STOCK TITAN
  1. Home
  2. Sec-filings
  3. MRCC
  4. [10-Q] Monroe Capital Corporation Quarterly Earnings Report

[10-Q] Monroe Capital Corporation Quarterly Earnings Report

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
10-Q
Rhea-AI Filing Summary

Monroe Capital Corporation (MRCC) reported total assets of $394.6 million at June 30, 2025, down from $490.7 million at December 31, 2024. Investments at fair value declined to $367.7 million from $457.0 million, and total net assets fell to $179.6 million from $191.8 million, producing a net asset value per share of $8.29 versus $8.85 at year-end.

Investment income decreased year-over-year, with total investment income of $9.873 million in Q2 2025 versus $15.627 million in Q2 2024; net investment income was $3.298 million for the quarter (Q2 2024: $6.559 million). For the six months, investment income was $21.511 million (2024: $30.809 million) and net investment income was $7.383 million (2024: $12.029 million). The company generated $88.361 million of net cash from operating activities in the six months, including $104.993 million of proceeds from principal payments and sales, and used cash to repay $118.1 million of debt (debt principal at June 30, 2025: $210.3 million, versus $293.9 million at year-end).

Monroe Capital Corporation (MRCC) ha comunicato attività totali pari a $394.6 million al 30 giugno 2025, in calo rispetto a $490.7 million al 31 dicembre 2024. Gli investimenti a fair value sono scesi a $367.7 million da $457.0 million, e il patrimonio netto totale è diminuito a $179.6 million da $191.8 million, determinando un valore patrimoniale netto per azione di $8.29 rispetto a $8.85 a fine esercizio.

I ricavi da investimenti sono diminuiti su base annua: il reddito da investimenti totale è stato di $9.873 million nel 2° trimestre 2025 contro $15.627 million nel 2° trimestre 2024; il reddito netto da investimenti per il trimestre è stato di $3.298 million (2° trim. 2024: $6.559 million). Nei sei mesi il reddito da investimenti è stato di $21.511 million (2024: $30.809 million) e il reddito netto da investimenti di $7.383 million (2024: $12.029 million). La società ha generato $88.361 million di flusso di cassa netto dalle attività operative nei sei mesi, inclusi $104.993 million di proventi da rimborsi di capitale e vendite, e ha utilizzato liquidità per rimborsare $118.1 million di debito (debito residuo al 30 giugno 2025: $210.3 million, rispetto a $293.9 million a fine esercizio).

Monroe Capital Corporation (MRCC) informó activos totales de $394.6 million al 30 de junio de 2025, frente a $490.7 million al 31 de diciembre de 2024. Las inversiones a valor razonable disminuyeron a $367.7 million desde $457.0 million, y el patrimonio neto total se redujo a $179.6 million desde $191.8 million, resultando en un valor neto por acción de $8.29 frente a $8.85 al cierre del año.

Los ingresos por inversiones se redujeron interanual: los ingresos totales por inversiones fueron $9.873 million en el 2T 2025 frente a $15.627 million en el 2T 2024; el ingreso neto por inversiones fue de $3.298 million en el trimestre (2T 2024: $6.559 million). En los seis meses, los ingresos por inversiones fueron $21.511 million (2024: $30.809 million) y el ingreso neto por inversiones fue de $7.383 million (2024: $12.029 million). La compañía generó $88.361 million de efectivo neto procedente de actividades operativas en los seis meses, incluidos $104.993 million procedentes de pagos de principal y ventas, y utilizó efectivo para pagar $118.1 million de deuda (principal de la deuda al 30 de junio de 2025: $210.3 million, frente a $293.9 million al cierre del año).

Monroe Capital Corporation (MRCC)는 2025년 6월 30일 기준 총자산이 $394.6 million으로 2024년 12월 31일의 $490.7 million에서 감소했다고 발표했습니다. 공정가치 기준 투자금액은 $457.0 million에서 $367.7 million으로 줄었고, 총 순자산은 $191.8 million에서 $179.6 million으로 감소하여 주당순자산가치(NAV)는 $8.85에서 $8.29로 낮아졌습니다.

투자수익은 전년 동기 대비 감소했으며, 2025년 2분기 총투자수익은 $9.873 million으로 2024년 2분기의 $15.627 million에 비해 줄었습니다. 분기 순투자수익은 $3.298 million이었고(2024년 2분기: $6.559 million), 상반기 기준 총투자수익은 $21.511 million(2024년: $30.809 million), 순투자수익은 $7.383 million(2024년: $12.029 million)이었습니다. 회사는 상반기 영업활동으로부터 $88.361 million의 순현금을 창출했으며, 여기에는 원금 상환 및 매각으로 인한 $104.993 million의 수익이 포함되었고, $118.1 million의 부채를 상환하는 데 현금을 사용했습니다(2025년 6월 30일 기준 부채 원금: $210.3 million, 연말: $293.9 million).

Monroe Capital Corporation (MRCC) a déclaré un actif total de $394.6 million au 30 juin 2025, en baisse par rapport à $490.7 million au 31 décembre 2024. Les investissements à la juste valeur ont diminué à $367.7 million contre $457.0 million, et l'actif net total est passé à $179.6 million contre $191.8 million, aboutissant à une valeur nette d'inventaire par action de $8.29 contre $8.85 en fin d'exercice.

Les revenus d'investissement ont diminué d'une année sur l'autre : le revenu d'investissement total s'élève à $9.873 million au 2T 2025 contre $15.627 million au 2T 2024 ; le revenu net d'investissement pour le trimestre est de $3.298 million (2T 2024 : $6.559 million). Sur six mois, les revenus d'investissement se sont élevés à $21.511 million (2024 : $30.809 million) et le revenu net d'investissement à $7.383 million (2024 : $12.029 million). La société a généré $88.361 million de trésorerie nette provenant des activités d'exploitation sur six mois, comprenant $104.993 million de produits issus de remboursements de principal et de ventes, et a utilisé des liquidités pour rembourser $118.1 million de dette (principal de la dette au 30 juin 2025 : $210.3 million, contre $293.9 million en fin d'exercice).

Monroe Capital Corporation (MRCC) meldete zum 30. Juni 2025 ein Gesamtvermögen von $394.6 million, gegenüber $490.7 million zum 31. Dezember 2024. Die zum beizulegenden Zeitwert bewerteten Investitionen sanken von $457.0 million auf $367.7 million, und das gesamte Nettovermögen fiel von $191.8 million auf $179.6 million, was einen Net Asset Value je Aktie von $8.29 gegenüber $8.85 zum Jahresende ergibt.

Die Erträge aus Investitionen gingen im Jahresvergleich zurück: Die gesamten Investitionserträge beliefen sich im 2. Quartal 2025 auf $9.873 million gegenüber $15.627 million im 2. Quartal 2024; der Nettoertrag aus Investitionen betrug im Quartal $3.298 million (2Q 2024: $6.559 million). Für die sechs Monate lagen die Investitionserträge bei $21.511 million (2024: $30.809 million) und der Nettoertrag aus Investitionen bei $7.383 million (2024: $12.029 million). Das Unternehmen erzielte in den sechs Monaten einen Nettocashflow aus operativer Tätigkeit von $88.361 million, darunter $104.993 million Erlöse aus Tilgungen und Verkäufen, und verwendete Mittel zur Rückzahlung von $118.1 million an Schulden (Schuldenhauptbetrag zum 30. Juni 2025: $210.3 million, gegenüber $293.9 million zum Jahresende).

Positive
  • $88.361 million of net cash provided by operating activities in the six months ended June 30, 2025
  • $104.993 million of proceeds from principal payments and sales of investments in the six months ended June 30, 2025
  • $118.1 million of debt principal repaid in the six months ended June 30, 2025, reducing reported debt to $210.3 million
  • Stockholder distributions for the six months were maintained at $10.833 million
Negative
  • Total investments at fair value declined to $367.7 million from $457.0 million at December 31, 2024 (a decline of ~19.5%)
  • Net asset value per share fell to $8.29 from $8.85 (a decline of ~6.3%)
  • Total investment income and net investment income decreased materially year-over-year: Q2 net investment income $3.298 million (Q2 2024: $6.559 million); six-month net investment income $7.383 million (2024: $12.029 million)
  • Significant unrealized losses for the six months: net change in unrealized loss of $8.359 million
  • Certain positions were noted as being on non-accrual status as of June 30, 2025

Insights

TL;DR: MRCC shows meaningful declines in investment fair value, income and NAV, partially offset by strong cash proceeds and lower leverage.

The quarter reflects material unrealized losses—total investments at fair value fell to $367.7 million from $457.0 million at year-end—driving a reduction in net assets and a 6.3% decline in NAV per share to $8.29. Operating investment income and net investment income decreased significantly year-over-year (Q2 net investment income down to $3.298 million from $6.559 million). Those income declines, together with increased unrealized losses for the six months (total unrealized losses of $8.359 million), weighed on operating results.

On the positive side, the firm generated substantial cash from portfolio realizations—proceeds of $104.993 million in the six months—and used that to pay down debt by $118.1 million, reducing gross debt to $210.3 million. The combination of deleveraging and realized proceeds improves balance sheet flexibility even as investment values and income contracted this period.

TL;DR: Market-driven valuation declines are evident, but cash generation and debt reduction materially improved liquidity and reduced leverage.

Unrealized mark-to-market declines across the portfolio drove a lower asset base and NAV decrease; the company recorded net change in unrealized loss of $8.359 million for the six months. Several positions are noted as non-accrual in the schedule, indicating credit stress on specific investments.

Counterbalancing these risks, MRCC reported $88.361 million of net cash from operations and used proceeds to repay $118.1 million of debt, lowering total debt principal from $293.9 million to $210.3 million. The reduction in leverage and enhanced cash position reduce near-term refinancing risk, though the portfolio valuation and income trends remain adverse this period.

Monroe Capital Corporation (MRCC) ha comunicato attività totali pari a $394.6 million al 30 giugno 2025, in calo rispetto a $490.7 million al 31 dicembre 2024. Gli investimenti a fair value sono scesi a $367.7 million da $457.0 million, e il patrimonio netto totale è diminuito a $179.6 million da $191.8 million, determinando un valore patrimoniale netto per azione di $8.29 rispetto a $8.85 a fine esercizio.

I ricavi da investimenti sono diminuiti su base annua: il reddito da investimenti totale è stato di $9.873 million nel 2° trimestre 2025 contro $15.627 million nel 2° trimestre 2024; il reddito netto da investimenti per il trimestre è stato di $3.298 million (2° trim. 2024: $6.559 million). Nei sei mesi il reddito da investimenti è stato di $21.511 million (2024: $30.809 million) e il reddito netto da investimenti di $7.383 million (2024: $12.029 million). La società ha generato $88.361 million di flusso di cassa netto dalle attività operative nei sei mesi, inclusi $104.993 million di proventi da rimborsi di capitale e vendite, e ha utilizzato liquidità per rimborsare $118.1 million di debito (debito residuo al 30 giugno 2025: $210.3 million, rispetto a $293.9 million a fine esercizio).

Monroe Capital Corporation (MRCC) informó activos totales de $394.6 million al 30 de junio de 2025, frente a $490.7 million al 31 de diciembre de 2024. Las inversiones a valor razonable disminuyeron a $367.7 million desde $457.0 million, y el patrimonio neto total se redujo a $179.6 million desde $191.8 million, resultando en un valor neto por acción de $8.29 frente a $8.85 al cierre del año.

Los ingresos por inversiones se redujeron interanual: los ingresos totales por inversiones fueron $9.873 million en el 2T 2025 frente a $15.627 million en el 2T 2024; el ingreso neto por inversiones fue de $3.298 million en el trimestre (2T 2024: $6.559 million). En los seis meses, los ingresos por inversiones fueron $21.511 million (2024: $30.809 million) y el ingreso neto por inversiones fue de $7.383 million (2024: $12.029 million). La compañía generó $88.361 million de efectivo neto procedente de actividades operativas en los seis meses, incluidos $104.993 million procedentes de pagos de principal y ventas, y utilizó efectivo para pagar $118.1 million de deuda (principal de la deuda al 30 de junio de 2025: $210.3 million, frente a $293.9 million al cierre del año).

Monroe Capital Corporation (MRCC)는 2025년 6월 30일 기준 총자산이 $394.6 million으로 2024년 12월 31일의 $490.7 million에서 감소했다고 발표했습니다. 공정가치 기준 투자금액은 $457.0 million에서 $367.7 million으로 줄었고, 총 순자산은 $191.8 million에서 $179.6 million으로 감소하여 주당순자산가치(NAV)는 $8.85에서 $8.29로 낮아졌습니다.

투자수익은 전년 동기 대비 감소했으며, 2025년 2분기 총투자수익은 $9.873 million으로 2024년 2분기의 $15.627 million에 비해 줄었습니다. 분기 순투자수익은 $3.298 million이었고(2024년 2분기: $6.559 million), 상반기 기준 총투자수익은 $21.511 million(2024년: $30.809 million), 순투자수익은 $7.383 million(2024년: $12.029 million)이었습니다. 회사는 상반기 영업활동으로부터 $88.361 million의 순현금을 창출했으며, 여기에는 원금 상환 및 매각으로 인한 $104.993 million의 수익이 포함되었고, $118.1 million의 부채를 상환하는 데 현금을 사용했습니다(2025년 6월 30일 기준 부채 원금: $210.3 million, 연말: $293.9 million).

Monroe Capital Corporation (MRCC) a déclaré un actif total de $394.6 million au 30 juin 2025, en baisse par rapport à $490.7 million au 31 décembre 2024. Les investissements à la juste valeur ont diminué à $367.7 million contre $457.0 million, et l'actif net total est passé à $179.6 million contre $191.8 million, aboutissant à une valeur nette d'inventaire par action de $8.29 contre $8.85 en fin d'exercice.

Les revenus d'investissement ont diminué d'une année sur l'autre : le revenu d'investissement total s'élève à $9.873 million au 2T 2025 contre $15.627 million au 2T 2024 ; le revenu net d'investissement pour le trimestre est de $3.298 million (2T 2024 : $6.559 million). Sur six mois, les revenus d'investissement se sont élevés à $21.511 million (2024 : $30.809 million) et le revenu net d'investissement à $7.383 million (2024 : $12.029 million). La société a généré $88.361 million de trésorerie nette provenant des activités d'exploitation sur six mois, comprenant $104.993 million de produits issus de remboursements de principal et de ventes, et a utilisé des liquidités pour rembourser $118.1 million de dette (principal de la dette au 30 juin 2025 : $210.3 million, contre $293.9 million en fin d'exercice).

Monroe Capital Corporation (MRCC) meldete zum 30. Juni 2025 ein Gesamtvermögen von $394.6 million, gegenüber $490.7 million zum 31. Dezember 2024. Die zum beizulegenden Zeitwert bewerteten Investitionen sanken von $457.0 million auf $367.7 million, und das gesamte Nettovermögen fiel von $191.8 million auf $179.6 million, was einen Net Asset Value je Aktie von $8.29 gegenüber $8.85 zum Jahresende ergibt.

Die Erträge aus Investitionen gingen im Jahresvergleich zurück: Die gesamten Investitionserträge beliefen sich im 2. Quartal 2025 auf $9.873 million gegenüber $15.627 million im 2. Quartal 2024; der Nettoertrag aus Investitionen betrug im Quartal $3.298 million (2Q 2024: $6.559 million). Für die sechs Monate lagen die Investitionserträge bei $21.511 million (2024: $30.809 million) und der Nettoertrag aus Investitionen bei $7.383 million (2024: $12.029 million). Das Unternehmen erzielte in den sechs Monaten einen Nettocashflow aus operativer Tätigkeit von $88.361 million, darunter $104.993 million Erlöse aus Tilgungen und Verkäufen, und verwendete Mittel zur Rückzahlung von $118.1 million an Schulden (Schuldenhauptbetrag zum 30. Juni 2025: $210.3 million, gegenüber $293.9 million zum Jahresende).

