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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 |
|---|---|---|---|---|---|
| A• T••••••• H•••••• C••••••• I••• E••••• S••••••••• | equity equity | Not disclosed | $294,000 258c | ||
| A••••••••• H•••••• C••••••• I•••• E••••• S••••••••• | equity equity | Not disclosed | $294,000 258c | ||
| A•••• I••••••••• H•••••• L•• | term loan first lien | $276,000 | $275,000 101c | S+625 bp | |
| A•••• I••••••••• H•••••• L• L• C• | term loan first lien | $276,000 | $275,000 101c | SOFR+625 bp | Jul 3, 2025 |
| S••••••••• A••••••• L• L• C• | delayed draw term loan first lien | $270,000 | $260,000 | LIBOR+475 bp | Dec 29, 2028 |
| 3•• H•••••• I••• | delayed draw term loan first lien | $827,000 | $252,000 | SOFR+500 bp | Aug 2, 2025 |
| T••••• L••• C••• L• L• C• | term loan first lien | $251,000 | $250,000 | SOFR+625 bp | Dec 14, 2026 |
| P•••••• H••••••••• | delayed draw term loan first lien | $366,000 | $242,000 | SOFR+575 bp | Jan 19, 2027 |
| D•••••• U•••••• S••••••••• L• L• C• ••• N• G• S• U• S• F••••• L• L• C• | term loan first lien | $245,000 | $239,000 | LIBOR+525 bp | Oct 1, 2025 |
| C•••••••• I••• | revolver first lien | $409,000 | $233,000 100c | //www.monroebdc.com/20230930#London Interbank Offered Rate+700 bp | Apr 16, 2027 |
| B••• T• R••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $233,000 87c | ||
| C•••••••• I••• | revolver first lien | $409,000 | $233,000 100c | S+700 bp | |
| B••• T• R••• L••• E••••• S••••••••• | equity equity | Not disclosed | $233,000 87c | ||
| R••••••• F•••••• I••• E••••• S••••••••• | equity equity | Not disclosed | $225,000 278c | ||
| R••••••• F•••••• I•••• E••••• S••••••••• | equity equity | Not disclosed | $225,000 278c | ||
| D••••• A••••••••• I•••• E••••• S••••••••• | equity equity | Not disclosed | $224,000 | ||
| D••••• A••••••••• I••• E••••• S••••••••• | equity equity | Not disclosed | $224,000 | ||
| X••••• P••••••••• I•••• E••••• S••••••••• | equity equity | Not disclosed | $223,000 455c | PIK 8.00% | |
| X•• E•• P••••••••• I••• E••••• S••••••••• | equity equity | Not disclosed | $223,000 455c | PIK 8.00% | |
| D••••• A••••••••• I•••• E••••• S••••••••• | equity equity | Not disclosed | $215,000 104c | ||
| D••••• A••••••••• I••• E••••• S••••••••• | equity equity | Not disclosed | $215,000 104c | ||
| M•••• H•••••••• I••• | revolver first lien | Not disclosed | $214,000 | ||
| M•••• H•••••••• I•• | revolver first lien | $533,000 | $214,000 100c | SOFR+800 bp PIK 5.00% | Dec 30, 2023 |
| M•••• H••••••• I••• | revolver first lien | Not disclosed | $214,000 | ||
| M•••• H•••••••• I••• | revolver first lien | $533,000 | $214,000 100c | SOFR+800 bp PIK 5.00% | Dec 30, 2023 |
| M•••• H•••••••• I••• | revolver first lien | $533,000 | $214,000 100c | S+800 bp PIK 5.00% | |
| M•••• H•••••••• I••• | revolver first lien | Not disclosed | $214,000 | ||
| M•••••••• C••••••••• | term loan first lien | $214,000 | $213,000 100c | S+650 bp | |
| M••• L•••• C••••••••• | term loan first lien | $214,000 | $213,000 100c | SOFR+650 bp | Oct 20, 2025 |
| Q•••• R••••••• M••••••••• G••••• L• L• C• E••••• S••••••••• | warrants equity | Not disclosed | $210,000 313c | Mar 19, 2028 | |
| Q•••• R••••••• M••••••••• G••••• L••• E••••• S••••••••• | warrants equity | Not disclosed | $210,000 313c | ||
| L••••• O•••••• H••••••• C•• | equity equity | Not disclosed | $209,000 | ||
| E•••••• W••• A••••••••• C••••••• L•• | revolver first lien | $379,000 | $208,000 100c | S+650 bp | |
| E•••••• W••• A••••••••• C••••••• L•• | revolver first lien | $379,000 | $208,000 100c | SOFR+650 bp | Jul 14, 2028 |
