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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 Mar 31, 2026
1,289 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| C••••• E••••• S•••••• L•• | term loan first lien | $2.1M | $2.1M 97c | 13.00% | Nov 13, 2029 |
| W••••••••• 7•• J• L•• | term loan unsecured or subordinated | $2.1M | $2.1M 100c | PIK 13.25% | Oct 1, 2026 |
| C••••••• D••• H•••••••• I••• | revolver first lien | $3.3M | $2.0M 100c | S+475 bp | Dec 20, 2030 |
| P••••••• I••• | revolver first lien | $6.7M | $2.0M 100c | S+575 bp | Apr 9, 2030 |
| Y•• O• E••• L•• | term loan first lien | $2.0M | $2.0M 102c | S+586 bp | Jan 23, 2030 |
| Y•• O• E••• L•• | unstated lien unstated | Not disclosed | $2.0M | ||
| K• M••• A••••••••• L•• | term loan first lien | $2.0M | $1.9M 97c | S+700 bp | Feb 1, 2029 |
| E••••••••• L••••••• C••••••••• ••••••••• • S••••• S•••••• L• | revolver first lien | $3.4M | $1.9M 86c | S+575 bp | Jan 18, 2030 |
| S••••••• I••• | term loan first lien | $1.9M | $1.9M 99c | S+710 bp | Apr 22, 2027 |
| P••• G•••••• I••• | revolver first lien | $4.3M | $1.9M 97c | S+550 bp | Dec 20, 2030 |
| e••••••• I••• a•• C••••••• U• I••• | term loan first lien | $1.9M | $1.9M 99c | S+685 bp | Dec 29, 2028 |
| A••••••• C••••• O••• L• | equity equity | $0 | $1.9M 17c | ||
| V••• B••••• I••• | term loan first lien | $2.0M | $1.9M 97c | S+650 bp PIK 10.20% | Aug 11, 2027 |
| R••••••• H••••• G••••• L•• | term loan first lien | $1.9M | $1.9M 100c | S+585 bp | Dec 31, 2026 |
| S•••• B••••••••• L•• | term loan first lien | $1.9M | $1.9M 99c | S+550 bp | Jul 8, 2027 |
| R••••••• N•• G••••• I••• a•• S••••• S••••••• I••••••••• L•• | term loan unsecured or subordinated | $3.6M | $1.9M 52c | S+576 bp | Oct 15, 2028 |
| B•• B••••• I••• | term loan first lien | $1.9M | $1.9M 102c | S+650 bp | Dec 21, 2029 |
| E•••••••• L•• | term loan first lien | $1.9M | $1.9M 101c | S+475 bp | Dec 18, 2027 |
| W••••••••• 7•• J• L•• | term loan unsecured or subordinated | $1.8M | $1.8M 100c | PIK 13.25% | Oct 1, 2026 |
| O•••••• L•• | revolver first lien | $3.2M | $1.8M 100c | S+515 bp | Dec 16, 2027 |
| S•••• H•••••••• I••• | term loan first lien | $2.0M | $1.8M 92c | S+625 bp PIK 4.25% | Jun 15, 2029 |
| N•••••• N••••••••• L•• | revolver first lien | $5.1M | $1.8M 100c | S+575 bp | Apr 17, 2031 |
| P••••••• I••• | preferred equity equity | $0 | $1.8M 106c | PIK 8.00% | |
| B•• O••• L•• | delayed draw term loan first lien | Not disclosed | $1.7M | ||
| B•• O••• L•• | delayed draw term loan first lien | $1.5M | $1.7M 120c | S+876 bp PIK 12.47% | Dec 31, 2027 |
| T•• K•••• C••••••• L•• | term loan first lien | $3.0M | $1.7M 60c | S+760 bp PIK 1.00% | Apr 6, 2026 |
| H•••••• H•••• C•••••••• S••••••• M••••••••• L•• | delayed draw term loan first lien | $4.6M | $1.7M 100c | S+450 bp | Nov 5, 2030 |
| T•• G•••• A•••••• L•• | revolver first lien | $2.9M | $1.7M 103c | S+650 bp | Nov 20, 2030 |
| e••••••• I••• a•• C••••••• U• I••• | term loan first lien | $1.7M | $1.7M 100c | S+685 bp | Dec 29, 2028 |
| S••••••••• S••••••••• L•• | unstated lien unstated | Not disclosed | $1.7M | ||
| S••••••••• S••••••••• L•• | term loan first lien | $1.7M | $1.7M 101c | S+811 bp PIK 11.78% | Jul 29, 2028 |
| S••••••••• M••••• L•• | revolver first lien | $4.2M | $1.7M 100c | S+585 bp | Jan 12, 2027 |
