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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 |
|---|---|---|---|---|---|
| P••••••• I••• | term loan first lien | $884,000 | $878,000 99c | S+650 bp | |
| A•••• I••••••••• H•••••• L• L• C• | term loan first lien | $796,000 | $794,000 101c | SOFR+625 bp | Jul 3, 2025 |
| A•••• I••••••••• H•••••• L•• | term loan first lien | $796,000 | $794,000 101c | S+625 bp | |
| E••••• N••••••• L• L• C• | term loan first lien | $780,000 | $775,000 101c | SOFR+600 bp | Dec 31, 2025 |
| E••••• N••••••• L•• | term loan first lien | $780,000 | $775,000 101c | S+600 bp | |
| E••••• N••••••• L• L• C• | term loan first lien | $780,000 | $775,000 101c | SOFR+600 bp | Dec 31, 2025 |
| E•••••• E••••• I••• | term loan first lien | $773,000 | $766,000 | LIBOR+725 bp | Mar 7, 2023 |
| T•••••• M••••••• S••••••• I•• | term loan first lien | $746,000 | $746,000 | LIBOR+475 bp | Feb 26, 2027 |
| C•••••• • P••• B••••• O•••• L• L• C• a•• P•••••• N••••••• G••• C••• L• L• C• | revolver first lien | $1.7M | $719,000 100c | SOFR+825 bp | Apr 30, 2025 |
| C•••••• •••• B••••• O•••• L•• a•• P•••••• N••••••• G••• C••• L•• | revolver first lien | $1.7M | $719,000 100c | S+825 bp | |
| N•••• H•••• U••• A••••••••• I•• | term loan first lien | $710,000 | $709,000 100c | SOFR+650 bp | Oct 30, 2025 |
| N•••• H•••• U••• A••••••••• I••• | term loan first lien | $710,000 | $709,000 100c | S+650 bp | |
| M•••••••• I••• | term loan first lien | $674,000 | $673,000 100c | //www.monroebdc.com/20230930#London Interbank Offered Rate+700 bp | Feb 14, 2025 |
| M•••••••• I••• | term loan first lien | $674,000 | $673,000 100c | S+700 bp | |
| R••••••• H••••• G••••• L•• | delayed draw term loan first lien | $778,000 | $648,000 98c | S+575 bp | |
| R••••••• H••••• G••••• L• L• C• | delayed draw term loan first lien | $778,000 | $648,000 98c | SOFR+575 bp | Nov 20, 2025 |
| F•••••• E••• C•••• I••••••••• L• L• C• | term loan first lien | $617,000 | $619,000 102c | 10.50% | Jun 28, 2024 |
| F•••••• E••• C•••• I••••••••• L•• | term loan first lien | $617,000 | $619,000 102c | 10.50% | |
| D••••• A••••••••• I••• | revolver first lien | $596,000 | $596,000 100c | S+650 bp | |
| D••••• A••••••••• I••• | revolver first lien | $596,000 | $596,000 100c | SOFR+650 bp | Jun 30, 2026 |
| K••••••• G••• P•••••••• L•• | term loan first lien | $600,000 | $588,000 100c | S+665 bp | |
| K••••••• G••• P•••••••• L•• | unstated lien unstated | $600,000 | $588,000 100c | SOFR+665 bp | Dec 11, 2028 |
| K••••••• G••• P•••••••• L•• | term loan first lien | $600,000 | $588,000 100c | SOFR+665 bp | Dec 11, 2028 |
| B••• O•••••••• C••••••• L•• | term loan first lien | $588,000 | $571,000 163c | LIBOR+850 bp | Aug 28, 2025 |
| B• L• S• T• O•••••••• C••••••• L• L• C• | term loan first lien | $588,000 | $571,000 163c | //www.monroebdc.com/20230930#London Interbank Offered Rate+850 bp | Aug 28, 2025 |
| B••• O•••••••• C••••••• L•• | term loan first lien | $588,000 | $571,000 163c | S+850 bp | |
| P••••••• I•••• E••••• S••••••••• | equity equity | Not disclosed | $563,000 119c | PIK 8.00% | |
| P••••••• I•••• E••••• S••••••••• | equity equity | Not disclosed | $563,000 119c | PIK 8.00% | |
| R••••••• B••••••••• L•• | term loan first lien | $0 | $557,000 | ||
| R••••••• B••••••••• L• L• C• | term loan first lien | Not disclosed | $557,000 | ||
| V•••••• P••••••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $555,000 111c | PIK 10.00% | |
| V•••••• P••••••• L••• E••••• S••••••••• | equity equity | Not disclosed | $555,000 111c | PIK 10.00% | |
| A••••••• C•••••••• H••••• I••• | term loan first lien | Not disclosed | $543,000 | ||
