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L••• P•••••• C••••• L••
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 · 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, 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
- 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 → 31loans 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.
- $296M → $535Mfair 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.
- 146 → 152borrowers
Added a net 6 borrowers in the quarter to Jun 30, 2026, to 152.
Q2 2026 · The book is turning over faster than usual.
Every headline figure, and the identifiersCIK 1983514 · file 814-01674ShowHide
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
11
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 quartersShow fewer
| 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
- 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
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- PIK interest appearsJun 30, 2026
- PIK interest appearsJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- PIK interest appearsJun 30, 2026
- New lender joined a facilityJun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityMar 31, 2026
Largest facilities held, with co-lenders
- P••••• H••••• I••••••••• H•••••••• I•• first lien term loan14 BDCs hold it · matures Jun 3, 2030$10.8M 100c
- D••••••• C••••••••• first lien term loan22 BDCs hold it · matures Aug 4, 2030 · possible sponsor L•• C•••••• M••••••••• L•••$10.6M 98c
- M•• S••••••• L•• first lien term loan31 BDCs hold it · matures Feb 29, 2028$10.3M 100c
- J••••••• H•••••••• L•• first lien term loan25 BDCs hold it · matures Nov 1, 2032$9.8M 99c
- D•••••••• D••••• H••••••• L•• first lien term loan24 BDCs hold it · matures Sep 13, 2032$9.6M 99c
- I••• S•••••••• A••••••••• L•• first lien term loan9 BDCs hold it · matures Nov 22, 2032$9.3M 100c
- S• N•••• 2• I•• first lien term loan9 BDCs hold it · matures Jun 2, 2031$9.0M 100c
- J••••••••• P•••••• I•• first lien term loan22 BDCs hold it · matures Jan 31, 2033 · possible sponsor F•••••••• P•••••••$7.9M 99c
- T• P•••••• B••••• I•• first lien term loan6 BDCs hold it · matures Dec 12, 2032$7.9M 99c
- A••••••••• I•• first lien term loan9 BDCs hold it · matures Jul 14, 2031 · possible sponsor H•$7.9M 97c
- F••••• I•• first lien term loan12 BDCs hold it · matures Mar 31, 2033$7.5M 100c
- 3•• R••••• M•••••• L•• first lien term loan6 BDCs hold it · matures May 6, 2033$7.2M 100c
Schedule of investments at Dec 31, 2024
658 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| R•• O•••• L•• Financial S••••••s | term loan first lien | $270,000 | $264,000 103c | SOFR+350 bp | Apr 4, 2029 |
| R•• O•••• L•• | term loan first lien | $270,000 | $264,000 103c | S+350 bp | |
| P••••••••• F••• • S•••••• L•• C••••••••• S••••••s & S••••••• | term loan first lien | $250,000 | $250,000 102c | SOFR+450 bp | May 26, 2031 |
| P••••••••• F••• • S•••••• L•• | term loan first lien | $250,000 | $250,000 102c | S+450 bp | |
| V•••• P••••••••• L•• A••••••••• | term loan first lien | $251,000 | $248,000 100c | SOFR+525 bp | May 24, 2028 |
| V•••• P••••••••• L•• | term loan first lien | $251,000 | $248,000 100c | S+525 bp | |
| C••• L••••••• H•••••••• I••• | term loan first lien | $212,000 | $212,000 102c | S+500 bp | |
