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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 Sep 30, 2023
405 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| M• R• C• C• S••••• L••• F••• I• L• L• C• E••••• S••••••••• | term loan lien unstated | $0 | $33.3M 78c | ||
| M••• | term loan lien unstated | Not disclosed | $33.3M | ||
| H•• C•••••• G••••• L•• | unstated lien unstated | Not disclosed | $17.0M | ||
| H• F• Z• C•••••• G•••• L• L• C• | term loan first lien | $13.2M | $17.0M 128c | Prime+946 bp PIK 17.96% | |
| M•••••• H•••••••• L•• | term loan first lien | $13.8M | $13.7M 100c | SOFR+676 bp | Oct 16, 2024 |
| B•••••••• L•• | term loan first lien | $13.4M | $13.1M 99c | SOFR+725 bp | Sep 8, 2027 |
| H• S• A••••••••• I••• | term loan first lien | $9.8M | $9.8M 101c | SOFR+685 bp | Jul 9, 2025 |
| M• A•••• M••••••••• ••••••••• L•• | unstated lien unstated | Not disclosed | $9.7M | ||
| M• C• A•••• M••••••••• • C••••••••• L• L• C• | term loan first lien | $9.7M | $9.7M 100c | //www.monroebdc.com/20230930#London Interbank Offered Rate+1500 bp PIK 20.53% | Jan 26, 2024 |
| M•• S••• A••••••••• L•• | term loan first lien | $9.6M | $9.6M 101c | SOFR+626 bp | Nov 28, 2025 |
| P••••••• I•• | term loan first lien | $9.5M | $9.5M 100c | SOFR+676 bp | Dec 28, 2026 |
| A••••••• C•••••••• H••••• I••• | term loan first lien | $12.4M | $8.2M 66c | SOFR+811 bp PIK 13.43% | Dec 31, 2026 |
| A••••••• C•••••••• H••••• I••• | term loan first lien | Not disclosed | $8.2M | ||
| A••••••• C•••••••• H••••• I••• | term loan first lien | Not disclosed | $8.2M | ||
| M• V• R••••••••• I• I• L• L• C• | term loan first lien | $8.1M | $8.0M 104c | SOFR+975 bp | Jul 29, 2026 |
| S••••••• S••••••• A••••••••• S•• C•••• | term loan first lien | $7.8M | $7.8M 101c | SOFR+610 bp | Sep 30, 2026 |
| C•••••••• H•••••••• L• L• C• | term loan first lien | $7.7M | $7.6M 100c | SOFR+836 bp | Sep 8, 2026 |
| E•••••• W••• A••••••••• C••••••• L•• | term loan first lien | $7.1M | $7.1M 100c | SOFR+676 bp | Jul 14, 2028 |
| L••••• T••••• H•••••••• L• L• C• | term loan first lien | $6.9M | $6.7M 99c | SOFR+585 bp | Aug 2, 2027 |
| W••••••• M••••• 7•• J• V• L• L• C• J••••• | term loan lien unstated | $6.8M | $6.7M 98c | PIK 4.00% | Jul 2, 2026 |
| M•••••••• I••• | term loan first lien | $6.5M | $6.5M 100c | SOFR+715 bp | Feb 14, 2025 |
| S•• H•••••• L•• | term loan unsecured or subordinated | Not disclosed | $6.4M | ||
| S• F• R• H•••••• L• L• C• J••••• | term loan lien unstated | $5.8M | $6.4M 109c | 8.00% | Jul 28, 2028 |
| N••••• N•••••• I••• | term loan first lien | $6.5M | $6.1M 94c | SOFR+1150 bp | Mar 29, 2024 |
