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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 |
|---|---|---|---|---|---|
| A•••••• E•••••••• G•••• H•••••• L•• | revolver first lien | $1.7M | $828,000 99c | S+525 bp | Dec 13, 2029 |
| N•• • J• L••• | term loan first lien | $816,000 | $815,000 100c | S+585 bp | Nov 30, 2028 |
| J•• S•••••• L•• | preferred equity equity | $0 | $799,000 100c | PIK 10.00% | |
| T•• B•••• T••• L•• | term loan first lien | $796,000 | $796,000 100c | S+650 bp | Dec 27, 2028 |
| V••• B••••• I••• | term loan first lien | $813,000 | $788,000 97c | S+650 bp PIK 10.20% | Aug 11, 2027 |
| T•• B•••• T••• L•• | revolver first lien | $1.9M | $778,000 100c | S+650 bp | Dec 27, 2028 |
| J•••••••• H•••••••• L•• | equity equity | $0 | $775,000 98c | ||
| J•••••••• H•••••• I••• | revolver first lien | $728,000 | $755,000 106c | S+560 bp | Jun 30, 2029 |
| J•••••••• H•••••• I••• | revolver first lien | Not disclosed | $755,000 | ||
| D••••••••• P•••••••• L•• | equity equity | $0 | $754,000 116c | ||
| V••• B••••• I••• | equity equity | $0 | $752,000 84c | ||
| C••••• C••••• I•••••• C•••• | revolver first lien | $2.5M | $750,000 100c | S+500 bp | Jun 30, 2030 |
| F••••• B••••• L•• | equity equity | $0 | $704,000 | ||
| A••••• Y•••• •••• I••• | term loan first lien | $753,000 | $680,000 110c | S+651 bp | Mar 12, 2028 |
| S•• C••• S•••••••• L•• | revolver first lien | $760,000 | $671,000 94c | S+585 bp | Dec 30, 2027 |
| P••••••• G•••• H••••••• P•• L•• | delayed draw term loan first lien | $2.4M | $669,000 100c | S+700 bp | Dec 19, 2031 |
| F••••• D•••••• M••••• L•• | revolver first lien | $807,000 | $663,000 91c | S+761 bp | Nov 1, 2027 |
| S••••••••• L•• | preferred equity equity | $0 | $640,000 100c | PIK 8.00% | |
| C••••••••• A••••••••• L•• Air T•••••••• | equity equity | $0 | $637,000 105c | ||
| O•• A••••••••• L•• | revolver first lien | $3.4M | $616,000 94c | S+475 bp | Apr 17, 2032 |
| O•••••• L•• | equity equity | $0 | $590,000 212c | ||
| A••••• I••• | revolver first lien | $588,000 | $588,000 100c | S+515 bp | Nov 1, 2026 |
| A••••• M••••• L•• | equity equity | $0 | $586,000 81c | PIK 8.00% | |
| D••••• A••••••••• I••• | equity equity | $0 | $586,000 101c | ||
| S•••• C••• W•••• L•• | revolver first lien | $1.6M | $585,000 99c | S+525 bp | Feb 5, 2030 |
| P•••••• B••••• L•• | equity equity | $0 | $580,000 100c | ||
| T••••••••• I••• | term loan first lien | $571,000 | $571,000 101c | S+640 bp | Aug 16, 2029 |
| K•• C•••••••• B•••••••• L•• •••••• | equity equity | $0 | $556,000 100c | ||
| I• • P• H••••••• C••••••• L•• | preferred equity equity | $0 | $554,000 35c | ||
| I•••••••• L•• | revolver first lien | $965,000 | $547,000 100c | S+450 bp | Dec 22, 2027 |
| R••••••• N•• G••••• I••• a•• S••••• S••••••• I••••••••• L•• | term loan first lien | $549,000 | $542,000 105c | S+526 bp | Jul 15, 2028 |
| W••••••••• 7•• J• L•• | term loan unsecured or subordinated | $537,000 | $537,000 100c | PIK 13.25% | Oct 1, 2026 |
| A••••••• C••••• O••• L• | term loan unsecured or subordinated | $440,000 | $536,000 134c | PIK 9.00% | Jul 2, 2029 |
| B••••••••• I••• | preferred equity equity | $0 | $528,000 100c | PIK 9.00% | |
