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N•• M••••••• G••••••• I• B••• L•••••
Business development companymanaged by N•• M••••••• F•••••• A•••••••• L•••••Non-traded· NEW YORK, NY
A non-traded business development company, managed by N•• M••••••• F•••••• A•••••••• L•••••, holding $2.1B across 140 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
- $2.1B
- Borrowers
- 140
- Mark on cost
- 98.8¢
- First lien
- 95%
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
- 3 below 80¢$31.7M principal
3 positions across 3 borrowers marked below 80¢ on cost, $31.7M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026 - 21 → 26loans paying in kind
Loans paying in kind rose from 21 to 26 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.
- $1.6B → $2.1Bfair value, 4 quarters
Its portfolio grew 28% at fair value over the last four quarters.
Q2 2026 · A fast-growing book is deploying new capital.
Every headline figure, and the identifiersCIK 1925531 · file 814-01528ShowHide
Fair value
$2.1B
as of Jun 30, 2026
Principal held
$2.5B
debt pieces, the filer's figure
Cost
$2.1B
99c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
Positions
445
140 borrowers
First lien
95%
99% debt by fair value
Quarters on the tape
15
since Dec 31, 2022
Facilities held
153
33 sponsors financed
Portfolio through time
Fair value by quarter end$2.1B as of Jun 30, 2026
Dec 31, 2022$123M then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $2.1B | 140 | 99c | 26 | 480 bp |
| Mar 31, 2026 | $2.0B | 138 | 99c | 21 | 490 bp |
| Dec 31, 2025 | $2.1B | 135 | 100c | 17 | 496 bp |
| Sep 30, 2025 | $1.6B | 125 | 100c | 19 | 499 bp |
All 15 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2025 | $1.6B | 120 | 100c | 17 | 511 bp |
| Mar 31, 2025 | $1.6B | 114 | 101c | 16 | 514 bp |
| Dec 31, 2024 | $3.0B | 115 | 101c | 27 | 520 bp |
| Sep 30, 2024 | $1.2B | 109 | 101c | 10 | 532 bp |
| Jun 30, 2024 | $974M | 96 | 101c | 11 | 555 bp |
| Mar 31, 2024 | $696M | 84 | 102c | 8 | 588 bp |
| Dec 31, 2023 | $1.1B | 75 | 102c | 15 | 582 bp |
| Sep 30, 2023 | $349M | 59 | 102c | 9 | 580 bp |
| Jun 30, 2023 | $241M | 46 | 101c | 7 | 593 bp |
| Mar 31, 2023 | $192M | 37 | 101c | 1 | 614 bp |
| Dec 31, 2022 | $123M | 30 | 100c | 1 | 588 bp |
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
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- PIK interest increasedJun 30, 2026
- PIK interest appearsJun 30, 2026
- PIK interest appearsJun 30, 2026
- Spread increasedJun 30, 2026
- PIK interest appearsJun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- New lender joined a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- New lender joined a facilityMar 31, 2026
- New lender joined a facilityMar 31, 2026
Largest facilities held, with co-lenders
- D•••••• B•••• first lien term loan2 BDCs hold it · matures Dec 1, 2032$58.5M 97c
- V•••• B••••• I•• first lien term loan12 BDCs hold it · matures Nov 1, 2031$49.5M 98c
- C•••• H•••••••• L•• first lien term loan27 BDCs hold it · matures Aug 2, 2030$44.9M 99c
