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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 Jun 30, 2026
1,343 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| S••••••••• M•••• M•••• L•• | equity equity | $0 | $379,000 147c | ||
| S•• E•• C••• H•••••• L•• | revolver first lien | $1.4M | $361,000 100c | S+585 bp | Oct 5, 2029 |
| S••••••••• M•••• M•••• L•• | term loan unsecured or subordinated | $881,000 | $345,000 40c | S+676 bp | Mar 30, 2029 |
| K•• W••• H•••••••• L•• | equity equity | $0 | $333,000 100c | ||
| A•••• I••••••••• H•••••• L•• | equity equity | $0 | $325,000 98c | ||
| A••• C••••••••• ••••••••• • S••••• S•••••• L•••• | revolver first lien | $1.1M | $318,000 100c | S+500 bp | Apr 13, 2029 |
| V••• B••••• I••• | equity equity | $0 | $314,000 35c | ||
| C•••••• M••••••• L•• | equity equity | $0 | $309,000 | ||
| S•••• H•••••••• I••• | revolver first lien | $614,000 | $307,000 91c | S+575 bp | Jun 15, 2029 |
| L••••••••• S•• I•• L•• | term loan first lien | $377,000 | $300,000 91c | S+1086 bp PIK 14.51% | Dec 31, 2026 |
| I••• P•••••• L•• | equity equity | $0 | $298,000 77c | ||
| C••••••••• C••••••• L•• | delayed draw term loan first lien | $1.1M | $287,000 100c | S+650 bp | Apr 21, 2030 |
| C••••••••• C••••••• L•• | delayed draw term loan first lien | Not disclosed | $287,000 | ||
| B•• O••• L•• | unstated lien unstated | Not disclosed | $280,000 | ||
| B•• O••• L•• | term loan unsecured or subordinated | $2.5M | $280,000 16c | PIK 7.50% | Dec 31, 2027 |
| I•••••••• L•• | equity equity | $0 | $268,000 64c | ||
| O•• A••••••••• L•• | delayed draw term loan first lien | $1.6M | $263,000 92c | S+475 bp | Apr 17, 2032 |
| R••••• H•••••••• I••• | revolver first lien | $2.3M | $256,000 100c | S+500 bp | Nov 1, 2029 |
| F•••• R•••••••• L•• | revolver first lien | Not disclosed | $253,000 | ||
| F•••• R•••••••• L•• | revolver first lien | $1.9M | $253,000 100c | S+515 bp PIK 8.87% | Mar 25, 2029 |
| G•• M•••• H•••••••• L•• | revolver first lien | Not disclosed | $250,000 94c | S+500 bp | Apr 17, 2031 |
| N• P• P•••••• C•••••••• M•••• I••• | equity equity | $0 | $249,000 17c | ||
| S•••• W•••••••• I••• | preferred equity equity | $0 | $242,000 98c | ||
| I•••• B•••• ••••••••• • S••••• S•••••• L•••• | revolver first lien | $2.1M | $212,000 100c | S+500 bp | Aug 13, 2031 |
| R•••• S•••••••• L•• | revolver first lien | $1.2M | $204,000 100c | S+500 bp | Aug 15, 2031 |
| P•••••• R•••••• L••••• | preferred equity equity | $0 | $198,000 100c | ||
| D••••• A••••••••• I••• | equity equity | $0 | $195,000 527c | ||
| A•••• I••••••••• H•••••• L•• | delayed draw term loan first lien | Not disclosed | $181,000 99c | S+636 bp | Dec 4, 2027 |
| R••••••• H••••• G••••• L•• | equity equity | $0 | $179,000 559c | ||
| X••••• P••••••••• I••• | equity equity | $0 | $172,000 112c | PIK 8.00% | |
| S••••••••• M•••• M•••• L•• | delayed draw term loan first lien | $194,000 | $170,000 99c | S+576 bp | Mar 30, 2029 |
| P••• H•••••• C••• | term loan first lien | $1.0M | $169,000 19c | S+940 bp PIK 2.75% | Feb 17, 2027 |
| N•• E••••• I••• | equity equity | $0 | $167,000 3340c | ||
