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M••••••• P•••••• C••••• F•••

Business development companymanaged by M••••••• I••••••••• M•••••••••Non-traded· BOSTON, MA

A non-traded business development company, managed by M••••••• I••••••••• M•••••••••, holding $329M across 84 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: $329M
Borrowers: 84

Schedule of investments (283)Quarter by quarter Sponsors

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

What matters now

0 → 8
loans paying in kind
Loans paying in kind rose from 0 to 8 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 →
$221M → $329M
fair value, 4 quarters
Its portfolio grew 49% 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 1988280 · file 814-01664Show

Fair value

$329M

as of Jun 30, 2026

Principal held

$410M

debt pieces, the filer's figure

Cost

$390M

mark not established

Unfunded

Not disclosed

commitments not yet drawn

Positions

283

84 borrowers

First lien

not established

127% debt by fair value

Quarters on the tape

since Dec 31, 2023

Facilities held

217

14 sponsors financed

Portfolio through time

Fair value by quarter end$329M as of Jun 30, 2026

Dec 31, 2023$754M then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$329M	84	n/a	8	506 bp
Mar 31, 2026	$314M	81	n/a	0	512 bp
Dec 31, 2025	$541M	82	n/a	5	515 bp
Sep 30, 2025	$253M	75	n/a	0	520 bp

All 12 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$221M	67	n/a	1	518 bp
Mar 31, 2025	$1.1B	61	100c	0	525 bp
Feb 24, 2025	$96.4M	1	n/a	0	n/a
Dec 31, 2024	$1.1B	55	100c	1	532 bp
Sep 30, 2024	$737M	44	101c	0	542 bp
Jun 30, 2024	$659M	42	n/a	0	560 bp
Mar 31, 2024	$620M	33	101c	0	572 bp
Dec 31, 2023	$754M	26	101c	0	577 bp

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

Spread increasedJun 30, 2026
••• Locked
Maturity extended (observed)Jun 30, 2026
••• Locked
Maturity extended (observed)Jun 30, 2026
••• Locked
Maturity extended (observed)Jun 30, 2026
••• Locked
Maturity extended (observed)Jun 30, 2026
••• Locked

Full timeline · 20 events

Maturity extended (observed)Jun 30, 2026
••• Locked
Maturity extended (observed)Jun 30, 2026
••• Locked
Maturity extended (observed)Jun 30, 2026
••• Locked
New borrower on a BDC scheduleMar 31, 2026
••• Locked
Maturity extended (observed)Mar 31, 2026
••• Locked
Maturity extended (observed)Mar 31, 2026
••• Locked
Maturity extended (observed)Mar 31, 2026
••• Locked
Maturity extended (observed)Mar 31, 2026
••• Locked
Maturity extended (observed)Mar 31, 2026
••• Locked
Maturity extended (observed)Mar 31, 2026
••• Locked
Maturity extended (observed)Mar 31, 2026
••• Locked
New borrower on a BDC scheduleDec 31, 2025
••• Locked
New borrower on a BDC scheduleDec 31, 2025
••• Locked
New borrower on a BDC scheduleDec 31, 2025
••• Locked
New borrower on a BDC scheduleDec 31, 2025
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

N• O•••• M••••••••• S•••••••• L•• delayed draw term loan
1 BDC hold it · matures Dec 13, 2030
$8.9M n/a
E•••••• C••••••••• S••••••••• I•• term loan
1 BDC hold it · matures Dec 30, 2030
$8.2M n/a
L••••••••• L•• term loan
1 BDC hold it · matures Dec 30, 2032
$8.2M n/a
P•••••••• H••• R••••••••• S•••••••• L•• term loan
1 BDC hold it · matures Dec 23, 2030
$8.0M n/a
L••• S•••••• P••••••• L•• delayed draw term loan
1 BDC hold it · matures Mar 15, 2029
$7.2M n/a
T••••••••• L•• term loan
1 BDC hold it · matures Nov 12, 2031
$7.0M n/a
X•••• A••• I•• term loan
3 BDCs hold it · matures Dec 20, 2028
$6.9M n/a
L•• C••••••••• S••••••• L•• term loan
1 BDC hold it · matures May 1, 2031
$6.8M n/a
S•••••• B•••• L•• term loan
1 BDC hold it · matures Aug 8, 2031
$6.4M n/a
S•••••• P••••••• G••••• A•••••••• L•• delayed draw term loan
1 BDC hold it · matures Oct 13, 2028
$6.1M n/a
T•••••••• F•••• L•• term loan
1 BDC hold it · matures Aug 1, 2031
$5.3M n/a
P••••••• B•••••••• L•• term loan
1 BDC hold it · matures Aug 7, 2031
$5.0M n/a

