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M••••• A••••• I••••••••• P•••••• L••••••

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

A non-traded business development company, managed by A••••• C••••• M••••••••• L••, holding $939M across 209 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: $939M
Borrowers: 209
Mark on cost: 96.9¢
First lien: 100%

Schedule of investments (424)Quarter by quarter Sponsors

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

What matters now

$26.2M
on non-accrual, 4 borrowers
4 borrowers on non-accrual, $26.2M principal; the largest is K••••••• I••••••••• L•• ($9.57M).
Q2 2026 · Loans that have stopped paying interest; they set the book's credit losses.
FactBDC schedules of investments, 30 Jun 2026For LPs and shareholders in these BDCs, co-lenders on the same namesOpen K••••••• I••••••••• L•• →
$2.24M
newly on non-accrual
1 borrower newly placed on non-accrual in Q2 2026, $2.24M principal: S••• G••••• L•••••••• N••••••• L•• ($2.24M).
Q2 2026 · The newest credit problems in the book.
FactBDC schedules of investments, 30 Jun 2026Open S••• G••••• L•••••••• N••••••• L•• →
9 below 80¢
$38.9M principal
9 positions across 9 borrowers marked below 80¢ on cost, $38.9M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026
197 → 209
borrowers
Added a net 12 borrowers in the quarter to Jun 30, 2026, to 209.
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 2006758 · file 814-01710Show

Fair value

$939M

as of Jun 30, 2026

Principal held

$982M

debt pieces, the filer's figure

Cost

$976M

97c on cost, debt pieces

Unfunded

$62.2M

commitments not yet drawn

Positions

424

209 borrowers

First lien

100%

100% debt by fair value

Quarters on the tape

since Dec 31, 2023

Facilities held

395

21 sponsors financed

Portfolio through time

Fair value by quarter end$939M as of Jun 30, 2026

Dec 31, 2023$2.4B then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$939M	209	97c	11	502 bp
Mar 31, 2026	$939M	197	97c	10	501 bp
Dec 31, 2025	$984M	192	98c	14	501 bp
Sep 30, 2025	$914M	170	99c	11	516 bp

All 10 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$937M	155	99c	14	517 bp
Mar 31, 2025	$3.1B	156	99c	8	532 bp
Dec 31, 2024	$3.6B	136	99c	11	543 bp
Sep 30, 2024	$2.0B	127	99c	0	562 bp
Jun 30, 2024	$1.6B	106	100c	0	586 bp
Dec 31, 2023	$2.4B	100	100c	0	603 bp

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

New borrower on a BDC scheduleJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
Placed on non-accrualJun 30, 2026
••• Locked

Full timeline · 20 events

New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

S••••••• P••••• S•••••• B•••• L•• first lien term loan
1 BDC hold it · matures Sep 24, 2031
$10.3M 99c
A••••••• R••••••••• H•••••••• L•• first lien term loan
3 BDCs hold it · matures Jul 24, 2030
$10.2M 82c
C••• C•• W••• O••••••••• L•• first lien delayed draw term loan
3 BDCs hold it · matures Jun 16, 2027
$10.0M 100c
M••••••• E••••••••• L•• first lien term loan
1 BDC hold it · matures Jan 7, 2028 · possible sponsor W••••• E••••• P••••••• M••••••• L•••
$10.0M 100c
R•••• C••••••••• first lien term loan
2 BDCs hold it · matures Jun 24, 2029
$10.0M 100c
E•••••• C••••••••• first lien term loan
2 BDCs hold it · matures Jun 24, 2027
$10.0M 100c
P•• P••••• P•• M••••• T•••• L•• first lien term loan
1 BDC hold it · matures Feb 13, 2032
$9.8M 98c
E••••• H••••• L•• first lien term loan
3 BDCs hold it · matures Aug 6, 2029
$9.8M 100c
T••••••• H••••• C••• P••••••• I•• first lien term loan
2 BDCs hold it · matures Aug 6, 2031 · possible sponsor N•• W•••• C••••••• L•••
$9.8M 99c
C••• C••••••• L•• first lien term loan
2 BDCs hold it · matures Jun 14, 2029 · possible sponsor L••••• L•••••••• C•••••• P•••••••• L••
$9.7M 100c
V••••••••• B••••••• L•••••• first lien term loan
3 BDCs hold it · matures Aug 6, 2030
$9.7M 100c
D••••••• H••••••• I•• first lien term loan
2 BDCs hold it · matures Jul 18, 2029 · possible sponsor M••••• E••••• P•••••••• L••
$9.7M 86c