| M•• S••• A••••••••• L••• E••••• S••••••••• | equity equity | Not disclosed | $204,000 171c | ||
| M• C• P• S••• A••••••••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $204,000 171c | ||
| V••• G•••• H•••••• I••• | term loan first lien | $200,000 | $196,000 98c | S+1200 bp PIK 12.00% | |
| V••• G•••• H•••••• I••• | term loan first lien | $200,000 | $196,000 98c | //www.monroebdc.com/20230930#London Interbank Offered Rate+1200 bp PIK 12.00% | May 12, 2023 |
| N•••• H•••• U• S• H• C• A••••••••• I••• | revolver first lien | $416,000 | $187,000 100c | SOFR+650 bp | Oct 30, 2025 |
| N•••• H•••• U••• A••••••••• I••• | revolver first lien | $416,000 | $187,000 100c | S+650 bp | |
| S••••••••• I••• | revolver first lien | $350,000 | $175,000 100c | S+600 bp PIK 10.27% | |
| S•••••• M••• I••• | revolver first lien | $350,000 | $175,000 100c | //www.monroebdc.com/20230930#London Interbank Offered Rate+600 bp PIK 10.27% | Nov 1, 2027 |
| C•••••• A••••• H•••••• L• L• C• | delayed draw term loan first lien | $3.8M | $173,000 92c | SOFR+875 bp PIK 3.00% | Jun 30, 2027 |
| C•••••• A••••• H•••••• L•• | delayed draw term loan first lien | $3.8M | $173,000 92c | S+875 bp PIK 3.00% | |
| F••••• M••••• I••• E••••• S••••••••• | warrants equity | Not disclosed | $155,000 | Jan 14, 2029 | |
| F••••• M••••• I•••• E••••• S••••••••• | warrants equity | Not disclosed | $155,000 | ||
| L• V• F• H•••••••• I••• | revolver first lien | $238,000 | $152,000 97c | //www.monroebdc.com/20230930#London Interbank Offered Rate+625 bp | Jun 10, 2027 |
| L•• H•••••••• I••• | revolver first lien | $238,000 | $152,000 97c | S+625 bp | |
| Q•••• R••••••• M••••••••• G••••• L••• E••••• S••••••••• | warrants equity | Not disclosed | $147,000 | ||
| Q•••• R••••••• M••••••••• G••••• L• L• C• E••••• S•••••••• | warrants equity | Not disclosed | $147,000 | Mar 19, 2028 | |
| C• P••••• H•••••••• L••• ••• C••••• H•••••••• L••• | term loan first lien | $0 | $146,000 | ||
| C• P••••• H•••••••• L••• | unstated lien unstated | Not disclosed | $146,000 | ||
| C••••• H•••••••• L• L• C• | term loan first lien | Not disclosed | $146,000 | ||
| C••••• H•••••••• L• L• C• | term loan first lien | Not disclosed | $146,000 | Aug 31, 2022 | |
| C• P••••• H•••••••• L••• ••• C••••• H•••••••• L••• | unstated lien unstated | Not disclosed | $146,000 | ||
| C• P••••• H•••••••• L••• ••• C••••• H•••••••• L••• | term loan first lien | Not disclosed | $146,000 | ||
| E••••• N••••••• L• L• C• | revolver first lien | $171,000 | $127,000 99c | SOFR+600 bp | Dec 31, 2025 |
| E••••• N••••••• L•• | revolver first lien | $171,000 | $127,000 99c | S+600 bp | |
| E••••• N••••••• L• L• C• | revolver first lien | $171,000 | $127,000 99c | SOFR+600 bp | Dec 31, 2025 |
| D••••••••• P•••••••• L••• E••••• S••••••••• | equity equity | Not disclosed | $126,000 97c | ||
| D••••••••• P•••••••• L••• E••••• S••••••••• | equity equity | Not disclosed | $126,000 97c | ||
| T•••••• M••••••• S••••••• I•• | revolver first lien | $319,000 | $122,000 | LIBOR+475 bp | Feb 26, 2027 |
| A••••••• B•••••••• a•• T••••••••• C•••••• L• L• C• | revolver first lien | $500,000 | $118,000 98c | Prime+1200 bp PIK 2.00% | Jun 10, 2025 |
| E•••••• W••• A••••••••• C••••••• L••• E••••• S••••••••• | equity equity | Not disclosed | $118,000 94c | PIK 8.00% | |
| E•••••• W••• A••••••••• C••••••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $118,000 94c | PIK 8.00% | |
| A••••••• B•••••••• a•• T••••••••• C•••••• L•• | revolver first lien | $500,000 | $118,000 98c | S+1200 bp PIK 2.00% | |
| K•• W••• H•••••••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $111,000 108c | ||
