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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 Mar 31, 2023
370 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| A••• C••••••••• | term loan first lien | $2.2M | $2.2M 101c | LIBOR+700 bp PIK 3.75% | Apr 13, 2027 |
| S••••••• S••••••• A••••••••• S•• C•••• | term loan first lien | $2.1M | $2.1M 100c | SOFR+600 bp PIK 10.91% | Sep 30, 2026 |
| R••••••••• O• D• A• L• L• C• | term loan first lien | $2.1M | $2.1M 102c | LIBOR+750 bp PIK 12.35% | Jun 8, 2029 |
| M•••••••• I•• | term loan first lien | $2.1M | $2.1M 101c | LIBOR+650 bp PIK 11.34% | Oct 27, 2028 |
| T• C• F• I• I• I• O• W• L• B•••• L• L• C• | term loan first lien | $2.0M | $2.0M 101c | SOFR+550 bp | Apr 17, 2026 |
| A••••• H•••••• I•• L•• | unstated lien unstated | $2.0M | $2.0M 102c | SOFR+1026 bp PIK 1.00% | Dec 21, 2027 |
| E•••••••• C••••••••• o• A••••••• J••••• | term loan lien unstated | $833,000 | $2.0M 240c | LIBOR+1100 bp PIK 5.50% | |
| H••••••• M••••••••• C•••••• | term loan first lien | $2.0M | $2.0M 101c | SOFR+760 bp | Dec 31, 2024 |
| S•••• B••••••••• L•• | delayed draw term loan first lien | $2.8M | $2.0M 100c | SOFR+625 bp | Jul 8, 2027 |
| S••• C••••••••• M•• C•• L• L• C• | term loan first lien | $2.0M | $2.0M 100c | LIBOR+675 bp | Jan 12, 2027 |
| N• C• B• P• P•••••••• L• L• C• | term loan first lien | $1.9M | $2.0M 101c | LIBOR+950 bp | Jun 16, 2023 |
| I• M••• P••• L••• M••••• E••••• S••••••••• | unstated lien unstated | Not disclosed | $1.9M | Sep 18, 2025 | |
| A••••••• C•••••••• H••••• I••• | term loan first lien | Not disclosed | $1.9M | ||
| A••••••• C•••••••• H••••• I••• | term loan first lien | Not disclosed | $1.9M | ||
| A••••••• C•••••••• H••••• I••• | term loan first lien | $2.6M | $1.9M 74c | SOFR+811 bp PIK 12.92% | Dec 31, 2026 |
| V•••••• P••••••• L• L• C• | term loan first lien | $1.6M | $1.9M 118c | LIBOR+750 bp PIK 1.50% | Jun 19, 2023 |
| A•••• I••••••••• H•••••• L• L• C• | term loan first lien | $1.9M | $1.9M 100c | SOFR+636 bp | Jul 3, 2025 |
| A• S• G• I• I• L• L• C• U••••••••• S•••••• L••••• d•• 5••••• | term loan first lien | $1.9M | $1.9M 102c | SOFR+625 bp | May 25, 2028 |
| A••••• M••••• L•• | equity equity | Not disclosed | $1.9M | ||
| A••••• M••••• L• L• C• E••••• S••••••••• | equity equity | $0 | $1.9M 93c | PIK 8.00% | |
| B••••••• B•• A••••••••• C••• | term loan first lien | $1.9M | $1.8M 100c | LIBOR+650 bp | Feb 12, 2026 |
| X•• E•• P••••••••• I••• | term loan first lien | $1.8M | $1.8M 102c | SOFR+650 bp | Jan 28, 2025 |
| K•• W••• H•••••••• L• L• C• | delayed draw term loan first lien | $2.7M | $1.8M 100c | SOFR+600 bp | Feb 26, 2027 |
| V••• G•••• H•••••• I••• | term loan first lien | $1.7M | $1.7M 98c | SOFR+1500 bp PIK 15.00% | May 12, 2023 |
| E••••• N••••••• L• L• C• | term loan first lien | $1.7M | $1.7M 100c | SOFR+600 bp | Dec 31, 2025 |
| M• A•••• M••••••••• ••••••••• L•• | equity equity | Not disclosed | $1.7M | ||
| M• C• A•••• M••••••••• • C••••••••• L• L• C• | equity equity | $0 | $1.7M 212c | ||
| M• C• A•••• M••••••••• • C••••••••• L• L• C• | equity equity | Not disclosed | $1.7M | ||
| O•••• I••• | term loan first lien | $1.7M | $1.7M 101c | SOFR+725 bp | May 2, 2025 |
| N••••• N•••••• I••• | term loan first lien | $1.9M | $1.7M 90c | SOFR+1150 bp PIK 4.00% | Mar 31, 2024 |
| W••••••• M••••• 7•• J• V• L• L• C• E••••• S••••••••• | preferred equity equity | Not disclosed | $1.6M 80950c | PIK 4.00% | |
| 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 | $1.5M 90c | 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 |