| L•••• W••• D••••• M••••••••• L•• | term loan first lien | $525,000 | $525,000 102c | S+550 bp | Jun 29, 2029 |
| A••••••• C••••• O••• L• | term loan unsecured or subordinated | $430,000 | $524,000 131c | PIK 9.00% | Jul 2, 2029 |
| B••• F•••••• L•• a•• A••••••• G••••• L••••••••• S••• | revolver first lien | $5.2M | $521,000 100c | S+525 bp | Aug 5, 2031 |
| D•••••• H•••••••• I••• | equity equity | $0 | $516,000 90c | ||
| R••••••••• M••••••• A••••••••• L•• | equity equity | $0 | $504,000 27c | ||
| H••• H•••••• L•• | delayed draw term loan first lien | $5.1M | $501,000 100c | S+475 bp | Jun 25, 2031 |
| T••••••• L•• | term loan first lien | $496,000 | $496,000 102c | S+826 bp PIK 11.93% | Jun 18, 2029 |
| S••••••••• M•••• M•••• L•• | term loan unsecured or subordinated | $881,000 | $494,000 57c | S+676 bp | Mar 30, 2029 |
| S•• M••• C••••••• L•• | revolver first lien | $2.0M | $494,000 100c | S+585 bp | Jul 1, 2028 |
| S••••••••• L•• | equity equity | $0 | $493,000 | ||
| C••••••• D••• H•••••••• I••• | delayed draw term loan first lien | $758,000 | $474,000 100c | S+475 bp | Dec 20, 2030 |
| N••• A••••••••• L•• | revolver first lien | $2.4M | $468,000 99c | S+500 bp | Mar 1, 2030 |
| V••• A••••••••• H•••••• L•• | term loan first lien | $246,000 | $460,000 187c | S+826 bp PIK 11.91% | Jan 31, 2028 |
| F••••• D•••••• M••••• L•• | term loan first lien | $498,000 | $455,000 91c | S+761 bp PIK 1.00% | Nov 1, 2027 |
| S••••••• I••• | term loan first lien | $457,000 | $452,000 100c | S+710 bp | Apr 22, 2027 |
| V••• B••••• I••• | revolver first lien | $956,000 | $445,000 97c | S+650 bp PIK 10.17% | Aug 11, 2027 |
| A•••• I••• | delayed draw term loan first lien | $4.4M | $444,000 100c | S+525 bp | Dec 19, 2030 |
| C•••••••• H•••••••• L••••• | equity equity | $0 | $443,000 78c | ||
| S••••••••• M••••• L•• | term loan first lien | $441,000 | $441,000 101c | S+585 bp | Jan 12, 2027 |
| A••• P••• C••••••• L•• | delayed draw term loan first lien | $4.0M | $440,000 100c | S+475 bp | Nov 18, 2031 |
| S•••• B••••••••• L•• | term loan first lien | $431,000 | $427,000 99c | S+550 bp | Jul 8, 2027 |
| S•••• B••••••••• L•• | equity equity | $0 | $416,000 156c | ||
| R••••••• I••••••••• L•• | delayed draw term loan first lien | $7.6M | $416,000 100c | S+450 bp | May 16, 2031 |
| F••••• B••••• L•• | equity equity | $0 | $411,000 106c | PIK 8.00% | |
| S•••• H•••••••• I••• | term loan first lien | $448,000 | $404,000 90c | S+625 bp PIK 4.25% | Jun 15, 2029 |
| N•• E••••• I••• | preferred equity equity | $0 | $401,000 96c | PIK 8.00% | |
| S••••• R••••••••• G••••• L•• ••• W•••• B••••• L••• | revolver first lien | $3.0M | $400,000 100c | S+525 bp | Aug 8, 2030 |
| Z••••• L••••••••• L•• | revolver first lien | $2.0M | $397,000 100c | S+786 bp | Oct 6, 2028 |
| Z••••• L••••••••• L•• | revolver first lien | Not disclosed | $397,000 | ||
| R••••• F•••••••• C••••••• L•• | revolver first lien | $1.8M | $396,000 100c | S+475 bp | Nov 15, 2030 |
| S•••• H•••••••• I••• | term loan first lien | $439,000 | $395,000 91c | S+625 bp PIK 4.25% | Jun 25, 2029 |
| C••• P••••••••• L•• | delayed draw term loan first lien | $3.7M | $385,000 100c | S+600 bp | Feb 28, 2030 |
