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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.

Fair value
$335M
Schedule of investments, 10-Q and 10-K
Borrowers
90
Schedule of investments, 10-Q and 10-K
Mark on cost
91.2¢
Schedule of investments, 10-Q and 10-K
First lien
81%
Schedule of investments, 10-Q and 10-K
Schedule of investments (359)Quarter by quarter
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 814-00866Show
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
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Dec 31, 2025$413M9091c75678 bp
Sep 30, 2025$466M8089c75683 bp
Jun 30, 2025$474M8190c67682 bp
Mar 31, 2025$546M8992c72683 bp
All 19 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Dec 31, 2024$1.8B9793c252680 bp
Sep 30, 2024$712M9795c83666 bp
Jun 30, 2024$633M9696c77693 bp
Mar 31, 2024$647M10096c72692 bp
Dec 31, 2023$922M9996c97701 bp
Sep 30, 2023$665M12697c66713 bp
Jun 30, 2023$768M16098c66686 bp
Mar 31, 2023$719M10698c85749 bp
Dec 31, 2022$1.5B18796c163699 bp
Sep 30, 2022$545M10199c60724 bp
Jun 30, 2022$129M12n/a0n/a
Mar 31, 2022$132M12n/a0n/a
Dec 31, 2021$856M131101c67695 bp
Sep 30, 2021$137M16n/a0n/a
Dec 31, 2020$149M13n/a0n/a
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
Full timeline · 20 events
Every position change, including routine ones
Schedule of investments at Sep 30, 2022
327 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
X•• E•• P••••••••• I•••revolver first lien$742,000Not disclosedSOFR+650 bpJan 28, 2025
S••••• C•••••••• C••••••••• E••••• S•••••••••warrants equityNot disclosedNot disclosed
V•••• B••••• L• L• C• ••• I••••••• L• L• C•• E••••• S••••••••• S••••• C•equity equityNot disclosedNot disclosed
R•• Z••• R•••••••• I•••revolver first lien$158,000Not disclosedLIBOR+675 bpJun 5, 2023
N•••• H•••• U• S• H• C• A••••••••• I•••delayed draw term loan first lien$1.1MNot disclosedSOFR+650 bpOct 30, 2025
K•• W••• H•••••••• L• L• C•revolver first lien$572,000Not disclosedSOFR+600 bpFeb 26, 2027
L• V• F• H•••••••• I•••delayed draw term loan first lien$344,000Not disclosedLIBOR+625 bpJun 10, 2027
C••••• H•••••••• L• L• C• J•••••term loan lien unstatedNot disclosedNot disclosedJan 2, 2023
R••••••• P••••••• I••••••••• L• L• C•revolver first lien$473,000Not disclosedLIBOR+675 bpAug 4, 2026
R••••••••• O• D• A• L• L• C•revolver first lien$180,000Not disclosedLIBOR+750 bp
PIK 10.59%
May 12, 2027
V•••• B••••• L• L• C• ••• I••••••• L• L• C•term loan lien unstatedNot disclosedNot disclosed
S••••• A••••• S•• H••••••• I• L••delayed draw term loan lien unstatedNot disclosedNot disclosed
C• P••••• H•••••••• L••• ••• C••••• H•••••••• L•••• E••••• S•••••••••equity equityNot disclosedNot disclosed
W••••••• P••••• H••••••• I• I• I• I•••delayed draw term loan first lien$1.4MNot disclosedSOFR+675 bpJun 2, 2028
C••••• H•••••••• L••revolver first lienNot disclosedNot disclosed
D••••• A••••••••• I•••delayed draw term loan first lien$216,000Not disclosedLIBOR+625 bpJun 30, 2026
N•••••• B••••••• L••delayed draw term loan first lien$5.1MNot disclosedSOFR+700 bpAug 26, 2027
S••••••• S•••••• C••••••••• L• L• C•revolver first lien$200,000Not disclosedSOFR+625 bpJan 25, 2027
V•••• B••••• L• L• C• ••• I••••••• L• L• C•term loan lien unstatedNot disclosedNot disclosed
S••••• C•••••••• C•••••••••revolver lien unstatedNot disclosedNot disclosed
V•••• B••••• L• L• C•term loan first lien$7.0MNot disclosed
n/a
PIK 2.00%
Feb 6, 2024
T•••• C••••••• I•••delayed draw term loan first lien$124,000Not disclosedSOFR+725 bpFeb 16, 2028
R••••••• H••••• G••••• L• L• C• E••••• S•••••••••equity equityNot disclosedNot disclosed
V•••• B••••• L• L• C• ••• I••••••• L• L• C•term loan lien unstatedNot disclosedNot disclosed
L••••• T••••• H•••••••• L• L• C•revolver first lien$1.7MNot disclosedLIBOR+575 bpAug 2, 2027
L••••• T••••• H•••••••• L• L• C•delayed draw term loan first lien$1.4MNot disclosedLIBOR+575 bpAug 2, 2027
L••••• O•••••• H••••••• C•• I•••••••••unstated lien unstatedNot disclosedNot disclosed
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