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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.

As of 2026-06-30 · 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 (1,343)Quarter by quarter Sponsors

As of 2026-06-30 · the latest schedule of investments read for this BDC

What matters now

$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•• →
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 → 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

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 quarters

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
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked

Full timeline · 20 events

New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

Z• I••••••••• I•• I•• first lien term loan
2 BDCs hold it · matures Nov 14, 2031
$82.3M 102c
E•••• F•••• S•••••••• I•• first lien term loan
3 BDCs hold it · matures Apr 17, 2031
$81.1M 101c
T•••• G•••• H••••••• C••• first lien term loan
1 BDC hold it · matures Mar 28, 2031
$73.6M 101c
S••••••••• I•• first lien term loan
2 BDCs hold it · matures Oct 16, 2031 · possible sponsor V••••• C•••••• M••••••••• L•••
$73.0M 101c
K• S••••••• V•••••• L•• first lien term loan
1 BDC hold it · matures Sep 5, 2031
$67.9M 101c
C••••• B••••• I•• first lien term loan
2 BDCs hold it · matures Sep 14, 2029
$65.7M 102c
S••••••• S••••••• A••••••••• S•• C••• first lien term loan
2 BDCs hold it · matures Sep 30, 2027 · possible sponsor L•••••• G•••• • P•••••••• L•••
$65.5M 100c
N••••••••• L•• first lien term loan
1 BDC hold it · matures Aug 26, 2027
$64.0M 100c
B••••••••• I•• first lien term loan
1 BDC hold it · matures Jul 17, 2029
$63.5M 102c
F•••• B••••• G••••• L•• unsecured or subordinated term loan
1 BDC hold it · matures Dec 29, 2028
$60.9M 0c
A••••• D••••••••• G••••• I•• first lien term loan
1 BDC hold it · matures Jun 7, 2029
$60.2M 100c
B•• B••••• I•• first lien term loan
3 BDCs hold it · matures Dec 22, 2029
$59.3M 101c