| A••••••• C•••••••• H••••• I••• | unstated lien unstated | Not disclosed | $543,000 | ||
| A••••••• C•••••••• H••••• I••• | term loan first lien | $682,000 | $543,000 80c | SOFR+811 bp PIK 12.44% | Dec 31, 2026 |
| A••••••• C•••••••• H••••• I••• | term loan first lien | $682,000 | $543,000 80c | SOFR+811 bp PIK 12.44% | Dec 31, 2026 |
| A••••••• C•••••••• H••••• I••• | term loan first lien | Not disclosed | $543,000 | ||
| A••••••• C•••••••• H••••• I••• | term loan first lien | $682,000 | $543,000 80c | S+811 bp PIK 12.44% | |
| A••••••• C•••••••• H••••• I••• | term loan first lien | Not disclosed | $543,000 | ||
| S•••• B••••••••• L••• E••••• S••••••• | equity equity | Not disclosed | $537,000 161c | ||
| S•••• B••••••••• L••• E••••• S••••••••• | equity equity | Not disclosed | $537,000 161c | ||
| S•••• B•• S••••••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $537,000 161c | ||
| P••••••• I•• | term loan first lien | $530,000 | $527,000 102c | SOFR+650 bp | Dec 28, 2026 |
| P••••••• I••• | term loan first lien | $530,000 | $527,000 102c | S+650 bp | |
| A•••• I••••••••• H•••••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $522,000 176c | ||
| A•••• I••••••••• H•••••• L••• E••••• S••••••••• | equity equity | Not disclosed | $522,000 176c | ||
| V••• G•••• H•••••• I••• | term loan first lien | $531,000 | $520,000 98c | S+1200 bp PIK 12.00% | |
| V••• G•••• H•••••• I••• | term loan first lien | $531,000 | $520,000 98c | //www.monroebdc.com/20230930#London Interbank Offered Rate+1200 bp PIK 12.00% | May 12, 2023 |
| E•••••• E••••• I••• | revolver first lien | $554,000 | $509,000 | LIBOR+625 bp | Mar 7, 2023 |
| O•••• P•••••••• L• L• C• | term loan first lien | $543,000 | $494,000 | LIBOR+450 bp | Oct 21, 2024 |
| A•••• I••••••••• H•••••• L• L• C• | term loan first lien | $468,000 | $467,000 100c | SOFR+625 bp | Jul 3, 2025 |
| A•••• I••••••••• H•••••• L•• | term loan first lien | $468,000 | $467,000 100c | S+625 bp | |
| B••• T• R••• L•• | term loan first lien | $470,000 | $452,000 96c | S+600 bp | |
| B••• T• R••• L• L• C• | delayed draw term loan first lien | $470,000 | $452,000 96c | //www.monroebdc.com/20230930#London Interbank Offered Rate+600 bp | Apr 1, 2027 |
| P••••••• I••• | revolver first lien | $442,000 | $439,000 99c | SOFR+650 bp | Dec 28, 2026 |
| P••••••• I••• | revolver first lien | $442,000 | $439,000 99c | S+650 bp | |
| M•••••••• C••••••••• E••••• S••••••••• | equity equity | Not disclosed | $426,000 | ||
| M••• L•••• C••••••••• E••••• S••••••••• | equity equity | Not disclosed | $426,000 | ||
| M•••••••• C••••••••• E••••• S••••••••• | equity equity | Not disclosed | $426,000 | ||
| B• L• S• T• O•••••••• C••••••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $420,000 59c | ||
| B••• O•••••••• C••••••• L••• E••••• S••••••••• | equity equity | Not disclosed | $420,000 59c | ||
| C• B• C• R••••••••• C•••• | term loan first lien | $1.1M | $415,000 | 5.00% | Dec 30, 2022 |
| H• S• A••••••••• I••• | revolver first lien | $817,000 | $407,000 100c | //www.monroebdc.com/20230930#London Interbank Offered Rate+675 bp | Jul 9, 2025 |
| H•• A••••••••• I••• | revolver first lien | $817,000 | $407,000 100c | S+675 bp | |
| L••••••••• S•• I•• L•• | term loan first lien | $413,000 | $403,000 98c | //www.monroebdc.com/20230930#London Interbank Offered Rate+1075 bp | Mar 31, 2023 |
| L••••••••• S•• I•• L•• | term loan first lien | $413,000 | $403,000 98c | S+1075 bp | |
| A•••• I••••••••• H•••••• L• L• C• | term loan first lien | $400,000 | $399,000 103c | SOFR+625 bp | Jul 3, 2025 |
| A•••• I••••••••• H•••••• L•• | term loan first lien | $400,000 | $399,000 103c | S+625 bp | |
| C• H• A• H•••••••• I•• | term loan first lien | $413,000 | $398,000 | LIBOR+450 bp | Apr 10, 2025 |
