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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 |
|---|---|---|---|---|---|
| D•••••• H•••••••• I••• | equity equity | Not disclosed | $60,000 103c | ||
| D•••••• H•••••••• I•••• E••••• S••••••••• | equity equity | Not disclosed | $60,000 103c | ||
| M•••• H•••••••• I••• | term loan first lien | $58,000 | $58,000 100c | S+826 bp PIK 5.00% | |
| M•••• H•••••••• I••• 2• A••••••••• | unstated lien unstated | Not disclosed | $58,000 | ||
| M•••• H•••••••• I••• | term loan first lien | $58,000 | $58,000 100c | S+826 bp PIK 5.00% | |
| M•••• H•••••••• I••• | unstated lien unstated | Not disclosed | $58,000 | ||
| M•••• H•••••••• I••• | term loan first lien | $58,000 | $58,000 100c | S+826 bp PIK 5.00% | |
| P••••••• I•••• E••••• S••••••••• | equity equity | Not disclosed | $53,000 | ||
| P••••••• I•••• E••••• S••••••••• | equity equity | Not disclosed | $53,000 | ||
| P••••••• I••• | equity equity | Not disclosed | $53,000 | ||
| N••••• N••••••• I••• 2• E••••• S••••••••• | equity equity | Not disclosed | $51,000 84c | ||
| N••••• N••••••• I••• ••• 0•• C•••• A• u••••• | equity equity | Not disclosed | $51,000 84c | ||
| N••••• N••••••• I•••• E••••• S••••••••• C•••• A• u••••• N••••••••• | unstated lien unstated | Not disclosed | $51,000 84c | ||
| J• B•• F•••••• L••• E••••• S••••••••• P••••• s••••••• N••••••••• | unstated lien unstated | Not disclosed | $50,000 | ||
| J• B•• F•••••• L••• E••••• S••••••••• P••••• s•••••• | unstated lien unstated | Not disclosed | $50,000 | ||
| J• B•• F•••••• L•• | equity equity | Not disclosed | $50,000 | ||
| D•••••• H•••••••• I••• | delayed draw term loan first lien | $309,000 | $48,000 100c | S+613 bp PIK 0.38% | |
| D•••••• H•••••••• I••• | delayed draw term loan first lien | $309,000 | $48,000 100c | S+613 bp PIK 0.38% | |
| D•••••• H•••••••• I••• | delayed draw term loan first lien | $309,000 | $48,000 100c | S+613 bp PIK 0.38% | |
| D•••••• H•••••••• I••• | delayed draw term loan first lien | $309,000 | $48,000 100c | S+613 bp PIK 0.38% | |
| C••••••••• L••• E••••• S••••••••• | equity equity | Not disclosed | $46,000 53c | ||
| C••••••••• L••• E••••• S••••••••• | equity equity | Not disclosed | $46,000 53c | ||
| C••••••••• L•• | equity equity | Not disclosed | $46,000 53c | ||
| M•• B•••• L•• | revolver first lien | $410,000 | $37,000 100c | S+500 bp | |
| M•• B•••• L•• | revolver first lien | $410,000 | $37,000 100c | S+500 bp | |
| M•• B•••• L•• | revolver first lien | $410,000 | $37,000 100c | S+500 bp | |
| B••••••••• I••• | preferred equity equity | Not disclosed | $35,000 100c | PIK 9.00% | |
| B••••••••• I•••• E••••• S••••••••• | preferred equity equity | Not disclosed | $35,000 100c | PIK 9.00% | |
| B••••••••• I•••• E••••• S••••••••• | preferred equity equity | Not disclosed | $35,000 100c | PIK 9.00% | |
| A••••••• B•••••••• a•• T••••••••• C•••••• L••• E••••• S••••••••• | warrants equity | Not disclosed | $34,000 81c | ||
| A••••••• B•••••••• a•• T••••••••• C•••••• L••• E••••• S••••••••• | warrants equity | Not disclosed | $34,000 81c | ||
| A••••••• B•••••••• a•• T••••••••• C•••••• L•• | warrants equity | Not disclosed | $34,000 81c | ||
