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M••••• C•••••• I••••• P••• C•••

Business development companymanaged by M• A•••••••Non-traded· CHICAGO, IL

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 2026-06-30 · 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 (1,343)Quarter by quarter Sponsors

As of 2026-06-30 · the latest schedule of investments read for this BDC

What matters now

$183M
on 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 → 131
loans 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.
Factthe schedule's PIK rates, quarter on quarterQuarter by quarter →

Every headline figure, and the identifiersCIK 1742313 · file 814-01301Show

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

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 quarters

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
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked

Full timeline · 20 events

New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

Z• I••••••••• I•• I•• first lien term loan
2 BDCs hold it · matures Nov 14, 2031
$82.3M 102c
E•••• F•••• S•••••••• I•• first lien term loan
3 BDCs hold it · matures Apr 17, 2031
$81.1M 101c
T•••• G•••• H••••••• C••• first lien term loan
1 BDC hold it · matures Mar 28, 2031
$73.6M 101c
S••••••••• I•• first lien term loan
2 BDCs hold it · matures Oct 16, 2031 · possible sponsor V••••• C•••••• M••••••••• L•••
$73.0M 101c
K• S••••••• V•••••• L•• first lien term loan
1 BDC hold it · matures Sep 5, 2031
$67.9M 101c
C••••• B••••• I•• first lien term loan
2 BDCs hold it · matures Sep 14, 2029
$65.7M 102c
S••••••• S••••••• A••••••••• S•• C••• first lien term loan
2 BDCs hold it · matures Sep 30, 2027 · possible sponsor L•••••• G•••• • P•••••••• L•••
$65.5M 100c
N••••••••• L•• first lien term loan
1 BDC hold it · matures Aug 26, 2027
$64.0M 100c
B••••••••• I•• first lien term loan
1 BDC hold it · matures Jul 17, 2029
$63.5M 102c
F•••• B••••• G••••• L•• unsecured or subordinated term loan
1 BDC hold it · matures Dec 29, 2028
$60.9M 0c
A••••• D••••••••• G••••• I•• first lien term loan
1 BDC hold it · matures Jun 7, 2029
$60.2M 100c
B•• B••••• I•• first lien term loan
3 BDCs hold it · matures Dec 22, 2029
$59.3M 101c

