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M••••• C•••••• C•••
Business development companymanaged by M• A•••••••Non-tradedLatest schedule Dec 31, 2025· CHICAGO, IL
A non-traded business development company, managed by M• A•••••••, holding $335M across 90 borrowers at Dec 31, 2025.
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
- $335M
- Borrowers
- 90
- Mark on cost
- 91.2¢
- First lien
- 81%
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
Nothing material in the last 200 days. Last change: 31 Dec 2025, 10 borrowers on non-accrual, $21.2M principal; the largest is M• R••••••••• I•• L•• ($8.1M).
Every headline figure, and the identifiersCIK 1512931 · file 814-00866ShowHide
Fair value
$335M
as of Dec 31, 2025
Principal held
$354M
debt pieces, the filer's figure
Cost
$373M
91c on cost, debt pieces
Unfunded
$20.5M
commitments not yet drawn
Positions
359
90 borrowers
First lien
81%
90% debt by fair value
Quarters on the tape
19
since Dec 31, 2020
Facilities held
0
0 sponsors financed
Portfolio through time
Fair value by quarter end$413M as of Dec 31, 2025
Dec 31, 2020$149M then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Dec 31, 2025 | $413M | 90 | 91c | 75 | 678 bp |
| Sep 30, 2025 | $466M | 80 | 89c | 75 | 683 bp |
| Jun 30, 2025 | $474M | 81 | 90c | 67 | 682 bp |
| Mar 31, 2025 | $546M | 89 | 92c | 72 | 683 bp |
All 19 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Dec 31, 2024 | $1.8B | 97 | 93c | 252 | 680 bp |
| Sep 30, 2024 | $712M | 97 | 95c | 83 | 666 bp |
| Jun 30, 2024 | $633M | 96 | 96c | 77 | 693 bp |
| Mar 31, 2024 | $647M | 100 | 96c | 72 | 692 bp |
| Dec 31, 2023 | $922M | 99 | 96c | 97 | 701 bp |
| Sep 30, 2023 | $665M | 126 | 97c | 66 | 713 bp |
| Jun 30, 2023 | $768M | 160 | 98c | 66 | 686 bp |
| Mar 31, 2023 | $719M | 106 | 98c | 85 | 749 bp |
| Dec 31, 2022 | $1.5B | 187 | 96c | 163 | 699 bp |
| Sep 30, 2022 | $545M | 101 | 99c | 60 | 724 bp |
| Jun 30, 2022 | $129M | 12 | n/a | 0 | n/a |
| Mar 31, 2022 | $132M | 12 | n/a | 0 | n/a |
| Dec 31, 2021 | $856M | 131 | 101c | 67 | 695 bp |
| Sep 30, 2021 | $137M | 16 | n/a | 0 | n/a |
| Dec 31, 2020 | $149M | 13 | n/a | 0 | n/a |
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
- Placed on non-accrualDec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
Full timeline · 20 eventsShow fewer
- Marked down (one lender)Dec 31, 2025
- Spread increasedDec 31, 2025
- PIK interest appearsDec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Lender left a facilitySep 30, 2025
- Placed on non-accrualSep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Marked down (one lender)Sep 30, 2025
- PIK interest appearsSep 30, 2025
- PIK interest appearsSep 30, 2025
- PIK interest increasedSep 30, 2025
Schedule of investments at Dec 31, 2022
839 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| B••••••• B•• A••••••••• C•••• | term loan first lien | $5.0M | $4.6M 94c | S+650 bp | Jun 30, 2027 |
| X••••• P••••••••• I••• | term loan first lien | $4.6M | $4.6M 102c | S+650 bp | |
| X•• E•• P••••••••• I••• | term loan first lien | $4.6M | $4.6M 102c | SOFR+650 bp | Jan 28, 2025 |
| S• T• A• T• S• I••••••••• H•••••••• L• L• C• | term loan first lien | $4.8M | $4.5M | LIBOR+525 bp | Oct 7, 2026 |