| M•••• L•••• I•••• J••••• | term loan lien unstated | $1.5M | $1.5M 101c | Prime+575 bp | May 1, 2023 |
| E•••••• W••• A••••••••• C••••••• L•• | term loan first lien | $1.5M | $1.5M 98c | SOFR+650 bp | Jul 14, 2028 |
| R••••••• H••••• G••••• L• L• C• | term loan first lien | $1.5M | $1.5M 100c | SOFR+600 bp | Nov 20, 2025 |
| V•••••• P••••••• L• L• C• | term loan first lien | $502,000 | $1.4M 287c | LIBOR+750 bp | Jun 19, 2023 |
| L• V• F• H•••••••• I••• | term loan first lien | $1.5M | $1.4M 99c | SOFR+640 bp | Jun 10, 2027 |
| A••••••• B•••••••• a•• T••••••••• C•••••• L• L• C• | delayed draw term loan first lien | $1.5M | $1.4M 103c | Prime+1200 bp PIK 2.00% | Jun 10, 2025 |
| N•••• H•••• U••• A••••••••• I•• | term loan first lien | $1.4M | $1.4M 99c | SOFR+650 bp | Oct 30, 2025 |
| J• B•• F•••••• L•• | revolver first lien | $2.8M | $1.4M 99c | 9.00% | Apr 28, 2028 |
| L• V• F• H•••••••• I••• | term loan first lien | $1.4M | $1.4M 97c | SOFR+640 bp | Jun 10, 2027 |
| P••••••• I•• | term loan first lien | $1.3M | $1.3M 99c | SOFR+650 bp | Dec 28, 2026 |
| C•••••••• T••••••••• I••• | term loan first lien | $1.3M | $1.3M 102c | SOFR+725 bp | Feb 28, 2025 |
| F••••• M••••• I•• | term loan first lien | $1.3M | $1.3M 99c | SOFR+950 bp PIK 2.00% | Apr 30, 2024 |
| A• P• C• O• W••••••••• I••• E••••• S••••••••• C•••• A• v••••• | equity equity | Not disclosed | $1.3M 318c | ||
| M• V• R••••••••• I• I• L• L• C• E••••• S••••••••• | warrants equity | Not disclosed | $1.2M 331c | Jul 28, 2031 | |
| C••••••••• P•••• K••••••• I•••• E••••• S••••••••• | equity equity | Not disclosed | $1.2M 22c | ||
| K•• W••• H•••••••• L•• | term loan first lien | $1.1M | $1.1M 100c | SOFR+600 bp | Feb 26, 2027 |
| C•• A•••••••• M••••••••• L•• | term loan first lien | $1.1M | $1.1M 101c | SOFR+700 bp | Dec 17, 2026 |
| S•••••• G••••• I••• | term loan first lien | $1.1M | $1.1M 98c | SOFR+636 bp | Dec 22, 2026 |
| Q•••• R••••••• M••••••••• G••••• L• L• C• | term loan first lien | $1.1M | $1.0M 97c | SOFR+700 bp | Oct 20, 2025 |
| B•••••••• L•• | revolver first lien | $1.1M | $1.0M 98c | LIBOR+600 bp | Sep 8, 2027 |
| M•• S••• A••••••••• L•• | term loan first lien | $975,000 | $975,000 100c | SOFR+600 bp | Nov 28, 2025 |
| T•• K•••• C••••••• L• L• C• | term loan first lien | $985,000 | $972,000 99c | SOFR+725 bp PIK 0.50% | Apr 3, 2026 |
| Q•••• R••••••• M••••••••• G••••• L• L• C• | term loan first lien | $970,000 | $944,000 104c | SOFR+700 bp | Oct 20, 2025 |
| C•••••• • P••• B••••• O•••• L• L• C• a•• P•••••• N••••••• G••• C••• L• L• C• | revolver first lien | $1.4M | $930,000 100c | SOFR+825 bp | Apr 30, 2025 |
| N•••••• B•••••••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $922,000 118c | 5.00% | |
| F•••••• E••• C•••• I••••••••• L• L• C• J••••• | term loan first lien | $902,000 | $901,000 101c | PIK 16.00% | Jun 28, 2024 |
| N•••••• B•••••••• L• L• C• | revolver first lien | $2.2M | $889,000 100c | SOFR+700 bp | Aug 26, 2027 |
| P••••••• I•• | term loan first lien | $884,000 | $877,000 99c | SOFR+650 bp | Dec 28, 2026 |
| C•••••• A••••• H•••••• L• L• C• | delayed draw term loan first lien | $3.8M | $849,000 94c | SOFR+718 bp PIK 1.00% | Jun 30, 2027 |
| M• V• R••••••••• I• I• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $839,000 140c | ||
| C•••••• A••••• H•••••• L• L• C• | revolver first lien | $1.3M | $817,000 94c | SOFR+701 bp PIK 1.00% | Jun 30, 2027 |
| A•••• I••••••••• H•••••• L• L• C• | term loan first lien | $794,000 | $789,000 100c | SOFR+636 bp | Jul 3, 2025 |
