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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 Jun 30, 2023
439 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| N•••• H•••• U• S• H• C• A••••••••• I••• | delayed draw term loan first lien | $2.6M | $2.5M 98c | SOFR+625 bp | Oct 30, 2025 |
| i••••• I••• | term loan first lien | $2.5M | $2.5M 102c | SOFR+725 bp PIK 12.38% | Aug 18, 2028 |
| P••••••• L•• | term loan first lien | $2.5M | $2.5M 102c | SOFR+710 bp | Dec 8, 2027 |
| T• C• F• I• I• I• O• W• L• B•••• L• L• C• | term loan first lien | $2.5M | $2.5M 100c | SOFR+550 bp | Apr 17, 2026 |
| F•••••• D••••• G•••• H•••••••• L• L• C• E••••• S••••••••• | equity equity | $0 | $2.4M 60c | ||
| F•••••• D••••• G•••• H•••••••• L•• | equity equity | Not disclosed | $2.4M | ||
| S•••• B•• S••••••• L• L• C• | term loan first lien | $2.4M | $2.4M 100c | SOFR+675 bp | Jul 8, 2027 |
| S••••••• S••••••• A••••••••• S•• C•••• | term loan first lien | $2.4M | $2.4M 100c | SOFR+610 bp | Sep 30, 2026 |
| T••••••• L• L• C• | term loan first lien | $2.4M | $2.4M 99c | //www.monroebdc.com/20230630#London Interbank Offered Rate+726 bp | Dec 18, 2026 |
| M• K•••••• I••••••••• H•••••••• L• L• C• | term loan first lien | $2.5M | $2.4M | SOFR+500 bp | Mar 9, 2029 |
| N•••• H•••• U• S• H• C• A••••••••• I••• | revolver first lien | $2.4M | $2.4M 99c | SOFR+650 bp | Oct 30, 2025 |
| N••••• N••••••• I••• | revolver first lien | $2.6M | $2.3M 91c | SOFR+1150 bp | Mar 29, 2024 |
| V• B• E•• L• L• C• • D•••••• D••••• U••••••••• S•••••• L•••• | delayed draw term loan first lien | $2.3M | $2.3M 101c | //www.monroebdc.com/20230630#London Interbank Offered Rate+765 bp | Nov 18, 2026 |
| N•••• H•••• S•••••• U• S• H•••••• L• L• C• | term loan first lien | $2.3M | $2.2M | SOFR+625 bp | Jun 6, 2025 |
| I• M••• P••• L••• M••••• E••••• S••••••••• | unstated lien unstated | Not disclosed | $2.2M | Sep 18, 2025 | |
| T• C• F• I• I• I• O• W• L• B•••• L• L• C• | term loan first lien | $2.2M | $2.2M 101c | SOFR+550 bp | Apr 17, 2026 |
| A••• C••••••••• | term loan first lien | $2.2M | $2.2M 101c | SOFR+650 bp PIK 3.25% | Apr 13, 2027 |
| V• P• S• H•••••••• L• L• C• | term loan first lien | $2.2M | $2.2M 100c | SOFR+711 bp PIK 12.22% | Oct 4, 2024 |
| L•••••••• I••••••••• H••••••• I• I• L• L• C• | term loan first lien | $2.2M | $2.2M | //www.monroebdc.com/20230630#London Interbank Offered Rate+575 bp | Oct 14, 2027 |
| 3•• H•••••• I••• | term loan first lien | $2.1M | $2.1M | SOFR+560 bp | Aug 1, 2025 |
| S••••••• S••••••• A••••••••• S•• C•••• | term loan first lien | $2.1M | $2.1M 100c | SOFR+610 bp PIK 11.20% | Sep 30, 2026 |
| M•••••••• I•• | term loan first lien | $2.1M | $2.1M 102c | //www.monroebdc.com/20230630#London Interbank Offered Rate+650 bp PIK 11.69% | Oct 27, 2028 |
| R••••••••• O• D• A• L• L• C• | term loan first lien | $2.1M | $2.1M 102c | SOFR+660 bp | Jun 8, 2029 |
