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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
Borrowers
291
Mark on cost
97.8¢
First lien
86%
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$6.0B as of Jun 30, 2026
Dec 31, 2021$21.6M then
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$6.0B29198c131586 bp
Mar 31, 2026$5.8B28698c113577 bp
Dec 31, 2025$5.9B29398c113584 bp
Sep 30, 2025$5.4B28199c101592 bp
All 19 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$5.1B265100c97601 bp
Mar 31, 2025$4.5B250100c98613 bp
Dec 31, 2024$8.0B246100c214623 bp
Sep 30, 2024$3.7B222100c85641 bp
Jun 30, 2024$3.4B218100c75653 bp
Mar 31, 2024$2.8B214101c65652 bp
Dec 31, 2023$6.5B212100c155661 bp
Sep 30, 2023$2.0B179100c58663 bp
Jun 30, 2023$1.8B173100c49659 bp
Mar 31, 2023$1.5B156100c51666 bp
Dec 31, 2022$2.9B159100c92655 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 Mar 31, 2026
1,289 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
S••••••••• M•••• M•••• L••delayed draw term loan first lien$194,000$151,000
101c
S+476 bpMar 30, 2029
C••••••••• L••equity equity$0$149,000
79c
I••• P•••••• L••equity equity$0$148,000
75c
S•• C••• S•••••••• L••term loan first lien$148,000$139,000
94c
S+585 bpDec 30, 2027
e••••••• I••• a•• C••••••• U• I•••preferred equity equity$0$138,000
19c
N• P• P•••••• C•••••••• M•••• I•••equity equity$0$133,000
9c
S••••••••• M•••• M•••• L••revolver unsecured or subordinated$132,000$129,000
98c
S+576 bpMar 30, 2029
B••••••• S••••• D•••••••• L••delayed draw term loan first lien$1.3M$126,000
100c
S+600 bpDec 31, 2030
B••••••• S••••• D•••••••• L••delayed draw term loan first lienNot disclosed$126,000
N•• E••••• I•••equity equity$0$125,000
2500c
F•••• B••••• G••••• L••term loan unsecured or subordinated$34.8M$125,000
0c
S+700 bp
PIK 10.67%
Jun 29, 2026
X••••• P••••••••• I•••equity equity$0$115,000
177c
PIK 8.00%
R••••• H•••••••• I•••revolver first lien$2.3M$114,000
100c
S+500 bpNov 1, 2029
G•• C••• B•••• L••revolver first lien$444,000$111,000
100c
S+610 bpMay 18, 2031
A••••••• B•••••••• a•• T••••••••• C•••••• L••revolver first lien$1.0M$109,000
42c
S+1200 bp
PIK 2.00%
V••• B•••••• I•••warrants equity$0$105,000Dec 29, 2033
A•••• I•••revolver first lienNot disclosed$103,000
100c
S+525 bpDec 19, 2030
D••••• A••••••••• I•••equity equity$0$102,000
R••••••• H••••• G••••• L••preferred equity equity$0$96,000
100c
PIK 12.00%
R••••••• H••••• G••••• L••equity equity$0$77,000
A••••••• N••••••• O••• I• L••equity equity$0$67,000
8c
S•••••• G••••• I•••equity equity$0$58,000
112c
J• B•• F•••••• L•• •••••• s•••••••equity equity$0$56,000
T••••••••• I•••term loan first lien$52,000$52,000
100c
S+640 bpAug 16, 2029
Q•••• R••••••• M••••••••• G••••• L••warrants equity$0$51,000
76c
Mar 17, 2028
e••••••• I••• a•• C••••••• U• I•••preferred equity equity$0$44,000
138c
P••••••• L••revolver first lien$921,000$43,000
70c
S+610 bpDec 8, 2027
F•••• B••••• G••••• L••term loan unsecured or subordinated$14.4M$43,000
0c
S+1061 bp
PIK 14.28%
Dec 29, 2028
