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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 Jun 30, 2025
1,152 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| T•••• G•••• H••••••• C••• | term loan first lien | $65.9M | $65.9M 101c | S+550 bp | Mar 28, 2031 |
| N••••••••• L•• | term loan first lien | $64.6M | $64.6M 100c | S+560 bp | Aug 26, 2027 |
| Z• I••••••••• I•• I••• | term loan first lien | $57.3M | $57.2M 102c | S+650 bp | May 13, 2030 |
| G•• M•••• H•••••••• L•• | term loan first lien | $57.0M | $56.1M 100c | S+500 bp | Apr 17, 2031 |
| N•• I••••••••• H•••••• L••• E••••• S••••••••• | preferred equity equity | $0 | $53.3M 100c | ||
| N•• I••••••••• H•••••• L•• | preferred equity equity | Not disclosed | $53.3M | ||
| F•••••• U••• A••••••••• C••••••••• | term loan first lien | $50.9M | $51.3M 102c | S+575 bp | Sep 27, 2030 |
| B•• B••••• I••• | term loan first lien | $49.5M | $49.6M 102c | S+625 bp | Dec 21, 2029 |
| E•••• F•••• S•••••••• I••• | term loan first lien | $49.9M | $49.3M 100c | S+525 bp | Apr 17, 2031 |
| F•••• B••••• G••••• L•• | term loan first lien | $46.5M | $47.1M 102c | S+700 bp | Mar 30, 2027 |
| M•••••• D••••••• O•••• 1•• L••• J••••• | delayed draw term loan unsecured or subordinated | $50.0M | $46.5M 101c | S+1097 bp | Mar 11, 2028 |
| C•••• S•••••••• I••• | term loan first lien | $46.0M | $46.1M 102c | S+575 bp | Jul 18, 2030 |
| P••• C••••• H•••••••• L•• | term loan first lien | $44.7M | $45.0M 102c | S+675 bp | Nov 29, 2029 |
| M•••••• C••••••••• L•• | term loan first lien | $44.2M | $44.4M 102c | S+665 bp | Aug 31, 2028 |
| S••••••• S••••••• A••••••••• S•• C•••• | term loan first lien | $43.5M | $43.2M 99c | S+585 bp | Sep 30, 2027 |
| E••••••••• M••••• L•• | term loan first lien | $38.8M | $38.9M 102c | S+500 bp | Jun 28, 2030 |
| X••••• W•••••••• L•• | term loan first lien | $39.8M | $37.9M 97c | S+550 bp | May 8, 2030 |
| D••• A••••••••• I• C••••••••• | term loan first lien | $37.0M | $37.1M 102c | S+600 bp | Jul 12, 2029 |
| P••••••• I••• | term loan first lien | $37.1M | $37.1M 110c | S+675 bp | Apr 9, 2030 |
| C• I••••••••• L•• | term loan first lien | $36.7M | $36.7M 101c | S+560 bp | Jul 1, 2027 |
| J•••• S••••• M•••• L••• J••••• | delayed draw term loan unsecured or subordinated | $41.9M | $36.4M 103c | S+974 bp | Jun 7, 2027 |
| P••• G•••••• I••• | term loan first lien | $36.3M | $36.2M 101c | S+550 bp | Dec 20, 2030 |
| E••••••• P•••••• I••• | term loan first lien | $36.1M | $36.1M 102c | S+650 bp | Jan 22, 2031 |
| C••• P••••••••• L•• | term loan first lien | $36.0M | $36.1M 102c | S+600 bp | Feb 28, 2030 |
| C••••• B••••• I••• | term loan first lien | $36.0M | $36.0M 102c | S+625 bp | Sep 14, 2029 |
| D••••••••• C•••• | term loan first lien | $34.5M | $34.6M 100c | S+540 bp | Nov 13, 2026 |
| A•••• I••••••••• H•••••• L•• | term loan first lien | $32.9M | $32.6M 99c | S+611 bp | Dec 4, 2027 |
| H••••• A••••••••• L•• | term loan first lien | $31.9M | $32.4M 103c | S+525 bp | Nov 7, 2030 |
| J•••••••• H•••••••• L•• | term loan first lien | $32.0M | $32.0M 101c | S+525 bp | Nov 6, 2030 |
| B••••••••• I••• | term loan first lien | $30.0M | $30.3M 103c | S+650 bp | Jul 17, 2029 |
| B•••• W••• L•••• L•• | term loan first lien | $30.3M | $30.3M 100c | S+1050 bp | Jun 14, 2027 |
| R• • C• N•• O•••••• S••• M•••••• L••• J••••• | term loan unsecured or subordinated | $30.0M | $29.9M 101c | S+900 bp | Mar 10, 2028 |