| P•••••• H••••••••• I••• | term loan first lien | $2.1M | $2.1M | SOFR+575 bp | Jan 19, 2027 |
| E•••••••• C••••••••• o• A••••••• J••••• | term loan lien unstated | $833,000 | $2.0M 245c | //www.monroebdc.com/20230630#London Interbank Offered Rate+1100 bp PIK 5.50% | |
| T• C• F• I• I• I• O• W• L• B•••• L• L• C• | term loan first lien | $2.0M | $2.0M 101c | SOFR+550 bp | Apr 17, 2026 |
| A••••• H•••••• I•• L•• | unstated lien unstated | $2.0M | $2.0M 102c | SOFR+1026 bp PIK 1.00% | Dec 21, 2027 |
| S••• C••••••••• M•• C•• L• L• C• | term loan first lien | $2.0M | $2.0M 100c | SOFR+685 bp | Jan 12, 2027 |
| S•••• B••••••••• L•• | delayed draw term loan first lien | $2.8M | $2.0M 99c | SOFR+675 bp | Jul 8, 2027 |
| A••••••• C•••••••• H••••• I••• | term loan first lien | Not disclosed | $2.0M | ||
| A••••••• C•••••••• H••••• I••• | term loan first lien | $2.7M | $2.0M 73c | SOFR+811 bp PIK 13.22% | Dec 31, 2026 |
| A••••••• C•••••••• H••••• I••• | term loan first lien | Not disclosed | $2.0M | ||
| M•• B•••• L•• | term loan first lien | $2.0M | $1.9M 100c | SOFR+650 bp | Jun 29, 2029 |
| H••••••• M••••••••• C•••••• | term loan first lien | $1.9M | $1.9M 101c | SOFR+760 bp | Dec 31, 2024 |
| A••••• M••••• L• L• C• E••••• S••••••••• | equity equity | $0 | $1.9M 95c | PIK 8.00% | |
| A••••• M••••• L•• | equity equity | Not disclosed | $1.9M | ||
| V•••••• P••••••• L•• | term loan first lien | $1.6M | $1.9M 119c | SOFR+750 bp PIK 1.50% | Dec 29, 2023 |
| A• S• G• I• I• L• L• C• U••••••••• S•••••• L••••• d•• 5••••• | term loan first lien | $1.9M | $1.9M 102c | SOFR+640 bp | May 25, 2028 |
| A•••• I••••••••• H•••••• L• L• C• | term loan first lien | $1.9M | $1.9M 99c | SOFR+661 bp | Jul 3, 2025 |
| C• H• A• H•••••••• I•• | term loan first lien | $1.9M | $1.9M | //www.monroebdc.com/20230630#London Interbank Offered Rate+450 bp | Apr 10, 2025 |
| S••••••• C••••••••• | term loan first lien | $2.0M | $1.9M | //www.monroebdc.com/20230630#London Interbank Offered Rate+450 bp | Oct 31, 2025 |
| B••••••• B•• A••••••••• C••• | term loan first lien | $1.9M | $1.9M 101c | //www.monroebdc.com/20230630#London Interbank Offered Rate+650 bp | Feb 12, 2026 |
| X•• E•• P••••••••• I••• | term loan first lien | $1.8M | $1.8M 102c | SOFR+600 bp | Jan 28, 2025 |
| L• S• C• S• H•••••••• I••• | term loan first lien | $1.8M | $1.8M | //www.monroebdc.com/20230630#London Interbank Offered Rate+450 bp | Dec 15, 2028 |
| K•• W••• H•••••••• L• L• C• | delayed draw term loan first lien | $2.7M | $1.8M 100c | SOFR+650 bp | Feb 26, 2027 |
| N••••• N•••••• I••• | term loan first lien | $1.9M | $1.7M 91c | SOFR+1150 bp PIK 4.00% | Mar 29, 2024 |
| O•••• I••• | term loan first lien | $1.7M | $1.7M 101c | SOFR+750 bp | May 2, 2025 |
| W••••••• M••••• 7•• J• V• L• L• C• E••••• S••••••••• | preferred equity equity | Not disclosed | $1.7M 83200c | PIK 4.00% | |