| K•• W••• H•••••••• L••• E••••• S••••••••• | preferred equity equity | Not disclosed | $29,000 112c | ||
| K•• W••• H•••••••• L•• | preferred equity equity | Not disclosed | $29,000 112c | ||
| K•• W••• H•••••••• L••• E••••• S••••••••• | preferred equity equity | Not disclosed | $29,000 112c | ||
| R••••••• H••••• G••••• L••• E••••• S••••••••• | preferred equity equity | Not disclosed | $26,000 65c | PIK 12.00% | |
| R••••••• H••••• G••••• L••• E••••• S••••••••• | preferred equity equity | Not disclosed | $26,000 65c | PIK 12.00% | |
| R••••••• H••••• G••••• L•• | preferred equity equity | Not disclosed | $26,000 65c | PIK 12.00% | |
| I••••••••• B••••• I••• | equity equity | Not disclosed | $25,000 31c | ||
| I••••••••• B••••• I•••• E••••• S••••••••• | equity equity | Not disclosed | $25,000 31c | ||
| I••••••••• B••••• I•••• E••••• S••••••••• | equity equity | Not disclosed | $25,000 31c | ||
| D••••••••• M••••• I••• | revolver first lien | $103,000 | $21,000 100c | S+665 bp | |
| D••••••••• M••••• I••• | revolver first lien | $103,000 | $21,000 100c | S+665 bp | |
| D••••••••• M••••• I••• | revolver first lien | $103,000 | $21,000 100c | S+665 bp | |
| S•••• H•••••••• I••• | revolver first lien | $205,000 | $20,000 100c | S+575 bp | |
| S•••• H•••••••• I••• | revolver first lien | $205,000 | $20,000 100c | S+575 bp | |
| S•••• H•••••••• I••• | revolver first lien | $205,000 | $20,000 100c | S+575 bp | |
| A••••••• C•••••••• H••••• I••• | term loan first lien | $26,000 | $16,000 64c | S+11 bp PIK 4.46% | |
| A••••••• C•••••••• H••••• I••• | unstated lien unstated | Not disclosed | $16,000 | ||
| A••••••• C•••••••• H••••• I•••• | term loan first lien | Not disclosed | $16,000 | S+11 bp | |
| A••••••• C•••••••• H••••• I••• | term loan first lien | $26,000 | $16,000 64c | S+11 bp PIK 4.46% | |
| A••••••• C•••••••• H••••• I••• 6• A••••••••• | unstated lien unstated | Not disclosed | $16,000 | ||
| A••••••• C•••••••• H••••• I••• | term loan first lien | $26,000 | $16,000 64c | S+11 bp PIK 4.46% | Dec 31, 2026 |
| V••• B•••••• I•••• E••••• S••••••••• | warrants equity | Not disclosed | $15,000 | ||
| V••• B•••••• I•••• E••••• S••••••••• | warrants equity | Not disclosed | $15,000 | ||
| V••• B•••••• I••• | warrants equity | Not disclosed | $15,000 | ||
| E•••••• W••• A••••••••• C••••••• L••• E••••• S••••••••• | preferred equity equity | Not disclosed | $14,000 45c | PIK 8.00% | |
| E•••••• W••• A••••••••• C••••••• L••• E••••• S••••••••• | preferred equity equity | Not disclosed | $14,000 45c | PIK 8.00% | |
| E•••••• W••• A••••••••• C••••••• L•• | preferred equity equity | Not disclosed | $14,000 45c | PIK 8.00% | |
| R••••••• H••••• G••••• L••• E••••• S••••••••• | preferred equity equity | Not disclosed | $6,000 100c | PIK 12.00% | |
| R••••••• H••••• G••••• L••• E••••• S••••••••• | preferred equity equity | Not disclosed | $6,000 100c | PIK 12.00% | |
| R••••••• H••••• G••••• L•• | preferred equity equity | Not disclosed | $6,000 100c | PIK 12.00% | |
| S•••••• G••••• I••• | equity equity | Not disclosed | $3,000 23c | ||
| S•••••• G••••• I•••• E••••• S••••••••• | equity equity | Not disclosed | $3,000 23c | ||