| C•••••••• T••••••••• I••• | term loan first lien | $1.6M | $1.6M 99c | S+550 bp | Dec 31, 2026 |
| P••••••• I••• | delayed draw term loan first lien | $4.2M | $1.6M 100c | S+650 bp | Apr 9, 2030 |
| A•••• A• H•••••••• L•• | term loan unsecured or subordinated | $1.8M | $1.6M 88c | S+640 bp PIK 10.10% | Aug 11, 2027 |
| S••••••••• I••• | delayed draw term loan first lien | $8.3M | $1.6M 100c | S+625 bp | Oct 16, 2031 |
| S••••••• I••• | revolver first lien | $1.6M | $1.6M 99c | S+710 bp | Apr 22, 2027 |
| J• B•• F•••••• L•• | revolver first lien | $1.7M | $1.6M 100c | 10.00% | Dec 24, 2026 |
| M•••••• C••••••••• L•• | term loan first lien | $1.6M | $1.6M 101c | S+660 bp | Aug 31, 2028 |
| M•••••• C••••••• G••••• L•• | delayed draw term loan first lien | $2.9M | $1.5M 100c | S+550 bp | Apr 17, 2030 |
| T••••••• L•• | term loan unsecured or subordinated | $1.8M | $1.5M 89c | S+1026 bp PIK 13.93% | Jun 18, 2029 |
| B•••• W••• L•••• L•• ••••••••• t• p••••••• t•• e•••••• | equity equity | $0 | $1.5M 96c | ||
| H••••• A••••••••• L•• | revolver first lien | $6.1M | $1.5M 100c | S+475 bp | Nov 7, 2030 |
| L••••• T••••• H•••••••• L•• | revolver first lien | $3.2M | $1.5M 100c | S+535 bp | Nov 1, 2028 |
| P••••••• A••••••••• L•• | term loan first lien | $2.0M | $1.5M 76c | S+561 bp PIK 4.00% | Aug 15, 2026 |
| B•• B••••• I••• | term loan first lien | $1.5M | $1.5M 101c | S+650 bp | Dec 21, 2029 |
| I••• H••••• I••• a•• I••••••• H••••• I••• | term loan first lien | $1.5M | $1.5M 100c | S+565 bp | Dec 17, 2027 |
| S•••• R•••••••• L•• | equity equity | $0 | $1.5M 98c | ||
| E•••••••• T•••••• L•• | revolver first lien | $1.5M | $1.5M 97c | S+661 bp | Nov 8, 2028 |
| E••••••••• A••••••••• L•• | revolver first lien | $2.7M | $1.5M 100c | S+625 bp | Aug 29, 2029 |
| G•• C••• B•••• L•• | equity equity | $0 | $1.5M 100c | ||
| C••••••••• C••••••• L•• | unstated lien unstated | Not disclosed | $1.4M | ||
| C••••••••• C••••••• L•• | term loan first lien | $1.4M | $1.4M 102c | S+650 bp | Apr 21, 2030 |
| K• M••• A••••••••• L•• | revolver first lien | $1.7M | $1.4M 97c | S+700 bp | Feb 1, 2029 |
| C••••••••• A••••••••• L•• Air T•••••••• | delayed draw term loan first lien | $5.6M | $1.4M 100c | S+450 bp | Jun 18, 2031 |
| K••••••• G••• P•••••••• L•• | term loan first lien | $1.4M | $1.4M 100c | S+665 bp | Dec 11, 2028 |
| C••••• B••••• I••• | revolver first lien | $5.6M | $1.4M 100c | S+625 bp | Sep 14, 2029 |
| F• P•••••• I••••••••• L•• | equity equity | $0 | $1.3M 100c | ||
| A••••••••• L•• | revolver first lien | $4.0M | $1.3M 100c | S+450 bp | Jan 2, 2031 |
| A•••• A• H•••••••• L•• | term loan unsecured or subordinated | $1.5M | $1.3M 89c | S+615 bp PIK 9.85% | Aug 11, 2027 |
| B••• D••••• L•• | revolver first lien | $3.9M | $1.3M 100c | S+475 bp | Jun 2, 2031 |
| T••••••••• I••• | term loan first lien | $1.3M | $1.3M 100c | S+640 bp | Aug 16, 2029 |
| F• P•••••• I••••••••• L•• | term loan first lien | $1.2M | $1.2M 99c | S+475 bp | Jan 23, 2032 |
| K••••••• G••• P•••••••• L•• | revolver first lien | $1.2M | $1.2M 100c | S+665 bp | Dec 11, 2028 |
| H••• H•••••• L•• | revolver first lien | $2.3M | $1.2M 100c | S+575 bp PIK 1.00% | Jun 25, 2031 |
| E•••• T•••••• a•• E••••••••• H••••••• L•• | delayed draw term loan first lien | $5.0M | $1.2M 100c | S+450 bp | Dec 22, 2031 |
| P•• I•••••• L•• | revolver first lien | $5.9M | $1.2M 100c | S+550 bp | Feb 12, 2030 |