| H• F• Z• C•••••• G•••• L• L• C• | term loan first lien | $4.8M | $6.1M 128c | Prime+946 bp PIK 17.96% | |
| H•• C•••••• G••••• L•• | unstated lien unstated | Not disclosed | $6.1M | ||
| M•••• H•••••••• I••• | term loan first lien | Not disclosed | $6.1M | S+826 bp | |
| M•••• H•••••••• I••• | unstated lien unstated | Not disclosed | $6.1M | ||
| M•••• H••••••• I•• | term loan first lien | $6.1M | $6.1M 100c | SOFR+826 bp PIK 5.00% | Dec 30, 2024 |
| C••••••••• L• L• C• | term loan first lien | $5.9M | $5.9M 101c | SOFR+660 bp | Dec 31, 2027 |
| I••••••••• B••••• I•• | term loan first lien | $5.5M | $5.4M 99c | SOFR+590 bp | Aug 3, 2026 |
| L• X• J• T• I••••••••• H•••••••• I••• | term loan first lien | $5.4M | $5.4M 100c | SOFR+610 bp | Mar 11, 2025 |
| M•••• L•••• I•••• J••••• | term loan lien unstated | $5.3M | $5.3M 101c | SOFR+951 bp | Mar 24, 2026 |
| N•••••• B••••••• L•• | delayed draw term loan first lien | $5.1M | $5.1M 101c | SOFR+700 bp | Aug 26, 2027 |
| K• M••• A••••••••• L•• ••• S••••••• S•••••• C••••••••• L••• | term loan first lien | $5.0M | $5.0M 103c | SOFR+700 bp | Feb 1, 2029 |
| B••••••••• I••• | term loan first lien | $5.0M | $5.0M 100c | SOFR+660 bp | Dec 22, 2024 |
| C•••••• A••••• H•••••• L• L• C• | term loan first lien | $5.0M | $4.9M 99c | SOFR+576 bp | Jun 30, 2027 |
| D••••• A••••••••• I••• | term loan first lien | $4.9M | $4.8M 99c | SOFR+660 bp | Jun 30, 2026 |
| S••••• A••••• S•• H••••••• I• L•• | revolver first lien | Not disclosed | $4.8M | ||
| S••••• A••••• S• F• R• H••••••• I• I• L• L• C• | revolver first lien | $4.9M | $4.8M 99c | SOFR+700 bp | Aug 9, 2024 |
| N•••••• B••••••• L• L• C• | term loan first lien | $4.7M | $4.7M 101c | SOFR+700 bp | Aug 26, 2027 |
| X•• E•• P••••••••• I••• | term loan first lien | $4.5M | $4.5M 101c | SOFR+600 bp | Jan 28, 2025 |
| W••••••• P••••• H••••••• I• I• I• I••• | term loan first lien | $4.5M | $4.5M 101c | SOFR+890 bp PIK 4.75% | Jun 2, 2028 |
| S•• H•••••• L••• E••••• S••••••••• | term loan unsecured or subordinated | $0 | $4.2M 109c | ||
| S•• H•••••• L•• | equity equity | Not disclosed | $4.2M | ||
| A••••••• I••• | term loan first lien | $4.0M | $4.0M 103c | SOFR+725 bp | Oct 19, 2028 |
| A••••••• C•••••••• H••••• I••• | term loan first lien | Not disclosed | $4.0M | ||
| A••••••• C•••••••• H••••• I••• | term loan first lien | $6.1M | $4.0M 66c | SOFR+1261 bp PIK 17.93% | Dec 31, 2026 |
| A••••••• C•••••••• H••••• I••• | term loan first lien | Not disclosed | $4.0M | ||
| V•• E••••••••• I••• | term loan first lien | $4.0M | $4.0M 103c | SOFR+710 bp | Jan 12, 2028 |
| C•••••••• T••••••••• I••• | term loan first lien | $4.0M | $4.0M 100c | SOFR+725 bp | Feb 28, 2025 |
