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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.

Fair value
$335M
Schedule of investments, 10-Q and 10-K
Borrowers
90
Schedule of investments, 10-Q and 10-K
Mark on cost
91.2¢
Schedule of investments, 10-Q and 10-K
First lien
81%
Schedule of investments, 10-Q and 10-K
Schedule of investments (359)Quarter by quarter
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 814-00866Show
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
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Dec 31, 2025$413M9091c75678 bp
Sep 30, 2025$466M8089c75683 bp
Jun 30, 2025$474M8190c67682 bp
Mar 31, 2025$546M8992c72683 bp
All 19 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Dec 31, 2024$1.8B9793c252680 bp
Sep 30, 2024$712M9795c83666 bp
Jun 30, 2024$633M9696c77693 bp
Mar 31, 2024$647M10096c72692 bp
Dec 31, 2023$922M9996c97701 bp
Sep 30, 2023$665M12697c66713 bp
Jun 30, 2023$768M16098c66686 bp
Mar 31, 2023$719M10698c85749 bp
Dec 31, 2022$1.5B18796c163699 bp
Sep 30, 2022$545M10199c60724 bp
Jun 30, 2022$129M12n/a0n/a
Mar 31, 2022$132M12n/a0n/a
Dec 31, 2021$856M131101c67695 bp
Sep 30, 2021$137M16n/a0n/a
Dec 31, 2020$149M13n/a0n/a
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
Full timeline · 20 events
Every position change, including routine ones
Schedule of investments at Dec 31, 2025
359 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
P••••••• I•••term loan first lien$1.3M$1.3M
100c
S+626 bp
W••••••••• 7•• J• L••term loan unsecured or subordinated$1.3M$1.3M
100c
PIK 13.25%
N•••••••• C••••••••• C••••••• L••equity equityNot disclosed$1.3M
102c
P••••••• I•••equity equityNot disclosed$1.2M
259c
PIK 8.00%
P••••••• A••••••••• L••term loan first lien$1.5M$1.2M
95c
S+561 bp
PIK 4.00%
V•••••• P••••••• L••term loan first lien$884,000$1.1M
130c
S+761 bpDec 31, 2026
C•• A•••••••• M••••••••• L••term loan first lien$1.1M$1.1M
100c
S+711 bp
M•• B•••• L••term loan first lien$1.1M$1.1M
102c
S+425 bp
K•• W••• H•••••••• L••term loan first lien$1.1M$1.1M
100c
S+576 bp
P••••••• I•••revolver first lien$1.1M$1.1M
100c
S+626 bp
F••••• M••••• I•••term loan first lien$1.3M$1.1M
82c
PIK 5.00%
K• M••• A••••••••• L••term loan first lien$1.0M$984,000
98c
S+700 bp
K•• W••• H•••••••• L••revolver first lien$952,000$952,000
100c
S+576 bp
I••••• P••• L•••warrants equityNot disclosed$924,000
T••••••••• I•••term loan first lien$911,000$911,000
101c
S+640 bp
S•••• H•••••••• I•••term loan first lien$991,000$909,000
94c
S+625 bp
PIK 4.25%
P••••••• I•••term loan first lien$884,000$883,000
100c
S+626 bp
N••••••••• L••equity equityNot disclosed$870,000
569c
A••• W••••••••• I•••equity equityNot disclosed$842,000
213c
P••• H•••••• C•••term loan first lien$944,000$836,000
89c
S+690 bp
PIK 0.75%
L••••• T••••• H•••••••• L••revolver first lien$2.2M$833,000
100c
S+535 bp
D••••••••• P•••••••• L••delayed draw term loan first lien$874,000$796,000
100c
S+550 bp
S•••••• G••••• I•••term loan first lien$764,000$758,000
100c
S+586 bp
