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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 |
|---|---|---|---|---|---|
| Q•••• R••••••• M••••••••• G••••• L•• | term loan first lien | $382,000 | $370,000 97c | SOFR+700 bp | Oct 20, 2025 |
| N• P• P•••••• C•••••••• M•••• I•••• E••••• S••••••••• | equity equity | Not disclosed | $348,000 106c | ||
| M• C• P• S••• A••••••••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $334,000 281c | ||
| V••• G•••• H•••••• I••• | term loan first lien | $336,000 | $330,000 98c | SOFR+1500 bp PIK 15.00% | May 12, 2023 |
| S••• C••••••••• M•• C•• L• L• C• | term loan first lien | $335,000 | $330,000 100c | LIBOR+675 bp | Jan 12, 2027 |
| D••••• A••••••••• I••• E••••• S••••••••• | equity equity | Not disclosed | $301,000 | ||
| I• D• I• G• P•••••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $300,000 121c | ||
| A• T••••••• H•••••• C••••••• I••• E••••• S••••••••• | equity equity | Not disclosed | $299,000 262c | ||
| V•••••• P••••••• L• L• C• | term loan first lien | $268,000 | $285,000 106c | LIBOR+750 bp PIK 12.34% | Jun 19, 2023 |
| C•••••• • P••• B••••• O•••• L• L• C• a•• P•••••• N••••••• G••• C••• L• L• C• | delayed draw term loan first lien | $285,000 | $285,000 100c | SOFR+825 bp | Apr 30, 2025 |
| P• K• S• H•••••••• L• L• C• E••••• S••••••••• | preferred equity equity | Not disclosed | $276,000 476c | PIK 12.00% | |
| A•••• I••••••••• H•••••• L• L• C• | term loan first lien | $275,000 | $273,000 101c | SOFR+636 bp | Jul 3, 2025 |
| R••••••• F•••••• I••• E••••• S••••••••• | equity equity | Not disclosed | $252,000 311c | ||
| X•• E•• P••••••••• I••• E••••• S••••••••• | equity equity | Not disclosed | $239,000 488c | PIK 8.00% | |
| C•••••••• I••• | revolver first lien | $409,000 | $233,000 100c | LIBOR+700 bp | Apr 16, 2027 |
| L••••• T••••• H•••••••• L• L• C• | revolver first lien | $1.7M | $220,000 99c | LIBOR+575 bp | Aug 2, 2027 |
| D••••• A••••••••• I••• E••••• S••••••••• | equity equity | Not disclosed | $215,000 104c | ||
| E••••• N••••••• L•• | term loan first lien | $213,000 | $211,000 102c | SOFR+600 bp | Dec 31, 2025 |
| Q•••• R••••••• M••••••••• G••••• L• L• C• E••••• S••••••••• | warrants equity | Not disclosed | $210,000 313c | Mar 19, 2028 | |
| E•••••• W••• A••••••••• C••••••• L•• | revolver first lien | $379,000 | $205,000 98c | SOFR+650 bp | Jul 14, 2028 |
| V•• E••••••••• I•• | equity equity | Not disclosed | $203,000 100c | ||
| V••• G•••• H•••••• I••• | term loan first lien | $206,000 | $202,000 98c | SOFR+1500 bp PIK 15.00% | May 12, 2023 |
| D••••••••• P•••••••• L•• | delayed draw term loan first lien | $330,000 | $193,000 99c | SOFR+700 bp PIK 11.90% | Sep 1, 2028 |
| N•••• H•••• U• S• H• C• A••••••••• I••• | revolver first lien | $416,000 | $187,000 100c | SOFR+650 bp | Oct 30, 2025 |
| R••••••• P••••••• I••••••••• L• L• C• | revolver first lien | $473,000 | $184,000 97c | LIBOR+675 bp | Aug 4, 2026 |
| B••••••••• I••• | revolver first lien | $1.2M | $150,000 100c | SOFR+650 bp | Dec 22, 2023 |
| Q•••• R••••••• M••••••••• G••••• L• L• C• E••••• S•••••••• | warrants equity | Not disclosed | $147,000 | Mar 19, 2028 | |
| C• P••••• H•••••••• L••• ••• C••••• H•••••••• L••• | term loan first lien | Not disclosed | $146,000 | ||
| C• P••••• H•••••••• L••• | unstated lien unstated | Not disclosed | $146,000 | ||
| C••••• H•••••••• L• L• C• | term loan first lien | Not disclosed | $146,000 | ||
| L• V• F• H•••••••• I••• | revolver first lien | $238,000 | $134,000 97c | SOFR+640 bp | Jun 10, 2027 |
