v3.25.4
Investments
 12 Months Ended
Dec. 31, 2025
Investments [Abstract]  
Investments Investments
The following tables show the composition of the Company’s investment portfolio, at amortized cost and fair value (with corresponding percentage of total portfolio investments) as of December 31, 2025 and December 31, 2024:
December 31, 2025December 31, 2024
Amortized Cost:
Senior secured loans$283,276 75.9%$372,074 75.0%
Unitranche secured loans2,166 0.5 3,835 0.8 
Junior secured loans44,322 11.9 35,771 7.2 
LLC equity interest in SLF— — 42,650 8.6 
Equity investments43,701 11.7 41,467 8.4 
Total$373,465 100.0 %$495,797 100.0 %
December 31, 2025December 31, 2024
Fair Value:
Senior secured loans$263,219 78.6%$357,994 78.3%
Unitranche secured loans2,183 0.7 3,862 0.8 
Junior secured loans35,180 10.5 29,634 6.5 
LLC equity interest in SLF— — 32,730 7.2 
Equity investments34,273 10.2 32,828 7.2 
Total$334,855 100.0 %$457,048 100.0 %
The following tables show the composition of the Company’s investment portfolio by geographic region, at amortized cost and fair value (with corresponding percentage of total portfolio investments) as of December 31, 2025 and December 31, 2024. The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which may not be indicative of the primary source of the portfolio company’s business:
December 31, 2025December 31, 2024
Amortized Cost:
United States
Midwest$120,079 32.2%$178,051 35.9%
Northeast99,187 26.6 103,354 20.8 
Northwest— — 3,928 0.8 
Southeast73,300 19.6 116,087 23.5 
Southwest11,605 3.0 12,622 2.5 
West69,294 18.6 81,755 16.5 
International (1)
— — — — 
Total$373,465 100.0 %$495,797 100.0 %
___________________________________________________
(1)Includes one equity investment with no cost basis as of December 31, 2025 and December 31, 2024, respectively.
December 31, 2025December 31, 2024
Fair Value:
United States
Midwest$101,072 30.2%$152,880 33.4%
Northeast89,532 26.7 94,766 20.7 
Northwest— — 4,030 0.9 
Southeast68,243 20.4 111,115 24.4 
Southwest11,804 3.5 13,186 2.9 
West63,280 18.9 79,683 17.4 
International924 0.3 1,388 0.3 
Total$334,855 100.0 %$457,048 100.0 %
The following tables show the composition of the Company’s investment portfolio by industry, at amortized cost and fair value (with corresponding percentage of total portfolio investments) as of December 31, 2025 and December 31, 2024:
December 31, 2025December 31, 2024
Amortized Cost:
Aerospace & Defense$1,631 0.4 %$— — %
Automotive23,953 6.4 20,188 4.1 
Banking11,605 3.1 11,689 2.4 
Beverage, Food & Tobacco1,631 0.4 4,554 0.9 
Capital Equipment4,967 1.3 4,809 1.0 
Chemicals, Plastics & Rubber4,474 1.2 3,784 0.8 
Construction & Building10,159 2.7 10,094 2.0 
Consumer Goods: Durable9,168 2.5 8,444 1.7 
Consumer Goods: Non-Durable3,762 1.0 3,857 0.8 
Containers, Packaging & Glass2,181 0.6 — — 
Environmental Industries67 
0.0 *
67 
0.0 *
FIRE: Finance8,569 2.4 12,675 2.6 
FIRE: Real Estate100,750 27.0 90,397 18.2 
Healthcare & Pharmaceuticals51,823 13.9 83,481 16.8 
High Tech Industries39,356 10.5 42,841 8.6 
Hotels, Gaming & Leisure111 
0.0 *
111 
0.0 *
Investment Funds & Vehicles— 0.0 42,650 8.6 
Media: Advertising, Printing & Publishing9,239 2.6 10,636 2.1 
Media: Broadcasting & Subscription4,598 1.2 4,574 0.9 
Media: Diversified & Production23,318 6.2 43,554 8.8 
Retail2,590 0.7 2,534 0.5 
Services: Business28,475 7.6 50,740 10.2 
Services: Consumer26,563 7.1 32,552 6.6 
Telecommunications1,807 0.5 5,496 1.1 
Transportation: Cargo2,393 0.6 5,794 1.2 
Wholesale275 0.1 276 0.1 
Total$373,465 100.0 %$495,797 100.0 %
December 31, 2025December 31, 2024
Fair Value:
Aerospace & Defense$1,646 0.5 %$— — %
Automotive19,701 5.9 16,267 3.6 
Banking6,479 2.0 7,861 1.7 
Beverage, Food & Tobacco2,875 0.9 6,027 1.3 
Capital Equipment4,982 1.5 4,853 1.1 
Chemicals, Plastics & Rubber3,911 1.2 4,864 1.1 