F•••• B••••• G••••• L••term loan unsecured or subordinated$11.7M$40,000
0c
S+600 bp
PIK 12.75%
Jun 29, 2026
I••• P•••••• L••equity equity$0$37,000
168c
Q•••• R••••••• M••••••••• G••••• L••warrants equity$0$36,000Mar 17, 2028
E•••••• W••• A••••••••• C••••••• L••preferred equity equity$0$31,000
76c
R••••• G•••• R•••••• C••••••• I•••equity equity$0$16,000
4c
R••••••• H••••• G••••• L••preferred equity equity$0$14,000
100c
PIK 12.00%
S•••••• G••••• I•••equity equity$0$13,000
4c
R••••••• H••••• G••••• L••equity equity$0$11,000
V••• A••••••••• H•••••• L••term loan unsecured or subordinated$503,000$8,000
2c
S+826 bp
PIK 11.93%
Jan 31, 2028
S•••••••• C••••equity equity$0$6,000
1c
V••• A••••••••• H•••••• L••term loan unsecured or subordinated$265,000$4,000
2c
S+826 bp
PIK 11.93%
Jan 31, 2028
T•• K•••• C••••••• L••term loan first lien$5,000$3,000
60c
S+750 bp
PIK 1.00%
Apr 6, 2026
V••• A••••••••• H•••••• L••term loan unsecured or subordinated$152,000$2,000
1c
S+826 bp
PIK 11.93%
Jan 31, 2028
P•••••• R•••••• L•••••equity equity$0$1,000
0c
E•••••• W••• A••••••••• C••••••• L••preferred equity equity$0$1,000
1c
S•• C••••••••• ••••••••• • S••••• S•••••• L••••revolver first lien$2.0M$0S+450 bpOct 31, 2031
C••••• B••••• I•••delayed draw term loan first lien$5.4M$0S+625 bpSep 14, 2029
G•• M•••• H•••••••• L••delayed draw term loan first lien$12.2M$0S+500 bpApr 17, 2031
M• P••••••••• L••revolver first lien$3.8M$0S+475 bpJan 3, 2030
S•• A•• I••••••• P••••••••• L••revolver first lien$4.6M$0S+475 bpAug 14, 2031
S••••••• I•••revolver first lien$1.9M$0S+525 bpDec 23, 2030
B•• O••• L••term loan unsecured or subordinated$9.4M$0
0c
PIK 5.00%
Dec 31, 2027
A•••• A• H•••••••• L••equity equity$0$0
0c
A••••• Y•••• •••• I•••preferred equity equity$0$0
0c
PIK 12.50%
J•••••••• H•••••• I•••equity equityNot disclosed$0
S••••••••• M•••• M•••• L••equity equity$0$0
0c
A•••••• E••••••••• H•••••• L••delayed draw term loan first lien$4.3M$0S+525 bpJun 30, 2030
A•••••••• I••••••••• R••••••• U• H••••• I•••revolver first lien$4.4M$0S+500 bpAug 5, 2032
C••• P••••••••• L••delayed draw term loan first lien$709,000$0S+600 bpFeb 28, 2030
G• C••••••• A••••••••• L••delayed draw term loan first lien$3.4M$0S+500 bpAug 18, 2028
J•• S•••••• L••revolver first lien$2.4M$0S+500 bpNov 13, 2030
K• S••••••• V•••••• L••revolver first lien$8.0M$0S+525 bpSep 5, 2031
L••••••• S••••••• L••delayed draw term loan first lien$2.7M$0S+525 bpJul 10, 2031
P•••••• B••••• L••delayed draw term loan first lien$5.8M$0S+625 bp
PIK 1.00%
Jan 5, 2032
S•• I••••••••• H•••••••• L••delayed draw term loan first lien$3.9M$0S+510 bpDec 28, 2028
S••••• P••••••••• E••••••••• L••delayed draw term loan first lien$7.4M$0S+636 bpApr 25, 2029
T••••••• W•••••• H•••••• L••revolver first lien$1.6M$0S+450 bpAug 26, 2031
Y•• O• E••• L••revolver first lien$375,000$0S+586 bpJan 23, 2030
E••••• B•••••••• I•••warrants equity$0$0Jan 18, 2034
S••••• P••••••••• E••••••••• L••delayed draw term loan first lienNot disclosed$0
A•••• L•• B•••• S•••••••delayed draw term loan unsecured or subordinated$2.7M$0S+525 bpFeb 26, 2033