Schedule of investments at Dec 31, 2024

1,798 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
A•••••• N•••••• R••••••••• L••	term loan first lien	$13.5M	$13.5M 101c	S+636 bp	May 18, 2026
A•••••• N•••••• R••••••••• L••	term loan first lien	$13.5M	$13.5M 101c	S+636 bp	May 18, 2026
M•••••• L•••• H•••••••• I•••	term loan first lien	$13.8M	$13.4M 99c	S+750 bp PIK 2.37%	Dec 29, 2028
M•••••• L•••• H•••••••• I•••	term loan first lien	$13.8M	$13.4M 99c	S+750 bp PIK 2.37%	Dec 29, 2028
S••••••• S••••••• A••••••••• S•• C•••	term loan first lien	$13.4M	$13.4M 100c	S+585 bp	Sep 30, 2027
S••••••• S••••••• A••••••••• S•• C••••	term loan first lien	$13.4M	$13.4M 100c	S+585 bp	Sep 30, 2027
T•• G•••• A•••••• L••	term loan first lien	$13.6M	$13.3M 100c	S+625 bp	Nov 20, 2030
T•• G•••• A•••••• L••	term loan first lien	$13.6M	$13.3M 100c	S+625 bp	Nov 20, 2030
N•• • J• L•••	term loan first lien	$13.2M	$13.2M 102c	S+585 bp	Nov 30, 2027
N•• • J• L••	term loan first lien	$13.2M	$13.2M 102c	S+585 bp	Nov 30, 2027
D••••• A••••••••• I•••	term loan first lien	$13.6M	$13.2M 98c	S+760 bp PIK 0.50%	Jun 30, 2026
D••••• A••••••••• I••	term loan first lien	$13.6M	$13.2M 98c	S+760 bp PIK 0.50%	Jun 30, 2026
O•••••• L••	term loan first lien	$13.1M	$13.2M 102c	S+540 bp	Dec 16, 2027
O•••••• L••	term loan first lien	$13.1M	$13.2M 102c	S+540 bp	Dec 16, 2027
F•••• B••••• G••••• L••• J•••••	term loan lien unstated	$14.4M	$13.1M 94c	S+876 bp	Mar 30, 2028
F•••• B••••• G••••• L••	term loan unsecured or subordinated	$14.4M	$13.1M 94c	S+876 bp	Mar 30, 2028
P•••••••• H••••• L••	term loan first lien	$14.7M	$13.1M 104c	S+575 bp	Aug 1, 2029
P•••••••• H••••• L••	term loan first lien	$14.7M	$13.1M 104c	S+575 bp	Aug 1, 2029
F•••••• L••	term loan first lien	$14.8M	$13.1M 91c	S+410 bp	Nov 30, 2026
F•••••• L••	term loan first lien	$14.8M	$13.1M 91c	S+410 bp	Nov 30, 2026
P• P••• B••••• L••	delayed draw term loan first lien	$42.0M	$13.1M 100c	S+475 bp	Jun 20, 2030
P• P••• B••••• L••	delayed draw term loan first lien	$42.0M	$13.1M 100c	S+475 bp	Jun 20, 2030
G• C••••••• A••••••••• L••	term loan first lien	$12.8M	$12.8M 101c	S+525 bp	Aug 18, 2028
G• C••••••• A••••••••• L••	term loan first lien	$12.8M	$12.8M 101c	S+525 bp	Aug 18, 2028
N• P• P•••••• C•••••••• M•••• I•••	term loan first lien	$14.3M	$12.8M 91c	S+715 bp	Oct 4, 2028
N• P• P•••••• C•••••••• M•••• I••	term loan first lien	$14.3M	$12.8M 91c	S+715 bp	Oct 4, 2028
O••• A••••••••• L••	term loan first lien	$13.0M	$12.8M 100c	S+500 bp	Dec 20, 2030
O••• A••••••••• L••	term loan first lien	$13.0M	$12.8M 100c	S+500 bp	Dec 20, 2030
T•••••• I•••	term loan first lien	$13.1M	$12.8M 107c	S+510 bp	Nov 17, 2028
T•••••• I•••	term loan first lien	$13.1M	$12.8M 107c	S+510 bp	Nov 17, 2028
C••••••••• L••	term loan first lien	$12.6M	$12.6M 101c	S+660 bp	Dec 31, 2027
C••••••••• L••	term loan first lien	$12.6M	$12.6M 101c	S+660 bp	Dec 31, 2027
