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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 Dec 31, 2025
1,371 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
N•• • J• L•••term loan first lien$818,000$818,000
100c
S+585 bpNov 30, 2027
3• B•••• L••term loan first lien$812,000$812,000
101c
S+535 bpNov 20, 2028
J• B•• F•••••• I••• L•• ••••••••• t• p••••••• e••••••equity equity$0$811,000
141c
9• P•••••• B••••• L••equity equity$0$806,000
209c
PIK 8.00%
J•• S•••••• L••preferred equity equity$0$799,000
100c
PIK 10.00%
B••• D••••• L••revolver first lien$3.9M$798,000
100c
S+450 bpJun 2, 2031
T•• B•••• T••• L••delayed draw term loan first lien$1.9M$796,000
100c
S+650 bpDec 27, 2028
V••• B••••• I•••equity equity$0$776,000
87c
V••• B••••• I•••term loan first lien$793,000$765,000
96c
S+650 bp
PIK 10.17%
Aug 11, 2027
S••••••••• S••••••••• L••revolver first lienNot disclosed$763,000
S••••••••• S••••••••• L••revolver first lien$1.5M$763,000
100c
S+811 bp
PIK 11.84%
Jul 29, 2028
C••••• C••••• I•••••• C••••revolver first lien$2.5M$750,000
100c
S+500 bpJun 30, 2030
J•••••••• H•••••• I•••revolver first lien$728,000$748,000
103c
S+560 bpApr 19, 2028
J•••••••• H•••••• I•••revolver first lienNot disclosed$748,000
C••••••••• A••••••••• L••
Air T••••••••
equity equity$0$727,000
119c
F•••• R•••••••• L•• ••• R• A••••••••• L•••revolver first lien$1.3M$722,000
75c
S+610 bp
PIK 9.97%
Dec 14, 2026
A••••• Y•••• •••• I•••term loan first lien$755,000$704,000
110c
S+651 bpMar 12, 2028
M•••••••• I•••term loan first lien$690,000$690,000
100c
S+615 bpSep 30, 2027
F••••• D•••••• M••••• L••revolver first lien$807,000$675,000
93c
S+761 bpNov 1, 2027
A••••••••• L••revolver first lien$4.0M$666,000
100c
S+450 bpJan 2, 2031
N••• A••••••••• L••delayed draw term loan first lien$8.1M$664,000
100c
S+500 bpMar 3, 2030
M•••••• H•••••••• L••revolver first lien$2.7M$655,000
98c
S+600 bpNov 15, 2029
D•••••• H•••••••• I•••delayed draw term loan first lien$5.4M$650,000
100c
S+650 bp
PIK 0.75%
Aug 27, 2030
S••••••••• L••preferred equity equity$0$640,000
100c
PIK 8.00%
S••••••••• M•••• M•••• L••term loan unsecured or subordinated$881,000$627,000
72c
S+676 bpMar 30, 2029
O•••••• L••equity equity$0$615,000
221c
D•••••• H•••••••• I•••equity equity$0$614,000
107c
A••••• M••••• L••equity equity$0$608,000
84c
PIK 8.00%
P••••••••• G••••• L••revolver first lien$3.0M$600,000
100c
S+676 bpJun 30, 2028
S••••••••• L••equity equity$0$589,000
A••••• I•••revolver first lien$588,000$588,000
100c
S+565 bpNov 1, 2026
D••••• A••••••••• I•••equity equity$0$586,000
101c
T••••••• L••term loan first lien$574,000$574,000
100c
S+1011 bp
PIK 13.84%
Jun 18, 2029
P•••••• R•••••• L••••• ••••••••• • S••••• S•••••• L••••revolver first lien$1.7M$572,000
50c
S+965 bp
PIK 2.00%
Dec 31, 2026
T••••••••• I•••term loan first lien$571,000$571,000
101c
S+640 bpAug 16, 2029
C•••••••• H•••••••• L•••••equity equity$0$568,000
100c
R••••••••• M••••••• A••••••••• L••equity equity$0$567,000
30c
R••••••• N•• G••••• I••• a•• S••••• S••••••• I••••••••• L••term loan first lien$551,000$549,000
107c
S+526 bpJul 15, 2028
P•• M••••• T•••• L••revolver first lien$3.8M$538,000
100c
S+450 bpFeb 13, 2032
G•• M•••• H•••••••• L••revolver first lien$5.3M$530,000
100c
S+500 bpApr 17, 2031
B••••••••• I•••preferred equity equity$0$528,000
100c
PIK 9.00%
L•••• W••• D••••• M••••••••• L••term loan first lien$527,000$526,000
102c
S+550 bpJun 29, 2029
A••••••• C••••• O••• L•term loan unsecured or subordinated$440,000$524,000
131c
PIK 9.00%
Jan 2, 2028
B••• F•••••• L•• a•• A••••••• G••••• L••••••••• S•••revolver first lien$5.2M$521,000
100c
S+525 bpAug 5, 2031
W••••••••• 7•• J• L••term loan unsecured or subordinated$519,000$519,000
100c
PIK 13.25%
Oct 1, 2026
A••••••• C••••• O••• L•term loan unsecured or subordinated$430,000$512,000
128c
PIK 9.00%
Jan 2, 2028
S•• M••• C••••••• L••revolver first lien$2.0M$493,000
100c
S+585 bpJul 1, 2028
E••••••••• L••••••• C••••••••• ••••••••• • S••••• S•••••• L•revolver first lien$3.4M$476,000
87c
S+575 bpJan 18, 2030
F••••• D•••••• M••••• L••term loan first lien$498,000$463,000
93c
S+761 bp
PIK 1.00%
Nov 1, 2027
S••••••• I•••term loan first lien$457,000$457,000