| H••••••• A••••••••• L•• | term loan first lien | $29.6M | $29.6M 102c | S+525 bp | Jan 16, 2030 |
| V••• B•••••• I••• | term loan first lien | $30.0M | $29.5M 99c | S+375 bp | Jan 2, 2029 |
| V••••• P••••••••• L•• | term loan first lien | $29.3M | $29.3M 100c | S+550 bp | Jun 11, 2031 |
| O••••• H•••••• I••• | term loan first lien | $29.1M | $29.1M 100c | S+725 bp | Feb 1, 2029 |
| A••••••• B••••• L•• | term loan first lien | $29.1M | $28.8M 100c | S+475 bp | Jun 30, 2031 |
| T•• S•••••• D••• L•• | term loan first lien | $28.5M | $28.7M 102c | S+600 bp | Apr 4, 2029 |
| V••••••• I••••••••• H••••••• C••••••••• | term loan first lien | $27.8M | $28.0M 102c | S+575 bp PIK 3.13% | Aug 22, 2031 |
| S•••• V•••••• W••• M••• B•••••••• L••• J••••• | delayed draw term loan unsecured or subordinated | $37.3M | $27.8M 102c | S+1025 bp | Jan 15, 2027 |
| D••• A••••••••• I• C••••••••• | term loan first lien | $27.5M | $27.6M 102c | S+600 bp | Jul 12, 2029 |
| S••••••••• M••••• L•• | term loan first lien | $27.4M | $27.4M 101c | S+610 bp | Jan 12, 2027 |
| G••••••••• I••• | term loan first lien | $27.1M | $27.0M 100c | S+590 bp | Jul 30, 2027 |
| L•••• W••• D••••• M••••••••• L•• | term loan first lien | $26.9M | $26.7M 101c | S+550 bp | Jun 30, 2029 |
| B••• H••••••• I••• | term loan first lien | $26.4M | $26.4M 100c | S+550 bp | Dec 15, 2028 |
| B••••••••• I••• | term loan first lien | $26.1M | $26.3M 102c | S+650 bp | Jul 17, 2029 |
| M••• U• B•••••••• L•• ••• E•• A•••••••• H••••••• I•• P•• L•• a•• M••• U• B••••••• L••• | term loan first lien | $26.3M | $25.8M 101c | S+550 bp | May 29, 2030 |
| M•• B•••• L•• | term loan first lien | $25.2M | $25.4M 103c | S+500 bp | Jun 29, 2029 |
| A•••••• F•••• I••••••••• L•• | term loan first lien | $25.7M | $25.1M 100c | S+625 bp | Apr 1, 2030 |
| H••••••• M•••• O• | term loan first lien | $25.0M | $25.0M 101c | S+550 bp | Feb 26, 2031 |
| D•••••• H•••••••• I••• | term loan first lien | $24.9M | $24.9M 101c | S+613 bp PIK 0.38% | Aug 27, 2030 |
| N•••••• N••••••••• L•• | term loan first lien | $25.0M | $24.6M 100c | S+575 bp | Apr 17, 2031 |
| I••••••••• L•• | term loan first lien | $23.6M | $24.3M 105c | S+775 bp | Nov 27, 2028 |
| T•• P••••••••• B••••• L•• | term loan first lien | $24.0M | $23.6M 100c | S+500 bp | Apr 1, 2031 |
| S••••• 8•• L•• | term loan first lien | $23.3M | $23.4M 102c | S+650 bp | Jun 3, 2029 |
| I• • P• H••••••• C••••••• L•• | term loan first lien | $23.3M | $22.9M 100c | S+563 bp | Oct 3, 2028 |
| M•••••••• I••• | term loan first lien | $22.7M | $22.6M 100c | S+615 bp | Sep 30, 2027 |
| I••••••••• A•••••• E••••••••• L•• | term loan first lien | $22.3M | $22.2M 101c | S+525 bp | Mar 21, 2031 |
| U•••••• I••• | term loan first lien | $22.0M | $22.0M 101c | S+525 bp | Dec 9, 2030 |
| F••••• B••••• L•• | term loan first lien | $21.1M | $21.3M 102c | S+500 bp | Mar 15, 2030 |
| M•••••• H•••••••• L•• | term loan first lien | $21.5M | $21.3M 101c | S+600 bp | Nov 15, 2030 |
| S•• M••• C••••••• L•• | term loan first lien | $21.1M | $21.1M 101c | S+610 bp | Jun 30, 2028 |
| N••• A••••••••• L•• | term loan first lien | $21.0M | $21.0M 101c | S+500 bp | Mar 1, 2030 |
| U•••• C•••• H••••• L•• | term loan first lien | $20.8M | $20.7M 101c | S+500 bp | Jul 1, 2030 |
| C••••••••• H•••••••• L•• | term loan first lien | $20.7M | $20.6M 99c | S+590 bp | Jun 23, 2028 |
| W••••••••• T••••••••• I••• | term loan first lien | $20.6M | $20.4M 104c | S+525 bp | Jun 29, 2029 |
