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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 Dec 31, 2024
1,183 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| M••• | term loan lien unstated | Not disclosed | $32.7M 77c | ||
| M••• | term loan lien unstated | Not disclosed | $32.7M 77c | ||
| M••• | term loan lien unstated | Not disclosed | $32.7M | ||
| M••• | term loan lien unstated | Not disclosed | $32.7M | ||
| M••• | term loan lien unstated | Not disclosed | $32.7M 77c | ||
| M••• | term loan lien unstated | Not disclosed | $32.7M 77c | ||
| H•• C•••••• G••••• L•• | unstated lien unstated | Not disclosed | $13.4M | ||
| H•• C•••••• G••••• L•• 1• A••••••••• | unstated lien unstated | Not disclosed | $13.4M | ||
| H•• C•••••• G•••• L•• | term loan first lien | $13.2M | $13.4M 101c | S+946 bp PIK 16.96% | |
| H•• C•••••• G•••• L•• | term loan first lien | $13.2M | $13.4M 101c | S+946 bp PIK 16.96% | |
| H•• C•••••• G•••• L•• | term loan first lien | $13.2M | $13.4M 101c | S+946 bp PIK 16.96% | |
| B•••••••• L•• | term loan first lien | $13.4M | $13.3M 100c | S+700 bp | |
| B•••••••• L•• | term loan first lien | $13.4M | $13.3M 100c | S+700 bp | |
| B•••••••• L•• | term loan first lien | $13.4M | $13.3M 100c | S+700 bp | |
| M• A•••• M••••••••• ••••••••• L•• | term loan first lien | $12.5M | $12.5M 100c | S+1500 bp PIK 19.59% | |
| M• A•••• M••••••••• ••••••••• L•• | term loan first lien | $12.5M | $12.5M 100c | S+1500 bp PIK 19.59% | |
| H•• C•••••• G••••• L•• | unstated lien unstated | Not disclosed | $12.5M | ||
| M• A•••• M••••••••• ••••••••• L•• | term loan first lien | $12.5M | $12.5M 100c | S+1500 bp PIK 19.59% | |
| M• A•••• M••••••••• ••••••••• L•• | unstated lien unstated | Not disclosed | $12.5M | ||
| M• A•••• M••••••••• ••••••••• L•• 1• A••••••••• | unstated lien unstated | Not disclosed | $12.5M | ||
| M• A•••• M••••••••• ••••••••• L•• | unstated lien unstated | Not disclosed | $12.5M | ||
| H•• A••••••••• I••• | term loan first lien | $9.7M | $9.7M 100c | S+585 bp | |
| H•• A••••••••• I••• | term loan first lien | $9.7M | $9.7M 100c | S+585 bp | |
| H•• A••••••••• I••• | term loan first lien | $9.7M | $9.7M 100c | S+585 bp | |
| P••••••• I••• | term loan first lien | $9.5M | $9.5M 100c | S+676 bp | |
| P••••••• I••• | term loan first lien | $9.5M | $9.5M 100c | S+676 bp | |
| P••••••• I••• 1• | term loan first lien | $9.5M | $9.5M 100c | S+676 bp | |
| P••••••• I••• | term loan first lien | $9.5M | $9.5M 100c | S+676 bp | |
| A••••••• C•••••••• H••••• I••• 1• A••••••••• | unstated lien unstated | Not disclosed | $8.4M | ||
| A••••••• C•••••••• H••••• I••• | term loan first lien | $13.6M | $8.4M 62c | S+11 bp PIK 4.46% | |
| A••••••• C•••••••• H••••• I••• | unstated lien unstated | Not disclosed | $8.4M | ||
| A••••••• C•••••••• H••••• I••• | term loan first lien | $13.6M | $8.4M 62c | S+11 bp PIK 4.46% | |
| A••••••• C•••••••• H••••• I•••• | term loan first lien | Not disclosed | $8.4M | S+11 bp | |