| T•••• E••••• I••• | equity equity | $0 | $157,000 119c | ||
| C••• P••••••••• L•• | delayed draw term loan first lien | $709,000 | $154,000 99c | S+550 bp | Feb 28, 2030 |
| S•• C••• S•••••••• L•• | term loan first lien | $148,000 | $141,000 95c | S+585 bp | Dec 30, 2027 |
| A••••• Y•••• •••• I••• | term loan unsecured or subordinated | $642,000 | $140,000 27c | S+776 bp | Mar 12, 2029 |
| A••••••• B•••••••• a•• T••••••••• C•••••• L•• | revolver first lien | $1.5M | $138,000 44c | S+1200 bp PIK 2.00% | |
| R••••••• H••••• G••••• L•• | preferred equity equity | $0 | $136,000 100c | PIK 12.00% | |
| T•••••• M••••••• S••••••• I••• | revolver first lien | $167,000 | $134,000 99c | S+760 bp PIK 2.00% | Feb 26, 2027 |
| e••••••• I••• a•• C••••••• U• I••• | preferred equity equity | $0 | $130,000 18c | ||
| S••••••••• M•••• M•••• L•• | revolver unsecured or subordinated | $132,000 | $129,000 98c | S+576 bp | Mar 30, 2029 |
| P••••••• G•••• H••••••• P•• L•• | delayed draw term loan first lien | $704,000 | $127,000 100c | S+675 bp | Dec 29, 2031 |
| T• M••••••••• H••••• L•• | revolver first lien | $636,000 | $127,000 100c | S+561 bp | Dec 31, 2026 |
| T• M••••••••• H••••• L•• | revolver lien unstated | Not disclosed | $127,000 | ||
| P••••••• L•• | revolver first lien | $1.2M | $117,000 75c | S+610 bp | Dec 8, 2027 |
| V••• B•••••• I••• | warrants equity | $0 | $116,000 1289c | Dec 29, 2033 | |
| G•• C••• B•••• L•• | revolver first lien | $444,000 | $111,000 100c | S+610 bp | Nov 18, 2030 |
| N••••• N••••••• I••• ••••• A•• u••••• | equity equity | $0 | $109,000 99c | ||
| V•• E••••••••• I••• | equity equity | $0 | $109,000 110c | ||
| T•••••• B•••• C•••• | revolver first lien | $1.3M | $107,000 100c | S+500 bp | Jan 22, 2031 |
| O••••• I••• | warrants equity | $0 | $103,000 | Jan 21, 2036 | |
| Q•••• R••••••• M••••••••• G••••• L•• | warrants equity | $0 | $102,000 86c | Mar 17, 2028 | |
| A••••••• N••••••• O••• I• L•• | equity equity | $0 | $97,000 11c | ||
| I••• P•••••• L•• | equity equity | $0 | $85,000 123c | ||
| S•••••• G••••• I••• | equity equity | $0 | $84,000 122c | ||
| P•••••• C••••••• H•••••• C•••••• L•• | term loan first lien | $568,000 | $80,000 119c | S+711 bp | Oct 2, 2026 |
| M•••••• H•••••••• L•• | revolver first lien | Not disclosed | $80,000 98c | S+600 bp | Nov 15, 2029 |
| A••••••• C•••••••• H••••• I••• | term loan first lien | $137,000 | $80,000 99c | S+11 bp PIK 3.76% | Dec 31, 2026 |
| A••••••• C•••••••• H••••• I••• | unstated lien unstated | Not disclosed | $80,000 | ||
| E•••• T•••••• a•• E••••••••• H••••••• L•• | revolver first lien | $1.0M | $75,000 100c | S+450 bp | Dec 22, 2031 |
| V•• E••••••••• I••• | revolver first lien | $458,000 | $73,000 100c | S+710 bp | Jan 12, 2028 |
| Q•••• R••••••• M••••••••• G••••• L•• | warrants equity | $0 | $72,000 200c | Mar 17, 2028 | |
| T••••••••• I••• | term loan first lien | $68,000 | $68,000 100c | S+640 bp | Aug 16, 2029 |
| E••••••••• M•••• S••••••••• I••• | revolver first lien | Not disclosed | $66,000 100c | S+550 bp | Sep 22, 2030 |
| K•• W••• H•••••••• L•• | preferred equity equity | $0 | $66,000 100c | ||