Construction & Building10,544 3.1 10,334 2.3 
Consumer Goods: Durable7,526 2.2 8,263 1.8 
Consumer Goods: Non-Durable1,745 0.5 2,467 0.4 
Containers, Packaging & Glass2,023 0.6 — — 
Environmental Industries87 
0.0 *
520 0.1 
FIRE: Finance8,629 2.6 12,789 2.8 
FIRE: Real Estate93,604 28.0 83,037 18.2 
Healthcare & Pharmaceuticals47,332 14.2 79,784 17.5 
High Tech Industries37,484 11.3 41,240 9.0 
Hotels, Gaming & Leisure142 — 144 
0.0 *
Investment Funds & Vehicles— — 32,730 7.2 
Media: Advertising, Printing & Publishing10,143 3.0 12,035 2.6 
Media: Broadcasting & Subscription697 0.2 1,156 0.3 
Media: Diversified & Production22,826 6.8 43,717 9.6 
Retail1,068 0.3 2,036 0.4 
Services: Business28,900 8.6 51,175 11.2 
Services: Consumer18,171 5.4 24,113 5.3 
Telecommunications1,820 0.5 5,586 1.2 
Transportation: Cargo2,396 0.7 5,890 1.3 
Wholesale124 — 160 
0.0 *
Total$334,855 100.0 %$457,048 100.0 %
_______________________________________________________
*Represents an amount less than 0.1%.
MRCC Senior Loan Fund I, LLC
The Company previously co-invested with Life Insurance Company of the Southwest (“LSW”) in senior secured loans through SLF, an unconsolidated Delaware LLC. SLF was capitalized as underlying investment transactions were completed, taking into account available debt and equity commitments for funding those investments. All portfolio and investment decisions in respect to SLF were approved by the SLF investment committee, consisting of one representative from the Company and one representative from LSW. Investments held by SLF were measured at fair value using the same valuation methodologies as described in Note 4. The Company’s investment was illiquid in nature as SLF did not allow for withdrawal from the LLC or the sale of a member’s interest unless approved by the board members of SLF. On December 10, 2025, SLF’s Board of Managers adopted resolutions approving the wind-down and dissolution of SLF. As of December 31, 2025, SLF completed its wind-down of SLF’s remaining portfolio investments and distributed in-kind the remaining unsold investments.
As of December 31, 2024, the Company had made net capital contributions to SLF of $42,650, with a fair value of $32,730. During the year ended December 31, 2025, the Company recorded return of capital distributions totaling $28,900 (including $10,171 received as a distribution-in-kind of investments previously held by SLF). During the year ended December 31, 2025, the Company recorded a net realized loss of $13,755 and a net change in unrealized gain (loss) of $9,920 on its investment in SLF.
For the years ended December 31, 2025, 2024 and 2023, the Company received $1,600, $3,600, and $3,600 respectively, of dividend income from the Company’s LLC equity interest in SLF.
SLF’s profits and losses were allocated to the Company and LSW in accordance with their respective ownership interests. As of December 31, 2024, the Company and LSW each owned 50.0% of the LLC equity interests of SLF. As of December 31, 2024, SLF had $100,000 in equity commitments from its members (in the aggregate), of which $85,300 was funded. Additionally, as of December 31, 2024, the Company had committed to fund $50,000 of LLC equity interest subscriptions to SLF, and $42,650 of the Company’s LLC equity interest subscriptions to SLF had been called and contributed, net of return of capital distributions subject to recall.
As of December 31, 2024, SLF had total assets at fair value of $104,159. As of December 31, 2024, SLF had four portfolio company investments on non-accrual status with a fair value of $5,184. The portfolio companies in SLF were in industries and geographies similar to those in which the Company may invest directly. Additionally, as of December 31, 2024, SLF had $1,591 in outstanding commitments to fund investments under undrawn revolvers and delayed draw commitments.