| L••••••• S••••••• L•• | delayed draw term loan first lien | $13.7M | $1.2M 102c | S+525 bp | Jul 10, 2031 |
| M•••••• C••••••••• L•• | revolver first lien | $2.3M | $1.2M 100c | S+660 bp | Aug 31, 2028 |
| A••••••• B•••••••• a•• T••••••••• C•••••• L•• | term loan first lien | $2.7M | $1.1M 42c | S+1200 bp PIK 2.00% | |
| X••••• W•••••••• L•• | equity equity | $0 | $1.1M 150c | ||
| T••••••• W•••••• H•••••• L•• | delayed draw term loan first lien | $8.4M | $1.1M 100c | S+450 bp | Aug 26, 2031 |
| T•• P••••••••• B••••• L•• | equity equity | $0 | $1.1M 97c | ||
| J• B•• F•••••• I••• L•• ••••••••• t• p••••••• e•••••• | equity equity | $0 | $1.1M 127c | ||
| R••••••• H••••• G••••• L•• | term loan first lien | $1.1M | $1.1M 102c | S+585 bp | Dec 31, 2026 |
| V••• B••••• I••• | term loan first lien | $1.1M | $1.1M 97c | S+650 bp PIK 10.20% | Aug 11, 2027 |
| B•• B••••• I••• | term loan first lien | $1.1M | $1.1M 101c | S+650 bp | Dec 21, 2029 |
| I• • P• H••••••• C••••••• L•• | term loan first lien | $1.1M | $1.1M 99c | S+525 bp | Oct 3, 2028 |
| e••••••• I••• a•• C••••••• U• I••• | term loan first lien | $1.1M | $1.1M 99c | S+685 bp | Dec 29, 2028 |
| E•••••••• L•• | equity equity | $0 | $1.0M 177c | ||
| T••••• G••••• L•• | revolver first lien | $4.9M | $1.0M 100c | S+450 bp | May 25, 2029 |
| G•• C••• B•••• L•• | term loan first lien | $998,000 | $998,000 102c | S+610 bp | May 18, 2031 |
| G••••••• E••••••••• I••• | revolver first lien | $1.0M | $995,000 100c | S+1200 bp | Nov 3, 2026 |
| 9• P•••••• B••••• L•• | equity equity | $0 | $989,000 257c | PIK 8.00% | |
| A••••••••• L•• | term loan first lien | $982,000 | $982,000 101c | S+450 bp | Jan 2, 2031 |
| N••• A••••••••• L•• | delayed draw term loan first lien | $8.1M | $978,000 99c | S+500 bp | Mar 3, 2030 |
| W••••••••• 7•• J• L•• | term loan unsecured or subordinated | $950,000 | $950,000 100c | PIK 13.25% | Oct 1, 2026 |
| K••••••• G••• P•••••••• L•• | term loan first lien | $934,000 | $934,000 100c | S+665 bp | Dec 11, 2028 |
| A•••• I••• | equity equity | $0 | $913,000 103c | PIK 13.00% | |
| Y•• O• E••• L•• | delayed draw term loan first lien | Not disclosed | $899,000 | ||
| Y•• O• E••• L•• | delayed draw term loan first lien | $2.5M | $899,000 100c | S+586 bp | Jan 23, 2030 |
| S••••••••• M•••• M•••• L•• | term loan unsecured or subordinated | $916,000 | $892,000 98c | S+576 bp | Mar 30, 2029 |
| R••••••••• M••••••• A••••••••• L•• | term loan first lien | $904,000 | $891,000 108c | S+600 bp PIK 5.00% | Sep 12, 2029 |
| R••••••••• H•••• f•• R••• L•• | warrants equity | $0 | $890,000 | Mar 5, 2034 | |
| A••••••• C••••• O••• L• | delayed draw term loan first lien | $1.5M | $882,000 228c | S+811 bp PIK 11.78% | Jan 2, 2027 |
| C••••• B•••••• P•••••• L•• | revolver first lien | $2.2M | $866,000 97c | S+661 bp | May 18, 2026 |
| I••••••••• B••••• I••• | revolver first lien | $1.5M | $850,000 68c | S+785 bp PIK 2.00% | Jan 29, 2027 |
| R••••••• H••••• G••••• L•• | term loan first lien | $847,000 | $847,000 100c | S+585 bp | Dec 31, 2026 |
| V••••••• B••••• L•• | revolver first lien | $3.5M | $842,000 100c | S+475 bp | May 6, 2030 |
| A••••• Y•••• •••• I••• | term loan unsecured or subordinated | $1.9M | $841,000 53c | S+776 bp | Mar 12, 2029 |
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