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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.

Fair value
$535M
Schedule of investments, 10-Q and 10-K
Borrowers
152
Schedule of investments, 10-Q and 10-K
Mark on cost
99.1¢
Schedule of investments, 10-Q and 10-K
First lien
99%
Schedule of investments, 10-Q and 10-K
Schedule of investments (576)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. 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
  2. 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 →
  3. $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 →
  4. 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
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
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$535M15299c31487 bp
Mar 31, 2026$507M14699c23484 bp
Dec 31, 2025$464M139100c15484 bp
Sep 30, 2025$355M121100c15489 bp
All 11 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$296M110100c14488 bp
Mar 31, 2025$819M102100c13496 bp
Dec 31, 2024$491M92100c9501 bp
Sep 30, 2024$235M84100c7506 bp
Jun 30, 2024$180M70100c4522 bp
Mar 31, 2024$123M52100c4543 bp
Dec 31, 2023$99.7M43100c4542 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 Dec 31, 2025
540 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
G• W•••• H•••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+450 bp
H•• H••• A••••••••• I•••revolver first lienNot disclosedNot disclosedS+500 bp
M•• C•••••• M••••••••• I••••••••• L••revolver first lienNot disclosedNot disclosedS+475 bp
O••• I••• S••••••• C•••••••••delayed draw term loan first lienNot disclosedNot disclosedS+450 bp
e••••••••• L••revolver first lienNot disclosedNot disclosedS+450 bp
M•••• N• I•••revolver first lienNot disclosedNot disclosedS+475 bp
A••••••• B••••• I••revolver first lienNot disclosedNot disclosedS+550 bp
A••••• P•••••• S•••••••• L••revolver first lienNot disclosedNot disclosedS+450 bp
D••••••• C•••••••••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
E•••••••• S••••••• H•••••• C•••••••••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
N•• G••••• H••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+450 bp
S•••• B••••• L••revolver first lienNot disclosedNot disclosedS+525 bp
G•••••••• I•••delayed draw term loan first lienNot disclosedNot disclosed
L• A••••• H•••••••• L••revolver first lienNot disclosedNot disclosedS+450 bp
M•• S•••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
M•••••• I••••••••• C•revolver first lienNot disclosedNot disclosed
T••• L••••• P•••••••• I•••revolver first lienNot disclosedNot disclosedS+450 bp
T•••••• T••••••••• L••revolver first lienNot disclosedNot disclosedS+500 bp
A•••••• I•••revolver first lienNot disclosedNot disclosed
C•••• R•••• a•• I••••• C••••••• L••revolver first lienNot disclosedNot disclosedS+425 bp
F•••••••• A••••••••• C••revolver first lienNot disclosedNot disclosedS+550 bp
I••••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+450 bp
I••••••• B••••• L••revolver first lienNot disclosedNot disclosedS+450 bp
M••••• C••••••••• A••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
N••••• C•••••••••revolver first lienNot disclosedNot disclosedS+500 bp
V•••• P••••••••• L••revolver first lienNot disclosedNot disclosedS+550 bp
V••••• M•••• H•••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+450 bp
F••••••• A••••••••• C•••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
E••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+425 bp
H•• H••• A••••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
M••••••• L•delayed draw term loan first lienNot disclosedNot disclosedS+450 bp
S• N•••• 2• I•••revolver first lienNot disclosedNot disclosedS+475 bp
S••••• B•••••••• I•••revolver first lienNot disclosedNot disclosedS+600 bp
C•••• U• B••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
A••••••• B••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+425 bp
e••••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+450 bp
H••••• S•••••••• I•••revolver first lienNot disclosedNot disclosedS+500 bp
I•••••• P•••••• I•••revolver first lienNot disclosedNot disclosedS+450 bp
I•••••• 3••• L••revolver first lienNot disclosedNot disclosedS+475 bp
I••••••••• I•••revolver first lienNot disclosedNot disclosedS+450 bp
Page 6 of 6Previous
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