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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•••••• G••••• I••• | term loan first lien | $775,000 | $674,000 88c | S+636 bp | |
| S•••••• G••••• I••• | term loan first lien | $775,000 | $674,000 88c | S+636 bp | |
| S•••••• G••••• I••• | term loan first lien | $775,000 | $674,000 88c | S+636 bp | |
| H••••••• M••••••••• C•••••• | term loan first lien | $657,000 | $657,000 100c | S+760 bp | |
| H••••••• M••••••••• C•••••• | term loan first lien | $657,000 | $657,000 100c | S+760 bp | |
| H••••••• M••••••••• C•••••• 2• | term loan first lien | $657,000 | $657,000 100c | S+760 bp | |
| H••••••• M••••••••• C•••••• | term loan first lien | $657,000 | $657,000 100c | S+760 bp | |
| R••••••• H••••• G••••• L•• | term loan first lien | $646,000 | $639,000 99c | S+635 bp | Dec 31, 2026 |
| R••••••• H••••• G••••• L•• | term loan first lien | $646,000 | $639,000 99c | S+635 bp | |
| R••••••• H••••• G••••• L•• | term loan first lien | $646,000 | $639,000 99c | S+635 bp | |
| R••••••• H••••• G••••• L•• 3• | term loan first lien | $646,000 | $639,000 99c | S+635 bp | |
| K••••••• G••• P•••••••• L•• | term loan first lien | $590,000 | $585,000 101c | S+665 bp | |
| K••••••• G••• P•••••••• L•• | term loan first lien | $590,000 | $585,000 101c | S+665 bp | |
| K••••••• G••• P•••••••• L•• | term loan first lien | $590,000 | $585,000 101c | S+665 bp | |
| P••••••• I••• | revolver first lien | $1.1M | $561,000 100c | S+650 bp | |
| P••••••• I••• | revolver first lien | $1.1M | $561,000 100c | S+650 bp | |
| P••••••• I••• | revolver first lien | $1.1M | $561,000 100c | S+650 bp | |
| V••• A••••••••• H•••••• L•• | term loan first lien | $304,000 | $556,000 183c | S+826 bp PIK 12.79% | |
| V••• A••••••••• H•••••• L•• | term loan first lien | $304,000 | $556,000 183c | S+826 bp PIK 12.79% | |
| V••• A••••••••• H•••••• L•• | term loan first lien | $304,000 | $556,000 183c | S+826 bp PIK 12.79% | Jan 31, 2028 |
| A••••••• C••••• O••• L• ••• A•••••• M••••• L•••• E••••• S••••••••• | equity equity | Not disclosed | $552,000 13c | ||
| A••••••• C••••• O••• L• ••• A•••••• M••••• L•••• E••••• S••••••••• | equity equity | Not disclosed | $552,000 13c | ||
| H•• A••••••••• I••• | revolver first lien | $817,000 | $552,000 100c | S+585 bp | |
| A••••••• C••••• O••• L• ••• A•••••• M••••• L••• | equity equity | Not disclosed | $552,000 13c | ||
| H•• A••••••••• I••• | revolver first lien | $817,000 | $552,000 100c | S+585 bp | |
| H•• A••••••••• I••• | revolver first lien | $817,000 | $552,000 100c | S+585 bp | |
| P••••••• I••• | term loan first lien | $530,000 | $530,000 100c | S+676 bp | |
| P••••••• I••• | term loan first lien | $530,000 | $530,000 100c | S+676 bp | |
| P••••••• I••• | term loan first lien | $530,000 | $530,000 100c | S+676 bp | |
| P••••••• I••• 2• | term loan first lien | $530,000 | $530,000 100c | S+676 bp | |
| A••••••• C•••••••• H••••• I••• | unstated lien unstated | Not disclosed | $508,000 | ||
| A••••••• C•••••••• H••••• I••• 3• A••••••••• | unstated lien unstated | Not disclosed | $508,000 | ||
| A••••••• C•••••••• H••••• I•••• | term loan first lien | Not disclosed | $508,000 | S+11 bp | |
| A••••••• C•••••••• H••••• I••• | term loan first lien | $822,000 | $508,000 62c | S+11 bp PIK 4.46% | |
| A••••••• C•••••••• H••••• I••• | term loan first lien | $822,000 | $508,000 62c | S+11 bp PIK 4.46% | |