| E••••• N••••••• L• L• C• | term loan first lien | $778,000 | $768,000 100c | SOFR+600 bp | Dec 31, 2025 |
| N•••• H•••• U••• A••••••••• I•• | term loan first lien | $708,000 | $703,000 99c | SOFR+650 bp | Oct 30, 2025 |
| G• C••••••• A••••••••• L•• | notes lien unstated | $704,000 | $701,000 100c | SOFR+675 bp | Aug 18, 2028 |
| H••••••• M••••••••• C•••••• | term loan first lien | $691,000 | $691,000 100c | SOFR+760 bp | Dec 31, 2024 |
| M•••••••• I••• | term loan first lien | $674,000 | $672,000 100c | LIBOR+700 bp | Feb 14, 2025 |
| R••••••• H••••• G••••• L•• | term loan first lien | $658,000 | $649,000 99c | SOFR+600 bp | Nov 20, 2025 |
| Y• S• W• H• 4• L• L• C• ••••••••• S••••• S•••••• L••••• D•• | revolver first lien | $5.3M | $609,000 100c | SOFR+700 bp PIK 11.93% | Nov 20, 2025 |
| K••••••• G••• P•••••••• L•• | term loan first lien | $600,000 | $601,000 102c | SOFR+665 bp | Dec 11, 2028 |
| S•••• B•• S••••••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $588,000 176c | ||
| B• L• S• T• O•••••••• C••••••• L• L• C• | term loan first lien | $599,000 | $563,000 156c | LIBOR+1317 bp PIK 12.17% | Aug 28, 2025 |
| R••••••• B••••••••• L• L• C• | term loan first lien | Not disclosed | $557,000 | ||
| V•••••• P••••••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $555,000 111c | PIK 10.00% | |
| P••••••• I•••• E••••• S••••••••• | equity equity | Not disclosed | $538,000 114c | PIK 8.00% | |
| V••• G•••• H•••••• I••• | term loan first lien | $548,000 | $538,000 98c | SOFR+1500 bp PIK 15.00% | May 12, 2023 |
| P••••••• I•• | term loan first lien | $530,000 | $526,000 101c | SOFR+650 bp | Dec 28, 2026 |
| A••••••• C•••••••• H••••• I••• | term loan first lien | Not disclosed | $524,000 | ||
| A••••••• C•••••••• H••••• I••• | term loan first lien | Not disclosed | $524,000 | ||
| A••••••• C•••••••• H••••• I••• | term loan first lien | $704,000 | $524,000 74c | SOFR+811 bp PIK 12.92% | Dec 31, 2026 |
| M•••• H•••••••• I•• | revolver first lien | $533,000 | $511,000 100c | SOFR+800 bp PIK 5.00% | Dec 30, 2023 |
| M•••• H•••••••• I••• | revolver first lien | Not disclosed | $511,000 | ||
| M•••• H••••••• I••• | revolver first lien | Not disclosed | $511,000 | ||
| K• M••• A••••••••• L•• | equity equity | Not disclosed | $491,000 100c | ||
| A•••• I••••••••• H•••••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $473,000 159c | ||
| H• S• A••••••••• I••• | revolver first lien | $817,000 | $465,000 99c | LIBOR+675 bp PIK 11.59% | Jul 9, 2025 |
| A•••• I••••••••• H•••••• L• L• C• | term loan first lien | $467,000 | $464,000 100c | SOFR+636 bp | Jul 3, 2025 |
| K•• W••• H•••••••• L• L• C• | revolver first lien | $572,000 | $457,000 100c | SOFR+600 bp | Feb 26, 2027 |
| P••••••• I••• | revolver first lien | $442,000 | $439,000 99c | SOFR+650 bp | Dec 28, 2026 |
| B••• T• R••• L•• | term loan first lien | $468,000 | $425,000 91c | LIBOR+600 bp | Apr 1, 2027 |
| B• L• S• T• O•••••••• C••••••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $420,000 59c | ||
| A•••• I••••••••• H•••••• L• L• C• | term loan first lien | $400,000 | $398,000 102c | SOFR+625 bp | Jul 3, 2025 |
| L••••••••• S•• I•• L•• | term loan first lien | $418,000 | $391,000 94c | SOFR+1075 bp PIK 15.67% | Sep 30, 2023 |
| N••• C••••••••• L•• | revolver first lien | Not disclosed | $382,000 | ||
| N• E• C• B• C••••••••• L• L• C• | revolver first lien | $1.4M | $382,000 29c | LIBOR+1100 bp PIK 14.61% | |
| V••• G•••• H•••••• I••• | term loan first lien | $397,000 | $381,000 100c | SOFR+1200 bp PIK 12.00% | May 12, 2023 |
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