0001512931falseQ22025--12-31oneonehttp://fasb.org/us-gaap/2025#DebtAndEquitySecuritiesRealizedGainLosshttp://fasb.org/us-gaap/2025#DebtAndEquitySecuritiesUnrealizedGainLosshttp://fasb.org/us-gaap/2025#DebtAndEquitySecuritiesRealizedGainLosshttp://fasb.org/us-gaap/2025#DebtAndEquitySecuritiesUnrealizedGainLosshttp://fasb.org/us-gaap/2025#DebtAndEquitySecuritiesRealizedGainLosshttp://fasb.org/us-gaap/2025#DebtAndEquitySecuritiesRealizedGainLosshttp://fasb.org/us-gaap/2025#DebtAndEquitySecuritiesRealizedGainLosshttp://fasb.org/us-gaap/2025#DebtAndEquitySecuritiesRealizedGainLosshttp://fasb.org/us-gaap/2025#DebtAndEquitySecuritiesUnrealizedGainLosshttp://fasb.org/us-gaap/2025#DebtAndEquitySecuritiesUnrealizedGainLosshttp://fasb.org/us-gaap/2025#DebtAndEquitySecuritiesUnrealizedGainLosshttp://fasb.org/us-gaap/2025#DebtAndEquitySecuritiesUnrealizedGainLossoneonexbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:puremrcc:investmentmrcc:borrowermrcc:segmentmrcc:representativemrcc:derivativemrcc:componentmrcc:calendarQuarter00015129312025-01-012025-06-3000015129312025-08-080001512931us-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931us-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001512931us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001512931us-gaap:InvestmentAffiliatedIssuerControlledMember2025-06-300001512931us-gaap:InvestmentAffiliatedIssuerControlledMember2024-12-3100015129312025-06-3000015129312024-12-310001512931us-gaap:InvestmentUnaffiliatedIssuerMember2025-04-012025-06-300001512931us-gaap:InvestmentUnaffiliatedIssuerMember2024-04-012024-06-300001512931us-gaap:InvestmentUnaffiliatedIssuerMember2025-01-012025-06-300001512931us-gaap:InvestmentUnaffiliatedIssuerMember2024-01-012024-06-300001512931us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-04-012025-06-300001512931us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-04-012024-06-300001512931us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-06-300001512931us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-01-012024-06-300001512931us-gaap:InvestmentAffiliatedIssuerControlledMember2025-04-012025-06-300001512931us-gaap:InvestmentAffiliatedIssuerControlledMember2024-04-012024-06-300001512931us-gaap:InvestmentAffiliatedIssuerControlledMember2025-01-012025-06-300001512931us-gaap:InvestmentAffiliatedIssuerControlledMember2024-01-012024-06-3000015129312025-04-012025-06-3000015129312024-04-012024-06-3000015129312024-01-012024-06-300001512931us-gaap:CommonStockMember2024-03-310001512931us-gaap:AdditionalPaidInCapitalMember2024-03-310001512931us-gaap:RetainedEarningsMember2024-03-3100015129312024-03-310001512931us-gaap:RetainedEarningsMember2024-04-012024-06-300001512931us-gaap:CommonStockMember2024-06-300001512931us-gaap:AdditionalPaidInCapitalMember2024-06-300001512931us-gaap:RetainedEarningsMember2024-06-3000015129312024-06-300001512931us-gaap:CommonStockMember2025-03-310001512931us-gaap:AdditionalPaidInCapitalMember2025-03-310001512931us-gaap:RetainedEarningsMember2025-03-3100015129312025-03-310001512931us-gaap:RetainedEarningsMember2025-04-012025-06-300001512931us-gaap:CommonStockMember2025-06-300001512931us-gaap:AdditionalPaidInCapitalMember2025-06-300001512931us-gaap:RetainedEarningsMember2025-06-300001512931us-gaap:CommonStockMember2023-12-310001512931us-gaap:AdditionalPaidInCapitalMember2023-12-310001512931us-gaap:RetainedEarningsMember2023-12-3100015129312023-12-310001512931us-gaap:RetainedEarningsMember2024-01-012024-06-300001512931us-gaap:CommonStockMember2024-12-310001512931us-gaap:AdditionalPaidInCapitalMember2024-12-310001512931us-gaap:RetainedEarningsMember2024-12-310001512931us-gaap:RetainedEarningsMember2025-01-012025-06-300001512931BTR Opco LLC (Delayed Draw), Senior Secured Loans 2025-06-300001512931Hastings Manufacturing Company, Senior Secured Loans 12025-06-300001512931Hastings Manufacturing Company, Senior Secured Loans 22025-06-300001512931Hastings Manufacturing Company, Senior Secured Loans 32025-06-300001512931Hastings Manufacturing Company (Revolver), Senior Secured Loans2025-06-300001512931Lifted Trucks Holdings, LLC, Senior Secured Loans2025-06-300001512931Lifted Trucks Holdings, LLC (Revolver), Senior Secured Loans2025-06-300001512931Panda Acquisition, LLC, Senior Secured Loans2025-06-300001512931us-gaap:SeniorLoansMemberus-gaap:AutomotiveSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931MV Receivables II, LLC, Senior Secured Loans2025-06-300001512931StarCompliance MidCo, LLC, Senior Secured Loans 12025-06-300001512931StarCompliance MidCo, LLC, Senior Secured Loans 22025-06-300001512931StarCompliance MidCo, LLC, Senior Secured Loans 32025-06-300001512931StarCompliance MidCo, LLC, Senior Secured Loans 42025-06-300001512931StarCompliance MidCo, LLC (Revolver), Senior Secured Loans2025-06-300001512931us-gaap:SeniorLoansMembermrcc:Banking1Memberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931CGI Automated Manufacturing, LLC, Senior Secured Loans 12025-06-300001512931CGI Automated Manufacturing, LLC, Senior Secured Loans 22025-06-300001512931us-gaap:SeniorLoansMembermrcc:CapitalEquipmentMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931Valudor Products LLC, Senior Secured Loans 12025-06-300001512931Valudor Products LLC, Senior Secured Loans 22025-06-300001512931Valudor Products LLC, Senior Secured Loans 32025-06-300001512931Valudor Products LLC (Revolver), Senior Secured Loans 2025-06-300001512931us-gaap:SeniorLoansMemberus-gaap:ChemicalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931MEI Buyer LLC, Senior Secured Loans 12025-06-300001512931MEI Buyer LLC, Senior Secured Loans 22025-06-300001512931MEI Buyer LLC, Senior Secured Loans 32025-06-300001512931MEI Buyer LLC (Delayed Draw), Senior Secured Loans2025-06-300001512931MEI Buyer LLC (Revolver), Senior Secured Loans2025-06-300001512931TCFIII OWL Buyer LLC, Senior Secured Loans 12025-06-300001512931TCFIII OWL Buyer LLC, Senior Secured Loans 22025-06-300001512931TCFIII OWL Buyer LLC, Senior Secured Loans 32025-06-300001512931us-gaap:SeniorLoansMemberus-gaap:ConstructionSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931Independence Buyer, Inc., Senior Secured Loans2025-06-300001512931Independence Buyer, Inc. (Revolver), Senior Secured Loans2025-06-300001512931Recycled Plastics Industries, LLC, Senior Secured Loans2025-06-300001512931Recycled Plastics Industries, LLC (Revolver), Senior Secured Loans2025-06-300001512931us-gaap:SeniorLoansMembermrcc:ConsumerGoodsDurableSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931The Kyjen Company, LLC, Senior Secured Loans 12025-06-300001512931The Kyjen Company, LLC, Senior Secured Loans 22025-06-300001512931The Kyjen Company, LLC (Revolver), Senior Secured Loans2025-06-300001512931Thrasio, LLC, Senior Secured Loans2025-06-300001512931us-gaap:SeniorLoansMembermrcc:ConsumerGoodsNonDurableSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931GC Champion Acquisition LLC, Senior Secured Loans 12025-06-300001512931GC Champion Acquisition LLC, Senior Secured Loans 22025-06-300001512931GC Champion Acquisition LLC, Senior Secured Loans 32025-06-300001512931GC Champion Acquisition LLC (Delayed Draw), Senior Secured Loans2025-06-300001512931J2 BWA Funding LLC (Revolver), Senior Secured Loans2025-06-300001512931Liftforward SPV II, LLC, Senior Secured Loans2025-06-300001512931us-gaap:SeniorLoansMembermrcc:FireFinanceSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931Bluesight, Inc., Senior Secured Loans2025-06-300001512931Bluesight, Inc., Senior Secured Loans 12025-06-300001512931Bluesight, Inc., Senior Secured Loans 22025-06-300001512931Bluesight, Inc. (Revolver), Senior Secured Loans2025-06-300001512931Dorado Acquisition, Inc., Senior Secured Loans 2025-06-300001512931Dorado Acquisition, Inc., Senior Secured Loans 12025-06-300001512931Dorado Acquisition, Inc. (Revolver), Senior Secured Loans 12025-06-300001512931Forest Buyer, LLC, Senior Secured Loans 12025-06-300001512931Forest Buyer, LLC, Senior Secured Loans 22025-06-300001512931Forest Buyer, LLC (Revolver), Senior Secured Loans 2025-06-300001512931INH Buyer, Inc, Senior Secured Loans 2025-06-300001512931INH Buyer, Inc. (Delayed Draw), Senior Secured Loans 2025-06-300001512931KL Moon Acquisition, LLC, Senior Secured Loans 2025-06-300001512931KL Moon Acquisition, LLC, Senior Secured Loans 12025-06-300001512931KL Moon Acquisition, LLC, Senior Secured Loans 22025-06-300001512931KL Moon Acquisition, LLC (Revolver) , Senior Secured Loans 2025-06-300001512931NQ PE Project Colosseum Midco Inc., Senior Secured Loans 2025-06-300001512931NQ PE Project Colosseum Midco Inc. (Revolver), Senior Secured Loans 2025-06-300001512931Seran BioScience, LLC, Senior Secured Loans 2025-06-300001512931Seran BioScience, LLC, Senior Secured Loans 22025-06-300001512931Seran BioScience, LLC, Senior Secured Loans 32025-06-300001512931Seran BioScience, LLC (Delayed Draw), Senior Secured Loans 2025-06-300001512931Seran BioScience, LLC (Revolver), Senior Secured Loans 2025-06-300001512931TigerConnect, Inc., Senior Secured Loans 2025-06-300001512931TigerConnect, Inc., Senior Secured Loans 12025-06-300001512931TigerConnect, Inc. (Delayed Draw) , Senior Secured Loans 2025-06-300001512931TigerConnect, Inc. (Delayed Draw) , Senior Secured Loans 12025-06-300001512931TigerConnect, Inc. (Revolver), Senior Secured Loans 12025-06-300001512931Vero Biotech Inc., Senior Secured Loans 2025-06-300001512931Whistler Parent Holdings III, Inc. (Delayed Draw), Senior Secured Loans 2025-06-300001512931Whistler Parent Holdings III, Inc. (Revolver)., Senior Secured Loans 2025-06-300001512931us-gaap:SeniorLoansMembermrcc:HealthcarePharmaceuticalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931Arcserve Cayman Opco LP (Delayed Draw), Senior Secured Loans2025-06-300001512931Douglas Holdings, Inc., Senior Secured Loans2025-06-300001512931Douglas Holdings, Inc. (Delayed Draw), Senior Secured Loans 12025-06-300001512931Douglas Holdings, Inc. (Delayed Draw), Senior Secured Loans 22025-06-300001512931Douglas Holdings, Inc. (Revolver), Senior Secured Loans 2025-06-300001512931Drawbridge Partners, LLC, Senior Secured Loans2025-06-300001512931Drawbridge Partners, LLC (Delayed Draw), Senior Secured Loans2025-06-300001512931Drawbridge Partners, LLC (Revolver), Senior Secured Loans2025-06-300001512931Medallia, Inc., Senior Secured Loans2025-06-300001512931Planful, Inc., Senior Secured Loans 2025-06-300001512931Planful, Inc., Senior Secured Loans 12025-06-300001512931Planful, Inc., Senior Secured Loans 22025-06-300001512931Planful, Inc., Senior Secured Loans 32025-06-300001512931Planful, Inc., Senior Secured Loans 42025-06-300001512931Planful, Inc., Senior Secured Loans 52025-06-300001512931Planful, Inc. (Revolver), Senior Secured Loans 2025-06-300001512931Sparq Holdings, Inc., Senior Secured Loans 2025-06-300001512931Sparq Holdings, Inc., Senior Secured Loans 12025-06-300001512931Sparq Holdings, Inc. (Delayed Draw), Senior Secured Loans 12025-06-300001512931Sparq Holdings, Inc., Senior Secured Loans 22025-06-300001512931Sparq Holdings, Inc. (Revolver), Senior Secured Loans 2025-06-300001512931Tiugo Group Holdings Corp, Senior Secured Loans 32025-06-300001512931Tiugo Group Holdings Corp (Delayed Draw), Senior Secured Loans2025-06-300001512931Tiugo Group Holdings Corp (Revolver), Senior Secured Loans 2025-06-300001512931us-gaap:SeniorLoansMembermrcc:HighTechIndustriesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931Relevate Health Group, LLC, Senior Secured Loans2025-06-300001512931Relevate Health Group, LLC, Senior Secured Loans12025-06-300001512931Relevate Health Group, LLC, Senior Secured Loans 32025-06-300001512931Relevate Health Group, LLC (Revolver), Senior Secured Loans 2025-06-300001512931Spherix Global Inc., Senior Secured Loans 2025-06-300001512931Spherix Global Inc. (Revolver), Senior Secured Loans 2025-06-300001512931XanEdu Publishing, Inc., Senior Secured Loans2025-06-300001512931XanEdu Publishing, Inc., Senior Secured Loans 12025-06-300001512931XanEdu Publishing, Inc. (Revolver), Senior Secured Loans2025-06-300001512931us-gaap:SeniorLoansMembermrcc:MediaAdvertisingPrintingPublishingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931Vice Acquisition Holdco, LLC, Senior Secured Loans2025-06-300001512931us-gaap:SeniorLoansMembermrcc:MediaBroadcastingSubscriptionMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931Chess.com, LLC, Senior Secured Loans 12025-06-300001512931Chess.com, LLC (Revolver), Senior Secured Loans 2025-06-300001512931Crownpeak Technology, Inc., Senior Secured Loans 2025-06-300001512931Crownpeak Technology, Inc., Senior Secured Loans 22025-06-300001512931Crownpeak Technology, Inc., Senior Secured Loans 32025-06-300001512931Crownpeak Technology, Inc., Senior Secured Loans 42025-06-300001512931Crownpeak Technology, Inc. (Revolver), Senior Secured Loans 2025-06-300001512931Sports Operating Holdings II, LLC, Senior Secured Loans 2025-06-300001512931Sports Operating Holdings II, LLC, Senior Secured Loans 12025-06-300001512931Sports Operating Holdings II, LLC (Revolver), Senior Secured Loans 2025-06-300001512931V10 Entertainment, Inc., Senior Secured Loans 2025-06-300001512931V10 Entertainment, Inc. (Revolver), Senior Secured Loans 2025-06-300001512931us-gaap:SeniorLoansMembermrcc:MediaDiversifiedProductionMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931BLST Operating Company, LLC, Senior Secured Loans2025-06-300001512931us-gaap:SeniorLoansMemberus-gaap:RetailSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931Aras Corporation, Senior Secured Loans2025-06-300001512931Aras Corporation (Revolver), Senior Secured Loans2025-06-300001512931Burroughs, Inc., Senior Secured Loans2025-06-300001512931Cdata Software, Inc., Senior Secured Loans2025-06-300001512931Cdata Software, Inc. (Delayed Draw)., Senior Secured Loans2025-06-300001512931Cdata Software, Inc. (Delayed Draw), Senior Secured Loans 12025-06-300001512931Cdata Software, Inc. (Revolver), Senior Secured Loans 2025-06-300001512931iCIMS, Inc., Senior Secured Loans2025-06-300001512931Kingsley Gate Partners., Senior Secured Loans2025-06-300001512931Kingsley Gate Partners, LLC, Senior Secured Loans 12025-06-300001512931Kingsley Gate Partners, LLC, Senior Secured Loans 22025-06-300001512931Kingsley Gate Partners, LLC (Revolver), Senior Secured Loans 2025-06-300001512931Northeast Contracting Company, LLC, Senior Secured Loans 2025-06-300001512931Northeast Contracting Company, LLC (Revolver), Senior Secured Loans 2025-06-300001512931Prototek LLC , Senior Secured Loans2025-06-300001512931Prototek LLC (Revolver), Senior Secured Loans2025-06-300001512931Security Services Acquisition Sub Corp., Senior Secured Loans 2025-06-300001512931Security Services Acquisition Sub Corp., Senior Secured Loans 12025-06-300001512931Security Services Acquisition Sub Corp., Senior Secured Loans 22025-06-300001512931us-gaap:SeniorLoansMembermrcc:ServicesBusinessMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931Kar Wash Holdings, LLC, Senior Secured Loans 12025-06-300001512931Kar Wash Holdings, LLC, Senior Secured Loans 22025-06-300001512931Kar Wash Holdings, LLC, Senior Secured Loans 32025-06-300001512931Kar Wash Holdings, LLC, Senior Secured Loans 42025-06-300001512931Kar Wash Holdings, LLC, Senior Secured Loans 52025-06-300001512931Kar Wash Holdings, LLC (Delayed Draw), Senior Secured Loans 2025-06-300001512931Kar Wash Holdings, LLC (Revolver), Senior Secured Loans 2025-06-300001512931us-gaap:SeniorLoansMembermrcc:ServicesConsumerSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931American Broadband and Telecommunications Company LLC, Senior Secured Loans2025-06-300001512931American Broadband and Telecommunications Company LLC (Revolver), Senior Secured Loans2025-06-300001512931Calabrio, Inc., Senior Secured Loans 12025-06-300001512931Calabrio, Inc., Senior Secured Loans 22025-06-300001512931Calabrio, Inc. (Revolver), Senior Secured Loans2025-06-300001512931us-gaap:SeniorLoansMembermrcc:TelecommunicationsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2025-06-300001512931ASG II, LLC, Unitranche Secured Loans 12025-06-300001512931ASG II, LLC, Unitranche Secured Loans 22025-06-300001512931us-gaap:UnitrancheDebtMembermrcc:ServicesBusinessMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:UnitrancheDebtMember2025-06-300001512931BTR Opco LLC , Junior Secured Loans 12025-06-300001512931BTR Opco LLC , Junior Secured Loans 22025-06-300001512931us-gaap:JuniorLoansMemberus-gaap:AutomotiveSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931Thrasio, LLC, Junior Secured Loans2025-06-300001512931us-gaap:JuniorLoansMembermrcc:ConsumerGoodsNonDurableSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931Witkoff/Monroe 700 JV LLC, Junior Secured Loans 12025-06-300001512931Witkoff/Monroe 700 JV LLC, Junior Secured Loans 22025-06-300001512931Witkoff/Monroe 700 JV LLC, Junior Secured Loans 32025-06-300001512931Witkoff/Monroe 700 JV LLC, Junior Secured Loans 42025-06-300001512931Witkoff/Monroe 700 JV LLC, Junior Secured Loans 52025-06-300001512931Witkoff/Monroe 700 JV LLC, Junior Secured Loans 62025-06-300001512931us-gaap:JuniorLoansMembermrcc:FireRealEstateSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931Arcserve Cayman Opco LP, Junior Secured Loans 12025-06-300001512931Arcserve Cayman Opco LP, Junior Secured Loans 22025-06-300001512931Arcserve Cayman Opco LP, Junior Secured Loans 32025-06-300001512931us-gaap:JuniorLoansMembermrcc:HighTechIndustriesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931INH Buyer, Inc., Junior Secured Loans2025-06-300001512931Whistler Parent Holdings III, Inc, Junior Secured Loans2025-06-300001512931us-gaap:JuniorLoansMembermrcc:HealthcarePharmaceuticalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931Vice Acquisition Holdco, LLC, Junior Secured Loans 12025-06-300001512931Vice Acquisition Holdco, LLC, Junior Secured Loans 22025-06-300001512931Vice Acquisition Holdco, LLC, Junior Secured Loans 32025-06-300001512931Vice Acquisition Holdco, LLC, Junior Secured Loans 42025-06-300001512931Vice Acquisition Holdco, LLC, Junior Secured Loans 52025-06-300001512931Vice Acquisition Holdco, LLC, Junior Secured Loans 62025-06-300001512931Vice Acquisition Holdco, LLC, Junior Secured Loans 72025-06-300001512931Vice Acquisition Holdco, LLC, Junior Secured Loans 82025-06-300001512931us-gaap:JuniorLoansMembermrcc:MediaBroadcastingSubscriptionMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931Forman Mills, Inc., Junior Secured Loans2025-06-300001512931us-gaap:JuniorLoansMemberus-gaap:RetailSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931Education Corporation of America, Junior Secured Loans2025-06-300001512931us-gaap:JuniorLoansMembermrcc:ServicesConsumerSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:JuniorLoansMember2025-06-300001512931BTR Opco LLC (fka Born to Run, LLC), Equity Securities, Class A common units2025-06-300001512931Lifted Trucks Holdings, LLC, Equity Securities, Class A shares2025-06-300001512931us-gaap:EquitySecuritiesMemberus-gaap:AutomotiveSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931MV Receivables II, LLC, Equity Securities, Common stock2025-06-300001512931MV Receivables II, LLC, Equity Securities, Warrant2025-06-300001512931us-gaap:EquitySecuritiesMembermrcc:Banking1Memberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931Valudor Products LLC, Equity Securities, Class A-1 units2025-06-300001512931us-gaap:EquitySecuritiesMemberus-gaap:ChemicalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931Independence Buyer, Inc., Equity Securities, Class A units2025-06-300001512931us-gaap:EquitySecuritiesMembermrcc:ConsumerGoodsDurableSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931Thrasio, LLC, Equity Securities2025-06-300001512931Thrasio, LLC, Equity Securities, Common stock2025-06-300001512931us-gaap:EquitySecuritiesMembermrcc:ConsumerGoodsNonDurableSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931MEI Buyer LLC, Equity Securities, Common stock2025-06-300001512931us-gaap:EquitySecuritiesMemberus-gaap:ConstructionSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931Quest Resource Management Group, LLC, Equity Securities, Warrant 12025-06-300001512931Quest Resource Management Group, LLC, Equity Securities, Warrant 22025-06-300001512931us-gaap:EquitySecuritiesMembermrcc:EnvironmentalIndustriesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931J2 BWA Funding LLC, Equity Securities, Profit sharing2025-06-300001512931us-gaap:EquitySecuritiesMembermrcc:FireFinanceSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931Residential Homes for Rent LLC, Equity Securities, Series A preferred units2025-06-300001512931Residential Homes for Rent LLC, Equity Securities, Warrant2025-06-300001512931Witkoff/Monroe 700 JV LLC, Equity Securities, Preferred units2025-06-300001512931us-gaap:EquitySecuritiesMembermrcc:FireRealEstateSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931Bluesight, Inc., Equity Securities, Class A preferred units2025-06-300001512931Bluesight, Inc. , Equity Securities, Class B common units2025-06-300001512931Dorado Acquisition, Inc., Equity Securities, Class A-1 units2025-06-300001512931Dorado Acquisition, Inc., Equity Securities, Class A-2 units2025-06-300001512931Forest Buyer, LLC, Equity Securities, Class A units2025-06-300001512931Forest Buyer, LLC, Equity Securities, Class B units2025-06-300001512931INH Buyer, Inc., Equity Securities, Class A-1 units2025-06-300001512931INH Buyer, Inc., Equity Securities, Preferred Stock2025-06-300001512931KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC), Equity Securities2025-06-300001512931NationsBenefits, LLC, Equity Securities, Series B units2025-06-300001512931NationsBenefits, LLC, Equity Securities, Common units2025-06-300001512931NQ PE Project Colosseum Midco Inc., Equity Securities, Common units2025-06-300001512931Vero Biotech Inc., Equity Securities, Warrant2025-06-300001512931Whistler Parent Holdings III, Inc., Equity Securities, Series A Preferred Stock2025-06-300001512931Whistler Parent Holdings III, Inc., Equity Securities, Series B Preferred Stock2025-06-300001512931us-gaap:EquitySecuritiesMembermrcc:HealthcarePharmaceuticalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931Arcserve Cayman GP LLC (fka Arcstor Midco, LLC, Equity Securities, Class A common units2025-06-300001512931Arcserve Cayman GP LLC (fka Arcstor Midco, LLC, Equity Securities, Class B common units2025-06-300001512931Arcserve Cayman Opco LP (fka Arcstor Midco, LLC), Equity Securities, Class A common units2025-06-300001512931Arcserve Cayman Opco LP (fka Arcstor Midco, LLC), Equity Securities, Class B common units2025-06-300001512931Douglas Holdings, Inc., Equity Securities, Class A common units2025-06-300001512931Drawbridge Partners, LLC, Equity Securities, Class A-1 units2025-06-300001512931Planful, Inc., Equity Securities, Class A units2025-06-300001512931Planful, Inc., Equity Securities, Class B units2025-06-300001512931Recorded Future, Inc, Equity Securities, Class A units2025-06-300001512931Sparq Holdings, Inc., Equity Securities, Common units2025-06-300001512931us-gaap:EquitySecuritiesMembermrcc:HighTechIndustriesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931Equine Network, LLC, Equity Securities, Class A units2025-06-300001512931us-gaap:EquitySecuritiesMembermrcc:HotelsGamingLeisureMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931InMobi Pte, Ltd, Equity Securities, Warrant2025-06-300001512931Relevate Health Group, LLC , Equity Securities, Preferred units 12025-06-300001512931Relevate Health Group, LLC , Equity Securities, Class X Preferred units 2025-06-300001512931Relevate Health Group, LLC , Equity Securities, Class B common units2025-06-300001512931Relevate Health Group, LLC , Equity Securities, Class X common units2025-06-300001512931Spherix Global Inc., Equity Securities, Class A-2 units2025-06-300001512931Spherix Global Inc., Equity Securities, Class A units2025-06-300001512931XanEdu Publishing, Inc., Equity Securities, Class A units2025-06-300001512931us-gaap:EquitySecuritiesMembermrcc:MediaAdvertisingPrintingPublishingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.), Equity Securities, Class A units2025-06-300001512931us-gaap:EquitySecuritiesMembermrcc:MediaBroadcastingSubscriptionMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931Attom Intermediate Holdco, LLC, Equity Securities, Class A units2025-06-300001512931Chess.com, LLC, Equity Securities, Class A units2025-06-300001512931V10 Entertainment, Inc. , Equity Securities, Common units2025-06-300001512931us-gaap:EquitySecuritiesMembermrcc:MediaDiversifiedProductionMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931BLST Operating Company, LLC, Equity Securities, Class A units2025-06-300001512931us-gaap:EquitySecuritiesMemberus-gaap:RetailSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931APCO Worldwide, Inc., Equity Securities, Class A voting common stock2025-06-300001512931Northeast Contracting Company, LLC, Equity Securities, Class A-2 units2025-06-300001512931us-gaap:EquitySecuritiesMembermrcc:ServicesBusinessMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931Education Corporation of America - Series G Preferred Stock, Equity Securities2025-06-300001512931Express Wash Acquisition Company, LLC, Equity Securities, Class A common units2025-06-300001512931Express Wash Acquisition Company, LLC, Equity Securities, Class A preferred units2025-06-300001512931Express Wash Acquisition Company, LLC, Equity Securities, Class B common units2025-06-300001512931Express Wash Acquisition Company, LLC, Equity Securities, Class B preferred units2025-06-300001512931Express Wash Acquisition Company, LLC, Equity Securities, Class A-1 preferred units2025-06-300001512931IDIG Parent, LLC, Equity Securities, Common stock2025-06-300001512931IDIG Parent, LLC, Equity Securities, Class X Common unit2025-06-300001512931Kar Wash Holdings, LLC, Equity Securities, Class A units2025-06-300001512931Kar Wash Holdings, LLC, Equity Securities, preferred units2025-06-300001512931us-gaap:EquitySecuritiesMembermrcc:ServicesConsumerSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931American Broadband and Telecommunications Company LLC, Equity Securities, Warrant2025-06-300001512931us-gaap:EquitySecuritiesMembermrcc:TelecommunicationsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931Nearly Natural, Inc.1, Equity Securities, Class A units2025-06-300001512931Nearly Natural, Inc. 2, Equity Securities, Class AA units2025-06-300001512931Nearly Natural, Inc. 3, Equity Securities, Class AAA units2025-06-300001512931us-gaap:EquitySecuritiesMembermrcc:WholesaleMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2025-06-300001512931TJ Management HoldCo LLC (Revolver), Senior Secured Loans2025-06-300001512931us-gaap:SeniorLoansMemberus-gaap:FoodAndBeverageSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001512931American Community Homes, Inc., Senior Secured Loans 12025-06-300001512931American Community Homes, Inc., Senior Secured Loans 22025-06-300001512931American Community Homes, Inc., Senior Secured Loans 32025-06-300001512931American Community Homes, Inc., Senior Secured Loans 42025-06-300001512931American Community Homes, Inc., Senior Secured Loans 52025-06-300001512931American Community Homes, Inc., Senior Secured Loans 62025-06-300001512931American Community Homes, Inc., Senior Secured Loans 72025-06-300001512931American Community Homes, Inc. (Revolver), Senior Secured Loans2025-06-300001512931HFZ Capital Group LLC, Senior Secured Loans 12025-06-300001512931HFZ Capital Group LLC, Senior Secured Loans 22025-06-300001512931MC Asset Management (Corporate), LLC, Senior Secured Loans 2025-06-300001512931MC Asset Management (Corporate), LLC, Senior Secured Loans 22025-06-300001512931us-gaap:SeniorLoansMembermrcc:FireRealEstateSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001512931NECB Collections, LLC (Revolver), Senior Secured Loans2025-06-300001512931us-gaap:SeniorLoansMembermrcc:ServicesConsumerSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001512931us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:SeniorLoansMember2025-06-300001512931SFR Holdco, LLC, Junior Secured Loans2025-06-300001512931SFR Holdco 2, LLC (Delayed Draw), Junior Secured Loans2025-06-300001512931us-gaap:JuniorLoansMembermrcc:FireRealEstateSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001512931us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:JuniorLoansMember2025-06-300001512931TJ Management HoldCo LLC, Equity Investments, Common stock2025-06-300001512931us-gaap:EquitySecuritiesMemberus-gaap:FoodAndBeverageSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001512931American Community Homes, Inc., Equity Investments, Common stock2025-06-300001512931MC Asset Management (Corporate), LLC, Equity Investments2025-06-300001512931SFR Holdco, LLC (equity commitment), Equity Investments2025-06-300001512931SFR Holdco 2, LLC (equity commitment), Equity Investments2025-06-300001512931us-gaap:EquitySecuritiesMembermrcc:FireRealEstateSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001512931Ascent Midco, LLC, Equity Investments, Class A units2025-06-300001512931Familia Dental Group Holdings, LLC, Equity Investments, Class A units2025-06-300001512931us-gaap:EquitySecuritiesMembermrcc:HealthcarePharmaceuticalsSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001512931NECB Collections, LLC, Equity Investments2025-06-300001512931NECB Collections, LLC, Equity Investments2025-06-300001512931us-gaap:EquitySecuritiesMembermrcc:ServicesConsumerSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001512931us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:EquitySecuritiesMember2025-06-300001512931MRCC Senior Loan Fund I, LLC, Equity Investments2025-06-300001512931us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:EquitySecuritiesMember2025-06-300001512931mrcc:FamiliaDentalGroupHoldingsLLCMember2025-01-012025-06-300001512931mrcc:RecordedFutureIncMember2025-06-300001512931mrcc:MCAssetManagementCorporateLLCCorporateMembermrcc:MCAssetManagementCorporateLLCCorporateMember2021-12-310001512931mrcc:McAssetManagementIndustrialLlcIndustrialMembermrcc:MCAssetManagementCorporateLLCCorporateMember2021-12-310001512931mrcc:HfzCapitalGroupLlcMember2021-12-310001512931mrcc:HfzCapitalGroupLlcMember2025-01-012025-06-300001512931BTR Opco LLC (fka Born to Run, LLC) (Delayed Draw), Senior Secured Loans 12024-12-310001512931Hastings Manufacturing Company 1, Senior Secured Loans 12024-12-310001512931Hastings Manufacturing Company 2, Senior Secured Loans 12024-12-310001512931Hastings Manufacturing Company 3, Senior Secured Loans 12024-12-310001512931Hastings Manufacturing Company (Revolver), Senior Secured Loans 12024-12-310001512931Lifted Trucks Holdings, LLC, Senior Secured Loans 12024-12-310001512931Lifted Trucks Holdings, LLC (Revolver), Senior Secured Loans 12024-12-310001512931Panda Acquisition, LLC, Senior Secured Loans 12024-12-310001512931us-gaap:SeniorLoansMemberus-gaap:AutomotiveSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931MV Receivables II, LLC, Senior Secured Loans 2024-12-310001512931StarCompliance MidCo, LLC 1, Senior Secured Loans2024-12-310001512931StarCompliance MidCo, LLC 2, Senior Secured Loans2024-12-310001512931StarCompliance MidCo, LLC 3, Senior Secured Loans2024-12-310001512931StarCompliance MidCo, LLC 4, Senior Secured Loans2024-12-310001512931StarCompliance MidCo, LLC (Revolver), Senior Secured Loans2024-12-310001512931us-gaap:SeniorLoansMembermrcc:Banking1Memberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931MV Receivables II, LLC, Senior Secured Loans2024-12-310001512931LVF Holdings, Inc., Senior Secured Loans 12024-12-310001512931LVF Holdings, Inc., Senior Secured Loans 22024-12-310001512931LVF Holdings, Inc. (Revolver), Senior Secured Loans2024-12-310001512931us-gaap:SeniorLoansMemberus-gaap:FoodAndBeverageSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931CGI Automated Manufacturing, LLC, Senior Secured Loans 12024-12-310001512931CGI Automated Manufacturing, LLC, Senior Secured Loans 22024-12-310001512931us-gaap:SeniorLoansMembermrcc:CapitalEquipmentMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931Valudor Products LLC, Senior Secured Loans 12024-12-310001512931Valudor Products LLC, Senior Secured Loans 22024-12-310001512931Valudor Products LLC, Senior Secured Loans 32024-12-310001512931Valudor Products LLC (Revolver), Senior Secured Loans 2024-12-310001512931us-gaap:SeniorLoansMemberus-gaap:ChemicalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931MEI Buyer LLC 1, Senior Secured Loans2024-12-310001512931MEI Buyer LLC 2, Senior Secured Loans2024-12-310001512931MEI Buyer LLC 3, Senior Secured Loans2024-12-310001512931MEI Buyer LLC (Revolver), Senior Secured Loans2024-12-310001512931TCFIII OWL Buyer LLC 1, Senior Secured Loans2024-12-310001512931TCFIII OWL Buyer LLC 2, Senior Secured Loans2024-12-310001512931TCFIII OWL Buyer LLC 3, Senior Secured Loans2024-12-310001512931us-gaap:SeniorLoansMemberus-gaap:ConstructionSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931Independence Buyer, Inc., Senior Secured Loans2024-12-310001512931Independence Buyer, Inc. (Revolver), Senior Secured Loans2024-12-310001512931Recycled Plastics Industries, LLC, Senior Secured Loans2024-12-310001512931Recycled Plastics Industries, LLC (Revolver), Senior Secured Loans2024-12-310001512931us-gaap:SeniorLoansMembermrcc:ConsumerGoodsDurableSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931The Kyjen Company, LLC, Senior Secured Loans 12024-12-310001512931The Kyjen Company, LLC, Senior Secured Loans 22024-12-310001512931The Kyjen Company, LLC (Revolver), Senior Secured Loans2024-12-310001512931Thrasio, LLC, Senior Secured Loans2024-12-310001512931us-gaap:SeniorLoansMembermrcc:ConsumerGoodsNonDurableSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931Avalara, Inc., Senior Secured Loans2024-12-310001512931Avalara, Inc. (Revolver), Senior Secured Loans2024-12-310001512931GC Champion Acquisition LLC 1, Senior Secured Loans2024-12-310001512931GC Champion Acquisition LLC 2, Senior Secured Loans2024-12-310001512931GC Champion Acquisition LLC 3, Senior Secured Loans2024-12-310001512931GC Champion Acquisition LLC (Delayed Draw), Senior Secured Loans2024-12-310001512931J2 BWA Funding LLC (Revolver), Senior Secured Loans2024-12-310001512931Liftforward SPV II, LLC, Senior Secured Loans2024-12-310001512931us-gaap:SeniorLoansMembermrcc:FireFinanceSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931Bluesight, Inc. 