W••••••• P••••• H••••••• I••• I•••revolver first lien$889,000$747,000
100c
S+685 bp
PIK 10.75%
Jun 2, 2028
T••••••• L•• C•••••••term loan unsecured or subordinated$881,000$739,000
84c
S+1011 bp
PIK 13.84%
A••••••• C••••• O••• L• ••• A•••••• M••••• L•••equity equityNot disclosed$735,000
18c
T•• K•••• C••••••• L••term loan first lien$990,000$718,000
74c
S+775 bp
PIK 1.00%
P••••••• I•••term loan first lien$707,000$706,000
101c
S+626 bp
G• C••••••• A••••••••• L••term loan first lien$688,000$688,000
100c
S+500 bp
W••••••• P••••• H••••••• I••• I•••term loan first lien$685,000$685,000
100c
S+685 bp
PIK 10.75%
W••••••••• 7•• J• L••term loan unsecured or subordinated$664,000$664,000
100c
PIK 13.25%
R••••••• H••••• G••••• L••term loan first lien$637,000$637,000
100c
S+585 bp
H••••••• M••••••••• C••••••term loan first lien$636,000$636,000
100c
S+760 bpJan 31, 2028
K• M••• A••••••••• L••revolver first lien$833,000$630,000
98c
S+700 bp
V••• A••••••••• H•••••• L••term loan first lien$328,000$606,000
185c
S+826 bp
PIK 12.14%
S•••• W•••••••• I•••term loan first lien$616,000$603,000
100c
S+800 bp
PIK 5.00%
K••••••• G••• P•••••••• L••term loan first lien$584,000$583,000
101c
S+665 bp
B•• O••• L••delayed draw term loan first lien$569,000$575,000
120c
S+876 bp
PIK 12.45%
S•••• B••••••••• L••term loan first lien$539,000$534,000
99c
S+575 bp
P••••••• I•••term loan first lien$530,000$530,000
100c
S+626 bp
R••••••••• H•••• f•• R••• L••warrants equityNot disclosed$526,000
A••••••• C•••••••• H••••• I•••term loan first lien$859,000$518,000
60c
S+11 bp
PIK 3.84%
A••••••• C•••••••• H••••• I•••unstated lien unstatedNot disclosed$518,000
M•• B•••• L••equity equityNot disclosed$473,000
266c
I••••••••• B••••• I•••revolver first lien$711,000$437,000
73c
S+785 bp
PIK 2.00%
N••• C••••••••• L••revolver first lienNot disclosed$418,000
N••• C••••••••• L••revolver first lien$1.4M$418,000
32c
S+1100 bp
T••••••••• I•••term loan first lien$376,000$376,000
100c
S+640 bp
W••••••••• 7•• J• L••term loan unsecured or subordinated$372,000$372,000
100c
PIK 13.25%
V•••••• P••••••• L••revolver first lien$548,000$360,000
94c
S+950 bp
V•••••• P••••••• L••term loan first lien$379,000$348,000
92c
S+761 bp
PIK 11.34%
S••••••••• M••••• L••term loan first lien$335,000$335,000
100c
S+585 bp
A•••• I••••••••• H•••••• L••equity equityNot disclosed$334,000
107c
A••••••• C••••• O••• L•delayed draw term loan first lien$551,000$331,000
228c
S+811 bp
PIK 11.99%
M•• B•••• L••term loan first lien$313,000$316,000
101c
S+425 bp
C•••• S•••••••• I•••delayed draw term loan first lien$778,000$306,000
100c
S+575 bp
E•••••• T•••••••• I•••term loan unsecured or subordinated$444,000$304,000
102c
S+665 bp
F••••• B••••• L••equity equityNot disclosed$303,000
A••••••• N••••••• O••• I• L•• ••• S••••••• C•••••••••term loan first lien$332,000$298,000
104c
S+600 bp
PIK 5.00%
K•• W••• H•••••••• L••equity equityNot disclosed$296,000
287c
L••••••••• S•• I•• L••term loan first lien$351,000$295,000
84c
S+1086 bp
PIK 14.59%
R••••••• H••••• G••••• L••term loan first lien$290,000$293,000
