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L••• P•••••• C••••• 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 $535M across 152 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: $535M
Borrowers: 152
Mark on cost: 99.1¢
First lien: 99%

Schedule of investments (576)Quarter by quarter Sponsors

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

What matters now

2 below 80¢
$531K principal
2 positions across 2 borrowers marked below 80¢ on cost, $531K principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026
23 → 31
loans paying in kind
Loans paying in kind rose from 23 to 31 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 →
$296M → $535M
fair value, 4 quarters
Its portfolio grew 80% 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 →
146 → 152
borrowers
Added a net 6 borrowers in the quarter to Jun 30, 2026, to 152.
Q2 2026 · The book is turning over faster than usual.
Factthe schedule's borrowers, quarter on quarterSchedule of investments →

Every headline figure, and the identifiersCIK 1983514 · file 814-01674Show

Fair value

$535M

as of Jun 30, 2026

Principal held

$532M

debt pieces, the filer's figure

Cost

$532M

99c on cost, debt pieces

Unfunded

$122M

commitments not yet drawn

Positions

576

152 borrowers

First lien

99%

99% debt by fair value

Quarters on the tape

since Dec 31, 2023

Facilities held

359

27 sponsors financed

Portfolio through time

Fair value by quarter end$535M as of Jun 30, 2026

Dec 31, 2023$99.7M then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$535M	152	99c	31	487 bp
Mar 31, 2026	$507M	146	99c	23	484 bp
Dec 31, 2025	$464M	139	100c	15	484 bp
Sep 30, 2025	$355M	121	100c	15	489 bp

All 11 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$296M	110	100c	14	488 bp
Mar 31, 2025	$819M	102	100c	13	496 bp
Dec 31, 2024	$491M	92	100c	9	501 bp
Sep 30, 2024	$235M	84	100c	7	506 bp
Jun 30, 2024	$180M	70	100c	4	522 bp
Mar 31, 2024	$123M	52	100c	4	543 bp
Dec 31, 2023	$99.7M	43	100c	4	542 bp

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

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

Full timeline · 20 events

New lender joined a facilityJun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
Maturity extended (observed)Jun 30, 2026
••• Locked
Maturity extended (observed)Jun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityMar 31, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

P••••• H••••• I••••••••• H•••••••• I•• first lien term loan
14 BDCs hold it · matures Jun 3, 2030
$10.8M 100c
D••••••• C••••••••• first lien term loan
22 BDCs hold it · matures Aug 4, 2030 · possible sponsor L•• C•••••• M••••••••• L•••
$10.6M 98c
M•• S••••••• L•• first lien term loan
31 BDCs hold it · matures Feb 29, 2028
$10.3M 100c
J••••••• H•••••••• L•• first lien term loan
25 BDCs hold it · matures Nov 1, 2032
$9.8M 99c
D•••••••• D••••• H••••••• L•• first lien term loan
24 BDCs hold it · matures Sep 13, 2032
$9.6M 99c
I••• S•••••••• A••••••••• L•• first lien term loan
9 BDCs hold it · matures Nov 22, 2032
$9.3M 100c
S• N•••• 2• I•• first lien term loan
9 BDCs hold it · matures Jun 2, 2031
$9.0M 100c
J••••••••• P•••••• I•• first lien term loan
22 BDCs hold it · matures Jan 31, 2033 · possible sponsor F•••••••• P•••••••
$7.9M 99c
T• P•••••• B••••• I•• first lien term loan
6 BDCs hold it · matures Dec 12, 2032
$7.9M 99c
A••••••••• I•• first lien term loan
9 BDCs hold it · matures Jul 14, 2031 · possible sponsor H•
$7.9M 97c
F••••• I•• first lien term loan
12 BDCs hold it · matures Mar 31, 2033
$7.5M 100c
3•• R••••• M•••••• L•• first lien term loan
6 BDCs hold it · matures May 6, 2033
$7.2M 100c

