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M••••• C•••••• I••••• P••• C•••
A non-traded business development company, managed by M• A•••••••, holding $6.0B across 291 borrowers at Jun 30, 2026.
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
- $6.0B
- Borrowers
- 291
- Mark on cost
- 97.8¢
- First lien
- 86%
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
What matters now
- $183Mon non-accrual, 11 borrowers
11 borrowers on non-accrual, $183M principal; the largest is F•••• B••••• G••••• L•• ($74.6M).
Q2 2026 · Loans that have stopped paying interest; they set the book's credit losses.
FactBDC schedules of investments, 30 Jun 2026For LPs and shareholders in these BDCs, co-lenders on the same namesOpen F•••• B••••• G••••• L•• → - 38 below 80¢$239M principal
38 positions across 18 borrowers marked below 80¢ on cost, $239M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026 - 113 → 131loans paying in kind
Loans paying in kind rose from 113 to 131 positions in the quarter to Jun 30, 2026.
Q2 2026 · Borrowers paying interest in more debt rather than cash is an early sign of strain.
Every headline figure, and the identifiersCIK 1742313 · file 814-01301ShowHide
Fair value
$6.0B
as of Jun 30, 2026
Principal held
$6.6B
debt pieces, the filer's figure
Cost
$6.0B
98c on cost, debt pieces
Unfunded
$948M
commitments not yet drawn
Positions
1,343
291 borrowers
First lien
86%
92% debt by fair value
Quarters on the tape
19
since Dec 31, 2021
Facilities held
714
48 sponsors financed
Portfolio through time
Fair value by quarter end$6.4B as of Jun 30, 2026
Dec 31, 2021$21.6M then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $6.4B | 291 | 98c | 131 | 586 bp |
| Mar 31, 2026 | $6.1B | 286 | 98c | 113 | 577 bp |
| Dec 31, 2025 | $6.2B | 293 | 98c | 113 | 584 bp |
| Sep 30, 2025 | $5.7B | 281 | 99c | 101 | 592 bp |
All 19 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2025 | $5.4B | 265 | 100c | 97 | 601 bp |
| Mar 31, 2025 | $4.7B | 250 | 100c | 98 | 613 bp |
| Dec 31, 2024 | $8.2B | 246 | 100c | 214 | 623 bp |
| Sep 30, 2024 | $3.8B | 222 | 100c | 85 | 641 bp |
| Jun 30, 2024 | $3.5B | 218 | 100c | 75 | 653 bp |
| Mar 31, 2024 | $2.9B | 214 | 101c | 65 | 652 bp |
| Dec 31, 2023 | $6.7B | 212 | 100c | 155 | 661 bp |
| Sep 30, 2023 | $2.0B | 179 | 100c | 58 | 663 bp |
| Jun 30, 2023 | $1.8B | 173 | 100c | 49 | 659 bp |
| Mar 31, 2023 | $1.6B | 156 | 100c | 51 | 666 bp |
| Dec 31, 2022 | $3.0B | 159 | 100c | 92 | 655 bp |
| Sep 30, 2022 | $38.0M | 6 | n/a | 0 | n/a |
| Jun 30, 2022 | $14.3M | 5 | n/a | 0 | n/a |
| Mar 31, 2022 | $12.7M | 2 | n/a | 0 | n/a |
| Dec 31, 2021 | $21.6M | 4 | n/a | 0 | n/a |
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
Full timeline · 20 eventsShow fewer
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Spread increasedJun 30, 2026
Largest facilities held, with co-lenders
