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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 Dec 31, 2025

422 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
D•••••• G••••••••• C••• M••••••••• F•••• I••••••••• C••••	term loan lien unstated	Not disclosed	$16.4M
L•••••••• L•• M••••••••	term loan lien unstated	$8.2M	$8.1M	SOFR+550 bp	Dec 30, 2032
L•• C••••••••• S••••••• L•• H••••• care equipment and supplies	term loan lien unstated	$7.0M	$7.0M	SOFR+475 bp	May 1, 2031
T••••••••• L•• P••••••••• services	term loan lien unstated	$7.0M	$6.9M	SOFR+475 bp	Nov 12, 2031
S•••••• B•••• L•• C••••••••	term loan lien unstated	$6.4M	$6.3M	SOFR+500 bp	Aug 8, 2031
T•••••••• F•••• L•• C••••••• staples distribution and retail	term loan lien unstated	$5.4M	$5.3M	SOFR+500 bp	Aug 1, 2031
T•••••••• F•••• L•• C••••••• staples distribution and retail	term loan lien unstated	$5.4M	$5.3M	SOFR+500 bp	Aug 1, 2031
S•••••• P••••••• G••••• A••••••• L•• Capital markets	delayed draw term loan lien unstated	$5.2M	$5.1M	SOFR+475 bp	Oct 13, 2028
S•••••• P••••••• G••••• A••••••• L•• Capital markets	delayed draw term loan lien unstated	$5.2M	$5.1M	SOFR+475 bp	Oct 13, 2028
P••••••• B•••••••• L•• D••••••••• consumer services	term loan lien unstated	$5.0M	$5.0M	SOFR+500 bp	Aug 7, 2031
P••••••• B•••••••• L•• D••••••••• consumer services	term loan lien unstated	$5.0M	$5.0M	SOFR+500 bp	Aug 7, 2031
P•••••••• S••••••• G•••• L•• D••••••••• consumer services	term loan lien unstated	$5.0M	$4.9M	SOFR+450 bp	Dec 23, 2032
P•••••••• S••••••• G•••• L•• D••••••••• consumer services	term loan lien unstated	$5.0M	$4.9M	SOFR+450 bp	Dec 23, 2032
E•••••• C••••••••• S••••••••• I••• D•••••••••	term loan lien unstated	$4.9M	$4.9M	SOFR+500 bp	Dec 30, 2030
E•••••• C••••••••• S••••••••• I••• D•••••••••	term loan lien unstated	$4.9M	$4.9M	SOFR+500 bp	Dec 30, 2030
R•••••• M•• L•• H••••• care providers and services	term loan lien unstated	$4.8M	$4.8M	SOFR+550 bp	Dec 20, 2029
R•••••• M•• L•• H••••• care providers and services	term loan lien unstated	$4.8M	$4.8M	SOFR+550 bp	Dec 20, 2029
P•••••••• H••• R••••••••• S••••••• L•• H••••• care providers and services	term loan lien unstated	$4.6M	$4.6M	SOFR+550 bp	Dec 23, 2030
P•••••••• H••• R••••••••• S••••••• L•• H••••• care providers and services	term loan lien unstated	$4.6M	$4.6M	SOFR+550 bp	Dec 23, 2030
H••••• O••• L•• IT services	term loan lien unstated	$4.5M	$4.5M	SOFR+550 bp	Sep 19, 2028
A•• B••••• I••• I•••••••••	revolver lien unstated	$4.5M	$4.4M	SOFR+500 bp	Nov 1, 2029
I••••••• R•••••••• L•• C••••••••• services and supplies	term loan lien unstated	$4.5M	$4.4M	SOFR+500 bp	Nov 1, 2029
P••• F••••••••• L•• D••••••••• consumer services	term loan lien unstated	$4.4M	$4.3M	SOFR+475 bp	Aug 1, 2031
P••• F••••••••• L•• D••••••••• consumer services	term loan lien unstated	$4.4M	$4.3M	SOFR+475 bp	Aug 1, 2031