Schedule of investments at Jun 30, 2024

238 positions

Borrower	Instrument	Principal	Fair value	Rate
D•• I••••••••• H•••••••• L••	term loan first lien	$7.3M	$7.3M 100c	S+650 bp
M•• S•••••••• L••	term loan first lien	$6.6M	$6.6M 100c	S+550 bp
G• A••••••••• I•••	term loan first lien	$6.5M	$6.5M 101c	S+525 bp
B•••••••• I•••	term loan first lien	$6.2M	$6.2M 101c	S+500 bp
A••••••• I•••	term loan first lien	$5.9M	$5.9M 101c	S+725 bp
E•••••••• S••••••• H•••••• C•••••••••	term loan first lien	$5.8M	$5.8M 100c	S+500 bp
D••••••• C•••••••••	term loan first lien	$5.6M	$5.6M 100c	S+500 bp
G••••••• S•••••••• L••	term loan first lien	$5.5M	$5.5M 100c	S+475 bp
i••••• I•••	term loan first lien	$5.5M	$5.5M 101c	S+725 bp PIK 3.38%
P•••••• P••••• B••••• L••	term loan first lien	$4.8M	$4.8M 100c	S+600 bp
M•••• N• I•••	term loan first lien	$4.8M	$4.8M 100c	S+500 bp
W•••• I•••••••• A••••••••• L••	term loan first lien	$4.8M	$4.7M 101c	S+600 bp
H•• H••• A••••••••• I••	term loan first lien	$4.6M	$4.6M 100c	S+500 bp
I•••••••• M•••••••• A••••••••• L••	term loan first lien	$4.1M	$4.1M 100c	S+600 bp
G• D• C•••••••• A••••••••• L••	term loan first lien	$3.9M	$3.8M 100c	S+450 bp
H••••• S•••••••• I•••	term loan first lien	$3.8M	$3.8M 101c	S+600 bp
T••• H•••••• C••••	term loan first lien	$3.5M	$3.4M 101c	S+575 bp
J••• M••••• U• G••••••••• M•••• M••••• F•••	unstated lien unstated	Not disclosed	$3.3M 100c
S•••••• E••••••••• L••	term loan first lien	$3.0M	$3.0M 102c	S+525 bp
K••• A••••••••• I•••	term loan first lien	$3.0M	$2.9M 98c	S+525 bp
B••••••• H•••••••• L••	term loan first lien	$2.9M	$2.9M 102c	S+600 bp
C•••	unstated lien unstated	Not disclosed	$2.8M 100c
E••• P••••••••• I•••	term loan first lien	$2.7M	$2.7M 102c	S+550 bp
V•••••••• L••	term loan first lien	$2.7M	$2.7M 100c	S+525 bp
I•••••• P•••••• I•••	term loan first lien	$2.7M	$2.7M 100c	S+650 bp
P•• T• H•••••••• I•••	term loan first lien	$2.7M	$2.7M 101c	S+525 bp
H•••••••• I•••	term loan first lien	$2.7M	$2.7M 100c	S+550 bp
A•• G•••• H•••••••• I•••	term loan first lien	$2.6M	$2.6M 102c	S+550 bp
I•••••••• M•••••••• A••••••••• L••	term loan first lien	$2.6M	$2.6M 101c	S+600 bp
K••••••• A••••• I••••••••	term loan first lien	$2.5M	$2.5M 100c	S+550 bp
M•••••• I••••••••• C•	term loan first lien	$2.5M	$2.5M 100c	S+500 bp
A•• H•••• L••	term loan first lien	$2.4M	$2.3M 100c	S+500 bp
G•••••••• I•••	term loan first lien	$2.3M	$2.3M 101c	S+525 bp
A••••••• B••••• I••	term loan first lien	$2.1M	$2.1M 100c	S+450 bp
P•• I••••••••• H•••••••• L••	term loan first lien	$2.0M	$2.0M 100c	S+575 bp
H••••••••• I•••••••• A•••••• I•••	term loan first lien	$2.0M	$2.0M 100c	S+550 bp
A•••••• I•••	term loan first lien	$2.0M	$2.0M 101c	S+525 bp
S••••• A••••••••• I•••	term loan first lien	$1.9M	$1.9M 100c	S+675 bp
F•••••••• A••••••••• C•	term loan first lien	$1.9M	$1.9M 100c	S+525 bp
P••••••••• F••• • S•••••• L••	term loan first lien	$1.8M	$1.8M 100c	S+450 bp
A••••• H••••••• C••••	term loan first lien	$1.7M	$1.7M 101c	S+550 bp
G••••• B•••••••• L••	term loan first lien	$1.6M	$1.6M 100c	S+525 bp
I••••••• B••••• L••	term loan first lien	$1.6M	$1.6M 100c	S+500 bp
P•••• C• F•• • A••••••••• I•••••••• S•••••••• L••	term loan first lien	$1.5M	$1.5M 102c	S+550 bp
R•• O••• L••	term loan first lien	$1.5M	$1.5M 100c	S+500 bp
S• N•••• 2• I••	term loan first lien	$1.5M	$1.5M 100c	S+475 bp
T••• L••••• P•••••••• I•••	term loan first lien	$1.4M	$1.4M 101c	S+550 bp
C•• C••••••••• P•••••• L••	term loan first lien	$1.2M	$1.2M 100c	S+550 bp
T• E••••••• U• N••••• I•••	term loan first lien	$995,000	$999,000 100c	S+350 bp
A•••••• H••••••• I••••••••• L••	term loan first lien	$995,000	$997,000 100c	S+350 bp
B•••• M•••• S••• I•••	term loan first lien	$995,000	$996,000 100c	S+425 bp
T••••• W•••• H•••••••• I•••	term loan first lien	$995,000	$995,000 101c	S+325 bp
