••• • D••••• A••••••••• I••• | revolver first lien | $500,000 | Not disclosed | LIBOR+550 bp | Dec 18, 2023 |
| R••••••••• O• D• A• L• L• C• | revolver first lien | $180,000 | Not disclosed | LIBOR+750 bp PIK 8.50% | May 12, 2027 |
| D••••• A••••••••• I••• | delayed draw term loan first lien | $216,000 | Not disclosed | LIBOR+675 bp | Jun 30, 2026 |
| M• C• P• S••• A••••••••• L• L• C• | delayed draw term loan first lien | $983,000 | Not disclosed | SOFR+650 bp | Nov 28, 2025 |
| S• H• I• H•••••••• I••• | revolver lien unstated | Not disclosed | Not disclosed | ||
| S• H• I• H•••••••• I••• | equity equity | Not disclosed | Not disclosed | ||
| R••••••• H••••• G••••• L• L• C• | revolver first lien | $316,000 | Not disclosed | LIBOR+600 bp | Nov 20, 2025 |
| S•••• T•••• L• L• C• | revolver first lien | $432,000 | Not disclosed | LIBOR+550 bp | Dec 8, 2023 |
| V•••• B••••• L• L• C• ••• I••••••• L• L• C• | term loan lien unstated | Not disclosed | Not disclosed | ||
| R•• Z••• R•••••••• I••• | revolver first lien | $158,000 | Not disclosed | LIBOR+675 bp | Jun 5, 2023 |
| M• C• P• S••• A••••••••• L• L• C• | revolver first lien | $1.8M | Not disclosed | SOFR+650 bp | Nov 28, 2025 |
| N• E• C• B• C••••••••• L• L• C• | equity equity | Not disclosed | Not disclosed n/a | ||
| S••• C••••••••• M•• C•• L• L• C• | revolver first lien | $322,000 | Not disclosed | LIBOR+675 bp | Jan 12, 2027 |
| N•••• H•••• U• S• H• C• A••••••••• I••• | revolver first lien | $240,000 | Not disclosed | LIBOR+600 bp | Oct 30, 2025 |
| M•••••••• C••••••••• | delayed draw term loan first lien | $215,000 | Not disclosed | LIBOR+600 bp | Oct 20, 2025 |
| S• H• I• H•••••••• I•••• I••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| I• D• I• G• P•••••• L• L• C• | revolver first lien | $429,000 | Not disclosed | LIBOR+600 bp | Dec 15, 2026 |
| B••••••• B•• A••••••••• C•••• | delayed draw term loan first lien | $382,000 | Not disclosed | LIBOR+650 bp | Jun 30, 2027 |
| S•••••• M••• I••• | revolver first lien | $350,000 | Not disclosed | LIBOR+700 bp | Nov 1, 2027 |
| S•••••• G••••• I••• | revolver first lien | $122,000 | Not disclosed | SOFR+600 bp | Dec 22, 2026 |
| M• C• A•••• M••••••••• • I••••••••• L• L• C• P••••••••• | notes lien unstated | Not disclosed | Not disclosed | ||
| R••••••• H••••• G••••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | Not disclosed | ||
| L••••• T••••• H•••••••• L• L• C• | delayed draw term loan first lien | $1.4M | Not disclosed | LIBOR+575 bp | Aug 2, 2027 |
Page 4 of 4Previous
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