Schedule of investments at Jun 30, 2025

230 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
P••••• C•• B•••• L•• P••••••••• services	delayed draw term loan lien unstated	$1.0M	$1.0M	S+475 bp	Nov 5, 2030
H•• A••••••• C•••• P••••••••• services	delayed draw term loan lien unstated	$1.0M	$1.0M	S+450 bp	Nov 5, 2031
M•• M••••• I•••• 3•• A•••••••• T•••••• companies and distributors	delayed draw term loan lien unstated	$1.0M	$1.0M	S+525 bp	Aug 31, 2028
E•••••• C••••••••• S••••••••• I••• D•••••••••	revolver lien unstated	$1.0M	$1.0M	S+500 bp	Dec 30, 2030
S••••••••• L••••• H••••••• L•• C••••••••• services and supplies	revolver lien unstated	$1.0M	$1.0M	S+475 bp	Mar 14, 2031
A• B••••••••• A••••••••• I•• IT services	delayed draw term loan lien unstated	$1.0M	$1.0M	SOFR+500 bp	Dec 31, 2030
A• B••••••••• A••••••••• I•• IT services	delayed draw term loan lien unstated	$1.0M	$1.0M	SOFR+500 bp	Dec 31, 2030
W••• H••••••• I•• C•••• T•••••• companies and distributors	delayed draw term loan lien unstated	$971,954	$976,814	SOFR+525 bp	Oct 3, 2028
B••• P••••• L•• C••••••••• services and supplies	delayed draw term loan lien unstated	$973,702	$973,702	SOFR+500 bp	Dec 26, 2029
O•• M••••••••• S••••••• L••• 3•• A•••••••• H••••• care providers and services	delayed draw term loan lien unstated	$949,658	$954,406	S+475 bp	Nov 16, 2028
S•••••• P••••••• G••••• A••••••• L•• Capital markets	revolver lien unstated	$955,881	$946,322	S+475 bp	Oct 13, 2028
W•••••• P•••••••• L•• H••••• care providers and services	delayed draw term loan lien unstated	$938,204	$926,476	SOFR+500 bp	May 8, 2031
A••••••• C••••••••• I••••••••• I••• C••••••••• services and supplies	delayed draw term loan lien unstated	$957,530	$926,410	SOFR+500 bp	Aug 31, 2028
S•••••• P••••••• G••••• A••••••• L•• Capital markets	delayed draw term loan lien unstated	$926,160	$916,898	SOFR+475 bp	Oct 13, 2028
P•••••••• H••• R••••••••• S••••••• L•• H••••• care providers and services	delayed draw term loan lien unstated	$900,000	$902,250	S+550 bp	Dec 23, 2030
S•••••• P••••••• G••••• A••••••• L•• Capital markets	term loan lien unstated	$909,432	$900,338	SOFR+475 bp	Oct 13, 2028
B•• B••••• I•••• A••••• T•••••• companies and distributors	term loan lien unstated	$912,460	$896,492	SOFR+625 bp	Dec 24, 2029
K•••••• H•••••••• I••• T•••••• companies and distributors	delayed draw term loan lien unstated	$875,683	$869,115	SOFR+475 bp	Mar 1, 2029
K•••••• H•••••••• I•••• A••••• T•••••• companies and distributors	term loan lien unstated	$869,115	$862,597	SOFR+475 bp	Mar 1, 2029
M•• M••••• I•••• 1•• A•••••••• T•••••• companies and distributors	delayed draw term loan lien unstated	$847,944	$845,824	SOFR+525 bp	Aug 31, 2028
C•••••• C••••••••• L•• D••••••••• consumer services	term loan lien unstated	$832,203	$823,881	SOFR+575 bp	Oct 22, 2026
S••••••••• B•••• L•• T•••••• companies and distributors	delayed draw term loan lien unstated	$821,179	$819,126	SOFR+500 bp	Feb 4, 2030
S•••••• B•••• L•• I••••••••	revolver lien unstated	$819,536	$815,439	S+500 bp	Nov 12, 2030
P•• H••••••• I•• L•• Air freight and logistics	revolver lien unstated	$818,182	$812,045	SOFR+475 bp	Sep 17, 2030
