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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 |
|---|---|---|---|---|---|
| S•• H••••• 2• L•• | delayed draw term loan lien unstated | Not disclosed | $1.3M | ||
| S•• H••••• 2• L•• | delayed draw term loan unsecured or subordinated | $2.9M | $1.3M 100c | 8.00% | |
| S•• H••••• 2• L•• | delayed draw term loan lien unstated | Not disclosed | $1.3M | ||
| S•• H••••• 2• L•• | delayed draw term loan unsecured or subordinated | $2.9M | $1.3M 100c | 8.00% | |
| S•• H••••• 2• L•• | delayed draw term loan lien unstated | Not disclosed | $1.3M | ||
| B••••••••• I••• | revolver first lien | $1.3M | $1.3M 100c | S+860 bp PIK 1.00% | |
| B••••••••• I••• | revolver first lien | $1.3M | $1.3M 100c | S+860 bp PIK 1.00% | |
| B••••••••• I••• | revolver first lien | $1.3M | $1.3M 100c | S+860 bp PIK 1.00% | |
| C•••••••• T••••••••• I••• | term loan first lien | $1.3M | $1.3M 99c | S+775 bp PIK 6.75% | |
| C•••••••• T••••••••• I••• | term loan first lien | $1.3M | $1.3M 99c | S+775 bp PIK 6.75% | |
| C•••••••• T••••••••• I••• | term loan first lien | $1.3M | $1.3M 99c | S+775 bp PIK 6.75% | |
| W••••••••• 7•• J• L•• | term loan unsecured or subordinated | $1.2M | $1.2M 100c | PIK 4.00% | |
| W••••••••• 7•• J• L••• J••••• | term loan lien unstated | $1.2M | $1.2M 100c | PIK 4.00% | |
| W••••••••• 7•• J• L••• J••••• | term loan lien unstated | $1.2M | $1.2M 100c | PIK 4.00% | |
| P••••••• I•••• E••••• S••••••••• | equity equity | Not disclosed | $1.2M 246c | PIK 8.00% | |
| P••••••• I•••• E••••• S••••••••• | equity equity | Not disclosed | $1.2M 246c | PIK 8.00% | |
| P••••••• I••• | equity equity | Not disclosed | $1.2M 246c | PIK 8.00% | |
| M•• B•••• L•• | term loan first lien | $1.1M | $1.1M 103c | S+500 bp | |
| M•• B•••• L•• | term loan first lien | $1.1M | $1.1M 103c | S+500 bp | Jun 30, 2029 |
| M•• B•••• L•• | term loan first lien | $1.1M | $1.1M 103c | S+500 bp | |
| M•• B•••• L•• 2• | term loan first lien | $1.1M | $1.1M 103c | S+500 bp | |
| K•• W••• H•••••••• L•• | term loan first lien | $1.1M | $1.1M 100c | S+626 bp | |
| K•• W••• H•••••••• L•• | term loan first lien | $1.1M | $1.1M 100c | S+626 bp | |
| K•• W••• H•••••••• L•• | term loan first lien | $1.1M | $1.1M 100c | S+626 bp | |
| N•••••••• C••••••••• C••••••• L•• | equity equity | Not disclosed | $1.1M 101c | ||
| N•••••••• C••••••••• C••••••• L••• E••••• S••••••••• | equity equity | Not disclosed | $1.1M 101c | ||
| N•••••••• C••••••••• C••••••• L••• E••••• S••••••••• | equity equity | Not disclosed | $1.1M 101c | ||
| C•• A•••••••• M••••••••• L•• | term loan first lien | $1.1M | $1.1M 101c | S+726 bp | |
| C•• A•••••••• M••••••••• L•• | term loan first lien | $1.1M | $1.1M 101c | S+726 bp | |
| C•• A•••••••• M••••••••• L•• | term loan first lien | $1.1M | $1.1M 101c | S+726 bp | |
| A••••••• C••••• O••• L• ••• A•••••• M••••• L••• | equity equity | Not disclosed | $1.0M | ||
| A••••••• C••••• O••• L• ••• A•••••• M••••• L•••• E••••• S••••••••• | equity equity | Not disclosed | $1.0M | ||
| A••••••• C••••• O••• L• ••• A•••••• M••••• L•••• E••••• S••••••••• | equity equity | Not disclosed | $1.0M | ||