| C••• H•••••• L• L• C• | term loan first lien | $2.0M | $1.7M | SOFR+410 bp | Nov 23, 2027 |
| S••••••••• A••••••• L• L• C• | term loan first lien | $1.7M | $1.6M | //www.monroebdc.com/20230630#London Interbank Offered Rate+501 bp | Dec 29, 2028 |
| D•••••• U•••••• S••••••••• L• L• C• ••• N• G• S• U• S• F••••• L• L• C• | term loan first lien | $1.7M | $1.6M | SOFR+435 bp | Oct 1, 2025 |
| S• I• R• V• A• W•••••••• I••• | term loan first lien | $1.8M | $1.6M | //www.monroebdc.com/20230630#London Interbank Offered Rate+576 bp | Aug 4, 2025 |
| K•• W••• H•••••••• L•• | term loan first lien | $1.6M | $1.6M 101c | SOFR+650 bp | Feb 26, 2027 |
| N••••• N•••••• I••• | term loan first lien | $1.7M | $1.5M 91c | SOFR+1150 bp PIK 4.00% | Mar 29, 2024 |
| S••••••• S••••••• A••••••••• S•• C•••• | term loan first lien | $1.5M | $1.5M 100c | SOFR+610 bp | Sep 30, 2026 |
| E•••••• W••• A••••••••• C••••••• L•• | term loan first lien | $1.5M | $1.5M 100c | SOFR+650 bp | Jul 14, 2028 |
| J• B•• F•••••• L•• | revolver first lien | $2.8M | $1.5M 99c | 10.00% | Apr 28, 2028 |
| V•••••• P••••••• L•• | term loan first lien | $502,000 | $1.5M 294c | SOFR+761 bp | Dec 29, 2023 |
| R••••••• H••••• G••••• L•• | term loan first lien | $1.5M | $1.4M 100c | SOFR+600 bp | Nov 20, 2025 |
| A••••••• B•••••••• a•• T••••••••• C•••••• L• L• C• | delayed draw term loan first lien | $1.5M | $1.4M 103c | Prime+1200 bp PIK 2.00% | Jun 10, 2025 |
| L• V• F• H•••••••• I••• | term loan first lien | $1.5M | $1.4M 99c | SOFR+640 bp | Jun 10, 2027 |
| I••••••••• H•••••••• I••• | term loan first lien | $1.8M | $1.4M | //www.monroebdc.com/20230630#London Interbank Offered Rate+600 bp | Oct 31, 2025 |
| M• C• A•••• M••••••••• • C••••••••• L• L• C• | equity equity | $0 | $1.4M 178c | ||
| M• A•••• M••••••••• ••••••••• L•• | equity equity | Not disclosed | $1.4M | ||
| M• C• A•••• M••••••••• • C••••••••• L• L• C• | equity equity | Not disclosed | $1.4M | ||
| N•••• H•••• U••• A••••••••• I•• | term loan first lien | $1.4M | $1.4M 98c | SOFR+650 bp | Oct 30, 2025 |
| L• V• F• H•••••••• I••• | term loan first lien | $1.4M | $1.4M 97c | SOFR+640 bp | Jun 10, 2027 |
| C•••••• A••••• H•••••• L• L• C• | delayed draw term loan first lien | $3.7M | $1.3M 95c | SOFR+601 bp | Jun 30, 2027 |
| P••••••• I•• | term loan first lien | $1.3M | $1.3M 100c | SOFR+650 bp | Dec 28, 2026 |
| O••••• S••••••• G••••• I••• | term loan first lien | $4.8M | $1.3M | SOFR+675 bp PIK 1.50% | Jun 29, 2026 |
| C•••••••• T••••••••• I••• | term loan first lien | $1.3M | $1.3M 101c | SOFR+725 bp | Feb 28, 2025 |
| M•••••• S••••••• I••• | term loan first lien | $1.6M | $1.2M | //www.monroebdc.com/20230630#London Interbank Offered Rate+475 bp | Aug 18, 2028 |
| A• P• C• O• W••••••••• I••• E••••• S••••••••• C•••• A• v••••• | equity equity | Not disclosed | $1.1M 291c | ||
| V••• G•••• H•••••• I•••• J••••• | term loan first lien | $1.6M | $1.1M 69c | ||