- B••••••••• I•• first lien term loan13 BDCs hold it · matures Dec 3, 2032$43.6M 100c
- O••••••••• L•• first lien term loan25 BDCs hold it · matures Dec 23, 2032 · possible sponsor F•••••••• P•••••••$43.4M 99c
- P••• C••• first lien term loan13 BDCs hold it · matures Dec 20, 2032$43.1M 100c
- N• T••••• L•• first lien term loan10 BDCs hold it · matures Sep 2, 2031$42.7M 99c
- M••• B•••• L•• first lien term loan8 BDCs hold it · matures Dec 22, 2031$42.5M 100c
- A•• T••••• L•• first lien term loan13 BDCs hold it · matures Dec 31, 2027 · possible sponsor B•••••• P•••• C•••••• A•••••••• L••$41.9M 100c
- S••••• B••••••• H••••••• L•• first lien term loan7 BDCs hold it · matures Dec 19, 2032$41.0M 99c
- A••••••• I•• first lien term loan21 BDCs hold it · matures Jun 21, 2029$40.3M 98c
- V••••• M•••• H•••••••• L•• first lien term loan25 BDCs hold it · matures Nov 3, 2032$40.0M 100c
Schedule of investments at Sep 30, 2025
385 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| M•• C•••••• M••••••••• I••••••••• L•• | term loan first lien | $3.9M | $0 0c | S+475 bp | Aug 1, 2031 |
| K••• A••••••••• I••• | term loan first lien | $394,000 | $0 | S+450 bp | Jan 1, 2027 |
| B••••• P••••• H••••••• L•• | term loan first lien | $5.6M | $0 | S+475 bp | Dec 1, 2025 |
| A••••••• I••• | term loan first lien | $2.5M | $0 | S+450 bp | Jun 1, 2028 |
| B•••••••• I••• | term loan first lien | $683,000 | $0 | S+500 bp | Oct 1, 2029 |
| C•••••••• P••••••••• G•••• L•• | term loan first lien | $1.5M | $0 0c | S+525 bp | Oct 1, 2029 |
| V••••• M•••• H•••••••• L•• | term loan first lien | $3.0M | $0 | S+475 bp | Jul 1, 2026 |
| W••••• E••••••••• G••••• L•• | term loan first lien | $536,000 | $0 0c | S+450 bp | Oct 1, 2028 |
| E•••••• H•••••••• I••• | term loan first lien | $235,000 | $0 0c | S+550 bp | Dec 1, 2025 |
| E•••••• B••••• I••• | term loan first lien | $2.9M | $0 | S+450 bp | Sep 1, 2026 |
| D•••• A••••••••• C••••••••• | term loan first lien | $483,000 | $0 0c | S+475 bp | Oct 1, 2028 |
| D••• I•••••••• H••••••• L•• | term loan first lien | $3.0M | $0 | S+525 bp | May 1, 2026 |
| M•••• N• I••• | term loan first lien | $3.5M | $0 0c | S+475 bp | Jun 1, 2031 |
| N••• H•••••• L•• | term loan first lien | $903,000 | $0 | S+525 bp | Nov 1, 2025 |
| D••• I•••••••• H••••••• L•• | term loan first lien | $1.4M | $0 0c | S+525 bp | Dec 1, 2029 |
| C•••••••• P••••••••• G•••• L•• | term loan first lien | $2.1M | $0 0c | S+525 bp | May 1, 2026 |
| C•••••••• M••••••••• H••••••• M•••• 2• L•• | term loan first lien | $39,000 | $0 | Jan 1, 2026 | |
| C••••••• I••••••••• I•• L•• | term loan first lien | $938,000 | $0 | S+550 bp | Aug 1, 2027 |
| C••••••• I••••••••• C•••• | term loan first lien | $3.5M | $0 0c | S+475 bp | Jul 1, 2027 |
| Y•• H•••••••• I••• | term loan first lien | $1.7M | $0 | S+475 bp | Dec 1, 2030 |
| L•••••• H••••••••• H•••••• C••••••• L•• | term loan first lien | $1.5M | $0 0c | Aug 1, 2030 | |
| T••••••••• I••• | term loan first lien | $68,000 | $0 | S+338 bp | Dec 1, 2025 |
| R•••••• P•••••• L•• | term loan first lien | $305,000 | $0 0c | S+550 bp | Apr 1, 2029 |