| D••••••••• M••••• I••• | term loan first lien | $985,000 | $1.0M 105c | S+675 bp | |
| D••••••••• M••••• I••• | term loan first lien | $985,000 | $1.0M 105c | S+675 bp | |
| D••••••••• M••••• I••• | term loan first lien | $985,000 | $1.0M 105c | S+675 bp | |
| D••••••••• M••••• I••• 1• | term loan first lien | $985,000 | $1.0M 105c | S+675 bp | |
| S•••• H•••••••• I••• | term loan first lien | $985,000 | $991,000 103c | S+575 bp | |
| S•••• H•••••••• I••• 1• | term loan first lien | $985,000 | $991,000 103c | S+575 bp | |
| S•••• H•••••••• I••• | term loan first lien | $985,000 | $991,000 103c | S+575 bp | |
| S•••• H•••••••• I••• | term loan first lien | $985,000 | $991,000 103c | S+575 bp | |
| T•• K•••• C••••••• L•• | term loan first lien | $987,000 | $968,000 98c | S+750 bp PIK 0.75% | |
| T•• K•••• C••••••• L•• | term loan first lien | $987,000 | $968,000 98c | S+750 bp PIK 0.75% | |
| T•• K•••• C••••••• L•• | term loan first lien | $987,000 | $968,000 98c | S+750 bp PIK 0.75% | |
| R••••••••• H•••• f•• R••• L•• | preferred equity equity | Not disclosed | $950,000 85c | ||
| R••••••••• H•••• f•• R••• L••• E••••• S••••••••• | preferred equity equity | Not disclosed | $950,000 85c | ||
| R••••••••• H•••• f•• R••• L••• E••••• S••••••••• | preferred equity equity | Not disclosed | $950,000 85c | ||
| K• M••• A••••••••• L•• ••• S••••••• S•••••• C••••••••• L••• | term loan first lien | $996,000 | $947,000 95c | S+775 bp PIK 2.75% | |
| K• M••• A••••••••• L•• ••• S••••••• S•••••• C••••••••• L••• 3• | term loan first lien | $996,000 | $947,000 95c | S+775 bp PIK 2.75% | |
| K• M••• A••••••••• L•• ••• S••••••• S•••••• C••••••••• L••• | term loan first lien | $996,000 | $947,000 95c | S+775 bp PIK 2.75% | |
| K• M••• A••••••••• L•• ••• S••••••• S•••••• C••••••••• L••• | term loan first lien | $996,000 | $947,000 95c | S+775 bp PIK 2.75% | |
| F••••• M••••• I••• | term loan unsecured or subordinated | $1.3M | $921,000 70c | PIK 5.00% | |
| F••••• M••••• I•••• J••••• | term loan first lien | $1.3M | $921,000 70c | PIK 5.00% | |
| F••••• M••••• I•••• J••••• | term loan first lien | $1.3M | $921,000 70c | PIK 5.00% | |
| N••••••••• L••• E••••• S••••••••• | equity equity | Not disclosed | $916,000 599c | ||
| N••••••••• L••• E••••• S••••••••• | equity equity | Not disclosed | $916,000 599c | ||
| N••••••••• L•• | equity equity | Not disclosed | $916,000 599c | ||
| A••• W••••••••• I•••• E••••• S••••••••• C•••• A• v••••• | equity equity | Not disclosed | $909,000 230c | ||
| A••• W••••••••• I••• | equity equity | Not disclosed | $909,000 230c | ||
| A••• W••••••••• I•••• E••••• S••••••••• C•••• A• v••••• | equity equity | Not disclosed | $909,000 230c | ||
| P••••••• I••• | term loan first lien | $884,000 | $884,000 100c | S+676 bp | |
| P••••••• I••• 4• | term loan first lien | $884,000 | $884,000 100c | S+676 bp | |
| P••••••• I••• | term loan first lien | $884,000 | $884,000 100c | S+676 bp | |
| P••••••• I••• | term loan first lien | $884,000 | $884,000 100c | S+676 bp | |
| S•• H•••••• L••• E••••• I••••••••• E••••• c••••••••• 2• A••••••••• | unstated lien unstated | Not disclosed | $864,000 100c | ||
| S•• H••••• 2• L•• | equity equity | Not disclosed | $864,000 100c | ||