| E••••••••• M•••• S••••••••• I••• | revolver first lien | Not disclosed | $66,000 | ||
| O•••••• L•• | revolver first lien | Not disclosed | $61,000 100c | S+515 bp | Dec 16, 2027 |
| e••••••• I••• a•• C••••••• U• I••• | preferred equity equity | $0 | $44,000 138c | ||
| P••••••• I••• | equity equity | $0 | $40,000 105c | ||
| F•••• B••••• G••••• L•• | term loan unsecured or subordinated | $34.8M | $39,000 0c | S+700 bp PIK 10.61% | |
| V••• A••••••••• H•••••• L•• | term loan unsecured or subordinated | $1.2M | $34,000 7c | S+826 bp PIK 11.93% | Jan 31, 2028 |
| R••••••• H••••• G••••• L•• | equity equity | $0 | $26,000 520c | ||
| E•••••• W••• A••••••••• C••••••• L•• | preferred equity equity | $0 | $22,000 32c | ||
| R••••••• H••••• G••••• L•• | preferred equity equity | $0 | $20,000 100c | PIK 12.00% | |
| V••• A••••••••• H•••••• L•• | term loan unsecured or subordinated | $618,000 | $18,000 7c | S+826 bp PIK 11.93% | Jan 31, 2028 |
| A••••••• C•••••••• H••••• I••• | unstated lien unstated | Not disclosed | $17,000 | ||
| A••••••• C•••••••• H••••• I••• | term loan first lien | $28,000 | $17,000 100c | S+11 bp PIK 3.76% | Dec 31, 2026 |
| R••••• G•••• R•••••• C••••••• I••• | equity equity | $0 | $16,000 4c | ||
| F•••• B••••• G••••• L•• | term loan unsecured or subordinated | $14.4M | $16,000 0c | S+1061 bp PIK 14.23% | Dec 29, 2028 |
| N••••• N••••••• I••• ••••• A• u••••• | equity equity | $0 | $15,000 100c | ||
| P•••••• R•••••• L••••• | equity equity | $0 | $14,000 1c | ||
| F•••• B••••• G••••• L•• | term loan unsecured or subordinated | $11.7M | $13,000 0c | S+600 bp PIK 12.75% | |
| V••• A••••••••• H•••••• L•• | term loan unsecured or subordinated | $355,000 | $10,000 6c | S+826 bp PIK 11.93% | Jan 31, 2028 |
| S•••••••• C•••• | equity equity | $0 | $6,000 1c | ||
| T•• K•••• C••••••• L•• | term loan first lien | $7,000 | $3,000 50c | S+750 bp PIK 1.00% | Jul 8, 2031 |
| E•••••• W••• A••••••••• C••••••• L•• | preferred equity equity | $0 | $1,000 1c | ||
| C•••••••• H•••••••• L••••• | delayed draw term loan first lien | $2.8M | $0 | S+610 bp | Oct 20, 2028 |
| S•• B•••• G•••• H•••••••• L•• | delayed draw term loan first lien | $3.8M | $0 | S+475 bp | May 1, 2031 |
| B••• B•••••• P••••••••• I••• | revolver first lien | $1.9M | $0 | S+475 bp | Jan 16, 2033 |
| A•• I••• L•• | revolver first lien | $3.2M | $0 | S+650 bp | Oct 31, 2029 |
| M• R••••••••• I•• L•• | warrants equity | $0 | $0 0c | Jul 28, 2031 | |
| A••••• Y•••• •••• I••• | equity equity | $0 | $0 0c | ||
| B•• O••• L•• | equity equity | $0 | $0 0c | ||
| B•• O••• L•• | unstated lien unstated | Not disclosed | $0 | ||
| J•••••••• H•••••• I••• | equity equity | $0 | $0 0c | ||
| W••••••• P••••• H••••••• I••• I••• | preferred equity equity | Not disclosed | $0 | ||
| D•••••• H•••••••• I••• | revolver first lien | $2.4M | $0 | S+575 bp | Aug 27, 2030 |
| T•••• G•••• H••••••• C••• | delayed draw term loan first lien | $14.7M | $0 | S+525 bp | Mar 28, 2031 |
| F•••• R•••••••• L•• | preferred equity equity | $0 | $0 | PIK 10.00% |
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