The capital structure graph behind private markets. Who lent, to whom, under which sponsor, through which facility, how large the piece was, when it matures and what changed, with a filing behind every number. A BDC piece is that BDC's piece, a sum of pieces is a lower bound, and a sponsor is named with the evidence that names it.

The names on this page are hidden. Create a free account and they fill in. No card, and every figure, date and source on this page is public either way.

BDC portfolio

M••••• C•••••• C•••

BDCnon-tradedCIK 1512931file 814-00866CHICAGO, ILmanaged by M• A•••••••
Fair value
$335M
as of Dec 31, 2025
Principal held
$354M
debt pieces, the filer's figure
Cost
$373M
90c on cost
Unfunded
$17.9M
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$335M as of Dec 31, 2025
Dec 31, 2020$149M then
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Dec 31, 2025$335M9091c75674 bp
Sep 30, 2025$361M8089c75679 bp
Jun 30, 2025$368M8190c67679 bp
Mar 31, 2025$431M8992c72681 bp
Dec 31, 2024$1.7B9797c250678 bp
Sep 30, 2024$474M9795c83680 bp
Jun 30, 2024$468M9698c70721 bp
Mar 31, 2024$483M10098c65721 bp
Dec 31, 2023$843M99122c89722 bp
Sep 30, 2023$520M12897c66724 bp
Jun 30, 2023$621M162119c66695 bp
Mar 31, 2023$570M108100c85742 bp
Dec 31, 2022$1.4B189110c155719 bp
Sep 30, 2022$423M10295c53712 bp
Jun 30, 2022$5.8M12n/a0n/a
Mar 31, 2022$18.0M12n/a0n/a
Dec 31, 2021$844M133156c61680 bp
Sep 30, 2021$5.3M16n/a0n/a
Dec 31, 2020$149M13n/a0n/a

Each quarter end is the schedule as filed for that instant; a restated year end is taken from the latest filing that carries it.

Sponsors financed
No borrower on this schedule has a sponsor attribution yet.

Counted at BDC level here; the adviser page counts across every BDC it manages. A sponsor named by Form D signer consensus is an inference.

What changed
Every position change, including routine ones
Largest facilities held, with co-lenders
    Schedule of investments at Dec 31, 2025
    359 positions
    BorrowerInstrumentPrincipalFair valueRateMaturity
    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 equityn/a$870,000
    569c
    A••• W••••••••• I••.equity equityn/a$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%
    T••••••• L•• Consumerterm loan unsecured or subordinated$881,000$739,000
    84c
    		S+1011 bp
    PIK 13.84%
    A••••••• C••••• O••• L• (fka Arcstor Midco, LLC)equity equityn/a$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••••••/Monroe 700 JV LLCterm 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 bp
    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 equityn/a$526,000
    A••••••• C•••••••• H••••• I••.term loan first lien$859,000$518,000
    60c
    		S+11 bp
    PIK 3.84%
    M•• B•••• L••equity equityn/a$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 lien$1.4M$418,000
    32c
    		S+1100 bp
    T••••••••• I••.term loan first lien$376,000$376,000
    100c
    		S+640 bp
    W••••••/Monroe 700 JV LLCterm 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
    PIK 11.34%
    S••••••••• M••••• L••term loan first lien$335,000$335,000
    100c
    		S+585 bp
    A•••• I••••••••• H•••••• L••equity equityn/a$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 equityn/a$303,000
    A••••••• N••••••• O••• I• L•• (fka Sandvine Corporation)term loan first lien$332,000$298,000
    104c
    		S+600 bp
    PIK 5.00%
    K•• W••• H•••••••• L••equity equityn/a$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 equityn/a$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 bp
    D•••••• H•••••••• I••.delayed draw term loan first lien$309,000$226,000
    100c
    		S+650 bp
    PIK 0.75%
    I••• P•••••• L••equity equityn/a$209,000
    83c
    D••••• A••••••••• I••.equity equityn/a$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 bp
    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 equityn/a$175,000
    158c
    D••••••••• P•••••••• L••equity equityn/a$171,000
    132c
    T••••••••• I••.term loan first lien$171,000$171,000
    101c
    		S+640 bp
    R•••••• I••••••••• L•• (fka Runner B•••• INC.)equity equityn/a$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 equityn/a$142,000
    128c
    S••••• O•••••••• H••••••• I•• L••revolver first lien$1.0M$138,000
    100c
    		S+610 bp
    K• M••• A••••••••• L••equity equityn/a$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 equityn/a$121,000
    91c
    Aras Corporation (Revolver) | Senior Secured Loansrevolver first lien$335,000$117,000
    100c
    		S+525 bp
    V•• E••••••••• I••.equity equityn/a$116,000
    57c
    F••••• B••••• L••equity equityn/a$113,000
    106c
    PIK 8.00%
    N••••• N••••••• I••. (62, 034 Class AAA units) V••• A••••••••• H•••••• L•• (fka V••• Group Holding Inc.)equity equityn/a$109,000
    176c
    S•••• H•••••••• I••.revolver first lien$205,000$106,000
    91c
    		S+575 bp
    X••••• P••••••••• I••.equity equityn/a$97,000
    198c
    PIK 8.00%
    S•••• H•••••••• I••.preferred equity equityn/a$84,000
    200c
    A••••••• C•••••••• H••••• I••.term loan first lien$134,000$81,000
    60c
    		S+11 bp
    PIK 3.84%
    V•• E••••••••• I••.revolver first lien$458,000$73,000
    100c
    		S+710 bp
    C••••••••• L••equity equityn/a$71,000
    82c
    N•••••••• C••••••••• C••••••• L••revolver first lien$318,000$68,000
    100c
    		S+643 bp
    D•••••• H•••••••• I••.delayed draw term loan first lien$543,000$65,000
    100c
    		S+650 bp
    PIK 0.75%
    D•••••• H•••••••• I••.equity equityn/a$62,000
    107c
    S•••••• G••••• I••.revolver first lien$122,000$61,000
    100c
    		S+586 bp
    K•• W••• H•••••••• L••preferred equity equityn/a$59,000
    227c
    J• B•• F•••••• L••equity equityn/a$54,000
    P•••••• C••••••• H•••••• C•••••• L••term loan first lien$568,000$52,000
    23c
    		S+711 bp
    Q•••• R••••••• M••••••••• G••••• L••warrants equityn/a$51,000
    76c
    V••• A••••••••• H•••••• L••term loan unsecured or subordinated$671,000$50,000
    7c
    		S+826 bp
    PIK 12.10%
    D••••• A••••••••• I••.equity equityn/a$47,000
    I••• P•••••• L••equity equityn/a$46,000
    177c
    P••••••• I••.equity equityn/a$46,000
    R••••••• H••••• G••••• L••preferred equity equityn/a$40,000
    100c
    PIK 12.00%
    Q•••• R••••••• M••••••••• G••••• L••warrants equityn/a$36,000
    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