| B•••••••• L•• | revolver first lien | $1.1M | $389,000 98c | LIBOR+625 bp | Sep 8, 2027 |
| B•••••••• L• L• C• ••• C••••••••• H•••••••• | revolver first lien | $1.1M | $389,000 98c | //www.monroebdc.com/20230930#London Interbank Offered Rate+625 bp | Sep 8, 2027 |
| B•••••••• L•• ••• C••••••••• H•••••••• | revolver first lien | $1.1M | $389,000 98c | S+625 bp | |
| N••• C••••••••• L•• | revolver first lien | $1.4M | $382,000 29c | S+1100 bp PIK 14.61% | |
| N••• C••••••••• L•• | revolver first lien | Not disclosed | $382,000 | ||
| N• E• C• B• C••••••••• L• L• C• | revolver first lien | $1.4M | $382,000 29c | //www.monroebdc.com/20230930#London Interbank Offered Rate+1100 bp PIK 14.61% | |
| N••• C••••••••• L•• | revolver first lien | Not disclosed | $382,000 | ||
| Q•••• R••••••• M••••••••• G••••• L•• | delayed draw term loan first lien | $1.8M | $381,000 99c | S+650 bp | |
| Q•••• R••••••• M••••••••• G••••• L• L• C• | delayed draw term loan first lien | $1.8M | $381,000 99c | //www.monroebdc.com/20230930#London Interbank Offered Rate+650 bp | Oct 20, 2025 |
| D••••••••• M••••• I••• | term loan first lien | $377,000 | $377,000 100c | SOFR+550 bp | Apr 7, 2023 |
| D••••••••• M••••• I•• | term loan first lien | $377,000 | $377,000 100c | SOFR+550 bp | Apr 7, 2023 |
| D••••••••• M••••• I••• | term loan first lien | $377,000 | $377,000 100c | S+550 bp | |
| C•••••• • P••• B••••• O•••• L• L• C• a•• P•••••• N••••••• G••• C••• L• L• C• | delayed draw term loan first lien | $337,000 | $337,000 100c | SOFR+825 bp | Apr 30, 2025 |
| C•••••• •••• B••••• O•••• L•• a•• P•••••• N••••••• G••• C••• L•• | term loan first lien | $337,000 | $337,000 100c | S+825 bp | |
| S••••••••• M••••• L•• | term loan first lien | $336,000 | $330,000 100c | S+675 bp | |
| S••• C••••••••• M•• C•• L• L• C• | term loan first lien | $336,000 | $330,000 100c | //www.monroebdc.com/20230930#London Interbank Offered Rate+675 bp | Jan 12, 2027 |
| N• P• P•••••• C•••••••• M•••• I•••• E••••• S••••••••• | equity equity | Not disclosed | $327,000 100c | ||
| N• P• P•••••• C•••••••• M•••• I•••• E••••• S••••••••• | equity equity | Not disclosed | $327,000 100c | ||
| I• D• I• G• P•••••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $324,000 131c | ||
| I••• P•••••• L••• E••••• S••••••••• | equity equity | Not disclosed | $324,000 131c | ||
| V••• G•••• H•••••• I••• | term loan first lien | $325,000 | $318,000 98c | //www.monroebdc.com/20230930#London Interbank Offered Rate+1200 bp PIK 12.00% | May 12, 2023 |
| M•••••••• C••••••••• | term loan first lien | $320,000 | $318,000 101c | S+650 bp | |
| V••• G•••• H•••••• I••• | term loan first lien | $325,000 | $318,000 98c | S+1200 bp PIK 12.00% | |
| M••• L•••• C••••••••• | term loan first lien | $320,000 | $318,000 101c | SOFR+650 bp | Oct 20, 2025 |
| V•••••• P••••••• L• L• C• | term loan first lien | $260,000 | $312,000 120c | //www.monroebdc.com/20230930#London Interbank Offered Rate+750 bp | Jun 19, 2023 |
| V•••••• P••••••• L•• | term loan first lien | $260,000 | $312,000 120c | S+750 bp PIK 11.89% | |
| E•••• F•••••• H•••••••• I••• | revolver first lien | $625,000 | $306,000 | SOFR+525 bp | Apr 28, 2028 |
| K•• W••• H•••••••• L•• | revolver first lien | $572,000 | $303,000 99c | S+600 bp | |
| K•• W••• H•••••••• L• L• C• | revolver first lien | $572,000 | $303,000 99c | SOFR+600 bp | Feb 26, 2027 |
| P• K• S• H•••••••• L• L• C• E••••• S••••••••• | preferred equity equity | Not disclosed | $298,000 514c | PIK 12.00% | |
| P•• H•••••••• L••• E••••• S••••••••• | preferred equity equity | Not disclosed | $298,000 514c | PIK 12.00% |
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