C••••• P••••••••• I•••••••• I••	term loan first lien	$1.0M	$995,000 100c	S+475 bp
L•• S••••• T••• C••••••	term loan first lien	$995,000	$994,000 100c	S+300 bp
P•••••• I••••••••• C•••••••••	term loan first lien	$992,000	$994,000 100c	S+325 bp
P•••••• R••• U••••••• P••••• C••••	term loan first lien	$992,000	$994,000 100c	S+325 bp
U••• I•••	term loan first lien	$993,000	$992,000 99c	S+275 bp
C•••••• P••••• I•••	term loan first lien	$1.0M	$985,000 98c	S+325 bp
E••••••••• L••	term loan first lien	$977,000	$983,000 101c	S+400 bp
A••••••• L••	term loan first lien	$992,000	$974,000 99c	S+325 bp
M•••••• B•••••••• L•	term loan first lien	$904,000	$905,000 100c	S+275 bp
C••••••••• S•••••• C••••••	term loan first lien	$883,000	$884,000 100c	S+325 bp
A••••••••• I•••	term loan first lien	$876,000	$875,000 100c	S+650 bp
H••••••••• I•••••••• A•••••• I•••	term loan first lien	$871,000	$868,000 101c	S+550 bp
S••••••• H•••••••• L••	term loan first lien	$799,000	$798,000 102c	S+575 bp
B•••••••• I•••	term loan first lien	$734,000	$734,000 100c	S+500 bp
A•• G•••• H•••••••• I•••	term loan first lien	$688,000	$688,000 102c	S+550 bp
T••• H•••••• C••••	term loan first lien	$670,000	$643,000 100c	S+575 bp
P•• I••••••••• H•••••••• L••	term loan first lien	$632,000	$632,000 101c	S+575 bp
A•• H•••• L••	unstated lien unstated	$596,000	$585,000 100c	13.00% PIK 13.00%
C••••• I••••••••• I•• L••	term loan first lien	$503,000	$498,000 100c	S+475 bp
S•••••• E••••••••• L••	term loan first lien	$417,000	$417,000 103c	S+525 bp
P•• T• H•••••••• I•••	term loan first lien	$321,000	$320,000 102c	S+525 bp
R•• A••••••••• I•••	term loan first lien	$292,000	$292,000 101c	S+550 bp
A•• G•••• H•••••••• I•••	term loan first lien	$249,000	$249,000 104c	S+550 bp
V•••• P••••••••• L••	term loan first lien	$251,000	$248,000 100c	S+525 bp
V•••••• E••••••• S•••••••• I•••	term loan first lien	$236,000	$236,000 101c	S+525 bp
M•••••• I••••••••• C•	term loan first lien	$222,000	$222,000 100c	S+500 bp
B••••••• H•••••••• L••	term loan first lien	$199,000	$199,000 102c	S+600 bp
H••••••• B••••••• L••	term loan first lien	$195,000	$185,000 100c	S+525 bp
F•••••••• A••••••••• C•	term loan first lien	$189,000	$181,000 99c	S+525 bp
P•••• C• F•• • A••••••••• I•••••••• S•••••••• L••	term loan first lien	$165,000	$159,000 100c	S+550 bp
R•• A••••••••• I•••	term loan first lien	$123,000	$123,000 100c	S+550 bp
V•••••••• L••	preferred equity equity	Not disclosed	$79,000 100c	10.00%
G• A••••••••• I•••	term loan first lien	$65,000	$65,000 103c	S+525 bp
P•••••• P••••• B••••• L••	term loan first lien	$56,000	$56,000 100c	S+600 bp
E••• P••••••••• I•••	term loan first lien	$55,000	$54,000 117c	S+550 bp
V•••• P••••••••• L••	term loan first lien	$61,000	$53,000 100c	S+525 bp
i••••• I•••	term loan first lien	$49,000	$49,000 107c	S+725 bp PIK 3.38%
C•• C••••••••• P•••••• L••	term loan first lien	$54,000	$43,000 91c	S+550 bp
A•• H•••• L••	term loan first lien	$45,000	$40,000 100c	S+500 bp
P••••••••• F••• • S•••••• L••	term loan first lien	$30,000	$28,000 100c	S+450 bp
C•• C••••••••• P•••••• L••	term loan first lien	$28,000	$25,000 100c	S+550 bp
A•••••• I•••	term loan first lien	$17,000	$16,000 100c	S+525 bp
G•••••••• I•••	term loan first lien	$5,000	$5,000 250c	S+425 bp
V•••• P••••••••• L••	term loan first lien	$4,000	$4,000 100c	S+525 bp
G• A••••••••• I•••	term loan first lien	$3,000	$3,000 100c	S+525 bp
V•••••••• L••	equity equity	$796	$1,000 100c
P•• T• H•••••••• I•••	term loan first lien	$0	$0 0c	S+525 bp
i••••• I•••	term loan first lien	$0	$0 0c	S+725 bp PIK 3.38%

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Registration

Fiscal year end: 1231reported
Incorporated: DEreported
On the SEC BDC report: 2024 to 2026reported
Filings listed: 11reported10-Q and 10-K since 2022
Latest schedule: 0001193125-26-344644reported