| K• M••• A••••••••• L•• | revolver first lien | $813,000 | $131,000 96c | SOFR+700 bp | Feb 1, 2029 |
| D••••••••• P•••••••• L••• E••••• S••••••••• | equity equity | Not disclosed | $130,000 100c | ||
| E••••• N••••••• L• L• C• | revolver first lien | $171,000 | $127,000 99c | SOFR+600 bp | Dec 31, 2025 |
| A••••••• B•••••••• a•• T••••••••• C•••••• L• L• C• | revolver first lien | $500,000 | $121,000 99c | Prime+1200 bp PIK 2.00% | Jun 10, 2025 |
| B••• T• R••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $111,000 41c | ||
| E•••••• W••• A••••••••• C••••••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $104,000 83c | PIK 8.00% | |
| V• P• S• H•••••••• L• L• C• | revolver first lien | $1.0M | $103,000 100c | SOFR+911 bp PIK 2.00% | Oct 4, 2024 |
| A••• C••••••••• | revolver first lien | $150,000 | $100,000 100c | LIBOR+650 bp | Apr 13, 2027 |
| E••••• N••••••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $99,000 89c | ||
| I••••••••• B••••• I•••• E••••• S••••••••• | equity equity | Not disclosed | $94,000 116c | ||
| S••• C••••••••• M•• C•• L• L• C• | revolver first lien | $322,000 | $92,000 98c | LIBOR+675 bp | Jan 12, 2027 |
| K•• W••• H•••••••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $90,000 87c | ||
| L••••• T••••• H•••••••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $89,000 80c | ||
| T•• K•••• C••••••• L• L• C• | revolver first lien | $105,000 | $88,000 99c | SOFR+710 bp PIK 0.50% | Apr 3, 2026 |
| W••••••• P••••• H••••••• I• I• I• I••• | revolver first lien | $563,000 | $83,000 99c | SOFR+675 bp | Jun 2, 2028 |
| A• S• G• I• I• L• L• C• • D•••••• D••••• U••••••••• S•••••• | delayed draw term loan first lien | $285,000 | $82,000 100c | SOFR+625 bp | May 25, 2028 |
| A••••••• C•••••••• H••••• I••• | term loan first lien | Not disclosed | $82,000 | ||
| A••••••• C•••••••• H••••• I••• | term loan first lien | Not disclosed | $82,000 | ||
| A••••••• C•••••••• H••••• I••• | term loan first lien | $110,000 | $82,000 75c | SOFR+811 bp PIK 12.92% | Dec 31, 2026 |
| T• M••••••••• H•••••• L•• | revolver first lien | Not disclosed | $80,000 | ||
| T• J• M••••••••• H••• C• L• L• C• | revolver first lien | $477,000 | $80,000 100c | LIBOR+550 bp | Jun 28, 2024 |
| A••••••• B•••••••• a•• T••••••••• C•••••• L• L• C• E••••• S••••••••• | warrants equity | Not disclosed | $65,000 155c | Jun 10, 2032 | |
| C•••••••• T••••••••• I••• | term loan first lien | $60,000 | $60,000 100c | SOFR+725 bp | Feb 28, 2025 |
| N•••••• B•••••••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $58,000 38c | ||
| D••••••••• M••••• I•• | term loan first lien | $57,000 | $57,000 100c | SOFR+561 bp | Apr 7, 2023 |
| W••••••• P••••• H••••••• I• I• I• I••• | delayed draw term loan first lien | Not disclosed | $56,000 100c | SOFR+675 bp | Jun 2, 2028 |
| L••••• O•••••• H••••••• C•• | equity equity | Not disclosed | $55,000 | ||
| T•••• C••••••• I••• | delayed draw term loan first lien | $225,000 | $55,000 98c | SOFR+676 bp PIK 3.38% | Feb 16, 2028 |
| C••••••••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $50,000 57c | ||
| S•••••• G••••• I••• E••••• S••••••••• | equity equity | Not disclosed | $46,000 57c | ||
| P• K• S• H•••••••• L• L• C• E••••• S••••••••• | preferred equity equity | Not disclosed | $43,000 478c | PIK 12.00% | |
| P• K• S• H•••••••• L• L• C• E••••• S••••••••• | preferred equity equity | Not disclosed | $43,000 478c | PIK 12.00% | |
| R••••••• H••••• G••••• L• L• C• E••••• S••••••••• | preferred equity equity | Not disclosed | $32,000 80c | PIK 12.00% | |