| W••••••• P••••• H••••••• I• I• I• I••• | term loan first lien | $4.5M | $4.5M 101c | SOFR+675 bp | Jun 2, 2028 |
| W••••••• P••••• H••••••• I••• I••• | term loan first lien | $4.5M | $4.5M 101c | S+675 bp | |
| A••••••• C•••••••• H••••• I••• | term loan first lien | $5.3M | $4.3M 80c | S+1461 bp PIK 18.94% | |
| A••••••• C•••••••• H••••• I••• | unstated lien unstated | Not disclosed | $4.3M | ||
| A••••••• C•••••••• H••••• I••• | term loan first lien | $5.3M | $4.3M 80c | SOFR+1461 bp PIK 18.94% | Dec 31, 2026 |
| A••••••• C•••••••• H••••• I••• | term loan first lien | Not disclosed | $4.3M | ||
| A••••••• C•••••••• H••••• I••• | term loan first lien | $5.3M | $4.3M 80c | SOFR+1461 bp PIK 18.94% | Dec 31, 2026 |
| E•••••• E••••• I••• | term loan first lien | $4.3M | $4.2M | LIBOR+725 bp | Mar 7, 2023 |
| H• A• L• O• B••••• I••• | term loan first lien | $4.8M | $4.2M | LIBOR+450 bp | Jun 30, 2025 |
| C•••••• L• L• C• | term loan first lien | $4.2M | $4.1M | LIBOR+650 bp | Sep 11, 2025 |
| A•••••• M••••• L• L• C• | term loan first lien | $4.5M | $4.1M 92c | SOFR+760 bp PIK 3.75% | Mar 16, 2027 |
| A•••••• M••••• L•• | term loan first lien | $4.5M | $4.1M 92c | SOFR+760 bp PIK 3.75% | Mar 16, 2027 |
| A•••••• M••••• L•• | term loan first lien | $4.5M | $4.1M 92c | S+760 bp PIK 3.75% | |
| E•••• F•••••• H•••••••• I••• | term loan first lien | $4.4M | $4.1M | SOFR+525 bp | Apr 27, 2029 |
| D••••• A••••••••• I••• | term loan first lien | $4.1M | $4.1M 102c | S+676 bp | |
| D••••• A••••••••• I••• | term loan first lien | $4.1M | $4.1M 102c | SOFR+676 bp | Jun 30, 2026 |
| N•••••• B••••••• L• L• C• | term loan first lien | $4.0M | $4.0M 104c | SOFR+700 bp | Aug 26, 2027 |
| N••••••••• L•• | term loan first lien | $4.0M | $4.0M 104c | S+700 bp | |
| M•••••• H•••••••• L•• | term loan first lien | $4.0M | $4.0M 100c | S+600 bp | |
| M•••••• H•••••••• L•• | term loan first lien | $4.0M | $4.0M 100c | SOFR+600 bp | Oct 16, 2024 |
| A••••• Y•••• • U• S• A• I••• | term loan first lien | $4.8M | $4.0M | SOFR+575 bp | Jan 30, 2026 |
| R•••••••• P•••••••• I••• | term loan first lien | $4.8M | $4.0M | LIBOR+425 bp | Jul 9, 2025 |
| C•••••••• T••••••••• I••• | term loan first lien | $4.0M | $4.0M 101c | S+725 bp | |
| C•••••••• T••••••••• I••• | term loan first lien | $4.0M | $4.0M 101c | SOFR+725 bp | Feb 28, 2025 |
| C•• A•••••••• M••••••••• L•• | term loan first lien | $4.0M | $4.0M 103c | SOFR+650 bp | Dec 17, 2026 |
| C•• A•••••••• M••••••••• L•• | term loan first lien | $4.0M | $4.0M 103c | S+650 bp | |
| T••• L• L• C• | term loan first lien | $4.1M | $4.0M | LIBOR+500 bp | Mar 28, 2025 |
| S•• H••••••• L•• | equity equity | Not disclosed | $3.9M | ||
| S•• H•••••• L••• E••••• S••••••••• | unstated lien unstated | Not disclosed | $3.9M 100c | ||
| A••••••• I••• | term loan first lien | $4.0M | $3.9M 100c | S+725 bp | |
| A••••••• I••• | term loan first lien | $4.0M | $3.9M 100c | SOFR+725 bp | Oct 19, 2028 |
| S•• H•••••• L•• | equity equity | Not disclosed | $3.9M 100c | ||
| S• F• R• H••••• | equity equity | Not disclosed | $3.9M 100c | ||
| S•• H•••••• L•• | equity equity | Not disclosed | $3.9M | ||
| S••••••••• I••• | term loan first lien | $3.8M | $3.9M 103c | S+700 bp PIK 11.12% | |
| S•••••• M••• I••• | term loan first lien | $3.8M | $3.9M 103c | //www.monroebdc.com/20230930#London Interbank Offered Rate+700 bp PIK 11.12% | Nov 1, 2027 |
