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T•• S••• D••••• L•••••• L••

Business development companymanaged by T•• A•••• M••••••••• C•••••• L••Non-traded· BOSTON, MA

A non-traded business development company, managed by T•• A•••• M••••••••• C•••••• L••, holding $225M across 33 borrowers at Jun 30, 2026.

Composed from this BDC's filings and its latest schedule of investments.

Fair value
$225M
Schedule of investments, 10-Q and 10-K
Borrowers
33
Schedule of investments, 10-Q and 10-K
Mark on cost
96.0¢
Schedule of investments, 10-Q and 10-K
First lien
4%
Schedule of investments, 10-Q and 10-K
Schedule of investments (53)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. 98.3¢ → 96.0¢
    book mark on cost

    Marked its book down from 98.3¢ to 96.0¢ on the dollar in the quarter to Jun 30, 2026.

    Q2 2026 · The whole portfolio was marked down; net asset value follows.

    Derivedthe schedule's fair value over cost, quarter on quarterQuarter by quarter →
  2. 2 below 80¢
    $17.3M principal

    2 positions across 2 borrowers marked below 80¢ on cost, $17.3M 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. $7.1B → $225M
    fair value, 4 quarters

    Its portfolio shrank 97% at fair value over the last four quarters.

    Q2 2026 · The book is shrinking.

    Factthe schedule's fair value, a year apartQuarter by quarter →
Every headline figure, and the identifiersCIK 1916608 · file 814-01566Show
Fair value
$225M
as of Jun 30, 2026
Principal held
$220M
debt pieces, the filer's figure
Cost
$220M
96c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
Positions
53
33 borrowers
First lien
4%
93% debt by fair value
Quarters on the tape
15
since Dec 31, 2022
Facilities held
47
10 sponsors financed
Portfolio through time
Fair value by quarter end$225M as of Jun 30, 2026
Dec 31, 2022$163M then
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$225M3396c8717 bp
Mar 31, 2026$544M3098c7699 bp
Dec 31, 2025$220M3098c9705 bp
Sep 30, 2025$215M2897c5725 bp
All 15 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$7.1B27104c5743 bp
Mar 31, 2025$1.0B2999c5703 bp
Dec 31, 2024$807M27100c4705 bp
Sep 30, 2024$714M23100c4718 bp
Jun 30, 2024$792M24101c3725 bp
Mar 31, 2024$632M21100c3731 bp
Dec 31, 2023$677M19101c4747 bp
Sep 30, 2023$604M18101c2732 bp
Jun 30, 2023$144B11101c3762 bp
Mar 31, 2023$771M6100c1807 bp
Dec 31, 2022$163M3100c0688 bp
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 Jun 30, 2023
25 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
D••• I••••••••• F••• P••••••• • o• N•• A••••• • 2••••
F••• P•••••••
unstated lien unstatedNot disclosed$17B
101c
F•••••• M••••• T••••••••• L••
M••••• T•••••••••
term loan lien unstatedNot disclosed$10B
101c
S+1028 bpMar 17, 2028
D••• I••••••••• M••••• T••••••••• • o• N•• A••••• • 1••••
M••••• T•••••••••
unstated lien unstatedNot disclosed$10B
101c
D••• I••••••••• D••• P••••••••• • O••••••••• S••••••• • o• N
D••• P••••••••• & O••••••••• Services
unstated lien unstatedNot disclosed$10.0B
99c
A•••••• I•••
D••• P••••••••• & O••••••••• Services
term loan lien unstated$10B$10.0B
99c
S+688 bpDec 21, 2027
S•••••••• B•••••• L••
F••• P•••••••
term loan lien unstated$10B$9.9B
100c
S+800 bp
PIK 1.00%
May 4, 2028
C••• H•••••••• L••
D••••••••• S•••••• Services
term loan lien unstated$8.6B$8.3B
100c
S+750 bpJun 30, 2028
D••• I••••••••• D••••••••• S•••••• S••••••• • o• N•• A•••••
D••••••••• S•••••• Services
unstated lien unstatedNot disclosed$8.3B
100c
B•••••• N•••• A••••••• I•••
P••••••• F•••• and M••••
term loan lien unstated$8.1B$7.9B
101c
S+700 bpMay 31, 2028
D•• R•••• L••
F••• P•••••••
term loan lien unstated$7.4B$7.3B
102c
S+850 bp
PIK 1.50%
Mar 28, 2028
M••• A•••• I•••
M••••••••
term loan lien unstated$7.0B$6.8B
100c
S+750 bpJun 16, 2028
D••• I••••••••• M•••••••• • o• N•• A••••• • 9•••
M••••••••
unstated lien unstatedNot disclosed$6.8B
101c
D••• I••••••••• C••••••• S••••••• • o• N•• A••••• • 9•• •
C••••••• Services
unstated lien unstatedNot disclosed$6.4B
101c
F••• S••• B••••• I•••
C••••••• Services
term loan lien unstated$6.4B$6.2B
101c
S+700 bpFeb 23, 2028
S•••••• A•••••• • C••••••••• L••
Capital G••••
term loan lien unstated$5.0B$4.9B
101c
S+788 bp
PIK 0.50%
Jun 16, 2028
D••• I••••••••• C•••••• G•••• • o• N•• A••••• • 7•• •
Capital G••••
unstated lien unstatedNot disclosed$4.9B
101c
D••• I••••••••• C••••••••• • E••••••••• • o• N•• A••••• • 6•
C••••••••• & E•••••••••
unstated lien unstatedNot disclosed$4.3B
101c
P••••••••• A••••••••• L••
C••••••••• & E•••••••••
term loan lien unstated$4.3B$4.3B
101c
S+650 bpJul 31, 2026
F••• S••• B••••• I•••
C••••••• Services
delayed draw term loan lien unstated$227M$222M
98c
S+700 bpFeb 23, 2028
T•••• I••••••••• •••••••unstated lien unstatedNot disclosedNot disclosed
n/a
D••• I••••••••• 1•••••unstated lien unstatedNot disclosedNot disclosed
n/a
D••• I••••••••• M•••••••• • o• N•• A••••• • 1••••
M••••••••
unstated lien unstatedNot disclosedNot disclosed
n/a
D••• I••••••••• P••••••• F•••• a•• M•••• • o• N•• A••••• • 1
P••••••• F•••• and M••••
unstated lien unstatedNot disclosedNot disclosed
n/a
H••••••••• G••••• I•••
M••••••••
term loan lien unstatedNot disclosedNot disclosed
n/a
S+750 bpFeb 24, 2028
H••••••••• G••••• I•••
M••••••••
revolver lien unstatedNot disclosedNot disclosed
n/a
S+750 bpFeb 24, 2028
Page 1 of 1
Registration
Fiscal year end
1231reported
Incorporated
DEreported
On the SEC BDC report
2023 to 2026reported
Filings listed
16reported10-Q and 10-K since 2022
Former names
N Middle Market Lending, LLCreported
Latest schedule
0001193125-26-346666reported