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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, 2023
405 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| M•••• L•••• I•••• J••••• | term loan lien unstated | $375,000 | $379,000 102c | Prime+575 bp | Oct 16, 2023 |
| N• P• P•••••• C•••••••• M•••• I•••• E••••• S••••••••• | equity equity | Not disclosed | $370,000 113c | ||
| B••• T• R••• L•• | term loan first lien | $467,000 | $363,000 78c | SOFR+626 bp | Apr 1, 2027 |
| Q•••• R••••••• M••••••••• G••••• L•• | term loan first lien | $336,000 | $335,000 100c | SOFR+661 bp | Oct 20, 2025 |
| S••• C••••••••• M•• C•• L• L• C• | term loan first lien | $335,000 | $333,000 101c | SOFR+685 bp | Jan 12, 2027 |
| S•••• H•••••••• I••• | term loan first lien | Not disclosed | $305,000 102c | S+625 bp | |
| A••••• H•••••• I•• L•• | delayed draw term loan first lien | $667,000 | $293,000 100c | SOFR+926 bp PIK 14.65% | Dec 21, 2027 |
| I• D• I• G• P•••••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $287,000 115c | ||
| C•••••• • P••• B••••• O•••• L• L• C• a•• P•••••• N••••••• G••• C••• L• L• C• | delayed draw term loan first lien | $285,000 | $286,000 100c | SOFR+825 bp | Apr 30, 2025 |
| R••••••• F•••••• I••• E••••• S••••••••• | equity equity | Not disclosed | $281,000 347c | ||
| V•••••• P••••••• L•• | term loan first lien | $286,000 | $276,000 97c | SOFR+750 bp PIK 12.93% | Dec 29, 2023 |
| A•••• I••••••••• H•••••• L• L• C• | term loan first lien | $274,000 | $270,000 100c | SOFR+661 bp | Jul 3, 2025 |
| P• K• S• H•••••••• L• L• C• E••••• S••••••••• | preferred equity equity | Not disclosed | $268,000 462c | PIK 12.00% | |
| Q•••• R••••••• M••••••••• G••••• L• L• C• E••••• S••••••••• | warrants equity | Not disclosed | $264,000 394c | Mar 19, 2028 | |
| S••• C••••••••• M•• C•• L• L• C• | term loan first lien | $256,000 | $255,000 102c | SOFR+685 bp | Jan 12, 2027 |
| K• M••• A••••••••• L•• ••• S••••••• S•••••• C••••••••• L••• | revolver first lien | $813,000 | $244,000 100c | SOFR+700 bp | Feb 1, 2029 |
| S••••• O•••••••• H••••••• I•• L•• | delayed draw term loan first lien | $2.4M | $243,000 100c | SOFR+585 bp | Nov 3, 2027 |
| X•• E•• P••••••••• I••• E••••• S••••••••• | equity equity | Not disclosed | $243,000 496c | PIK 8.00% | |
| C•••••••• I••• | revolver first lien | $409,000 | $234,000 100c | SOFR+713 bp | Apr 16, 2027 |
| A• T••••••• H•••••• C••••••• I••• E••••• S••••••••• | equity equity | Not disclosed | $229,000 203c | ||
| L••••••••• S•• I• L•• | term loan first lien | $243,000 | $223,000 92c | PIK 16.18% | Mar 31, 2024 |
| E•••••• W••• A••••••••• C••••••• L•• | revolver first lien | $379,000 | $209,000 100c | SOFR+676 bp | Jul 14, 2028 |
| D••••• A••••••••• I••• E••••• S••••••••• | equity equity | Not disclosed | $209,000 101c | ||
| D••••• A••••••••• I••• E••••• S••••••••• | equity equity | Not disclosed | $207,000 | ||
| V••• A••••••••• H•••••• L•• ••• V••• G•••• H•••••• I•••• | term loan first lien | $196,000 | $196,000 100c | SOFR+826 bp | Jan 31, 2028 |
| K••••••• G••• P•••••••• L•• | unstated lien unstated | $192,000 | $190,000 99c | SOFR+615 bp | Dec 11, 2028 |
| S••• C••••••••• M•• C•• L• L• C• | revolver first lien | $323,000 | $189,000 99c | SOFR+685 bp | Jan 12, 2027 |
| V•• E••••••••• I••• E••••• S••••••••• | equity equity | Not disclosed | $185,000 91c | ||
| Q•••• R••••••• M••••••••• G••••• L• L• C• E••••• S•••••••• | warrants equity | Not disclosed | $185,000 | Mar 19, 2028 | |
| A•••••• M••••• L• L• C• | term loan first lien | $155,000 | $155,000 103c | SOFR+810 bp | Mar 16, 2027 |