| K•• W••• H•••••••• L••• E••••• S••••••••• | equity equity | Not disclosed | $111,000 108c | ||
| E••••• N••••••• L••• E••••• S••••••••• | equity equity | Not disclosed | $109,000 98c | ||
| E••••••• G••••• L• L• C• | delayed draw term loan first lien | $740,000 | $109,000 | SOFR+550 bp | Apr 14, 2028 |
| E••••• N••••••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $109,000 98c | ||
| V•• H•••••••• L•• | revolver first lien | $1.0M | $102,000 100c | S+900 bp PIK 2.00% | |
| D••••••••• P•••••••• L•• | delayed draw term loan first lien | $330,000 | $102,000 99c | SOFR+700 bp PIK 11.56% | Sep 1, 2028 |
| V• P• S• H•••••••• L• L• C• | revolver first lien | $1.0M | $102,000 100c | //www.monroebdc.com/20230930#London Interbank Offered Rate+900 bp PIK 2.00% | Oct 4, 2024 |
| I••••••••• B••••• I•••• E••••• S••••••••• | equity equity | Not disclosed | $102,000 126c | ||
| D••••••••• P•••••••• L•• | delayed draw term loan first lien | $330,000 | $102,000 99c | S+700 bp PIK 11.56% | |
| T•• K•••• C••••••• L• L• C• | revolver first lien | $105,000 | $88,000 99c | SOFR+710 bp PIK 0.50% | Apr 3, 2026 |
| T•• K•••• C••••••• L•• | revolver first lien | $105,000 | $88,000 99c | S+710 bp PIK 0.50% | |
| A••••••• C•••••••• H••••• I••• | term loan first lien | Not disclosed | $85,000 | ||
| A••••••• C•••••••• H••••• I••• | term loan first lien | $106,000 | $85,000 80c | SOFR+811 bp PIK 12.44% | Dec 31, 2026 |
| A••••••• C•••••••• H••••• I••• | term loan first lien | $106,000 | $85,000 80c | S+811 bp PIK 12.44% | |
| A••••••• C•••••••• H••••• I••• | term loan first lien | Not disclosed | $85,000 | ||
| A••••••• C•••••••• H••••• I••• | term loan first lien | $106,000 | $85,000 80c | SOFR+811 bp PIK 12.44% | Dec 31, 2026 |
| A••••••• C•••••••• H••••• I••• | unstated lien unstated | Not disclosed | $85,000 | ||
| A••••••• C•••••••• H••••• I••• | term loan first lien | Not disclosed | $85,000 | ||
| W••••••• P••••• H••••••• I••• I••• | revolver first lien | $563,000 | $84,000 100c | S+675 bp | |
| W••••••• P••••• H••••••• I• I• I• I••• | revolver first lien | $563,000 | $84,000 100c | SOFR+675 bp | Jun 2, 2028 |
| T• J• M••••••••• H••• C• L• L• C• | revolver first lien | $477,000 | $80,000 100c | //www.monroebdc.com/20230930#London Interbank Offered Rate+550 bp | Jun 28, 2024 |
| T• M••••••••• H••••• L•• | revolver first lien | $477,000 | $80,000 100c | S+550 bp | |
| T• M••••••••• H••••• L•• | revolver lien unstated | Not disclosed | $80,000 | ||
| T• M••••••••• H•••••• L•• | revolver lien unstated | Not disclosed | $80,000 | ||
| S••••••••• M••••• L•• | revolver first lien | $322,000 | $79,000 98c | S+675 bp | |
| S••• C••••••••• M•• C•• L• L• C• | revolver first lien | $322,000 | $79,000 98c | //www.monroebdc.com/20230930#London Interbank Offered Rate+675 bp | Jan 12, 2027 |
| L••••• T••••• H•••••••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $78,000 70c | ||
| L••••• T••••• H•••••••• L••• E••••• S••••••••• | equity equity | Not disclosed | $78,000 70c | ||
| A••••••• B•••••••• a•• T••••••••• C•••••• L• L• C• E••••• S••••••••• | warrants equity | Not disclosed | $69,000 164c | Jun 10, 2032 | |
| A••••••• B•••••••• a•• T••••••••• C•••••• L••• E••••• S••••••••• | warrants equity | Not disclosed | $69,000 164c | ||
| N•••••• B•••••••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $66,000 43c | ||
| N••••••••• L••• E••••• S••••••••• | equity equity | Not disclosed | $66,000 43c | ||
| S•••••• G••••• I•••• E••••• S••••••••• | equity equity | Not disclosed | $63,000 78c |
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