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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
F••••••••• L•• F••• products	term loan lien unstated	$2.3M	$2.2M	SOFR+475 bp	Nov 14, 2031
C•• H••••••••• P••••••••• I••• H••••• care providers and services	term loan lien unstated	$2.2M	$2.1M	SOFR+525 bp	Sep 17, 2031
S••• L•••••••• • H••••••••• S••••••• L•• H•••••, restaurants and leisure	term loan lien unstated	$2.3M	$2.1M	SOFR+525 bp	Jun 18, 2029
S••• L••••••••• H••••••••• S••••••• L•• H•••••, restaurants and leisure	term loan lien unstated	$2.3M	$2.1M	SOFR+525 bp	Jun 18, 2029
S••• L•••••••• • H••••••••• S••••••• L•• H•••••, restaurants and leisure	term loan lien unstated	$2.3M	$2.1M	SOFR+525 bp	Jun 18, 2029
C••••••••• H•••••••• I••• H••••• care equipment and supplies	term loan lien unstated	$2.1M	$2.1M	SOFR+500 bp	Jan 30, 2029
A••• I••••••••• L•• IT services	term loan lien unstated	$2.1M	$2.1M	SOFR+525 bp	Jul 22, 2027
P•• H•••••••• I••• T•••••• companies and distributors	term loan lien unstated	$2.1M	$2.1M	SOFR+495 bp	Jan 18, 2028
A•• B••••• I••• I•••••••••	revolver lien unstated	$2.1M	$2.1M	SOFR+525 bp	Dec 21, 2029
B•••• L••••••••• L•• C••••••••• services and supplies	term loan lien unstated	$2.1M	$2.1M	SOFR+525 bp	Dec 21, 2029
P•• Q•••••• F•••• A••••••••• L•• C••••••• staples distribution and retail	term loan lien unstated	$2.1M	$2.1M	SOFR+575 bp	Dec 28, 2029
P•• Q•••••• F•••• A••••••••• L•• C••••••• staples distribution and retail	term loan lien unstated	$2.1M	$2.1M	SOFR+575 bp	Dec 28, 2029
P••••••• B•••••••• L•• D••••••••• consumer services	delayed draw term loan lien unstated	$2.1M	$2.1M	0.00%	Aug 7, 2031
P••••••• B•••••••• L•• D••••••••• consumer services	delayed draw term loan lien unstated	$2.1M	$2.1M	0.00%	Aug 7, 2031
G•••••• C•••• G•••• L•• T•••••• companies and distributors	term loan lien unstated	$2.1M	$2.1M	SOFR+575 bp	Nov 1, 2026
O•• E•••• E•••••••• H••••••• I••• D••••••••• consumer services	term loan lien unstated	$2.0M	$2.0M	SOFR+450 bp	May 29, 2031
O•• E•••• E•••••••• H••••••• I••• D••••••••• consumer services	term loan lien unstated	$2.0M	$2.0M	SOFR+450 bp	May 29, 2031
G•• B•••• L•• F••• products	term loan lien unstated	$2.0M	$2.0M	SOFR+500 bp	Apr 30, 2031
G•• B•••• L•• F••• products	term loan lien unstated	$2.0M	$2.0M	SOFR+500 bp	Apr 30, 2031
L••• S•••••• P••••••• L•• D••••••••• consumer services	delayed draw term loan lien unstated	$2.0M	$2.0M	SOFR+525 bp	Mar 15, 2029
L••• S•••••• P••••••• L•• D••••••••• consumer services	delayed draw term loan lien unstated	$2.0M	$2.0M	SOFR+525 bp	Mar 15, 2029
W•••••• P•••••••• L•• H••••• care providers and services	term loan lien unstated	$2.0M	$2.0M	SOFR+475 bp	May 8, 2031
W•••••• P•••••••• L•• H••••• care providers and services	term loan lien unstated	$2.0M	$2.0M	SOFR+475 bp	May 8, 2031
W••••••••• I••• P••••••••• services	term loan lien unstated	$2.0M	$2.0M	SOFR+500 bp	Jun 23, 2026
T•• S•••••• D•• L••• A••••• H••••• care providers and services	delayed draw term loan lien unstated	$2.0M	$2.0M	SOFR+525 bp	Apr 4, 2029