| A••••• H•••••• I•• L•• | equity equity | Not disclosed | $25,000 | Dec 21, 2032 | |
| J• B• W• A• F•••••• L• L• C• | equity equity | Not disclosed | $22,000 | ||
| W• M••••• R• D••• L•• | delayed draw term loan first lien | $67,000 | $21,000 100c | 10.00% | Feb 4, 2028 |
| A••••••• C•••••••• H••••• I••• | term loan first lien | Not disclosed | $17,000 | ||
| A••••••• C•••••••• H••••• I••• | term loan first lien | Not disclosed | $17,000 | ||
| A••••••• C•••••••• H••••• I••• | term loan first lien | $23,000 | $17,000 74c | SOFR+811 bp PIK 12.92% | Dec 31, 2026 |
| P• K• S• H•••••••• L• L• C• E••••• S••••••••• | preferred equity equity | Not disclosed | $6,000 600c | PIK 12.00% | |
| C• P••••• H•••••••• L••• | equity equity | Not disclosed | $0 | ||
| M•••• H•••••••• I••• | equity equity | Not disclosed | $0 | ||
| A••••• M••••• L•• | revolver first lien | Not disclosed | $0 | ||
| N• E• C• B• C••••••••• L• L• C• | equity equity | $0 | $0 0c | ||
| N••• C••••••••• L•• | equity equity | Not disclosed | $0 | ||
| A••••••• C•••••••• H••••• I••• | equity equity | Not disclosed | $0 | ||
| C• P••••• H•••••••• L••• ••• C••••• H•••••••• L•••• E••••• S••••••••• | equity equity | $0 | $0 | ||
| A••••••• C•••••••• H••••• I•••• E••••• S••••••••• | warrants equity | $0 | $0 | Dec 18, 2024 | |
| M•••• H•••••••• I•••• E••••• S••••••••• | equity equity | $0 | $0 | ||
| A••••••• C•••••••• H••••• I••• | revolver first lien | Not disclosed | $0 | ||
| A••••••• C•••••••• H••••• I••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| E•••••••• C••••••••• o• A••••••• E••••• S••••••••• | preferred equity equity | Not disclosed | Not disclosed n/a | PIK 12.00% | |
| M•••• H•••••••• I••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| A••••••• C•••••••• H••••• I••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| C•••••••• T••••••••• I••• | revolver first lien | $500,000 | Not disclosed | SOFR+725 bp | Feb 28, 2025 |
| F••••• M••••• I••• E••••• S••••••••• | warrants equity | Not disclosed | Not disclosed | Jan 14, 2029 | |
| L• X• J• T• I••••••••• H•••••••• I••• | revolver first lien | $833,000 | Not disclosed | SOFR+600 bp | Mar 11, 2025 |
| P••••••• I••• E••••• S••••••••• | equity equity | Not disclosed | Not disclosed | ||
| R••••••••• O• D• A• L• L• C• | revolver first lien | $180,000 | Not disclosed | LIBOR+750 bp PIK 12.35% | May 12, 2027 |
| T•• K•••• C••••••• L• L• C• | term loan first lien | Not disclosed | Not disclosed | SOFR+700 bp PIK 11.95% | Apr 3, 2026 |
| M••• L•••• C••••••••• E••••• S••••••••• | equity equity | Not disclosed | Not disclosed | ||
| V••• G•••• H•••••• I••• | term loan first lien | Not disclosed | Not disclosed | Nov 2, 2022 | |
| V•••• B••••• L• L• C• | term loan first lien | $7.0M | Not disclosed n/a | PIK 2.00% | Feb 6, 2024 |
| A••••••• C•••••••• H••••• I••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| A••••••• C•••••••• H••••• I••• | term loan first lien | Not disclosed | Not disclosed | ||
| K••••••• G••• P•••••••• L•• | revolver first lien | $240,000 | Not disclosed | SOFR+665 bp PIK 11.12% | Dec 11, 2028 |
| X•• E•• P••••••••• I••• | revolver first lien | $742,000 | Not disclosed | SOFR+650 bp | Jan 28, 2025 |
| A••••••• C•••••••• H••••• I••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| D••••• A••••••••• I••• | revolver first lien | $596,000 | Not disclosed | SOFR+660 bp PIK 11.27% | Jun 30, 2026 |
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