On September 18, 2025, SLF fully repaid its senior secured revolving credit facility (as amended, the “SLF Credit Facility”) with Capital One, N.A. The facility was held through its wholly-owned subsidiary MRCC Senior Loan Fund I Financing SPV, LLC (“SLF SPV”). As of December 31, 2024, the aggregate commitment and principal amounts outstanding was $38,214. Borrowings on the SLF Credit Facility bore interest at an annual rate of SOFR (three-month) plus 2.10% and the SLF Credit Facility had a maturity date of November 23, 2031. As of December 31, 2024, the SLF Credit Facility was accruing a weighted average interest rate of 6.9%.
SLF did not pay any fees to MC Advisors or its affiliates; however, SLF had an administration agreement with Monroe Capital Management Advisors, LLC (“MC Management”), pursuant to which certain loan servicing and administrative functions were delegated to MC Management. SLF reimbursed MC Management for its allocable share of overhead and other expenses incurred by MC Management. For the years ended December 31, 2025, 2024 and 2023, SLF incurred $221, $160 and $209 of allocable expenses, respectively. There are no agreements or understandings by which the Company guaranteed any SLF obligations.
Below is a summary of SLF’s portfolio, followed by a listing of the individual investments in SLF’s portfolio as of December 31, 2024:
December 31, 2024
Secured loans (1)
101,624 
Weighted average current interest rate on secured loans (2)
9.3%
Number of portfolio company investments in SLF36 
Largest portfolio company investment (1)
4,900 
Total of five largest portfolio company investments (1)
23,901 
________________________________________________________
(1)Represents outstanding principal amount, excluding unfunded commitments.
(2)Computed as the (a) annual stated interest rate on accruing secured loans divided by (b) total secured loans at outstanding principal amount.
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate (2)
MaturityPrincipalFair Value
Non-Controlled/Non-Affiliate Company Investments
Senior Secured Loans
Aerospace & Defense
Trident Maritime Systems, Inc. SF 7.65 %
9.98% Cash/ 2.00% PIK
2/26/20273,145 $3,096 
Trident Maritime Systems, Inc. SF 7.60 %
9.96% Cash/ 2.00% PIK
2/26/2027137 135 
Trident Maritime Systems, Inc. (Revolver)(4) SF 7.65 %
10.01% Cash/ 2.00% PIK
2/26/2027319 — 
3,601 3,231 
Automotive
Accelerate Auto Works Intermediate, LLC SF 4.90 %9.41 %12/1/20271,344 1,323 
Accelerate Auto Works Intermediate, LLC SF 4.90 %9.49 %12/1/2027384 378 
Accelerate Auto Works Intermediate, LLC (Revolver)(4) SF 4.90 %9.41 %12/1/2027132 44 
1,860 1,745 
Beverage, Food & Tobacco
SW Ingredients Holdings, LLC SF 5.60 %9.96 %7/8/20273,506 3,503 
3,506 3,503 
Capital Equipment
MacQueen Equipment, LLC SF 5.51 %9.84 %1/7/20282,032 2,032 
MacQueen Equipment, LLC SF 5.51 %9.84 %1/7/2028445 445 
MacQueen Equipment, LLC (Revolver)(4) P 4.25 %11.75 %1/7/2028296 20 
2,773 2,497 
Chemicals, Plastics & Rubber
Phoenix Chemical Holding Company LLC SF 7.11 %11.47 %10/3/20251,137 677 
TJC Spartech Acquisition Corp. SF 4.75 %9.41 %5/5/20284,167 3,026 
5,304 3,703 
Consumer Goods: Durable
Runner Buyer INC. SF 5.61 %10.11 %10/23/20282,910 1,382 
2,910 1,382 
Consumer Goods: Non-Durable
PH Beauty Holdings III, INC. SF 5.00 %10.17 %9/26/20252,342 2,333 
2,342 2,333 
Containers, Packaging & Glass
Polychem Acquisition, LLC SF 5.26 %9.85 %3/17/20252,828 2,463 
PVHC Holding Corp SF 6.90 %
10.43% Cash/ 0.75% PIK
2/17/20271,891 1,869 
4,719 4,332 
Energy: Oil & Gas