T•• S•••••• D•• L••• A••••• H••••• care providers and services	delayed draw term loan lien unstated	$2.0M	$2.0M	SOFR+525 bp	Apr 4, 2029
I••••• C•••••• T••••••••• L•• D••••••••• consumer services	term loan lien unstated	$2.0M	$2.0M	SOFR+600 bp	Apr 4, 2030
I••••• C•••••• T••••••••• L•• D••••••••• consumer services	term loan lien unstated	$2.0M	$2.0M	SOFR+600 bp	Apr 4, 2030
G••••••• • C•••••• L•• P••••••••• services	delayed draw term loan lien unstated	$2.0M	$2.0M	S+425 bp	May 5, 2031
G•••••••• C•••••• L•• P••••••••• services	delayed draw term loan lien unstated	$2.0M	$2.0M	S+425 bp	May 5, 2031
A••• B•••• L••• A••••• S•••••••	term loan lien unstated	$1.9M	$1.9M	SOFR+500 bp	Dec 21, 2027
L••• S•••••• P••••••• L•• D••••••••• consumer services	delayed draw term loan lien unstated	$1.7M	$1.7M	SOFR+525 bp	Mar 15, 2029
H••••• M••••••••• A••••••••• I••• P••••••••• services	term loan lien unstated	$1.7M	$1.7M	SOFR+625 bp	Mar 30, 2029
T••••••••• L•• P••••••••• services	delayed draw term loan lien unstated	$1.7M	$1.7M	SOFR+475 bp	Nov 12, 2031
P••••• C•• B•••• L•• P••••••••• services	term loan lien unstated	$1.7M	$1.6M	SOFR+500 bp	Nov 5, 2030
S•••••• B•••• L•• I••••••••	delayed draw term loan lien unstated	$1.6M	$1.6M	SOFR+500 bp	Nov 12, 2030
S•••••• B•••• L•• I••••••••	delayed draw term loan lien unstated	$1.6M	$1.6M	SOFR+500 bp	Nov 12, 2030
L••• S•••••• P••••••• L•• D••••••••• consumer services	term loan lien unstated	$1.6M	$1.6M	SOFR+525 bp	Mar 15, 2029
L••• S•••••• P••••••• L•• D••••••••• consumer services	term loan lien unstated	$1.6M	$1.6M	SOFR+525 bp	Mar 15, 2029
B••••• F••••••• I•••• 4•• A•••••••• H•••••, restaurants and leisure	delayed draw term loan lien unstated	$1.7M	$1.6M	S+600 bp	Jul 27, 2028
B••••• F••••••• I•••• 4•• A•••••••• H•••••, restaurants and leisure	delayed draw term loan lien unstated	$1.7M	$1.6M	S+600 bp	Jul 27, 2028
C••••••••• H•••••••• I•••• A••••• H••••• care equipment and supplies	term loan lien unstated	$1.6M	$1.6M	SOFR+500 bp	Jan 30, 2029
G••••••• I••••••••• I• L•• D••••••••• consumer services	term loan lien unstated	$1.6M	$1.5M	SOFR+425 bp	Aug 2, 2032
G••••••• I••••••••• I• L•• D••••••••• consumer services	term loan lien unstated	$1.6M	$1.5M	SOFR+425 bp	Aug 2, 2032
D•••• I••••••••• H•••••• C•••••• I•••••••••	term loan lien unstated	$1.5M	$1.5M	SOFR+450 bp	Mar 28, 2031
D•••• I••••••••• H•••••• C•••••• B••••••• products	term loan lien unstated	$1.5M	$1.5M	SOFR+450 bp	Mar 28, 2031
W••• H••••••• I•• C•••• T•••••• companies and distributors	term loan lien unstated	$1.5M	$1.5M	SOFR+500 bp	Oct 3, 2028
W••••••••• I••• P••••••••• services	term loan lien unstated	$1.5M	$1.5M	SOFR+500 bp	Jun 23, 2026
M•••• V••••• E••••••• L•• C••••••••• and engineering	delayed draw term loan lien unstated	$1.5M	$1.5M	S+450 bp	Apr 7, 2031
C•• H•••••• I••• P••••••••• services	delayed draw term loan lien unstated	$1.5M	$1.5M	SOFR+475 bp	Mar 28, 2031