G•••••••• C•••••• L•• P••••••••• services	term loan lien unstated	$4.3M	$4.3M	SOFR+425 bp	May 5, 2031
G••••••• • C•••••• L•• P••••••••• services	term loan lien unstated	$4.3M	$4.3M	SOFR+425 bp	May 5, 2031
C•••• H••••• L•• S•••••••	term loan lien unstated	$4.2M	$4.2M	SOFR+475 bp	Oct 11, 2032
V••••• B•••• L•• I•••••••••	term loan lien unstated	$4.1M	$4.1M	SOFR+475 bp	Feb 3, 2032
V••••• B•••• L•• B••••••• products	term loan lien unstated	$4.1M	$4.1M	SOFR+475 bp	Feb 3, 2032
W•••• H••••••• L•• F••• products	term loan lien unstated	$4.1M	$4.1M	SOFR+425 bp	Oct 15, 2030
W•••• H••••••• L•• F••• products	term loan lien unstated	$4.1M	$4.1M	SOFR+425 bp	Oct 15, 2030
I••••••••• O••••••• S•••••••• L•• I•••••••••	delayed draw term loan lien unstated	$4.1M	$4.1M	SOFR+500 bp	Nov 20, 2029
I••••••••• O••••••• S•••••••• L•• B••••••• products	delayed draw term loan lien unstated	$4.1M	$4.1M	SOFR+500 bp	Nov 20, 2029
X•••• A••• I•••• 2••••• T•••••• companies and distributors	term loan lien unstated	$3.9M	$3.9M	SOFR+575 bp	Dec 20, 2028
S•••• P••••• L•• H•••••••• durables	term loan lien unstated	$3.8M	$3.8M	SOFR+475 bp	Oct 21, 2030
S•••• P••••• L•• H•••••••• durables	term loan lien unstated	$3.8M	$3.8M	SOFR+475 bp	Oct 21, 2030
A•• H••••• O•••••••• C•••••• L•• H••••• care providers and services	term loan lien unstated	$3.8M	$3.8M	SOFR+475 bp	Oct 10, 2030
R•• T••••• I••• S•••••••• retail	term loan lien unstated	$3.7M	$3.6M	SOFR+475 bp	Sep 2, 2031
R•• T••••• I••• S•••••••• retail	term loan lien unstated	$3.7M	$3.6M	SOFR+475 bp	Sep 2, 2031
Q• B••••• I••• S•••••••	term loan lien unstated	$3.6M	$3.6M	SOFR+475 bp	Dec 6, 2030
P•••••••• S••••••• G•••• L•• D••••••••• consumer services	delayed draw term loan lien unstated	$3.6M	$3.6M	S+450 bp	Dec 23, 2032
P•••••••• S••••••• G•••• L•• D••••••••• consumer services	delayed draw term loan lien unstated	$3.6M	$3.6M	S+450 bp	Dec 23, 2032
A•• G•••• • W••••• H•••••••• I••• D•••••••••	term loan lien unstated	$3.6M	$3.6M	SOFR+500 bp	Mar 26, 2031
A•• G•••• • W••••• H•••••••• I••• D•••••••••	term loan lien unstated	$3.6M	$3.6M	SOFR+500 bp	Mar 26, 2031
A•• G••••• W••••• H•••••••• I••• D•••••••••	term loan lien unstated	$3.6M	$3.6M	SOFR+500 bp	Mar 26, 2031
R••••••••• S•••••• L•• C••••••••• services and supplies	term loan lien unstated	$3.7M	$3.6M	SOFR+600 bp	Jan 24, 2028
L••• S•••••• P••••••• L•• D••••••••• consumer services	delayed draw term loan lien unstated	$3.5M	$3.5M	SOFR+525 bp	Mar 15, 2029
L••• S•••••• P••••••• L•• D••••••••• consumer services	delayed draw term loan lien unstated	$3.5M	$3.5M	SOFR+525 bp	Mar 15, 2029
P•••••••• H••• R••••••••• S••••••• L••• A••••• H••••• care providers and services	term loan lien unstated	$3.5M	$3.5M	SOFR+550 bp	Dec 23, 2030
E•••••• C••••••••• S••••••••• I••• D•••••••••	term loan lien unstated	$3.5M	$3.5M	SOFR+500 bp	Dec 30, 2030