| Q•••• R••••••• M••••••••• G••••• L•• | term loan first lien | $3.8M | $3.8M 101c | S+650 bp | |
| Q•••• R••••••• M••••••••• G••••• L• L• C• | term loan first lien | $3.8M | $3.8M 101c | //www.monroebdc.com/20230930#London Interbank Offered Rate+650 bp | Oct 20, 2025 |
| A••••••• C•••••••• H••••• I••• | term loan first lien | $4.6M | $3.7M 80c | SOFR+811 bp PIK 12.44% | Dec 31, 2026 |
| A••••••• C•••••••• H••••• I••• | term loan first lien | Not disclosed | $3.7M | ||
| A••••••• C•••••••• H••••• I••• | term loan first lien | $4.6M | $3.7M 80c | S+811 bp PIK 12.44% | |
| A••••••• C•••••••• H••••• I••• | term loan first lien | $4.6M | $3.7M 80c | SOFR+811 bp PIK 12.44% | Dec 31, 2026 |
| A••••••• C•••••••• H••••• I••• | unstated lien unstated | Not disclosed | $3.7M | ||
| A••••••• C•••••••• H••••• I••• | term loan first lien | Not disclosed | $3.7M | ||
| P•••• A••••••••• L•• | term loan first lien | $4.5M | $3.7M 100c | SOFR+635 bp | Oct 18, 2028 |
| P•••• A••••••••• L•• | term loan first lien | $4.5M | $3.7M 100c | S+635 bp | |
| S• W• I••••••••• H•••••••• L• L• C• | term loan first lien | $3.6M | $3.6M | LIBOR+475 bp | Jul 3, 2025 |
| N• P• P•••••• C•••••••• M•••• I••• | term loan first lien | $3.5M | $3.4M 100c | S+600 bp | |
| N• P• P•••••• C•••••••• M•••• I••• | term loan first lien | $3.5M | $3.4M 100c | SOFR+600 bp | Oct 4, 2028 |
| M••• L•••• C••••••••• | term loan first lien | $3.4M | $3.4M 101c | SOFR+650 bp | Oct 20, 2025 |
| M•••••••• C••••••••• | term loan first lien | $3.4M | $3.4M 101c | S+650 bp | |
| C•••••••• I••• | term loan first lien | $3.4M | $3.4M 101c | S+700 bp | |
| C•••••••• I••• | term loan first lien | $3.4M | $3.4M 101c | //www.monroebdc.com/20230930#London Interbank Offered Rate+700 bp | Apr 16, 2027 |
| S••••••• S••••••• A••••••••• S•• C•••• | term loan first lien | $3.4M | $3.4M 101c | S+600 bp | |
| S••••••• S••••••• A••••••••• S•• C•••• | term loan first lien | $3.4M | $3.4M 101c | SOFR+600 bp | Sep 30, 2026 |
| R••••••• P••••••• I••••••••• L•• | term loan first lien | $3.5M | $3.4M 99c | S+675 bp | |
| R••••••• P••••••• I••••••••• L• L• C• | term loan first lien | $3.5M | $3.4M 99c | //www.monroebdc.com/20230930#London Interbank Offered Rate+675 bp | Aug 4, 2026 |
| C•••• I••• •• | term loan first lien | $3.6M | $3.4M | LIBOR+500 bp | Jul 2, 2026 |
| C•••••••• T••••••••• I••• | term loan first lien | $3.3M | $3.3M 100c | SOFR+725 bp | Feb 28, 2025 |
| C•••••••• T••••••••• I••• | term loan first lien | $3.3M | $3.3M 100c | S+725 bp | |
| B••• T• R••• L•• | term loan first lien | $3.4M | $3.3M 98c | S+600 bp | |
| B••• T• R••• L• L• C• | term loan first lien | $3.4M | $3.3M 98c | //www.monroebdc.com/20230930#London Interbank Offered Rate+600 bp | Apr 1, 2027 |
| C•••••• •••• B••••• O•••• L•• a•• P•••••• N••••••• G••• C••• L•• | term loan first lien | $3.3M | $3.3M 102c | S+825 bp | |
| C•••••• • P••• B••••• O•••• L• L• C• a•• P•••••• N••••••• G••• C••• L• L• C• | term loan first lien | $3.3M | $3.3M 102c | SOFR+825 bp | Apr 30, 2025 |
| O••••• S••••••• G•••• I••• | term loan first lien | $4.8M | $3.3M | SOFR+675 bp PIK 1.50% | Jun 29, 2026 |
| V•• H•••••••• L•• | term loan first lien | $3.2M | $3.3M 101c | S+900 bp PIK 2.00% | |
