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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, 2022
327 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| X•• E•• P••••••••• I••• | term loan first lien | $1.8M | $1.8M 103c | SOFR+650 bp | Jan 28, 2025 |
| M• V• R••••••••• I• I• L• L• C• E••••• S••••••••• | warrants equity | Not disclosed | $1.7M 482c | Jul 28, 2031 | |
| F•••••• E••• C•••• I••••••••• L• L• C• J••••• | term loan lien unstated | $1.7M | $1.7M 101c | PIK 16.00% | Jun 28, 2024 |
| N••••• N••••••• I••• | term loan first lien | $1.9M | $1.7M 91c | SOFR+1150 bp PIK 4.00% | Mar 31, 2024 |
| E••••• N••••••• L• L• C• | term loan first lien | $1.7M | $1.7M 100c | SOFR+800 bp | Dec 31, 2025 |
| O•••• I••• | term loan first lien | $1.7M | $1.7M 101c | SOFR+725 bp | May 2, 2025 |
| A••••••• B•••••••• a•• T••••••••• C•••••• L• L• C• | delayed draw term loan first lien | $1.8M | $1.7M 101c | Prime+1000 bp | Jun 10, 2025 |
| C••••••••• P•••• K••••••• I•••• E••••• S••••••••• | equity equity | Not disclosed | $1.6M 30c | ||
| M•••••• H•••••••• L• L• C• | term loan first lien | $1.6M | $1.6M 100c | SOFR+600 bp | Oct 16, 2023 |
| V••• G•••• H•••••• I••• | term loan first lien | $1.6M | $1.6M 100c | LIBOR+1200 bp PIK 8.00% | Nov 2, 2022 |
| K•• W••• H•••••••• L• L• C• | delayed draw term loan first lien | $2.7M | $1.6M 100c | SOFR+600 bp | Feb 26, 2027 |
| K•• W••• H•••••••• L•• | term loan first lien | $1.6M | $1.6M 102c | SOFR+600 bp | Feb 26, 2027 |
| N••••• N••••••• I••• | term loan first lien | $1.7M | $1.6M 91c | SOFR+1150 bp PIK 4.00% | Mar 31, 2024 |
| S••••••• S••••••• A••••••••• S•• C•••• | term loan first lien | $1.5M | $1.5M 100c | SOFR+600 bp | Sep 30, 2026 |
| V•••••• P••••••• L• L• C• | term loan first lien | $502,000 | $1.5M 305c | LIBOR+750 bp | Jun 19, 2023 |
| M•••• L•••• I•••• J••••• | term loan lien unstated | $1.5M | $1.5M 100c | SOFR+575 bp | May 1, 2023 |
| R••••••• H••••• G••••• L• L• C• | term loan first lien | $1.5M | $1.5M 101c | SOFR+600 bp | Nov 20, 2025 |
| N•••• H•••• U••• A••••••••• I•• | term loan first lien | $1.4M | $1.4M 100c | SOFR+650 bp | Oct 30, 2025 |
| L• V• F• H•••••••• I••• | term loan first lien | $1.5M | $1.4M 98c | LIBOR+625 bp | Jun 10, 2027 |
| A••••• M••••• L• L• C• E••••• S••••••••• | equity equity | $0 | $1.4M 70c | PIK 8.00% | |
| L• V• F• H•••••••• I••• | term loan first lien | $1.4M | $1.4M 96c | LIBOR+625 bp | Jun 10, 2027 |
| P••••••• I•• | term loan first lien | $1.3M | $1.3M 99c | LIBOR+650 bp | Dec 28, 2026 |
| C•••••••• T••••••••• I••• | term loan first lien | $1.3M | $1.3M 102c | SOFR+725 bp | Feb 28, 2024 |
| F••••• M••••• I•• | term loan first lien | $1.3M | $1.3M 98c | SOFR+950 bp | Apr 30, 2024 |
| M• V• R••••••••• I• I• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $1.2M 203c | ||
| K•• W••• H•••••••• L•• | term loan first lien | $1.1M | $1.1M 100c | SOFR+600 bp | Feb 26, 2027 |
| B• L• S• T• O•••••••• C••••••• L• L• C• | term loan first lien | $1.1M | $1.1M 120c | LIBOR+850 bp | Aug 28, 2025 |
| C•• A•••••••• M••••••••• L•• | term loan first lien | $1.1M | $1.1M 100c | SOFR+650 bp | Dec 17, 2026 |
| J• B•• F•••••• L•• | delayed draw term loan lien unstated | $2.8M | $1.1M 98c | 9.00% | Dec 24, 2026 |
| R••••••• B••••••••• L• L• C• | term loan first lien | Not disclosed | $1.1M | ||
| S•••••• G••••• I••• | term loan first lien | $1.1M | $1.1M 100c | SOFR+575 bp | Dec 22, 2026 |
| Q•••• R••••••• M••••••••• G••••• L• L• C• | term loan first lien | $1.1M | $1.1M 100c | LIBOR+650 bp | Oct 20, 2025 |
| S••••••• S•••••• C••••••••• L• L• C• | term loan first lien | $998,000 | $993,000 101c | SOFR+625 bp | Jan 25, 2027 |