| A••••••• C•••••••• H••••• I••• | term loan first lien | $822,000 | $508,000 62c | S+11 bp PIK 4.46% | |
| C•••••••• T••••••••• I••• | revolver first lien | $500,000 | $500,000 100c | S+675 bp | |
| C•••••••• T••••••••• I••• | revolver first lien | $500,000 | $500,000 100c | S+675 bp | |
| C•••••••• T••••••••• I••• | revolver first lien | $500,000 | $500,000 100c | S+675 bp | |
| C•••••••• I••• | term loan first lien | $496,000 | $497,000 100c | S+550 bp | |
| C•••••••• I••• | term loan first lien | $496,000 | $497,000 100c | S+550 bp | |
| C•••••••• I••• | term loan first lien | $496,000 | $497,000 100c | S+550 bp | |
| E•••• F•••• S•••••••• I••• | delayed draw term loan first lien | $863,000 | $484,000 100c | S+600 bp | |
| E•••• F•••• S•••••••• I••• | delayed draw term loan first lien | $863,000 | $484,000 100c | S+600 bp | |
| E•••• F•••• S•••••••• I••• | delayed draw term loan first lien | $863,000 | $484,000 100c | S+600 bp | |
| B•• O••• L•• ••• B••• t• R••• L••• | term loan unsecured or subordinated | $711,000 | $458,000 70c | PIK 7.50% | |
| B•• O••• L•• ••• B••• t• R••• L•••• J••••• | term loan lien unstated | $711,000 | $458,000 70c | PIK 7.50% | |
| B•• O••• L•• ••• B••• t• R••• L•••• J••••• | term loan lien unstated | $711,000 | $458,000 70c | PIK 7.50% | |
| A•••• I••••••••• H•••••• L•• | term loan first lien | $458,000 | $454,000 99c | S+611 bp | |
| A•••• I••••••••• H•••••• L•• | term loan first lien | $458,000 | $454,000 99c | S+611 bp | |
| A•••• I••••••••• H•••••• L•• | term loan first lien | $458,000 | $454,000 99c | S+611 bp | |
| K• M••• A••••••••• L•• ••• S••••••• S•••••• C••••••••• L••• | revolver first lien | $823,000 | $447,000 95c | S+775 bp PIK 2.75% | |
| K• M••• A••••••••• L•• ••• S••••••• S•••••• C••••••••• L••• | revolver first lien | $823,000 | $447,000 95c | S+775 bp PIK 2.75% | |
| K• M••• A••••••••• L•• ••• S••••••• S•••••• C••••••••• L••• | revolver first lien | $823,000 | $447,000 95c | S+775 bp PIK 2.75% | |
| R••••••••• H•••• f•• R••• L•• | warrants equity | Not disclosed | $443,000 | ||
| R••••••••• H•••• f•• R••• L••• E••••• S••••••••• | warrants equity | Not disclosed | $443,000 | ||
| R••••••••• H•••• f•• R••• L••• E••••• S••••••••• | warrants equity | Not disclosed | $443,000 | ||
| B•• O••• L•• ••• B••• t• R••• L••• | delayed draw term loan first lien | $569,000 | $440,000 108c | S+876 bp PIK 13.08% | |
| B•• O••• L•• ••• B••• t• R••• L••• | delayed draw term loan first lien | $569,000 | $440,000 108c | S+876 bp PIK 13.08% | |
| B•• O••• L•• ••• B••• t• R••• L••• | delayed draw term loan first lien | $569,000 | $440,000 108c | S+876 bp PIK 13.08% | |
| B•• O••• L•• ••• B••• t• R••• L••• | delayed draw term loan first lien | $569,000 | $440,000 108c | S+876 bp PIK 13.08% | |
| T••••••• L••• E••••• S••••••••• | equity equity | Not disclosed | $437,000 27c | ||
| T••••••• L•• | equity equity | Not disclosed | $437,000 27c | ||
| A•••• I••••••••• H•••••• L••• E••••• S••••••••• | equity equity | Not disclosed | $437,000 143c | ||
| T••••••• L••• E••••• S••••••••• | equity equity | Not disclosed | $437,000 27c | ||
| A•••• I••••••••• H•••••• L••• E••••• S••••••••• | equity equity | Not disclosed | $437,000 143c | ||
| A•••• I••••••••• H•••••• L•• | equity equity | Not disclosed | $437,000 143c | ||
| W••••••• P••••• H••••••• I••• I••• | term loan first lien | $847,000 | $424,000 100c | S+685 bp PIK 5.75% | |