E•••••• C••••••••• S••••••••• I••• D•••••••••	term loan lien unstated	$3.5M	$3.5M	SOFR+500 bp	Dec 30, 2030
R••••• H••••• I••••••••• I• L•• H•••••, restaurants and leisure	term loan lien unstated	$3.4M	$3.4M	SOFR+450 bp	Jun 17, 2031
R••••• H••••• I••••••••• I• L•• H•••••, restaurants and leisure	term loan lien unstated	$3.4M	$3.4M	SOFR+450 bp	Jun 17, 2031
4• C••••••• L••• L•••••• products	term loan lien unstated	$3.3M	$3.3M	SOFR+500 bp	Jun 18, 2027
4• C••••••• L••• L•••••• products	term loan lien unstated	$3.3M	$3.3M	SOFR+500 bp	Jun 18, 2027
A•• B••••• I••• I•••••••••	revolver lien unstated	$3.4M	$3.2M	SOFR+550 bp	Jul 23, 2030
A•• B••••• I••• C••••••••• services and supplies	term loan lien unstated	$3.4M	$3.2M	SOFR+550 bp	Jul 23, 2030
A• B••••••••• A••••••••• I••• IT services	term loan lien unstated	$3.3M	$3.2M	SOFR+500 bp	Dec 31, 2030
B••••• B••••••••• H••••••• L•• H••••• care providers and services	delayed draw term loan lien unstated	$3.2M	$3.2M	SOFR+550 bp	Jun 21, 2029
A•• H••••• O•••••••• C•••••• L•• H••••• care providers and services	delayed draw term loan lien unstated	$3.3M	$3.2M	SOFR+475 bp	Oct 10, 2030
S••••••••• L••••• H••••••• L•• C••••••••• services and supplies	term loan lien unstated	$3.2M	$3.2M	SOFR+450 bp	Mar 14, 2031
V•• M••••••••• I••• H••••• care providers and services	delayed draw term loan lien unstated	$3.0M	$3.0M	SOFR+575 bp	Nov 2, 2027
V•• M••••••••• I••• H••••• care providers and services	delayed draw term loan lien unstated	$3.0M	$3.0M	SOFR+575 bp	Nov 2, 2027
X•••• A••• I•••• 2••••• T•••••• companies and distributors	term loan lien unstated	$3.0M	$3.0M	SOFR+575 bp	Dec 20, 2028
S•••••• B•••• L•• I••••••••	term loan lien unstated	$2.9M	$2.9M	SOFR+500 bp	Nov 12, 2030
S•••••• B•••• L•• I••••••••	term loan lien unstated	$2.9M	$2.9M	SOFR+500 bp	Nov 12, 2030
B••• P••••• L•• C••••••••• services and supplies	delayed draw term loan lien unstated	$2.9M	$2.9M	S+500 bp	Dec 26, 2029
A•• B••••• I••• I•••••••••	revolver lien unstated	$2.9M	$2.9M	0.00%	Dec 26, 2029
S••••••••• B•••• L•• T•••••• companies and distributors	term loan lien unstated	$2.9M	$2.9M	SOFR+500 bp	Feb 4, 2030
I• V•••• S••••••• L•• H••••• care providers and services	term loan lien unstated	$3.1M	$2.9M	SOFR+700 bp	Feb 28, 2029
M•••••• E•• S••••••• L•• H••••• care providers and services	delayed draw term loan lien unstated	$2.8M	$2.8M	SOFR+450 bp	Aug 20, 2027
H•• A••••••• C•••• P••••••••• services	term loan lien unstated	$2.8M	$2.8M	SOFR+450 bp	Nov 5, 2031
B••••• B••••••••• H••••••• L••• A••••• H••••• care providers and services	delayed draw term loan lien unstated	$2.8M	$2.8M	S+550 bp	Jun 21, 2029
W•••• H••••••• L•• F••• products	delayed draw term loan lien unstated	$2.7M	$2.7M	S+425 bp	Oct 15, 2030
W•••• H••••••• L•• F••• products	delayed draw term loan lien unstated	$2.7M	$2.7M	S+425 bp	Oct 15, 2030