| S•••••••• S•••••••• L•• | term loan first lien | $20.0M | $20.2M 102c | S+450 bp | Aug 9, 2030 |
| E••••••••• A••••••••• L•• | term loan first lien | $20.0M | $20.2M 103c | S+575 bp | Aug 29, 2029 |
| A•• I••• L•• | term loan first lien | $20.0M | $20.2M 103c | S+650 bp | Oct 31, 2029 |
| T•• G•••• A•••••• L•• | term loan first lien | $19.9M | $19.7M 112c | S+650 bp | Nov 20, 2030 |
| A•••••• E••••••••• H•••••• L•• | term loan first lien | $19.2M | $19.4M 102c | S+575 bp | Jun 30, 2030 |
| S••••• S••••••• L•• | term loan first lien | $18.9M | $18.9M 100c | S+750 bp | Dec 4, 2026 |
| C••••• B••••• I••• | term loan first lien | $18.8M | $18.8M 101c | S+625 bp | Sep 14, 2029 |
| S••••• P••••••••• E••••••••• L•• | equity equity | Not disclosed | $18.8M | ||
| S••••• P••••••••• E••••••••• L••• E••••• S••••••••• | equity equity | $0 | $18.8M 100c | ||
| E•••••• W••• A••••••••• C••••••• L•• | term loan first lien | $18.8M | $18.8M 101c | S+625 bp | Apr 10, 2031 |
| A•••• U• F••••• L•• | term loan first lien | $19.0M | $18.3M 99c | S+436 bp | Oct 9, 2026 |
| P• P••• B••••• L•• | delayed draw term loan first lien | $41.9M | $18.2M 100c | S+475 bp | Jun 20, 2030 |
| C•••••• M••••••• L••• E••••• S••••••••• | equity equity | $0 | $18.2M 1824c | ||
| V••••••• B••••• L•• | term loan first lien | $18.0M | $18.0M 102c | S+525 bp | May 6, 2031 |
| C•••••• A••••• H•••••• L•• | term loan first lien | $17.9M | $18.0M 103c | S+475 bp | Jun 11, 2030 |
| D• P•••••• I••• | term loan first lien | $19.8M | $17.9M 94c | S+550 bp | Jan 31, 2031 |
| R••••••• I••••••••• M•••••••• I••• | term loan first lien | $18.0M | $17.8M 100c | S+676 bp | Apr 30, 2027 |
| P•• M••••• T•••• L•• | term loan first lien | $17.8M | $17.8M 102c | S+475 bp | Feb 13, 2032 |
| C•••• f•• G•••• L•• | term loan first lien | $17.5M | $17.5M 101c | S+475 bp | Mar 21, 2031 |
| Z••••• L••••••••• L•• | preferred equity equity | Not disclosed | $17.3M | ||
| Z••••• L••••••••• L••• E••••• S••••••••• | preferred equity equity | $0 | $17.3M 118c | ||
| Z••••• L••••••••• L•• | preferred equity equity | Not disclosed | $17.3M | ||
| R••••••• I••••••••• L•• | term loan first lien | $17.5M | $17.3M 100c | S+475 bp | May 16, 2031 |
| O•• A••••••••• L•• | term loan first lien | $17.2M | $17.3M 101c | S+475 bp | Apr 17, 2032 |
| W••••••• P••••• H••••••• I••• I•••• J••••• | term loan lien unstated | $27.1M | $17.1M 63c | S+685 bp PIK 5.75% | Jun 2, 2028 |
| W••••••• P••••• H••••••• I••• I••• | unstated lien unstated | Not disclosed | $17.1M | ||
| R••••• H•••••••• I••• | term loan first lien | $16.6M | $16.7M 102c | S+500 bp | Nov 1, 2029 |
| J•••••••• H•••••• I••• | term loan first lien | $22.9M | $16.6M 74c | S+565 bp | Apr 19, 2028 |
| C••••••• D••• H•••••••• I••• | term loan first lien | $16.5M | $16.5M 101c | S+525 bp | Dec 20, 2030 |
| W•••••••• I••• | term loan first lien | $16.5M | $16.5M 102c | S+575 bp | Aug 14, 2029 |
| P••••••• I••• | term loan first lien | $16.4M | $16.4M 102c | S+650 bp | Apr 9, 2030 |
| R•••••• I••••••••• U• I••••••••• H•••••• I••• | term loan first lien | $17.1M | $16.2M 98c | S+650 bp PIK 1.50% | May 30, 2027 |
| B••••••••• L•• | term loan first lien | $16.0M | $16.1M 102c | S+600 bp | Dec 27, 2029 |
| T•• B•••• L•••••• | term loan first lien | $15.7M | $15.7M 109c | S+500 bp | Jun 14, 2031 |
Page 1 of 12Next
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