- Z• I••••••••• I•• I•• first lien term loan2 BDCs hold it · matures Nov 14, 2031$82.3M 102c
- E•••• F•••• S•••••••• I•• first lien term loan3 BDCs hold it · matures Apr 17, 2031$81.1M 101c
- T•••• G•••• H••••••• C••• first lien term loan1 BDC hold it · matures Mar 28, 2031$73.6M 101c
- S••••••••• I•• first lien term loan2 BDCs hold it · matures Oct 16, 2031 · possible sponsor V••••• C•••••• M••••••••• L•••$73.0M 101c
- K• S••••••• V•••••• L•• first lien term loan1 BDC hold it · matures Sep 5, 2031$67.9M 101c
- C••••• B••••• I•• first lien term loan2 BDCs hold it · matures Sep 14, 2029$65.7M 102c
- S••••••• S••••••• A••••••••• S•• C••• first lien term loan2 BDCs hold it · matures Sep 30, 2027 · possible sponsor L•••••• G•••• • P•••••••• L•••$65.5M 100c
- N••••••••• L•• first lien term loan1 BDC hold it · matures Aug 26, 2027$64.0M 100c
- B••••••••• I•• first lien term loan1 BDC hold it · matures Jul 17, 2029$63.5M 102c
- F•••• B••••• G••••• L•• unsecured or subordinated term loan1 BDC hold it · matures Dec 29, 2028$60.9M 0c
- A••••• D••••••••• G••••• I•• first lien term loan1 BDC hold it · matures Jun 7, 2029$60.2M 100c
- B•• B••••• I•• first lien term loan3 BDCs hold it · matures Dec 22, 2029$59.3M 101c
Schedule of investments at Dec 31, 2023
1,642 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| N••••••••• L•• | term loan first lien | $15.5M | $15.6M 101c | S+710 bp | Aug 26, 2027 |
| N••••••••• L•• | term loan first lien | $15.5M | $15.6M 101c | S+710 bp | Aug 26, 2027 |
| E•••••••• T•••••• L•• | term loan first lien | $16.0M | $15.6M 100c | S+661 bp | Nov 8, 2028 |
| E•••••••• T•••••• L•• | term loan first lien | $16.0M | $15.6M 100c | S+661 bp | Nov 8, 2028 |
| E•••••••• T•••••• L•• | term loan first lien | $16.0M | $15.6M 100c | S+661 bp | Nov 8, 2028 |
| A••••• I••• | term loan first lien | $15.4M | $15.4M 101c | S+725 bp | Oct 31, 2025 |
| A••••• I••• | term loan first lien | $15.4M | $15.4M 101c | S+725 bp | Oct 31, 2025 |
| D••••••••• P•••••••• L•• | term loan first lien | $15.0M | $15.0M 102c | S+675 bp | Sep 1, 2028 |
| D••••••••• P•••••••• L•• | term loan first lien | $15.0M | $15.0M 102c | S+675 bp | Sep 1, 2028 |
| A•• I•• L•• | term loan first lien | $15.0M | $15.0M 102c | S+640 bp | May 25, 2028 |
| O••••• A••••••••• F•••• I••••• T•••• | term loan first lien | $15.0M | $15.0M 99c | S+825 bp | Apr 1, 2026 |
| O••••• A••••••••• F•••• I••••• T•••• | term loan first lien | $15.0M | $15.0M 99c | S+825 bp | Apr 1, 2026 |
| O••••• A••••••••• F•••• I••••• T•••• | term loan first lien | $15.0M | $15.0M 99c | S+825 bp | Apr 1, 2026 |
| O••• N••••••••• C••••••••• | term loan lien unstated | $15.0M | $14.7M 100c | S+575 bp | Oct 2, 2029 |
| O••• N••••••••• C•••• | term loan first lien | $15.0M | $14.7M 100c | S+575 bp | Oct 2, 2029 |
| I••••••••• B••••• L•• | term loan first lien | $15.0M | $14.7M 100c | S+600 bp | Dec 27, 2029 |
