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M••••••• C•••••••• L•••••• I••••• F•••• I•••

Business development companymanaged by M••••••• D••••• L•••••• A••••••• L••Non-traded· NEW YORK, NY

A non-traded business development company, managed by M••••••• D••••• L•••••• A••••••• L••, holding $502M across 30 borrowers at Jun 30, 2026.

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

Fair value
$502M
Schedule of investments, 10-Q and 10-K
Borrowers
30
Schedule of investments, 10-Q and 10-K
Mark on cost
100.6¢
Schedule of investments, 10-Q and 10-K
First lien
33%
Schedule of investments, 10-Q and 10-K
Schedule of investments (118)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. 74 → 30
    borrowers

    Lost a net 44 borrowers in the quarter to Jun 30, 2026, to 30.

    Q2 2026 · The book is turning over faster than usual.

    Factthe schedule's borrowers, quarter on quarterSchedule of investments →
  2. $432M → $605M
    fair value, 4 quarters

    Its portfolio grew 40% 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 1985375 · file 814-01659Show
Fair value
$502M
as of Jun 30, 2026
Principal held
$98.5M
debt pieces, the filer's figure
Cost
$497M
101c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
Positions
118
30 borrowers
First lien
33%
48% debt by fair value
Quarters on the tape
6
since Dec 31, 2024
Facilities held
41
5 sponsors financed
Portfolio through time
Fair value by quarter end$605M as of Jun 30, 2026
Dec 31, 2024$554M then
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$605M30101c4n/a
Mar 31, 2026$579M74100c3375 bp
Dec 31, 2025$677M64102c3375 bp
Sep 30, 2025$444M28101c2425 bp
All 6 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$432M25101c2425 bp
Dec 31, 2024$554M24100c2425 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 Jun 30, 2026
118 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
I••••••••• • n••••••••• • C•••••••• B••• I••••••••• • A•••••notes lien unstated$350,000$354,410
98c
7.88%Nov 1, 2029
I••••••••• • n••••••••• • C•••••••• B••• I••••••••• • H•••••notes lien unstated$325,000$339,524
104c
9.38%Sep 1, 2029
I••••••••• • n••••••••• • E••••• I••••••••• • P•••••••• S•••
D••••••••• S•••••• Services
preferred equity equityNot disclosed$309,312
62c
P•• H•••••••• L••
D••••••••• S•••••• Services
preferred equity equity$495,570$309,312
62c
8.00%
I••••••••• • n••••••••• • C•••••••• B••• I••••••••• • I•••••notes lien unstated$325,000$296,633
93c
4.25%Feb 15, 2029
I••••••••• • n••••••••• • C•••••••• B••• I••••••••• • T•••••notes lien unstated$294,990$294,621
101c
9.25%
PIK 1.00%
Mar 9, 2030
I••••••••• • n••••••••• • T•••••••••
T•••••••••
unstated lien unstatedNot disclosed$294,621
101c
I••••••••• • n••••••••• • C•••••••• B••• I••••••••• • H•••••notes lien unstated$300,000$268,500
101c
8.75%Apr 17, 2032
T••••••••• E•••••••• A••••••• • G••••••• F•••• S•••••••• I•••warrants equity$241,912$256,052
I••••••••• • n••••••••• • W•••••••warrants equityNot disclosed$256,052
T••••••••• E•••••••• A•••••••warrants equityNot disclosed$256,052
I••••••••• • n••••••••• • C•••••••• B••• I••••••••• • T•••••notes lien unstated$250,000$242,843
98c
6.50%Mar 31, 2029
I••••••••• • n••••••••• • C•••••••• B••• I••••••••• • A•••••notes lien unstated$200,000$202,728
101c
7.00%Jul 15, 2032
I••••••••• • n••••••••• • C•••••••• B••• I••••••••• • A•••••notes lien unstated$200,000$194,004
100c
4.25%Oct 1, 2027
R••••••••• P••••• L••
Capital G••••
term loan first lien$152,174$151,809
100c
6.42%Feb 28, 2033
F••••••••• • S•••• A••••••••• I•••term loan first lien$46,647$46,868
100c
6.92%Feb 19, 2032
P••••• H•••••••• L••
D••••••••• Financial Services
warrants equity$88,718Not disclosedMay 22, 2036
I••••••••• • n••••••••• • W••••••• • D••••••••• F•••••••• S•
D••••••••• Financial Services
warrants equityNot disclosedNot disclosed
Page 2 of 2Previous
Registration
Fiscal year end
1231reported
Incorporated
DEreported
On the SEC BDC report
2024 to 2026reported
Filings listed
12reported10-Q and 10-K since 2022
Former names
M••••••• Direct Lending Income Fund, Inc.reported
Latest schedule
0001213900-26-089203reported