| A••••••• C•••••••• H••••• I••• | term loan first lien | $13.6M | $8.4M 62c | S+11 bp PIK 4.46% | |
| W••••••••• 7•• J• L•• | term loan unsecured or subordinated | $7.2M | $7.2M 100c | PIK 4.00% | |
| W••••••••• 7•• J• L••• J••••• | term loan lien unstated | $7.2M | $7.2M 100c | PIK 4.00% | |
| W••••••••• 7•• J• L••• J••••• | term loan lien unstated | $7.2M | $7.2M 100c | PIK 4.00% | |
| E•••••• W••• A••••••••• C••••••• L•• | term loan first lien | $7.1M | $7.0M 100c | S+676 bp | |
| E•••••• W••• A••••••••• C••••••• L•• | term loan first lien | $7.1M | $7.0M 100c | S+676 bp | |
| E•••••• W••• A••••••••• C••••••• L•• | term loan first lien | $7.1M | $7.0M 100c | S+676 bp | |
| L••••• T••••• H•••••••• L•• | term loan first lien | $6.8M | $6.7M 100c | S+590 bp | |
| L••••• T••••• H•••••••• L•• | term loan first lien | $6.8M | $6.7M 100c | S+590 bp | |
| L••••• T••••• H•••••••• L•• | term loan first lien | $6.8M | $6.7M 100c | S+590 bp | |
| L••••• T••••• H•••••••• L•• | term loan first lien | $6.8M | $6.7M 100c | S+590 bp | |
| M•••• H•••••••• I••• 1• A••••••••• | unstated lien unstated | Not disclosed | $6.6M | ||
| M•••• H•••••••• I••• | term loan first lien | $6.6M | $6.6M 100c | S+826 bp PIK 5.00% | |
| M•••• H•••••••• I••• | term loan first lien | $6.6M | $6.6M 100c | S+826 bp PIK 5.00% | |
| M•••• H•••••••• I••• | unstated lien unstated | Not disclosed | $6.6M | ||
| M•••• H•••••••• I••• | term loan first lien | $6.6M | $6.6M 100c | S+826 bp PIK 5.00% | |
| M•••••••• I••• | term loan first lien | $6.5M | $6.5M 100c | S+715 bp | |
| M•••••••• I••• 1• | term loan first lien | $6.5M | $6.5M 100c | S+715 bp | |
| M•••••••• I••• | term loan first lien | $6.5M | $6.5M 100c | S+715 bp | |
| M•••••••• I••• | term loan first lien | $6.5M | $6.5M 100c | S+715 bp | |
| C•••• S•••••••• I••• | term loan first lien | $6.0M | $6.0M 102c | S+625 bp | |
| C•••• S•••••••• I••• | term loan first lien | $6.0M | $6.0M 102c | S+625 bp | |
| C•••• S•••••••• I••• | term loan first lien | $6.0M | $6.0M 102c | S+625 bp | |
| F••••• B••••• L•• | term loan first lien | $5.9M | $5.9M 102c | S+400 bp | |
| F••••• B••••• L•• | term loan first lien | $5.9M | $5.9M 102c | S+400 bp | |
| F••••• B••••• L•• 2• | term loan first lien | $5.9M | $5.9M 102c | S+400 bp | |
| F••••• B••••• L•• | term loan first lien | $5.9M | $5.9M 102c | S+400 bp | |
| S••••••• S••••••• A••••••••• S•• C•••• | term loan first lien | $5.9M | $5.9M 100c | S+585 bp | |
| S••••••• S••••••• A••••••••• S•• C•••• | term loan first lien | $5.9M | $5.9M 100c | S+585 bp | |
| S••••••• S••••••• A••••••••• S•• C•••• | term loan first lien | $5.9M | $5.9M 100c | S+585 bp | |
| C••••••••• L•• | term loan first lien | $5.8M | $5.8M 101c | S+660 bp | |
| C••••••••• L•• | term loan first lien | $5.8M | $5.8M 101c | S+660 bp | Dec 31, 2027 |
| C••••••••• L•• | term loan first lien | $5.8M | $5.8M 101c | S+660 bp | |
| S•• H•••••• L•• | term loan unsecured or subordinated | $5.8M | $5.6M 96c | 8.00% | |