| S•• H••••• 2• L•• | equity equity | Not disclosed | $864,000 | ||
| S•• H•••••• L•• | equity equity | Not disclosed | $864,000 100c | ||
| S•• H••••• 2• L••• E••••• C••••••••• A••••••••• | unstated lien unstated | Not disclosed | $864,000 | ||
| S•• H•••••• L•• | equity equity | Not disclosed | $864,000 100c | ||
| B••••••• B•• A••••••••• C•••• 2• | term loan first lien | $854,000 | $863,000 102c | S+665 bp | |
| B••••••• B•• A••••••••• C•••• | term loan first lien | $854,000 | $863,000 102c | S+665 bp | |
| B••••••• B•• A••••••••• C•••• | term loan first lien | $854,000 | $863,000 102c | S+665 bp | |
| B••••••• B•• A••••••••• C•••• | term loan first lien | $854,000 | $863,000 102c | S+665 bp | |
| K•• W••• H•••••••• L•• | delayed draw term loan first lien | $2.7M | $817,000 100c | S+626 bp | |
| K•• W••• H•••••••• L•• | delayed draw term loan first lien | $2.7M | $817,000 100c | S+626 bp | |
| K•• W••• H•••••••• L•• | delayed draw term loan first lien | $2.7M | $817,000 100c | S+626 bp | |
| D••••••••• P•••••••• L•• | delayed draw term loan first lien | $874,000 | $795,000 100c | S+625 bp | |
| D••••••••• P•••••••• L•• | delayed draw term loan first lien | $874,000 | $795,000 100c | S+625 bp | |
| D••••••••• P•••••••• L•• | delayed draw term loan first lien | $874,000 | $795,000 100c | S+625 bp | |
| A•••• I••••••••• H•••••• L•• | term loan first lien | $780,000 | $773,000 99c | S+611 bp | |
| A•••• I••••••••• H•••••• L•• | term loan first lien | $780,000 | $773,000 99c | S+611 bp | |
| A•••• I••••••••• H•••••• L•• | term loan first lien | $780,000 | $773,000 99c | S+611 bp | |
| P••••••• I••• | term loan first lien | $707,000 | $707,000 102c | S+676 bp | |
| P••••••• I••• | term loan first lien | $707,000 | $707,000 102c | S+676 bp | |
| P••••••• I••• | term loan first lien | $707,000 | $707,000 102c | S+676 bp | |
| P••••••• I••• 5• | term loan first lien | $707,000 | $707,000 102c | S+676 bp | |
| T••••••• L••• J••••• | term loan first lien | $881,000 | $699,000 79c | S+1026 bp PIK 14.89% | |
| T••••••• L••• J••••• | term loan first lien | $881,000 | $699,000 79c | S+1026 bp PIK 14.89% | |
| T••••••• L•• | term loan unsecured or subordinated | $881,000 | $699,000 79c | S+1026 bp PIK 14.89% | |
| G• C••••••• A••••••••• L•• | term loan first lien | $695,000 | $695,000 100c | S+525 bp | |
| G• C••••••• A••••••••• L•• | term loan first lien | $695,000 | $695,000 100c | S+525 bp | |
| B••• O•••••••• C••••••• L•• | term loan first lien | $751,000 | $695,000 135c | S+1117 bp PIK 11.17% | |
| G• C••••••• A••••••••• L•• | term loan first lien | $695,000 | $695,000 100c | S+525 bp | |
| B••• O•••••••• C••••••• L•• | term loan first lien | $751,000 | $695,000 135c | S+1117 bp PIK 11.17% | |
| B••• O•••••••• C••••••• L•• | term loan first lien | $751,000 | $695,000 135c | S+1117 bp PIK 11.17% | |
| G• C••••••• A••••••••• L•• 2• | term loan first lien | $695,000 | $695,000 100c | S+525 bp | |
| B•••••••• L•• | revolver first lien | $1.1M | $678,000 99c | S+700 bp | |
| B•••••••• L•• | revolver first lien | $1.1M | $678,000 99c | S+700 bp | |
| B•••••••• L•• | revolver first lien | $1.1M | $678,000 99c | S+700 bp |
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