S••••••• S••••••• A••••••••• S•• C••••• 1••• A•••••••• C••••••••• services and supplies	term loan lien unstated	$1.5M	$1.5M	SOFR+575 bp	Sep 30, 2027
S••• L•••••••• • H••••••••• S••••••• L•• H•••••, restaurants and leisure	delayed draw term loan lien unstated	$1.6M	$1.5M	SOFR+525 bp	Jun 18, 2029
S••• L•••••••• • H••••••••• S••••••• L•• H•••••, restaurants and leisure	delayed draw term loan lien unstated	$1.6M	$1.5M	SOFR+525 bp	Jun 18, 2029
S••• L••••••••• H••••••••• S••••••• L•• H•••••, restaurants and leisure	delayed draw term loan lien unstated	$1.6M	$1.5M	SOFR+525 bp	Jun 18, 2029
O•• M••••••••• S••••••• L•• H••••• care providers and services	term loan lien unstated	$1.4M	$1.4M	SOFR+475 bp	Nov 16, 2028
M•• M••••• I•••• 3•• A•••••••• T•••••• companies and distributors	term loan lien unstated	$1.4M	$1.4M	SOFR+600 bp	Aug 31, 2028
P••• F••••••••• L•• D••••••••• consumer services	delayed draw term loan lien unstated	$1.4M	$1.4M	S+475 bp	Aug 1, 2031
P••• F••••••••• L•• D••••••••• consumer services	delayed draw term loan lien unstated	$1.4M	$1.4M	S+475 bp	Aug 1, 2031
A••• B•••• L•• S•••••••	term loan lien unstated	$1.4M	$1.4M	SOFR+500 bp	Dec 21, 2027
B••• P••••• L•• C••••••••• services and supplies	term loan lien unstated	$1.4M	$1.4M	SOFR+500 bp	Dec 26, 2029
A•• B••••• I••• I•••••••••	revolver lien unstated	$1.4M	$1.4M	SOFR+500 bp	Dec 26, 2029
P••••••• B•••••••• L•• D••••••••• consumer services	revolver lien unstated	$1.4M	$1.4M	Prime+400 bp	Aug 7, 2031
P••••••• B•••••••• L•• D••••••••• consumer services	revolver lien unstated	$1.4M	$1.4M	Prime+400 bp	Aug 7, 2031
M•• M••••• I••• T•••••• companies and distributors	term loan lien unstated	$1.4M	$1.4M	SOFR+600 bp	Aug 31, 2028
O•• E•••• E•••••••• H••••••• I••• D••••••••• consumer services	delayed draw term loan lien unstated	$1.4M	$1.4M	S+450 bp	May 29, 2031
O•• E•••• E•••••••• H••••••• I••• D••••••••• consumer services	delayed draw term loan lien unstated	$1.4M	$1.4M	S+450 bp	May 29, 2031
B••••• F••••••• I••• H•••••, restaurants and leisure	term loan lien unstated	$1.5M	$1.4M	SOFR+600 bp PIK 0.50%	Jul 27, 2028
B••••• F••••••• I••• H•••••, restaurants and leisure	term loan lien unstated	$1.5M	$1.4M	SOFR+600 bp PIK 0.50%	Jul 27, 2028
G•• B•••• L•• F••• products	delayed draw term loan lien unstated	$1.4M	$1.4M	S+500 bp	Apr 30, 2031
G•• B•••• L•• F••• products	delayed draw term loan lien unstated	$1.4M	$1.4M	S+500 bp	Apr 30, 2031
M•••• V••••• E••••••• L•• C••••••••• and engineering	term loan lien unstated	$1.4M	$1.3M	SOFR+450 bp	Apr 7, 2031
C•• H•••••• I••• P••••••••• services	delayed draw term loan lien unstated	$1.4M	$1.3M	SOFR+475 bp	Mar 28, 2031
K•••••• H•••••••• I••• T•••••• companies and distributors	term loan lien unstated	$1.4M	$1.3M	SOFR+475 bp	Mar 1, 2029
A•• B••••• I••• I•••••••••	revolver lien unstated	$1.4M	$1.3M	0.00%	May 11, 2027
D•••••••• I••••••••• L•• C••••••••• services and supplies	delayed draw term loan lien unstated	$1.4M	$1.3M	S+575 bp	May 11, 2027
X••••••••• L•• C••••••••• services and supplies	term loan lien unstated	$1.3M	$1.3M	SOFR+550 bp	Sep 7, 2028