| N•••••• B••••••• L• L• C• | term loan first lien | $3.9M | $4.0M 102c | SOFR+700 bp | Aug 26, 2027 |
| D••••• A••••••••• I••• | term loan first lien | $4.1M | $4.0M 99c | SOFR+665 bp | Jun 30, 2026 |
| C•• A•••••••• M••••••••• L•• | term loan first lien | $3.9M | $3.8M 101c | SOFR+711 bp | Dec 17, 2026 |
| P•••• A••••••••• L•• | term loan first lien | $4.4M | $3.7M 101c | SOFR+635 bp | Oct 18, 2028 |
| N• P• P•••••• C•••••••• M•••• I••• | term loan first lien | $3.5M | $3.5M 103c | SOFR+565 bp | Oct 4, 2028 |
| W• M••••• R• E• D••• L• L• C• | term loan first lien | $3.5M | $3.4M 99c | PIK 10.00% | Feb 4, 2028 |
| C•••••••• I••• | term loan first lien | $3.4M | $3.4M 102c | SOFR+713 bp | Apr 16, 2027 |
| A••••••• C•••••••• H••••• I••• | term loan first lien | Not disclosed | $3.4M | ||
| A••••••• C•••••••• H••••• I••• | term loan first lien | $5.1M | $3.4M 66c | SOFR+811 bp PIK 13.43% | Dec 31, 2026 |
| A••••••• C•••••••• H••••• I••• | term loan first lien | Not disclosed | $3.4M | ||
| S••••••• S••••••• A••••••••• S•• C•••• | term loan first lien | $3.4M | $3.4M 100c | SOFR+610 bp | Sep 30, 2026 |
| C•••••••• T••••••••• I••• | term loan first lien | $3.3M | $3.3M 100c | SOFR+725 bp | Feb 28, 2025 |
| Q•••• R••••••• M••••••••• G••••• L• L• C• | term loan first lien | $3.3M | $3.3M 101c | SOFR+661 bp | Oct 20, 2025 |
| R••••••• P••••••• I••••••••• L• L• C• | term loan first lien | $3.3M | $3.3M 100c | SOFR+685 bp | Aug 4, 2026 |
| T• J• M••••••••• H••• C• L• L• C• E••••• S••••••••• | equity equity | $0 | $3.2M 195c | ||
| T• M••••••••• H•••••• L•• | equity equity | Not disclosed | $3.2M | ||
| V••••• P••••••••• L•• | term loan first lien | $3.0M | $3.0M 103c | SOFR+700 bp | Jun 8, 2029 |
| S••••• O•••••••• H••••••• I•• L••• D••• 1•••••••• | unstated lien unstated | $3.0M | $3.0M 103c | SOFR+585 bp | Nov 3, 2027 |
| D••••••••• P•••••••• L•• | term loan first lien | $3.0M | $3.0M 101c | SOFR+700 bp | Sep 1, 2028 |
| M• C• P• S••• A••••••••• L• L• C• | term loan first lien | $2.9M | $3.0M 102c | SOFR+626 bp | Nov 28, 2025 |
| T•••• C••••••• I••• | term loan first lien | $3.0M | $2.9M 100c | SOFR+675 bp | Feb 16, 2028 |
| I• N• H• B••••• I••• | term loan first lien | $3.0M | $2.9M 98c | SOFR+700 bp PIK 3.50% | Jun 28, 2028 |
| M• A•••• M••••••••• ••••••••• L•• | delayed draw term loan first lien | Not disclosed | $2.9M | ||
| M• C• A•••• M••••••••• • C••••••••• L• L• C• | delayed draw term loan first lien | $2.9M | $2.9M 100c | SOFR+1500 bp PIK 20.25% | Jan 26, 2024 |
| M• A•••• M••••••••• ••••••••• L•• | term loan first lien | Not disclosed | $2.9M | S+1500 bp | Jan 26, 2024 |