| I••••••••• B••••• L•• | term loan first lien | $15.0M | $14.7M 100c | S+600 bp | Dec 27, 2029 |
| I••••••••• B••••• L•• | term loan first lien | $15.0M | $14.7M 100c | S+600 bp | Dec 27, 2029 |
| O••• N••••••••• C•••• | term loan first lien | $15.0M | $14.7M 100c | S+575 bp | Oct 2, 2029 |
| N• P• P•••••• C•••••••• M•••• I••• | term loan first lien | $14.5M | $14.6M 103c | S+565 bp | Oct 4, 2028 |
| N• P• P•••••• C•••••••• M•••• I••• | term loan first lien | $14.5M | $14.6M 103c | S+565 bp | Oct 4, 2028 |
| N• P• P•••••• C•••••••• M•••• I•• | term loan first lien | $14.5M | $14.6M 103c | S+565 bp | Oct 4, 2028 |
| C••••••••• H•••••••• L•• | term loan first lien | $14.8M | $14.6M 100c | S+565 bp | Jun 23, 2028 |
| C••••••••• H•••••••• L•• | term loan first lien | $14.8M | $14.6M 100c | S+565 bp | Jun 23, 2028 |
| C••••••••• H•••••••• L•• | term loan first lien | $14.8M | $14.6M 100c | S+565 bp | Jun 23, 2028 |
| N••••••••• L•• | term loan first lien | $14.3M | $14.4M 101c | S+710 bp | Aug 26, 2027 |
| N••••••••• L•• | term loan first lien | $14.3M | $14.4M 101c | S+710 bp | Aug 26, 2027 |
| A••••••• C••••••••• L•• | term loan first lien | $14.7M | $14.4M 99c | S+635 bp | Dec 31, 2026 |
| A••••••• C••••••••• L•• | term loan first lien | $14.7M | $14.4M 99c | S+635 bp | Dec 31, 2026 |
| A••••••• C••••••••• L•• | term loan first lien | $14.7M | $14.4M 99c | S+635 bp | Dec 31, 2026 |
| E••••• L•• | term loan first lien | $14.4M | $14.4M 101c | S+660 bp | Sep 30, 2027 |
| E••••• L•• | term loan first lien | $14.4M | $14.4M 101c | S+660 bp | Sep 30, 2027 |
| O••••• H•••••• I••• | term loan first lien | $14.0M | $14.1M 103c | S+750 bp | Feb 1, 2029 |
| O••••• H•••••• I••• | term loan first lien | $14.0M | $14.1M 103c | S+750 bp | Feb 1, 2029 |
| S••••• S••••••• L•• | delayed draw term loan first lien | $22.0M | $14.0M 99c | S+750 bp | Dec 4, 2026 |
| S••••• S••••••• L•• | delayed draw term loan first lien | $22.0M | $14.0M 99c | S+750 bp | Dec 4, 2026 |
| S••••• S••••••• L•• | delayed draw term loan first lien | $22.0M | $14.0M 99c | S+750 bp | Dec 4, 2026 |
| S••••••••• F•••••••• M•••••••• G•••• H••••••• I••••••••• | term loan lien unstated | $14.2M | $13.9M 98c | S+615 bp | Dec 2, 2026 |
| S••••••••• F•••••••• M•••••••• G•••• H••••••• I••• | term loan first lien | $14.2M | $13.9M 98c | S+615 bp | Dec 2, 2026 |
| S••••••••• F•••••••• M•••••••• G•••• H••••••• I•••• | term loan first lien | $14.2M | $13.9M 98c | S+615 bp | Dec 2, 2026 |
| S••••••••• F•••••••• M•••••••• G•••• H••••••• I•• | term loan first lien | $14.2M | $13.9M 98c | S+615 bp | Dec 2, 2026 |
| C•••••••• H•••••••• L•• | term loan first lien | $13.8M | $13.8M 101c | S+761 bp | Sep 8, 2026 |
| C•••••••• H•••••••• L•• | term loan first lien | $13.8M | $13.8M 101c | S+761 bp | Sep 8, 2026 |
| M•••••• L•••• H•••••••• I••• | term loan first lien | $13.9M | $13.8M 102c | S+700 bp | Dec 29, 2028 |
