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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 |
|---|---|---|---|---|---|
| T••••• O•• B•••• L•• 1• | term loan first lien | $2.0M | $2.0M 101c | S+561 bp | |
| A•• I•• L•• | term loan first lien | $1.9M | $1.9M 101c | S+640 bp | |
| A•• I•• L•• | term loan first lien | $1.9M | $1.9M 101c | S+640 bp | |
| A•• I•• L•• | term loan first lien | $1.9M | $1.9M 101c | S+640 bp | |
| A••••••• C•••••••• H••••• I••• | term loan first lien | $3.0M | $1.9M 62c | S+11 bp PIK 4.46% | |
| A••••••• C•••••••• H••••• I••• | term loan first lien | $3.0M | $1.9M 62c | S+11 bp PIK 4.46% | |
| A••••••• C•••••••• H••••• I••• | term loan first lien | $3.0M | $1.9M 62c | S+11 bp PIK 4.46% | |
| A••••••• C•••••••• H••••• I••• | unstated lien unstated | Not disclosed | $1.9M | ||
| A••••••• C•••••••• H••••• I••• 4• A••••••••• | unstated lien unstated | Not disclosed | $1.9M | ||
| A••••••• C•••••••• H••••• I•••• | term loan first lien | Not disclosed | $1.9M | S+11 bp | |
| A•••• I••••••••• H•••••• L•• | term loan first lien | $1.9M | $1.9M 99c | S+611 bp | |
| A•••• I••••••••• H•••••• L•• | term loan first lien | $1.9M | $1.9M 99c | S+611 bp | |
| A•••• I••••••••• H•••••• L•• | term loan first lien | $1.9M | $1.9M 99c | S+611 bp | |
| S••••••• S••••••• A••••••••• S•• C•••• | term loan first lien | $1.8M | $1.8M 100c | S+585 bp | |
| S••••••• S••••••• A••••••••• S•• C•••• | term loan first lien | $1.8M | $1.8M 100c | S+585 bp | |
| S••••••• S••••••• A••••••••• S•• C•••• | term loan first lien | $1.8M | $1.8M 100c | S+585 bp | |
| H••••••• M••••••••• C•••••• | term loan first lien | $1.8M | $1.8M 100c | S+760 bp | |
| H••••••• M••••••••• C•••••• | term loan first lien | $1.8M | $1.8M 100c | S+760 bp | |
| H••••••• M••••••••• C•••••• | term loan first lien | $1.8M | $1.8M 100c | S+760 bp | |
| H••••••• M••••••••• C•••••• 1• | term loan first lien | $1.8M | $1.8M 100c | S+760 bp | |
| S••••••• S••••••• A••••••••• S•• C•••• | term loan first lien | $1.8M | $1.8M 100c | S+585 bp | |
| S••••••• S••••••• A••••••••• S•• C•••• | term loan first lien | $1.8M | $1.8M 100c | S+585 bp | |
| S••••••• S••••••• A••••••••• S•• C•••• | term loan first lien | $1.8M | $1.8M 100c | S+585 bp | |
| N••••••••• L••• E••••• S••••••••• | equity equity | Not disclosed | $1.8M 221c | PIK 5.00% | |
| N••••••••• L•• | equity equity | Not disclosed | $1.8M 221c | PIK 5.00% | |
| N••••••••• L••• E••••• S••••••••• | equity equity | Not disclosed | $1.8M 221c | PIK 5.00% | |
| A••••• M••••• L•• | equity equity | Not disclosed | $1.8M | ||
| A••••• M••••• L••• E••••• I••••••••• | equity equity | Not disclosed | $1.8M 87c | PIK 8.00% | |
| A••••• M••••• L••• E••••• I••••••••• | equity equity | Not disclosed | $1.8M 87c | PIK 8.00% | |
| A••••• M••••• L•• | equity equity | Not disclosed | $1.8M | ||
| A••••• M••••• L•• | equity equity | Not disclosed | $1.8M | ||
| A••••• M••••• L••• E••••• S••••••••• | equity equity | Not disclosed | $1.8M 87c | PIK 8.00% | |
