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N•••• H•••• P•••••• I••••• F••• A• L••

Business development companymanaged by M• C•••••• P••••••• A•••••• I•••Non-traded· NEW YORK, NY

A non-traded business development company, managed by M• C•••••• P••••••• A•••••• I•••, holding $599M across 192 borrowers at Jun 30, 2026.

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

Fair value
$599M
Schedule of investments, 10-Q and 10-K
Borrowers
192
Schedule of investments, 10-Q and 10-K
Mark on cost
98.9¢
Schedule of investments, 10-Q and 10-K
First lien
98%
Schedule of investments, 10-Q and 10-K
Schedule of investments (635)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. 4 below 80¢
    $4.43M principal

    4 positions across 4 borrowers marked below 80¢ on cost, $4.43M principal.

    Q2 2026 · Marks this low usually come before non-accrual or a restructuring.

    Derivedeach position's fair value over cost, 30 Jun 2026
  2. 22 → 35
    loans paying in kind

    Loans paying in kind rose from 22 to 35 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 →
  3. $386M → $599M
    fair value, 4 quarters

    Its portfolio grew 55% at fair value over the last four quarters.

    Q2 2026 · A fast-growing book is deploying new capital.

    Factthe schedule's fair value, a year apartQuarter by quarter →
Every headline figure, and the identifiersCIK 1973476 · file 814-01654Show
Fair value
$599M
as of Jun 30, 2026
Principal held
$607M
debt pieces, the filer's figure
Cost
$604M
99c on cost, debt pieces
Unfunded
$124M
commitments not yet drawn
Positions
635
192 borrowers
First lien
98%
99% debt by fair value
Quarters on the tape
12
since Sep 30, 2023
Facilities held
405
36 sponsors financed
Portfolio through time
Fair value by quarter end$599M as of Jun 30, 2026
Sep 30, 2023$35.5M then
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$599M19299c35482 bp
Mar 31, 2026$595M19299c22480 bp
Dec 31, 2025$573M191100c13480 bp
Sep 30, 2025$449M158100c11487 bp
All 12 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$386M148100c12491 bp
Mar 31, 2025$342M142100c12494 bp
Dec 31, 2024$540M136100c15505 bp
Sep 30, 2024$222M115100c9516 bp
Jun 30, 2024$171M103100c8521 bp
Mar 31, 2024$72.0M55100c4587 bp
Dec 31, 2023$51.5M45100c4603 bp
Sep 30, 2023$35.5M33100c0611 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 Mar 31, 2025
341 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
A••••• H••••••• C••••unstated lien unstated$0-$8,000
200c
S+550 bp
N•• H•••••••• I•••unstated lien unstated$0-$8,000
267c
S+500 bp
M•••••• C••••••••• B••••• L••unstated lien unstated$0-$8,000
100c
S+600 bp
PIK 2.58%
E••••••• B••••• I•••unstated lien unstated$0-$9,000
100c
S+525 bp
M•••••• C••••••••• B••••• L••unstated lien unstated$0-$10,000
200c
S+600 bp
PIK 2.58%
S••••• B•••••••• I•••unstated lien unstated$0-$12,000
100c
S+600 bp
G• D• C•••••••• A••••••••• L••unstated lien unstated$0-$12,000
100c
S+450 bp
S••••• B•••••••• I•••unstated lien unstated$0-$14,000
100c
S+600 bp
R•••• T•••• U• B••••• I•••unstated lien unstated$0-$14,000
175c
S+450 bp
A••••• A••••••••• I•••unstated lien unstated$0-$18,000
257c
S+500 bp
T••••unstated lien unstatedNot disclosedNot disclosed
T••unstated lien unstatedNot disclosedNot disclosed
i••••• I•••unstated lien unstatedNot disclosedNot disclosed
I••• B••••• L••unstated lien unstatedNot disclosedNot disclosed
O••••••••• N•••• A••••••• I•••unstated lien unstatedNot disclosedNot disclosed
H••••••••• I•••unstated lien unstatedNot disclosedNot disclosed
E••••••••• A••••••••• L••unstated lien unstatedNot disclosedNot disclosed
H••••••••• I•••••••• A•••••• I•••unstated lien unstatedNot disclosedNot disclosed
P•••• C• F•• • A••••••••• I•••••••• S•••••••• L••unstated lien unstatedNot disclosedNot disclosed
A•••••• I•••unstated lien unstatedNot disclosedNot disclosed
B•••••••• H•••••••• L••unstated lien unstatedNot disclosedNot disclosed
N••••• C•••••••••unstated lien unstatedNot disclosedNot disclosed
I• I••••••••• H•••••••• L••unstated lien unstatedNot disclosedNot disclosed
P•• P••••• H•••••••• L••unstated lien unstatedNot disclosedNot disclosed
V•••••• E••••••• S•••••••• I•••unstated lien unstatedNot disclosedNot disclosed
V••••••••• L••unstated lien unstatedNot disclosedNot disclosed
V•• C••••••••• L••unstated lien unstatedNot disclosedNot disclosed
I•••••••• M•••••••• A••••••••• L••unstated lien unstatedNot disclosedNot disclosedAug 25, 2028
G• D• C•••••••• A••••••••• L••unstated lien unstatedNot disclosedNot disclosed
T•••••••• I•••unstated lien unstatedNot disclosedNot disclosed
A••••• H••••••• C••••unstated lien unstatedNot disclosedNot disclosed
D••••••••• H•••••••• L••unstated lien unstatedNot disclosedNot disclosed
S•••••• E••••••••• L••unstated lien unstatedNot disclosedNot disclosed
H••••• S•••••••• I•••unstated lien unstatedNot disclosedNot disclosed
C•••••• I••••••••• I•••unstated lien unstatedNot disclosedNot disclosed
R•• O•••• L••unstated lien unstatedNot disclosedNot disclosed
I••••••••• O••unstated lien unstatedNot disclosedNot disclosed
G•••••• U• H•••••••• I•••unstated lien unstatedNot disclosedNot disclosedSep 22, 2026
L••••••••• I•••unstated lien unstatedNot disclosedNot disclosed
I•••••• P•••••• I•••unstated lien unstatedNot disclosedNot disclosed
P•••••• P••••• B••••• L••unstated lien unstatedNot disclosedNot disclosed
Page 4 of 4Previous
Registration
Fiscal year end
1231reported
Incorporated
DEreported
On the SEC BDC report
2026 to 2026reported
Filings listed
12reported10-Q and 10-K since 2022
Latest schedule
0001193125-26-342387reported