R•••••• M••••••••• S••••••• L•• H••••• care providers and services	term loan lien unstated	$2.7M	$2.7M	SOFR+550 bp	Feb 14, 2029
R•••••• M••••••••• S••••••• L•• H••••• care providers and services	term loan lien unstated	$2.7M	$2.7M	SOFR+550 bp	Feb 14, 2029
C•• H•••••• I••• P••••••••• services	term loan lien unstated	$2.6M	$2.6M	SOFR+475 bp	Mar 28, 2031
H••• C•••••• D••••••• I••• F••• products	term loan lien unstated	$2.7M	$2.6M	SOFR+500 bp	Aug 1, 2030
H••• C•••••• D••••••• I••• F••• products	term loan lien unstated	$2.7M	$2.6M	SOFR+500 bp	Aug 1, 2030
T•• S•••••• D•• L•• H••••• care providers and services	term loan lien unstated	$2.6M	$2.6M	SOFR+600 bp	Apr 4, 2029
T•• S•••••• D•• L•• H••••• care providers and services	term loan lien unstated	$2.6M	$2.6M	SOFR+600 bp	Apr 4, 2029
J••••• B••••• I••• IT services	term loan lien unstated	$2.6M	$2.6M	SOFR+550 bp	Apr 9, 2030
A•• B••••• I••• I•••••••••	revolver lien unstated	$2.6M	$2.5M	SOFR+575 bp	May 11, 2027
D•••••••• I••••••••• L•• C••••••••• services and supplies	term loan lien unstated	$2.6M	$2.5M	SOFR+575 bp	May 11, 2027
P•• H••••••• I•• L•• Air freight and logistics	term loan lien unstated	$2.4M	$2.4M	SOFR+450 bp	Sep 17, 2030
P•• H••••••• I•• L•• Air freight and logistics	term loan lien unstated	$2.4M	$2.4M	SOFR+450 bp	Sep 17, 2030
F••••••••• L•• F••• products	delayed draw term loan lien unstated	$2.4M	$2.4M	SOFR+475 bp	Nov 14, 2031
F••••••••• L•• F••• products	delayed draw term loan lien unstated	$2.4M	$2.4M	SOFR+475 bp	Nov 14, 2031
O•• M••••••••• S••••••• L••• A••••• H••••• care providers and services	delayed draw term loan lien unstated	$2.3M	$2.3M	SOFR+475 bp	Nov 16, 2028
B•• B••••• I••• T•••••• companies and distributors	term loan lien unstated	$2.4M	$2.3M	SOFR+625 bp	Dec 24, 2029
C••••••• S••••• L••• A••••• C••••••••	delayed draw term loan lien unstated	$2.3M	$2.3M	SOFR+475 bp	Mar 2, 2029
R•••• B•••• L•• M••••••••	term loan lien unstated	$2.4M	$2.3M	SOFR+475 bp	Oct 15, 2030
G••••••• I••••••••• I• L•• D••••••••• consumer services	delayed draw term loan lien unstated	$2.3M	$2.3M	S+425 bp	Aug 2, 2032
G••••••• I••••••••• I• L•• D••••••••• consumer services	delayed draw term loan lien unstated	$2.3M	$2.3M	S+425 bp	Aug 2, 2032
A•• B••••• I••• I•••••••••	revolver lien unstated	$2.3M	$2.3M	SOFR+525 bp	Aug 31, 2028
A••••••• C••••••••• I••••••••• I••• C••••••••• services and supplies	term loan lien unstated	$2.3M	$2.3M	SOFR+525 bp	Aug 31, 2028
R•••••• M••••••••• S••••••• L•• H••••• care providers and services	delayed draw term loan lien unstated	$2.3M	$2.2M	SOFR+550 bp	Feb 14, 2029
R•••••• M••••••••• S••••••• L•• H••••• care providers and services	delayed draw term loan lien unstated	$2.3M	$2.2M	SOFR+550 bp	Feb 14, 2029
F••••••••• L•• F••• products	term loan lien unstated	$2.3M	$2.2M	SOFR+475 bp	Nov 14, 2031

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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.