| P•••••• C••••••••• | term loan first lien | $2.0M | $0 | S+450 bp | Oct 1, 2025 |
| P•• I••••••••• H•••••••• L•• | term loan first lien | $426,000 | $0 0c | Aug 1, 2029 | |
| A••••••• B•••••••• L•• | term loan first lien | $1.0M | $0 | S+338 bp | May 1, 2026 |
| L•••••• H••••••••• H•••••• C••••••• L•• | term loan first lien | $320,000 | $0 | Aug 1, 2026 | |
| K••• H•••••• I••• | term loan first lien | $70,000 | $0 | S+450 bp | Feb 1, 2028 |
| G• A••••••••• I••• | term loan first lien | $1.6M | $0 0c | S+525 bp | May 1, 2028 |
| E•••••• H•••••••• I••• | term loan first lien | $1.3M | $0 0c | S+550 bp | Dec 1, 2029 |
| V••••• M•••• H•••••••• L•• | term loan first lien | $2.2M | $0 0c | S+475 bp | Jul 1, 2031 |
| D••••••••• A••••••••• I••• | term loan first lien | $6.1M | $0 | S+450 bp | Sep 1, 2027 |
| A•••• A• B•••• P•• L•• | term loan first lien | $740,000 | $0 0c | S+475 bp | Dec 1, 2028 |
| D•••• A••••••••• C••••••••• | term loan first lien | $2.3M | $0 | S+475 bp | Jul 1, 2026 |
| B•••••••• I••• | term loan first lien | $693,000 | $0 0c | S+500 bp | May 1, 2026 |
| C••••••••• T••••••••• L•• | term loan first lien | $2.2M | $0 0c | S+288 bp | Apr 1, 2030 |
| A••••••• F•••••••• G••••• L••• | term loan first lien | $4.6M | $0 | S+475 bp | Oct 1, 2026 |
| F• W••••••••• B•••••••• L•• | term loan first lien | $1.4M | $0 | S+500 bp | Mar 1, 2027 |
| F••••••• F•••••••• G••••• L•• | term loan first lien | $3.8M | $0 | S+525 bp | Mar 1, 2026 |
| F•••••••• O••••••••• L•• | term loan first lien | $2.1M | $0 | S+525 bp | Aug 1, 2027 |
| S••••••• H•••••••• L•• | term loan first lien | $2.5M | $0 | S+450 bp | Aug 1, 2026 |
| O••••••••• L•• | term loan first lien | $2.8M | $0 0c | S+525 bp | Apr 1, 2031 |
| R••••••••• P•••••• L•• | term loan first lien | $6.3M | $0 | Mar 1, 2026 | |
| B••••••• L•• | term loan first lien | $857,000 | -$2,000 100c | S+500 bp | Mar 1, 2032 |
| C••••••• I••••••••• I•• L•• | term loan first lien | $563,000 | -$3,000 100c | S+550 bp | Aug 1, 2032 |
| B••••••• L•• | term loan first lien | $1.0M | -$3,000 | S+500 bp | Mar 1, 2027 |
| D•• M•••• C•••• | term loan first lien | $674,000 | -$3,000 100c | S+500 bp | Dec 1, 2030 |
| F•••••••• O••••••••• L•• | term loan first lien | $691,000 | -$3,000 100c | S+525 bp | Aug 1, 2031 |
| F••••••• A••••••••• C•••• I••• | term loan first lien | $1.8M | -$4,000 100c | Feb 1, 2032 | |
| R••••••• P•••••• L•• | term loan first lien | $899,000 | -$4,000 100c | S+450 bp | May 1, 2032 |
| O••••••••• N•••• A•••••• I••• | term loan first lien | $750,000 | -$4,000 133c | S+500 bp | Oct 1, 2031 |
| T•• U•••••• G•••• M••••• L•• | term loan first lien | $763,000 | -$4,000 100c | S+475 bp | Jul 1, 2032 |
| V•••• B••••• I••• | term loan first lien | $1.0M | -$5,000 100c | S+475 bp | Jan 1, 2032 |
| C•••••••• M••••••••• H••••••• M•••• 2• L•• | term loan first lien | $631,000 | -$5,000 100c | Nov 1, 2031 | |
| D••••• I••••••••• H•••••••• I••• | term loan first lien | $909,000 | -$5,000 125c | S+550 bp | Aug 1, 2032 |
| D•••••••• I••• | term loan first lien | $749,000 | -$6,000 120c | S+575 bp | Jul 1, 2030 |