A•••••• H•••••• L••revolver first lien$433,000$0S+485 bpMay 6, 2028
B••• B•••••• P••••••••• I•••revolver first lien$1.9M$0S+475 bpJan 16, 2033
B••••••• S••••• D•••••••• L••revolver first lien$1.0M$0S+600 bpDec 31, 2030
I••••••••• B••••• L••delayed draw term loan first lien$12.4M$0S+550 bpDec 27, 2029
M••••••••• F••••• I•••revolver first lien$667,000$0S+550 bpMar 5, 2033
O••• N••••••••• C••••revolver first lien$5.0M$0S+525 bpOct 2, 2029
P•••••• T•••• A••••••••• C•••••••••revolver first lien$4.2M$0S+525 bpJan 1, 2032
R••••••• H••••• G••••• L••revolver first lien$789,000$0S+585 bpDec 31, 2026
S••••• O•••••••• H••••••• I•• L••revolver first lien$1.7M$0S+610 bpNov 3, 2027
V•••••••• L••revolver first lien$3.8M$0S+550 bpJan 10, 2030
A••••••• C••••• O••• L•term loan unsecured or subordinated$988,000$0
0c
Mar 16, 2027
C••••••••• H•••••••• L••delayed draw term loan first lien$3.4M$0S+500 bpJun 30, 2032
P••••••• G•••• H••••••• P•• L••delayed draw term loan first lien$5.5M$0S+700 bpDec 19, 2031
F•••• R•••••••• L••equity equity$0$0
S•••• H•••••••• I•••equity equity$0$0
0c
V••• A••••••••• H•••••• L••term loan unsecured or subordinated$57,000$0
0c
S+826 bp
V••••••• I••••••••• H••••••• C•••••••••revolver first lien$5.8M$0S+600 bpAug 22, 2031
A•••• A• H•••••••• L••preferred equity equity$0$0
0c
S••••• P••••••••• E••••••••• L••revolver first lienNot disclosed$0
W••••••• P••••• H••••••• I••• I•••preferred equity equity$0$0
B••••••••• I•••revolver first lien$5.2M$0S+550 bpJul 17, 2029
C••••••••• L••revolver first lien$1.4M$0S+610 bpDec 31, 2027
E•••••••• L••revolver first lien$2.4M$0S+475 bpDec 8, 2027
M•••••• P••••••• L••delayed draw term loan first lien$6.3M$0S+525 bpApr 1, 2031
N•••••••• S••••••••• A••••••••• L••delayed draw term loan first lien$3.6M$0S+475 bpJul 1, 2030
P•••••• B••••• L••revolver first lien$4.3M$0S+625 bp
PIK 1.00%
Jan 5, 2032
R•••••• E••••••• S••••••• B••••• I•••revolver first lien$2.7M$0S+525 bpAug 6, 2030
T•• P••••••••• B••••• L••revolver first lien$5.9M$0S+475 bpApr 1, 2031
U••••• O•••• I•••revolver first lien$2.1M$0S+525 bpJul 2, 2030
C•••••• A••••• H•••••• L••equity equity$0$0
E•••••• W••• A••••••••• C••••••• L••equity equity$0$0
Page 8 of 13PreviousNext
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
Capital chain

M••••• C•••••• I••••• P••• C••• sits on 269 traced paths of capital across the graphs.

PE sponsor to borrower to facility to lenderSponsor to borrower to facility to lender

Every record on each path, what it committed or lent, and as of when. The capital chain is a join across the graphs and opens with the Data Factory.

Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.

Checking your plan…

Position history

4,950 field-level changes across filed schedules, latest first

Each line is one position compared between two consecutive BDC schedules of investments: principal, fair value mark, spread, PIK and maturity, as filed with the SEC.

›Connections

every published relationship on the graph
Show 1 connection across 1 kind
Manages (1)