| S•• H•••••• L••• A••••••••• | unstated lien unstated | Not disclosed | $5.6M | ||
| S•• H•••••• L••• J••••• | term loan unsecured or subordinated | $5.8M | $5.6M 96c | 8.00% | |
| S•• H•••••• L••• J••••• | term loan unsecured or subordinated | $5.8M | $5.6M 96c | 8.00% | |
| S•• H•••••• L•• | unstated lien unstated | Not disclosed | $5.6M | ||
| I••••••••• B••••• I••• | term loan first lien | $5.3M | $5.2M 97c | S+590 bp | |
| I••••••••• B••••• I••• | term loan first lien | $5.3M | $5.2M 97c | S+590 bp | |
| I••••••••• B••••• I••• | term loan first lien | $5.3M | $5.2M 97c | S+590 bp | |
| N••••••••• L•• | term loan first lien | $5.0M | $5.0M 100c | S+560 bp | |
| N••••••••• L•• 3• | term loan first lien | $5.0M | $5.0M 100c | S+560 bp | |
| N••••••••• L•• | term loan first lien | $5.0M | $5.0M 100c | S+560 bp | |
| N••••••••• L•• | term loan first lien | $5.0M | $5.0M 100c | S+560 bp | |
| B••••••••• I••• | term loan first lien | $5.0M | $4.9M 99c | S+860 bp PIK 1.00% | |
| B••••••••• I••• | term loan first lien | $5.0M | $4.9M 99c | S+860 bp PIK 1.00% | |
| B••••••••• I••• | term loan first lien | $5.0M | $4.9M 99c | S+860 bp PIK 1.00% | |
| W••••••• P••••• H••••••• I••• I••• J••••• | term loan first lien | $5.7M | $4.9M 87c | S+685 bp PIK 5.75% | |
| W••••••• P••••• H••••••• I••• I••• J••••• | term loan first lien | $5.7M | $4.9M 87c | S+685 bp PIK 5.75% | |
| W••••••• P••••• H••••••• I••• I••• | term loan unsecured or subordinated | $5.7M | $4.9M 87c | S+685 bp PIK 5.75% | |
| M• R••••••••• I•• L•• | term loan first lien | $8.1M | $4.8M 62c | S+975 bp | |
| M• R••••••••• I•• L•• | term loan first lien | $8.1M | $4.8M 62c | S+975 bp | |
| M• R••••••••• I•• L•• | term loan first lien | $8.1M | $4.8M 62c | S+975 bp | |
| H•• C•••••• G•••• L•• | term loan first lien | $4.8M | $4.8M 101c | S+946 bp PIK 16.96% | |
| H•• C•••••• G•••• L•• | term loan first lien | $4.8M | $4.8M 101c | S+946 bp PIK 16.96% | |
| H•• C•••••• G•••• L•• | term loan first lien | $4.8M | $4.8M 101c | S+946 bp PIK 16.96% | |
| H•• C•••••• G••••• L•• | unstated lien unstated | Not disclosed | $4.8M | ||
| H•• C•••••• G••••• L•• 2• A••••••••• | unstated lien unstated | Not disclosed | $4.8M | ||
| S•• H•••••• L••• E••••• C••••••••• A••••••••• | unstated lien unstated | Not disclosed | $4.8M | ||
| S•• H•••••• L••• E••••• I••••••••• E••••• c••••••••• 1• A••••••••• | unstated lien unstated | Not disclosed | $4.8M 123c | ||
| S•• H•••••• L•• | equity equity | Not disclosed | $4.8M 123c | ||
| S•• H•••••• L•• | equity equity | Not disclosed | $4.8M | ||
| S•• H•••••• L•• | equity equity | Not disclosed | $4.8M 123c | ||
| S•• H•••••• L•• | equity equity | Not disclosed | $4.8M 123c | ||
| S•• H•••••• L•• | equity equity | Not disclosed | $4.8M | ||
| K• M••• A••••••••• L•• ••• S••••••• S•••••• C••••••••• L••• | term loan first lien | $5.0M | $4.8M 97c | S+775 bp PIK 2.75% |
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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