Offen, Inc.  SF 5.11 %9.47 %6/22/20262,249 2,209 
Offen, Inc.  SF 5.11 %9.47 %6/22/2026850 835 
3,099 3,044 
FIRE: Finance
TEAM Public Choices, LLC  SF 5.11 %9.47 %12/17/20272,895 2,914 
2,895 2,914 
FIRE: Real Estate
Avison Young (USA) Inc. (3)(5) SF 6.36 %10.70 %3/12/2028601 606 
601 606 
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate (2)
MaturityPrincipalFair Value
Healthcare & Pharmaceuticals
LSCS Holdings, Inc.  SF 4.61 %8.97 %12/15/20281,791 $1,805 
Natus Medical Incorporated  SF 5.60 %9.96 %7/20/20294,900 4,827 
6,691 6,632 
High Tech Industries
Corel Inc. (3) SF 5.10 %9.61 %7/2/20263,200 2,706 
Lightbox Intermediate, L.P.  SF 5.11 %9.44 %5/11/20264,725 4,725 
TGG TS Acquisition Company  SF 6.61 %10.97 %12/12/20252,445 2,460 
10,370 9,891 
Hotels, Gaming & Leisure
Excel Fitness Holdings, Inc.  SF 5.25 %9.58 %4/27/20294,309 4,301 
Excel Fitness Holdings, Inc. (Revolver) (4) SF 5.25 %9.58 %4/28/2028625 — 
North Haven Spartan US Holdco, LLC  SF 5.75 %10.18 %6/5/20262,227 2,227 
7,161 6,528 
Media: Diversified & Production
STATS Intermediate Holdings, LLC  SF 5.51 %10.03 %7/10/20264,750 4,698 
TA TT Buyer, LLC  SF 4.75 %9.08 %3/30/20293,267 3,281 
8,017 7,979 
Services: Business
Eliassen Group, LLC  SF 5.75 %10.08 %4/14/20283,186 3,118 
Eliassen Group, LLC  SF 5.75 %10.26 %4/14/2028229 224 
Secretariat Advisors LLC  SF 4.86 %9.22 %12/29/20281,659 1,657 
Secretariat Advisors LLC  SF 4.86 %9.22 %12/29/2028265 264 
SIRVA Worldwide Inc. (Delayed Draw) (4) SF 8.00 %12.35 %2/20/2029381 241 
5,720 5,504 
Services: Consumer
Laseraway Intermediate Holdings II, LLC  SF 5.75 %10.66 %10/14/20272,156 2,075 
McKissock Investment Holdings, LLC  SF 5.00 %9.80 %3/9/20292,431 2,420 
4,587 4,495 
Telecommunications
Mavenir Systems, Inc.  SF 5.01 %9.53 %8/18/20281,621 1,150 
Sandvine Corporation(5) SF 9.00 %13.25 %10/3/202572 72 
Sandvine Corporation(5) SF 9.00 %13.25 %10/3/2025372 374 
Sandvine Corporation (Delayed Draw)(4)(5) SF 9.00 %13.25 %10/3/2025144 — 
2,209 1,596 
Transportation: Cargo
Keystone Purchaser, LLC  SF 5.86 %10.22 %5/7/20274,854 4,836 
4,854 4,836 
Wholesale
HALO Buyer, Inc.  SF 4.60 %8.96 %6/30/20254,672 4,456 
4,672 4,456 
Total Non-Controlled/Non-Affiliate Senior Secured Loans87,891 81,207 
Junior Secured Loans
Consumer Goods: Durable
Elevate Textiles, Inc. (5) SF 6.65 %11.24 %9/30/2027790 622 
790 622 
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate (2)
MaturityPrincipalFair Value
Healthcare & Pharmaceuticals
Radiology Partners, Inc.  SF 5.26 %
8.28% Cash/ 1.50% PIK
1/31/20294,252 $4,213 
4,252 4,213 
FIRE: Real Estate
Avison Young (USA) Inc. (3)(5) SF 8.26 %
6.15% Cash/ 6.50% PIK
3/12/20291,492 1,178 
Avison Young (USA) Inc.(3)(5) SF 8.26 %
6.15% Cash/ 6.50% PIK
3/12/2029510 299 
2,002 1,477 
Media: Diversified & Production
Research Now Group, Inc. and Survey Sampling International, LLC  SF 5.76 %10.29 %10/15/20284,467 4,181 
4,467 4,181 
Services: Business
Output Services Group, Inc. (5) SF 6.68 %11.11 %11/30/20281,042 1,042 
SIRVA Worldwide Inc.  SF 8.00 %
7.52% Cash/ 5.00% PIK
8/20/20291,171 1,160 
2,213 2,202 
Telecommunications
Sandvine Corporation (5) n/a  n/a 2.00 %6/28/20271,602 381 
1,602 381 
Total Non-Controlled/Non-Affiliate Junior Secured Loans15,326 13,076 
Equity Investments (6)(7)(8)
Consumer Goods: Durable
Elevate Textiles, Inc. (fka International Textile Group, Inc.) (25,524 shares of common units)
————— 86 
86 
Chemicals, Plastics & Rubber
Polyventive Lender Holding Company LLC (0.84% of the equity)
————— — 
— 
FIRE: Real Estate