R••••• H••••• I••••••••• I• L•• H•••••, restaurants and leisure	revolver lien unstated	$801,887	$791,863	S+475 bp	Jun 17, 2031
A••••••• C••••••••• I••••••••• I••• C••••••••• services and supplies	delayed draw term loan lien unstated	$808,248	$781,980	SOFR+500 bp	Aug 31, 2028
V••••• B•••• L•• B••••••• products	revolver lien unstated	$788,551	$778,695	S+500 bp	Feb 3, 2032
R•••••• M•• L•• H••••• care providers and services	delayed draw term loan lien unstated	$786,309	$772,549	SOFR+550 bp	Dec 20, 2029
M•• M••••• I••• T•••••• companies and distributors	revolver lien unstated	$763,871	$761,962	SOFR+525 bp	Aug 31, 2028
A•• G•••• • W••••• H•••••••• I••• D•••••••••	revolver lien unstated	$769,231	$757,692	S+500 bp	Mar 26, 2031
F••••••••• L•• F••• products	revolver lien unstated	$763,889	$752,431	SOFR+450 bp	Nov 14, 2031
M•••••• E•• S••••••• L•• H••••• care providers and services	term loan lien unstated	$733,142	$734,975	SOFR+450 bp	Aug 20, 2027
V•• M••••••••• I••• H••••• care providers and services	term loan lien unstated	$735,714	$732,036	SOFR+600 bp	Nov 2, 2027
S••••••• S••••••• A••••••••• S•• C•••• C••••••••• services and supplies	term loan lien unstated	$723,819	$723,819	SOFR+575 bp	Sep 30, 2027
C••••••• S••••• L•• C••••••••	delayed draw term loan lien unstated	$717,792	$712,408	SOFR+475 bp	Mar 2, 2029
H••• C•••••• D••••••• I••• F••• products	revolver lien unstated	$725,806	$705,847	SOFR+500 bp	Aug 1, 2030
M•••••• E•• S••••••• L•• H••••• care providers and services	revolver lien unstated	$704,931	$704,931	S+450 bp	Aug 20, 2027
T•• S•••••• D•• L••• 2••••• H••••• care providers and services	delayed draw term loan lien unstated	$694,951	$701,900	SOFR+600 bp	Apr 4, 2029
I••••• C•••••• T••••••••• L•• D••••••••• consumer services	delayed draw term loan lien unstated	$711,718	$697,484	S+600 bp	Apr 4, 2030
C•• H•••••• I••• P••••••••• services	revolver lien unstated	$705,128	$696,314	S+475 bp	Mar 28, 2031
O•• E•••• E•••••••• H••••••• I••• D••••••••• consumer services	revolver lien unstated	$680,581	$675,476	S+450 bp	May 29, 2031
B•••• L••••••••• L••• 3•• A•••••••• C••••••••• services and supplies	term loan lien unstated	$673,363	$673,363	SOFR+525 bp	Dec 21, 2029
G•• B•••• L•• F••• products	revolver lien unstated	$680,581	$672,074	S+500 bp	Apr 30, 2031
G••••••• • C•••••• L•• P••••••••• services	revolver lien unstated	$656,743	$651,817	S+450 bp	May 5, 2031
R•••• B•••• L•• M••••••••	revolver lien unstated	$647,793	$638,076	S+475 bp	Oct 15, 2030
S•••• P••••• L•• H•••••••• durables	revolver lien unstated	$642,857	$638,036	SOFR+450 bp	Oct 21, 2030
C•••••• C••••••••• L•• D••••••••• consumer services	delayed draw term loan lien unstated	$628,855	$624,138	S+575 bp	Oct 22, 2026
H•• A••••••• C•••• P••••••••• services	revolver lien unstated	$625,000	$620,313	S+450 bp	Nov 5, 2031
I• V•••• S••••••• L•• H••••• care providers and services	delayed draw term loan lien unstated	$695,200	$615,252	SOFR+700 bp	Feb 28, 2029
Q• B••••• I••• S•••••••	revolver lien unstated	$611,111	$608,056	S+500 bp	Dec 6, 2030
L••• S•••••• P••••••• L•• D••••••••• consumer services	revolver lien unstated	$588,235	$588,235	SOFR+500 bp	Mar 15, 2029