Schedule of investments at Jun 30, 2026

1,343 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
E••••••••• M•••• S••••••••• I•••	term loan first lien	$6.8M	$6.8M 102c	S+550 bp	Sep 22, 2030
C••••• B••••• I•••	term loan first lien	$6.8M	$6.8M 101c	S+625 bp	Sep 14, 2029
C•• A•••••••• M••••••••• L••	term loan first lien	$6.8M	$6.8M 100c	S+726 bp PIK 4.50%	Dec 17, 2028
C••••••• P•••••• I••	term loan first lien	$7.5M	$6.6M 89c	S+465 bp	Nov 12, 2027
I••• H••••• I••• a•• I••••••• H••••• I•••	term loan first lien	$6.6M	$6.6M 100c	S+565 bp	Dec 17, 2027
A•••••••• I••••••••• R••••••• U• H••••• I•••	term loan first lien	$6.5M	$6.6M 100c	S+500 bp	Aug 5, 2032
H••••• A••••••••• L••	equity equity	$0	$6.5M 107c
T••••• S••••••• L••	term loan first lien	$6.5M	$6.5M 101c	S+575 bp	Aug 4, 2028
W••••••••• 7•• J• L••	term loan unsecured or subordinated	$6.5M	$6.5M 100c		Oct 1, 2026
N••••• T••••••••• L••	equity equity	$0	$6.5M 191c
N••••• T••••••••• L••	equity equity	Not disclosed	$6.5M
C••••• B•••••• P•••••• L••	term loan first lien	$6.6M	$6.4M 97c	S+661 bp	Aug 18, 2027
C••• P••••••••• L••	term loan first lien	$6.4M	$6.4M 101c	S+600 bp PIK 0.50%	Feb 28, 2030
I• • P• H••••••• C••••••• L••	term loan first lien	$6.5M	$6.4M 101c	S+610 bp	Oct 3, 2028
T•• G•••• A•••••• L••	term loan first lien	$6.3M	$6.4M 102c	S+625 bp	Nov 20, 2030
T•• G•••• A•••••• L••	term loan first lien	$6.3M	$6.3M 110c	S+650 bp	Nov 20, 2030
K• M••• A••••••••• L••	term loan first lien	$6.4M	$6.3M 99c	S+700 bp	Feb 1, 2029
R••••••• I••••••••• L•• ••••••	equity equity	$0	$6.2M 128c
M•••••••• I•••	term loan first lien	$15.0M	$6.2M 44c	S+610 bp	Oct 27, 2028
A••••• D••••••••• G••••• I•••	term loan first lien	$6.1M	$6.1M 100c	S+450 bp	Jun 7, 2029
B•• B••••• I•••	revolver first lien	$6.8M	$6.1M 100c	S+625 bp	Dec 21, 2029
T•• S•••••• D••• L••	term loan first lien	$6.1M	$6.1M 100c	S+600 bp	Apr 4, 2029
V•••••••• L•• ••••••	equity equity	$0	$6.1M 100c
A•••••••• I••••••••• R••••••• U• H••••• I•••	term loan first lien	$6.0M	$6.1M 102c	S+500 bp	Aug 5, 2032
B••••••••• L••	term loan first lien	$6.0M	$6.0M 101c	S+550 bp PIK 3.00%	Dec 27, 2029
S••••••••• S••••••••• L••	term loan first lien	$6.0M	$6.0M 100c	S+811 bp PIK 11.76%	Jul 29, 2028
S••••••••• S••••••••• L••	unstated lien unstated	Not disclosed	$6.0M
S•• C•••••••••	term loan first lien	$6.0M	$6.0M 101c	S+450 bp	Oct 31, 2031
D•••••• H•••••••• I•••	term loan first lien	$6.0M	$6.0M 100c	S+650 bp PIK 0.75%	Aug 27, 2030
S••••• R••••••••• G••••• L•• ••• W•••• B••••• L•••	term loan first lien	$6.0M	$6.0M 99c	S+525 bp	Aug 8, 2030
J•••••••• H•••••• I•••	delayed draw term loan unsecured or subordinated	Not disclosed	$5.9M
J•••••••• H•••••• I•••	delayed draw term loan unsecured or subordinated	$8.2M	$5.9M 129c	S+210 bp PIK 5.72%	Jun 30, 2029
B•• B••••• I•••	term loan first lien	$5.9M	$5.9M 100c	S+625 bp	Dec 21, 2029
P••••••• L••	term loan first lien	$8.1M	$5.9M 86c	S+610 bp	Dec 8, 2027
A•••••••• I••••••••• R••••••• U• H••••• I•••	term loan first lien	$5.8M	$5.8M 102c	S+500 bp	Aug 5, 2032
A•••••• E••••••••• H•••••• L••	term loan first lien	$5.7M	$5.7M 101c	S+550 bp	Jun 30, 2030
A••••••••• L••	term loan first lien	$5.7M	$5.7M 100c	S+500 bp	Jan 2, 2031
P••••••• G•••• H••••••• P•• L••	term loan first lien	$5.7M	$5.7M 99c	S+675 bp	Dec 19, 2031
P••••••• O•• C•••••• L••	term loan first lien	$5.6M	$5.6M 101c	S+475 bp	Dec 12, 2031
C••••••••• A••••••••• L•• Air T••••••••	term loan first lien	$5.6M	$5.6M 100c	S+450 bp	Jun 18, 2031
S•• H••••• 2• L•• •••••• c•••••••••	unstated lien unstated	Not disclosed	$5.6M
S•• H••••• 2• L•• •••••• c•••••••••	equity equity	$0	$5.6M 102c
R••••• H•••••••• I•••	delayed draw term loan first lien	$5.6M	$5.6M 100c	S+500 bp	Nov 1, 2029
A•••• A• H•••••••• L••	term loan unsecured or subordinated	$5.3M	$5.5M 111c	S+640 bp PIK 9.88%	Aug 11, 2027
P•• L•••• M••••• L••	term loan first lien	$5.5M	$5.5M 102c	S+400 bp	Dec 1, 2030
O•••••• L••	term loan first lien	$5.5M	$5.5M 101c	S+515 bp	Dec 16, 2027
M• P••••••••• L••	term loan first lien	$5.5M	$5.5M 101c	S+475 bp	Jan 3, 2030
L••••••• S••••••• L••	delayed draw term loan first lien	$13.7M	$5.3M 101c	S+475 bp	Jul 10, 2031
A••••••• C••••• O••• L•	equity equity	$0	$5.3M 394c
R••••••••• H•••• f•• R••• L••	preferred equity equity	Not disclosed	$5.3M