Schedule of investments at Sep 30, 2024

248 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
T•••••• N••• B••••• L•• Financial S••••••s	revolver first lien	Not disclosed	-$1,000 100c	S+525 bp	Aug 20, 2029
S•••••• B•••• L•• H••••• C••• P•••••••• & S••••••s	delayed draw term loan first lien	Not disclosed	-$1,000 33c	S+575 bp	Sep 11, 2031
C•• H•••••••• I••• H•••••••• D•••••••	revolver first lien	Not disclosed	-$1,000 100c	S+525 bp	Jun 6, 2030
A••••••• R••••••••• H•••••••• L•• C••••••••• & E•••••••••	delayed draw term loan first lien	Not disclosed	-$1,000	S+500 bp	Jul 24, 2030
W••••••• W•••••• W• B••••••••• L•• D••••••••• C••••••• S••••••s	delayed draw term loan first lien	Not disclosed	-$1,000 100c	S+500 bp	Aug 1, 2030
O•••• B••••• L•• P•••••••••	delayed draw term loan first lien	Not disclosed	-$1,000 100c	S+500 bp	Jul 18, 2030
E•••• B••••• P•••••• Y• B••••• I••• C••••••• S•••••• D••••••••• & R•••••	revolver first lien	Not disclosed	-$1,000 100c	S+500 bp	May 31, 2030
T•••••• N••• B••••• L•• Financial S••••••s	delayed draw term loan first lien	Not disclosed	-$1,000 100c	S+525 bp	Aug 20, 2029
L••••••••• L•••• T•••• I••• H••••• C••• P•••••••• & S••••••s	revolver first lien	Not disclosed	-$1,000 100c	S+475 bp	Jun 7, 2030
G•••••••• B••••• I••• Financial S••••••s	revolver first lien	Not disclosed	-$1,000 33c	S+525 bp	Jul 22, 2030
C•• H•••••••• I••• H•••••••• D•••••••	delayed draw term loan first lien	Not disclosed	-$1,000	S+525 bp	Jun 6, 2030
P•••••• F•• P••• O•••• L•• C••••••• S•••••• D••••••••• & R•••••	revolver first lien	Not disclosed	-$1,000 50c	S+535 bp	Sep 20, 2030
G•• G••••••••• G••••• S•••••• I•• T••••••••• I•••••••••	revolver first lien	Not disclosed	-$1,000 50c	S+550 bp	May 9, 2029
O•• N•••• W• O•• B••••• I••• D•••••••••	delayed draw term loan first lien	Not disclosed	-$1,000 100c	S+500 bp	Aug 7, 2031
B••• T•••• B•••• G•••• B••••• I••• C••••••••• S••••••s & S•••••••	delayed draw term loan first lien	Not disclosed	-$1,000 100c	S+500 bp	Jul 10, 2031
U•••• C•••• H••••• L•• U•••• C•••• H••••• L•• S•••••••• R•••••	revolver first lien	Not disclosed	-$1,000 100c	S+500 bp	Jul 1, 2030
P••••••• P••••••••• A••••••••• L•• P••••••• P••••••••• A••••••••• L•• C••••••••• S••••••s & S•••••••	revolver first lien	Not disclosed	-$2,000 100c	S+525 bp	Aug 9, 2030
R•••••••• V••••••••• P•••••••• I••• P•••••••••	revolver first lien	Not disclosed	-$2,000 200c	S+525 bp	Apr 18, 2030
D••••••• H••••••• I•• C••••••••• S••••••s & S•••••••	revolver first lien	Not disclosed	-$2,000 100c	S+575 bp	Jul 18, 2029
O•••• B••••• L•• P•••••••••	revolver first lien	Not disclosed	-$2,000 100c	S+500 bp	Jul 18, 2030
R•••• C•••••••••	unstated lien unstated	Not disclosed	Not disclosed
W•••••••• L•••	unstated lien unstated	Not disclosed	Not disclosed
V•••• C••••••••• Financial S••••••s	delayed draw term loan first lien	Not disclosed	Not disclosed	S+500 bp	Aug 1, 2030
N••• B••••• L••	unstated lien unstated	Not disclosed	Not disclosed
R•••••••• V••••••••• P•••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
W• O•• B••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
P••••••• P••••••••• A••••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
A•••• A•••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
C•• H•••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
C••• C••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
P•••••• Y• B••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
S•••••• B•••• L••	unstated lien unstated	Not disclosed	Not disclosed
U•••• C•••• H••••• L••	unstated lien unstated	Not disclosed	Not disclosed
V•••• C•••••••••	unstated lien unstated	Not disclosed	Not disclosed
T•••• C•••••••••	unstated lien unstated	Not disclosed	Not disclosed
G••••••••• G••••• S•••••• I••	unstated lien unstated	Not disclosed	Not disclosed
O•••• B••••• L••	unstated lien unstated	Not disclosed	Not disclosed
A•• T••••••••• B•••• C••••	unstated lien unstated	Not disclosed	Not disclosed
G•••••••• B••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
A••••••• R••••••••• H•••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
L•••• T•••• I•••	unstated lien unstated	Not disclosed	Not disclosed
B•••• G•••• B••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
B••••••• L••••••	unstated lien unstated	Not disclosed	Not disclosed
D••••••• H••••••• I••	unstated lien unstated	Not disclosed	Not disclosed
P•••••• F•• P••• O•••• L••	unstated lien unstated	Not disclosed	Not disclosed		May 31, 2024
T•• O•••• B••••••• I•••	equity equity	Not disclosed	Not disclosed
W• O•• H•••••••• L•••	equity equity	Not disclosed	Not disclosed
W• B••••••••• L••	unstated lien unstated	Not disclosed	Not disclosed

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Registration

Fiscal year end: 1231reported
Incorporated: DEreported
On the SEC BDC report: 2026 to 2026reported
Filings listed: 9reported10-Q and 10-K since 2022
Former names: Middle Market A••••• I••••••••• Private Lendingreported
Latest schedule: 0001193125-26-349327reported