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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.

Fair value
$6.0B
Schedule of investments, 10-Q and 10-K
Borrowers
291
Schedule of investments, 10-Q and 10-K
Mark on cost
97.8¢
Schedule of investments, 10-Q and 10-K
First lien
86%
Schedule of investments, 10-Q and 10-K
Schedule of investments (1,343)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. $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•• →
  2. 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
  3. 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
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
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$6.4B29198c131586 bp
Mar 31, 2026$6.1B28698c113577 bp
Dec 31, 2025$6.2B29398c113584 bp
Sep 30, 2025$5.7B28199c101592 bp
All 19 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$5.4B265100c97601 bp
Mar 31, 2025$4.7B250100c98613 bp
Dec 31, 2024$8.2B246100c214623 bp
Sep 30, 2024$3.8B222100c85641 bp
Jun 30, 2024$3.5B218100c75653 bp
Mar 31, 2024$2.9B214101c65652 bp
Dec 31, 2023$6.7B212100c155661 bp
Sep 30, 2023$2.0B179100c58663 bp
Jun 30, 2023$1.8B173100c49659 bp
Mar 31, 2023$1.6B156100c51666 bp
Dec 31, 2022$3.0B159100c92655 bp
Sep 30, 2022$38.0M6n/a0n/a
Jun 30, 2022$14.3M5n/a0n/a
Mar 31, 2022$12.7M2n/a0n/a
Dec 31, 2021$21.6M4n/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
Largest facilities held, with co-lenders
Schedule of investments at Jun 30, 2025
1,152 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
I••••• S•••••••• I•••term loan first lien$2.5M$2.5M
104c
S+575 bpJun 1, 2029
I••••• S•••••••• I•••• J•••••term loan first lien$3.1M$2.5M
94c
S+451 bpDec 1, 2027
P••••••••• G••••• L••term loan first lien$2.5M$2.5M
101c
S+701 bpJun 30, 2028
S••••••••• M••••• L••term loan first lien$2.5M$2.5M
102c
S+610 bpJan 12, 2027
S••••••• I•••term loan first lien$2.5M$2.5M
100c
S+710 bpApr 22, 2027
I••••••••• A•••••• E••••••••• L••• E••••• S•••••••••equity equity$0$2.5M
101c
C••••• B•••••• P•••••• L•• ••• A•••••• N•••••• R••••••••• L•••term loan first lien$2.5M$2.5M
100c
S+636 bpMay 18, 2026
S•• M••• C••••••• L••delayed draw term loan first lien$9.9M$2.4M
99c
S+585 bpJul 1, 2028
N•• E••••• I•••term loan first lien$2.3M$2.4M
102c
S+511 bpDec 3, 2026
T•••••• B•••• C••••• E••••• S•••••••••equity equity$0$2.4M
97c
C•••• S•••••••• I•••delayed draw term loan first lien$6.0M$2.3M
100c
S+575 bpJul 18, 2030
X••••• W•••••••• L••delayed draw term loan first lien$12.5M$2.3M
95c
S+550 bpMay 8, 2030
S••••••••• M••••• L••revolver first lien$4.2M$2.3M
100c
S+610 bpJan 12, 2027
W••••••••• 7•• J• L••• J•••••term loan unsecured or subordinated$2.3M$2.3M
100c
PIK 13.25%
Oct 1, 2026
B••• H••••••• I•••revolver first lien$4.5M$2.3M
100c
S+550 bpDec 15, 2028
A•• I•• L••term loan first lien$2.3M$2.2M
100c
S+640 bpMay 25, 2028
e••••••• I••• a•• C••••••• U• I•••term loan first lien$2.2M$2.2M
100c
S+660 bpDec 29, 2028
X••••• P••••••••• I•••term loan first lien$2.2M$2.2M
100c
S+600 bpJan 28, 2027
T••••• G••••• L••revolver first lien$4.9M$2.2M
100c
S+475 bpMay 25, 2029
B•• I••••••••• P••••••• L••term loan first lien$2.2M$2.2M
99c
S+700 bpOct 7, 2026
T•• B•••• L••••••term loan first lien$2.1M$2.1M