| K•• W••• H•••••••• L•• | term loan first lien | $1.1M | $1.1M 100c | SOFR+650 bp | Feb 26, 2027 |
| M•••• L•••• I•••• J••••• | term loan lien unstated | $1.1M | $1.1M 101c | Prime+575 bp | Oct 16, 2023 |
| C•• A•••••••• M••••••••• L•• | term loan first lien | $1.1M | $1.1M 100c | SOFR+700 bp | Dec 17, 2026 |
| S•••••• G••••• I••• | term loan first lien | $1.1M | $1.1M 98c | SOFR+636 bp | Dec 22, 2026 |
| B•••••••• L•• | revolver first lien | $1.1M | $1.0M 98c | //www.monroebdc.com/20230630#London Interbank Offered Rate+625 bp | Sep 8, 2027 |
| T•• K•••• C••••••• L• L• C• | term loan first lien | $988,000 | $976,000 99c | SOFR+775 bp PIK 1.00% | Apr 3, 2026 |
| S•••• H••••••• I••• | term loan first lien | $1.0M | $970,000 100c | SOFR+625 bp | Jun 15, 2029 |
| M• C• P• S••• A••••••••• L• L• C• | term loan first lien | $968,000 | $970,000 100c | SOFR+626 bp | Nov 28, 2025 |
| F••••• M••••• I••• | term loan first lien | $1.3M | $966,000 74c | S+390 bp PIK 3.90% | Jun 20, 2028 |
| D••••••••• M••••• I••• | term loan first lien | $1.0M | $965,000 100c | SOFR+725 bp | Jun 21, 2028 |
| Q•••• R••••••• M••••••••• G••••• L• L• C• | term loan first lien | $976,000 | $963,000 99c | SOFR+711 bp | Oct 20, 2025 |
| N•••••• B•••••••• L• L• C• | revolver first lien | $2.2M | $889,000 100c | SOFR+700 bp | Aug 26, 2027 |
| P••••••• I•• | term loan first lien | $884,000 | $880,000 100c | SOFR+650 bp | Dec 28, 2026 |
| Q•••• R••••••• M••••••••• G••••• L• L• C• | term loan first lien | $888,000 | $877,000 106c | SOFR+711 bp | Oct 20, 2025 |
| 3•• H•••••• I••• | term loan first lien | $825,000 | $825,000 | SOFR+560 bp | Aug 1, 2025 |
| F•••••• E••• C•••• I••••••••• L• L• C• J••••• | term loan first lien | $813,000 | $813,000 101c | PIK 16.00% | Jun 28, 2024 |
| P••••••• I•••• E••••• S••••••••• | equity equity | Not disclosed | $805,000 170c | PIK 8.00% | |
| B••••••••• I••• | revolver first lien | $1.2M | $795,000 100c | SOFR+660 bp | Dec 22, 2024 |
| A•••• I••••••••• H•••••• L• L• C• | term loan first lien | $792,000 | $784,000 100c | SOFR+661 bp | Jul 3, 2025 |
| E•••••• E••••• I••• | term loan first lien | $775,000 | $770,000 | SOFR+735 bp | Dec 31, 2023 |
| S•••• B•• S••••••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $733,000 219c | ||
| N•••••• B•••••••• L• L• C• E••••• S••••••••• | equity equity | Not disclosed | $711,000 91c | PIK 5.00% | |
| G• C••••••• A••••••••• L•• | notes lien unstated | $704,000 | $704,000 100c | SOFR+675 bp | Aug 18, 2028 |
| P••••••• I•• | term loan first lien | $707,000 | $704,000 102c | SOFR+676 bp | Dec 28, 2026 |
| V• P• S• H•••••••• L• L• C• | revolver first lien | $1.0M | $703,000 100c | SOFR+711 bp PIK 12.22% | Oct 4, 2024 |
| N•••• H•••• U••• A••••••••• I•• | term loan first lien | $706,000 | $689,000 98c | SOFR+650 bp | Oct 30, 2025 |
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