101c
S+710 bpApr 22, 2027
V••• A••••••••• H•••••• L••term loan first lien$246,000$454,000
185c
S+826 bp
PIK 12.14%
Jan 31, 2028
A•••• I•••delayed draw term loan first lien$4.4M$444,000
100c
S+525 bpDec 19, 2030
S••••••••• M••••• L••term loan first lien$441,000$441,000
101c
S+585 bpJan 12, 2027
S•••• B••••••••• L••equity equity$0$433,000
162c
W••••• I•••revolver first lien$521,000$433,000
95c
S+525 bpJan 18, 2028
S•••• B••••••••• L••term loan first lien$431,000$427,000
99c
S+575 bpJul 8, 2027
R••••••• I••••••••• L••delayed draw term loan first lien$7.6M$417,000
100c
S+475 bpMay 16, 2031
N•• E••••• I•••preferred equity equity$0$417,000
100c
PIK 8.00%
F••••• B••••• L••equity equity$0$411,000
106c
PIK 8.00%
S•••• H•••••••• I•••term loan first lien$444,000$407,000
92c
S+625 bp
PIK 4.25%
Jun 15, 2029
W•••• B••••• L••revolver first lien$3.0M$400,000
100c
S+525 bpAug 8, 2030
S•••• H•••••••• I•••term loan first lien$434,000$398,000
92c
S+625 bp
PIK 4.25%
Jun 25, 2029
B•• O••• L••term loan unsecured or subordinated$1.8M$395,000
23c
PIK 7.50%
Dec 31, 2027
B•• O••• L••unstated lien unstatedNot disclosed$395,000
I•••••••• L••delayed draw term loan first lien$767,000$382,000
100c
S+565 bpDec 22, 2027
T••••• G••••• L••term loan first lien$365,000$365,000
100c
S+475 bpMay 25, 2029
O••• A••••••••• L••delayed draw term loan first lien$3.0M$361,000
100c
S+500 bpDec 20, 2030
C••••••• D••• H•••••••• I•••delayed draw term loan first lien$759,000$358,000
100c
S+525 bpDec 20, 2030
I• • P• H••••••• C••••••• L••preferred equity equity$0$357,000
23c
S•• C••• S•••••••• L••revolver first lien$760,000$357,000
94c
S+585 bpDec 30, 2027
A••••••• N••••••• O••• I• L•• ••• S••••••• C•••••••••term loan first lien$376,000$350,000
97c
S+600 bp
PIK 5.00%
Mar 3, 2030
N•••••••• C••••••••• C••••••• L••revolver first lien$1.6M$341,000
100c
S+643 bpAug 16, 2029
S•••• C••• W•••• L••revolver first lien$1.6M$335,000
99c
S+550 bpFeb 5, 2030
I•••••••• L••equity equity$0$327,000
78c
R• H•••••• L••revolver first lien$1.1M$320,000
100c
S+450 bpJan 17, 2031
R••••••• I••••••••• L••revolver first lien$3.0M$304,000
100c
S+375 bpMay 16, 2031
C•••••• M••••••• L••equity equity$0$296,000
I•••••••• L••revolver first lien$965,000$289,000
100c
S+450 bpDec 22, 2027
O•• A••••••••• L••delayed draw term loan first lien$1.6M$277,000
97c
S+475 bpApr 17, 2032
K• M••• A••••••••• L•• •••••••equity equity$0$272,000
25c
A••••••• B•••••••• a•• T••••••••• C•••••• L••revolver first lien$1.0M$265,000
103c
S+1200 bp
PIK 2.00%
R••••••• N•• G••••• I••• a•• S••••• S••••••• I••••••••• L••equity equity$0$263,000
17c
H••• H•••••• L••delayed draw term loan first lien$5.1M$259,000
100c
S+475 bpJun 25, 2031
A••• C••••••••• ••••••••• • S••••• S•••••• L••••revolver first lien$726,000$254,000
100c
S+525 bpApr 13, 2029
L••••• T••••• H•••••••• L••equity equity$0$250,000
157c
S•••••• G••••• I•••revolver first lien$500,000$248,000
99c
S+586 bpDec 22, 2026
A••• P••• C••••••• L••delayed draw term loan first lien$4.0M$238,000
99c
S+475 bpNov 18, 2031
C••••••• D••• H•••••••• I•••delayed draw term loan first lienNot disclosed$232,000
100c
S+525 bpDec 20, 2030
S••••• O•••••••• H••••••• I•• L••revolver first lien$1.7M$231,000
100c
S+610 bpNov 3, 2027
B••••••••• I•••equity equity$0$227,000
S•••• B••••••••• L••term loan first lien$227,000$225,000
99c
S+575 bpJul 8, 2027
e••••••• I••• a•• C••••••• U• I•••preferred equity equity$0$217,000
30c
S•••• H•••••••• I•••revolver first lien$409,000$213,000
92c
S+575 bpJun 15, 2029
I•••• B•••• ••••••••• • S••••• S•••••• L••••revolver first lien$2.1M$212,000
100c
S+500 bpAug 13, 2031
F•••• B••••• G••••• L••term loan unsecured or subordinated$14.4M$189,000
1c
S+1061 bp
PIK 14.49%
Mar 30, 2028
N•• E••••• I•••equity equity$0$182,000
3640c
A••• M••••• L••revolver first lien$1.3M$181,000
100c
S+500 bpApr 11, 2029
A•••• I••••••••• H•••••• L••delayed draw term loan first lienNot disclosed$181,000
99c
S+636 bpDec 4, 2027
A•• H••••••• I•• C••••term loan first lien$166,000$170,000
102c
S+700 bp
PIK 6.00%
Mar 25, 2027
S•••• H•••••••• I•••preferred equity equity$0$167,000
199c
Page 7 of 14PreviousNext
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