1, Senior Secured Loans2024-12-310001512931Bluesight, Inc. 2, Senior Secured Loans2024-12-310001512931Bluesight, Inc. 3, Senior Secured Loans2024-12-310001512931Bluesight, Inc. (Revolver), Senior Secured Loans2024-12-310001512931Brickell Bay Acquisition Corp. 1, Senior Secured Loans2024-12-310001512931Brickell Bay Acquisition Corp. 2, Senior Secured Loans2024-12-310001512931Dorado Acquisition, Inc. 1, Senior Secured Loans2024-12-310001512931Dorado Acquisition, Inc. 2, Senior Secured Loans2024-12-310001512931Dorado Acquisition, Inc. (Revolver), Senior Secured Loans2024-12-310001512931Forest Buyer, LLC 1, Senior Secured Loans2024-12-310001512931Forest Buyer, LLC 2, Senior Secured Loans2024-12-310001512931Forest Buyer, LLC (Revolver), Senior Secured Loans2024-12-310001512931INH Buyer, Inc., Senior Secured Loans2024-12-310001512931KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC) 1, Senior Secured Loans2024-12-310001512931KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC) 2, Senior Secured Loans2024-12-310001512931KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC) 3, Senior Secured Loans2024-12-310001512931KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC) (Revolver), Senior Secured Loans2024-12-310001512931NationsBenefits, LLC 1, Senior Secured Loans2024-12-310001512931NationsBenefits, LLC 2, Senior Secured Loans2024-12-310001512931NationsBenefits, LLC 3, Senior Secured Loans2024-12-310001512931NationsBenefits, LLC 4, Senior Secured Loans2024-12-310001512931NationsBenefits, LLC (Delayed Draw), Senior Secured Loans2024-12-310001512931NationsBenefits, LLC (Revolver), Senior Secured Loans2024-12-310001512931NQ PE Project Colosseum Midco Inc., Senior Secured Loans2024-12-310001512931NQ PE Project Colosseum Midco Inc. (Revolver), Senior Secured Loans2024-12-310001512931Seran BioScience, LLC 1, Senior Secured Loans2024-12-310001512931Seran BioScience, LLC 2, Senior Secured Loans2024-12-310001512931Seran BioScience, LLC 3, Senior Secured Loans2024-12-310001512931Seran BioScience, LLC (Revolver), Senior Secured Loans2024-12-310001512931TigerConnect, Inc. 1, Senior Secured Loans2024-12-310001512931TigerConnect, Inc. 2, Senior Secured Loans2024-12-310001512931TigerConnect, Inc. (Delayed Draw) 1, Senior Secured Loans2024-12-310001512931TigerConnect, Inc. (Delayed Draw) 22024-12-310001512931TigerConnect, Inc. (Revolver)2024-12-310001512931Vero Biotech Inc.2024-12-310001512931Whistler Parent Holdings III, Inc. (Delayed Draw)2024-12-310001512931Whistler Parent Holdings III, Inc. (Revolver)2024-12-310001512931us-gaap:SeniorLoansMembermrcc:HealthcarePharmaceuticalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931Arcserve Cayman Opco LP (fka Arcstor Midco, LLC) (Delayed Draw), Senior Secured Loans2024-12-310001512931Douglas Holdings, Inc., Senior Secured Loans2024-12-310001512931Douglas Holdings, Inc. (Delayed Draw) 1, Senior Secured Loans2024-12-310001512931Douglas Holdings, Inc. (Delayed Draw) 2, Senior Secured Loans2024-12-310001512931Douglas Holdings, Inc. (Delayed Draw) 3, Senior Secured Loans2024-12-310001512931Douglas Holdings, Inc. (Revolver), Senior Secured Loans2024-12-310001512931Drawbridge Partners, LLC, Senior Secured Loans2024-12-310001512931Drawbridge Partners, LLC (Delayed Draw), Senior Secured Loans2024-12-310001512931Drawbridge Partners, LLC (Revolver), Senior Secured Loans2024-12-310001512931Medallia, Inc., Senior Secured Loans2024-12-310001512931Mindbody, Inc. 1, Senior Secured Loans2024-12-310001512931Mindbody, Inc. 2, Senior Secured Loans2024-12-310001512931Mindbody, Inc. (Revolver), Senior Secured Loans2024-12-310001512931Planful, Inc. 1, Senior Secured Loans2024-12-310001512931Planful, Inc. 2, Senior Secured Loans2024-12-310001512931Planful, Inc. 3, Senior Secured Loans2024-12-310001512931Planful, Inc. 4, Senior Secured Loans2024-12-310001512931Planful, Inc. 5, Senior Secured Loans2024-12-310001512931Planful, Inc. (Revolver), Senior Secured Loans2024-12-310001512931Sparq Holdings, Inc. 1, Senior Secured Loans2024-12-310001512931Sparq Holdings, Inc. 2, Senior Secured Loans2024-12-310001512931Sparq Holdings, Inc. (Delayed Draw), Senior Secured Loans2024-12-310001512931Sparq Holdings, Inc. 3, Senior Secured Loans2024-12-310001512931Sparq Holdings, Inc., Senior Secured Loans 32024-12-310001512931Sparq Holdings, Inc. (Revolver), Senior Secured Loans2024-12-310001512931us-gaap:SeniorLoansMembermrcc:HighTechIndustriesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931Destination Media, Inc. 1, Senior Secured Loans2024-12-310001512931Destination Media, Inc. 2, Senior Secured Loans2024-12-310001512931Destination Media, Inc. (Revolver), Senior Secured Loans2024-12-310001512931Relevate Health Group, LLC 1, Senior Secured Loans2024-12-310001512931Relevate Health Group, LLC 2, Senior Secured Loans2024-12-310001512931Relevate Health Group, LLC 3, Senior Secured Loans2024-12-310001512931Relevate Health Group, LLC (Revolver), Senior Secured Loans2024-12-310001512931Spherix Global Inc., Senior Secured Loans2024-12-310001512931Spherix Global Inc. (Revolver), Senior Secured Loans2024-12-310001512931XanEdu Publishing, Inc. 1, Senior Secured Loans2024-12-310001512931XanEdu Publishing, Inc. 2, Senior Secured Loans2024-12-310001512931XanEdu Publishing, Inc. (Revolver), Senior Secured Loans2024-12-310001512931us-gaap:SeniorLoansMembermrcc:MediaAdvertisingPrintingPublishingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931Vice Acquisition Holdco, LLC, Senior Secured Loans2024-12-310001512931us-gaap:SeniorLoansMembermrcc:MediaBroadcastingSubscriptionMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931Attom Intermediate Holdco, LLC, Senior Secured Loans 12024-12-310001512931Attom Intermediate Holdco, LLC, Senior Secured Loans 22024-12-310001512931Attom Intermediate Holdco, LLC, Senior Secured Loans 32024-12-310001512931Attom Intermediate Holdco, LLC, Senior Secured Loans 42024-12-310001512931Attom Intermediate Holdco, LLC, Senior Secured Loans 52024-12-310001512931Attom Intermediate Holdco, LLC (Revolver), Senior Secured Loans2024-12-310001512931Bonterra, LLC, Senior Secured Loans 12024-12-310001512931Bonterra, LLC, Senior Secured Loans 22024-12-310001512931Bonterra, LLC (Revolver), Senior Secured Loans2024-12-310001512931Chess.com, LLC, Senior Secured Loans2024-12-310001512931Chess.com, LLC (Revolver), Senior Secured Loans2024-12-310001512931Crownpeak Technology, Inc., Senior Secured Loans 12024-12-310001512931Crownpeak Technology, Inc., Senior Secured Loans 22024-12-310001512931Crownpeak Technology, Inc., Senior Secured Loans 32024-12-310001512931Crownpeak Technology, Inc., Senior Secured Loans 42024-12-310001512931Crownpeak Technology, Inc. (Revolver), Senior Secured Loans2024-12-310001512931Sports Operating Holdings II, LLC, Senior Secured Loans2024-12-310001512931Sports Operating Holdings II, LLC (Delayed Draw), Senior Secured Loans2024-12-310001512931Sports Operating Holdings II, LLC (Revolver), Senior Secured Loans2024-12-310001512931V10 Entertainment, Inc., Senior Secured Loans2024-12-310001512931V10 Entertainment, Inc. (Revolver), Senior Secured Loans2024-12-310001512931us-gaap:SeniorLoansMembermrcc:MediaDiversifiedProductionMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931BLST Operating Company, LLC, Senior Secured Loans2024-12-310001512931us-gaap:SeniorLoansMemberus-gaap:RetailSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931Aras Corporation, Senior Secured Loans2024-12-310001512931Aras Corporation (Revolver), Senior Secured Loans2024-12-310001512931Burroughs, Inc., Senior Secured Loans2024-12-310001512931Burroughs, Inc. (Revolver), Senior Secured Loans2024-12-310001512931Cdata Software, Inc., Senior Secured Loans2024-12-310001512931Cdata Software, Inc. (Delayed Draw), Senior Secured Loans 12024-12-310001512931Cdata Software, Inc. (Delayed Draw), Senior Secured Loans 22024-12-310001512931Cdata Software, Inc. (Revolver), Senior Secured Loans2024-12-310001512931HS4 Acquisitionco, Inc., Senior Secured Loans2024-12-310001512931HS4 Acquisitionco, Inc. (Revolver), Senior Secured Loans2024-12-310001512931iCIMS, Inc., Senior Secured Loans2024-12-310001512931Kingsley Gate Partners, LLC, Senior Secured Loans 12024-12-310001512931Kingsley Gate Partners, LLC, Senior Secured Loans 22024-12-310001512931Kingsley Gate Partners, LLC, Senior Secured Loans 32024-12-310001512931Kingsley Gate Partners, LLC (Revolver), Senior Secured Loans2024-12-310001512931Northeast Contracting Company, LLC, Senior Secured Loans2024-12-310001512931Northeast Contracting Company, LLC (Revolver), Senior Secured Loans2024-12-310001512931Prototek LLC, Senior Secured Loans2024-12-310001512931Prototek LLC (Revolver), Senior Secured Loans2024-12-310001512931Security Services Acquisition Sub Corp., Senior Secured Loans 12024-12-310001512931Security Services Acquisition Sub Corp., Senior Secured Loans 22024-12-310001512931Security Services Acquisition Sub Corp., Senior Secured Loans 32024-12-310001512931Vhagar Purchaser, LLC, Senior Secured Loans2024-12-310001512931Vhagar Purchaser, LLC (Delayed Draw), Senior Secured Loans2024-12-310001512931Vhagar Purchaser, LLC (Revolver), Senior Secured Loans2024-12-310001512931us-gaap:SeniorLoansMembermrcc:ServicesBusinessMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931Express Wash Acquisition Company, LLC, Senior Secured Loans 12024-12-310001512931Express Wash Acquisition Company, LLC, Senior Secured Loans 22024-12-310001512931Express Wash Acquisition Company, LLC (Revolver), Senior Secured Loans2024-12-310001512931Kar Wash Holdings, LLC, Senior Secured Loans 12024-12-310001512931Kar Wash Holdings, LLC, Senior Secured Loans 22024-12-310001512931Kar Wash Holdings, LLC, Senior Secured Loans 32024-12-310001512931Kar Wash Holdings, LLC, Senior Secured Loans 42024-12-310001512931Kar Wash Holdings, LLC, Senior Secured Loans 52024-12-310001512931Kar Wash Holdings, LLC (Delayed Draw), Senior Secured Loans2024-12-310001512931Kar Wash Holdings, LLC (Revolver), Senior Secured Loans2024-12-310001512931us-gaap:SeniorLoansMembermrcc:ServicesConsumerSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931American Broadband and Telecommunications Company LLC (Delayed Draw), Senior Secured Loans2024-12-310001512931American Broadband and Telecommunications Company LLC (Revolver), Senior Secured Loans2024-12-310001512931Calabrio, Inc., Senior Secured Loans 12024-12-310001512931Calabrio, Inc., Senior Secured Loans 22024-12-310001512931Calabrio, Inc. (Revolver), Senior Secured Loans2024-12-310001512931us-gaap:SeniorLoansMembermrcc:TelecommunicationsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931Epika Fleet Services, Inc., Senior Secured Loans 12024-12-310001512931Epika Fleet Services, Inc., Senior Secured Loans 22024-12-310001512931Epika Fleet Services, Inc. (Delayed Draw), Senior Secured Loans2024-12-310001512931Epika Fleet Services, Inc. (Delayed Draw), Senior Secured Loans 12024-12-310001512931Epika Fleet Services, Inc. (Revolver), Senior Secured Loans2024-12-310001512931us-gaap:SeniorLoansMemberus-gaap:TransportationSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2024-12-310001512931ASG II, LLC, Unitranche Secured Loans 12024-12-310001512931ASG II, LLC, Unitranche Secured Loans 22024-12-310001512931Onit, Inc., Unitranche Secured Loans2024-12-310001512931us-gaap:UnitrancheDebtMembermrcc:ServicesBusinessMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:UnitrancheDebtMember2024-12-310001512931BTR Opco LLC (fka Born to Run, LLC), Junior Secured Loans 12024-12-310001512931BTR Opco LLC (fka Born to Run, LLC), Junior Secured Loans 22024-12-310001512931us-gaap:JuniorLoansMemberus-gaap:AutomotiveSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931Thrasio, LLC, Junior Secured Loans2024-12-310001512931us-gaap:JuniorLoansMembermrcc:ConsumerGoodsNonDurableSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931Witkoff/Monroe 700 JV LLC, Junior Secured Loans 12024-12-310001512931Witkoff/Monroe 700 JV LLC, Junior Secured Loans 22024-12-310001512931Witkoff/Monroe 700 JV LLC, Junior Secured Loans 32024-12-310001512931Witkoff/Monroe 700 JV LLC, Junior Secured Loans 42024-12-310001512931Witkoff/Monroe 700 JV LLC, Junior Secured Loans 52024-12-310001512931us-gaap:JuniorLoansMembermrcc:FireRealEstateSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931Arcserve Cayman Opco LP (fka Arcstor Midco, LLC), Junior Secured Loans 12024-12-310001512931Arcserve Cayman Opco LP (fka Arcstor Midco, LLC), Junior Secured Loans 22024-12-310001512931Arcserve Cayman Opco LP (fka Arcstor Midco, LLC), Junior Secured Loans 32024-12-310001512931us-gaap:JuniorLoansMembermrcc:HighTechIndustriesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931Whistler Parent Holdings III, Inc, Junior Secured Loans2024-12-310001512931us-gaap:JuniorLoansMembermrcc:HealthcarePharmaceuticalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931Vice Acquisition Holdco, LLC, Junior Secured Loans 12024-12-310001512931Vice Acquisition Holdco, LLC, Junior Secured Loans 22024-12-310001512931Vice Acquisition Holdco, LLC, Junior Secured Loans 32024-12-310001512931Vice Acquisition Holdco, LLC, Junior Secured Loans 42024-12-310001512931Vice Acquisition Holdco, LLC, Junior Secured Loans 52024-12-310001512931Vice Acquisition Holdco, LLC, Junior Secured Loans 62024-12-310001512931Vice Acquisition Holdco, LLC, Junior Secured Loans 72024-12-310001512931Vice Acquisition Holdco, LLC, Junior Secured Loans 82024-12-310001512931us-gaap:JuniorLoansMembermrcc:MediaBroadcastingSubscriptionMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931Forman Mills, Inc., Junior Secured Loans2024-12-310001512931us-gaap:JuniorLoansMemberus-gaap:RetailSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931Education Corporation of America, Junior Secured Loans2024-12-310001512931us-gaap:JuniorLoansMembermrcc:ServicesConsumerSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:JuniorLoansMember2024-12-310001512931BTR Opco LLC (fka Born to Run, LLC), Equity Securities, Class A common units2024-12-310001512931Lifted Trucks Holdings, LLC, Equity Securities, Class A shares2024-12-310001512931us-gaap:EquitySecuritiesMemberus-gaap:AutomotiveSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931MV Receivables II, LLC, Equity Securities, Common stock2024-12-310001512931MV Receivables II, LLC, Equity Securities, Warrant2024-12-310001512931us-gaap:EquitySecuritiesMembermrcc:Banking1Memberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931Valudor Products LLC, Equity Securities, Class A-1 units2024-12-310001512931us-gaap:EquitySecuritiesMemberus-gaap:ChemicalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931Independence Buyer, Inc., Equity Securities, Class A units2024-12-310001512931us-gaap:EquitySecuritiesMembermrcc:ConsumerGoodsDurableSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931Thrasio, LLC, Equity Securities2024-12-310001512931Thrasio, LLC, Equity Securities, Common stock2024-12-310001512931us-gaap:EquitySecuritiesMembermrcc:ConsumerGoodsNonDurableSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931MEI Buyer LLC, Equity Securities, Common stock2024-12-310001512931us-gaap:EquitySecuritiesMemberus-gaap:ConstructionSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931Quest Resource Management Group, LLC, Equity Securities, Warrant 12024-12-310001512931Quest Resource Management Group, LLC, Equity Securities, Warrant 22024-12-310001512931us-gaap:EquitySecuritiesMembermrcc:EnvironmentalIndustriesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931Binah Capital Group, Inc. (fka PKS Holdings, LLC), Equity Securities, Common Stock2024-12-310001512931J2 BWA Funding LLC, Equity Securities, Profit sharing2024-12-310001512931us-gaap:EquitySecuritiesMembermrcc:FireFinanceSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931Residential Homes for Rent LLC, Equity Securities, Series A preferred units2024-12-310001512931Residential Homes for Rent LLC, Equity Securities, Warrant2024-12-310001512931Witkoff/Monroe 700 JV LLC, Equity Securities, Preferred units2024-12-310001512931us-gaap:EquitySecuritiesMembermrcc:FireRealEstateSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931Bluesight, Inc., Equity Securities, Class A preferred units2024-12-310001512931Bluesight, Inc. , Equity Securities, Class B common units2024-12-310001512931Dorado Acquisition, Inc., Equity Securities, Class A-1 units2024-12-310001512931Dorado Acquisition, Inc., Equity Securities, Class A-2 units2024-12-310001512931Forest Buyer, LLC, Equity Securities, Class A units2024-12-310001512931Forest Buyer, LLC, Equity Securities, Class B units2024-12-310001512931INH Buyer, Inc., Equity Securities, Class A-1 units2024-12-310001512931INH Buyer, Inc., Equity Securities, Preferred Stock2024-12-310001512931KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC), Equity Securities2024-12-310001512931NationsBenefits, LLC, Equity Securities, Series B units2024-12-310001512931NationsBenefits, LLC, Equity Securities, Common units2024-12-310001512931NQ PE Project Colosseum Midco Inc., Equity Securities, Common units2024-12-310001512931Vero Biotech Inc., Equity Securities, Warrant2024-12-310001512931Whistler Parent Holdings III, Inc., Equity Securities, Series A Preferred Stock2024-12-310001512931Whistler Parent Holdings III, Inc., Equity Securities, Series B Preferred Stock2024-12-310001512931us-gaap:EquitySecuritiesMembermrcc:HealthcarePharmaceuticalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931Arcserve Cayman GP LLC (fka Arcstor Midco, LLC, Equity Securities, Class A common units2024-12-310001512931Arcserve Cayman GP LLC (fka Arcstor Midco, LLC, Equity Securities, Class B common units2024-12-310001512931Arcserve Cayman Opco LP (fka Arcstor Midco, LLC), Equity Securities, Class A common units2024-12-310001512931Arcserve Cayman Opco LP (fka Arcstor Midco, LLC), Equity Securities, Class B common units2024-12-310001512931Douglas Holdings, Inc., Equity Securities, Class A common units2024-12-310001512931Drawbridge Partners, LLC, Equity Securities, Class A-1 units2024-12-310001512931Planful, Inc., Equity Securities, Class A units2024-12-310001512931Planful, Inc., Equity Securities, Class B units2024-12-310001512931Recorded Future, Inc, Equity Securities, Class A units2024-12-310001512931Sparq Holdings, Inc., Equity Securities, Common units2024-12-310001512931us-gaap:EquitySecuritiesMembermrcc:HighTechIndustriesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931Equine Network, LLC, Equity Securities, Class A units2024-12-310001512931us-gaap:EquitySecuritiesMembermrcc:HotelsGamingLeisureMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931InMobi Pte, Ltd, Equity Securities, Warrant2024-12-310001512931Relevate Health Group, LLC , Equity Securities, Preferred units 12024-12-310001512931Relevate Health Group, LLC , Equity Securities, Class X Preferred units 2024-12-310001512931Relevate Health Group, LLC , Equity Securities, Class B common units2024-12-310001512931Relevate Health Group, LLC , Equity Securities, Class X common units2024-12-310001512931Spherix Global Inc., Equity Securities, Class A-2 units2024-12-310001512931Spherix Global Inc., Equity Securities, Class A units2024-12-310001512931XanEdu Publishing, Inc., Equity Securities, Class A units2024-12-310001512931us-gaap:EquitySecuritiesMembermrcc:MediaAdvertisingPrintingPublishingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.), Equity Securities, Class A units2024-12-310001512931us-gaap:EquitySecuritiesMembermrcc:MediaBroadcastingSubscriptionMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931Attom Intermediate Holdco, LLC, Equity Securities, Class A units2024-12-310001512931Chess.com, LLC, Equity Securities, Class A units2024-12-310001512931V10 Entertainment, Inc. , Equity Securities, Common units2024-12-310001512931us-gaap:EquitySecuritiesMembermrcc:MediaDiversifiedProductionMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931BLST Operating Company, LLC, Equity Securities, Class A units2024-12-310001512931us-gaap:EquitySecuritiesMemberus-gaap:RetailSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931APCO Worldwide, Inc., Equity Securities, Class A voting common stock2024-12-310001512931Northeast Contracting Company, LLC, Equity Securities, Class A-2 units2024-12-310001512931us-gaap:EquitySecuritiesMembermrcc:ServicesBusinessMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931Education Corporation of America - Series G Preferred Stock, Equity Securities2024-12-310001512931Express Wash Acquisition Company, LLC, Equity Securities, Class A common units2024-12-310001512931Express Wash Acquisition Company, LLC, Equity Securities, Class A preferred units2024-12-310001512931Express Wash Acquisition Company, LLC, Equity Securities, Class B common units2024-12-310001512931Express Wash Acquisition Company, LLC, Equity Securities, Class B preferred units2024-12-310001512931IDIG Parent, LLC, Equity Securities, Common stock2024-12-310001512931Kar Wash Holdings, LLC, Equity Securities, Class A units2024-12-310001512931Kar Wash Holdings, LLC, Equity Securities, preferred units2024-12-310001512931us-gaap:EquitySecuritiesMembermrcc:ServicesConsumerSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931American Broadband and Telecommunications Company LLC, Equity Securities, Warrant2024-12-310001512931us-gaap:EquitySecuritiesMembermrcc:TelecommunicationsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931Epika Fleet Services, Inc., Equity Securities, Preferred units2024-12-310001512931us-gaap:EquitySecuritiesMemberus-gaap:TransportationSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931Nearly Natural, Inc.1, Equity Securities, Class A units2024-12-310001512931Nearly Natural, Inc. 2, Equity Securities, Class AA units2024-12-310001512931Nearly Natural, Inc. 3, Equity Securities, Class AAA units2024-12-310001512931us-gaap:EquitySecuritiesMembermrcc:WholesaleMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2024-12-310001512931TJ Management HoldCo LLC (Revolver), Senior Secured Loans2024-12-310001512931us-gaap:SeniorLoansMemberus-gaap:FoodAndBeverageSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001512931American Community Homes, Inc., Senior Secured Loans 12024-12-310001512931American Community Homes, Inc., Senior Secured Loans 22024-12-310001512931American Community Homes, Inc., Senior Secured Loans 32024-12-310001512931American Community Homes, Inc., Senior Secured Loans 42024-12-310001512931American Community Homes, Inc., Senior Secured Loans 52024-12-310001512931American Community Homes, Inc., Senior Secured Loans 62024-12-310001512931American Community Homes, Inc., Senior Secured Loans 72024-12-310001512931American Community Homes, Inc. (Revolver), Senior Secured Loans2024-12-310001512931HFZ Capital Group LLC, Senior Secured Loans 12024-12-310001512931HFZ Capital Group LLC, Senior Secured Loans 22024-12-310001512931MC Asset Management (Corporate), LLC, Senior Secured Loans 12024-12-310001512931MC Asset Management (Corporate), LLC, Senior Secured Loans 22024-12-310001512931us-gaap:SeniorLoansMembermrcc:FireRealEstateSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001512931Mnine Holdings, Inc., Senior Secured Loans 12024-12-310001512931Mnine Holdings, Inc., Senior Secured Loans 22024-12-310001512931Mnine Holdings, Inc. (Revolver), Senior Secured Loans 2024-12-310001512931us-gaap:SeniorLoansMembermrcc:HighTechIndustriesSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001512931NECB Collections, LLC (Revolver), Senior Secured Loans2024-12-310001512931us-gaap:SeniorLoansMembermrcc:ServicesConsumerSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001512931us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:SeniorLoansMember2024-12-310001512931SFR Holdco, LLC, Junior Secured Loans2024-12-310001512931SFR Holdco 2, LLC (Delayed Draw), Junior Secured Loans2024-12-310001512931us-gaap:JuniorLoansMembermrcc:FireRealEstateSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001512931us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:JuniorLoansMember2024-12-310001512931TJ Management HoldCo LLC, Equity Investments, Common stock2024-12-310001512931us-gaap:EquitySecuritiesMemberus-gaap:FoodAndBeverageSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001512931American Community Homes, Inc., Equity Investments, Common stock2024-12-310001512931MC Asset Management (Corporate), LLC, Equity Investments2024-12-310001512931SFR Holdco, LLC (24.4% of equity commitment), Equity Investments2024-12-310001512931SFR Holdco, LLC (13.9% of equity commitment), Equity Investments2024-12-310001512931us-gaap:EquitySecuritiesMembermrcc:FireRealEstateSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001512931Ascent Midco, LLC, Equity Investments, Class A units2024-12-310001512931Familia Dental Group Holdings, LLC, Equity Investments, Class A units2024-12-310001512931us-gaap:EquitySecuritiesMembermrcc:HealthcarePharmaceuticalsSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001512931Mnine Holdings, Inc., Equity Investments, Class B units2024-12-310001512931us-gaap:EquitySecuritiesMembermrcc:HighTechIndustriesSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001512931NECB Collections, LLC, Equity Investments2024-12-310001512931us-gaap:EquitySecuritiesMembermrcc:ServicesConsumerSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001512931us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:EquitySecuritiesMember2024-12-310001512931MRCC Senior Loan Fund I, LLC, Equity Investments2024-12-310001512931us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:EquitySecuritiesMember2024-12-310001512931mrcc:FamiliaDentalGroupHoldingsLLCMember2024-01-012024-12-310001512931mrcc:RecordedFutureIncMember2024-12-310001512931mrcc:V10EntertainmentInc.Member2024-12-310001512931mrcc:IDIGParentLLCMember2024-12-310001512931mrcc:MCAssetManagementCorporateLLCCorporateMembermrcc:MCAssetManagementCorporateLLCCorporateMember2020-12-310001512931mrcc:McAssetManagementIndustrialLlcIndustrialMembermrcc:MCAssetManagementCorporateLLCCorporateMember2020-12-310001512931mrcc:HfzCapitalGroupLlcMember2020-12-310001512931mrcc:MonroeMembermrcc:MomentumUSBidcoLLCMember2025-03-310001512931us-gaap:SeniorLoansMember2025-06-300001512931us-gaap:SeniorLoansMembermrcc:InvestmentTypeConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2025-01-012025-06-300001512931us-gaap:SeniorLoansMember2024-12-310001512931us-gaap:SeniorLoansMembermrcc:InvestmentTypeConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2024-01-012024-12-310001512931us-gaap:UnitrancheDebtMember2025-06-300001512931us-gaap:UnitrancheDebtMembermrcc:InvestmentTypeConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2025-01-012025-06-300001512931us-gaap:UnitrancheDebtMember2024-12-310001512931us-gaap:UnitrancheDebtMembermrcc:InvestmentTypeConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2024-01-012024-12-310001512931us-gaap:JuniorLoansMember2025-06-300001512931us-gaap:JuniorLoansMembermrcc:InvestmentTypeConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2025-01-012025-06-300001512931us-gaap:JuniorLoansMember2024-12-310001512931us-gaap:JuniorLoansMembermrcc:InvestmentTypeConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2024-01-012024-12-310001512931mrcc:LlcEquityInterestMember2025-06-300001512931mrcc:LlcEquityInterestMembermrcc:InvestmentTypeConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2025-01-012025-06-300001512931mrcc:LlcEquityInterestMember2024-12-310001512931mrcc:LlcEquityInterestMembermrcc:InvestmentTypeConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2024-01-012024-12-310001512931us-gaap:EquitySecuritiesMember2025-06-300001512931us-gaap:EquitySecuritiesMembermrcc:InvestmentTypeConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2025-01-012025-06-300001512931us-gaap:EquitySecuritiesMember2024-12-310001512931us-gaap:EquitySecuritiesMembermrcc:InvestmentTypeConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2024-01-012024-12-310001512931mrcc:InvestmentTypeConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2025-01-012025-06-300001512931mrcc:InvestmentTypeConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2024-01-012024-12-310001512931us-gaap:SeniorLoansMembermrcc:InvestmentTypeConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2025-01-012025-06-300001512931us-gaap:SeniorLoansMembermrcc:InvestmentTypeConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2024-01-012024-12-310001512931us-gaap:UnitrancheDebtMembermrcc:InvestmentTypeConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2025-01-012025-06-300001512931us-gaap:UnitrancheDebtMembermrcc:InvestmentTypeConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2024-01-012024-12-310001512931us-gaap:JuniorLoansMembermrcc:InvestmentTypeConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2025-01-012025-06-300001512931us-gaap:JuniorLoansMembermrcc:InvestmentTypeConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2024-01-012024-12-310001512931mrcc:LlcEquityInterestMembermrcc:InvestmentTypeConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2025-01-012025-06-300001512931mrcc:LlcEquityInterestMembermrcc:InvestmentTypeConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2024-01-012024-12-310001512931us-gaap:EquitySecuritiesMembermrcc:InvestmentTypeConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2025-01-012025-06-300001512931us-gaap:EquitySecuritiesMembermrcc:InvestmentTypeConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2024-01-012024-12-310001512931mrcc:InvestmentTypeConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2025-01-012025-06-300001512931mrcc:InvestmentTypeConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2024-01-012024-12-310001512931us-gaap:MidwestRegionMember2025-06-300001512931us-gaap:MidwestRegionMemberus-gaap:GeographicConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2025-01-012025-06-300001512931us-gaap:MidwestRegionMember2024-12-310001512931us-gaap:MidwestRegionMemberus-gaap:GeographicConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2024-01-012024-12-310001512931us-gaap:NortheastRegionMember2025-06-300001512931us-gaap:NortheastRegionMemberus-gaap:GeographicConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2025-01-012025-06-300001512931us-gaap:NortheastRegionMember2024-12-310001512931us-gaap:NortheastRegionMemberus-gaap:GeographicConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2024-01-012024-12-310001512931us-gaap:NorthwestRegionMember2025-06-300001512931us-gaap:NorthwestRegionMemberus-gaap:GeographicConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2025-01-012025-06-300001512931us-gaap:NorthwestRegionMember2024-12-310001512931us-gaap:NorthwestRegionMemberus-gaap:GeographicConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2024-01-012024-12-310001512931us-gaap:SoutheastRegionMember2025-06-300001512931us-gaap:SoutheastRegionMemberus-gaap:GeographicConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2025-01-012025-06-300001512931us-gaap:SoutheastRegionMember2024-12-310001512931us-gaap:SoutheastRegionMemberus-gaap:GeographicConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2024-01-012024-12-310001512931us-gaap:SouthwestRegionMember2025-06-300001512931us-gaap:SouthwestRegionMemberus-gaap:GeographicConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2025-01-012025-06-300001512931us-gaap:SouthwestRegionMember2024-12-310001512931us-gaap:SouthwestRegionMemberus-gaap:GeographicConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2024-01-012024-12-310001512931us-gaap:WestRegionMember2025-06-300001512931us-gaap:WestRegionMemberus-gaap:GeographicConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2025-01-012025-06-300001512931us-gaap:WestRegionMember2024-12-310001512931us-gaap:WestRegionMemberus-gaap:GeographicConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2024-01-012024-12-310001512931us-gaap:NonUsMember2025-06-300001512931us-gaap:NonUsMemberus-gaap:GeographicConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2025-01-012025-06-300001512931us-gaap:NonUsMember2024-12-310001512931us-gaap:NonUsMemberus-gaap:GeographicConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2024-01-012024-12-310001512931us-gaap:GeographicConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2025-01-012025-06-300001512931us-gaap:GeographicConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2024-01-012024-12-310001512931us-gaap:NonUsMembermrcc:OneInternationalPortfolioInvestmentMember2024-12-310001512931us-gaap:NonUsMembermrcc:OneInternationalPortfolioInvestmentMember2025-06-300001512931us-gaap:MidwestRegionMemberus-gaap:GeographicConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2025-01-012025-06-300001512931us-gaap:MidwestRegionMemberus-gaap:GeographicConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2024-01-012024-12-310001512931us-gaap:NortheastRegionMemberus-gaap:GeographicConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2025-01-012025-06-300001512931us-gaap:NortheastRegionMemberus-gaap:GeographicConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2024-01-012024-12-310001512931us-gaap:NorthwestRegionMemberus-gaap:GeographicConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2025-01-012025-06-300001512931us-gaap:NorthwestRegionMemberus-gaap:GeographicConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2024-01-012024-12-310001512931us-gaap:SoutheastRegionMemberus-gaap:GeographicConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2025-01-012025-06-300001512931us-gaap:SoutheastRegionMemberus-gaap:GeographicConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2024-01-012024-12-310001512931us-gaap:SouthwestRegionMemberus-gaap:GeographicConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2025-01-012025-06-300001512931us-gaap:SouthwestRegionMemberus-gaap:GeographicConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2024-01-012024-12-310001512931us-gaap:WestRegionMemberus-gaap:GeographicConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2025-01-012025-06-300001512931us-gaap:WestRegionMemberus-gaap:GeographicConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2024-01-012024-12-310001512931us-gaap:NonUsMemberus-gaap:GeographicConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2025-01-012025-06-300001512931us-gaap:NonUsMemberus-gaap:GeographicConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2024-01-012024-12-310001512931us-gaap:GeographicConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2025-01-012025-06-