| A••••• M••••• L•• | equity equity | Not disclosed | $1.8M 87c | PIK 8.00% | |
| B••••••••• I••• | term loan first lien | $1.7M | $1.7M 102c | S+625 bp | |
| B••••••••• I••• | term loan first lien | $1.7M | $1.7M 102c | S+625 bp | Jul 17, 2029 |
| B••••••••• I••• | term loan first lien | $1.7M | $1.7M 102c | S+625 bp | |
| B••••••••• I••• 3• | term loan first lien | $1.7M | $1.7M 102c | S+625 bp | |
| E•••• F•••• S•••••••• I••• | term loan first lien | $1.7M | $1.7M 101c | S+600 bp | |
| E•••• F•••• S•••••••• I••• | term loan first lien | $1.7M | $1.7M 101c | S+600 bp | |
| E•••• F•••• S•••••••• I••• | term loan first lien | $1.7M | $1.7M 101c | S+600 bp | |
| X••••• P••••••••• I••• | term loan first lien | $1.7M | $1.7M 100c | S+550 bp | |
| X••••• P••••••••• I••• | term loan first lien | $1.7M | $1.7M 100c | S+550 bp | |
| X••••• P••••••••• I••• | term loan first lien | $1.7M | $1.7M 100c | S+550 bp | |
| X••••• P••••••••• I••• 2• | term loan first lien | $1.7M | $1.7M 100c | S+550 bp | |
| J• B•• F•••••• L•• | revolver first lien | $2.8M | $1.7M 100c | 10.00% | |
| J• B•• F•••••• L•• | revolver first lien | $2.8M | $1.7M 100c | 10.00% | |
| J• B•• F•••••• L•• | revolver first lien | $2.8M | $1.7M 100c | 10.00% | |
| O•••• I••• | term loan first lien | $1.7M | $1.7M 100c | S+740 bp | |
| O•••• I••• | term loan first lien | $1.7M | $1.7M 100c | S+740 bp | |
| O•••• I••• | term loan first lien | $1.7M | $1.7M 100c | S+740 bp | |
| B••••••• B•• A••••••••• C•••• 1• | term loan first lien | $1.7M | $1.7M 101c | S+665 bp | |
| B••••••• B•• A••••••••• C•••• | term loan first lien | $1.7M | $1.7M 101c | S+665 bp | |
| B••••••• B•• A••••••••• C•••• | term loan first lien | $1.7M | $1.7M 101c | S+665 bp | |
| B••••••• B•• A••••••••• C•••• | term loan first lien | $1.7M | $1.7M 101c | S+665 bp | |
| K•• W••• H•••••••• L•• | term loan first lien | $1.6M | $1.6M 101c | S+626 bp | |
| K•• W••• H•••••••• L•• | term loan first lien | $1.6M | $1.6M 101c | S+626 bp | |
| K•• W••• H•••••••• L•• | term loan first lien | $1.6M | $1.6M 101c | S+626 bp | |
| W••••••••• 7•• J• L•• | term loan unsecured or subordinated | $1.5M | $1.5M 100c | PIK 4.00% | |
| W••••••••• 7•• J• L••• J••••• | term loan lien unstated | $1.5M | $1.5M 100c | PIK 4.00% | |
| W••••••••• 7•• J• L••• J••••• | term loan lien unstated | $1.5M | $1.5M 100c | PIK 4.00% | |
| I•• B••••• I••• | term loan first lien | $3.0M | $1.5M 50c | S+700 bp PIK 7.00% | |
| I•• B••••• I••• | term loan first lien | $3.0M | $1.5M 50c | S+700 bp PIK 7.00% | |
| I•• B••••• I••• | term loan first lien | $3.0M | $1.5M 50c | S+700 bp PIK 7.00% | |
| N•••••••• C••••••••• C••••••• L•• | term loan first lien | $1.5M | $1.5M 102c | S+626 bp | |
| N•••••••• C••••••••• C••••••• L•• | term loan first lien | $1.5M | $1.5M 102c | S+626 bp | |
| N•••••••• C••••••••• C••••••• L•• | term loan first lien | $1.5M | $1.5M 102c | S+626 bp | |
| E•••••• W••• A••••••••• C••••••• L•• | term loan first lien | $1.5M | $1.5M 100c | S+676 bp | |