111c
S+500 bpJun 14, 2031
I••••••••• L••term loan first lien$2.1M$2.1M
105c
S+775 bpNov 27, 2028
V••••••• B••••• L••delayed draw term loan first lien$2.3M$2.1M
100c
S+525 bpMay 6, 2031
O••• N••••••••• C••••• E••••• S••••••••• S••••• o•equity equity$0$2.1M
103c
T•• G•••• A•••••• L••revolver first lien$2.9M$2.0M
110c
S+650 bpNov 20, 2030
H••••• A••••••••• L••delayed draw term loan first lien$9.1M$2.0M
101c
S+525 bpNov 7, 2030
W••••••• P••••• H••••••• I••• I•••revolver first lien$2.0M$2.0M
100c
S+685 bp
PIK 5.75%
Jun 2, 2028
W••••••• P••••• H••••••• I••• I•••revolver first lienNot disclosed$2.0MS+685 bp
P••••••• I•••revolver first lien$6.7M$2.0M
100c
S+575 bpApr 9, 2030
Y•• O• E••• L••term loan first lien$2.0M$2.0M
102c
S+586 bpJan 23, 2030
Y•• O• E••• L••unstated lien unstatedNot disclosed$2.0M
A••••••• C••••• O••• L•• E••••• S•••••••••equity equity$0$2.0M
18c
A•••••• E••••••••• H•••••• L••delayed draw term loan first lien$3.8M$2.0M
101c
S+525 bpJun 30, 2030
E•• F•••• S•••••••term loan first lien$7.0M$2.0M
30c
S+600 bpOct 6, 2029
L•••• W••• D••••• M••••••••• L••revolver first lien$4.8M$2.0M
99c
S+550 bpJun 30, 2029
S••••••• I•••term loan first lien$1.9M$1.9M
100c
S+710 bpApr 22, 2027
K• M••• A••••••••• L••term loan first lien$2.0M$1.9M
96c
S+775 bp
PIK 2.75%
Feb 1, 2029
S•••• B••••••••• L••term loan first lien$1.9M$1.9M
100c
S+550 bpJul 8, 2027
R••••••• H••••• G••••• L••term loan first lien$1.9M$1.9M
100c
S+635 bpDec 31, 2026
S•••• H•••••••• I•••term loan first lien$2.0M$1.9M
99c
S+575 bpJun 15, 2029
B•• B••••• I•••term loan first lien$1.9M$1.9M
102c
S+625 bpDec 21, 2029
B•••• W••• L•••• L••• E••••• S•••••••••equity equity$0$1.9M
118c
A•••• A• H•••••••• L••• J•••••term loan first lien$1.9M$1.9M
102c
S+640 bp
PIK 10.70%
Aug 11, 2027
W••••••••• 7•• J• L••• J•••••term loan unsecured or subordinated$1.9M$1.9M
100c
PIK 13.25%
Oct 1, 2026
B•••• W••• L•••• L••term loan first lien$1.8M$1.8M
100c
S+1050 bpJun 14, 2027
V••• B••••• I•••term loan first lien$1.8M$1.8M
98c
S+650 bpAug 11, 2027
T••••••• W••••• S••••••••• I•••term loan first lien$1.8M$1.8M
99c
S+400 bpFeb 18, 2027
J• B•• F•••••• L••revolver first lien$1.7M$1.7M
100c
10.00%Dec 24, 2026
V••••••• B••••• L••revolver first lien$3.5M$1.7M
100c
S+525 bpMay 6, 2031
e••••••• I••• a•• C••••••• U• I•••term loan first lien$1.7M$1.7M
100c
S+660 bpDec 29, 2028
P••••••• I•••• E••••• S•••••••••preferred equity equity$0$1.7M
99c
PIK 8.00%
P••••••• A••••••••• L••term loan first lien$1.9M$1.7M
86c
S+961 bp
PIK 4.00%
Aug 15, 2026
W••••••••• 7•• J• L••• J•••••term loan unsecured or subordinated$1.7M$1.7M
100c
PIK 13.25%
Oct 1, 2026
3• B•••• L••term loan first lien$1.6M$1.6M
100c
S+610 bpNov 20, 2028
S••••••• I•••revolver first lien$1.6M$1.6M
100c
S+710 bpApr 22, 2027
B••••••••• L••delayed draw term loan first lien$4.8M$1.6M
101c
S+600 bpDec 27, 2029
S•• H••••••• L••term loan first lien$1.6M$1.6M
98c
S+510 bpMar 10, 2028
3• B•••• L••term loan first lien$1.6M$1.6M
100c
S+660 bpNov 20, 2028
M•••••• C••••••••• L••term loan first lien$1.6M$1.6M
101c
S+660 bpAug 31, 2028
P•• I•••••• L••revolver first lien$5.9M$1.6M
100c
S+575 bpFeb 12, 2030
A•• H••••••• I•• C••••• J•••••term loan first lien$1.8M$1.6M
85c
S+700 bp
PIK 6.00%