300001512931us-gaap:GeographicConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2024-01-012024-12-310001512931us-gaap:AutomotiveSectorMember2025-06-300001512931us-gaap:AutomotiveSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2025-01-012025-06-300001512931us-gaap:AutomotiveSectorMember2024-12-310001512931us-gaap:AutomotiveSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2024-01-012024-12-310001512931mrcc:Banking1Member2025-06-300001512931mrcc:Banking1Membermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2025-01-012025-06-300001512931mrcc:Banking1Member2024-12-310001512931mrcc:Banking1Membermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2024-01-012024-12-310001512931us-gaap:FoodAndBeverageSectorMember2025-06-300001512931us-gaap:FoodAndBeverageSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2025-01-012025-06-300001512931us-gaap:FoodAndBeverageSectorMember2024-12-310001512931us-gaap:FoodAndBeverageSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2024-01-012024-12-310001512931mrcc:CapitalEquipmentSectorMember2025-06-300001512931mrcc:CapitalEquipmentSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2025-01-012025-06-300001512931mrcc:CapitalEquipmentSectorMember2024-12-310001512931mrcc:CapitalEquipmentSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2024-01-012024-12-310001512931us-gaap:ChemicalsSectorMember2025-06-300001512931us-gaap:ChemicalsSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2025-01-012025-06-300001512931us-gaap:ChemicalsSectorMember2024-12-310001512931us-gaap:ChemicalsSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2024-01-012024-12-310001512931us-gaap:ConstructionSectorMember2025-06-300001512931us-gaap:ConstructionSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2025-01-012025-06-300001512931us-gaap:ConstructionSectorMember2024-12-310001512931us-gaap:ConstructionSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2024-01-012024-12-310001512931mrcc:ConsumerGoodsDurableSectorMember2025-06-300001512931mrcc:ConsumerGoodsDurableSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2025-01-012025-06-300001512931mrcc:ConsumerGoodsDurableSectorMember2024-12-310001512931mrcc:ConsumerGoodsDurableSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2024-01-012024-12-310001512931mrcc:ConsumerGoodsNonDurableSectorMember2025-06-300001512931mrcc:ConsumerGoodsNonDurableSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2025-01-012025-06-300001512931mrcc:ConsumerGoodsNonDurableSectorMember2024-12-310001512931mrcc:ConsumerGoodsNonDurableSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2024-01-012024-12-310001512931mrcc:EnvironmentalIndustriesSectorMember2025-06-300001512931mrcc:EnvironmentalIndustriesSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2025-01-012025-06-300001512931mrcc:EnvironmentalIndustriesSectorMember2024-12-310001512931mrcc:EnvironmentalIndustriesSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2024-01-012024-12-310001512931mrcc:FireFinanceSectorMember2025-06-300001512931mrcc:FireFinanceSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2025-01-012025-06-300001512931mrcc:FireFinanceSectorMember2024-12-310001512931mrcc:FireFinanceSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2024-01-012024-12-310001512931mrcc:FireRealEstateSectorMember2025-06-300001512931mrcc:FireRealEstateSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2025-01-012025-06-300001512931mrcc:FireRealEstateSectorMember2024-12-310001512931mrcc:FireRealEstateSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2024-01-012024-12-310001512931mrcc:HealthcarePharmaceuticalsSectorMember2025-06-300001512931mrcc:HealthcarePharmaceuticalsSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2025-01-012025-06-300001512931mrcc:HealthcarePharmaceuticalsSectorMember2024-12-310001512931mrcc:HealthcarePharmaceuticalsSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2024-01-012024-12-310001512931mrcc:HighTechIndustriesSectorMember2025-06-300001512931mrcc:HighTechIndustriesSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2025-01-012025-06-300001512931mrcc:HighTechIndustriesSectorMember2024-12-310001512931mrcc:HighTechIndustriesSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2024-01-012024-12-310001512931mrcc:HotelsGamingLeisureSectorMember2025-06-300001512931mrcc:HotelsGamingLeisureSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2025-01-012025-06-300001512931mrcc:HotelsGamingLeisureSectorMember2024-12-310001512931mrcc:HotelsGamingLeisureSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2024-01-012024-12-310001512931mrcc:InvestmentFundsVehiclesSectorMember2025-06-300001512931mrcc:InvestmentFundsVehiclesSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2025-01-012025-06-300001512931mrcc:InvestmentFundsVehiclesSectorMember2024-12-310001512931mrcc:InvestmentFundsVehiclesSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2024-01-012024-12-310001512931mrcc:MediaAdvertisingPrintingPublishingSectorMember2025-06-300001512931mrcc:MediaAdvertisingPrintingPublishingSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2025-01-012025-06-300001512931mrcc:MediaAdvertisingPrintingPublishingSectorMember2024-12-310001512931mrcc:MediaAdvertisingPrintingPublishingSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2024-01-012024-12-310001512931mrcc:MediaBroadcastingSubscriptionSectorMember2025-06-300001512931mrcc:MediaBroadcastingSubscriptionSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2025-01-012025-06-300001512931mrcc:MediaBroadcastingSubscriptionSectorMember2024-12-310001512931mrcc:MediaBroadcastingSubscriptionSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2024-01-012024-12-310001512931mrcc:MediaDiversifiedProductionSectorMember2025-06-300001512931mrcc:MediaDiversifiedProductionSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2025-01-012025-06-300001512931mrcc:MediaDiversifiedProductionSectorMember2024-12-310001512931mrcc:MediaDiversifiedProductionSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2024-01-012024-12-310001512931us-gaap:RetailSectorMember2025-06-300001512931us-gaap:RetailSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2025-01-012025-06-300001512931us-gaap:RetailSectorMember2024-12-310001512931us-gaap:RetailSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2024-01-012024-12-310001512931mrcc:ServicesBusinessMember2025-06-300001512931mrcc:ServicesBusinessMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2025-01-012025-06-300001512931mrcc:ServicesBusinessMember2024-12-310001512931mrcc:ServicesBusinessMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2024-01-012024-12-310001512931mrcc:ServicesConsumerSectorMember2025-06-300001512931mrcc:ServicesConsumerSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2025-01-012025-06-300001512931mrcc:ServicesConsumerSectorMember2024-12-310001512931mrcc:ServicesConsumerSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2024-01-012024-12-310001512931mrcc:TelecommunicationsSectorMember2025-06-300001512931mrcc:TelecommunicationsSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2025-01-012025-06-300001512931mrcc:TelecommunicationsSectorMember2024-12-310001512931mrcc:TelecommunicationsSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2024-01-012024-12-310001512931us-gaap:TransportationSectorMember2025-06-300001512931us-gaap:TransportationSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2025-01-012025-06-300001512931us-gaap:TransportationSectorMember2024-12-310001512931us-gaap:TransportationSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2024-01-012024-12-310001512931mrcc:WholesaleSectorMember2025-06-300001512931mrcc:WholesaleSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2025-01-012025-06-300001512931mrcc:WholesaleSectorMember2024-12-310001512931mrcc:WholesaleSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2024-01-012024-12-310001512931mrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2025-01-012025-06-300001512931mrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtCostMember2024-01-012024-12-310001512931us-gaap:AutomotiveSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2025-01-012025-06-300001512931us-gaap:AutomotiveSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2024-01-012024-12-310001512931mrcc:Banking1Membermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2025-01-012025-06-300001512931mrcc:Banking1Membermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2024-01-012024-12-310001512931us-gaap:FoodAndBeverageSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2025-01-012025-06-300001512931us-gaap:FoodAndBeverageSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2024-01-012024-12-310001512931mrcc:CapitalEquipmentSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2025-01-012025-06-300001512931mrcc:CapitalEquipmentSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2024-01-012024-12-310001512931us-gaap:ChemicalsSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2025-01-012025-06-300001512931us-gaap:ChemicalsSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2024-01-012024-12-310001512931us-gaap:ConstructionSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2025-01-012025-06-300001512931us-gaap:ConstructionSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2024-01-012024-12-310001512931mrcc:ConsumerGoodsDurableSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2025-01-012025-06-300001512931mrcc:ConsumerGoodsDurableSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2024-01-012024-12-310001512931mrcc:ConsumerGoodsNonDurableSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2025-01-012025-06-300001512931mrcc:ConsumerGoodsNonDurableSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2024-01-012024-12-310001512931mrcc:EnvironmentalIndustriesSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2025-01-012025-06-300001512931mrcc:EnvironmentalIndustriesSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2024-01-012024-12-310001512931mrcc:FireFinanceSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2025-01-012025-06-300001512931mrcc:FireFinanceSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2024-01-012024-12-310001512931mrcc:FireRealEstateSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2025-01-012025-06-300001512931mrcc:FireRealEstateSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2024-01-012024-12-310001512931mrcc:HealthcarePharmaceuticalsSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2025-01-012025-06-300001512931mrcc:HealthcarePharmaceuticalsSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2024-01-012024-12-310001512931mrcc:HighTechIndustriesSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2025-01-012025-06-300001512931mrcc:HighTechIndustriesSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2024-01-012024-12-310001512931mrcc:HotelsGamingLeisureSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2025-01-012025-06-300001512931mrcc:HotelsGamingLeisureSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2024-01-012024-12-310001512931mrcc:InvestmentFundsVehiclesSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2025-01-012025-06-300001512931mrcc:InvestmentFundsVehiclesSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2024-01-012024-12-310001512931mrcc:MediaAdvertisingPrintingPublishingSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2025-01-012025-06-300001512931mrcc:MediaAdvertisingPrintingPublishingSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2024-01-012024-12-310001512931mrcc:MediaBroadcastingSubscriptionSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2025-01-012025-06-300001512931mrcc:MediaBroadcastingSubscriptionSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2024-01-012024-12-310001512931mrcc:MediaDiversifiedProductionSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2025-01-012025-06-300001512931mrcc:MediaDiversifiedProductionSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2024-01-012024-12-310001512931us-gaap:RetailSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2025-01-012025-06-300001512931us-gaap:RetailSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2024-01-012024-12-310001512931mrcc:ServicesBusinessMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2025-01-012025-06-300001512931mrcc:ServicesBusinessMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2024-01-012024-12-310001512931mrcc:ServicesConsumerSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2025-01-012025-06-300001512931mrcc:ServicesConsumerSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2024-01-012024-12-310001512931mrcc:TelecommunicationsSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2025-01-012025-06-300001512931mrcc:TelecommunicationsSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2024-01-012024-12-310001512931us-gaap:TransportationSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2025-01-012025-06-300001512931us-gaap:TransportationSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2024-01-012024-12-310001512931mrcc:WholesaleSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2025-01-012025-06-300001512931mrcc:WholesaleSectorMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2024-01-012024-12-310001512931mrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2025-01-012025-06-300001512931mrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:InvestmentOwnedAtFairValueMember2024-01-012024-12-310001512931mrcc:LifeInsuranceCompanyOfSouthwestMember2025-01-012025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMember2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMember2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMember2025-01-012025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMember2024-01-012024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMember2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMember2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMembermrcc:EquityInterestSubscriptionsMember2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMembermrcc:EquityInterestSubscriptionsMember2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMember2025-04-012025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMember2025-01-012025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMember2024-04-012024-06-300001512931mrcc:MRCCSeniorLoanFundILLCMember2024-01-012024-06-300001512931mrcc:SeniorSecuredRevolvingCreditFacilityMembermrcc:MRCCSeniorLoanFundILLCMember2025-06-300001512931mrcc:SeniorSecuredRevolvingCreditFacilityMembermrcc:MRCCSeniorLoanFundILLCMember2023-06-090001512931mrcc:SeniorSecuredRevolvingCreditFacilityMembermrcc:MRCCSeniorLoanFundILLCMember2024-12-310001512931mrcc:SeniorSecuredRevolvingCreditFacilityMembermrcc:MRCCSeniorLoanFundILLCMember2025-01-012025-06-300001512931mrcc:AdministrationAgreementWithMonroeCapitalManagementAdvisorsLLCMembermrcc:MRCCSeniorLoanFundILLCMember2025-04-012025-06-300001512931mrcc:AdministrationAgreementWithMonroeCapitalManagementAdvisorsLLCMembermrcc:MRCCSeniorLoanFundILLCMember2025-01-012025-06-300001512931mrcc:AdministrationAgreementWithMonroeCapitalManagementAdvisorsLLCMembermrcc:MRCCSeniorLoanFundILLCMember2024-04-012024-06-300001512931mrcc:AdministrationAgreementWithMonroeCapitalManagementAdvisorsLLCMembermrcc:MRCCSeniorLoanFundILLCMember2024-01-012024-06-300001512931mrcc:MRCCSeniorLoanFundILLCMember2024-01-012024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberLargest Portfolio Company Investment2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberLargest Portfolio Company Investment2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberTop Five Largest Portfolio Company Investments2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberTop Five Largest Portfolio Company Investments2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberTrident Maritime Systems, Inc. 12025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberTrident Maritime Systems, Inc. 22025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberTrident Maritime Systems, Inc. (Revolver)2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:SeniorLoansMembermrcc:AerospaceDefenseMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberAccelerate Auto Works Intermediate, LLC 12025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberAccelerate Auto Works Intermediate, LLC 22025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberAccelerate Auto Works Intermediate, LLC (Revolver)2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:SeniorLoansMembermrcc:AutomotiveMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberMacQueen Equipment, LLC2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberMacQueen Equipment, LLC (Delayed Draw) 2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberMacQueen Equipment, LLC (Revolver) 2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:SeniorLoansMembermrcc:CapitalEquipmentMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberNew Spartech Holdings, LLC (fka TJC Spartech Acquisition Corp.) 2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberNew Spartech Holdings, LLC (fka TJC Spartech Acquisition Corp.) 12025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberPhoenix Chemical Holding Company LLC2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:SeniorLoansMembermrcc:ChemicalsPlasticsRubberMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberRunner Buyer INC.2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:SeniorLoansMembermrcc:ConsumerGoodsDurableSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberPolychem Acquisition, LLC2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberPVHC Holding Corp2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:SeniorLoansMembermrcc:ContainersPackagingGlassMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberOffen, Inc. 12025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberOffen, Inc. 22025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:SeniorLoansMembermrcc:EnergySectorOilAndGasMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberTEAM Public Choices, LLC2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:SeniorLoansMembermrcc:FireFinanceSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberAvison Young (USA) Inc.2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:SeniorLoansMembermrcc:FireRealEstateSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberNatus Medical Incorporated2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:SeniorLoansMembermrcc:HealthcarePharmaceuticalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberCorel Inc. 2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:SeniorLoansMembermrcc:HighTechIndustriesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberExcel Fitness Holdings, Inc.2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberExcel Fitness Holdings, Inc. (Revolver) 2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberNorth Haven Spartan US Holdco, LLC2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:SeniorLoansMembermrcc:HotelsGamingLeisureMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberSTATS Intermediate Holdings, LLC2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberTouchtunes Music Group, LLC 2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:SeniorLoansMembermrcc:MediaDiversifiedProductionMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberEliassen Group, LLC2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberEliassen Group, LLC (Delayed Draw) 2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberSIRVA Worldwide Inc. (Delayed Draw) 2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:SeniorLoansMembermrcc:ServicesBusinessMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberLaseraway Intermediate Holdings II, LLC2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberMcKissock Investment Holdings, LLC2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:SeniorLoansMembermrcc:ServicesConsumerSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberMavenir Systems, Inc.2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberAppLogic Networks OpCo I LLC (fka Sandvine Corporation) 2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:SeniorLoansMembermrcc:TelecommunicationsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberKeystone Purchaser, LLC2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:SeniorLoansMemberus-gaap:TransportationSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:SeniorLoansMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberElevate Textiles, Inc. 2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:JuniorLoansMembermrcc:ConsumerGoodsDurableSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberAvison Young (USA) Inc. 12025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberAvison Young (USA) Inc. 22025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:JuniorLoansMembermrcc:FireRealEstateSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberResearch Now Group, Inc. and Survey Sampling International, LLC 2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:JuniorLoansMembermrcc:MediaDiversifiedProductionMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberOutput Services Group, Inc. 2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberSIRVA Worldwide Inc. 2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:JuniorLoansMembermrcc:ServicesBusinessMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:JuniorLoansMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberElevate Textiles, Inc. (fka International Textile Group, Inc.), Common units2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:EquitySecuritiesMembermrcc:ConsumerGoodsDurableSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberNew Spartech Holdings, LLC (fka TJC Spartech Acquisition Corp.), Class A units 2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberPolyventive Lender Holding Company LLC 2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:EquitySecuritiesMembermrcc:ChemicalsPlasticsRubberMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberAvison Young (USA) Inc., Class A preferred shares2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberAvison Young (USA) Inc., Class F common shares2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:EquitySecuritiesMembermrcc:FireRealEstateSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberCano Health, Inc., Common units 2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberCano Health, Inc., Common units, Warrant2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:EquitySecuritiesMembermrcc:HealthcarePharmaceuticalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberResearch Now Group, Inc. and Survey Sampling International, LLC, Common units2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:EquitySecuritiesMembermrcc:MediaDiversifiedProductionMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberOutput Services Group, Inc., (Class A units)2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberSIRVA Worldwide Inc., Class A common shares2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberSIRVA Worldwide Inc., Class A preferred shares2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:EquitySecuritiesMembermrcc:ServicesBusinessMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberAppLogic Networks Parent LLC (fka Sandvine Corporation) (Common units) 2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberAppLogic Networks Parent LLC (fka Sandvine Corporation) (Class A units)2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:EquitySecuritiesMembermrcc:TelecommunicationsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:EquitySecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberTrident Maritime Systems, Inc. 12024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberTrident Maritime Systems, Inc. 22024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberTrident Maritime Systems, Inc. (Revolver)2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:SeniorLoansMembermrcc:AerospaceDefenseMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberAccelerate Auto Works Intermediate, LLC 12024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberAccelerate Auto Works Intermediate, LLC 22024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberAccelerate Auto Works Intermediate, LLC (Revolver)2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:SeniorLoansMembermrcc:AutomotiveMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberSW Ingredients Holdings, LLC2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:SeniorLoansMembermrcc:BeverageFoodTobaccoMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberMacQueen Equipment, LLC2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberMacQueen Equipment, LLC (Delayed Draw) 2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberMacQueen Equipment, LLC (Revolver) 2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:SeniorLoansMembermrcc:CapitalEquipmentMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberPhoenix Chemical Holding Company LLC2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberTJC Spartech Acquisition Corp.2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:SeniorLoansMembermrcc:ChemicalsPlasticsRubberMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberRunner Buyer INC.2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:SeniorLoansMembermrcc:ConsumerGoodsDurableSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberPH Beauty Holdings III, INC.2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:SeniorLoansMembermrcc:ConsumerGoodsNonDurableSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberPolychem Acquisition, LLC2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberPVHC Holding Corp2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:SeniorLoansMembermrcc:ContainersPackagingGlassMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberOffen, Inc. 12024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberOffen, Inc. 22024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:SeniorLoansMembermrcc:EnergySectorOilAndGasMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberTEAM Public Choices, LLC2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:SeniorLoansMembermrcc:FireFinanceSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberAvison Young (USA) Inc.2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:SeniorLoansMembermrcc:FireRealEstateSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberLSCS Holdings, Inc.2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberNatus Medical Incorporated2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:SeniorLoansMembermrcc:HealthcarePharmaceuticalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberCorel Inc. 2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberLightbox Intermediate, L.P.2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberTGG TS Acquisition Company2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:SeniorLoansMembermrcc:HighTechIndustriesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberExcel Fitness Holdings, Inc.2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberExcel Fitness Holdings, Inc. (Revolver) 2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberNorth Haven Spartan US Holdco, LLC2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:SeniorLoansMembermrcc:HotelsGamingLeisureMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberSTATS Intermediate Holdings, LLC2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberTA TT Buyer, LLC2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:SeniorLoansMembermrcc:MediaDiversifiedProductionMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberEliassen Group, LLC2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberEliassen Group, LLC (Delayed Draw) 2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberSecretariat Advisors LLC 12024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberSecretariat Advisors LLC 22024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberSIRVA Worldwide Inc. (Delayed Draw) 2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:SeniorLoansMembermrcc:ServicesBusinessMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberLaseraway Intermediate Holdings II, LLC2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberMcKissock Investment Holdings, LLC2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:SeniorLoansMembermrcc:ServicesConsumerSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberMavenir Systems, Inc.2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberSandvine Corporation 12024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberSandvine Corporation 22024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberSandvine Corporation (Delayed Draw)2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:SeniorLoansMembermrcc:TelecommunicationsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberKeystone Purchaser, LLC2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:SeniorLoansMemberus-gaap:TransportationSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberHALO Buyer, Inc.2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:SeniorLoansMembermrcc:WholesaleSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:SeniorLoansMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberElevate Textiles, Inc. (fka International Textile Group, Inc.)2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:JuniorLoansMembermrcc:ConsumerGoodsDurableSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberRadiology Partners, Inc. 2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:JuniorLoansMembermrcc:HealthcarePharmaceuticalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberAvison Young (USA) Inc. 12024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberAvison Young (USA) Inc. 22024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:JuniorLoansMembermrcc:FireRealEstateSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberResearch Now Group, Inc. and Survey Sampling International, LLC 2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:JuniorLoansMembermrcc:MediaDiversifiedProductionMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberOutput Services Group, Inc. 2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberSIRVA Worldwide Inc. 2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:JuniorLoansMembermrcc:ServicesBusinessMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberSandvine Corporation2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:JuniorLoansMembermrcc:TelecommunicationsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:JuniorLoansMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberElevate Textiles, Inc. (fka International Textile Group, Inc.), Common units2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:EquitySecuritiesMembermrcc:ConsumerGoodsDurableSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberPolyventive Lender Holding Company LLC 2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:EquitySecuritiesMembermrcc:ChemicalsPlasticsRubberMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberAvison Young (USA) Inc., Class A preferred shares2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberAvison Young (USA) Inc., Class F common shares2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:EquitySecuritiesMembermrcc:FireRealEstateSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberCano Health, Inc., Common units 2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberCano Health, Inc., Common units, Warrant2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:EquitySecuritiesMembermrcc:HealthcarePharmaceuticalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberResearch Now Group, Inc. and Survey Sampling International, LLC, Common units2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:EquitySecuritiesMembermrcc:MediaDiversifiedProductionMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberSIRVA Worldwide Inc., Class A common shares2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberSIRVA Worldwide Inc., Class A preferred shares2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberOutput Services Group, Inc., (Class A units)2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:EquitySecuritiesMembermrcc:ServicesBusinessMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberSandvine Corporation (Class A