| I•••••••• L•• | delayed draw term loan first lien | $766,000 | $381,000 100c | S+565 bp | Dec 22, 2027 |
| F•••• R•••••••• L•• | revolver first lien | Not disclosed | $379,000 | ||
| F•••• R•••••••• L•• | revolver first lien | $1.9M | $379,000 100c | S+515 bp PIK 8.87% | Mar 25, 2029 |
| P•• M••••• T•••• L•• | revolver first lien | $3.8M | $377,000 100c | S+450 bp | Feb 13, 2032 |
| O••• A••••••••• L•• | delayed draw term loan first lien | $3.0M | $364,000 101c | S+475 bp | Dec 20, 2030 |
| T••••• G••••• L•• | term loan first lien | $364,000 | $364,000 100c | S+475 bp | May 25, 2029 |
| S•• E•• C••• H•••••• L•• | revolver first lien | $1.4M | $361,000 100c | S+560 bp | Oct 5, 2029 |
| N•••••••• C••••••••• C••••••• L•• | revolver first lien | $1.6M | $341,000 100c | S+643 bp | Aug 16, 2029 |
| P•••••• B••••• L•• | delayed draw term loan first lien | $1.6M | $339,000 100c | S+525 bp | Jan 5, 2032 |
| A••••••• N••••••• O••• I• L•• | term loan first lien | $376,000 | $338,000 95c | S+600 bp PIK 5.00% | Mar 3, 2030 |
| 9• P•••••• B••••• L•• | revolver first lien | $809,000 | $323,000 100c | S+560 bp | Nov 24, 2026 |
| C•••••• M••••••• L•• | equity equity | $0 | $316,000 | ||
| E••••• N••••••• L•• | equity equity | $0 | $304,000 320c | ||
| L••••• T••••• H•••••••• L•• | equity equity | $0 | $293,000 184c | ||
| I•••••••• L•• | equity equity | $0 | $278,000 66c | ||
| O•• A••••••••• L•• | delayed draw term loan first lien | $1.6M | $269,000 94c | S+475 bp | Apr 17, 2032 |
| e••••••• I••• a•• C••••••• U• I••• | delayed draw term loan first lien | $1.6M | $266,000 99c | S+675 bp | Dec 29, 2028 |
| G•• M•••• H•••••••• L•• | revolver first lien | Not disclosed | $256,000 97c | S+500 bp | Apr 17, 2031 |
| B••••••••• I••• | equity equity | $0 | $251,000 | ||
| R••••••• N•• G••••• I••• a•• S••••• S••••••• I••••••••• L•• | equity equity | $0 | $242,000 16c | ||
| S•••• B••••••••• L•• | term loan first lien | $227,000 | $225,000 99c | S+550 bp | Jul 8, 2027 |
| A••• C••••••••• ••••••••• • S••••• S•••••• L•••• | revolver first lien | $726,000 | $218,000 100c | S+500 bp | Apr 13, 2029 |
| R•••• S•••••••• L•• | revolver first lien | $1.2M | $212,000 100c | S+500 bp | Aug 15, 2031 |
| I•••• B•••• ••••••••• • S••••• S•••••• L•••• | revolver first lien | $2.1M | $212,000 100c | S+500 bp | Aug 13, 2031 |
| K• M••• A••••••••• L•• ••••••• | equity equity | $0 | $207,000 19c | ||
| S•••• H•••••••• I••• | revolver first lien | $409,000 | $207,000 89c | S+575 bp | Jun 15, 2029 |
| M•••••• P••••••• L•• | equity equity | $0 | $206,000 6867c | ||
| P•••••• R•••••• L••••• | preferred equity equity | $0 | $198,000 100c | ||
| T•••• E••••• I••• | equity equity | $0 | $191,000 145c | ||
| A•••• I••••••••• H•••••• L•• | delayed draw term loan first lien | Not disclosed | $181,000 99c | S+636 bp | Dec 4, 2027 |
| B•• O••• L•• | unstated lien unstated | Not disclosed | $167,000 | ||
| B•• O••• L•• | term loan unsecured or subordinated | $1.8M | $167,000 10c | PIK 7.50% | Dec 31, 2027 |
| R• H•••••• L•• | revolver first lien | $1.1M | $160,000 100c | S+450 bp | Jan 17, 2031 |
| A••••• Y•••• •••• I••• | term loan unsecured or subordinated | $644,000 | $154,000 28c | 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