| W••••••• P••••• H••••••• I••• I••• | delayed draw term loan first lien | $847,000 | $424,000 100c | S+685 bp PIK 5.75% | |
| W••••••• P••••• H••••••• I••• I••• | delayed draw term loan lien unstated | $847,000 | $424,000 100c | S+685 bp PIK 5.75% | |
| W••••••• P••••• H••••••• I••• I••• | delayed draw term loan first lien | $847,000 | $424,000 100c | S+685 bp PIK 5.75% | |
| N••• C••••••••• L•• | revolver first lien | $1.4M | $422,000 32c | S+1100 bp | |
| N••• C••••••••• L•• | revolver first lien | $1.4M | $422,000 32c | S+1100 bp | |
| N••• C••••••••• L•• | revolver first lien | $1.4M | $422,000 32c | S+1100 bp | |
| N••• C••••••••• L•• | revolver first lien | Not disclosed | $422,000 | ||
| N••• C••••••••• L•• | revolver first lien | Not disclosed | $422,000 | ||
| B••• O•••••••• C••••••• L•• | equity equity | Not disclosed | $420,000 59c | ||
| B••• O•••••••• C••••••• L••• E••••• S••••••••• | equity equity | Not disclosed | $420,000 59c | ||
| B••• O•••••••• C••••••• L••• E••••• S••••••••• | equity equity | Not disclosed | $420,000 59c | ||
| A•••• I••••••••• H•••••• L•• | term loan first lien | $394,000 | $390,000 100c | S+611 bp | Jul 3, 2025 |
| A•••• I••••••••• H•••••• L•• | term loan first lien | $394,000 | $390,000 100c | S+611 bp | |
| A•••• I••••••••• H•••••• L•• | term loan first lien | $394,000 | $390,000 100c | S+611 bp | |
| E•••• F•••• S•••••••• I••• | delayed draw term loan first lien | $1.2M | $376,000 101c | S+600 bp | |
| E•••• F•••• S•••••••• I••• | delayed draw term loan first lien | $1.2M | $376,000 101c | S+600 bp | |
| E•••• F•••• S•••••••• I••• | delayed draw term loan first lien | $1.2M | $376,000 101c | S+600 bp | |
| S••••••••• M••••• L•• | term loan first lien | $336,000 | $337,000 102c | S+610 bp | |
| S••••••••• M••••• L•• | term loan first lien | $336,000 | $337,000 102c | S+610 bp | |
| S••••••••• M••••• L•• 2• | term loan first lien | $336,000 | $337,000 102c | S+610 bp | |
| S••••••••• M••••• L•• | term loan first lien | $336,000 | $337,000 102c | S+610 bp | |
| A••••••• C••••• O••• L• ••• A•••••• M••••• L••• | delayed draw term loan first lien | $551,000 | $331,000 225c | S+811 bp PIK 12.67% | |
| A••••••• C••••• O••• L• ••• A•••••• M••••• L••• | delayed draw term loan first lien | $551,000 | $331,000 225c | S+811 bp PIK 12.67% | |
| W••••••• P••••• H••••••• I••• I••• | revolver first lien | $424,000 | $330,000 100c | S+685 bp PIK 5.75% | |
| W••••••• P••••• H••••••• I••• I••• | revolver first lien | $424,000 | $330,000 100c | S+685 bp PIK 5.75% | |
| W••••••• P••••• H••••••• I••• I••• | revolver first lien | $424,000 | $330,000 100c | S+685 bp PIK 5.75% | |
| W••••••• P••••• H••••••• I••• I••• | revolver first lien | $424,000 | $330,000 100c | S+685 bp PIK 5.75% | |
| V••• A••••••••• H•••••• L••• J••••• | term loan first lien | $671,000 | $328,000 49c | S+826 bp PIK 12.85% | |
| V••• A••••••••• H•••••• L••• J••••• | term loan first lien | $671,000 | $328,000 49c | S+826 bp PIK 12.85% | |
| V••• A••••••••• H•••••• L•• | term loan unsecured or subordinated | $671,000 | $328,000 49c | S+826 bp PIK 12.85% | |
| W••••••••• 7•• J• L••• J••••• | term loan lien unstated | $326,000 | $325,000 100c | PIK 4.00% | |
| W••••••••• 7•• J• L•• | term loan unsecured or subordinated | $326,000 | $325,000 100c | PIK 4.00% |
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