| C••• L••••••• H•••••••• I••• C••••••••• S••••••s & S••••••• | term loan first lien | $212,000 | $212,000 102c | SOFR+500 bp | Aug 27, 2031 |
| H••••••••• I•••••••• A•••••• I••• I•••••••• S••••••s | term loan first lien | $197,000 | $194,000 101c | SOFR+450 bp | Nov 24, 2028 |
| H••••••••• I•••••••• A•••••• I••• | term loan first lien | $197,000 | $194,000 101c | S+450 bp | |
| H••••••• B•••••••• L•• | term loan first lien | $194,000 | $188,000 101c | S+525 bp | |
| H••••••• B•••••••• L•• C••••••••• S••••••s & S••••••• | term loan first lien | $194,000 | $188,000 101c | SOFR+525 bp | Dec 15, 2026 |
| F•••••••• A••••••••• C• | term loan first lien | $187,000 | $182,000 101c | S+525 bp | |
| F•••••••• A••••••••• C•• S••••••• | term loan first lien | $187,000 | $182,000 101c | SOFR+525 bp | Mar 28, 2030 |
| A•• H•••• L•• | term loan first lien | $166,000 | $163,000 101c | S+500 bp | |
| A•• H•••• L•• D••••••••• C••••••• S••••••s | term loan first lien | $166,000 | $163,000 101c | SOFR+500 bp | May 23, 2030 |
| S••••••••• E••••••••• G•••• E••••••••• E•••••••• | equity equity | Not disclosed | $150,000 100c | Oct 15, 2024 | |
| S••••••••• E••••••••• G•••• | equity equity | Not disclosed | $150,000 100c | ||
| E•••••• T••••• I••• D••••••••• C••••••• S••••••s | preferred equity equity | Not disclosed | $147,000 100c | S+1250 bp | Sep 5, 2024 |
| E•••••• T••••• I••• | preferred equity equity | Not disclosed | $147,000 100c | PIK 12.50% | |
| S•••••• E••••••••• L•• A••••••••• C••••••••• | term loan first lien | $145,000 | $126,000 93c | SOFR+550 bp | Aug 5, 2027 |
| S•••••• E••••••••• L•• | term loan first lien | $145,000 | $126,000 93c | S+550 bp | |
| R•• A••••••••• I••• I•••••••• S••••••s | term loan first lien | $123,000 | $123,000 101c | SOFR+475 bp | Nov 1, 2029 |
| R•• A••••••••• I••• | term loan first lien | $123,000 | $123,000 101c | S+475 bp | |
| V••••••••• L•• | term loan first lien | $115,000 | $114,000 100c | S+500 bp | |
| V••••••••• L•• P••••••••• S••••••s | term loan first lien | $115,000 | $114,000 100c | SOFR+500 bp | May 6, 2031 |
| R•••• T•••• U• B••••• I••• | term loan first lien | $106,000 | $105,000 104c | S+450 bp | |
| R•••• T•••• U• B••••• I••• IT S••••••s | term loan first lien | $106,000 | $105,000 104c | SOFR+450 bp | Mar 31, 2031 |
| i••••• I••• | term loan first lien | $98,000 | $98,000 103c | S+575 bp | |
| i••••• I••• H••••• C••• P•••••••• & S••••••s | term loan first lien | $98,000 | $98,000 103c | SOFR+575 bp | Aug 18, 2028 |
| V••••••••• L•• P••••••••• S••••••s | preferred equity equity | Not disclosed | $95,000 113c | S+1000 bp | May 3, 2024 |
| V••••••••• L•• | preferred equity equity | Not disclosed | $95,000 113c | 10.00% | |
| E••• P••••••••• I••• | term loan first lien | $78,000 | $78,000 111c | S+550 bp | |
| E••• P••••••••• I••• D••••••••• C••••••• S••••••s | term loan first lien | $78,000 | $78,000 111c | SOFR+550 bp | Feb 14, 2031 |
| V•••••• E••••••• S•••••••• I••• | term loan first lien | $77,000 | $77,000 104c | S+500 bp | |
| V•••••• E••••••• S•••••••• I••• C••••••••• S••••••s & S••••••• | term loan first lien | $77,000 | $77,000 104c | SOFR+500 bp | Sep 29, 2031 |