S••••••••• L••••• H••••••• L•• C••••••••• services and supplies	delayed draw term loan lien unstated	$1.3M	$1.3M	S+450 bp	Mar 14, 2031
A•• G•••• • W••••• H•••••••• I••• D•••••••••	delayed draw term loan lien unstated	$1.3M	$1.3M	S+500 bp	Mar 26, 2031
A•• G•••• • W••••• H•••••••• I••• D•••••••••	delayed draw term loan lien unstated	$1.3M	$1.3M	S+500 bp	Mar 26, 2031
A•• G••••• W••••• H•••••••• I••• D•••••••••	delayed draw term loan lien unstated	$1.3M	$1.3M	S+500 bp	Mar 26, 2031
T•••••••• F•••• L•• C••••••• staples distribution and retail	delayed draw term loan lien unstated	$1.3M	$1.3M	SOFR+500 bp	Aug 1, 2031
T•••••••• F•••• L•• C••••••• staples distribution and retail	delayed draw term loan lien unstated	$1.3M	$1.3M	SOFR+500 bp	Aug 1, 2031
R•••• B•••• L•• M••••••••	delayed draw term loan lien unstated	$1.3M	$1.3M	S+475 bp	Oct 15, 2030
M•••••• E•• S••••••• L•• H••••• care providers and services	delayed draw term loan lien unstated	$1.2M	$1.2M	SOFR+450 bp	Aug 20, 2027
P•• H••••••• I•• L•• Air freight and logistics	delayed draw term loan lien unstated	$1.2M	$1.2M	S+450 bp	Sep 17, 2030
P•• H••••••• I•• L•• Air freight and logistics	delayed draw term loan lien unstated	$1.2M	$1.2M	S+450 bp	Sep 17, 2030
Q• B••••• I••• S•••••••	delayed draw term loan lien unstated	$1.2M	$1.2M	S+475 bp	Dec 6, 2030
L•••••••• L•• M••••••••	revolver lien unstated	$1.2M	$1.2M	SOFR+550 bp	Dec 30, 2032
B••••• B••••••••• H••••••• L•• H••••• care providers and services	term loan lien unstated	$1.2M	$1.2M	Prime+1500 bp	Jun 21, 2030
C•••••• C••••••••• L•• D••••••••• consumer services	delayed draw term loan lien unstated	$1.1M	$1.1M	SOFR+575 bp	Oct 22, 2026
C•••••• C••••••••• L•• D••••••••• consumer services	delayed draw term loan lien unstated	$1.1M	$1.1M	SOFR+575 bp	Oct 22, 2026
T•••••••• F•••• L•• C••••••• staples distribution and retail	delayed draw term loan lien unstated	$1.1M	$1.1M	S+500 bp	Aug 1, 2031
T•••••••• F•••• L•• C••••••• staples distribution and retail	delayed draw term loan lien unstated	$1.1M	$1.1M	S+500 bp	Aug 1, 2031
H••• C•••••• D••••••• I••• F••• products	delayed draw term loan lien unstated	$1.1M	$1.1M	SOFR+500 bp	Aug 1, 2030
H••• C•••••• D••••••• I••• F••• products	delayed draw term loan lien unstated	$1.1M	$1.1M	SOFR+500 bp	Aug 1, 2030
P••• F••••••••• L•• D••••••••• consumer services	revolver lien unstated	$1.1M	$1.1M	S+475 bp	Aug 1, 2031
P••• F••••••••• L•• D••••••••• consumer services	revolver lien unstated	$1.1M	$1.1M	S+475 bp	Aug 1, 2031
R••••••••• S•••••• L••• A••••• C••••••••• services and supplies	delayed draw term loan lien unstated	$1.1M	$1.1M	SOFR+600 bp	Jan 24, 2028
R••••••••• S•••••• L••• A••••••••• D••• C••••••••• services and supplies	term loan lien unstated	$1.1M	$1.1M	SOFR+600 bp	Jan 24, 2028
C••••••• S••••• L•• C••••••••	term loan lien unstated	$1.1M	$1.0M	SOFR+475 bp	Mar 2, 2029

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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.