Z••••• L••••••••• L••	term loan first lien	$12.4M	$12.4M 104c	S+786 bp	Oct 6, 2028
Z••••• L••••••••• L••	unstated lien unstated	Not disclosed	$12.4M
Z••••• L••••••••• L••	term loan first lien	$12.4M	$12.4M 104c	S+786 bp	Oct 6, 2028
M•••••••• I•••	term loan first lien	$12.3M	$12.1M 100c	S+660 bp PIK 4.00%	Oct 27, 2028
M•••••••• I••	term loan first lien	$12.3M	$12.1M 100c	S+660 bp PIK 4.00%	Oct 27, 2028
E••••••••• L••••••• C•••••••••	term loan first lien	$12.1M	$12.1M 102c	S+575 bp	Jan 18, 2030
E••••••••• L••••••• C•••••••••	term loan first lien	$12.1M	$12.1M 102c	S+575 bp	Jan 18, 2030
S••••••••• S••••••••• L••	preferred equity equity	$0	$12.0M 98c
S••••••••• S••••••••• L••• E••••• S•••••••••	preferred equity equity	$0	$12.0M 98c
S••••••••• S••••••••• L••	preferred equity equity	Not disclosed	$12.0M
E•••••••• T•••••• L••	term loan first lien	$12.0M	$12.0M 102c	S+661 bp	Nov 8, 2028
E•••••••• T•••••• L••	term loan first lien	$12.0M	$12.0M 102c	S+661 bp	Nov 8, 2028
N••••••••• L••	term loan first lien	$11.9M	$11.9M 101c	S+560 bp	Aug 26, 2027
N••••••••• L••	term loan first lien	$11.9M	$11.9M 101c	S+560 bp	Aug 26, 2027
G••••••• R••••••••• P••••••• B••••• L••	term loan first lien	$12.0M	$11.8M 100c	S+475 bp	Nov 1, 2031
G••••••• R••••••••• P••••••• B••••• L••	term loan first lien	$12.0M	$11.8M 100c	S+475 bp	Nov 1, 2031
P•••••• A••••••••• P•••••• L••	term loan first lien	$11.8M	$11.8M 101c	S+525 bp	Feb 22, 2031
P•••••• A••••••••• P•••••• L••	term loan first lien	$11.8M	$11.8M 101c	S+525 bp	Feb 22, 2031
R••••• G•••• R•••••• C••••••• I••	term loan first lien	$11.8M	$11.8M 102c	S+585 bp	Dec 9, 2028
R••••• G•••• R•••••• C••••••• I•••	term loan first lien	$11.8M	$11.8M 102c	S+585 bp	Dec 9, 2028
E•••••••• L••	term loan first lien	$11.8M	$11.8M 102c	S+560 bp	Dec 8, 2027
E•••••••• L••	term loan first lien	$11.8M	$11.8M 102c	S+560 bp	Dec 8, 2027
T••••• G••••• L••	term loan first lien	$11.7M	$11.7M 100c	S+565 bp	May 25, 2029
T••••• G••••• L••	term loan first lien	$11.7M	$11.7M 100c	S+565 bp	May 25, 2029
A••• M••••• L••	term loan first lien	$11.5M	$11.5M 101c	S+500 bp	Apr 11, 2029
A••• M••••• L••	term loan first lien	$11.5M	$11.5M 101c	S+500 bp	Apr 11, 2029
H•••••• H•••• C•••••••• S••••••• M••••••••• L••	term loan first lien	$11.5M	$11.4M 100c	S+450 bp	Nov 5, 2030
H•••••• H•••• C•••••••• S••••••• M••••••••• L••	term loan first lien	$11.5M	$11.4M 100c	S+450 bp	Nov 5, 2030
R•••••• H•••••• L••	term loan first lien	$12.5M	$11.0M 99c	S+325 bp	Oct 30, 2026
R•••••• H•••••• L••	term loan first lien	$12.5M	$11.0M 99c	S+325 bp	Oct 30, 2026
A•• P•••••• L••	term loan first lien	$11.1M	$10.9M 100c	S+511 bp	Oct 25, 2028
A•• P•••••• L••	term loan first lien	$11.1M	$10.9M 100c	S+511 bp	Oct 25, 2028
D••••• A••••••••• I•••	term loan first lien	$11.2M	$10.9M 99c	S+765 bp PIK 0.50%	Jun 30, 2026
D••••• A••••••••• I••	term loan first lien	$11.2M	$10.9M 99c	S+765 bp PIK 0.50%	Jun 30, 2026