| V•••••• P••••••••• L•• IT S••••••s | term loan first lien | $104,000 | $73,000 104c | SOFR+475 bp | Aug 15, 2031 |
| V•••••• P••••••••• L•• | term loan first lien | $104,000 | $73,000 104c | S+475 bp | |
| A•• H•••• L•• | term loan first lien | $67,000 | $60,000 97c | S+500 bp | |
| A•• H•••• L•• D••••••••• C••••••• S••••••s | term loan first lien | $67,000 | $60,000 97c | SOFR+500 bp | May 23, 2030 |
| V•••• P••••••••• L•• | term loan first lien | $61,000 | $52,000 96c | S+525 bp | |
| V•••• P••••••••• L•• A••••••••• | term loan first lien | $61,000 | $52,000 96c | SOFR+525 bp | May 24, 2028 |
| M•• C•••••• M••••••••• I••••••••• L•• Financial S••••••s | term loan first lien | $46,000 | $46,000 107c | SOFR+475 bp | Aug 29, 2031 |
| M•• C•••••• M••••••••• I••••••••• L•• | term loan first lien | $46,000 | $46,000 107c | S+475 bp | |
| E••••••••• H•••••••• L•• S••••••• | term loan first lien | $42,000 | $42,000 100c | SOFR+500 bp | Jul 2, 2031 |
| E••••••••• H•••••••• L•• | term loan first lien | $42,000 | $42,000 100c | S+500 bp | |
| F•••••••• A••••••••• C•• S••••••• | term loan first lien | $38,000 | $35,000 106c | SOFR+525 bp | Mar 28, 2030 |
| F•••••••• A••••••••• C• | term loan first lien | $38,000 | $35,000 106c | S+525 bp | |
| A•••••• I••• I••••••••• C••••••••• | term loan first lien | $35,000 | $35,000 103c | SOFR+500 bp | Jan 30, 2031 |
| A•••••• I••• | term loan first lien | $35,000 | $35,000 103c | S+500 bp | |
| P••••••••• F••• • S•••••• L•• | term loan first lien | $30,000 | $30,000 107c | S+450 bp | |
| P••••••••• F••• • S•••••• L•• C••••••••• S••••••s & S••••••• | term loan first lien | $30,000 | $30,000 107c | SOFR+450 bp | May 24, 2030 |
| M•• S•••••••• L•• | term loan first lien | $28,000 | $28,000 108c | S+475 bp | |
| M•• S•••••••• L•• Real Estate Management & D••••••••• | term loan first lien | $28,000 | $28,000 108c | SOFR+475 bp | Feb 10, 2027 |
| A•• G•••• H•••••••• I••• M••••••••• | term loan first lien | $27,000 | $27,000 150c | SOFR+475 bp | Dec 23, 2030 |
| A••••••••• I••• | term loan first lien | $27,000 | $27,000 100c | S+650 bp | |
| A••••••••• I••• Real Estate Management & D••••••••• | term loan first lien | $27,000 | $27,000 100c | SOFR+650 bp | Jul 3, 2028 |
| A•• G•••• H•••••••• I••• | term loan first lien | $27,000 | $27,000 150c | S+475 bp | |
| C•• C••••••••• P•••••• L•• | term loan first lien | $28,000 | $26,000 104c | S+550 bp | |
| C•• C••••••••• P•••••• L•• A••••••••• | term loan first lien | $28,000 | $26,000 104c | SOFR+550 bp | Jan 29, 2030 |
| B•••••••• H•••••••• L•• | term loan first lien | $20,000 | $20,000 111c | S+500 bp | |
| B•••••••• H•••••••• L•• D••••••••• | term loan first lien | $20,000 | $20,000 111c | SOFR+500 bp | Oct 31, 2029 |
| H•• H••• A••••••••• I••• C••••••••• S••••••s & S••••••• | term loan first lien | $16,000 | $16,000 107c | SOFR+500 bp | Jun 30, 2031 |
| H•• H••• A••••••••• I••• | term loan first lien | $16,000 | $16,000 107c | S+500 bp | |
| C•••• R•••• a•• I••••• C••••••• L•• P••••••••• S••••••s | term loan first lien | $17,000 | $15,000 100c | SOFR+475 bp | Nov 18, 2031 |
| C•••• R•••• a•• I••••• C••••••• L•• | term loan first lien | $17,000 | $15,000 100c | S+475 bp | |
| A••••••••• I••• Real Estate Management & D••••••••• | term loan first lien | $11,000 | $11,000 100c | SOFR+650 bp | Jul 3, 2028 |