| V••••• P••••••••• L•• | delayed draw term loan first lien | $667,000 | $150,000 100c | SOFR+700 bp | Jun 8, 2029 |
| A• S• G• I• I• L• L• C• • D•••••• D••••• U••••••••• S•••••• | delayed draw term loan first lien | $285,000 | $140,000 100c | SOFR+640 bp | May 25, 2028 |
| M•• B•••• L••• E••••• S••••••••• | equity equity | Not disclosed | $138,000 89c | ||
| D••••••••• P•••••••• L••• E••••• S••••••••• | equity equity | Not disclosed | $132,000 102c | ||
| K••••••• G••• P•••••••• L•• | delayed draw term loan first lien | $600,000 | $131,000 99c | SOFR+615 bp | Dec 11, 2028 |
| A••••••• B•••••••• a•• T••••••••• C•••••• L• L• C• | revolver first lien | $500,000 | $123,000 100c | Prime+1200 bp PIK 2.00% | Jun 10, 2025 |
| A•••• I••••••••• H•••••• L•• | revolver first lien | $320,000 | $118,000 98c | SOFR+661 bp | Jul 3, 2025 |
| E••••• N••••••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $115,000 104c | ||
| V••• A••••••••• H•••••• L•• ••• V••• G•••• H•••••• I•••• | term loan first lien | $114,000 | $114,000 100c | SOFR+826 bp | Dec 12, 2028 |
| A••• C••••••••• | revolver first lien | $150,000 | $110,000 100c | Prime+550 bp | Apr 13, 2027 |
| A••••• H•••••• I•• L•• | delayed draw term loan first lien | $155,000 | $107,000 103c | SOFR+810 bp PIK 13.42% | Mar 16, 2027 |
| T•••• C••••••• I••• | delayed draw term loan first lien | $225,000 | $106,000 97c | SOFR+675 bp | Feb 16, 2028 |
| P••••••• L•• | revolver first lien | $576,000 | $90,000 98c | SOFR+700 bp | Jun 8, 2029 |
| 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 | SOFR+561 bp | Jun 28, 2024 |
| W• M••••• R• D••• L•• | delayed draw term loan first lien | $134,000 | $80,000 99c | PIK 10.00% | Feb 4, 2028 |
| A••••••• C•••••••• H••••• I••• | term loan first lien | Not disclosed | $77,000 | ||
| A••••••• C•••••••• H••••• I••• | term loan first lien | $117,000 | $77,000 66c | SOFR+811 bp PIK 13.43% | Dec 31, 2026 |
| A••••••• C•••••••• H••••• I••• | term loan first lien | Not disclosed | $77,000 | ||
| E•••••• W••• A••••••••• C••••••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $75,000 60c | PIK 8.00% | |
| L••••• T••••• H•••••••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $74,000 67c | ||
| I••••••••• B••••• I•••• E••••• S••••••••• | equity equity | Not disclosed | $68,000 84c | ||
| C•••••••• T••••••••• I••• | revolver first lien | $500,000 | $67,000 100c | SOFR+735 bp | Feb 28, 2025 |
| K•• W••• H•••••••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $61,000 59c | ||
| C•••••••• T••••••••• I••• | term loan first lien | $60,000 | $60,000 100c | SOFR+725 bp | Feb 28, 2025 |
| W••••••• P••••• H••••••• I•• I••• | term loan first lien | $56,000 | $56,000 100c | SOFR+890 bp PIK 4.75% | Jun 2, 2028 |
| A••••••• B•••••••• a•• T••••••••• C•••••• L• L• C• E••••• S••••••••• | warrants equity | Not disclosed | $56,000 133c | Jun 10, 2032 | |
| C••••••••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $55,000 63c | ||
| S•••••• G••••• I••• E••••• S••••••••• | equity equity | Not disclosed | $54,000 67c | ||
| M•••• H•••••••• I••• | unstated lien unstated | Not disclosed | $53,000 | ||
| M•••• H••••••• I•• | term loan first lien | $53,000 | $53,000 100c | SOFR+826 bp PIK 5.00% | Dec 30, 2024 |
| M•••• H•••••••• I••• | term loan first lien | Not disclosed | $53,000 | S+826 bp | Dec 30, 2023 |
| P• K• S• H•••••••• L• L• C• E••••• S••••••••• | preferred equity equity | Not disclosed | $42,000 467c | PIK 12.00% | |
| P• K• S• H•••••••• L• L• C• E••••• S••••••••• | preferred equity equity | Not disclosed | $41,000 456c | PIK 12.00% | |