| E•••••• W••• A••••••••• C••••••• L•• | term loan first lien | $1.5M | $1.5M 100c | S+676 bp | |
| E•••••• W••• A••••••••• C••••••• L•• | term loan first lien | $1.5M | $1.5M 100c | S+676 bp | |
| L•• H•••••••• I••• | term loan first lien | $1.5M | $1.5M 101c | S+565 bp | |
| L•• H•••••••• I••• | term loan first lien | $1.5M | $1.5M 101c | S+565 bp | |
| L•• H•••••••• I••• | term loan first lien | $1.5M | $1.5M 101c | S+565 bp | |
| S•••• B••••••••• L•• 3• | term loan first lien | $1.4M | $1.4M 100c | S+725 bp | |
| S•••• B••••••••• L•• | term loan first lien | $1.4M | $1.4M 100c | S+725 bp | |
| S•••• B••••••••• L•• | term loan first lien | $1.4M | $1.4M 100c | S+725 bp | |
| S•••• B••••••••• L•• | term loan first lien | $1.4M | $1.4M 100c | S+725 bp | |
| R••••••• H••••• G••••• L•• | term loan first lien | $1.4M | $1.4M 99c | S+635 bp | |
| R••••••• H••••• G••••• L•• | term loan first lien | $1.4M | $1.4M 99c | S+635 bp | |
| R••••••• H••••• G••••• L•• 2• | term loan first lien | $1.4M | $1.4M 99c | S+635 bp | |
| R••••••• H••••• G••••• L•• | term loan first lien | $1.4M | $1.4M 99c | S+635 bp | |
| G• C••••••• A••••••••• L•• | delayed draw term loan first lien | $2.1M | $1.4M 100c | S+525 bp | |
| G• C••••••• A••••••••• L•• | delayed draw term loan first lien | $2.1M | $1.4M 100c | S+525 bp | |
| G• C••••••• A••••••••• L•• | delayed draw term loan first lien | $2.1M | $1.4M 100c | S+525 bp | |
| L•• H•••••••• I••• | term loan first lien | $1.4M | $1.4M 101c | S+565 bp | |
| L•• H•••••••• I••• | term loan first lien | $1.4M | $1.4M 101c | S+565 bp | |
| L•• H•••••••• I••• | term loan first lien | $1.4M | $1.4M 101c | S+565 bp | |
| I••••• P••• L••• E••••• S••••••••• | warrants equity | Not disclosed | $1.4M | ||
| I••••• P••• L••• E••••• S••••••••• | warrants equity | Not disclosed | $1.4M | ||
| I••••• P••• L••• | warrants equity | Not disclosed | $1.4M | ||
| A••••••• B•••••••• a•• T••••••••• C•••••• L•• | delayed draw term loan first lien | $1.4M | $1.4M 104c | S+1200 bp PIK 2.00% | |
| A••••••• B•••••••• a•• T••••••••• C•••••• L•• | delayed draw term loan first lien | $1.4M | $1.4M 104c | S+1200 bp PIK 2.00% | |
| A••••••• B•••••••• a•• T••••••••• C•••••• L•• | delayed draw term loan first lien | $1.4M | $1.4M 104c | S+1200 bp PIK 2.00% | |
| P••••••• I••• | term loan first lien | $1.3M | $1.3M 100c | S+676 bp | |
| P••••••• I••• | term loan first lien | $1.3M | $1.3M 100c | S+676 bp | |
| P••••••• I••• 3• | term loan first lien | $1.3M | $1.3M 100c | S+676 bp | |
| P••••••• I••• | term loan first lien | $1.3M | $1.3M 100c | S+676 bp | |
| S••••• O•••••••• H••••••• I•• L•• | delayed draw term loan first lien | $2.4M | $1.3M 100c | S+585 bp | |
| S••••• O•••••••• H••••••• I•• L•• | delayed draw term loan first lien | $2.4M | $1.3M 100c | S+585 bp | |
| S••••• O•••••••• H••••••• I•• L•• | delayed draw term loan first lien | $2.4M | $1.3M 100c | S+585 bp | |
| S•• H••••• 2• L•• | delayed draw term loan unsecured or subordinated | $2.9M | $1.3M 100c | 8.00% |
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