| G••••••• S•••••••• L•• | term loan first lien | $11,000 | $11,000 110c | S+475 bp | |
| G••••••• S•••••••• L•• B••••••••• | term loan first lien | $11,000 | $11,000 110c | SOFR+475 bp | Jun 30, 2031 |
| A••••••••• I••• | term loan first lien | $11,000 | $11,000 100c | S+650 bp | |
| M•• S•••••••• L•• | term loan first lien | $4,000 | $4,000 133c | S+475 bp | |
| G• A••••••••• I••• S••••••• | term loan first lien | $4,000 | $4,000 100c | SOFR+525 bp | May 25, 2028 |
| M•• S•••••••• L•• Real Estate Management & D••••••••• | term loan first lien | $4,000 | $4,000 133c | SOFR+475 bp | Feb 10, 2027 |
| G• A••••••••• I••• | term loan first lien | $4,000 | $4,000 100c | S+525 bp | |
| V••••••••• L•• | equity equity | Not disclosed | $1,000 100c | ||
| V••••••••• L•• P••••••••• S••••••s | equity equity | Not disclosed | $1,000 100c | May 3, 2024 | |
| S••••••• H•••••••• L•• C••••••••• & E••••••••• | term loan first lien | $0 | $0 0c | SOFR+450 bp | Aug 29, 2031 |
| E•••••• B••••• I••• D••••••••• C••••••• S••••••s | term loan first lien | $0 | $0 0c | SOFR+475 bp | Sep 6, 2031 |
| M•••• N• I••• | term loan first lien | $0 | $0 | S+500 bp | |
| V•••••• P••••••••• L•• IT S••••••s | term loan first lien | $0 | $0 0c | SOFR+475 bp | Aug 15, 2031 |
| I•••••• 3••• L•• | term loan first lien | $0 | $0 0c | S+475 bp | |
| V•••••• P••••••••• L•• | term loan first lien | $0 | $0 0c | S+475 bp | |
| G••••••• S•••••••• L•• B••••••••• | term loan first lien | $0 | $0 | SOFR+475 bp | Jun 30, 2031 |
| K••• A••••••••• I••• | term loan first lien | Not disclosed | $0 | S+425 bp | |
| G•••••••• I••• | term loan first lien | $0 | $0 0c | S+575 bp PIK 2.25% | |
| E•••••••• S••••••• H•••••• C••••••••• | term loan first lien | $0 | $0 | S+500 bp | |
| A••••• P•••••• S•••••••• L•• P••••••••• S••••••s | term loan first lien | $0 | $0 0c | SOFR+450 bp | Aug 11, 2031 |
| M•••••• I••••••••• C• A•••••••• & D•••••• | term loan first lien | $0 | $0 | SOFR+500 bp | Sep 14, 2029 |
| D••••••••• H•••••••• L•• A••••••••• | term loan first lien | $0 | $0 0c | SOFR+475 bp | Aug 15, 2031 |
| S••••••• H•••••••• L•• C••••••••• & E••••••••• | term loan first lien | $0 | $0 0c | SOFR+450 bp | Aug 29, 2031 |
| I•••••••• M•••••••• A••••••••• L•• I•••••••• S••••••s | term loan first lien | $0 | $0 | SOFR+500 bp | Aug 25, 2028 |
| N••••• C••••••••• S••••••• | term loan first lien | $0 | $0 0c | SOFR+575 bp | Sep 10, 2030 |
| E•••••• B••••• I••• D••••••••• C••••••• S••••••s | term loan first lien | $0 | $0 0c | SOFR+475 bp | Sep 8, 2031 |
| V••••• M•••• H•••••••• L•• | term loan first lien | $0 | $0 0c | S+475 bp | |
| C••• L••••••• H•••••••• I••• C••••••••• S••••••s & S••••••• | term loan first lien | $0 | $0 0c | SOFR+500 bp | Aug 27, 2031 |
| K••• A••••••••• I••• | unstated lien unstated | Not disclosed | $0 | ||
| G• A••••••••• I••• S••••••• | term loan first lien | $0 | $0 0c | SOFR+525 bp | May 25, 2028 |
| D••••••• C••••••••• | term loan first lien | $0 | $0 0c | S+500 bp | |
| C••• L••••••• H•••••••• I••• | term loan first lien | $0 | $0 0c | S+500 bp | |
| A••••••••• I••• S••••••• | term loan first lien | $0 | $0 0c | SOFR+475 bp | Jul 14, 2031 |
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