units)2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:EquitySecuritiesMembermrcc:TelecommunicationsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:EquitySecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001512931us-gaap:ForeignExchangeContractMember2025-06-300001512931us-gaap:ForeignExchangeContractMember2024-12-310001512931us-gaap:FairValueMeasurementsRecurringMemberus-gaap:SeniorLoansMemberus-gaap:FairValueInputsLevel1Member2025-06-300001512931us-gaap:FairValueMeasurementsRecurringMemberus-gaap:SeniorLoansMemberus-gaap:FairValueInputsLevel2Member2025-06-300001512931us-gaap:FairValueMeasurementsRecurringMemberus-gaap:SeniorLoansMemberus-gaap:FairValueInputsLevel3Member2025-06-300001512931us-gaap:FairValueMeasurementsRecurringMemberus-gaap:SeniorLoansMember2025-06-300001512931us-gaap:FairValueMeasurementsRecurringMemberus-gaap:UnitrancheDebtMemberus-gaap:FairValueInputsLevel1Member2025-06-300001512931us-gaap:FairValueMeasurementsRecurringMemberus-gaap:UnitrancheDebtMemberus-gaap:FairValueInputsLevel2Member2025-06-300001512931us-gaap:FairValueMeasurementsRecurringMemberus-gaap:UnitrancheDebtMemberus-gaap:FairValueInputsLevel3Member2025-06-300001512931us-gaap:FairValueMeasurementsRecurringMemberus-gaap:UnitrancheDebtMember2025-06-300001512931us-gaap:FairValueMeasurementsRecurringMemberus-gaap:JuniorLoansMemberus-gaap:FairValueInputsLevel1Member2025-06-300001512931us-gaap:FairValueMeasurementsRecurringMemberus-gaap:JuniorLoansMemberus-gaap:FairValueInputsLevel2Member2025-06-300001512931us-gaap:FairValueMeasurementsRecurringMemberus-gaap:JuniorLoansMemberus-gaap:FairValueInputsLevel3Member2025-06-300001512931us-gaap:FairValueMeasurementsRecurringMemberus-gaap:JuniorLoansMember2025-06-300001512931us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel1Member2025-06-300001512931us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel2Member2025-06-300001512931us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Member2025-06-300001512931us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2025-06-300001512931us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-06-300001512931us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-06-300001512931us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-06-300001512931us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-06-300001512931us-gaap:FairValueMeasurementsRecurringMember2025-06-300001512931us-gaap:FairValueMeasurementsRecurringMemberus-gaap:SeniorLoansMemberus-gaap:FairValueInputsLevel1Member2024-12-310001512931us-gaap:FairValueMeasurementsRecurringMemberus-gaap:SeniorLoansMemberus-gaap:FairValueInputsLevel2Member2024-12-310001512931us-gaap:FairValueMeasurementsRecurringMemberus-gaap:SeniorLoansMemberus-gaap:FairValueInputsLevel3Member2024-12-310001512931us-gaap:FairValueMeasurementsRecurringMemberus-gaap:SeniorLoansMember2024-12-310001512931us-gaap:FairValueMeasurementsRecurringMemberus-gaap:UnitrancheDebtMemberus-gaap:FairValueInputsLevel1Member2024-12-310001512931us-gaap:FairValueMeasurementsRecurringMemberus-gaap:UnitrancheDebtMemberus-gaap:FairValueInputsLevel2Member2024-12-310001512931us-gaap:FairValueMeasurementsRecurringMemberus-gaap:UnitrancheDebtMemberus-gaap:FairValueInputsLevel3Member2024-12-310001512931us-gaap:FairValueMeasurementsRecurringMemberus-gaap:UnitrancheDebtMember2024-12-310001512931us-gaap:FairValueMeasurementsRecurringMemberus-gaap:JuniorLoansMemberus-gaap:FairValueInputsLevel1Member2024-12-310001512931us-gaap:FairValueMeasurementsRecurringMemberus-gaap:JuniorLoansMemberus-gaap:FairValueInputsLevel2Member2024-12-310001512931us-gaap:FairValueMeasurementsRecurringMemberus-gaap:JuniorLoansMemberus-gaap:FairValueInputsLevel3Member2024-12-310001512931us-gaap:FairValueMeasurementsRecurringMemberus-gaap:JuniorLoansMember2024-12-310001512931us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel1Member2024-12-310001512931us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel2Member2024-12-310001512931us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Member2024-12-310001512931us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2024-12-310001512931us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2024-12-310001512931us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310001512931us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310001512931us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310001512931us-gaap:FairValueMeasurementsRecurringMember2024-12-310001512931srt:MinimumMemberus-gaap:FairValueMeasurementsRecurringMember2025-06-300001512931srt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMember2025-06-300001512931srt:MinimumMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001512931srt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001512931us-gaap:SeniorLoansMember2025-03-310001512931us-gaap:UnitrancheDebtMember2025-03-310001512931us-gaap:JuniorLoansMember2025-03-310001512931us-gaap:EquitySecuritiesMember2025-03-310001512931mrcc:DebtAndEquitySecuritiesRealizedGainLossMember2025-04-012025-06-300001512931us-gaap:SeniorLoansMembermrcc:DebtAndEquitySecuritiesRealizedGainLossMember2025-04-012025-06-300001512931us-gaap:UnitrancheDebtMembermrcc:DebtAndEquitySecuritiesRealizedGainLossMember2025-04-012025-06-300001512931us-gaap:JuniorLoansMembermrcc:DebtAndEquitySecuritiesRealizedGainLossMember2025-04-012025-06-300001512931us-gaap:EquitySecuritiesMembermrcc:DebtAndEquitySecuritiesRealizedGainLossMember2025-04-012025-06-300001512931mrcc:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-04-012025-06-300001512931us-gaap:SeniorLoansMembermrcc:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-04-012025-06-300001512931us-gaap:UnitrancheDebtMembermrcc:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-04-012025-06-300001512931us-gaap:JuniorLoansMembermrcc:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-04-012025-06-300001512931us-gaap:EquitySecuritiesMembermrcc:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-04-012025-06-300001512931us-gaap:SeniorLoansMember2025-04-012025-06-300001512931us-gaap:UnitrancheDebtMember2025-04-012025-06-300001512931us-gaap:JuniorLoansMember2025-04-012025-06-300001512931us-gaap:EquitySecuritiesMember2025-04-012025-06-300001512931us-gaap:SeniorLoansMember2025-06-300001512931us-gaap:UnitrancheDebtMember2025-06-300001512931us-gaap:JuniorLoansMember2025-06-300001512931us-gaap:EquitySecuritiesMember2025-06-300001512931us-gaap:SeniorLoansMember2024-12-310001512931us-gaap:UnitrancheDebtMember2024-12-310001512931us-gaap:JuniorLoansMember2024-12-310001512931us-gaap:EquitySecuritiesMember2024-12-310001512931mrcc:DebtAndEquitySecuritiesRealizedGainLossMember2025-01-012025-06-300001512931us-gaap:SeniorLoansMembermrcc:DebtAndEquitySecuritiesRealizedGainLossMember2025-01-012025-06-300001512931us-gaap:UnitrancheDebtMembermrcc:DebtAndEquitySecuritiesRealizedGainLossMember2025-01-012025-06-300001512931us-gaap:JuniorLoansMembermrcc:DebtAndEquitySecuritiesRealizedGainLossMember2025-01-012025-06-300001512931us-gaap:EquitySecuritiesMembermrcc:DebtAndEquitySecuritiesRealizedGainLossMember2025-01-012025-06-300001512931mrcc:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-01-012025-06-300001512931us-gaap:SeniorLoansMembermrcc:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-01-012025-06-300001512931us-gaap:UnitrancheDebtMembermrcc:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-01-012025-06-300001512931us-gaap:JuniorLoansMembermrcc:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-01-012025-06-300001512931us-gaap:EquitySecuritiesMembermrcc:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-01-012025-06-300001512931us-gaap:SeniorLoansMember2025-01-012025-06-300001512931us-gaap:UnitrancheDebtMember2025-01-012025-06-300001512931us-gaap:JuniorLoansMember2025-01-012025-06-300001512931us-gaap:EquitySecuritiesMember2025-01-012025-06-300001512931us-gaap:SeniorLoansMember2024-03-310001512931us-gaap:UnitrancheDebtMember2024-03-310001512931us-gaap:JuniorLoansMember2024-03-310001512931us-gaap:EquitySecuritiesMember2024-03-310001512931mrcc:DebtAndEquitySecuritiesRealizedGainLossMember2024-04-012024-06-300001512931us-gaap:SeniorLoansMembermrcc:DebtAndEquitySecuritiesRealizedGainLossMember2024-04-012024-06-300001512931us-gaap:UnitrancheDebtMembermrcc:DebtAndEquitySecuritiesRealizedGainLossMember2024-04-012024-06-300001512931us-gaap:JuniorLoansMembermrcc:DebtAndEquitySecuritiesRealizedGainLossMember2024-04-012024-06-300001512931us-gaap:EquitySecuritiesMembermrcc:DebtAndEquitySecuritiesRealizedGainLossMember2024-04-012024-06-300001512931us-gaap:SeniorLoansMembermrcc:DebtAndEquitySecuritiesUnrealizedGainLossMember2024-04-012024-06-300001512931us-gaap:UnitrancheDebtMembermrcc:DebtAndEquitySecuritiesUnrealizedGainLossMember2024-04-012024-06-300001512931us-gaap:JuniorLoansMembermrcc:DebtAndEquitySecuritiesUnrealizedGainLossMember2024-04-012024-06-300001512931us-gaap:EquitySecuritiesMembermrcc:DebtAndEquitySecuritiesUnrealizedGainLossMember2024-04-012024-06-300001512931mrcc:DebtAndEquitySecuritiesUnrealizedGainLossMember2024-04-012024-06-300001512931us-gaap:SeniorLoansMember2024-04-012024-06-300001512931us-gaap:UnitrancheDebtMember2024-04-012024-06-300001512931us-gaap:JuniorLoansMember2024-04-012024-06-300001512931us-gaap:EquitySecuritiesMember2024-04-012024-06-300001512931us-gaap:SeniorLoansMember2024-06-300001512931us-gaap:UnitrancheDebtMember2024-06-300001512931us-gaap:JuniorLoansMember2024-06-300001512931us-gaap:EquitySecuritiesMember2024-06-300001512931us-gaap:SeniorLoansMember2023-12-310001512931us-gaap:UnitrancheDebtMember2023-12-310001512931us-gaap:JuniorLoansMember2023-12-310001512931us-gaap:EquitySecuritiesMember2023-12-310001512931mrcc:DebtAndEquitySecuritiesRealizedGainLossMember2024-01-012024-06-300001512931us-gaap:SeniorLoansMembermrcc:DebtAndEquitySecuritiesRealizedGainLossMember2024-01-012024-06-300001512931us-gaap:UnitrancheDebtMembermrcc:DebtAndEquitySecuritiesRealizedGainLossMember2024-01-012024-06-300001512931us-gaap:JuniorLoansMembermrcc:DebtAndEquitySecuritiesRealizedGainLossMember2024-01-012024-06-300001512931us-gaap:EquitySecuritiesMembermrcc:DebtAndEquitySecuritiesRealizedGainLossMember2024-01-012024-06-300001512931us-gaap:SeniorLoansMembermrcc:DebtAndEquitySecuritiesUnrealizedGainLossMember2024-01-012024-06-300001512931us-gaap:UnitrancheDebtMembermrcc:DebtAndEquitySecuritiesUnrealizedGainLossMember2024-01-012024-06-300001512931us-gaap:JuniorLoansMembermrcc:DebtAndEquitySecuritiesUnrealizedGainLossMember2024-01-012024-06-300001512931us-gaap:EquitySecuritiesMembermrcc:DebtAndEquitySecuritiesUnrealizedGainLossMember2024-01-012024-06-300001512931mrcc:DebtAndEquitySecuritiesUnrealizedGainLossMember2024-01-012024-06-300001512931us-gaap:SeniorLoansMember2024-01-012024-06-300001512931us-gaap:UnitrancheDebtMember2024-01-012024-06-300001512931us-gaap:JuniorLoansMember2024-01-012024-06-300001512931us-gaap:EquitySecuritiesMember2024-01-012024-06-300001512931us-gaap:SeniorLoansMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-06-300001512931us-gaap:SeniorLoansMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2025-06-300001512931us-gaap:SeniorLoansMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2025-06-300001512931us-gaap:SeniorLoansMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2025-06-300001512931us-gaap:SeniorLoansMembermrcc:MeasurementInputProbabilityEBITDAMarketYieldsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2025-06-300001512931us-gaap:SeniorLoansMembermrcc:MeasurementInputProbabilityEBITDAMarketYieldsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2025-06-300001512931us-gaap:SeniorLoansMembermrcc:MeasurementInputProbabilityEBITDAMarketYieldsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2025-06-300001512931us-gaap:SeniorLoansMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputRevenueMultipleMember2025-06-300001512931us-gaap:SeniorLoansMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2025-06-300001512931us-gaap:SeniorLoansMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2025-06-300001512931us-gaap:SeniorLoansMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2025-06-300001512931us-gaap:SeniorLoansMembermrcc:MeasurementInputProbabilityRevenueMarketYieldsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2025-06-300001512931us-gaap:SeniorLoansMembermrcc:MeasurementInputProbabilityRevenueMarketYieldsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2025-06-300001512931us-gaap:SeniorLoansMembermrcc:MeasurementInputProbabilityRevenueMarketYieldsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2025-06-300001512931us-gaap:SeniorLoansMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueEnterpriseValueMembermrcc:MeasurementInputBookValueMultiplesMember2025-06-300001512931us-gaap:SeniorLoansMembermrcc:MeasurementInputBookValueMultiplesMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueEnterpriseValueMembersrt:WeightedAverageMember2025-06-300001512931us-gaap:SeniorLoansMembermrcc:MeasurementInputBookValueMultiplesMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueEnterpriseValueMembersrt:MinimumMember2025-06-300001512931us-gaap:SeniorLoansMembermrcc:MeasurementInputBookValueMultiplesMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueEnterpriseValueMembersrt:MaximumMember2025-06-300001512931us-gaap:SeniorLoansMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueEnterpriseValueMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-06-300001512931us-gaap:SeniorLoansMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueEnterpriseValueMembersrt:WeightedAverageMember2025-06-300001512931us-gaap:SeniorLoansMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueEnterpriseValueMembersrt:MinimumMember2025-06-300001512931us-gaap:SeniorLoansMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueEnterpriseValueMembersrt:MaximumMember2025-06-300001512931us-gaap:SeniorLoansMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueLiquidationMembermrcc:ProbabilityWeightingOfAlternativeOutcomesMember2025-06-300001512931us-gaap:SeniorLoansMembermrcc:ProbabilityWeightingOfAlternativeOutcomesMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueLiquidationMembersrt:WeightedAverageMember2025-06-300001512931us-gaap:SeniorLoansMembermrcc:ProbabilityWeightingOfAlternativeOutcomesMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueLiquidationMembersrt:MinimumMember2025-06-300001512931us-gaap:SeniorLoansMembermrcc:ProbabilityWeightingOfAlternativeOutcomesMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueLiquidationMembersrt:MaximumMember2025-06-300001512931us-gaap:SeniorLoansMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueEnterpriseValueMemberus-gaap:MeasurementInputRevenueMultipleMember2025-06-300001512931us-gaap:SeniorLoansMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueEnterpriseValueMembersrt:WeightedAverageMember2025-06-300001512931us-gaap:SeniorLoansMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueEnterpriseValueMembersrt:MinimumMember2025-06-300001512931us-gaap:SeniorLoansMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueEnterpriseValueMembersrt:MaximumMember2025-06-300001512931us-gaap:UnitrancheDebtMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputRevenueMultipleMember2025-06-300001512931us-gaap:UnitrancheDebtMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2025-06-300001512931us-gaap:UnitrancheDebtMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2025-06-300001512931us-gaap:UnitrancheDebtMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2025-06-300001512931us-gaap:UnitrancheDebtMembermrcc:MeasurementInputProbabilityRevenueMarketYieldsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2025-06-300001512931us-gaap:UnitrancheDebtMembermrcc:MeasurementInputProbabilityRevenueMarketYieldsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2025-06-300001512931us-gaap:UnitrancheDebtMembermrcc:MeasurementInputProbabilityRevenueMarketYieldsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2025-06-300001512931us-gaap:JuniorLoansMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembermrcc:MeasurementInputProbabilityRevenueMarketYieldsMember2025-06-300001512931us-gaap:JuniorLoansMembermrcc:MeasurementInputProbabilityMarketYieldsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2025-06-300001512931us-gaap:JuniorLoansMembermrcc:MeasurementInputProbabilityMarketYieldsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2025-06-300001512931us-gaap:JuniorLoansMembermrcc:MeasurementInputProbabilityMarketYieldsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2025-06-300001512931us-gaap:JuniorLoansMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueEnterpriseValueMemberus-gaap:MeasurementInputRevenueMultipleMember2025-06-300001512931us-gaap:JuniorLoansMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueEnterpriseValueMembersrt:WeightedAverageMember2025-06-300001512931us-gaap:JuniorLoansMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueEnterpriseValueMembersrt:MinimumMember2025-06-300001512931us-gaap:JuniorLoansMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueEnterpriseValueMembersrt:MaximumMember2025-06-300001512931us-gaap:JuniorLoansMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueLiquidationMembermrcc:ProbabilityWeightingOfAlternativeOutcomesMember2025-06-300001512931us-gaap:JuniorLoansMembermrcc:ProbabilityWeightingOfAlternativeOutcomesMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueLiquidationMembersrt:WeightedAverageMember2025-06-300001512931us-gaap:JuniorLoansMembermrcc:ProbabilityWeightingOfAlternativeOutcomesMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueLiquidationMembersrt:MinimumMember2025-06-300001512931us-gaap:JuniorLoansMembermrcc:ProbabilityWeightingOfAlternativeOutcomesMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueLiquidationMembersrt:MaximumMember2025-06-300001512931us-gaap:JuniorLoansMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputRevenueMultipleMember2025-06-300001512931us-gaap:JuniorLoansMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2025-06-300001512931us-gaap:JuniorLoansMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2025-06-300001512931us-gaap:JuniorLoansMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2025-06-300001512931us-gaap:JuniorLoansMembermrcc:MeasurementInputProbabilityRevenueMarketYieldsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2025-06-300001512931us-gaap:JuniorLoansMembermrcc:MeasurementInputProbabilityRevenueMarketYieldsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2025-06-300001512931us-gaap:JuniorLoansMembermrcc:MeasurementInputProbabilityRevenueMarketYieldsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2025-06-300001512931us-gaap:JuniorLoansMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueEnterpriseValueMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-06-300001512931us-gaap:JuniorLoansMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueEnterpriseValueMembersrt:WeightedAverageMember2025-06-300001512931us-gaap:JuniorLoansMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueEnterpriseValueMembersrt:MinimumMember2025-06-300001512931us-gaap:JuniorLoansMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueEnterpriseValueMembersrt:MaximumMember2025-06-300001512931us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueEnterpriseValueMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-06-300001512931us-gaap:EquitySecuritiesMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueEnterpriseValueMembersrt:WeightedAverageMember2025-06-300001512931us-gaap:EquitySecuritiesMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueEnterpriseValueMembersrt:MinimumMember2025-06-300001512931us-gaap:EquitySecuritiesMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueEnterpriseValueMembersrt:MaximumMember2025-06-300001512931us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueEnterpriseValueMemberus-gaap:MeasurementInputRevenueMultipleMember2025-06-300001512931us-gaap:EquitySecuritiesMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueEnterpriseValueMembersrt:WeightedAverageMember2025-06-300001512931us-gaap:EquitySecuritiesMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueEnterpriseValueMembersrt:MinimumMember2025-06-300001512931us-gaap:EquitySecuritiesMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueEnterpriseValueMembersrt:MaximumMember2025-06-300001512931us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:MeasurementInputPriceVolatilityMember2025-06-300001512931us-gaap:EquitySecuritiesMemberus-gaap:MeasurementInputPriceVolatilityMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:WeightedAverageMember2025-06-300001512931us-gaap:EquitySecuritiesMemberus-gaap:MeasurementInputPriceVolatilityMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MinimumMember2025-06-300001512931us-gaap:EquitySecuritiesMemberus-gaap:MeasurementInputPriceVolatilityMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MaximumMember2025-06-300001512931mrcc:InvestmentsExcludingInvestmentsWhereValuationUnadjustedObtainedFromThirdPartyPricingServiceMemberus-gaap:FairValueInputsLevel3Member2025-06-300001512931us-gaap:SeniorLoansMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputEbitdaMultipleMember2024-12-310001512931us-gaap:SeniorLoansMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2024-12-310001512931us-gaap:SeniorLoansMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2024-12-310001512931us-gaap:SeniorLoansMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2024-12-310001512931us-gaap:SeniorLoansMembermrcc:MeasurementInputProbabilityEBITDAMarketYieldsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2024-12-310001512931us-gaap:SeniorLoansMembermrcc:MeasurementInputProbabilityEBITDAMarketYieldsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2024-12-310001512931us-gaap:SeniorLoansMembermrcc:MeasurementInputProbabilityEBITDAMarketYieldsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2024-12-310001512931us-gaap:SeniorLoansMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputRevenueMultipleMember2024-12-310001512931us-gaap:SeniorLoansMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2024-12-310001512931us-gaap:SeniorLoansMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2024-12-310001512931us-gaap:SeniorLoansMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2024-12-310001512931us-gaap:SeniorLoansMembermrcc:MeasurementInputProbabilityRevenueMarketYieldsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2024-12-310001512931us-gaap:SeniorLoansMembermrcc:MeasurementInputProbabilityRevenueMarketYieldsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2024-12-310001512931us-gaap:SeniorLoansMembermrcc:MeasurementInputProbabilityRevenueMarketYieldsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2024-12-310001512931us-gaap:SeniorLoansMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueEnterpriseValueMembermrcc:MeasurementInputBookValueMultiplesMember2024-12-310001512931us-gaap:SeniorLoansMembermrcc:MeasurementInputBookValueMultiplesMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueEnterpriseValueMembersrt:WeightedAverageMember2024-12-310001512931us-gaap:SeniorLoansMembermrcc:MeasurementInputBookValueMultiplesMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueEnterpriseValueMembersrt:MinimumMember2024-12-310001512931us-gaap:SeniorLoansMembermrcc:MeasurementInputBookValueMultiplesMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueEnterpriseValueMembersrt:MaximumMember2024-12-310001512931us-gaap:SeniorLoansMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueEnterpriseValueMemberus-gaap:MeasurementInputRevenueMultipleMember2024-12-310001512931us-gaap:SeniorLoansMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueEnterpriseValueMembersrt:WeightedAverageMember2024-12-310001512931us-gaap:SeniorLoansMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueEnterpriseValueMembersrt:MinimumMember2024-12-310001512931us-gaap:SeniorLoansMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueEnterpriseValueMembersrt:MaximumMember2024-12-310001512931us-gaap:SeniorLoansMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueLiquidationMembermrcc:ProbabilityWeightingOfAlternativeOutcomesMember2024-12-310001512931us-gaap:SeniorLoansMembermrcc:ProbabilityWeightingOfAlternativeOutcomesMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueLiquidationMembersrt:WeightedAverageMember2024-12-310001512931us-gaap:SeniorLoansMembermrcc:ProbabilityWeightingOfAlternativeOutcomesMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueLiquidationMembersrt:MinimumMember2024-12-310001512931us-gaap:SeniorLoansMembermrcc:ProbabilityWeightingOfAlternativeOutcomesMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueLiquidationMembersrt:MaximumMember2024-12-310001512931us-gaap:SeniorLoansMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueEnterpriseValueMemberus-gaap:MeasurementInputEbitdaMultipleMember2024-12-310001512931us-gaap:SeniorLoansMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueEnterpriseValueMembersrt:WeightedAverageMember2024-12-310001512931us-gaap:SeniorLoansMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueEnterpriseValueMembersrt:MinimumMember2024-12-310001512931us-gaap:SeniorLoansMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueEnterpriseValueMembersrt:MaximumMember2024-12-310001512931us-gaap:UnitrancheDebtMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputRevenueMultipleMember2024-12-310001512931us-gaap:UnitrancheDebtMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2024-12-310001512931us-gaap:UnitrancheDebtMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2024-12-310001512931us-gaap:UnitrancheDebtMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2024-12-310001512931us-gaap:UnitrancheDebtMembermrcc:MeasurementInputProbabilityMarketYieldsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2024-12-310001512931us-gaap:UnitrancheDebtMembermrcc:MeasurementInputProbabilityMarketYieldsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2024-12-310001512931us-gaap:UnitrancheDebtMembermrcc:MeasurementInputProbabilityMarketYieldsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2024-12-310001512931us-gaap:JuniorLoansMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembermrcc:MeasurementInputProbabilityMarketYieldsMember2024-12-310001512931us-gaap:UnitrancheDebtMembermrcc:MeasurementInputProbabilityRevenueMarketYieldsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2024-12-310001512931us-gaap:UnitrancheDebtMembermrcc:MeasurementInputProbabilityRevenueMarketYieldsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2024-12-310001512931us-gaap:UnitrancheDebtMembermrcc:MeasurementInputProbabilityRevenueMarketYieldsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2024-12-310001512931us-gaap:JuniorLoansMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueEnterpriseValueMemberus-gaap:MeasurementInputRevenueMultipleMember2024-12-310001512931us-gaap:JuniorLoansMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueEnterpriseValueMembersrt:WeightedAverageMember2024-12-310001512931us-gaap:JuniorLoansMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueEnterpriseValueMembersrt:MinimumMember2024-12-310001512931us-gaap:JuniorLoansMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueEnterpriseValueMembersrt:MaximumMember2024-12-310001512931us-gaap:JuniorLoansMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueLiquidationMembermrcc:ProbabilityWeightingOfAlternativeOutcomesMember2024-12-310001512931us-gaap:JuniorLoansMembermrcc:ProbabilityWeightingOfAlternativeOutcomesMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueLiquidationMembersrt:WeightedAverageMember2024-12-310001512931us-gaap:JuniorLoansMembermrcc:ProbabilityWeightingOfAlternativeOutcomesMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueLiquidationMembersrt:MinimumMember2024-12-310001512931us-gaap:JuniorLoansMembermrcc:ProbabilityWeightingOfAlternativeOutcomesMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueLiquidationMembersrt:MaximumMember2024-12-310001512931us-gaap:JuniorLoansMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputRevenueMultipleMember2024-12-310001512931us-gaap:JuniorLoansMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2024-12-310001512931us-gaap:JuniorLoansMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2024-12-310001512931us-gaap:JuniorLoansMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2024-12-310001512931us-gaap:JuniorLoansMembermrcc:MeasurementInputProbabilityRevenueMarketYieldsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2024-12-310001512931us-gaap:JuniorLoansMembermrcc:MeasurementInputProbabilityRevenueMarketYieldsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2024-12-310001512931us-gaap:JuniorLoansMembermrcc:MeasurementInputProbabilityRevenueMarketYieldsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2024-12-310001512931us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueEnterpriseValueMemberus-gaap:MeasurementInputEbitdaMultipleMember2024-12-310001512931us-gaap:EquitySecuritiesMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueEnterpriseValueMembersrt:WeightedAverageMember2024-12-310001512931us-gaap:EquitySecuritiesMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueEnterpriseValueMembersrt:MinimumMember2024-12-310001512931us-gaap:EquitySecuritiesMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueEnterpriseValueMembersrt:MaximumMember2024-12-310001512931us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueEnterpriseValueMemberus-gaap:MeasurementInputRevenueMultipleMember2024-12-310001512931us-gaap:EquitySecuritiesMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueEnterpriseValueMembersrt:WeightedAverageMember2024-12-310001512931us-gaap:EquitySecuritiesMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueEnterpriseValueMembersrt:MinimumMember2024-12-310001512931us-gaap:EquitySecuritiesMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Membermrcc:ValuationTechniqueEnterpriseValueMembersrt:MaximumMember2024-12-310001512931us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:MeasurementInputPriceVolatilityMember2024-12-310001512931us-gaap:EquitySecuritiesMemberus-gaap:MeasurementInputPriceVolatilityMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:WeightedAverageMember2024-12-310001512931us-gaap:EquitySecuritiesMemberus-gaap:MeasurementInputPriceVolatilityMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MinimumMember2024-12-310001512931us-gaap:EquitySecuritiesMemberus-gaap:MeasurementInputPriceVolatilityMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MaximumMember2024-12-310001512931mrcc:InvestmentsExcludingInvestmentsWhereValuationUnadjustedObtainedFromThirdPartyPricingServiceMemberus-gaap:FairValueInputsLevel3Member2024-12-310001512931us-gaap:RevolvingCreditFacilityMember2025-06-300001512931us-gaap:RevolvingCreditFacilityMember2024-12-310001512931mrcc:A2026NotesMember2025-06-300001512931mrcc:A2026NotesMember2024-12-310001512931us-gaap:FairValueInputsLevel1Member2025-06-300001512931us-gaap:FairValueInputsLevel1Member2024-12-310001512931us-gaap:FairValueInputsLevel2Member2025-06-300001512931us-gaap:FairValueInputsLevel2Member2024-12-310001512931us-gaap:FairValueInputsLevel3Member2025-06-300001512931us-gaap:FairValueInputsLevel3Member2024-12-310001512931American Community Homes, Inc.., Senior Secured Loans 12024-12-310001512931American Community Homes, Inc.., Senior Secured Loans 12025-01-012025-06-300001512931American Community Homes, Inc.., Senior Secured Loans 12025-06-300001512931American Community Homes, Inc.., Senior Secured Loans 22024-12-310001512931American Community Homes, Inc.., Senior Secured Loans 22025-01-012025-06-300001512931American Community Homes, Inc.., Senior Secured Loans 22025-06-300001512931American Community Homes, Inc.., Senior Secured Loans 32024-12-310001512931American Community Homes, Inc.., Senior Secured Loans 32025-01-012025-06-300001512931American Community Homes, Inc.., Senior Secured Loans 32025-06-300001512931American Community Homes, Inc.., Senior Secured Loans 42024-12-310001512931American Community Homes, Inc.., Senior Secured Loans 42025-01-012025-06-300001512931American Community Homes, Inc.., Senior Secured Loans 42025-06-300001512931American Community Homes, Inc.., Senior Secured Loans 52024-12-310001512931American Community Homes, Inc.., Senior Secured Loans 52025-01-012025-06-300001512931American Community Homes, Inc.., Senior Secured Loans 52025-06-300001512931American Community Homes, Inc.., Senior Secured Loans 62024-12-310001512931American Community Homes, Inc.., Senior Secured Loans 62025-01-012025-06-300001512931American Community Homes, Inc.., Senior Secured Loans 62025-06-300001512931American Community Homes, Inc.., Senior Secured Loans 72024-12-310001512931American Community Homes, Inc.., Senior Secured Loans 72025-01-012025-06-300001512931American Community Homes, Inc.., Senior Secured Loans 72025-06-300001512931American Community Homes, Inc. (Revolver)2024-12-310001512931American Community Homes, Inc. (Revolver)2025-01-012025-06-300001512931American Community Homes, Inc. (Revolver)2025-06-300001512931American Community Homes, Inc., Common stock2025-06-300001512931American Community Homes, Inc., Common stock2024-12-310001512931American Community Homes, Inc., Common stock2025-01-012025-06-300001512931mrcc:AmericanCommunityHomesInc.Memberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001512931mrcc:AmericanCommunityHomesInc.Memberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-06-300001512931mrcc:AmericanCommunityHomesInc.Memberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001512931Ascent Midco, LLC (Class A units)2025-06-300001512931Ascent Midco, LLC (Class A units)2024-12-310001512931Ascent Midco, LLC (Class A units)2025-01-012025-06-300001512931mrcc:AscentMidcoLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001512931mrcc:AscentMidcoLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-06-300001512931mrcc:AscentMidcoLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001512931Familia Dental Group Holdings, LLC (Class A units)2025-06-300001512931Familia Dental Group Holdings, LLC (Class A units)2024-12-310001512931Familia Dental Group Holdings, LLC (Class A units)2025-01-012025-06-300001512931mrcc:FamiliaDentalGroupHoldingsLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001512931mrcc:FamiliaDentalGroupHoldingsLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-06-300001512931mrcc:FamiliaDentalGroupHoldingsLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001512931HFZ Capital Group, LLC 12024-12-310001512931HFZ Capital Group, LLC 12025-01-012025-06-300001512931HFZ Capital Group, LLC 12025-06-300001512931HFZ Capital Group, LLC 22024-12-310001512931HFZ Capital Group, LLC 22025-01-012025-06-300001512931HFZ Capital Group, LLC 22025-06-300001512931MC Asset Management (Corporate), LLC2024-12-310001512931MC Asset Management (Corporate), LLC2025-01-012025-06-300001512931MC Asset Management (Corporate), LLC2025-06-300001512931MC Asset Management (Corporate), LLC 12024-12-310001512931MC Asset Management (Corporate), LLC 12025-01-012025-06-300001512931MC Asset Management (Corporate), LLC 12025-06-300001512931MC Asset Management (Corporate), LLC, (Interest)2025-06-300001512931MC Asset Management (Corporate), LLC, (Interest)2024-12-310001512931MC Asset Management (Corporate), LLC, (Interest)2025-01-012025-06-300001512931mrcc:HFZCapitalGroupLLCAndMCAssetManagementCorporateLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001512931mrcc:HFZCapitalGroupLLCAndMCAssetManagementCorporateLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-06-300001512931mrcc:HFZCapitalGroupLLCAndMCAssetManagementCorporateLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001512931Mnine Holdings, Inc. 12024-12-310001512931Mnine Holdings, Inc. 12025-01-012025-06-300001512931Mnine Holdings, Inc. 12025-06-300001512931Mnine Holdings, Inc. 22024-12-310001512931Mnine Holdings, Inc. 22025-01-012025-06-300001512931Mnine Holdings, Inc. 22025-06-300001512931Mnine Holdings, Inc. (Revolver)2024-12-310001512931Mnine Holdings, Inc. (Revolver)2025-01-012025-06-300001512931Mnine Holdings, Inc. (Revolver)2025-06-300001512931Mnine Holdings, Inc. (Class B units)2025-06-300001512931Mnine Holdings, Inc. (Class B units)2024-12-310001512931Mnine Holdings, Inc. (Class B units)2025-01-012025-06-300001512931mrcc:MnineHoldingsIncMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001512931mrcc:MnineHoldingsIncMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-06-300001512931mrcc:MnineHoldingsIncMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001512931NECB