X••••••••• L•• C••••••••• services and supplies	term loan lien unstated	$588,391	$585,449	SOFR+575 bp	Sep 7, 2028
K•••••• H•••••••• I••• T•••••• companies and distributors	revolver lien unstated	$574,269	$569,961	SOFR+475 bp	Mar 1, 2029
T•• S•••••• D•• L••• 2••••• H••••• care providers and services	delayed draw term loan lien unstated	$558,090	$563,671	SOFR+600 bp	Apr 4, 2029
O•• M••••••••• S••••••• L•• H••••• care providers and services	delayed draw term loan lien unstated	$547,959	$550,699	SOFR+475 bp	Nov 16, 2028
B••••• F••••••• I••• H•••••, restaurants and leisure	delayed draw term loan lien unstated	$564,701	$547,760	SOFR+600 bp	Jul 27, 2028
S••••••••• B•••• L•• T•••••• companies and distributors	revolver lien unstated	$547,945	$546,575	SOFR+500 bp	Feb 4, 2030
S••••••••• B•••• L•• T•••••• companies and distributors	delayed draw term loan lien unstated	$546,051	$544,686	SOFR+500 bp	Feb 4, 2030
R•• T••••• I••• S•••••••• retail	revolver lien unstated	$545,455	$541,364	S+475 bp	Sep 2, 2031
P•• Q•••••• F•••• A••••••••• L•• C••••••• staples distribution and retail	delayed draw term loan lien unstated	$537,313	$537,313	S+575 bp	Dec 28, 2029
4• C••••••• L••• L•••••• products	revolver lien unstated	$528,000	$525,360	S+500 bp	Jun 18, 2027
W••••••••• I••• P••••••••• services	delayed draw term loan lien unstated	$509,927	$507,377	SOFR+500 bp	Jun 23, 2026
S••••••• S••••••• A••••••••• S•• C••••• A••••• C••••••••• services and supplies	term loan lien unstated	$503,674	$503,674	SOFR+575 bp	Sep 30, 2027
C•••••• C••••••••• L•• D••••••••• consumer services	revolver lien unstated	$508,039	$502,958	S+575 bp	Oct 22, 2026
A• B••••••••• A••••••••• I•• IT services	revolver lien unstated	$508,475	$502,119	S+500 bp	Dec 31, 2030
P•••••••• H••• R••••••••• S••••••• L•• H••••• care providers and services	revolver lien unstated	$500,000	$501,250	SOFR+550 bp	Dec 23, 2030
S••• L•••••••• • H••••••••• S••••••• L•• H•••••, restaurants and leisure	revolver lien unstated	$535,714	$494,196	SOFR+525 bp	Jun 18, 2029
C•••••• C••••••••• L••• A••••• D••••••••• consumer services	delayed draw term loan lien unstated	$497,059	$492,088	SOFR+575 bp	Oct 22, 2026
M•• M••••• I••• T•••••• companies and distributors	delayed draw term loan lien unstated	$492,523	$491,292	SOFR+525 bp	Aug 31, 2028
L•• C••••••••• S••••••• L•• H••••• care equipment and supplies	revolver lien unstated	$454,545	$452,273	S+475 bp	May 1, 2031
W••• H••••••• I•• C•••• T•••••• companies and distributors	revolver lien unstated	$434,020	$434,020	S+525 bp	Oct 3, 2028
J••••• B••••• I••• IT services	revolver lien unstated	$443,656	$430,346	S+550 bp	Apr 9, 2030
B•••• L••••••••• L•• C••••••••• services and supplies	revolver lien unstated	$422,535	$422,535	SOFR+525 bp	Dec 21, 2029
B•••• L••••••••• L•• C••••••••• services and supplies	delayed draw term loan lien unstated	$421,479	$421,479	SOFR+525 bp	Dec 21, 2029
W••••••••• I••• P••••••••• services	revolver lien unstated	$421,597	$419,489	SOFR+500 bp	Jun 23, 2026
C•••••• C••••••••• L••• 3•• A•••••••• D••••••••• consumer services	term loan lien unstated	$411,614	$405,440	SOFR+575 bp	Oct 22, 2026