102c
S+585 bp
T••••••• L••term loan first lien$287,000$287,000
100c
S+1011 bp
PIK 13.84%
A•• I•• L••term loan first lien$285,000$285,000
100c
S+640 bp
S•••• W•••••••• I•••preferred equity equityNot disclosed$282,000
92c
S•••• B••••••••• L••term loan first lien$284,000$281,000
99c
S+575 bp
K••••••• G••• P•••••••• L••term loan first lien$271,000$270,000
100c
S+665 bp
B••••••••• I•••term loan first lien$260,000$262,000
102c
S+550 bp
S••••••••• M••••• L••term loan first lien$256,000$256,000
101c
S+585 bp
K••••••• G••• P•••••••• L••revolver first lien$240,000$240,000
100c
S+665 bpDec 11, 2028
D•••••• H•••••••• I•••delayed draw term loan first lien$309,000$226,000
100c
S+650 bp
PIK 0.75%
Aug 27, 2026
I••• P•••••• L••equity equityNot disclosed$209,000
83c
D••••• A••••••••• I•••equity equityNot disclosed$209,000
101c
S•••• H•••••••• I•••term loan first lien$222,000$204,000
92c
S+625 bp
PIK 4.25%
S••••••••• M••••• L••term loan first lien$201,000$201,000
101c
S+585 bp
S•••• H•••••••• I•••term loan first lien$217,000$199,000
92c
S+625 bp
PIK 4.25%
A••••••• C••••• O••• L•term loan unsecured or subordinated$165,000$196,000
131c
PIK 9.00%
A••••••• C••••• O••• L•term loan unsecured or subordinated$161,000$192,000
128c
PIK 9.00%
S•••• W•••••••• I•••term loan first lien$191,000$190,000
100c
S+800 bpFeb 20, 2029
K••••••• G••• P•••••••• L••term loan first lien$187,000$187,000
100c
S+665 bp
M•• B•••• L••delayed draw term loan first lien$698,000$176,000
101c
S+425 bp
L••••• T••••• H•••••••• L••equity equityNot disclosed$175,000
158c
D••••••••• P•••••••• L••equity equityNot disclosed$171,000
132c
T••••••••• I•••term loan first lien$171,000$171,000
101c
S+640 bp
R•••••• I••••••••• L•• ••• R••••• B•••• I••••equity equityNot disclosed$165,000
106c
T•••••• M••••••• S••••••• I•••revolver first lien$165,000$161,000
101c
S+785 bp
PIK 7.85%
B•• O••• L••term loan unsecured or subordinated$711,000$154,000
23c
PIK 7.50%
E••••• N••••••• L••equity equityNot disclosed$142,000
128c
S••••• O•••••••• H••••••• I•• L••revolver first lien$1.0M$138,000
100c
S+610 bp
K• M••• A••••••••• L••equity equityNot disclosed$136,000
25c
A••••••• B•••••••• a•• T••••••••• C•••••• L••revolver first lien$500,000$132,000
102c
S+1200 bp
PIK 2.00%
S••••••••• M••••• L••revolver first lien$323,000$126,000
100c
S+585 bp
C••• H•••••• I•••equity equityNot disclosed$121,000
91c
A••• C••••••••• ••••••••• • S••••• S•••••• L••••revolver first lien$335,000$117,000
100c
S+525 bp
V•• E••••••••• I•••equity equityNot disclosed$116,000
57c
F••••• B••••• L••equity equityNot disclosed$113,000
106c
PIK 8.00%
N••••• N••••••• I••• ••• 0•• C•••• A•• u••••• V••• A••••••••• H•••••• L•• ••• V••• G•••• H•••••• I••••equity equityNot disclosed$109,000
176c
S•••• H•••••••• I•••revolver first lien$205,000$106,000
91c
S+575 bp
X••••• P••••••••• I•••equity equityNot disclosed$97,000
198c
PIK 8.00%
S•••• H•••••••• I•••preferred equity equityNot disclosed$84,000
200c
Page 2 of 4PreviousNext
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