Collections, LLC (Revolver)2024-12-310001512931NECB Collections, LLC (Revolver)2025-01-012025-06-300001512931NECB Collections, LLC (Revolver)2025-06-300001512931NECB Collections, LLC, LLC, Equity Interest2025-06-300001512931NECB Collections, LLC, LLC, Equity Interest2024-12-310001512931NECB Collections, LLC, LLC, Equity Interest2025-01-012025-06-300001512931mrcc:NECBCollectionsLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001512931mrcc:NECBCollectionsLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-06-300001512931mrcc:NECBCollectionsLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001512931SFR Holdco, LLC2024-12-310001512931SFR Holdco, LLC2025-01-012025-06-300001512931SFR Holdco, LLC2025-06-300001512931SFR Holdco, LLC, Equity Commitment2025-06-300001512931SFR Holdco, LLC, Equity Commitment2024-12-310001512931SFR Holdco, LLC, Equity Commitment2025-01-012025-06-300001512931mrcc:SFRHoldcoLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001512931mrcc:SFRHoldcoLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-06-300001512931mrcc:SFRHoldcoLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001512931SFR Holdco 2, LLC, Delayed Draw2024-12-310001512931SFR Holdco 2, LLC, Delayed Draw2025-01-012025-06-300001512931SFR Holdco 2, LLC, Delayed Draw2025-06-300001512931SFR Holdco 2, LLC, Equity Commitment2025-06-300001512931SFR Holdco 2, LLC, Equity Commitment2024-12-310001512931SFR Holdco 2, LLC, Equity Commitment2025-01-012025-06-300001512931mrcc:SFRHoldco2LLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001512931mrcc:SFRHoldco2LLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-06-300001512931mrcc:SFRHoldco2LLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001512931TJ Management HoldCo, LLC (Revolver)2024-12-310001512931TJ Management HoldCo, LLC (Revolver)2025-01-012025-06-300001512931TJ Management HoldCo, LLC (Revolver)2025-06-300001512931TJ Management HoldCo, LLC, Common stock2025-06-300001512931TJ Management HoldCo, LLC, Common stock2024-12-310001512931TJ Management HoldCo, LLC, Common stock2025-01-012025-06-300001512931mrcc:TJManagementHoldCoLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001512931mrcc:TJManagementHoldCoLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-06-300001512931mrcc:TJManagementHoldCoLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001512931MRCC Senior Loan Fund I, LLC2024-12-310001512931MRCC Senior Loan Fund I, LLC2025-01-012025-06-300001512931MRCC Senior Loan Fund I, LLC2025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-01-012025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-06-300001512931American Community Homes, Inc., Senior Secured Loans 12023-12-310001512931American Community Homes, Inc., Senior Secured Loans 12024-01-012024-06-300001512931American Community Homes, Inc., Senior Secured Loans 12024-06-300001512931American Community Homes, Inc., Senior Secured Loans 22023-12-310001512931American Community Homes, Inc., Senior Secured Loans 22024-01-012024-06-300001512931American Community Homes, Inc., Senior Secured Loans 22024-06-300001512931American Community Homes, Inc., Senior Secured Loans 32023-12-310001512931American Community Homes, Inc., Senior Secured Loans 32024-01-012024-06-300001512931American Community Homes, Inc., Senior Secured Loans 32024-06-300001512931American Community Homes, Inc., Senior Secured Loans 42023-12-310001512931American Community Homes, Inc., Senior Secured Loans 42024-01-012024-06-300001512931American Community Homes, Inc., Senior Secured Loans 42024-06-300001512931American Community Homes, Inc., Senior Secured Loans 52023-12-310001512931American Community Homes, Inc., Senior Secured Loans 52024-01-012024-06-300001512931American Community Homes, Inc., Senior Secured Loans 52024-06-300001512931American Community Homes, Inc., Senior Secured Loans 62023-12-310001512931American Community Homes, Inc., Senior Secured Loans 62024-01-012024-06-300001512931American Community Homes, Inc., Senior Secured Loans 62024-06-300001512931American Community Homes, Inc., Senior Secured Loans 72023-12-310001512931American Community Homes, Inc., Senior Secured Loans 72024-01-012024-06-300001512931American Community Homes, Inc., Senior Secured Loans 72024-06-300001512931American Community Homes, Inc. (Revolver)2023-12-310001512931American Community Homes, Inc. (Revolver)2024-01-012024-06-300001512931American Community Homes, Inc. (Revolver)2024-06-300001512931American Community Homes, Inc., Common stock2024-06-300001512931American Community Homes, Inc., Common stock2023-12-310001512931American Community Homes, Inc., Common stock2024-01-012024-06-300001512931mrcc:AmericanCommunityHomesInc.Memberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-12-310001512931mrcc:AmericanCommunityHomesInc.Memberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-01-012024-06-300001512931mrcc:AmericanCommunityHomesInc.Memberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-06-300001512931Ascent Midco, LLC, Class A units2024-06-300001512931Ascent Midco, LLC, Class A units2023-12-310001512931Ascent Midco, LLC, Class A units2024-01-012024-06-300001512931mrcc:AscentMidcoLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-12-310001512931mrcc:AscentMidcoLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-01-012024-06-300001512931mrcc:AscentMidcoLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-06-300001512931Familia Dental Group Holdings, LLC (Class A units)2024-06-300001512931Familia Dental Group Holdings, LLC (Class A units)2023-12-310001512931Familia Dental Group Holdings, LLC (Class A units)2024-01-012024-06-300001512931mrcc:FamiliaDentalGroupHoldingsLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-12-310001512931mrcc:FamiliaDentalGroupHoldingsLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-01-012024-06-300001512931mrcc:FamiliaDentalGroupHoldingsLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-06-300001512931HFZ Capital Group, LLC 12023-12-310001512931HFZ Capital Group, LLC 12024-01-012024-06-300001512931HFZ Capital Group, LLC 12024-06-300001512931HFZ Capital Group, LLC 22023-12-310001512931HFZ Capital Group, LLC 22024-01-012024-06-300001512931HFZ Capital Group, LLC 22024-06-300001512931MC Asset Management (Corporate), LLC2023-12-310001512931MC Asset Management (Corporate), LLC2024-01-012024-06-300001512931MC Asset Management (Corporate), LLC2024-06-300001512931MC Asset Management (Corporate), LLC (Delayed Draw)2023-12-310001512931MC Asset Management (Corporate), LLC (Delayed Draw)2024-01-012024-06-300001512931MC Asset Management (Corporate), LLC (Delayed Draw)2024-06-300001512931MC Asset Management (Corporate), LLC, Equity interest2024-06-300001512931MC Asset Management (Corporate), LLC, Equity interest2023-12-310001512931MC Asset Management (Corporate), LLC, Equity interest2024-01-012024-06-300001512931mrcc:HFZCapitalGroupLLCAndMCAssetManagementCorporateLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-12-310001512931mrcc:HFZCapitalGroupLLCAndMCAssetManagementCorporateLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-01-012024-06-300001512931mrcc:HFZCapitalGroupLLCAndMCAssetManagementCorporateLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-06-300001512931Mnine Holdings, Inc. 12023-12-310001512931Mnine Holdings, Inc. 12024-01-012024-06-300001512931Mnine Holdings, Inc. 12024-06-300001512931Mnine Holdings, Inc. 22023-12-310001512931Mnine Holdings, Inc. 22024-01-012024-06-300001512931Mnine Holdings, Inc. 22024-06-300001512931Mnine Holdings, Inc. (Revolver)2023-12-310001512931Mnine Holdings, Inc. (Revolver)2024-01-012024-06-300001512931Mnine Holdings, Inc. (Revolver)2024-06-300001512931Mnine Holdings, Inc. (Class B units)2024-06-300001512931Mnine Holdings, Inc. (Class B units)2023-12-310001512931Mnine Holdings, Inc. (Class B units)2024-01-012024-06-300001512931mrcc:MnineHoldingsIncMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-12-310001512931mrcc:MnineHoldingsIncMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-01-012024-06-300001512931mrcc:MnineHoldingsIncMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-06-300001512931NECB Collections, LLC (Revolver)2023-12-310001512931NECB Collections, LLC (Revolver)2024-01-012024-06-300001512931NECB Collections, LLC (Revolver)2024-06-300001512931NECB Collections, LLC, LLC (Units)2024-06-300001512931NECB Collections, LLC, LLC (Units)2023-12-310001512931NECB Collections, LLC, LLC (Units)2024-01-012024-06-300001512931mrcc:NECBCollectionsLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-12-310001512931mrcc:NECBCollectionsLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-01-012024-06-300001512931mrcc:NECBCollectionsLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-06-300001512931Second Avenue SFR Holdings II LLC (Revolver)2023-12-310001512931Second Avenue SFR Holdings II LLC (Revolver)2024-01-012024-06-300001512931Second Avenue SFR Holdings II LLC (Revolver)2024-06-300001512931mrcc:SecondAvenueSFRHoldingsIILLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-12-310001512931mrcc:SecondAvenueSFRHoldingsIILLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-01-012024-06-300001512931mrcc:SecondAvenueSFRHoldingsIILLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-06-300001512931SFR Holdco, LLC2023-12-310001512931SFR Holdco, LLC2024-01-012024-06-300001512931SFR Holdco, LLC2024-06-300001512931SFR Holdco, LLC, Equity interests2024-06-300001512931SFR Holdco, LLC, Equity interests2023-12-310001512931SFR Holdco, LLC, Equity interests2024-01-012024-06-300001512931mrcc:SFRHoldcoLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-12-310001512931mrcc:SFRHoldcoLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-01-012024-06-300001512931mrcc:SFRHoldcoLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-06-300001512931TJ Management HoldCo, LLC (Revolver)2023-12-310001512931TJ Management HoldCo, LLC (Revolver)2024-01-012024-06-300001512931TJ Management HoldCo, LLC (Revolver)2024-06-300001512931TJ Management HoldCo, LLC, Common stock2024-06-300001512931TJ Management HoldCo, LLC, Common stock2023-12-310001512931TJ Management HoldCo, LLC, Common stock2024-01-012024-06-300001512931mrcc:TJManagementHoldCoLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-12-310001512931mrcc:TJManagementHoldCoLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-01-012024-06-300001512931mrcc:TJManagementHoldCoLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-06-300001512931us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-12-310001512931us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-06-300001512931MRCC Senior Loan Fund I, LLC2023-12-310001512931MRCC Senior Loan Fund I, LLC2024-01-012024-06-300001512931MRCC Senior Loan Fund I, LLC2024-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2023-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-01-012024-06-300001512931mrcc:MRCCSeniorLoanFundILLCMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-06-300001512931us-gaap:InvestmentAffiliatedIssuerControlledMember2023-12-310001512931us-gaap:InvestmentAffiliatedIssuerControlledMember2024-06-300001512931American Community Homes, Inc. 12025-01-012025-06-300001512931American Community Homes, Inc. 12024-01-012024-06-300001512931American Community Homes, Inc. 22025-01-012025-06-300001512931American Community Homes, Inc. 22024-01-012024-06-300001512931American Community Homes, Inc. 32025-01-012025-06-300001512931American Community Homes, Inc. 32024-01-012024-06-300001512931American Community Homes, Inc. 42025-01-012025-06-300001512931American Community Homes, Inc. 42024-01-012024-06-300001512931American Community Homes, Inc. 52025-01-012025-06-300001512931American Community Homes, Inc. 52024-01-012024-06-300001512931American Community Homes, Inc. 62025-01-012025-06-300001512931American Community Homes, Inc. 62024-01-012024-06-300001512931American Community Homes, Inc. 72025-01-012025-06-300001512931American Community Homes, Inc. 72024-01-012024-06-300001512931American Community Homes, Inc., Revolver2025-01-012025-06-300001512931American Community Homes, Inc., Revolver2024-01-012024-06-300001512931Ascent Midco, LLC, Class A units2025-01-012025-06-300001512931Familia Dental Group Holdings, LLC, Class A units2025-01-012025-06-300001512931Familia Dental Group Holdings, LLC, Class A units2024-01-012024-06-300001512931HFZ Capital Group, LLC2025-01-012025-06-300001512931HFZ Capital Group, LLC2024-01-012024-06-300001512931MC Asset Management (Corporate), LLC (Delayed Draw)2025-01-012025-06-300001512931MC Asset Management (Corporate), LLC, LLC interest2025-01-012025-06-300001512931MC Asset Management (Corporate), LLC, LLC interest2024-01-012024-06-300001512931Mnine Holdings, Inc., Revolver2025-01-012025-06-300001512931Mnine Holdings, Inc., Revolver2024-01-012024-06-300001512931Mnine Holdings, Inc., Class B units2025-01-012025-06-300001512931Mnine Holdings, Inc., Class B units2024-01-012024-06-300001512931NECB Collections, LLC ,LLC units2025-01-012025-06-300001512931NECB Collections, LLC ,LLC units2024-01-012024-06-300001512931Second Avenue SFR Holdings II LLC, Revolver2024-01-012024-06-300001512931SFR Holdco, LLC (Delayed Draw)2025-01-012025-06-300001512931SFR Holdco, LLC (Delayed Draw)2024-01-012024-06-300001512931SFR Holdco, LLC (Equity Commitment)2025-01-012025-06-300001512931SFR Holdco, LLC (Equity Commitment)2024-01-012024-06-300001512931SFR Holdco 2, LLC (Delayed Draw)2025-01-012025-06-300001512931SFR Holdco 2, LLC (Delayed Draw)2024-01-012024-06-300001512931SFR Holdco 2, LLC (Equity Commitment)2025-01-012025-06-300001512931SFR Holdco 2, LLC (Equity Commitment)2024-01-012024-06-300001512931mrcc:SFRHoldco2LLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-01-012024-06-300001512931TJ Management HoldCo, LLC, Revolver2025-01-012025-06-300001512931TJ Management HoldCo, LLC, Revolver2024-01-012024-06-300001512931TJ Management HoldCo, LLC, Common stock 2025-01-012025-06-300001512931TJ Management HoldCo, LLC, Common stock 2024-01-012024-06-300001512931mrcc:MonroeMembermrcc:WendelSEMember2025-03-310001512931mrcc:MonroeCapitalBdcAdvisorsLlcMemberus-gaap:RelatedPartyMember2025-01-012025-06-300001512931mrcc:MonroeCapitalBdcAdvisorsLlcMemberus-gaap:RelatedPartyMember2025-06-300001512931mrcc:MonroeCapitalBdcAdvisorsLlcMemberus-gaap:RelatedPartyMember2025-04-012025-06-300001512931mrcc:MonroeCapitalBdcAdvisorsLlcMemberus-gaap:RelatedPartyMember2024-04-012024-06-300001512931mrcc:MonroeCapitalBdcAdvisorsLlcMemberus-gaap:RelatedPartyMember2024-01-012024-06-300001512931mrcc:MonroeCapitalManagementAdvisorsLlcMemberus-gaap:RelatedPartyMember2025-06-300001512931mrcc:MonroeCapitalManagementAdvisorsLlcMemberus-gaap:RelatedPartyMember2024-12-310001512931us-gaap:RevolvingCreditFacilityMember2025-01-012025-06-300001512931us-gaap:RevolvingCreditFacilityMembersrt:MinimumMember2025-06-300001512931us-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrMember2025-01-012025-06-300001512931us-gaap:RevolvingCreditFacilityMemberus-gaap:PrimeRateMember2025-01-012025-06-300001512931us-gaap:RevolvingCreditFacilityMemberus-gaap:FederalFundsEffectiveSwapRateMember2025-01-012025-06-300001512931us-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrMember2025-06-300001512931us-gaap:RevolvingCreditFacilityMembermrcc:AvailableMaximumBorrowingCapacityPercentageEqualToOrGreaterThan35PercentMember2025-01-012025-06-300001512931us-gaap:RevolvingCreditFacilityMembermrcc:AvailableMaximumBorrowingCapacityPercentageEqualToOrGreaterThan35PercentMember2025-06-300001512931us-gaap:RevolvingCreditFacilityMembermrcc:AvailableMaximumBorrowingCapacityPercentageLessThan35PercentMember2025-01-012025-06-300001512931us-gaap:RevolvingCreditFacilityMembermrcc:AvailableMaximumBorrowingCapacityPercentageLessThan35PercentMember2025-06-300001512931us-gaap:RevolvingCreditFacilityMember2025-04-012025-06-300001512931us-gaap:RevolvingCreditFacilityMember2024-04-012024-06-300001512931mrcc:A2026NotesMember2025-04-012025-06-300001512931mrcc:A2026NotesMember2024-04-012024-06-300001512931us-gaap:RevolvingCreditFacilityMember2024-01-012024-06-300001512931mrcc:A2026NotesMember2025-01-012025-06-300001512931mrcc:A2026NotesMember2024-01-012024-06-3000015129312025-01-012025-03-3100015129312024-01-012024-03-310001512931mrcc:AtMarketMember2017-05-120001512931mrcc:AtMarketMember2024-01-012024-06-300001512931mrcc:AtMarketMember2025-01-012025-06-300001512931mrcc:MRCCSeniorLoanFundILLCMember2024-12-310001512931mrcc:MRCCSeniorLoanFundILLCMember2025-06-300001512931American Broadband and Telecommunications Company LLC (Revolver)2025-06-300001512931American Broadband and Telecommunications Company LLC (Revolver)2024-12-310001512931American Broadband and Telecommunications Company LLC (Delayed Draw)2024-12-310001512931Aras Corporation (Revolver)2025-06-300001512931Aras Corporation (Revolver)2024-12-310001512931Arcserve Cayman Opco LP (fka Arcstor Midco, LLC) (Delayed Draw)2025-06-300001512931Arcserve Cayman Opco LP (fka Arcstor Midco, LLC) (Delayed Draw)2024-12-310001512931Avalara, Inc. (Revolver)2024-12-310001512931Bluesight, Inc. (Revolver)2025-06-300001512931Bluesight, Inc. (Revolver)2024-12-310001512931Bonterra, LLC (Revolver)2024-12-310001512931BTR Opco LLC (Delayed Draw)2025-06-300001512931BTR Opco LLC (Delayed Draw)2024-12-310001512931Calabrio, Inc. (Revolver)2025-06-300001512931Calabrio, Inc. (Revolver)2024-12-310001512931Cdata Software, Inc. (Delayed Draw) 12025-06-300001512931Cdata Software, Inc. (Delayed Draw) 12024-12-310001512931Cdata Software, Inc. (Delayed Draw) 22025-06-300001512931Cdata Software, Inc. (Delayed Draw) 22024-12-310001512931Cdata Software, Inc (Revolver)2025-06-300001512931Cdata Software, Inc (Revolver)2024-12-310001512931Chess.com, LLC (Revolver)2025-06-300001512931Chess.com, LLC (Revolver)2024-12-310001512931Destination Media, Inc. (Revolver)2024-12-310001512931Dorado Acquisition, Inc. (Revolver)2025-06-300001512931Dorado Acquisition, Inc. (Revolver)2024-12-310001512931Douglas Holdings, Inc. (Delayed Draw) 12025-06-300001512931Douglas Holdings, Inc. (Delayed Draw) 12024-12-310001512931Douglas Holdings, Inc. (Delayed Draw) 22025-06-300001512931Douglas Holdings, Inc. (Delayed Draw) 22024-12-310001512931Douglas Holdings, Inc. (Delayed Draw) 32024-12-310001512931Douglas Holdings, Inc. (Revolver)2025-06-300001512931Douglas Holdings, Inc. (Revolver)2024-12-310001512931Drawbridge Partners, LLC (Revolver)2025-06-300001512931Drawbridge Partners, LLC (Revolver)2024-12-310001512931Drawbridge Partners, LLC (Delayed Draw)2025-06-300001512931Drawbridge Partners, LLC (Delayed Draw)2024-12-310001512931Epika Fleet Services, Inc. (Delayed Draw) 12024-12-310001512931Epika Fleet Services, Inc. (Delayed Draw) 22024-12-310001512931Epika Fleet Services, Inc. (Revolver)2024-12-310001512931Express Wash Acquisition Company, LLC (Revolver)2024-12-310001512931Forest Buyer, LLC (Revolver)2025-06-300001512931Forest Buyer, LLC (Revolver)2024-12-310001512931GC Champion Acquisition LLC (Delayed Draw)2025-06-300001512931GC Champion Acquisition LLC (Delayed Draw)2024-12-310001512931Hastings Manufacturing Company (Revolver)2025-06-300001512931Hastings Manufacturing Company (Revolver)2024-12-310001512931HS4 Acquisitionco, Inc. (Revolver)2024-12-310001512931IDIG Parent, LLC (Common Stock)2024-12-310001512931Independence Buyer, Inc. (Revolver)2025-06-300001512931Independence Buyer, Inc. (Revolver)2024-12-310001512931INH Buyer, Inc. (Delayed Draw)2025-06-300001512931J2 BWA Funding LLC (Revolver)2024-12-310001512931Kar Wash Holdings, LLC (Delayed Draw)2025-06-300001512931Kar Wash Holdings, LLC (Delayed Draw)2024-12-310001512931Kar Wash Holdings, LLC (Revolver)2025-06-300001512931Kar Wash Holdings, LLC (Revolver)2024-12-310001512931Kingsley Gate Partners, LLC (Revolver)2024-12-310001512931KL Moon Acquisition, LLC (Revolver)2025-06-300001512931KL Moon Acquisition, LLC (Revolver)2024-12-310001512931The Kyjen Company, LLC (Revolver)2025-06-300001512931Lifted Trucks Holdings, LLC (Revolver)2025-06-300001512931Lifted Trucks Holdings, LLC (Revolver)2024-12-310001512931LVF Holdings, Inc. (Revolver)2024-12-310001512931MEI Buyer LLC (Delayed Draw)2025-06-300001512931MEI Buyer LLC (Revolver)2025-06-300001512931MEI Buyer LLC (Revolver)2024-12-310001512931Mindbody, Inc. (Revolver)2024-12-310001512931NationsBenefits, LLC (Delayed Draw)2024-12-310001512931NationsBenefits, LLC (Revolver)2024-12-310001512931Northeast Contracting Company, LLC (Revolver)2025-06-300001512931Northeast Contracting Company, LLC (Revolver)2024-12-310001512931NQ PE Project Colosseum Midco Inc. (Revolver)2025-06-300001512931NQ PE Project Colosseum Midco Inc. (Revolver)2024-12-310001512931Planful, Inc. (Revolver)2025-06-300001512931Planful, Inc. (Revolver)2024-12-310001512931Prototek LLC (Revolver)2025-06-300001512931Prototek LLC (Revolver)2024-12-310001512931Recorded Future, Inc. (Class A units)2024-12-310001512931Recycled Plastics Industries, LLC (Revolver)2025-06-300001512931Recycled Plastics Industries, LLC (Revolver)2024-12-310001512931Relevate Health Group, LLC (Revolver)2025-06-300001512931Relevate Health Group, LLC (Revolver)2024-12-310001512931Seran BioScience, LLC (Delayed Draw)2025-06-300001512931Seran BioScience, LLC (Revolver)2025-06-300001512931Seran BioScience, LLC (Revolver)2024-12-310001512931SFR Holdco 2, LLC (Delayed Draw)2025-06-300001512931SFR Holdco 2, LLC (Delayed Draw)2024-12-310001512931SFR Holdco 2, LLC (Equity Commitment)2025-06-300001512931SFR Holdco 2, LLC (Equity Commitment)2024-12-310001512931Sparq Holdings, Inc. (Delayed Draw) 12025-06-300001512931Sparq Holdings, Inc. (Delayed Draw) 12024-12-310001512931Sparq Holdings, Inc. (Revolver)2025-06-300001512931Sparq Holdings, Inc. (Revolver)2024-12-310001512931Spherix Global Inc. (Revolver)2025-06-300001512931Spherix Global Inc. (Revolver)2024-12-310001512931Sports Operating Holdings II, LLC (Delayed Draw)2024-12-310001512931Sports Operating Holdings II, LLC (Revolver)2025-06-300001512931Sports Operating Holdings II, LLC (Revolver)2024-12-310001512931StarCompliance MidCo, LLC (Revolver)2025-06-300001512931StarCompliance MidCo, LLC (Revolver)2024-12-310001512931TigerConnect, Inc. (Delayed Draw)2025-06-300001512931TigerConnect, Inc. (Delayed Draw)2024-12-310001512931TigerConnect, Inc. (Delayed Draw) 22025-06-300001512931TigerConnect, Inc. (Revolver)2025-06-300001512931Tiugo Group Holdings Corp (Delayed Draw)2025-06-300001512931Tiugo Group Holdings Corp (Revolver)2025-06-300001512931TJ Management HoldCo LLC (Revolver)2025-06-300001512931TJ Management HoldCo LLC (Revolver)2024-12-310001512931V10 Entertainment, Inc. (Revolver)2025-06-300001512931V10 Entertainment, Inc. (Revolver)2024-12-310001512931V10 Entertainment, Inc. (Common Units)2024-12-310001512931Vhagar Purchaser, LLC (Delayed Draw)2024-12-310001512931Valudor Products LLC (Revolver)2025-06-300001512931Valudor Products LLC (Revolver)2024-12-310001512931Vhagar Purchaser, LLC (Revolver)2024-12-310001512931Whistler Parent Holdings III, Inc. (Delayed Draw)2025-06-300001512931XanEdu Publishing, Inc. (Revolver)2025-06-300001512931XanEdu Publishing, Inc. (Revolver)2024-12-310001512931srt:ScenarioForecastMembermrcc:HRZNMember2025-12-31
Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2025
or
oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number: 814-00866
MONROE CAPITAL CORPORATION
(Exact Name of Registrant as Specified in its Charter)
Maryland27-4895840
(State or Other Jurisdiction of
Incorporation or Organization)		(I.R.S. Employer
Identification No.)
311 South Wacker Drive, Suite 6400
Chicago, Illinois
60606
(Address of Principal Executive Office)(Zip Code)
(312) 258-8300
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, par value $0.001 per shareMRCCThe Nasdaq Global Select Market
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  x    No  o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  x   No  o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated fileroAccelerated filero
Non-accelerated filerxSmaller reporting companyo
Emerging growth companyo
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  o    No  x
As of August 8, 2025, the registrant had 21,666,340 shares of common stock, $0.001 par value, outstanding.
1
Table of Contents
TABLE OF CONTENTS
Page
PART I. FINANCIAL INFORMATION
3
Item 1.
Consolidated Financial Statements
3
Consolidated Statements of Assets and Liabilities as of June 30, 2025 (unaudited) and December 31, 2024
3
Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024 (unaudited)
4
Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2025 and 2024 (unaudited)
5
Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024 (unaudited)
6
Consolidated Schedules of Investments as of June 30, 2025 (unaudited) and December 31, 2024
7
Notes to Consolidated Financial Statements (unaudited)
36
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
81
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
111
Item 4.
Controls and Procedures
112
PART II. OTHER INFORMATION
113
Item 1.
Legal Proceedings
113
Item 1A.
Risk Factors
113
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
116
Item 3.
Defaults Upon Senior Securities
116
Item 4.
Mine Safety Disclosures
116
Item 5.
Other Information
116
Item 6.
Exhibits
117
Signatures
118
2
Table of Contents
PART I. FINANCIAL INFORMATION
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS
MONROE CAPITAL CORPORATION
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(in thousands, except per share data)
June 30, 2025December 31, 2024
(unaudited)
Assets
Investments, at fair value:
Non-controlled/non-affiliate company investments$261,164 $343,835 
Non-controlled affiliate company investments76,379 80,483 
Controlled affiliate company investments30,157 32,730 
Total investments, at fair value (amortized cost of $414,808 and $495,797, respectively)
367,700 457,048 
Cash and cash equivalents2,425 9,044 
Interest and dividend receivable23,461 23,511 
Other assets1,031 1,068 
Total assets394,617 490,671 
Liabilities
Debt$210,300 $293,900 
Less: Unamortized debt issuance costs(1,722)(1,925)
Total debt, less unamortized debt issuance costs208,578 291,975 
Interest payable2,768 2,903 
Base management fees payable1,742 1,965 
Accounts payable and accrued expenses1,937 2,066 
Total liabilities215,025 298,909 
Commitments and contingencies (See Note 11)
Net Assets
Common stock, $0.001 par value, 100,000 shares authorized, 21,666 and 21,666 shares issued and outstanding, respectively
$22 $22 
Capital in excess of par value297,712 297,712 
Accumulated undistributed (overdistributed) earnings(118,142)(105,972)
Total net assets$179,592 $191,762 
Total liabilities and total net assets
$394,617 $490,671 
Net asset value per share$8.29 $8.85 
See Notes to Consolidated Financial Statements.
3
Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except per share data)
Three months ended June 30,Six months ended June 30,
2025202420252024
Investment income:
Non-controlled/non-affiliate company investments:
Interest income$6,757 $10,973 $14,786 $21,803 
Payment-in-kind interest income983 771 2,116 1,579 
Dividend income69 62 141 121 
Other income54 265 282 302 
Total investment income from non-controlled/non-affiliate company investments7,863 12,071 17,325 23,805 
Non-controlled affiliate company investments:
Interest income573 1,273 1,025 2,461 
Payment-in-kind interest income677 1,328 1,444 2,635 
Dividend income60 55 117 108 
Total investment income from non-controlled affiliate company investments1,310 2,656 2,586 5,204 
Controlled affiliate company investments:
Dividend income700 900 1,600 1,800 
Total investment income from controlled affiliate company investments700 900 1,600 1,800 
Total investment income9,873 15,627 21,511 30,809 
Operating expenses:
Interest and other debt financing expenses3,933 5,780 8,610 11,287 
Base management fees1,742 2,037 3,593 4,085 
Incentive fees— 351 — 1,719 
Professional fees267 199 530 467 
Administrative service fees374 250 727 459 
General and administrative expenses232 243 459 461 
Directors’ fees70 73 132 149 
Total operating expenses6,618 8,933 14,051 18,627 
Net investment income before income taxes3,255 6,694 7,460 12,182 
Income tax expense (benefit), including excise taxes(43)135 77 153 
Net investment income3,298 6,559 7,383 12,029 
Net gain (loss):
Net realized gain (loss):
Non-controlled/non-affiliate company investments77 506 (361)510 
Net realized gain (loss)77 506 (361)510 
Net change in unrealized gain (loss):
Non-controlled/non-affiliate company investments(2,603)(2,985)(5,176)(4,329)
Non-controlled affiliate company investments(881)(930)(610)(1,733)
Controlled affiliate company investments(1,760)108 (2,573)(24)
Net change in unrealized gain (loss)(5,244)(3,807)(8,359)(6,086)
Net gain (loss)(5,167)(3,301)(8,720)(5,576)
Net increase (decrease) in net assets resulting from operations$(1,869)$3,258 $(1,337)$6,453 
Per common share data:
Net investment income per share - basic and diluted$0.15 $0.30 $0.34 $0.56 
Net increase (decrease) in net assets resulting from operations per share - basic and diluted$(0.09)$0.15 $(0.06)$0.30 
Weighted average common shares outstanding - basic and diluted21,66621,66621,66621,666
See Notes to Consolidated Financial Statements.
4
Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
(unaudited)
(in thousands)
Common StockCapital in excess of
par value		Accumulated
undistributed
(overdistributed)
earnings		Total
net assets
Number of sharesPar
value
Balances at March 31, 202421,666$22 $298,127 $(96,647)$201,502 
Net investment income—— — 6,559 6,559 
Net realized gain (loss)—— — 506 506 
Net change in unrealized gain (loss)—— — (3,807)(3,807)
Distributions to stockholders—— — (5,416)(5,416)
Balances at June 30, 202421,666$22 $298,127 $(98,805)$199,344 
Balances at March 31, 202521,666$22 $297,712 $(110,857)$186,877 
Net investment income—— — 3,298 3,298 
Net realized gain (loss)—— — 77 77 
Net change in unrealized gain (loss)—— — (5,244)(5,244)
Distributions to stockholders—— — (5,416)(5,416)
Balances at June 30, 202521,666$22 $297,712 $(118,142)$179,592 
Common StockCapital in excess of
par value		Accumulated
undistributed
(overdistributed)
earnings		Total
net assets
Number of sharesPar
value
Balances at December 31, 202321,666$22 $298,127 $(94,425)$203,724 
Net investment income—— — 12,029 12,029 
Net realized gain (loss)—— — 510 510 
Net change in unrealized gain (loss)—— — (6,086)(6,086)
Distributions to stockholders—— — (10,833)(10,833)
Balances at June 30, 202421,666$22 $298,127 $(98,805)$199,344 
Balances at December 31, 202421,666$22 $297,712 $(105,972)$191,762 
Net investment income—— — 7,383 7,383 
Net realized gain (loss)—— — (361)(361)
Net change in unrealized gain (loss)—— — (8,359)(8,359)
Distributions to stockholders—— — (10,833)(10,833)
Balances at June 30, 202521,666$22 $297,712 $(118,142)$179,592 
See Notes to Consolidated Financial Statements.
5
Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(in thousands)
Six months ended June 30,
20252024
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations$(1,337)$6,453 
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:  
Net realized (gain) loss on investments361 (510)
Net change in unrealized (gain) loss on investments8,359 6,086 
Payment-in-kind interest capitalized(4,035)(4,589)
Net accretion of discounts and amortization of premiums(449)(502)
Purchases of investments(19,881)(45,889)
Proceeds from principal payments and sales of investments104,993 47,986 
Amortization of debt issuance costs750 654 
Changes in operating assets and liabilities:  
Interest and dividend receivable50 (2,312)
Other assets37 (279)
Interest payable(135)(106)
Base management fees payable(223)(63)
Incentive fees payable— (968)
Accounts payable and accrued expenses(129)90 
Net cash provided by (used in) operating activities88,361 6,051 
Cash flows from financing activities:  
Borrowings on debt34,500 46,600 
Repayments of debt(118,100)(42,900)
Debt issuance costs capitalized(547)— 
Stockholder distributions paid(10,833)(10,833)
Net cash provided by (used in) financing activities(94,980)(7,133)
Net increase (decrease) in cash and cash equivalents(6,619)(1,082)
Cash and cash equivalents, beginning of period9,044 4,958 
Cash and cash equivalents, end of period$2,425 $3,876 
Supplemental disclosure of cash flow information:  
Cash interest paid during the period$7,923 $10,667 
Cash paid for income taxes, including excise taxes during the year$482 $337 
See Notes to Consolidated Financial Statements.
6
Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS
June 30, 2025
(unaudited)
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition Date (3)
MaturityPrincipalAmortized Cost
Fair Value (4)
% of Net Assets (5)
Non-Controlled/Non-Affiliate Company Investments
Senior Secured Loans
Automotive
BTR Opco LLC (Delayed Draw)(14)(15)(16)SF8.76 %
13.08% PIK
6/21/202412/31/2027569 $407 $469 0.3 %
Hastings Manufacturing CompanySF7.60 %11.93 %4/24/201812/30/20251,767 1,767 1,767 1.0 %
Hastings Manufacturing CompanySF7.60 %11.93 %3/29/202312/30/2025639 639 639 0.4 %
Hastings Manufacturing CompanySF7.60 %11.93 %12/18/202312/30/20251,966 1,966 1,966 1.1 %
Hastings Manufacturing Company (Revolver)(14)SF7.60 %11.93 %3/29/202312/30/2025691 — — 0.0 %
Lifted Trucks Holdings, LLCSF5.35 %9.67 %8/2/20218/2/20276,755 6,701 6,755 3.8 %
Lifted Trucks Holdings, LLC (Revolver)(14)SF5.35 %9.67 %8/2/20218/2/20271,667 278 278 0.2 %
Panda Acquisition, LLCSF9.36 %
6.44% Cash/ 7.13% PIK
12/20/202210/18/20284,595 4,079 3,854 2.1 %
18,649 15,837 15,728 8.9 %
Banking
MV Receivables II, LLC(10)(16)SF9.75 %14.07 %7/29/20217/29/20268,100 7,737 3,959 2.2 %
StarCompliance MidCo, LLCSF6.10 %10.40 %1/12/20211/12/20272,000 1,988 2,003 1.1 %
StarCompliance MidCo, LLCSF6.10 %10.40 %10/12/20211/12/2027335 333 336 0.2 %
StarCompliance MidCo, LLCSF6.10 %10.40 %5/31/20231/12/2027256 253 257 0.2 %
StarCompliance MidCo, LLCSF6.10 %10.40 %11/22/20241/12/2027201 199 202 0.1 %
StarCompliance MidCo, LLC (Revolver)(14)SF6.10 %10.40 %1/12/20211/12/2027323 174 174 0.1 %
11,215 10,684 6,931 3.9 %
Capital Equipment
CGI Automated Manufacturing, LLCSF7.43 %11.64 %9/9/202212/17/20263,775 3,731 3,751 2.1 %
CGI Automated Manufacturing, LLCSF7.26 %11.56 %9/30/202212/17/20261,083 1,073 1,076 0.6 %
4,858 4,804 4,827 2.7 %
Chemicals, Plastics & Rubber
Valudor Products LLCSF7.61 %
10.44% Cash/ 1.50% PIK
6/18/201812/31/20262,097 2,088 2,158 1.2 %
Valudor Products LLC(17)SF7.50 %
11.94% PIK
6/18/201812/31/2026357 357 329 0.2 %
Valudor Products LLCSF7.61 %11.94 %12/22/202112/31/2026884 876 1,689 0.9 %