Avison Young (USA) Inc. (1,605,312 Class A preferred shares)
(3)(5) n/a  n/a
12.50% PIK
 n/a — 610 
Avison Young (USA) Inc. (1,199 Class F common shares)
(3)  — ———— — 
610 
Healthcare & Pharmaceuticals
Cano Health, Inc. (79,030 shares of common units)
  — ———— 692 
Cano Health, Inc. (warrant to purchase up to 2,682 shares of common units)
  — ——6/28/2029—2 
694 
Media: Diversified & Production
Research Now Group, Inc. and Survey Sampling International, LLC (61,590 shares of common units)
  — ———— 1,093 
1,093 
Services: Business
SIRVA Worldwide Inc. (2,252 Class A common shares)
  — ———— 547 
SIRVA Worldwide Inc. (518 Class A preferred shares)
  — ———— 25 
Output Services Group, Inc. (51,370 Class A units)
  — ———— 613 
1,185 
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate (2)
MaturityPrincipalFair Value
Telecommunications
Sandvine Corporation (40 shares of Class A units)
  — ———— $— 
— 
Total Non-Controlled/Non-Affiliate Equities3,668 
TOTAL INVESTMENTS$97,951 
________________________________________________________
(1)All investments are U.S. companies unless otherwise noted.
(2)The majority of investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “SF”) or Prime (“P”) which reset daily, monthly, quarterly or semiannually. The Company has provided the spread over SOFR or Prime and the current contractual rate of interest in effect at December 31, 2024. Certain investments may be subject to an interest rate floor or cap. Certain investments contain a Payment-in-Kind (“PIK”) provision.
(3)The headquarters of this portfolio company is located in Canada.
(4)All or a portion of this commitment was unfunded as of December 31, 2024. As such, interest is earned only on the funded portion of this commitment. Principal reflects the commitment outstanding.
(5)This position was on non-accrual status as of December 31, 2024, meaning that the Company has ceased accruing interest income on the position.
(6)Represents less than 5% ownership of the portfolio company’s voting securities.
(7)Ownership of certain equity investments may occur through a holding company partnership.
(8)Investments without an interest rate are non-income producing.
Below is certain summarized financial information for SLF as of December 31, 2025 (liquidation date) and December 31, 2024 and for the years ended December 31, 2025, 2024 and 2023:
December 31, 2025December 31, 2024
Assets
Investments, at fair value$— $97,951 
Cash and cash equivalents696 1,488 
Restricted cash and cash equivalents— 3,673 
Receivable for unsettled trades21,943 — 
Interest receivable145 1,047 
Other assets
8 — 
Total assets$22,792 $104,159 
Liabilities
Revolving credit facility$— $38,214 
Less: Unamortized debt issuance costs— — 
Total debt, less unamortized debt issuance costs— 38,214 
Interest payable
— 272 
Distribution payable
22,557 — 
Accounts payable and accrued expenses235 212 
Total liabilities22,792 38,698 
Members’ capital— 65,461 
Total liabilities and members’ capital$22,792 $104,159 
For the Years Ended December 31,
202520242023
Investment income:
Interest income$5,646 $13,012 $18,362 
Total investment income5,646 13,012 18,362 
Expenses:
Interest and other debt financing expenses976 5,173 8,847 
Professional fees and other expenses544 640 757 
Total expenses1,520 5,813 9,604 
Net investment income 4,126 7,199 8,758 
Net gain (loss):
Net realized gain (loss) (23,361)82 (5,119)
Net change in unrealized gain (loss) 14,831 (862)(1,216)
Net gain (loss)(8,530)(780)(6,335)
Net increase (decrease) in members’ capital$(4,404)$6,419 $2,423