| M•••••• L•••• H•••••••• I••• | term loan first lien | $13.9M | $13.8M 102c | S+700 bp | Dec 29, 2028 |
| M•••••• L•••• H•••••••• I••• | term loan first lien | $13.9M | $13.8M 102c | S+700 bp | Dec 29, 2028 |
| C•••••• •••• B••••• O•••• L•• a•• P•••••• N••••••• G••• C••• L•• | term loan first lien | $13.5M | $13.6M 102c | S+825 bp | Apr 30, 2025 |
| C•••••• •••• B••••• O•••• L•• a•• P•••••• N••••••• G••• C••• L•• | term loan first lien | $13.5M | $13.6M 102c | S+825 bp | Apr 30, 2025 |
| A•••••• N•••••• R••••••••• L•••••••• | term loan first lien | $13.7M | $13.6M 101c | S+561 bp | May 18, 2026 |
| A•••••• N•••••• R••••••••• L•• | term loan first lien | $13.7M | $13.6M 101c | S+561 bp | May 18, 2026 |
| A•••••• N•••••• R••••••••• L•• | term loan first lien | $13.7M | $13.6M 101c | S+561 bp | May 18, 2026 |
| A••••• B••••••• H••••••• L•• | term loan first lien | $13.5M | $13.6M 102c | S+425 bp | Dec 23, 2030 |
| A••••• B••••••• H••••••• L•• | term loan first lien | $13.5M | $13.6M 102c | S+425 bp | Dec 23, 2030 |
| P•••••••• H••••• L•• | term loan first lien | $14.8M | $13.5M 108c | S+575 bp | Aug 1, 2029 |
| P•••••••• H••••• L•• | term loan first lien | $14.8M | $13.5M 108c | S+575 bp | Aug 1, 2029 |
| P•••••••• H••••• L•• | term loan first lien | $14.8M | $13.5M 108c | S+575 bp | Aug 1, 2029 |
| D••••• A••••••••• I••• | term loan first lien | $13.7M | $13.3M 98c | S+685 bp | Jun 30, 2026 |
| D••••• A••••••••• I••• | term loan first lien | $13.7M | $13.3M 98c | S+685 bp | Jun 30, 2026 |
| O•••••• L•• | term loan first lien | $13.3M | $13.1M 100c | S+565 bp | Dec 16, 2027 |
| O•••••• L•• | term loan first lien | $13.3M | $13.1M 100c | S+565 bp | Dec 16, 2027 |
| N•• • J• L••• | term loan first lien | $13.3M | $13.1M 100c | S+585 bp | Nov 30, 2027 |
| N•• • J• L••• | term loan first lien | $13.3M | $13.1M 100c | S+585 bp | Nov 30, 2027 |
| N•• • J• L••• | term loan first lien | $13.3M | $13.1M 100c | S+585 bp | Nov 30, 2027 |
| E•••••••• L•• | term loan first lien | $12.9M | $13.0M 103c | S+610 bp | Dec 8, 2027 |
| E•••••••• L•• | term loan first lien | $12.9M | $13.0M 103c | S+610 bp | Dec 8, 2027 |
| E•••••••• L•• | term loan first lien | $12.9M | $13.0M 103c | S+610 bp | Dec 8, 2027 |
| G• C••••••• A••••••••• L•• | term loan first lien | $13.0M | $13.0M 102c | S+625 bp | Aug 18, 2028 |
| G• C••••••• A••••••••• L•• | term loan first lien | $13.0M | $13.0M 102c | S+625 bp | Aug 18, 2028 |
| C••••••••• L•• | term loan first lien | $12.8M | $12.7M 101c | S+660 bp | Dec 31, 2027 |
| C••••••••• L•• | term loan first lien | $12.8M | $12.7M 101c | S+660 bp | Dec 31, 2027 |
| C••••••••• L•• | term loan first lien | $12.8M | $12.7M 101c | S+660 bp | Dec 31, 2027 |
| Z••••• L••••••••• L••• E••••• S••••••••• | preferred equity equity | Not disclosed | $12.4M 100c | ||
| Z••••• L••••••••• L•• | preferred equity equity | Not disclosed | $12.4M 100c | ||