| R••••••• H••••• G••••• L• L• C• E••••• S••••••••• | preferred equity equity | Not disclosed | $39,000 98c | PIK 12.00% | |
| D••••••••• M••••• I••• | delayed draw term loan first lien | $500,000 | $29,000 100c | SOFR+715 bp | Jun 21, 2028 |
| A••••• H•••••• I•• L•• | equity equity | Not disclosed | $28,000 | Dec 21, 2032 | |
| J• B• W• A• F•••••• L• L• C• | equity equity | Not disclosed | $27,000 | ||
| B••••••••• I•••• E••••• S••••••••• | preferred equity equity | Not disclosed | $21,000 100c | PIK 9.00% | |
| P••••••• I•• | term loan first lien | Not disclosed | $19,000 | S+676 bp | Dec 30, 2026 |
| A••••••• C•••••••• H••••• I••• | term loan first lien | Not disclosed | $16,000 | ||
| A••••••• C•••••••• H••••• I••• | term loan first lien | Not disclosed | $16,000 | ||
| A••••••• C•••••••• H••••• I••• | term loan first lien | $24,000 | $16,000 67c | SOFR+811 bp PIK 13.43% | Dec 31, 2026 |
| K•• W••• H••••••• L•• E••••• S••••••••• | preferred equity equity | Not disclosed | $11,000 100c | ||
| P• K• S• H•••••••• L• L• C• E••••• S••••••••• | preferred equity equity | Not disclosed | $6,000 600c | PIK 12.00% | |
| N••••• N••••••• I••• E••••• S••••••••• | equity equity | Not disclosed | $2,000 3c | ||
| T•• K•••• C••••••• L• L• C• | term loan first lien | $1,000 | $1,000 100c | SOFR+750 bp PIK 12.96% | Apr 3, 2026 |
| M•••• H•••••••• I••• | unstated lien unstated | Not disclosed | $0 | ||
| N••• C••••••••• L•• | equity equity | Not disclosed | $0 | ||
| C• P••••• H•••••••• L••• | unstated lien unstated | Not disclosed | $0 | ||
| A••••••• C•••••••• H••••• I••• | revolver first lien | Not disclosed | $0 | ||
| A••••• M••••• L•• | revolver first lien | Not disclosed | $0 | ||
| A••••••• C•••••••• H••••• I••• | equity equity | Not disclosed | $0 | ||
| A••••• M••••• L•• | unstated lien unstated | Not disclosed | $0 | ||
| M•••• H•••••••• I••• | equity equity | Not disclosed | $0 | ||
| C• P••••• H•••••••• L••• | equity equity | Not disclosed | $0 | ||
| P•••••• C••••••• H•••••• C•••••• L•• ••• P•••••• S•••••••• G••••• | term loan first lien | Not disclosed | Not disclosed | S+711 bp | Aug 2, 2024 |
| R••••••• P••••••• I••••••••• L• L• C• | revolver first lien | $473,000 | Not disclosed | SOFR+685 bp | Aug 4, 2026 |
| L• X• J• T• I••••••••• H•••••••• I••• | revolver first lien | $833,000 | Not disclosed | SOFR+610 bp | Mar 11, 2025 |
| A••••••••• A••• W•••• I••••••••• L• L• C• | term loan first lien | Not disclosed | Not disclosed | S+515 bp | Dec 1, 2027 |
| M•• B•••• L•• | revolver first lien | $410,000 | Not disclosed | SOFR+650 bp | Jun 29, 2029 |
| E•••••• T•••••••• I••• ••• I••••••••• T•••••• G••••• I•••• | term loan first lien | Not disclosed | Not disclosed | S+665 bp | Sep 30, 2027 |
| A••••••• C•••••••• H••••• I•••• E••••• S••••••••• | warrants equity | Not disclosed | Not disclosed | Dec 18, 2024 | |
| H•••••• B•••••• H•••••••• I••• | term loan first lien | Not disclosed | Not disclosed | Dec 13, 2024 | |
| A••••• H•••••• I•• L•• | revolver first lien | $133,000 | Not disclosed | SOFR+1026 bp PIK 1.00% | Dec 21, 2027 |
| A••••••••• A••• W•••• I••••••••• L• L• C• | revolver first lien | Not disclosed | Not disclosed | S+515 bp | Dec 1, 2027 |
| M•••• H•••••••• I••• | revolver first lien | Not disclosed | Not disclosed | ||
| X•• E•• P••••••••• I••• | revolver first lien | $742,000 | Not disclosed | SOFR+600 bp | Jan 28, 2025 |
| S•••• H••••••• I••• | revolver first lien | $205,000 | Not disclosed | SOFR+625 bp | Jun 15, 2029 |
| M•••••••• I••• | revolver first lien | $667,000 | Not disclosed | SOFR+715 bp | Feb 14, 2025 |
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