| T•• K•••• C••••••• L• L• C• | term loan first lien | $988,000 | $983,000 100c | SOFR+715 bp PIK 0.50% | Apr 3, 2026 |
| M•• S••• A••••••••• L•• | term loan first lien | $980,000 | $981,000 100c | SOFR+650 bp | Nov 28, 2025 |
| Q•••• R••••••• M••••••••• G••••• L• L• C• | term loan first lien | $975,000 | $978,000 107c | LIBOR+650 bp | Oct 20, 2025 |
| M• C• A•••• M••••••••• • C••••••••• L• L• C• | delayed draw term loan first lien | $1.8M | $957,000 100c | LIBOR+1500 bp PIK 17.28% | Jan 26, 2024 |
| A• P• C• O• W••••••••• I••• E••••• S••••••••• C•••• A• v••••• | equity equity | Not disclosed | $939,000 238c | ||
| N•••••• B•••••••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $934,000 120c | PIK 5.00% | |
| P••••••• I•• | term loan first lien | $884,000 | $877,000 99c | LIBOR+650 bp | Dec 28, 2026 |
| S•••• B•• S••••••• L• L• C• | term loan first lien | $2.8M | $818,000 100c | SOFR+625 bp | Jul 8, 2027 |
| C•••••• A••••• H•••••• L• L• C• | revolver first lien | $1.3M | $805,000 92c | SOFR+875 bp PIK 3.00% | Jun 30, 2027 |
| A•••• I••••••••• H•••••• L•• | term loan first lien | $798,000 | $797,000 102c | SOFR+615 bp | Jan 4, 2024 |
| E••••• N••••••• L• L• C• | term loan first lien | $782,000 | $769,000 100c | SOFR+800 bp | Dec 31, 2025 |
| D••••••••• M••••• I•• | term loan first lien | $759,000 | $759,000 100c | SOFR+550 bp | Apr 7, 2023 |
| M• C• A•••• M••••••••• • C••••••••• L• L• C• | equity equity | Not disclosed | $751,000 | ||
| M• C• A•••• M••••••••• • C••••••••• L• L• C• | equity equity | $0 | $751,000 95c | ||
| E•••••• W••• A••••••••• C••••••• L• L• C• | delayed draw term loan first lien | $1.5M | $743,000 100c | SOFR+650 bp | Jul 14, 2028 |
| N•••• H•••• U••• A••••••••• I•• | term loan first lien | $713,000 | $713,000 100c | SOFR+650 bp | Oct 30, 2025 |
| M•••••••• I••• | term loan first lien | $676,000 | $675,000 100c | LIBOR+850 bp PIK 1.50% | Feb 14, 2025 |
| R••••••• H••••• G••••• L• L• C• | delayed draw term loan first lien | $780,000 | $658,000 100c | SOFR+600 bp | Nov 20, 2025 |
| B•••••••• L• L• C• ••• C••••••••• H•••••••• | revolver first lien | $1.1M | $640,000 98c | LIBOR+625 bp | Sep 8, 2027 |
| S•••• B•• S••••••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $572,000 171c | ||
| A••••••• C•••••••• H••••• I••• | term loan first lien | Not disclosed | $548,000 | ||
| A••••••• C•••••••• H••••• I••• | term loan first lien | Not disclosed | $548,000 | ||
| A••••••• C•••••••• H••••• I••• | term loan first lien | $662,000 | $548,000 83c | SOFR+800 bp | Dec 31, 2026 |
| P••••••• I•• | term loan first lien | $530,000 | $526,000 102c | SOFR+650 bp | Dec 28, 2026 |
| V••• G•••• H•••••• I••• | term loan first lien | $513,000 | $510,000 99c | LIBOR+1200 bp PIK 8.00% | Nov 2, 2022 |
| P••••••• I••• E••••• S••••••••• | equity equity | Not disclosed | $479,000 101c | PIK 8.00% | |
| B••• T• R••• L• L• C• | delayed draw term loan first lien | $568,000 | $469,000 100c | LIBOR+600 bp | Apr 1, 2027 |
| A•••• I••••••••• H•••••• L• L• C• | term loan first lien | $469,000 | $468,000 100c | LIBOR+615 bp | Jan 4, 2024 |
| A•••• I••••••••• H•••••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $449,000 151c | ||
| P••••••• I••• | revolver first lien | $442,000 | $439,000 99c | LIBOR+650 bp | Dec 28, 2026 |
| N• E• C• B• C••••••••• L• L• C• | revolver first lien | $1.4M | $426,000 32c | LIBOR+1100 bp PIK 14.61% | |
| B• L• S• T• O•••••••• C••••••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $420,000 59c | ||
| L••••••••• S• P• V• I• I• L• L• C• | term loan first lien | $413,000 | $399,000 97c | LIBOR+1075 bp | Mar 31, 2023 |
| Q•••• R••••••• M••••••••• G••••• L• L• C• | delayed draw term loan first lien | $1.8M | $384,000 100c | LIBOR+650 bp | Oct 20, 2025 |