I••••••••• B••••• I•••	term loan first lien	$11.1M	$10.8M 97c	S+590 bp	Aug 3, 2026
I••••••••• B••••• I••	term loan first lien	$11.1M	$10.8M 97c	S+590 bp	Aug 3, 2026
G• C••••••• A••••••••• L••	term loan first lien	$10.7M	$10.7M 102c	S+525 bp	Aug 18, 2028
G• C••••••• A••••••••• L••	term loan first lien	$10.7M	$10.7M 102c	S+525 bp	Aug 18, 2028
T•• B•••• T••• L••	term loan first lien	$10.4M	$10.4M 101c	S+650 bp	Dec 27, 2028
T•• B•••• T••• L••	term loan first lien	$10.4M	$10.4M 101c	S+650 bp	Dec 27, 2028
A•••• I•••	term loan first lien	$10.5M	$10.3M 100c	S+550 bp	Dec 19, 2030
A•••• I•••	term loan first lien	$10.5M	$10.3M 100c	S+550 bp	Dec 19, 2030
C•• A•••••••• M••••••••• L•••	term loan first lien	$10.4M	$10.3M 101c	S+726 bp	Dec 17, 2026
C•• A•••••••• M••••••••• L••	term loan first lien	$10.4M	$10.3M 101c	S+726 bp	Dec 17, 2026
S••••• P••••••••• E••••••••• L••	unstated lien unstated	Not disclosed	$10.2M
S••••• P••••••••• E••••••••• L••	term loan first lien	$10.2M	$10.2M 102c	S+636 bp	Apr 25, 2029
S••••• P••••••••• E••••••••• L••	term loan first lien	$10.2M	$10.2M 102c	S+636 bp	Apr 25, 2029
S••••• P••••••••• E••••••••• L••	unstated lien unstated	Not disclosed	$10.2M
S•• E•• C••• H•••••• L••	term loan first lien	$10.2M	$10.2M 102c	S+560 bp	Oct 5, 2029
S•• E•• C••• H•••••• L••	term loan first lien	$10.2M	$10.2M 102c	S+560 bp	Oct 5, 2029
C•••••• M••••••• L••	equity equity	$0	$10.2M 1023c
C•••••• M••••••• L••• E••••• S•••••••••	equity equity	$0	$10.2M 1023c
R• A••••••••• L••	term loan first lien	$10.9M	$10.1M 93c	S+810 bp PIK 2.00%	Dec 14, 2026
R• A••••••••• L••	term loan first lien	$10.9M	$10.1M 93c	S+810 bp PIK 2.00%	Dec 14, 2026
A••••••• I•••	term loan first lien	$10.0M	$10.1M 103c	S+625 bp	Oct 19, 2028
A••••••• I••	term loan first lien	$10.0M	$10.1M 103c	S+625 bp	Oct 19, 2028
V••••• P••••••••• L••	term loan first lien	$10.0M	$10.1M 103c	S+600 bp	Jun 11, 2029
V••••• P••••••••• L••	term loan first lien	$10.0M	$10.1M 103c	S+600 bp	Jun 11, 2029
W••••••••• 7•• J• L••• J•••••	term loan lien unstated	$10.0M	$10.0M 100c	PIK 4.00%	Oct 1, 2026
W••••••••• 7•• J• L••	term loan unsecured or subordinated	$10.0M	$10.0M 100c	PIK 4.00%	Oct 1, 2026
B••• H••••••• I••	term loan first lien	$10.0M	$10.0M 102c	S+725 bp	Dec 15, 2028
B••• H••••••• I•••	term loan first lien	$10.0M	$10.0M 102c	S+725 bp	Dec 15, 2028
S•• H••••••• L••	term loan first lien	$10.0M	$10.0M 101c	S+500 bp	Oct 1, 2031
S•• H••••••• L••	term loan first lien	$10.0M	$10.0M 101c	S+500 bp	Oct 1, 2031
W•••• B••••• L••	term loan first lien	$10.0M	$9.9M 101c	S+525 bp	Aug 8, 2030
W•••• B••••• L••	term loan first lien	$10.0M	$9.9M 101c	S+525 bp	Aug 8, 2030
E•••••• W••• A••••••••• C••••••• L••	term loan first lien	$10.0M	$9.9M 100c	S+676 bp	Jul 14, 2028
E•••••• W••• A••••••••• C••••••• L••	term loan first lien	$10.0M	$9.9M 100c	S+676 bp	Jul 14, 2028

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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