| L•• V•••••• H••••••• I••• | term loan first lien | $1.6M | -$6,000 120c | S+475 bp | Apr 1, 2032 |
| X••••• C••••••••• | term loan first lien | $538,000 | -$6,000 | S+625 bp | Jul 1, 2027 |
| e••••••••• I••• | term loan first lien | $665,000 | -$7,000 117c | S+475 bp | Oct 1, 2031 |
| D••••••••• A••••••••• I••• | term loan first lien | $3.3M | -$8,000 100c | S+450 bp | Sep 1, 2032 |
| D••••••••• I••• | term loan first lien | $1.8M | -$9,000 | S+450 bp | Jul 1, 2026 |
| R••••••• P•••••• L•• | term loan first lien | $1.8M | -$9,000 | S+450 bp | May 1, 2027 |
| M••• H•••••••• L•• | term loan first lien | $1.8M | -$9,000 100c | S+475 bp | Jul 1, 2032 |
| C•••••••• M••••••••• H••••••• M•••• 2• L•• | term loan first lien | $1.5M | -$11,000 | Nov 1, 2026 | |
| e••••••••• I••• | term loan first lien | $1.1M | -$11,000 183c | S+475 bp | Jan 1, 2027 |
| F••••••• A••••••••• C•••• I••• | term loan first lien | $5.0M | -$12,000 | Feb 1, 2027 | |
| H• T•• B••••• I••• | term loan first lien | $2.4M | -$12,000 100c | S+475 bp | Jul 1, 2032 |
| L•• V•••••• H••••••• I••• | term loan first lien | $3.5M | -$13,000 1300c | S+475 bp | Oct 1, 2027 |
| V•••• P••••••••• L•• | term loan first lien | $2.6M | -$13,000 | S+500 bp | Dec 1, 2026 |
| S••••• E••••••••• L•• | term loan first lien | $1.8M | -$14,000 108c | S+600 bp | May 1, 2030 |
| L••••••••• I••• | term loan first lien | $419,000 | -$15,000 300c | S+750 bp | Jul 1, 2029 |
| B•••• T•••• A••••••• G••••• L• | term loan first lien | $3.2M | -$16,000 84c | Jun 1, 2030 | |
| G•• U••••••• P••••• C••••••••• | term loan first lien | $1.6M | -$16,000 114c | S+475 bp | Dec 1, 2031 |
| R••••• B••••• L•• | term loan first lien | $3.6M | -$18,000 113c | S+500 bp | Dec 1, 2031 |
| B•••• T•••• A••••••• G••••• L• | term loan first lien | $4.4M | -$22,000 157c | Jun 1, 2027 | |
| D•• M•••• C•••• | term loan first lien | $4.5M | -$22,000 | S+500 bp | Apr 1, 2027 |
| V•••• B••••• I••• | term loan first lien | $5.2M | -$26,000 | S+475 bp | Feb 1, 2027 |
| i••••• I••• | term loan first lien | $1.2M | -$29,000 290c | S+575 bp | Aug 1, 2028 |
| R••••• B••••• L•• | term loan first lien | $7.3M | -$36,000 | S+500 bp | Dec 1, 2026 |
| E••••••• P•••••• I••• | term loan first lien | $3.6M | -$36,000 113c | S+650 bp | Jan 1, 2031 |
| P••••• C••• C••••••• L•• | term loan first lien | $2.4M | -$106,000 | S+600 bp | Nov 1, 2025 |
| P••••• C••• C••••••• L•• | term loan first lien | $2.4M | -$106,000 624c | S+600 bp | Nov 1, 2029 |
| K••• A••••••••• I••• | term loan first lien | Not disclosed | Not disclosed | ||
| F• W••••••••• H•••••••• L•• | delayed draw term loan first lien | Not disclosed | Not disclosed | S+500 bp | |
| K••• A••••••••• I••• | unstated lien unstated | $268,000 | Not disclosed |
Page 4 of 4Previous
Registration
- Fiscal year end
- 1231reported
- Incorporated
- DEreported
- On the SEC BDC report
- 2022 to 2026reported
- Filings listed
- 17reported10-Q and 10-K since 2022
- Former names
- N•• M••••••• G••••••• I• B•• L.L.C.reported
- Latest schedule
- 0001925531-26-000014reported