| Z••••• L••••••••• L••• E••••• C••••••••• | preferred equity equity | Not disclosed | $12.4M 100c | ||
| Z••••• L••••••••• L•• | preferred equity equity | Not disclosed | $12.4M | ||
| Z••••• L••••••••• L••• E••••• S••••••••• | preferred equity equity | Not disclosed | $12.4M 100c | ||
| Z••••• L••••••••• L•• | preferred equity equity | Not disclosed | $12.4M | ||
| D••••• M•••• 2• L•• | term loan first lien | $12.3M | $12.4M 103c | S+660 bp | Dec 22, 2027 |
| D••••• M•••• 2• L•• | term loan first lien | $12.3M | $12.4M 103c | S+660 bp | Dec 22, 2027 |
| D••••• M•••• 2• L•• | term loan first lien | $12.3M | $12.4M 103c | S+660 bp | Dec 22, 2027 |
| N••••••••• L•• | term loan first lien | $12.0M | $12.1M 102c | S+710 bp | Aug 26, 2027 |
| N••••••••• L•• | term loan first lien | $12.0M | $12.1M 102c | S+710 bp | Aug 26, 2027 |
| R••••• G•••• R•••••• C••••••• I••• | term loan first lien | $11.9M | $12.0M 103c | S+585 bp | Dec 9, 2028 |
| R••••• G•••• R•••••• C••••••• I••• | term loan first lien | $11.9M | $12.0M 103c | S+585 bp | Dec 9, 2028 |
| R••••• G•••• R•••••• C••••••• I••• | term loan first lien | $11.9M | $12.0M 103c | S+585 bp | Dec 9, 2028 |
| P•••••• C•••• H•••••••• L•• | term loan first lien | $12.0M | $12.0M 100c | S+660 bp | Mar 29, 2029 |
| P•••••• C•••• H•••••••• L•• | term loan first lien | $12.0M | $12.0M 100c | S+660 bp | Mar 29, 2029 |
| T••••••••• L•• | term loan first lien | $12.0M | $12.0M 102c | S+375 bp | Dec 29, 2028 |
| T••••••••• L•• | term loan first lien | $12.0M | $12.0M 102c | S+375 bp | Dec 29, 2028 |
| Z••••• L••••••••• L•• | unstated lien unstated | Not disclosed | $12.0M | ||
| Z••••• L••••••••• L•• | term loan first lien | $12.5M | $12.0M 100c | S+786 bp | Oct 6, 2028 |
| Z••••• L••••••••• L•• | term loan first lien | $12.5M | $12.0M 100c | S+786 bp | Oct 6, 2028 |
| M•••••••• I••• | term loan first lien | $11.8M | $11.8M 102c | S+660 bp PIK 4.00% | Oct 27, 2028 |
| M•••••••• I••• | term loan first lien | $11.8M | $11.8M 102c | S+660 bp PIK 4.00% | Oct 27, 2028 |
| I••••••••• B••••• I••• | term loan first lien | $11.5M | $11.3M 100c | S+590 bp | Aug 3, 2026 |
| I••••••••• B••••• I••• | term loan first lien | $11.5M | $11.3M 100c | S+590 bp | Aug 3, 2026 |
| D••••• A••••••••• I•• | term loan first lien | $11.3M | $11.0M 99c | S+690 bp | Jun 30, 2026 |
| D••••• A••••••••• I••• | term loan first lien | $11.3M | $11.0M 99c | S+690 bp | Jun 30, 2026 |
| D••••• A••••••••• I••• | term loan first lien | $11.3M | $11.0M 99c | S+690 bp | Jun 30, 2026 |
| G• C••••••• A••••••••• L•• | term loan first lien | $10.8M | $10.9M 104c | S+650 bp | Aug 18, 2028 |
Registration
- Fiscal year end
- 1231reported
- Incorporated
- MDreported
- On the SEC BDC report
- 2019 to 2026reported
- Filings listed
- 19reported10-Q and 10-K since 2022
- Latest schedule
- 0001742313-26-000046reported