R••••••••• H•••• f•• R••• L••	preferred equity equity	$0	$5.3M 101c
W••••••• P••••• H••••••• I••• I•••	revolver first lien	Not disclosed	$5.3M
W••••••• P••••• H••••••• I••• I•••	revolver first lien	$5.3M	$5.3M 100c	S+685 bp	Jun 2, 2028
F••••• D•••••• M••••• L••	term loan first lien	$5.7M	$5.2M 93c	S+761 bp PIK 1.00%	Nov 1, 2027
M•••••• H•••••••• L••	term loan first lien	$5.3M	$5.2M 97c	S+600 bp	Nov 15, 2030
R•••••• E••••••• S••••••• B••••• I•••	term loan first lien	$5.1M	$5.1M 102c	S+525 bp	Aug 6, 2030
W••••••••• T••••••••• I•••	term loan first lien	$5.4M	$5.1M 97c	S+525 bp	Jun 29, 2029
P•••• S•••• L••	term loan first lien	$5.4M	$5.0M 98c	S+460 bp	Jan 26, 2029
R••••••• H••••• G••••• L••	term loan first lien	$5.0M	$5.0M 100c	S+585 bp	Dec 31, 2026
S••••••••• S••••••••• L••	preferred equity equity	$0	$5.0M 165c
S••••••••• S••••••••• L••	preferred equity equity	Not disclosed	$5.0M
G••••• B•••••• I•••	term loan first lien	$5.3M	$5.0M 95c	S+526 bp	Aug 13, 2028
R•••••• E••••••• S••••••• B••••• I•••	term loan first lien	$5.0M	$5.0M 101c	S+525 bp	Aug 6, 2030
U•••••• I•••	delayed draw term loan first lien	$6.9M	$5.0M 100c	S+525 bp	Dec 9, 2030
A••••••• A••• A•••••• G••••• L••	term loan first lien	$5.0M	$5.0M 99c	S+450 bp	May 28, 2032
L•••• W••• D••••• M••••••••• L••	term loan first lien	$4.9M	$4.9M 100c	S+550 bp	Jun 29, 2029
C••••••••• H•••••••• L••	term loan first lien	$4.9M	$4.9M 101c	S+640 bp	Jun 23, 2028
C••••••••• H•••••••• L••	term loan first lien	$4.9M	$4.9M 101c	S+640 bp	Jun 23, 2028
H•• C•••••• G•••• L••	unstated lien unstated	Not disclosed	$4.9M
H•• C•••••• G•••• L••	term loan first lien	$4.8M	$4.9M 100c	S+946 bp PIK 16.21%
C•••••••• H•••••••• L•••••	term loan first lien	$4.8M	$4.8M 101c	S+610 bp	Oct 20, 2028
R•••••• E••••••• S••••••• B••••• I•••	preferred equity equity	$0	$4.8M 120c	PIK 10.00%
D••••••••• P•••••••• L••	delayed draw term loan first lien	$5.2M	$4.8M 100c	S+550 bp	Sep 1, 2028
F• B•• B••••• I•••	term loan first lien	$4.7M	$4.7M 100c	S+475 bp	Jun 21, 2031
S•• H•••••• L••	unstated lien unstated	Not disclosed	$4.7M
S•• H•••••• L••	term loan unsecured or subordinated	$4.4M	$4.7M 108c	8.00%	Aug 11, 2028
R••••• S•••••••• I•••	term loan first lien	$5.0M	$4.7M 101c	S+375 bp	Nov 28, 2028
B••••• L•• F•••• P•••	term loan first lien	$4.7M	$4.7M 101c	S+1375 bp PIK 13.75%	Feb 17, 2030
V••••••• B••••• L••	delayed draw term loan first lien	$6.6M	$4.7M 100c	S+525 bp	May 6, 2031
F••••••• U••• I•••	term loan first lien	$5.0M	$4.6M 98c	S+400 bp	Sep 15, 2032
A•••• A• H•••••••• L••	term loan unsecured or subordinated	$4.4M	$4.6M 114c	S+620 bp PIK 4.00%	Aug 11, 2027
B•••• W••• L•••• L••	delayed draw term loan first lien	$8.6M	$4.6M 100c	S+1100 bp	Jan 22, 2031
S••••••••• M••••• L••	term loan first lien	$4.6M	$4.6M 100c	S+585 bp	Jan 12, 2027
W••••• I•••	term loan first lien	$5.1M	$4.5M 89c	S+635 bp PIK 3.13%	Jan 18, 2030
A••••• D••••••••• G••••• I•••	term loan first lien	$4.5M	$4.5M 100c	S+450 bp	Jun 7, 2029
M•• U• B•••• I•••	term loan first lien	$4.9M	$4.5M 92c	S+500 bp	Oct 2, 2030
W••••••••• 7•• J• L••	term loan unsecured or subordinated	$4.5M	$4.5M 100c		Oct 1, 2026
O••• N••••••••• C••••	term loan first lien	$4.5M	$4.5M 100c	S+525 bp	Oct 2, 2029
C•••• f•• G•••• L••	equity equity	$0	$4.4M 88c
C••••••••• A••••••••• L•• Air T••••••••	term loan first lien	$4.4M	$4.4M 101c	S+500 bp	Jun 18, 2031
L•••• W••• D••••• M••••••••• L••	revolver first lien	$4.8M	$4.4M 100c	S+550 bp	Jun 29, 2029
B••••••• S••••• D•••••••• L••	unstated lien unstated	Not disclosed	$4.4M
B••••••• S••••• D•••••••• L••	term loan first lien	$4.4M	$4.4M 102c	S+600 bp	Dec 31, 2030
P•• I•••••• L••	delayed draw term loan first lien	$5.2M	$4.4M 100c	S+550 bp	Feb 12, 2030
M•• B•••• L••	term loan first lien	$4.3M	$4.3M 101c	S+425 bp	Jun 29, 2029
I••••• I•••	term loan first lien	$4.9M	$4.3M 88c	S+450 bp
M• A•••• M••••••••• ••••••••• L••	term loan first lien	$4.3M	$4.3M 99c	S+1500 bp PIK 18.69%	Jan 26, 2029
M• A•••• M••••••••• ••••••••• L••	unstated lien unstated	Not disclosed	$4.3M
M••••••••• F••••• I•••	term loan first lien	$4.3M	$4.3M 101c	S+550 bp	Mar 5, 2033
T••••••••• M•••• G••••• L••	term loan first lien	$4.7M	$4.3M 93c	S+475 bp	Mar 30, 2029

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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