Valudor Products LLC (Revolver)(14)SF9.61 %13.94 %6/18/201812/31/2026548 219 209 0.1 %
3,886 3,540 4,385 2.4 %
Construction & Building
MEI Buyer LLCSF5.00 %9.33 %6/30/20236/29/20291,965 1,922 1,985 1.1 %
MEI Buyer LLCSF5.00 %9.33 %1/9/20246/30/20291,104 1,096 1,115 0.6 %
MEI Buyer LLCSF5.00 %9.31 %6/30/20236/29/2029314 314 317 0.2 %
MEI Buyer LLC (Delayed Draw)(14)(15)SF5.00 %9.33 %3/27/20256/29/2029699 — — 0.0 %
MEI Buyer LLC (Revolver)(14)SF5.00 %9.31 %6/30/20236/29/2029410 56 56 0.0 %
TCFIII OWL Buyer LLCSF5.61 %9.94 %4/19/20214/17/20261,968 1,961 1,968 1.1 %
TCFIII OWL Buyer LLCSF5.61 %9.94 %4/19/20214/17/20262,403 2,403 2,403 1.3 %
TCFIII OWL Buyer LLCSF5.61 %9.94 %12/17/20214/17/20262,157 2,149 2,157 1.2 %
11,020 9,901 10,001 5.5 %
7
Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
June 30, 2025
(unaudited)
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition Date (3)
MaturityPrincipalAmortized Cost
Fair Value (4)
% of Net Assets (5)
Consumer Goods: Durable
Independence Buyer, Inc.SF5.90 %10.18 %8/3/20218/3/20265,345 $5,319 $4,668 2.6 %
Independence Buyer, Inc. (Revolver)(14)SF5.75 %10.07 %8/3/20218/3/20261,423 89 78 0.0 %
Recycled Plastics Industries, LLCSF7.35 %
11.17% Cash/ 0.50% PIK
8/4/20218/4/20262,724 2,710 2,717 1.5 %
Recycled Plastics Industries, LLC (Revolver)(14)SF7.35 %
11.17% Cash/ 0.50% PIK
8/4/20218/4/2026284 — — 0.0 %
9,776 8,118 7,463 4.1 %
Consumer Goods: Non-Durable
The Kyjen Company, LLCSF7.75 %
10.93% Cash/ 1.00% PIK
5/14/20214/3/2026992 989 915 0.5 %
The Kyjen Company, LLCSF6.50 %
9.82% Cash/ 1.00% PIK
9/13/20224/3/20261 1 1 0.0 %
The Kyjen Company, LLC (Revolver)(14)SF6.65 %10.97 %5/14/20214/3/2026105 — — 0.0 %
Thrasio, LLC(16)SF10.11 %
14.44% PIK
7/18/20246/18/2029287 287 287 0.2 %
1,385 1,277 1,203 0.7 %
FIRE: Finance
GC Champion Acquisition LLCSF5.00 %9.27 %8/19/20228/18/20282,490 2,462 2,497 1.4 %
GC Champion Acquisition LLCSF5.00 %9.27 %8/19/20228/18/2028692 692 694 0.4 %
GC Champion Acquisition LLCSF5.00 %9.27 %8/1/20238/18/20282,075 2,033 2,081 1.2 %
GC Champion Acquisition LLC (Delayed Draw)(14)(15)SF5.00 %9.27 %12/31/20248/18/20282,079 1,410 1,414 0.8 %
J2 BWA Funding LLC (Revolver)(10)n/an/a10.00 %12/24/202012/24/20261,686 1,686 1,684 0.9 %
Liftforward SPV II, LLC(10)SF10.86 %
15.19% PIK
11/10/20166/30/2025325 325 264 0.1 %
9,347 8,608 8,634 4.8 %
8
Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
June 30, 2025
(unaudited)
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition Date (3)
MaturityPrincipalAmortized Cost
Fair Value (4)
% of Net Assets (5)
Healthcare & Pharmaceuticals
Bluesight, Inc.SF6.50 %10.80 %7/17/20237/17/20292,000 $1,955 $2,019 1.1 %
Bluesight, Inc.SF6.50 %10.80 %10/15/20247/17/2029261 257 263 0.1 %
Bluesight, Inc.SF6.50 %10.80 %12/31/20247/17/20291,739 1,716 1,756 1.0 %
Bluesight, Inc. (Revolver)(14)SF6.50 %10.80 %7/17/20237/17/2029348 — — 0.0 %
Dorado Acquisition, Inc.SF6.85 %11.17 %6/30/20216/30/20264,718 4,694 4,623 2.6 %
Dorado Acquisition, Inc.SF6.90 %11.20 %11/27/20226/30/20263,911 3,880 3,833 2.1 %
Dorado Acquisition, Inc. (Revolver)(14)SF6.85 %11.17 %6/30/20216/30/2026596 — — 0.0 %
Forest Buyer, LLCSF5.00 %9.30 %3/15/20243/15/20303,960 3,878 4,000 2.2 %
Forest Buyer, LLCSF5.00 %9.30 %8/19/20243/15/20305,831 5,791 5,889 3.3 %
Forest Buyer, LLC (Revolver)(14)SF5.00 %9.30 %3/15/20243/15/2030750 — — 0.0 %
INH Buyer, Inc.(16)SF8.50 %
12.90% PIK
6/2/20252/27/202685 85 19 0.0 %
INH Buyer, Inc. (Delayed Draw)(14)(15)(16)SF7.00 %
11.40% PIK
6/2/202510/31/202596 — — 0.0 %
KL Moon Acquisition, LLCSF7.75 %
9.28%Cash/ 2.75% PIK
2/1/20232/1/20295,039 4,945 4,844 2.7 %
KL Moon Acquisition, LLCSF7.75 %
9.28% Cash/ 2.75% PIK
2/6/20242/1/20292,161 2,114 2,077 1.2 %
KL Moon Acquisition, LLCSF7.75 %
9.28% Cash/ 2.75% PIK
2/1/20232/1/20291,005 1,005 966 0.5 %
KL Moon Acquisition, LLC (Revolver)(14)SF7.75 %
9.28% Cash/ 2.75% PIK
2/1/20232/1/2029830 559 537 0.3 %
NQ PE Project Colosseum Midco Inc.SF7.15 %11.45 %10/4/202210/4/20283,413 3,371 3,051 1.7 %
NQ PE Project Colosseum Midco Inc. (Revolver)(14)SF7.15 %11.45 %10/4/202210/4/2028438 — — 0.0 %
Seran BioScience, LLCSF5.50 %9.80 %12/31/20207/8/20272,394 2,389 2,394 1.3 %
Seran BioScience, LLCSF5.50 %9.76 %7/8/20227/8/2027539 539 539 0.3 %
Seran BioScience, LLCSF5.50 %9.74 %8/21/20237/8/2027284 284 284 0.2 %
Seran BioScience, LLC (Delayed Draw)(14)(15)SF5.50 %9.80 %2/6/20257/8/20274,444 — — 0.0 %
Seran BioScience, LLC (Revolver)(14)SF5.50 %9.80 %12/31/20207/8/2027444 — — 0.0 %
TigerConnect, Inc.SF6.90 %11.18 %2/16/20222/16/20283,000 2,970 3,000 1.7 %
TigerConnect, Inc.SF6.90 %
7.80% Cash/ 3.38% PIK
11/19/20242/16/2028171 169 171 0.1 %
TigerConnect, Inc. (Delayed Draw)(14)(15)SF6.90 %
7.80% Cash/ 3.38% PIK
11/19/20242/16/20287 3 3 0.0 %
TigerConnect, Inc. (Delayed Draw)(14)(15)SF6.90 %11.18 %2/16/20222/16/2028376 300 300 0.2 %
TigerConnect, Inc. (Revolver)(14)SF6.90 %11.18 %2/16/20222/16/2028429 — — 0.0 %
Vero Biotech Inc.P3.75 %12.25 %12/29/20231/2/20292,500 2,482 2,461 1.4 %
Whistler Parent Holdings III, Inc. (Delayed Draw)(14)(15)SF6.85 %
5.43% Cash/ 5.75% PIK
5/28/20246/2/2028866 619 619 0.3 %
Whistler Parent Holdings III, Inc. (Revolver)SF6.85 %
5.43% Cash/ 5.75% PIK
10/25/20246/2/2028435 435 435 0.2 %
53,070 44,440 44,083 24.5 %
9
Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
June 30, 2025
(unaudited)
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition Date (3)
MaturityPrincipalAmortized Cost
Fair Value (4)
% of Net Assets (5)
High Tech Industries
Arcserve Cayman Opco LP (Delayed Draw)(14)(15)(16)SF8.11 %
12.44% PIK
1/2/20241/2/2027551 $146 $331 0.2 %
Douglas Holdings, Inc.SF6.13 %
10.05% Cash/ 0.38% PIK
8/27/20248/27/20302,500 2,467 2,503 1.4 %
Douglas Holdings, Inc. (Delayed Draw)(14)(15)SF6.13 %
10.05% Cash/ 0.38% PIK
12/30/20248/27/2026309 118 118 0.1 %
Douglas Holdings, Inc. (Delayed Draw)(14)(15)SF6.13 %
10.05% Cash/ 0.38% PIK
8/27/20248/27/2030543 65 65 0.0 %
Douglas Holdings, Inc. (Revolver)(14)SF5.75 %10.05 %8/27/20248/27/2030217 — — 0.0 %
Drawbridge Partners, LLCSF6.25 %10.58 %9/1/20229/1/20283,000 2,964 3,000 1.7 %
Drawbridge Partners, LLC (Delayed Draw)(14)(15)SF6.25 %10.58 %9/1/20229/1/2028874 795 795 0.4 %
Drawbridge Partners, LLC (Revolver)(14)SF6.25 %10.58 %9/1/20229/1/2028522 — — 0.0 %
Medallia, Inc.SF6.60 %
6.82% Cash/ 4.00% PIK
8/15/202210/27/20282,274 2,252 2,028 1.1 %
Planful, Inc.SF6.26 %10.56 %12/28/201812/28/20269,500 9,500 9,491 5.3 %
Planful, Inc.SF6.26 %10.56 %9/12/202212/28/2026530 529 530 0.3 %
Planful, Inc.SF6.26 %10.56 %1/11/202112/28/20261,326 1,326 1,324 0.7 %
Planful, Inc.SF6.26 %10.56 %2/11/202212/28/2026884 884 883 0.5 %
Planful, Inc.SF6.26 %10.56 %4/5/202312/28/2026707 697 706 0.4 %
Planful, Inc.SF6.26 %10.56 %3/28/202512/28/20261,455 1,442 1,454 0.8 %
Planful, Inc. (Revolver)(14)SF6.26 %10.59 %12/28/201812/28/20261,105 442 441 0.3 %
Sparq Holdings, Inc.SF5.75 %9.92 %6/16/20236/15/2029980 958 947 0.5 %
Sparq Holdings, Inc.SF5.75 %10.05 %6/27/20246/25/2029215 213 208 0.1 %
Sparq Holdings, Inc. (Delayed Draw)(14)(15)SF5.75 %9.92 %6/27/20246/25/2029289 — — 0.0 %
Sparq Holdings, Inc.SF5.75 %10.05 %6/16/20236/15/2029220 220 212 0.1 %
Sparq Holdings, Inc. (Revolver)(14)SF5.75 %10.05 %6/16/20236/15/2029205 116 112 0.1 %
Tiugo Group Holdings CorpSF5.50 %9.80 %3/28/20253/28/20317,700 7,588 7,700 4.3 %
Tiugo Group Holdings Corp (Delayed Draw)(14)(15)SF5.50 %9.80 %3/28/20253/28/20311,540 — — 0.0 %
Tiugo Group Holdings Corp (Revolver)(14)SF5.50 %9.80 %3/28/20253/28/2031770 — — 0.0 %
38,216 32,722 32,848 18.3 %
Media: Advertising, Printing & Publishing
Relevate Health Group, LLCSF6.35 %10.67 %9/9/202412/31/2026293 289 291 0.2 %
Relevate Health Group, LLCSF6.35 %10.67 %11/20/202012/31/20261,436 1,434 1,429 0.8 %
Relevate Health Group, LLCSF6.35 %10.67 %11/20/202012/31/2026643 643 639 0.4 %
Relevate Health Group, LLC (Revolver)(14)SF6.35 %10.67 %11/20/202012/31/2026316 147 147 0.1 %
Spherix Global Inc.SF6.36 %10.69 %12/22/202112/22/2026769 765 753 0.4 %
Spherix Global Inc. (Revolver)(14)SF6.36 %10.69 %12/22/202112/22/2026122 — — 0.0 %
XanEdu Publishing, Inc.SF6.00 %10.33 %1/28/20201/28/20274,211 4,211 4,217 2.3 %
XanEdu Publishing, Inc.SF6.00 %10.33 %8/31/20221/28/20271,674 1,674 1,676 0.9 %
XanEdu Publishing, Inc. (Revolver)(14)SF6.00 %10.33 %1/28/20201/28/2027742 — — 0.0 %
10,206 9,163 9,152 5.1 %
10
Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
June 30, 2025
(unaudited)
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition Date (3)
MaturityPrincipalAmortized Cost
Fair Value (4)
% of Net Assets (5)
Media: Broadcasting & Subscription
Vice Acquisition Holdco, LLC(16)SF8.26 %
12.59% PIK
2/15/20241/31/2028304 $304 $569 0.3 %
304 304 569 0.3 %
Media: Diversified & Production
Chess.com, LLCSF6.10 %10.40 %12/31/202112/31/20275,805 5,750 5,805 3.2 %
Chess.com, LLC (Revolver)(14)SF6.10 %10.40 %12/31/202112/31/2027652 — — 0.0 %
Crownpeak Technology, Inc.SF6.75 %11.03 %2/28/201911/28/20254,260 4,260 4,263 2.4 %
Crownpeak Technology, Inc.SF6.75 %11.03 %9/27/202211/28/20251,341 1,340 1,342 0.8 %
Crownpeak Technology, Inc.SF6.75 %11.03 %2/28/201911/28/202564 64 64 0.0 %
Crownpeak Technology, Inc.SF6.75 %11.03 %9/27/202211/28/20253,550 3,550 3,552 2.0 %
Crownpeak Technology, Inc. (Revolver)SF6.75 %11.03 %2/28/201911/28/2025500 500 500 0.3 %
Sports Operating Holdings II, LLCSF5.85 %10.18 %11/3/202211/3/20272,917 2,879 2,918 1.6 %
Sports Operating Holdings II, LLCSF5.85 %10.18 %11/3/202211/3/20272,379 2,379 2,379 1.3 %
Sports Operating Holdings II, LLC (Revolver)(14)SF5.85 %10.18 %11/3/202211/3/20271,039 — — 0.0 %
V10 Entertainment, Inc.SF7.10 %11.40 %1/12/20231/12/20283,227 3,172 3,259 1.8 %
V10 Entertainment, Inc. (Revolver)(14)SF7.10 %11.42 %1/12/20231/12/2028458 73 73 0.0 %
26,192 23,967 24,155 13.4 %
Retail
BLST Operating Company, LLCSF7.50 %
1.00% Cash/ 10.94% PIK
8/28/20208/28/2025798 570 728 0.4 %
798 570 728 0.4 %
Services: Business
Aras CorporationSF5.50 %9.80 %4/13/20214/13/20292,434 2,434 2,458 1.4 %
Aras Corporation (Revolver)(14)SF5.50 %9.80 %4/13/20214/13/2029335 128 128 0.1 %
Burroughs, Inc.(19)SF8.60 %
11.92% Cash/ 1.00% PIK
12/22/2017n/a294 294 294 0.2 %
Cdata Software, Inc.SF5.75 %10.05 %7/18/20247/18/20306,000 5,908 6,015 3.3 %
Cdata Software, Inc. (Delayed Draw)(14)(15)SF5.75 %10.05 %7/18/20247/18/2030556 — — 0.0 %
Cdata Software, Inc. (Delayed Draw)(14)(15)SF5.75 %10.05 %7/18/20247/18/2030778 306 306 0.2 %
Cdata Software, Inc. (Revolver)(14)SF5.75 %10.05 %7/18/20247/18/2030667 — — 0.0 %
iCIMS, Inc.SF6.25 %10.53 %10/24/20228/18/20282,500 2,473 2,497 1.4 %
Kingsley Gate Partners, LLCSF6.65 %10.95 %12/9/202212/11/2028587 579 585 0.3 %
Kingsley Gate Partners, LLCSF6.65 %10.95 %12/9/202212/11/2028188 188 188 0.1 %
Kingsley Gate Partners, LLCSF6.65 %10.95 %12/9/202212/11/2028272 272 271 0.2 %
Kingsley Gate Partners, LLC (Revolver)SF6.60 %10.92 %12/9/202212/11/2028240 240 239 0.1 %
Northeast Contracting Company, LLCSF6.26 %10.59 %8/16/20248/16/20291,489 1,463 1,488 0.8 %
Northeast Contracting Company, LLC (Revolver)(14)SF6.00 %10.28 %8/16/20248/16/2029318 136 136 0.1 %
Prototek LLC(16)SF7.85 %
7.67% Cash/ 4.50% PIK
12/8/202212/8/20271,930 1,793 1,561 0.9 %
Prototek LLC (Revolver)(14)(16)SF7.85 %
7.67% Cash/ 4.50% PIK
12/8/202212/8/2027288 — — 0.0 %
Security Services Acquisition Sub Corp.SF5.85 %10.18 %3/1/20249/30/20271,823 1,823 1,810 1.0 %
Security Services Acquisition Sub Corp.SF5.85 %10.18 %6/17/20249/30/20275,872 5,872 5,831 3.2 %
Security Services Acquisition Sub Corp.SF5.85 %10.18 %6/17/20249/30/20271,801 1,801 1,788 1.0 %
28,372 25,710 25,595 14.3 %
11
Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
June 30, 2025
(unaudited)
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition Date (3)
MaturityPrincipalAmortized Cost
Fair Value (4)
% of Net Assets (5)
Services: Consumer
Kar Wash Holdings, LLCSF6.26 %10.56 %2/28/20222/26/20271,551 $1,538 $1,551 0.9 %
Kar Wash Holdings, LLCSF6.26 %10.56 %2/28/20222/26/20271,111 1,111 1,111 0.6 %
Kar Wash Holdings, LLCSF6.26 %10.56 %8/3/20222/26/20272,620 2,620 2,620 1.5 %
Kar Wash Holdings, LLCSF6.26 %10.56 %10/3/20242/28/20273,164 3,107 3,171 1.8 %
Kar Wash Holdings, LLCSF6.26 %10.56 %5/9/20242/26/20272,904 2,904 2,910 1.6 %
Kar Wash Holdings, LLC (Delayed Draw)(14)(15)SF6.26 %10.59 %10/3/20242/28/20272,659 1,749 1,752 1.0 %
Kar Wash Holdings, LLC (Revolver)(14)SF6.11 %10.44 %2/28/20222/26/2027952 305 305 0.2 %
14,961 13,334 13,420 7.6 %
Telecommunications
American Broadband and Telecommunications Company LLC(19)P12.00 %
17.50% Cash/ 2.00% PIK
6/10/2022n/a1,337 1,337 1,373 0.8 %
American Broadband and Telecommunications Company LLC (Revolver)(14)(19)P12.00 %
17.50% Cash/ 2.00% PIK
6/10/2022n/a500 127 127 0.1 %
Calabrio, Inc.SF5.50 %9.83 %4/16/20214/16/20273,366 3,336 3,366 1.9 %
Calabrio, Inc.SF5.50 %9.83 %12/19/20234/16/2027494 494 497 0.3 %
Calabrio, Inc. (Revolver)(14)SF5.50 %9.83 %4/16/20214/16/2027409 175 175 0.1 %
6,106 5,469 5,538 3.2 %
Total Non-Controlled/Non-Affiliate Senior Secured Loans248,361 218,448 215,260 120.1 %
Unitranche Secured Loans (6)
Services: Business
ASG II, LLCSF6.40 %10.68 %5/25/20225/25/20281,900 1,878 1,898 1.1 %
ASG II, LLCSF6.40 %10.68 %5/25/20225/25/2028285 285 285 0.2 %
2,185 2,163 2,183 1.3 %
Total Non-Controlled/Non-Affiliate Unitranche Secured Loans2,185 2,163 2,183 1.3 %
Junior Secured Loans
Automotive
BTR Opco LLC(16)n/an/a
7.50% PIK
9/30/202412/31/2027711 658 529 0.3 %
BTR Opco LLC(16)n/an/a
5.00% PIK
9/30/202412/31/20273,664 3,390 — 0.0 %
4,375 4,048 529 0.3 %
Consumer Goods: Non-Durable
Thrasio, LLC(16)SF10.11 %
14.44% PIK
7/18/20246/18/2029881 881 661 0.4 %
881 881 661 0.4 %
FIRE: Real Estate
Witkoff/Monroe 700 JV LLC(10)n/an/a
13.25% PIK
7/2/202110/1/20267,680 7,680 7,680 4.3 %
Witkoff/Monroe 700 JV LLC(10)n/an/a
13.25% PIK
5/16/202310/1/20261,328 1,328 1,329 0.7 %
Witkoff/Monroe 700 JV LLC(10)n/an/a
13.25% PIK
9/25/202310/1/20262,384 2,384 2,384 1.3 %
Witkoff/Monroe 700 JV LLC(10)n/an/a
13.25% PIK
7/26/202410/1/2026348 348 348 0.2 %
Witkoff/Monroe 700 JV LLC(10)n/an/a
13.25% PIK
5/8/202410/1/20261,634 1,634 1,634 0.9 %
Witkoff/Monroe 700 JV LLC(10)n/an/a
13.25% PIK
3/18/202510/1/20261,184 1,184 1,184 0.7 %
14,558 14,558 14,559 8.1 %
High Tech Industries
Arcserve Cayman Opco LP(16)n/an/a
9.00% PIK
8/29/20231/2/2028161 150 184 0.1 %
Arcserve Cayman Opco LP(16)n/an/a
9.00% PIK
7/14/20231/2/2028165 150 188 0.1 %
Arcserve Cayman Opco LP(16)n/an/an/a3/16/20213/16/2027370 363 — 0.0 %
696 663 372 0.2 %
12
Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
June 30, 2025
(unaudited)
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition Date (3)
MaturityPrincipalAmortized Cost
Fair Value (4)
% of Net Assets (5)
Healthcare & Pharmaceuticals
INH Buyer, Inc.(16)SF7.00 %
11.40% PIK
6/30/20216/28/20283,026 $3,007 $691 0.4 %
Whistler Parent Holdings III, Inc.SF6.85 %
5.43% Cash/ 5.75% PIK
10/25/20246/2/20285,817 5,765 3,659 2.0 %
8,843 8,772 4,350 2.4 %
Media: Broadcasting & Subscription
Vice Acquisition Holdco, LLC(16)(19)n/an/an/a5/2/2019n/a637 637 — 0.0 %
Vice Acquisition Holdco, LLC(16)(19)n/an/an/a11/4/2019n/a122 122 — 0.0 %
Vice Acquisition Holdco, LLC(16)(19)n/an/an/a5/2/2019n/a200 200 — 0.0 %
Vice Acquisition Holdco, LLC(16)(19)n/an/an/a5/2/2019n/a76 76 — 0.0 %
Vice Acquisition Holdco, LLC(16)SF8.26 %
12.54% PIK
7/31/20231/31/2028528 528 — 0.0 %
Vice Acquisition Holdco, LLC(16)SF8.26 %
12.54% PIK
7/31/20231/31/2028671 671 177 0.1 %
Vice Acquisition Holdco, LLC(16)SF8.26 %
12.54% PIK
7/31/20231/31/2028203 203 54 0.0 %
Vice Acquisition Holdco, LLC(16)SF8.26 %
12.54% PIK
9/8/20231/31/2028353 353 93 0.1 %
2,790 2,790 324 0.2 %
Retail
Forman Mills, Inc.(16)n/an/a
5.00% PIK
4/27/20236/20/20281,308 1,308 971 0.5 %
1,308 1,308 971 0.5 %
Services: Consumer
Education Corporation of America(16)(19)P12.00 %
19.50% PIK
9/3/2015n/a833 830 2,208 1.2 %
833 830 2,208 1.2 %
Total Non-Controlled/Non-Affiliate Junior Secured Loans34,284 33,850 23,974 13.3 %
Equity Investments (7) (11) (12)
Automotive
BTR Opco LLC (fka Born to Run, LLC) (242 Class A common units)
—— — 6/21/2024— — 248 — 0.0 %
Lifted Trucks Holdings, LLC (111,111 Class A shares)
(13)—— — 8/2/2021— — 111 179 0.1 %
359 179 0.1 %
Banking
MV Receivables II, LLC (1,458 shares of common stock)
(10)(13)—— — 7/29/2021— — 600 — 0.0 %
MV Receivables II, LLC (warrant to purchase up to 0.8% of the equity)
(10)(13)—— — 7/28/20217/28/2031— 363 — 0.0 %
963 — 0.0 %
Chemicals, Plastics & Rubber
Valudor Products LLC (501,014 Class A-1 units)
(13)n/a n/a
10.00% PIK
6/18/2018— — 501 — 0.0 %
501 — 0.0 %
Consumer Goods: Durable
Independence Buyer, Inc. (81 Class A units)
—— — 8/3/2021— — 81 — 0.0 %
81 — 0.0 %
Consumer Goods: Non-Durable
Thrasio, LLC (1,081,253 units)
—— — 6/18/2024— — — — 0.0 %
Thrasio, LLC (15,882 shares of common stock)
—— — 6/18/2024— — 1,616 — 0.0 %
1,616 — 0.0 %
Construction & Building
MEI Buyer LLC (178 shares of common stock)
—— — 6/30/2023— — 178 347 0.2 %
178 347 0.2 %
13
Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
June 30, 2025
(unaudited)
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition Date (3)
MaturityPrincipalAmortized Cost
Fair Value (4)
% of Net Assets (5)
Environmental Industries
Quest Resource Management Group, LLC (warrant to purchase up to 0.2% of the equity)
—— — 10/19/20203/17/2028— $67 $51 0.0 %
Quest Resource Management Group, LLC (warrant to purchase up to 0.2% of the equity)
—— — 10/19/20213/17/2028— — 41 0.0 %
67 92 — %
FIRE: Finance
J2 BWA Funding LLC (0.3% profit sharing)
(10)(13)—— — 12/24/2020— — — 52 0.0 %
— 52 0.0 %
FIRE: Real Estate
Residential Homes for Rent LLC (420,880 Series A preferred units)
(10)(13)—— — 3/5/2024— — 1,819 1,611 0.9 %
Residential Homes for Rent LLC (warrant to purchase up to 0.9% of the equity)
(10)(13)—— — 3/5/20243/5/2034— — 539 0.3 %
Witkoff/Monroe 700 JV LLC (2,141 preferred units)
(10)(13)—— — 7/2/2021— — 2 4,517 2.5 %
1,821 6,667 3.7 %
Healthcare & Pharmaceuticals
Bluesight, Inc. (35 Class A preferred units)
n/a n/a
9.00% PIK
7/17/2023— — 35 35 0.0 %
Bluesight, Inc. (18,841 Class B common units)
—— — 7/17/2023— — — 2 0.0 %
Dorado Acquisition, Inc. (189,922 Class A-1 units)
—— — 6/30/2021— — 206 162 0.1 %
Dorado Acquisition, Inc. (189,922 Class A-2 units)
—— — 6/30/2021— — — — 0.0 %
Forest Buyer, LLC (300 Class A units)
(13)n/a n/a
8.00% PIK
3/15/2024— — 250 250 0.1 %
Forest Buyer, LLC (300 Class B units)
(13)—— — 3/15/2024— — — 309 0.2 %
INH Buyer, Inc. (1,627,888 A-1 units)
—— — 12/16/2024— — — — 0.0 %
INH Buyer, Inc. (2 preferred stock)
—— — 12/16/2024— — — — 0.0 %
KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC) (0.1% shares of the equity)
—— — 1/31/2023— — 505 132 0.1 %
NationsBenefits, LLC (120,760 Series B units)
(13)n/a n/a
5.00% PIK
8/20/2021— — 816 1,770 1.0 %
NationsBenefits, LLC (106,667 common units)
(13)—— — 8/20/2021— — 153 918 0.5 %
NQ PE Project Colosseum Midco Inc. (327,133 common units)
—— — 10/4/2022— — 340 33 0.0 %
Vero Biotech Inc. (warrant to purchase up to 0.2% of the equity)
—— — 12/29/202312/29/2033— — 15 0.0 %
Whistler Parent Holdings III, Inc. (111,208 Series A preferred stock)
—— — 10/25/2024— — — — 0.0 %
Whistler Parent Holdings III, Inc. (24,875 Series B preferred stock)
—— — 10/25/2024— — — — 0.0 %
2,305 3,626 2.0 %
14
Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
June 30, 2025
(unaudited)
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition Date (3)
MaturityPrincipalAmortized Cost
Fair Value (4)
% of Net Assets (5)
High Tech Industries
Arcserve Cayman GP LLC (fka Arcstor Midco, LLC) (59,211 Class A common units)
—— — 1/2/2024— — $— $— 0.0 %
Arcserve Cayman GP LLC (fka Arcstor Midco, LLC) (110,294 Class B common units)
—— — 1/2/2024— — — — 0.0 %
Arcserve Cayman Opco LP (fka Arcstor Midco, LLC) (59,211 Class A common units)
—— — 3/16/2021— — 4,119 745 0.4 %
Arcserve Cayman Opco LP (fka Arcstor Midco, LLC) (110,294 Class B common units)
—— — 1/2/2024— — — 1,387 0.8 %
Douglas Holdings, Inc. (57,588 Class A common units)
—— — 8/27/2024— — 58 62 0.0 %
Drawbridge Partners, LLC (130,433 Class A-1 units)
—— — 9/1/2022— — 130 166 0.1 %
Planful, Inc. (473,082 Class A units)
n/a n/a
8.00% PIK
12/28/2018— — 473 1,324 0.7 %
Planful, Inc. (35,791 Class B units)
—— — 5/3/2023— — — 52 0.0 %
Recorded Future, Inc. (80,486 Class A units)
—— — 7/3/2019— — — 13 0.0 %
Sparq Holdings, Inc. (300,000 common units)
—— — 6/15/2023— — 300 186 0.1 %
5,080 3,935 2.1 %
Hotels, Gaming & Leisure
Equine Network, LLC (108 Class A units)
(13)—— — 12/31/2020— — 111 151 0.1 %
111 151 0.1 %
Media: Advertising, Printing & Publishing
InMobi Pte, Ltd. (warrant to purchase up to 2.8% of the equity)
(10)(18)—— — 9/18/20159/18/2025— — 1,326 0.7 %
Relevate Health Group, LLC (40 preferred units)
n/a n/a
12.00% PIK
11/20/2020— — 40 15 0.0 %
Relevate Health Group, LLC (6 Class X preferred units)
n/a n/a
12.00% PIK
11/14/2024— — 6 6 0.0 %
Relevate Health Group, LLC (40 Class B common units)
—— — 11/20/2020— — — — 0.0 %
Relevate Health Group, LLC (6 Class X common units)
—— — 11/14/2024— — — — 0.0 %
Spherix Global Inc. (13 Class A-2 units)
—— — 6/10/2024— — 13 17 0.0 %
Spherix Global Inc. (81 Class A units)
—— — 12/22/2021— — 81 — 0.0 %
XanEdu Publishing, Inc. (49,479 Class A units)
n/a n/a
8.00% PIK
1/28/2020— — 49 170 0.1 %
189 1,534 0.8 %
Media: Broadcasting & Subscription
Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.) (1,480,000 Class A units)
—— — 7/31/2023— — 1,480 — 0.0 %
1,480 — 0.0 %
Media: Diversified & Production
Attom Intermediate Holdco, LLC (304,538 Class A units)
(13)—— — 1/4/2019— — 312 388 0.2 %
Chess.com, LLC (2 Class A units)
(13)—— — 12/31/2021— — 87 60 0.0 %
V10 Entertainment, Inc. (392,157 shares of common units)
—— — 1/12/2023— — 203 149 0.1 %
602 597 0.3 %
15
Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
June 30, 2025
(unaudited)
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition Date (3)
MaturityPrincipalAmortized Cost
Fair Value (4)
% of Net Assets (5)
Retail
BLST Operating Company, LLC (139,883 Class A units)
(13)—— — 8/28/2020— — $712 $— 0.0 %
712 — 0.0 %
Services: Business
APCO Worldwide, Inc. (100 Class A voting common stock)
—— — 11/1/2017— — 395 826 0.5 %
Northeast Contracting Company, LLC (1,072,940 Class A-2 units)
(13)—— — 8/16/2024— — 1,073 1,040 0.6 %
1,468 1,866 1.1 %
Services: Consumer
Education Corporation of America - Series G Preferred Stock (8,333 shares)
(16) n/a  n/a
12.00% PIK
9/3/2015— — 7,492 — 0.0 %
Express Wash Acquisition Company, LLC (146,770 Class A common units)
(13)—— — 11/15/2023— — — 10 0.0 %
Express Wash Acquisition Company, LLC (147 Class A preferred units)
(13)—— — 11/15/2023— — 151 12 0.0 %
Express Wash Acquisition Company, LLC (31 Class B common units)
(13) n/a  n/a
 8.00% PIK
11/15/2023— — 31 7 0.0 %
Express Wash Acquisition Company, LLC (31,200 Class B preferred units)
(13)—— — 11/15/2023— — — 2 0.0 %
Express Wash Acquisition Company, LLC (36.8 Class A-1 preferred units)
(13)—— — 4/10/2025— — 37 45 0.0 %
IDIG Parent, LLC (245,958 shares of common stock)
(13)—— — 1/4/2021— — 253 229 0.1 %
IDIG Parent, LLC (43,404 Class X common units)
(13)—— — 6/23/2025— — 44 43 0.0 %
Kar Wash Holdings, LLC (17,988 Class A units)
—— — 6/27/2023— — 26 34 0.0 %
Kar Wash Holdings, LLC (99,807 preferred units)
—— — 2/28/2022— — 103 158 0.1 %
8,137 540 0.2 %
Telecommunications
American Broadband and Telecommunications Company LLC (warrant to purchase up to 0.2% of the equity)
—— — 6/10/20226/10/2032— 42 18 0.0 %
42 18 — %
Wholesale
Nearly Natural, Inc. (152,174 Class A units)
—— — 12/15/2017— — 152 — 0.0 %
Nearly Natural, Inc. (61,087 Class AA units)
—— — 8/27/2021— — 61 45 0.0 %
Nearly Natural, Inc. (62,034 Class AAA units)
—— — 8/5/2024— — 62 98 0.1 %
275 143 0.1 %
Total Non-Controlled/Non-Affiliate Equity Investments25,987 19,747 10.7 %
Total Non-Controlled/Non-Affiliate Company Investments$280,448 $261,164 145.4 %
Non-Controlled Affiliate Company Investments (8)
Senior Secured Loans
Beverage, Food & Tobacco
TJ Management HoldCo LLC (Revolver)(14)SF5.50 %9.83 %9/9/202012/31/2026636 $95 $95 0.1 %
636 95 95 0.1 %
16
Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
June 30, 2025
(unaudited)
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition Date (3)
MaturityPrincipalAmortized Cost
Fair Value (4)
% of Net Assets (5)
FIRE: Real Estate
American Community Homes, Inc.SF0.11 %
4.44% PIK
7/22/201412/31/202613,862 $13,862 $8,304 4.6 %
American Community Homes, Inc.SF0.11 %
4.44% PIK
7/22/201412/31/20266,820 6,820 4,085 2.3 %
American Community Homes, Inc.SF0.11 %
4.44% PIK
5/24/201712/31/2026840 841 503 0.3 %
American Community Homes, Inc.SF0.11 %
4.44% PIK
8/10/201812/31/20263,090 3,090 1,850 1.0 %
American Community Homes, Inc.SF0.11 %
4.44% PIK
3/29/201912/31/20265,720 5,720 3,427 1.9 %
American Community Homes, Inc.SF0.11 %
4.44% PIK
9/30/201912/31/202627 25 15 0.0 %
American Community Homes, Inc.SF0.11 %
4.44% PIK
12/30/201912/31/2026131 131 78 0.0 %
American Community Homes, Inc. (Revolver)(14)SF0.11 %
4.44% PIK
3/30/202012/31/20262,500 — — 0.0 %
HFZ Capital Group LLC(10)(19)(21)P9.46 %
16.96% PIK
10/20/2017n/a13,242 13,242 13,716 7.6 %
HFZ Capital Group LLC(10)(19)(21)P9.46 %
16.96% PIK
10/20/2017n/a4,758 4,758 4,927 2.8 %
MC Asset Management (Corporate), LLC(10)(21)SF15.00 %
19.30% PIK
1/26/20211/26/202913,411 13,411 13,411 7.5 %
MC Asset Management (Corporate), LLC(10)(21)SF15.00 %
19.30% PIK
4/26/20211/26/20293,997 3,998 3,998 2.2 %
68,398 65,898 54,314 30.2 %
Services: Consumer
NECB Collections, LLC (Revolver)(14)(16)(19)L11.00 %16.94 %6/25/2019n/a1,356 1,312 422 0.2 %
1,356 1,312 422 0.2 %
Total Non-Controlled Affiliate Senior Secured Loans70,390 67,305 54,831 30.5 %
Junior Secured Loans (8)
FIRE: Real Estate
SFR Holdco, LLC(10)n/an/a8.00 %8/6/20218/11/20285,850 5,850 5,598 3.1 %
SFR Holdco 2, LLC (Delayed Draw)(10)(14)(15)n/an/a8.00 %10/24/202410/23/20292,925 2,110 2,107 1.2 %
8,775 7,960 7,705 4.3 %
Total Non-Controlled Affiliate Company Junior Secured Loans8,775 7,960 7,705 4.3 %
Equity Investments (8) (11) (12)
Beverage, Food & Tobacco
TJ Management HoldCo LLC (16 shares of common stock)
(13)—— — 9/9/2020— — 1,631 2,809 1.6 %
1,631 2,809 1.6 %
FIRE: Real Estate
American Community Homes, Inc. (4,940 shares of common stock)
—— — 12/29/2022— — — — 0.0 %
MC Asset Management (Corporate), LLC (15.9% of interests)
(10)(13)(21)—— — 6/11/2019— — 793 — 0.0 %
SFR Holdco, LLC (24.4% of equity commitment)
(10)—— — 8/6/2021— — 3,900 4,916 2.7 %
SFR Holdco 2, LLC (13.9% of equity commitment)
(10)(20)—— — 10/24/2024— — 1,407 1,464 0.8 %
6,100 6,380 3.5 %
Healthcare & Pharmaceuticals
Ascent Midco, LLC (2,032,258 Class A units)
(13)n/a n/a
8.00% PIK
2/5/2020— — 2,032 1,604 0.9 %
Familia Dental Group Holdings, LLC (1,525 Class A units)
(13)—— — 4/8/2016— — 5,224 3,050 1.7 %
7,256 4,654 2.6 %
17
Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
June 30, 2025
(unaudited)
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition Date (3)
MaturityPrincipalAmortized Cost
Fair Value (4)
% of Net Assets (5)
Services: Consumer
NECB Collections, LLC (20.8% of LLC units)
(13)—— — 6/21/2019— — $1,458 $— 0.0 %
1,458 — 0.0 %
Total Non-Controlled Affiliate Equity Investments16,445 13,843 7.7 %
Total Non-Controlled Affiliate Company Investments$91,710 $76,379 42.5 %
Controlled Affiliate Company Investments (9)
Equity Investments
Investment Funds & Vehicles
MRCC Senior Loan Fund I, LLC (50.0% of the equity interests)
(10)—— — 10/31/2017— — $42,650 $30,157 16.8 %
Total Controlled Affiliate Equity Investments42,650 30,157 16.8 %
Total Controlled Affiliate Company Investments$42,650 $30,157 16.8 %
TOTAL INVESTMENTS $414,808 $367,700 204.7 %
18
Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
June 30, 2025
(unaudited)
(in thousands, except for shares and units)
Derivative Instruments
Foreign currency forward contracts
There were no foreign currency forward contracts held as of June 30, 2025.
________________________________________________________
(1)All of the Company’s investments are issued by eligible portfolio companies, as defined in the Investment Company Act of 1940 (the “1940 Act”), unless otherwise noted. All of the Company’s investments are issued by U.S. portfolio companies unless otherwise noted.
(2)The majority of the investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “SF”), London Interbank Offered Rate (“LIBOR” or “L”) or Prime Rate ("Prime" or "P"), each of which reset daily, monthly, quarterly or semiannually. For each such investment, the Company has provided the spread over SOFR, LIBOR or Prime, as applicable, and the current contractual interest rate in effect at June 30, 2025. Certain investments may be subject to an interest rate floor or rate cap. Certain investments contain a payment-in-kind ("PIK") provision.
(3)Except as otherwise noted, all of the Company’s portfolio company investments, which as of June 30, 2025 represented 204.7% of the Company’s net assets or 93.2% of the Company’s total assets, are subject to legal restrictions on sales.
(4)Because there is no readily available market value for these investments, the fair value of these investments is determined in good faith using significant unobservable inputs by the Valuation Designee. (See Note 4 in the accompanying notes to the consolidated financial statements).
(5)Percentages are based on net assets of $179,592 as of June 30, 2025.
(6)The Company structures its unitranche secured loans as senior secured loans. The Company obtains security interests in the assets of these portfolio companies that serve as collateral in support of the repayment of these loans. This collateral may take the form of first-priority liens on the assets of a portfolio company. Generally, the Company syndicates a “first out” portion of the loan to an investor and retains a “last out” portion of the loan, in which case the “first out” portion of the loan will generally receive priority with respect to payments of principal, interest and any other amounts due thereunder. Unitranche structures combine characteristics of traditional first lien senior secured as well as second lien and subordinated loans and the Company’s unitranche secured loans will expose the Company to the risks associated with second lien and subordinated loans and may limit the Company’s recourse or ability to recover collateral upon a portfolio company’s bankruptcy. Unitranche secured loans typically provide for moderate loan amortization in the initial years of the facility, with the majority of the amortization deferred until loan maturity. Unitranche secured loans generally allow the borrower to make a large lump sum payment of principal at the end of the loan term, and there is a risk of loss if the borrower is unable to pay the lump sum or refinance the amount owed at maturity. In many cases the Company, together with its affiliates, are the sole or majority lender of these unitranche secured loans, which can afford the Company additional influence with a borrower in terms of monitoring and, if necessary, remediation in the event of underperformance.
(7)Represents less than 5% ownership of the portfolio company’s voting securities.
(8)As defined in the 1940 Act, the Company is deemed to be an “Affiliated Person” of the portfolio company as it owns 5% or more of the portfolio company’s voting securities. See Note 5 in the accompanying notes to the consolidated financial statements for additional information on transactions in which the issuer was an Affiliated Person (but not a portfolio company that the Company is deemed to control).
(9)As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” of and to “Control” this portfolio company as it owns more than 25% of the portfolio company’s voting securities. See Note 5 in the accompanying notes to the consolidated financial statements for additional information on transactions in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to Control.
(10)This investment is treated as a non-qualifying investment under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of June 30, 2025, non-qualifying assets totaled 27.6% of the Company’s total assets.
(11)Investments without an interest rate are non-income producing.
(12)Ownership of certain equity investments may occur through a holding company or partnership.
(13)Investment is held by a taxable subsidiary of the Company. See Note 2 in the accompanying notes to the consolidated financial statements for additional information on the Company’s wholly-owned taxable subsidiaries.
(14)All or a portion of this commitment was unfunded at June 30, 2025. As such, interest is earned only on the funded portion of this commitment.
19
Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
June 30, 2025
(in thousands, except for shares and units)
(15)This delayed draw loan requires that certain financial covenants be met by the portfolio company prior to any fundings.
(16)This position was on non-accrual status as of June 30, 2025, meaning that the Company has ceased accruing interest income on the position. See Note 2 in the accompanying notes to the consolidated financial statements for additional information on the Company’s accounting policies.
(17)This investment represents a note convertible to preferred shares of the borrower.
(18)The headquarters of this portfolio company is located in Singapore.
(19)This is a demand note with no stated maturity.
(20)As of June 30, 2025, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $543.
(21)The Company restructured its investments in HFZ Capital Group LLC (“HFZ”) and HFZ Member RB portfolio, LLC (“Member RB”) during 2021. As part of the restructuring of HFZ, the Company obtained a 15.9% equity interest in MC Asset Management (Corporate), LLC (“Corporate”). As part of the Member RB restructuring, the Company exchanged its loan in Member RB for a promissory note in MC Asset Management (Industrial), LLC (“Industrial”). Corporate owns 100% of the equity of Industrial. In conjunction with these restructurings, the Company participated $4,758 of principal of its loan to HFZ as an equity contribution to Industrial. This participation did not qualify for sale accounting under ASC Topic 860–Transfers and Servicing because the sale did not meet the definition of a “participating interest”, as defined in the guidance, in order for sale treatment to be allowed. As a result, the Company continues to reflect its full investment in HFZ but has split the loan into two investments. The Company has recorded a portion of the contractual interest based on expected future cash flows.
n/a - not applicable