May 9, 2027
S•• E•• C••• H•••••• L••delayed draw term loan first lien$20.5M$1.6M
100c
S+560 bpOct 5, 2029
P••• G•••••• I•••revolver first lien$4.3M$1.5M
100c
S+550 bpDec 20, 2030
S••••••••• S••••••••• L••term loan first lien$1.5M$1.5M
102c
S+811 bp
PIK 12.44%
Jul 29, 2028
S••••••••• S••••••••• L••unstated lien unstatedNot disclosed$1.5M
I••• H••••• I••• a•• I••••••• H••••• I•••revolver first lien$4.1M$1.5M
100c
S+565 bpDec 17, 2027
A•••• A• H•••••••• L••• J•••••term loan first lien$5.1M$1.5M
30c
PIK 10.25%
Aug 11, 2027
H••• H•••••• L••revolver first lien$2.3M$1.5M
99c
S+525 bpJun 25, 2031
A•••• A• H•••••••• L••• J•••••term loan first lien$1.5M$1.5M
101c
S+615 bp
PIK 10.45%
Aug 11, 2027
I••• H••••• I••• a•• I••••••• H••••• I•••term loan first lien$1.5M$1.5M
100c
S+565 bpDec 17, 2027
H••••• A••••••••• L••• E••••• S•••••••••equity equity$0$1.5M
97c
T••• P••••• C••••••• L••term loan first lien$1.5M$1.5M
100c
S+526 bpDec 17, 2027
C••••••••• C••••••• L••term loan first lien$1.4M$1.4M
102c
S+650 bpApr 21, 2030
C••••••••• C••••••• L••unstated lien unstatedNot disclosed$1.4M
R••••• H•••••••• I•••revolver first lien$2.3M$1.4M
100c
S+400 bpNov 1, 2029
B•• O••• L••• J•••••term loan unsecured or subordinated$1.8M$1.4M
80c
PIK 7.50%
Dec 31, 2027
B•• O••• L••unstated lien unstatedNot disclosed$1.4M
K••••••• G••• P•••••••• L••term loan first lien$1.4M$1.4M
100c
S+665 bpDec 11, 2028
T•• H•••• C•••••••••term loan first lien$1.6M$1.3M
85c
S+376 bpJun 30, 2028
T••••••• L••• J•••••term loan first lien$1.8M$1.3M
75c
S+1011 bp
PIK 14.44%
Jun 18, 2029
N•••••• N••••••••• L••revolver first lien$5.1M$1.3M
98c
S+575 bpApr 17, 2031
L••••• L••• E••••• S•••••••••preferred equity equity$0$1.3M
78c
A••••••••• L••revolver first lien$3.5M$1.3M
100c
S+500 bpJan 2, 2031
3• B•••• L••revolver first lien$2.7M$1.2M
100c
S+610 bpNov 20, 2028
B•• O••• L••delayed draw term loan first lien$1.5M$1.2M
115c
S+876 bp
PIK 13.08%
Dec 31, 2027
B•• O••• L••delayed draw term loan first lienNot disclosed$1.2M
K••••••• G••• P•••••••• L••revolver first lien$1.2M$1.2M
100c
S+660 bpDec 11, 2028
N•• • J• L•••revolver first lien$5.3M$1.2M
100c
S+475 bpNov 30, 2027
A•••• A• H•••••••• L••• J•••••term loan first lien$4.0M$1.2M
30c
PIK 10.00%
Aug 11, 2027
E••••••••• L••••••• C•••••••••revolver first lien$3.4M$1.2M
99c
S+575 bpJan 18, 2030
D•••••• H•••••••• I•••delayed draw term loan first lien$3.1M$1.2M
100c
S+613 bp
PIK 0.38%
Aug 27, 2026
C•••••••• I•••term loan first lien$1.2M$1.2M
101c
S+550 bpApr 16, 2027
T•• P••••••••• B••••• L••• E••••• S•••••••••equity equity$0$1.2M
100c
I•• B••••• I•••• J•••••term loan first lien$5.0M$1.2M
23c
S+700 bp
PIK 11.40%
Jun 28, 2028
F••••• B••••• L••• E••••• S•••••••••equity equity$0$1.1M
R••••••• H••••• G••••• L••term loan first lien$1.1M$1.1M
101c
S+635 bpDec 31, 2026
K• M••• A••••••••• L••revolver first lien$1.7M$1.1M
96c
S+775 bp
PIK 2.75%
Feb 1, 2029
I• • P• H••••••• C••••••• L••term loan first lien$1.1M$1.1M
98c
S+525 bpOct 3, 2028
T•••••• B•••• C••••delayed draw term loan first lien$8.0M$1.1M
100c
S+500 bpJan 22, 2031
C•••••••• T••••••••• I•••term loan first lien$1.1M$1.1M
100c
S+675 bpNov 28, 2025
Page 5 of 12PreviousNext
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