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N•• M••••••• P•••••• C••••• F•••
Business development companymanaged by N•• M••••••• F•••••• A•••••••• L•••••Non-traded· NEW YORK, NY
A non-traded business development company, managed by N•• M••••••• F•••••• A•••••••• L•••••, holding $1.8B across 126 borrowers at Jun 30, 2026.
Composed from this BDC's filings and its latest schedule of investments.
As of · the latest schedule of investments read for this BDC
- Fair value
- $1.8B
- Borrowers
- 126
- Mark on cost
- 97.7¢
- First lien
- 85%
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
As of · the latest schedule of investments read for this BDC
What matters now
- 5 below 80¢$35.2M principal
5 positions across 5 borrowers marked below 80¢ on cost, $35.2M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026 - $1.5B → $1.8Bfair value, 4 quarters
Its portfolio grew 22% at fair value over the last four quarters.
Q2 2026 · A fast-growing book is deploying new capital.
Every headline figure, and the identifiersCIK 2037804 · file 814-01762ShowHide
Fair value
$1.8B
as of Jun 30, 2026
Principal held
$2.1B
debt pieces, the filer's figure
Cost
$1.9B
98c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
Positions
368
126 borrowers
First lien
85%
95% debt by fair value
Quarters on the tape
8
since Dec 31, 2023
Facilities held
143
35 sponsors financed
Portfolio through time
Fair value by quarter end$1.8B as of Jun 30, 2026
Dec 31, 2023$2.0B then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $1.8B | 126 | 98c | 32 | 482 bp |
| Mar 31, 2026 | $2.0B | 129 | 98c | 35 | 486 bp |
| Dec 31, 2025 | $4.1B | 129 | 99c | 68 | 491 bp |
| Sep 30, 2025 | $1.6B | 110 | 96c | 36 | 503 bp |
All 8 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2025 | $1.5B | 98 | 97c | 29 | 510 bp |
| Mar 31, 2025 | $1.6B | 91 | 98c | 30 | 519 bp |
| Dec 31, 2024 | $3.2B | 78 | 98c | 54 | 537 bp |
| Dec 31, 2023 | $2.0B | 99 | 98c | 32 | 577 bp |
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
Full timeline · 20 eventsShow fewer
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- PIK interest appearsJun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity shortened (observed)Jun 30, 2026
Largest facilities held, with co-lenders
- D••••• T••• H•••••••• L•• preferred equity2 BDCs hold it · possible sponsor T• A•••••••••$96.9M 103c
- N•••••• term loan1 BDC hold it$68.0M 100c
- I• I••••••••• H•••••••• L•• first lien term loan30 BDCs hold it · matures Dec 1, 2029 · possible sponsor D••••••• C•••••• M••••••••• L•••$55.3M 100c
- M••• B•••• L•• first lien term loan8 BDCs hold it · matures Dec 22, 2031$55.2M 104c
- C••••• B••••• I•• first lien term loan2 BDCs hold it · matures Dec 1, 2028$52.6M 83c
- G• A••••••••• I•• first lien term loan26 BDCs hold it · matures May 25, 2028 · possible sponsor G•••••• C••••••$45.7M 94c
- L•••• S•••• H•••••••• L•• first lien term loan4 BDCs hold it · matures May 1, 2029$42.2M 100c
- A•• T••••• L•• first lien term loan13 BDCs hold it · matures Dec 31, 2027 · possible sponsor B•••••• P•••• C•••••• A•••••••• L••$41.6M 100c
- O••••••••• L•• first lien term loan25 BDCs hold it · matures Dec 23, 2032 · possible sponsor F•••••••• P•••••••$41.3M 98c
- B••••••••• I•• first lien term loan13 BDCs hold it · matures Dec 3, 2032$41.2M 100c
- P••• C••• first lien term loan13 BDCs hold it · matures Dec 20, 2032$41.0M 100c
- A••••••• I•• first lien term loan21 BDCs hold it · matures Jun 21, 2029$40.6M 99c
Schedule of investments at Mar 31, 2025
0 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|
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Registration
- Fiscal year end
- 1231reported
- Incorporated
- MDreported
- On the SEC BDC report
- 2025 to 2026reported
- Filings listed
- 7reported10-Q and 10-K since 2022
- Latest schedule
- 0002037804-26-000015reported