S•••••• B•••• L••• 1•• A•••••••• I••••••••	term loan lien unstated	$393,750	$391,781	SOFR+500 bp	Nov 12, 2030
D•••• I••••••••• H•••••• C•••••• B••••••• products	revolver lien unstated	$378,558	$375,719	SOFR+450 bp	Mar 28, 2031
I••••••••• O••••••• S•••••••• L•• B••••••• products	revolver lien unstated	$379,121	$373,434	SOFR+500 bp	Nov 20, 2029
C••••••• S••••• L•• C••••••••	revolver lien unstated	$362,979	$360,257	S+475 bp	Mar 2, 2029
B••• P••••• L•• C••••••••• services and supplies	revolver lien unstated	$354,484	$354,484	SOFR+500 bp	Dec 26, 2029
A••••••• C••••••••• I••••••••• I••• C••••••••• services and supplies	revolver lien unstated	$359,168	$347,495	SOFR+500 bp	Aug 31, 2028
W••• H••••••• I•• C•••• T•••••• companies and distributors	delayed draw term loan lien unstated	$334,474	$336,147	SOFR+525 bp	Oct 3, 2028
A•• B••••• I••• C••••••••• services and supplies	revolver lien unstated	$340,909	$331,534	S+550 bp	Jul 23, 2030
R•••••• M•• L•• H••••• care providers and services	revolver lien unstated	$337,079	$331,180	S+550 bp	Dec 20, 2029
C•••••• C••••••••• L••• A••••• D••••••••• consumer services	term loan lien unstated	$324,911	$321,662	SOFR+575 bp	Oct 22, 2026
P•• Q•••••• F•••• A••••••••• L•• C••••••• staples distribution and retail	revolver lien unstated	$313,433	$313,433	SOFR+575 bp	Dec 28, 2029
W•••••• P•••••••• L•• H••••• care providers and services	revolver lien unstated	$312,735	$308,825	S+500 bp	May 8, 2031
M•••• V••••• E••••••• L•• C••••••••• and engineering	revolver lien unstated	$305,250	$300,672	S+450 bp	Apr 7, 2031
B••••• B••••••••• H••••••• L•• H••••• care providers and services	term loan lien unstated	$299,597	$295,853	S+550 bp PIK 15.00%	Jun 21, 2030
B•• B••••• I••• T•••••• companies and distributors	revolver lien unstated	$290,323	$285,242	SOFR+625 bp	Dec 24, 2029
A• B••••••••• A••••••••• I•• IT services	delayed draw term loan lien unstated	$287,770	$284,173	S+500 bp	Dec 31, 2030
A• B••••••••• A••••••••• I•• IT services	delayed draw term loan lien unstated	$287,770	$284,173	S+500 bp	Dec 31, 2030
A• B••••••••• A••••••••• I•• IT services	delayed draw term loan lien unstated	$287,770	$284,173	S+500 bp	Dec 31, 2030
B•• B••••• I••• T•••••• companies and distributors	delayed draw term loan lien unstated	$288,145	$283,103	SOFR+625 bp	Dec 24, 2029
P••••• C•• B•••• L•• P••••••••• services	revolver lien unstated	$277,835	$276,446	S+475 bp	Nov 5, 2030
R••••••••• S•••••• L••• A••••• C••••••••• services and supplies	delayed draw term loan lien unstated	$274,081	$274,081	SOFR+600 bp	Jan 24, 2028
K•••••• H•••••••• I••• T•••••• companies and distributors	delayed draw term loan lien unstated	$258,694	$256,753	SOFR+475 bp	Mar 1, 2029
K•••••• H•••••••• I••• T•••••• companies and distributors	delayed draw term loan lien unstated	$258,694	$256,753	SOFR+475 bp	Mar 1, 2029
R••••••••• S•••••• L•• C••••••••• services and supplies	delayed draw term loan lien unstated	$249,269	$249,269	SOFR+600 bp	Jan 24, 2028

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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: 0001193125-26-348951reported

Not yet on record: mark on cost, first lien.