| N••••• N•••••• I••• | term loan first lien | $3.1M | $2.9M 94c | SOFR+1150 bp | Mar 29, 2024 |
| C•••••• • P••• B••••• O•••• L• L• C• a•• P•••••• N••••••• G••• C••• L• L• C• | term loan first lien | $2.8M | $2.8M 102c | SOFR+825 bp | Apr 30, 2025 |
| B••• T• R••• L• L• C• | term loan first lien | $3.4M | $2.7M 79c | SOFR+626 bp | Apr 1, 2027 |
| V• P• S• H•••••••• L• L• C• | term loan first lien | $2.6M | $2.6M 101c | SOFR+711 bp | Oct 4, 2024 |
| S•••• B••••••••• L•• | delayed draw term loan first lien | $2.8M | $2.5M 99c | SOFR+625 bp | Jul 8, 2027 |
| N•••• H•••• U• S• H• C• A••••••••• I••• | term loan first lien | $2.6M | $2.5M 99c | SOFR+625 bp | Oct 30, 2025 |
| G• C••••••• A••••••••• L•• | notes lien unstated | $2.5M | $2.5M 101c | SOFR+675 bp | Aug 18, 2028 |
| i••••• I••• | term loan first lien | $2.5M | $2.5M 102c | SOFR+725 bp | Aug 18, 2028 |
| T• C• F• I• I• I• O• W• L• B•••• L• L• C• | term loan first lien | $2.4M | $2.4M 100c | SOFR+561 bp | Apr 17, 2026 |
| N••••• N••••••• I••• | revolver first lien | $2.6M | $2.4M 94c | SOFR+1150 bp | Mar 29, 2024 |
| P••••••• L•• | term loan first lien | $2.5M | $2.4M 100c | SOFR+710 bp | Dec 8, 2027 |
| S•••• B•• S••••••• L• L• C• | term loan first lien | $2.4M | $2.4M 100c | SOFR+625 bp | Jul 8, 2027 |
| A•••••• M••••• L• L• C• | term loan first lien | $4.6M | $2.4M 54c | SOFR+785 bp PIK 13.17% | Mar 16, 2027 |
| S••••••• S••••••• A••••••••• S•• C•••• | term loan first lien | $2.4M | $2.4M 100c | SOFR+610 bp | Sep 30, 2026 |
| N•••• H•••• U• S• H• C• A••••••••• I••• | term loan first lien | $2.4M | $2.4M 99c | SOFR+660 bp | Oct 30, 2025 |
| F•••••• D••••• G•••• H•••••••• L• L• C• E••••• S••••••••• | equity equity | $0 | $2.4M 57c | ||
| F•••••• D••••• G•••• H•••••••• L•• | equity equity | Not disclosed | $2.4M | ||
| V• B• E•• L• L• C• • D•••••• D••••• U••••••••• S•••••• L•••• | delayed draw term loan first lien | $2.3M | $2.3M 100c | SOFR+775 bp | Nov 18, 2026 |
| A••• C••••••••• | term loan first lien | $2.2M | $2.2M 102c | SOFR+690 bp PIK 3.25% | Apr 13, 2027 |
| K•• W••• H•••••••• L• L• C• | delayed draw term loan first lien | $2.7M | $2.2M 100c | SOFR+676 bp | Feb 26, 2027 |
| T• C• F• I• I• I• O• W• L• B•••• L• L• C• | term loan first lien | $2.2M | $2.2M 101c | SOFR+561 bp | Apr 17, 2026 |
| M•••••••• I•• | term loan first lien | $2.1M | $2.1M 102c | SOFR+610 bp PIK 11.42% | Oct 27, 2028 |
| S••••••• S••••••• A••••••••• S•• C•••• | term loan first lien | $2.1M | $2.1M 100c | SOFR+610 bp | Sep 30, 2026 |
| V• P• S• H•••••••• L• L• C• | term loan first lien | $2.1M | $2.1M 100c | SOFR+711 bp | Oct 4, 2024 |
Page 1 of 5Next
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