| V• P• S• H•••••••• L• L• C• | term loan first lien | $3.2M | $3.3M 101c | //www.monroebdc.com/20230930#London Interbank Offered Rate+900 bp PIK 2.00% | Oct 4, 2024 |
| T• A• T• T• B••••• L• L• C• | term loan first lien | $3.3M | $3.2M | SOFR+500 bp | Mar 30, 2029 |
| W• M••••• R• E• D••• L• L• C• | term loan first lien | $3.2M | $3.2M 100c | 10.00% | Feb 4, 2028 |
| W• M••••• R• D••• L•• | term loan first lien | $3.2M | $3.2M 100c | PIK 10.00% | |
| E••••••• G••••• L• L• C• | term loan first lien | $3.3M | $3.2M | SOFR+550 bp | Apr 14, 2028 |
| T• G• G• T• S• A••••••••• C•••••• | term loan first lien | $3.2M | $3.1M | LIBOR+650 bp | Dec 12, 2025 |
| O••••• A••••••••• F•••• I••••• T•••• | term loan first lien | $3.1M | $3.1M 91c | 10.75% | |
| O••••• A••••••••• F•••• I••••• T•••• | term loan first lien | $3.1M | $3.1M 91c | 10.75% | Jun 29, 2026 |
| M• C• P• S••• A••••••••• L• L• C• | term loan first lien | $3.0M | $3.0M 102c | SOFR+650 bp | Nov 28, 2025 |
| M•• S••• A••••••••• L•• | term loan first lien | $3.0M | $3.0M 102c | S+650 bp | |
| D••••••••• P•••••••• L•• | term loan first lien | $3.0M | $3.0M 101c | SOFR+700 bp PIK 11.56% | Sep 1, 2028 |
| D••••••••• P•••••••• L•• | term loan first lien | $3.0M | $3.0M 101c | S+700 bp PIK 11.56% | |
| T••••••••• I••• | term loan first lien | $3.0M | $3.0M 101c | S+725 bp PIK 3.63% | |
| T•••• C••••••• I••• | term loan first lien | $3.0M | $3.0M 101c | SOFR+725 bp PIK 3.63% | Feb 16, 2028 |
| S••••• O•••••••• H••••••• I•• L•• | term loan first lien | $3.0M | $2.9M 100c | S+575 bp | |
| S••••• O•••••••• H••••••• I•• L••• D••• 1•••••••• | unstated lien unstated | $3.0M | $2.9M 100c | SOFR+575 bp | Nov 3, 2027 |
| H•••••• B•••••• H•••••••• I••• | term loan first lien | $2.9M | $2.9M | LIBOR+525 bp | Dec 13, 2024 |
| H• A• H• G•••• H•••••• C•••••• L• L• C• | term loan first lien | $3.0M | $2.8M | SOFR+500 bp | Oct 29, 2027 |
| I•• B••••• I••• | term loan first lien | $3.0M | $2.8M 97c | S+700 bp PIK 3.50% | |
| I• N• H• B••••• I••• | term loan first lien | $3.0M | $2.8M 97c | SOFR+700 bp PIK 3.50% | Jun 28, 2028 |
| T• E• A• M• P••••• C••••••• L• L• C• | term loan first lien | $3.0M | $2.8M | LIBOR+500 bp | Dec 17, 2027 |
| N••••• N••••••• I••• | term loan first lien | $3.1M | $2.8M 89c | S+1150 bp PIK 4.00% | |
| N••••• N•••••• I••• | term loan first lien | $3.1M | $2.8M 89c | SOFR+1150 bp PIK 4.00% | Mar 31, 2024 |
| N••••• N••••••• I••• | term loan first lien | $3.1M | $2.8M 89c | SOFR+1150 bp PIK 4.00% | Mar 31, 2024 |
| T• M••••••••• H••••• L•• | equity equity | Not disclosed | $2.8M | ||
| T• J• M••••••••• H••• C• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $2.8M 170c | ||
| T• M••••••••• H••••• L••• E••••• S••••••••• | equity equity | Not disclosed | $2.8M 170c | ||
| T• M••••••••• H•••••• L•• | equity equity | Not disclosed | $2.8M | ||
| V•• H•••••••• L•• | term loan first lien | $2.7M | $2.7M 100c | S+900 bp PIK 2.00% | |
| V• P• S• H•••••••• L• L• C• | term loan first lien | $2.7M | $2.7M 100c | //www.monroebdc.com/20230930#London Interbank Offered Rate+900 bp PIK 2.00% | Oct 4, 2024 |
Registration
- Fiscal year end
- 1231reported
- Incorporated
- NYreported
- On the SEC BDC report
- 2012 to 2025reported
- Filings listed
- 17reported10-Q and 10-K since 2022
- Latest schedule
- 0001512931-26-000011reported