| S•••••• G••••• I•••• E••••• S••••••••• | equity equity | Not disclosed | $3,000 23c | ||
| T•• K•••• C••••••• L•• | term loan first lien | $1,000 | $1,000 100c | S+725 bp PIK 0.75% | |
| T•• K•••• C••••••• L•• | term loan first lien | $1,000 | $1,000 100c | S+725 bp PIK 0.75% | |
| T•• K•••• C••••••• L•• | term loan first lien | $1,000 | $1,000 100c | S+725 bp PIK 0.75% | Apr 3, 2026 |
| B••••••••• I••• | revolver first lien | $348,000 | $0 | S+625 bp | |
| V••• A••••••••• H•••••• L••• J••••• | term loan first lien | $528,000 | $0 0c | S+826 bp PIK 12.85% | |
| T• M••••••••• H••••• L•• | revolver first lien | $1.1M | $0 | S+561 bp | |
| N• P• P•••••• C•••••••• M•••• I••• | revolver first lien | $438,000 | $0 | S+715 bp | |
| N••• C••••••••• L••• E••••• I••••••••• A••••••••• | unstated lien unstated | Not disclosed | $0 0c | ||
| H••••••• M••••••••• C•••••• | revolver first lien | $691,000 | $0 | S+760 bp | |
| D•••••• H•••••••• I••• | delayed draw term loan first lien | $598,000 | $0 | S+575 bp | |
| B••••••••• I•••• E••••• S••••••••• | equity equity | Not disclosed | $0 | ||
| A••••••• C•••••••• H••••• I•••• E••••• I••••••••• | equity equity | Not disclosed | $0 | ||
| K•• W••• H•••••••• L•• | revolver first lien | $952,000 | $0 | S+626 bp | |
| A••••••• C•••••••• H••••• I••• | equity equity | Not disclosed | $0 | ||
| V•••••• P••••••• L••• E••••• S••••••••• | equity equity | Not disclosed | $0 0c | PIK 10.00% | |
| N••• C••••••••• L•• | equity equity | Not disclosed | $0 0c | ||
| M• A•••• M••••••••• ••••••••• L••• E••••• I••••••••• A••••••••• | unstated lien unstated | Not disclosed | $0 0c | ||
| H••••••• M••••••••• C•••••• | revolver first lien | $691,000 | $0 | S+760 bp | |
| D•••••• H•••••••• I••• | delayed draw term loan first lien | $598,000 | $0 | S+575 bp | |
| C••••••••• L•• | revolver first lien | $652,000 | $0 | S+660 bp | |
| C••••••••• L•• | revolver first lien | $652,000 | $0 | S+660 bp | |
| S•••• H•••••••• I••• | delayed draw term loan first lien | $289,000 | $0 | S+575 bp | |
| C•••• S•••••••• I••• | revolver first lien | $667,000 | $0 | S+625 bp | |
| C•••• S•••••••• I••• | delayed draw term loan first lien | $556,000 | $0 | S+625 bp | |
| A••••••• C•••••••• H••••• I••• | revolver first lien | $2.5M | $0 | S+11 bp PIK 4.46% | |
| A••••••• C•••••••• H••••• I••• | revolver first lien | Not disclosed | $0 | ||
| I•• B••••• I•••• E••••• S••••••••• | equity equity | Not disclosed | $0 | ||
| E•••••• W••• A••••••••• C••••••• L••• E••••• S••••••••• | equity equity | Not disclosed | $0 | ||
| V••• A••••••••• H•••••• L•• | term loan unsecured or subordinated | $528,000 | $0 0c | S+826 bp PIK 12.85% | |
| B•• O••• L•• ••• B••• t• R••• L••• | term loan unsecured or subordinated | $3.7M | $0 0c | PIK 5.00% | |
| E•••••••• C••••••••• o• A•••••• | preferred equity equity | Not disclosed | $0 0c | PIK 12.00% | |
| E•••••• W••• A••••••••• C••••••• L•• | equity equity | Not disclosed | $0 | ||
| M• A•••• M••••••••• ••••••••• L•• | equity equity | Not disclosed | $0 0c | ||
| M•••• H•••••••• I••• | equity equity | Not disclosed | $0 | ||
| D••••••••• P•••••••• L•• | revolver first lien | $522,000 | $0 | S+625 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