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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 Jun 30, 2023
439 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
A••••• H•••••• I•• L••delayed draw term loan first lien$667,000Not disclosedSOFR+1026 bp
PIK 1.00%
Dec 21, 2027
X•• E•• P••••••••• I•••revolver first lien$742,000Not disclosedSOFR+600 bpJan 28, 2025
M•••term loan lien unstatedNot disclosedNot disclosed
S• F• R• H•••••equity equityNot disclosedNot disclosed
Y• S• W• H• 4• L• L• C• ••••••••• S••••• S•••••• L••••• D•• revolver first lien$5.3MNot disclosedSOFR+710 bpNov 20, 2025
A••••• M••••• L• L• C•term loan first lienNot disclosedNot disclosedFeb 5, 2025
C• P••••• H•••••••• L••• ••• C••••• H•••••••• L•••term loan first lienNot disclosedNot disclosed
E•••••••• C••••••••• o• A••••••• E••••• S•••••••••preferred equity equityNot disclosedNot disclosed
n/a
PIK 12.00%
M• A•••• M••••••••• ••••••••• L••unstated lien unstatedNot disclosedNot disclosed
K••••••• G••• P•••••••• L••revolver first lien$240,000Not disclosedSOFR+615 bpDec 11, 2028
B••••••• I••••••••• L••••••term loan first lienNot disclosedNot disclosedS+525 bpNov 5, 2025
H•••••• B•••••• H•••••••• I•••term loan first lienNot disclosedNot disclosedDec 13, 2024
I••••••••• B••••• I•••revolver first lien$1.4MNot disclosedSOFR+575 bpAug 3, 2026
M•••••• H•••••••• L••revolver first lien$657,000Not disclosedSOFR+650 bpOct 16, 2024
T•••••• M••••••• S••••••• I••term loan first lienNot disclosedNot disclosedS+550 bpFeb 26, 2027
T••••• L••• C••• L• L• C•term loan first lienNot disclosedNot disclosedS+625 bpDec 14, 2026
N••••• N••••••• I••• E••••• S•••••••••equity equityNot disclosedNot disclosed
n/a
M• C• P• S••• A••••••••• L• L• C•revolver first lien$1.8MNot disclosedSOFR+626 bpNov 28, 2025
S•••••• G••••• I•••revolver first lien$122,000Not disclosedSOFR+636 bpDec 22, 2026
T•• K•••• C••••••• L• L• C•revolver first lien$105,000Not disclosedSOFR+710 bp
PIK 0.50%
Apr 3, 2026
K• M••• A••••••••• L••delayed draw term loan first lien$1.7MNot disclosedSOFR+675 bpFeb 1, 2029
S•••• H••••••• I•••delayed draw term loan first lien$222,000Not disclosedSOFR+625 bpJun 15, 2029
A••••••• C•••••••• H••••• I•••unstated lien unstatedNot disclosedNot disclosed
M• V• R••••••••• I• I• L• L• C• E••••• S•••••••••equity equityNot disclosedNot disclosed
n/a
M• A•••• M••••••••• ••••••••• L••delayed draw term loan first lienNot disclosedNot disclosed
M•••• H•••••••• I•••unstated lien unstatedNot disclosedNot disclosed
M•••• H•••••••• I•••• E••••• S•••••••••equity equity$0Not disclosed
P••••••• I••term loan first lienNot disclosedNot disclosedDec 30, 2026
T• J• C• S••••••• A••••••••• C••••term loan first lienNot disclosedNot disclosedS+475 bpMay 5, 2028
A••••••• C•••••••• H••••• I•••• E••••• S•••••••••warrants equityNot disclosedNot disclosedDec 18, 2024
A••••• M••••• L• L• C•revolver first lienNot disclosedNot disclosedFeb 5, 2025
D••••••• I••• H•••••••• I•••term loan first lienNot disclosedNot disclosedS+435 bpJul 30, 2025
M•• Q•••• E••••••••• L• L• C•delayed draw term loan first lienNot disclosedNot disclosedS+551 bpJan 7, 2028
S• W• I••••••••• H•••••••• L• L• C•term loan first lienNot disclosedNot disclosedS+475 bpJul 3, 2025
A••••••• C•••••••• H••••• I•••unstated lien unstatedNot disclosedNot disclosed
T• M••••••••• H•••••• L••revolver first lienNot disclosedNot disclosed
A••••••••• A••• W•••• I••••••••• L• L• C•term loan first lienNot disclosedNot disclosedS+490 bpDec 1, 2027
M•••• H•••••••• I•••unstated lien unstatedNot disclosedNot disclosed
A••••••• C•••••••• H••••• I•••revolver first lien$2.5MNot disclosedSOFR+811 bp
PIK 13.22%
Dec 31, 2026
Page 5 of 5Previous
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