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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.

Fair value
$939M
Schedule of investments, 10-Q and 10-K
Borrowers
209
Schedule of investments, 10-Q and 10-K
Mark on cost
96.9¢
Schedule of investments, 10-Q and 10-K
First lien
100%
Schedule of investments, 10-Q and 10-K
Schedule of investments (424)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. $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. $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•• →
  3. 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
  4. 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
10
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
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$939M20997c11502 bp
Mar 31, 2026$939M19797c10501 bp
Dec 31, 2025$984M19298c14501 bp
Sep 30, 2025$914M17099c11516 bp
All 10 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$937M15599c14517 bp
Mar 31, 2025$3.1B15699c8532 bp
Dec 31, 2024$3.6B13699c11543 bp
Sep 30, 2024$2.0B12799c0562 bp
Jun 30, 2024$1.6B106100c0586 bp
Dec 31, 2023$2.4B100100c0603 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 Sep 30, 2025
325 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
R•••• C•••••••••unstated lien unstatedNot disclosedNot disclosed
R•••••• H•••••••• I•••equity equityNot disclosedNot disclosed
T••••••• B••••• L••unstated lien unstatedNot disclosedNot disclosed
P•••••• Y• B••••• I•••unstated lien unstatedNot disclosedNot disclosed
R••••••• I••••••••• L••unstated lien unstatedNot disclosedNot disclosed
A••• P••••• L••equity equityNot disclosedNot disclosed
R•••••••• V••••••••• P•••••••• I•••unstated lien unstatedNot disclosedNot disclosed
S••••• A••••••••• L••unstated lien unstatedNot disclosedNot disclosed
U••••••• H•••••••• I••unstated lien unstatedNot disclosedNot disclosed
V•••• C•••••••••unstated lien unstatedNot disclosedNot disclosed
F•••••• • M•••••••• ••••••• T•••••• F•• B•••• L••
S•••••••
revolver first lienNot disclosedNot disclosed
n/a
SOFR+475 bpMar 18, 2032
B•••• G•••• B••••• I•••unstated lien unstatedNot disclosedNot disclosed
U•••• C•••• H••••• L••unstated lien unstatedNot disclosedNot disclosed
R•••••• H•••••••• I•••preferred equity equityNot disclosedNot disclosed
F••• C•••••• I••••••••• H••••••• 2••• L••unstated lien unstatedNot disclosedNot disclosed
A••• P••••• L••equity equityNot disclosedNot disclosed
W• B••••••••• L••unstated lien unstatedNot disclosedNot disclosed
A•••••• S••••••••• I•••unstated lien unstatedNot disclosedNot disclosed
R•••••• C••••• R•••••• H•••••••• I•••
B••••••••
equity equityNot disclosedNot disclosed
G•••••••• B••••• I•••unstated lien unstatedNot disclosedNot disclosed
W• O•• B••••• I•••unstated lien unstatedNot disclosedNot disclosed
W• O•• H•••••••• L•••equity equityNot disclosedNot disclosed
A•••• B••••••• S••• L••unstated lien unstatedNot disclosedNot disclosed
A••••••••• L••unstated lien unstatedNot disclosedNot disclosed
F••• W•••• I••••••••• L••unstated lien unstatedNot disclosedNot disclosed
Page 4 of 4Previous
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