| A• T••••••• H•••••• C••••••• I••• E••••• S••••••••• | equity equity | Not disclosed | $381,000 334c | ||
| E•••••• W••• A••••••••• C••••••• L• L• C• | revolver first lien | $379,000 | $379,000 100c | SOFR+650 bp | Jul 14, 2028 |
| V•••••• P••••••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $357,000 71c | PIK 10.00% | |
| M••• L•••• C••••••••• E••••• S••••••••• | equity equity | Not disclosed | $349,000 | ||
| C•••••• • P••• B••••• O•••• L• L• C• a•• P•••••• N••••••• G••• C••• L• L• C• | delayed draw term loan first lien | $337,000 | $337,000 100c | SOFR+825 bp | Apr 30, 2025 |
| F••••• M••••• I••• E••••• S••••••••• | warrants equity | Not disclosed | $337,000 | Jan 14, 2029 | |
| S••• C••••••••• M•• C•• L• L• C• | term loan first lien | $336,000 | $331,000 100c | LIBOR+675 bp | Jan 12, 2027 |
| M••• L•••• C••••••••• | term loan first lien | $321,000 | $319,000 101c | SOFR+650 bp | Oct 20, 2025 |
| V•••••• P••••••• L• L• C• | revolver first lien | $1.1M | $315,000 100c | LIBOR+950 bp | Jun 19, 2023 |
| B••• T• R••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $312,000 116c | ||
| V••• G•••• H•••••• I••• | term loan first lien | $314,000 | $312,000 99c | LIBOR+1200 bp PIK 8.00% | Nov 2, 2022 |
| I• D• I• G• P•••••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $312,000 126c | ||
| Q•••• R••••••• M••••••••• G••••• L• L• C• E••••• S••••••••• | warrants equity | Not disclosed | $311,000 464c | Mar 19, 2028 | |
| P• K• S• H•••••••• L• L• C• E••••• S••••••••• | preferred equity equity | Not disclosed | $308,000 531c | PIK 12.00% | |
| A•••• I••••••••• H•••••• L• L• C• | term loan first lien | $277,000 | $276,000 101c | LIBOR+615 bp | Jan 4, 2024 |
| V•••••• P••••••• L• L• C• | term loan first lien | $253,000 | $249,000 99c | LIBOR+750 bp PIK 10.62% | Jun 19, 2023 |
| H• S• A••••••••• I••• | revolver first lien | $817,000 | $245,000 100c | LIBOR+675 bp | Jul 9, 2025 |
| M•••• H•••••••• I•• | revolver first lien | $533,000 | $240,000 100c | SOFR+300 bp | Dec 30, 2023 |
| M•••• H••••••• I••• | revolver lien unstated | Not disclosed | $240,000 | ||
| M•••• H•••••••• I••• | revolver first lien | Not disclosed | $240,000 | S+300 bp | Dec 30, 2023 |
| R••••••• F•••••• I••• E••••• S••••••••• | equity equity | Not disclosed | $229,000 283c | ||
| A•••• I••••••••• H•••••• L• L• C• | revolver first lien | $320,000 | $224,000 100c | LIBOR+575 bp | Jan 4, 2024 |
| Q•••• R••••••• M••••••••• G••••• L• L• C• E••••• S•••••••• | warrants equity | Not disclosed | $217,000 | Mar 19, 2028 | |
| M••• L•••• C••••••••• | term loan first lien | $215,000 | $214,000 100c | SOFR+650 bp | Oct 20, 2025 |
| R•• Z••• R•••••••• I••• | term loan first lien | $205,000 | $205,000 100c | LIBOR+675 bp | Jun 5, 2023 |
| V••• G•••• H•••••• I••• | term loan first lien | $193,000 | $192,000 99c | LIBOR+1200 bp PIK 8.00% | Nov 2, 2022 |
| D••••• A••••••••• I••• E••••• S••••••••• | equity equity | Not disclosed | $179,000 100c | ||
| X•• E•• P••••••••• I••• E••••• S••••••••• | equity equity | Not disclosed | $179,000 365c | PIK 8.00% | |
| M• C• P• S••• A••••••••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $172,000 145c | ||
| C•••••• A••••• H•••••• L• L• C• | delayed draw term loan first lien | Not disclosed | $171,000 91c | SOFR+875 bp PIK 3.00% | Jun 30, 2027 |
| L• V• F• H•••••••• I••• | revolver first lien | $238,000 | $169,000 96c | LIBOR+625 bp | Jun 10, 2027 |
| C••••• H•••••••• L• L• C• | term loan first lien | Not disclosed | $146,000 | ||
| C• P••••• H•••••••• L••• ••• C••••• H•••••••• L••• | term loan first lien | Not disclosed | $146,000 |
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