See Notes to Consolidated Financial Statements.

20
Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2024
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition Date (3)
MaturityPrincipalAmortized Cost
Fair Value (4)
% of Net Assets (5)
Non-Controlled/Non-Affiliate Company Investments
Senior Secured Loans
Automotive
BTR Opco LLC (fka Born to Run, LLC) (Delayed Draw)(14)(15)(16)SF8.76 %
13.08% PIK
6/21/202412/31/2027569 $407 $440 0.2 %
Hastings Manufacturing CompanySF7.60 %11.94 %4/24/201812/30/20251,820 1,820 1,820 0.9 %
Hastings Manufacturing CompanySF7.60 %11.94 %3/29/202312/30/2025657 657 657 0.3 %
Hastings Manufacturing CompanySF7.60 %11.94 %12/18/202312/30/20252,019 2,019 2,019 1.1 %
Hastings Manufacturing Company (Revolver)(14)SF7.60 %11.94 %3/29/202312/30/2025691 — — 0.0 %
Lifted Trucks Holdings, LLCSF5.90 %10.49 %8/2/20218/2/20276,790 6,722 6,749 3.5 %
Lifted Trucks Holdings, LLC (Revolver)(14)SF5.75 %10.09 %8/2/20218/2/20271,667 222 221 0.1 %
Panda Acquisition, LLCSF9.35 %
6.55% Cash/ 7.13% PIK
12/20/202210/18/20284,514 3,934 3,781 2.0 %
18,727 15,781 15,687 8.1 %
Banking
MV Receivables II, LLC(10)(16)SF9.75 %14.30 %7/29/20217/29/20268,100 7,737 4,834 2.5 %
StarCompliance MidCo, LLCSF6.10 %10.42 %1/12/20211/12/20272,000 1,984 2,008 1.0 %
StarCompliance MidCo, LLCSF6.10 %10.43 %10/12/20211/12/2027336 332 337 0.2 %
StarCompliance MidCo, LLCSF6.10 %10.42 %5/31/20231/12/2027256 252 257 0.1 %
StarCompliance MidCo, LLCSF6.10 %10.43 %11/22/20241/12/2027201 198 202 0.1 %
StarCompliance MidCo, LLC (Revolver)(14)SF6.10 %10.42 %1/12/20211/12/2027323 223 223 0.1 %
11,216 10,726 7,861 4.0 %
Beverage, Food & Tobacco
LVF Holdings, Inc.SF5.65 %9.98 %6/10/20216/10/20271,451 1,437 1,458 0.7 %
LVF Holdings, Inc.SF5.65 %9.98 %6/10/20216/10/20271,389 1,389 1,396 0.7 %
LVF Holdings, Inc. (Revolver)(14)SF5.65 %9.98 %6/10/20216/10/2027238 97 97 0.1 %
3,078 2,923 2,951 1.5 %
Capital Equipment
CGI Automated Manufacturing, LLCSF7.26 %11.59 %9/9/202212/17/20263,795 3,735 3,771 2.0 %
CGI Automated Manufacturing, LLCSF7.26 %11.59 %9/30/202212/17/20261,089 1,074 1,082 0.6 %
4,884 4,809 4,853 2.6 %
Chemicals, Plastics & Rubber
Valudor Products LLCSF7.61 %
10.46% Cash/ 1.50% PIK
6/18/201812/31/20262,081 2,071 2,252 1.2 %
Valudor Products LLC(17)SF7.50 %
11.96% PIK
6/18/201812/31/2026336 336 314 0.1 %
Valudor Products LLCSF7.61 %11.96 %12/22/202112/31/2026884 876 2,298 1.2 %
Valudor Products LLC (Revolver)(14)SF7.61 %11.96 %6/18/201812/31/2026548 — — 0.0 %
3,849 3,283 4,864 2.5 %
Construction & Building
MEI Buyer LLCSF5.00 %9.36 %6/30/20236/29/20291,975 1,926 2,014 1.1 %
MEI Buyer LLCSF5.00 %9.36 %1/9/20246/30/20291,109 1,099 1,131 0.6 %
MEI Buyer LLCSF5.00 %9.48 %6/30/20236/29/2029317 317 323 0.2 %
MEI Buyer LLC (Revolver)(14)SF5.00 %9.40 %6/30/20236/29/2029410 37 37 0.0 %
TCFIII OWL Buyer LLCSF5.61 %9.96 %4/19/20214/17/20261,978 1,967 1,978 1.0 %
TCFIII OWL Buyer LLCSF5.61 %9.96 %4/19/20214/17/20262,416 2,416 2,416 1.3 %
TCFIII OWL Buyer LLCSF5.61 %9.96 %12/17/20214/17/20262,168 2,154 2,168 1.1 %
10,373 9,916 10,067 5.3 %
21
Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2024
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition Date (3)
MaturityPrincipalAmortized Cost
Fair Value (4)
% of Net Assets (5)
Consumer Goods: Durable
Independence Buyer, Inc.SF5.90 %10.47 %8/3/20218/3/20265,345 $5,305 $5,171 2.7 %
Independence Buyer, Inc. (Revolver)(14)SF5.85 %10.40 %8/3/20218/3/20261,423 285 275 0.1 %
Recycled Plastics Industries, LLCSF7.35 %
11.40% Cash/ 0.50% PIK
8/4/20218/4/20262,796 2,773 2,792 1.5 %
Recycled Plastics Industries, LLC (Revolver)(14)SF7.35 %
11.40% Cash/ 0.50% PIK
8/4/20218/4/2026284 — — 0.0 %
9,848 8,363 8,238 4.3 %
Consumer Goods: Non-Durable
The Kyjen Company, LLCSF7.50 %
11.15% Cash/ 0.75% PIK
5/14/20214/3/2026987 983 968 0.5 %
The Kyjen Company, LLCSF7.25 %
10.88% Cash/ 0.75% PIK
9/13/20224/3/20261 1 1 0.0 %
The Kyjen Company, LLC (Revolver)SF7.50 %
11.15% Cash/ 0.75% PIK
5/14/20214/3/202689 89 89 0.0 %
Thrasio, LLC(16)SF10.26 %
14.89% PIK
7/18/20246/18/2029287 287 273 0.1 %
1,364 1,360 1,331 0.6 %
FIRE: Finance
Avalara, Inc.SF6.25 %10.58 %10/19/202210/19/20284,000 3,928 4,030 2.1 %
Avalara, Inc. (Revolver)(14)SF6.25 %10.58 %10/19/202210/19/2028400 — — 0.0 %
GC Champion Acquisition LLCSF5.25 %9.87 %8/19/20228/18/20282,503 2,469 2,503 1.3 %
GC Champion Acquisition LLCSF5.25 %9.87 %8/19/20228/18/2028695 695 695 0.4 %
GC Champion Acquisition LLCSF5.25 %9.87 %8/1/20238/18/20282,086 2,037 2,086 1.1 %
GC Champion Acquisition LLC (Delayed Draw)(14)(15)SF5.25 %9.87 %12/31/20248/18/20282,086 1,417 1,417 0.7 %
J2 BWA Funding LLC (Revolver) (10)(14)n/an/a10.00 %12/24/202012/24/20262,750 1,689 1,685 0.9 %
Liftforward SPV II, LLC(10)SF10.86 %
15.21% PIK
11/10/20166/30/2025301 301 262 0.1 %
14,821 12,536 12,678 6.6 %
22
Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2024
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition Date (3)
MaturityPrincipalAmortized Cost
Fair Value (4)
% of Net Assets (5)
Healthcare & Pharmaceuticals
Bluesight, Inc.SF6.25 %10.57 %7/17/20237/17/20292,000 $1,950 $2,006 1.0 %
Bluesight, Inc.SF6.25 %10.57 %10/15/20247/17/2029261 257 262 0.1 %
Bluesight, Inc.SF6.25 %10.58 %12/31/20247/17/20291,739 1,713 1,744 0.9 %
Bluesight, Inc. (Revolver)(14)SF6.25 %10.58 %7/17/20237/17/2029348 — — 0.0 %
Brickell Bay Acquisition Corp.SF6.65 %11.24 %2/12/20212/12/20261,653 1,635 1,653 0.9 %
Brickell Bay Acquisition Corp.SF6.65 %11.24 %5/16/20242/12/2026854 843 863 0.5 %
Dorado Acquisition, Inc.SF7.60 %
11.65% Cash/ 0.50% PIK
6/30/20216/30/20264,845 4,808 4,717 2.5 %
Dorado Acquisition, Inc.SF7.65 %
11.74% Cash/ 0.50% PIK
11/27/20226/30/20264,013 3,964 3,907 2.0 %
Dorado Acquisition, Inc. (Revolver)(14)SF7.60 %
11.65% Cash/ 0.50% PIK
6/30/20216/30/2026596 — — 0.0 %
Forest Buyer, LLCSF5.00 %9.33 %3/15/20243/15/20303,980 3,890 4,020 2.1 %
Forest Buyer, LLC SF4.00 %8.33 %8/19/20243/15/20305,860 5,816 5,919 3.1 %
Forest Buyer, LLC (Revolver)(14)SF4.00 %8.33 %3/15/20243/15/2030750 — — 0.0 %
INH Buyer, Inc.(16)SF7.00 %
4.43% Cash/ 7.00% PIK
6/30/20216/28/20283,026 3,007 1,514 0.8 %
KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC)SF7.75 %
9.57% Cash/ 2.75% PIK
2/1/20232/1/20294,995 4,886 4,751 2.5 %
KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC)SF7.75 %
9.57% Cash/ 2.75% PIK
2/6/20242/1/20292,142 2,087 2,037 1.1 %
KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC)SF7.75 %
9.57% Cash/ 2.75% PIK
2/1/20232/1/2029996 996 947 0.5 %
KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC) (Revolver)(14)SF7.75 %
9.57% Cash/ 2.75% PIK
2/1/20232/1/2029823 471 447 0.2 %
NationsBenefits, LLCSF5.60 %10.15 %8/20/20218/26/20273,880 3,849 3,880 2.0 %
NationsBenefits, LLCSF5.60 %10.15 %8/26/20228/26/20274,625 4,625 4,625 2.4 %
NationsBenefits, LLCSF5.60 %10.15 %8/26/20228/26/20275,014 5,014 5,014 2.6 %
NationsBenefits, LLCSF5.60 %10.19 %11/27/20248/26/20272,018 1,979 2,018 1.1 %
NationsBenefits, LLC (Delayed Draw)(14)(15)SF5.60 %10.15 %11/27/20248/26/2027649 — — 0.0 %
NationsBenefits, LLC (Revolver)(14)SF5.60 %10.15 %8/20/20218/26/20272,222 — — 0.0 %
NQ PE Project Colosseum Midco Inc.SF7.15 %11.47 %10/4/202210/4/20283,430 3,381 3,076 1.6 %
NQ PE Project Colosseum Midco Inc. (Revolver)(14)SF7.15 %11.47 %10/4/202210/4/2028438 — — 0.0 %
Seran BioScience, LLCSF7.25 %11.84 %12/31/20207/8/20272,406 2,395 2,403 1.3 %
Seran BioScience, LLCSF7.25 %11.67 %7/8/20227/8/20272,730 2,730 2,727 1.4 %
Seran BioScience, LLC SF7.25 %11.67 %8/21/20237/8/20271,436 1,436 1,435 0.7 %
Seran BioScience, LLC (Revolver)(14)SF7.25 %11.84 %12/31/20207/8/2027444 — — 0.0 %
TigerConnect, Inc.SF6.90 %11.47 %2/16/20222/16/20283,000 2,964 2,977 1.6 %
TigerConnect, Inc.SF7.00 %
8.02% Cash/ 3.38% PIK
11/19/20242/16/2028171 169 170 0.1 %
TigerConnect, Inc. (Delayed Draw)(14)(15)SF7.00 %
8.02% Cash/ 3.38% PIK
11/19/20242/16/20287 — — 0.0 %
TigerConnect, Inc. (Delayed Draw)(14)(15)SF6.90 %11.46 %2/16/20222/16/2028376 245 243 0.1 %
TigerConnect, Inc. (Revolver)(14)SF6.90 %11.46 %2/16/20222/16/2028429 — — 0.0 %
Vero Biotech Inc.P3.75 %12.25 %12/29/20231/2/20292,500 2,479 2,456 1.3 %
Whistler Parent Holdings III, Inc. (Delayed Draw)(14)(15)SF6.85 %
5.44% Cash/ 5.75% PIK
5/28/20246/2/2028847 424 424 0.2 %
Whistler Parent Holdings III, Inc. (Revolver)(14)SF6.85 %
5.44% Cash/ 5.75% PIK
10/25/20246/2/2028424 330 330 0.2 %
75,927 68,343 66,565 34.8 %
23
Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2024
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition Date (3)
MaturityPrincipalAmortized Cost
Fair Value (4)
% of Net Assets (5)
High Tech Industries
Arcserve Cayman Opco LP (fka Arcstor Midco, LLC) (Delayed Draw)(14)(15)(16)SF8.11 %
12.67% PIK
1/2/20241/2/2027551 $147 $331 0.2 %
Douglas Holdings, Inc.SF5.75 %10.07 %8/27/20248/27/20302,500 2,464 2,500 1.3 %
Douglas Holdings, Inc. (Delayed Draw)(14)(15)SF6.13 %
10.07% Cash/ 0.38% PIK
12/30/20248/27/2026309 48 48 0.0 %
Douglas Holdings, Inc. (Delayed Draw)(14)(15)SF5.75 %10.07 %8/27/20248/27/2030543 — — 0.0 %
Douglas Holdings, Inc. (Delayed Draw)(14)(15)SF5.75 %10.07 %8/27/20248/27/2030598 — — 0.0 %
Douglas Holdings, Inc. (Revolver)(14)SF5.75 %10.07 %8/27/20248/27/2030217 — — 0.0 %
Drawbridge Partners, LLCSF6.25 %10.59 %9/1/20229/1/20283,000 2,958 3,000 1.6 %
Drawbridge Partners, LLC (Delayed Draw)(14)(15)SF6.25 %10.59 %9/1/20229/1/2028874 795 795 0.4 %
Drawbridge Partners, LLC (Revolver)(14)SF6.25 %10.59 %9/1/20229/1/2028522 — — 0.0 %
Medallia, Inc.SF6.60 %
6.93% Cash/ 4.00% PIK
8/15/202210/27/20282,229 2,204 2,203 1.1 %
Mindbody, Inc.SF7.15 %11.74 %2/15/20199/30/20256,536 6,534 6,536 3.4 %
Mindbody, Inc.SF7.15 %11.74 %9/22/20219/30/2025207 207 207 0.1 %
Mindbody, Inc. (Revolver)(14)SF7.15 %11.74 %2/15/20199/30/2025667 — — 0.0 %
Planful, Inc.SF6.76 %11.35 %12/28/201812/28/20269,500 9,500 9,500 5.0 %
Planful, Inc.SF6.76 %11.35 %9/12/202212/28/2026530 529 530 0.3 %
Planful, Inc.SF6.76 %11.35 %1/11/202112/28/20261,326 1,326 1,326 0.7 %
Planful, Inc.SF6.76 %11.35 %2/11/202212/28/2026884 884 884 0.5 %
Planful, Inc.SF6.76 %11.35 %4/5/202312/28/2026707 694 707 0.4 %
Planful, Inc. (Revolver)(14)SF6.50 %11.09 %12/28/201812/28/20261,105 561 561 0.3 %
Sparq Holdings, Inc.SF5.75 %10.03 %6/16/20236/15/2029985 961 991 0.5 %
Sparq Holdings, Inc.SF5.75 %10.08 %6/27/20246/25/2029216 214 217 0.1 %
Sparq Holdings, Inc. (Delayed Draw)(14)(15)SF5.75 %10.03 %6/27/20246/25/2029289 — — 0.0 %
Sparq Holdings, Inc.SF5.75 %10.08 %6/16/20236/15/2029221 221 222 0.1 %
Sparq Holdings, Inc. (Revolver)(14)SF5.75 %10.08 %6/16/20236/15/2029205 20 20 0.0 %
34,721 30,267 30,578 16.0 %
Media: Advertising, Printing & Publishing
Destination Media, Inc.SF6.75 %11.03 %6/21/20236/21/2028985 957 1,005 0.5 %
Destination Media, Inc.SF6.65 %10.97 %6/21/20236/21/2028227 227 232 0.1 %
Destination Media, Inc. (Revolver)(14)SF6.65 %10.97 %6/21/20236/21/2028103 21 21 0.0 %
Relevate Health Group, LLCSF6.35 %10.90 %9/9/202412/31/2026294 290 291 0.2 %
Relevate Health Group, LLCSF6.35 %10.90 %11/20/202012/31/20261,444 1,438 1,428 0.7 %
Relevate Health Group, LLCSF6.35 %10.90 %11/20/202012/31/2026646 646 639 0.3 %
Relevate Health Group, LLC (Revolver)(14)SF6.35 %10.90 %11/20/202012/31/2026316 168 168 0.1 %
Spherix Global Inc.SF6.36 %10.92 %12/22/202112/22/2026775 768 674 0.4 %
Spherix Global Inc. (Revolver)(14)SF6.36 %10.92 %12/22/202112/22/2026122 — — 0.0 %
XanEdu Publishing, Inc.SF5.50 %9.84 %1/28/20201/28/20274,246 4,245 4,253 2.2 %
XanEdu Publishing, Inc.SF5.50 %9.84 %8/31/20221/28/20271,688 1,686 1,690 0.9 %
XanEdu Publishing, Inc. (Revolver)(14)SF5.50 %9.84 %1/28/20201/28/2027742 — — 0.0 %
11,588 10,446 10,401 5.4 %
Media: Broadcasting & Subscription
Vice Acquisition Holdco, LLC(16)SF8.26 %
12.79% PIK
2/15/20241/31/2028304 304 556 0.3 %
304 304 556 0.3 %
24
Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2024
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition Date (3)
MaturityPrincipalAmortized Cost
Fair Value (4)
% of Net Assets (5)
Media: Diversified & Production
Attom Intermediate Holdco, LLCSF6.11 %10.46 %1/4/20197/3/20251,880 $1,875 $1,862 1.0 %
Attom Intermediate Holdco, LLCSF6.11 %10.46 %6/25/20207/3/2025458 458 454 0.2 %
Attom Intermediate Holdco, LLCSF6.11 %10.46 %7/1/20217/3/2025270 268 268 0.1 %
Attom Intermediate Holdco, LLCSF6.11 %10.46 %8/4/20227/3/2025780 780 773 0.4 %
Attom Intermediate Holdco, LLCSF6.11 %10.46 %12/22/20227/3/2025394 391 390 0.2 %
Attom Intermediate Holdco, LLC (Revolver) SF6.11 %10.46 %1/4/20197/3/2025320 320 317 0.2 %
Bonterra, LLCSF7.00 %11.33 %9/8/20219/8/202713,437 13,339 13,319 6.9 %
Bonterra, LLC SF7.75 %
12.08% PIK
9/28/20239/8/20272,244 2,223 2,266 1.2 %
Bonterra, LLC (Revolver)(14)SF7.00 %11.33 %9/8/20219/8/20271,069 684 678 0.4 %
Chess.com, LLCSF6.60 %10.92 %12/31/202112/31/20275,835 5,767 5,820 3.0 %
Chess.com, LLC (Revolver)(14)SF6.60 %10.92 %12/31/202112/31/2027652 — — 0.0 %
Crownpeak Technology, Inc.SF7.75 %
5.57% Cash/ 6.75% PIK
2/28/201911/28/20254,119 4,118 4,088 2.1 %
Crownpeak Technology, Inc. SF7.75 %
5.59% Cash/ 6.75% PIK
9/27/202211/28/20251,289 1,287 1,279 0.7 %
Crownpeak Technology, Inc. SF7.75 %
5.57% Cash/ 6.75% PIK
2/28/201911/28/202562 62 61 0.0 %
Crownpeak Technology, Inc.SF7.75 %
5.57% Cash/ 6.75% PIK
9/27/202211/28/20253,432 3,432 3,407 1.8 %
Crownpeak Technology, Inc. (Revolver)SF6.75 %11.32 %2/28/201911/28/2025500 500 500 0.3 %
Sports Operating Holdings II, LLCSF5.85 %10.21 %11/3/202211/3/20272,933 2,886 2,932 1.5 %
Sports Operating Holdings II, LLC (Delayed Draw)(14)(15)SF5.85 %10.21 %11/3/202211/3/20272,390 1,319 1,319 0.7 %
Sports Operating Holdings II, LLC (Revolver)(14)SF5.85 %10.21 %11/3/202211/3/2027519 — — 0.0 %
V10 Entertainment, Inc.SF7.10 %11.69 %1/12/20231/12/20283,243 3,177 3,276 1.7 %
V10 Entertainment, Inc. (Revolver)(14)SF7.10 %11.65 %1/12/20231/12/2028458 73 73 0.0 %
46,284 42,959 43,082 22.4 %
Retail
BLST Operating Company, LLCSF11.17 %
1.00% Cash/ 11.17% PIK
8/28/20208/28/2025751 514 695 0.4 %
751 514 695 0.4 %
25
Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2024
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition Date (3)
MaturityPrincipalAmortized Cost
Fair Value (4)
% of Net Assets (5)
Services: Business
Aras CorporationSF5.25 %9.58 %4/13/20214/13/20292,446 $2,438 $2,482 1.3 %
Aras Corporation (Revolver)(14)SF5.25 %9.58 %4/13/20214/13/2029335 128 128 0.1 %
Burroughs, Inc.SF8.60 %
11.94% Cash/ 1.00% PIK
12/22/20171/31/20254,964 4,964 4,927 2.6 %
Burroughs, Inc. (Revolver)SF8.60 %
11.94% Cash/ 1.00% PIK
12/22/20171/31/20251,290 1,290 1,290 0.7 %
Cdata Software, Inc.SF6.25 %10.57 %7/18/20247/18/20306,000 5,899 6,000 3.1 %
Cdata Software, Inc. (Delayed Draw)(14)(15)SF6.25 %10.57 %7/18/20247/18/2030556 — — 0.0 %
Cdata Software, Inc. (Delayed Draw)(14)(15)SF6.25 %10.57 %7/18/20247/18/2030778 306 306 0.1 %
Cdata Software, Inc. (Revolver)(14)SF6.25 %10.57 %7/18/20247/18/2030667 — — 0.0 %
HS4 Acquisitionco, Inc.SF5.85 %10.19 %7/9/20197/9/20259,698 9,673 9,698 5.1 %
HS4 Acquisitionco, Inc. (Revolver)(14)SF5.85 %10.19 %7/9/20197/9/2025817 552 552 0.3 %
iCIMS, Inc.SF6.25 %10.88 %10/24/20228/18/20282,500 2,469 2,500 1.3 %
Kingsley Gate Partners, LLCSF6.65 %11.24 %12/9/202212/11/2028590 581 585 0.3 %
Kingsley Gate Partners, LLCSF6.65 %11.24 %12/9/202212/11/2028189 189 188 0.1 %
Kingsley Gate Partners, LLC SF6.65 %11.24 %12/9/202212/11/2028274 274 271 0.1 %
Kingsley Gate Partners, LLC (Revolver)(14)SF6.60 %10.94 %12/9/202212/11/2028240 192 190 0.1 %
Northeast Contracting Company, LLCSF6.26 %10.76 %8/16/20248/16/20291,496 1,468 1,498 0.8 %
Northeast Contracting Company, LLC (Revolver)(14)SF6.26 %10.76 %8/16/20248/16/2029318 — — 0.0 %
Prototek LLC(16)SF8.35 %
7.90% Cash/ 5.00% PIK
12/8/202212/8/20272,468 2,391 1,991 1.0 %
Prototek LLC (Revolver)(14)(16)SF8.35 %
7.90% Cash/ 5.00% PIK
12/8/202212/8/2027288 — — 0.0 %
Security Services Acquisition Sub Corp.SF5.85 %10.19 %3/1/20249/30/20271,832 1,832 1,831 0.9 %
Security Services Acquisition Sub Corp.SF5.85 %10.19 %6/17/20249/30/20275,902 5,902 5,896 3.1 %
Security Services Acquisition Sub Corp.SF5.85 %10.19 %6/17/20249/30/20271,810 1,810 1,808 0.9 %
Vhagar Purchaser, LLCSF6.00 %10.59 %6/9/20236/11/20293,000 2,929 3,023 1.6 %
Vhagar Purchaser, LLC (Delayed Draw)(14)(15)SF6.00 %10.59 %6/9/20236/11/2029667 150 151 0.1 %
Vhagar Purchaser, LLC (Revolver)(14)SF6.00 %10.59 %6/9/20236/11/2029333 — — 0.0 %
49,458 45,437 45,315 23.6 %
Services: Consumer
Express Wash Acquisition Company, LLCSF6.76 %11.35 %7/14/20227/14/20287,067 7,039 7,041 3.7 %
Express Wash Acquisition Company, LLCSF6.76 %11.35 %7/14/20227/14/20281,498 1,498 1,492 0.8 %
Express Wash Acquisition Company, LLC (Revolver)(14)SF6.76 %11.35 %7/14/20227/14/2028379 209 208 0.1 %
Kar Wash Holdings, LLCSF6.26 %10.85 %2/28/20222/26/20271,560 1,544 1,558 0.8 %
Kar Wash Holdings, LLCSF6.26 %10.85 %2/28/20222/26/20271,117 1,117 1,116 0.6 %
Kar Wash Holdings, LLC SF6.26 %10.85 %8/3/20222/26/20272,631 2,631 2,627 1.4 %
Kar Wash Holdings, LLC SF6.26 %10.87 %10/3/20242/28/20273,183 3,120 3,178 1.6 %
Kar Wash Holdings, LLCSF6.26 %10.87 %5/9/20242/26/20272,921 2,921 2,917 1.5 %
Kar Wash Holdings, LLC (Delayed Draw)(14)(15)SF6.26 %10.71 %10/3/20242/28/20272,665 819 817 0.4 %
Kar Wash Holdings, LLC (Revolver)(14)SF6.26 %10.87 %2/28/20222/26/2027952 — — 0.0 %
23,973 20,898 20,954 10.9 %
26
Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2024
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition Date (3)
MaturityPrincipalAmortized Cost
Fair Value (4)
% of Net Assets (5)
Telecommunications
American Broadband and Telecommunications Company LLC (Delayed Draw)(14)(15)P12.00 %
17.50% Cash/ 2.00% PIK
6/10/20226/10/20251,377 $1,313 $1,371 0.7 %
American Broadband and Telecommunications Company LLC (Revolver)(14)P12.00 %
17.50% Cash/ 2.00% PIK
6/10/20226/10/2025500 126 126 0.1 %
Calabrio, Inc. SF5.50 %10.01 %4/16/20214/16/20273,383 3,344 3,383 1.8 %
Calabrio, Inc. SF5.50 %10.01 %12/19/20234/16/2027496 496 497 0.3 %
Calabrio, Inc. (Revolver)(14)SF5.50 %10.02 %4/16/20214/16/2027409 175 175 0.1 %
6,165 5,454 5,552 3.0 %
Transportation: Cargo
Epika Fleet Services, Inc.SF6.00 %10.34 %3/18/20243/18/20292,978 2,924 2,990 1.6 %
Epika Fleet Services, Inc. SF6.00 %10.34 %3/18/20243/18/20291,718 1,702 1,725 0.9 %
Epika Fleet Services, Inc. (Delayed Draw)(14)(15)SF6.00 %10.45 %12/5/20243/18/20291,153 374 376 0.2 %
Epika Fleet Services, Inc. (Delayed Draw)(14)(15)SF6.00 %10.34 %3/18/20243/18/2029863 482 484 0.3 %
Epika Fleet Services, Inc. (Revolver)(14)SF6.00 %10.34 %3/18/20243/18/2029652 116 116 0.2 %
7,364 5,598 5,691 3.2 %
Total Non-Controlled/Non-Affiliate Senior Secured Loans334,695 299,917 297,919 155.5 %
Unitranche Secured Loans (6)
Services: Business
ASG II, LLCSF6.40 %10.99 %5/25/20225/25/20281,900 1,875 1,898 1.0 %
ASG II, LLCSF6.40 %10.99 %5/25/20225/25/2028285 285 284 0.1 %
Onit, Inc.SF7.40 %12.01 %12/20/20215/2/20251,680 1,675 1,680 0.9 %
3,865 3,835 3,862 2.0 %
Total Non-Controlled/Non-Affiliate Unitranche Secured Loans3,865 3,835 3,862 2.0 %
Junior Secured Loans
Automotive
BTR Opco LLC (fka Born to Run, LLC)(16)n/an/a
7.50% PIK
9/30/202412/31/2027711 658 458 0.2 %
BTR Opco LLC (fka Born to Run, LLC)(16)n/an/a
5.00% PIK
9/30/202412/31/20273,664 3,390 — 0.0 %
4,375 4,048 458 0.2 %
Consumer Goods: Non-Durable
Thrasio, LLC(16)SF10.26 %
14.89% PIK
7/18/20246/18/2029881 881 699 0.4 %
881 881 699 0.4 %
FIRE: Real Estate
Witkoff/Monroe 700 JV LLC(10)n/an/a
8.00% Cash/ 4.00% PIK
7/2/202110/1/20267,188 7,188 7,180 3.7 %
Witkoff/Monroe 700 JV LLC(10)n/an/a
8.00% Cash/ 4.00% PIK
5/16/202310/1/20261,243 1,243 1,242 0.6 %
Witkoff/Monroe 700 JV LLC (10)n/an/a
8.00% Cash/ 4.00% PIK
9/25/202310/1/20262,231 2,231 2,229 1.2 %
Witkoff/Monroe 700 JV LLC (10)n/an/a
8.00% Cash/ 4.00% PIK
7/26/202410/1/2026326 326 325 0.2 %
Witkoff/Monroe 700 JV LLC(10)n/an/a
8.00% Cash/ 4.00% PIK
5/8/202410/1/20261,529 1,529 1,528 0.8 %
12,517 12,517 12,504 6.5 %
27
Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2024
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition Date (3)
MaturityPrincipalAmortized Cost
Fair Value (4)
% of Net Assets (5)
High Tech Industries
Arcserve Cayman Opco LP (fka Arcstor Midco, LLC)(16)n/an/a
9.00% PIK
8/29/20231/2/2029161 $150 $175 0.1 %
Arcserve Cayman Opco LP (fka Arcstor Midco, LLC)(16)n/an/a
9.00% PIK
7/14/20231/2/2029165 150 179 0.1 %
Arcserve Cayman Opco LP (fka Arcstor Midco, LLC)(16)n/an/an/a3/16/20213/16/2027370 363 — 0.0 %
696 663 354 0.2 %
Healthcare & Pharmaceuticals
Whistler Parent Holdings III, Inc.SF6.85 %
5.44% Cash/ 5.75% PIK
10/25/20246/2/20285,651 5,589 4,880 2.5 %
5,651 5,589 4,880 2.5 %
Media: Broadcasting & Subscription
Vice Acquisition Holdco, LLC (16)(19)n/an/an/a5/2/2019n/a637 637 — 0.0 %
Vice Acquisition Holdco, LLC (16)(19)n/an/an/a11/4/2019n/a122 122 — 0.0 %
Vice Acquisition Holdco, LLC (16)(19)n/an/an/a5/2/2019n/a200 200 — 0.0 %
Vice Acquisition Holdco, LLC (16)(19)n/an/an/a5/2/2019n/a76 76 — 0.0 %
Vice Acquisition Holdco, LLC (16)SF8.26 %
12.85% PIK
7/31/20231/31/2028528 528 — 0.0 %
Vice Acquisition Holdco, LLC (16)SF8.26 %
12.85% PIK
7/31/20231/31/2028671 671 328 0.2 %
Vice Acquisition Holdco, LLC (16)SF8.26 %
12.85% PIK
7/31/20231/31/2028203 203 99 0.1 %
Vice Acquisition Holdco, LLC (16)SF8.26 %
12.85% PIK
9/8/20231/31/2028353 353 173 0.1 %
2,790 2,790 600 0.4 %
Retail
Forman Mills, Inc.(16)n/an/a
5.00% PIK
4/27/20236/20/20281,308 1,308 921 0.5 %
1,308 1,308 921 0.5 %
Services: Consumer
Education Corporation of America(16)(19)P11.00 %
14.00% Cash/ 5.50% PIK
9/3/2015n/a833 830 2,330 1.2 %
833 830 2,330 1.2 %
Total Non-Controlled/Non-Affiliate Junior Secured Loans29,051 28,626 22,746 11.9 %
Equity Investments (7) (11) (12)
Automotive
BTR Opco LLC (fka Born to Run, LLC) (242 Class A common units)
—— — 6/21/2024— — 248 — 0.0 %
Lifted Trucks Holdings, LLC (111,111 Class A shares)
(13)—— — 8/2/2021— — 111 122 0.1 %
359 122 0.1 %
Banking
MV Receivables II, LLC (1,458 shares of common stock)
(10)(13)—— — 7/29/2021— — 600 — 0.0 %
MV Receivables II, LLC (warrant to purchase up to 0.8% of the equity)
(10)(13)—— — 7/28/20217/28/2031— 363 — 0.0 %
963 — 0.0 %
Chemicals, Plastics & Rubber
Valudor Products LLC (501,014 Class A-1 units)
(13)n/a n/a
10.00% PIK
6/18/2018— — 501 — 0.0 %
501 — 0.0 %
Consumer Goods: Durable
Independence Buyer, Inc. (81 Class A units)
—— — 8/3/2021— — 81 25 0.0 %
81 25 0.0 %
28
Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2024
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition Date (3)
MaturityPrincipalAmortized Cost
Fair Value (4)
% of Net Assets (5)
Consumer Goods: Non-Durable
Thrasio, LLC (1,081,253 units)
—— — 6/18/2024— — $— $— 0.0 %
Thrasio, LLC (15,882 shares of common stock)
—— — 6/18/2024— — 1,616 437 0.2 %
1,616 437 0.2 %
Construction & Building
MEI Buyer LLC (178 shares of common stock)
—— — 6/30/2023— — 178 267 0.1 %
178 267 0.1 %
Environmental Industries
Quest Resource Management Group, LLC (warrant to purchase up to 0.2% of the equity)
—— — 10/19/20203/17/2028— 67 306 0.2 %
Quest Resource Management Group, LLC (warrant to purchase up to 0.2% of the equity)
—— — 10/19/20213/17/2028— — 214 0.1 %
67 520 0.3 %
FIRE: Finance
Binah Capital Group, Inc. (fka PKS Holdings, LLC) (20,600 shares of common stock)
(10)(20)—— — 3/15/2024— — 139 61 0.0 %
J2 BWA Funding LLC (0.3% profit sharing)
(10)(13)—— — 12/24/2020— — — 50 0.0 %
139 111 0.0 %
FIRE: Real Estate
Residential Homes for Rent LLC (255,311 Series A preferred units)
(10)(13)—— — 3/5/2024— — 1,114 950 0.5 %
Residential Homes for Rent LLC (warrant to purchase up to 0.7% of the equity)
(10)(13)—— — 3/5/20243/5/2034— — 443 0.2 %
Witkoff/Monroe 700 JV LLC (2,141 preferred units)
(10)(13)—— — 7/2/2021— — 2 3,721 1.9 %
1,116 5,114 2.6 %
Healthcare & Pharmaceuticals
Bluesight, Inc. (35 Class A preferred units)
n/a n/a
9.00% PIK
7/17/2023— — 35 35 0.0 %
Bluesight, Inc. (18,841 Class B common units)
—— — 7/17/2023— — — — 0.0 %
Dorado Acquisition, Inc. (189,922 Class A-1 units)
—— — 6/30/2021— — 207 139 0.1 %
Dorado Acquisition, Inc. (189,922 Class A-2 units)
—— — 6/30/2021— — — — 0.0 %
Forest Buyer, LLC (300 Class A units)
(13)n/a n/a
8.00% PIK
3/15/2024— — 250 232 0.1 %
Forest Buyer, LLC (300 Class B units)
(13)—— — 3/15/2024— — — 234 0.1 %
INH Buyer, Inc. (1,627,888 A-1 units)
—— — 12/16/2024— — — — 0.0 %
INH Buyer, Inc. (2 preferred stock)
—— — 12/16/2024— — — — 0.0 %
KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC) (0.1% shares of the equity)
—— — 1/31/2023— — 505 115 0.1 %
NationsBenefits, LLC (120,760 Series B units)
(13)n/a n/a
5.00% PIK
8/20/2021— — 816 1,803 0.9 %
NationsBenefits, LLC (106,667 common units)
(13)—— — 8/20/2021— — 153 916 0.5 %
NQ PE Project Colosseum Midco Inc. (327,133 common units)
—— — 10/4/2022— — 327 67 0.0 %
Vero Biotech Inc. (warrant to purchase up to 0.2% of the equity)
—— — 12/29/202312/29/2033— — 15 0.0 %
Whistler Parent Holdings III, Inc. (111,208 Series A preferred stock)
—— — 10/25/2024— — — — 0.0 %
Whistler Parent Holdings III, Inc. (24,875 Series B preferred stock)
—— — 10/25/2024— — — — 0.0 %
2,293 3,556 1.8 %
29
Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2024
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition Date (3)
MaturityPrincipalAmortized Cost
Fair Value (4)
% of Net Assets (5)
High Tech Industries
Arcserve Cayman GP LLC (fka Arcstor Midco, LLC) (59,211 Class A common units)
—— — 1/2/2024— — $— $— 0.0 %
Arcserve Cayman GP LLC (fka Arcstor Midco, LLC) (110,294 Class B common units)
—— — 1/2/2024— — — — 0.0 %
Arcserve Cayman Opco LP (fka Arcstor Midco, LLC) (59,211 Class A common units)
—— — 3/16/2021— — 4,119 552 0.3 %
Arcserve Cayman Opco LP (fka Arcstor Midco, LLC) (110,294 Class B common units)
—— — 1/2/2024— — — 1,029 0.5 %
Douglas Holdings, Inc. (57,588 Class A common units)
—— — 8/27/2024— — 58 60 0.0 %
Drawbridge Partners, LLC (130,433 Class A-1 units)
—— — 9/1/2022— — 130 157 0.1 %
Planful, Inc. (473,082 Class A units)
n/a n/a
8.00% PIK
12/28/2018— — 473 1,165 0.6 %
Planful, Inc. (35,791 Class B units)
—— — 5/3/2023— — — 53 0.0 %
Recorded Future, Inc. (80,486 Class A units)
(22)—— — 7/3/2019— — 49 186 0.1 %
Sparq Holdings, Inc. (300,000 common units)
—— — 6/15/2023— — 300 323 0.2 %
5,129 3,525 1.8 %
Hotels, Gaming & Leisure
Equine Network, LLC (108 Class A units)
(13)—— — 12/31/2020— — 111 144 0.1 %
111 144 0.1 %
Media: Advertising, Printing & Publishing
InMobi Pte, Ltd. (warrant to purchase up to 2.8% of the equity)
(10)(18)—— — 9/18/20159/18/2025— — 1,388 0.7 %
Relevate Health Group, LLC (40 preferred units)
—n/a n/a
12.00% PIK
11/20/2020— — 40 26 0.0 %
Relevate Health Group, LLC (6 Class X preferred units)
— n/a  n/a
12.00% PIK
11/14/2024— — 6 6 0.0 %
Relevate Health Group, LLC (40 Class B common units)
—— — 11/20/2020— — — — 0.0 %
Relevate Health Group, LLC (6 Class X common units)
—— — 11/14/2024— — — — 0.0 %
Spherix Global Inc. (13 Class A-2 units)
—— — 6/10/2024— — 13 3 0.0 %
Spherix Global Inc. (81 Class A units)
—— — 12/22/2021— — 81 — 0.0 %
XanEdu Publishing, Inc. (49,479 Class A units)
n/a n/a
8.00% PIK
1/28/2020— — 49 211 0.1 %
189 1,634 0.8 %
Media: Broadcasting & Subscription
Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.) (1,480,000 Class A units)
—— — 7/31/2023— — 1,480 — 0.0 %
1,480 — 0.0 %
Media: Diversified & Production
Attom Intermediate Holdco, LLC (297,197 Class A units)
(13)—— — 1/4/2019— — 305 437 0.2 %
Chess.com, LLC (2 Class A units)
(13)—— — 12/31/2021— — 87 46 0.0 %
V10 Entertainment, Inc. (392,157 shares of common units)
(23)—— — 1/12/2023— — 203 152 0.1 %
595 635 0.3 %
Retail
BLST Operating Company, LLC (139,883 Class A units)
(13)—— — 8/28/2020— — 712 420 0.2 %
712 420 0.2 %
30
Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2024
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition Date (3)
MaturityPrincipalAmortized Cost
Fair Value (4)
% of Net Assets (5)
Services: Business
APCO Worldwide, Inc. (100 Class A voting common stock)
—— — 11/1/2017— — $395 $909 0.5 %
Northeast Contracting Company, LLC (1,072,940 Class A-2 units)
(13)—— — 8/16/2024— — 1,073 1,089 0.6 %
1,468 1,998 1.1 %
Services: Consumer
Education Corporation of America - Series G Preferred Stock (8,333 shares)
(16)n/an/a
12.00% PIK
9/3/2015— — 7,492 — 0.0 %
Express Wash Acquisition Company, LLC (31,200 Class A common units)
(13)—— — 11/15/2023— — — — 0.0 %
Express Wash Acquisition Company, LLC (31 Class A preferred units)
(13)n/a n/a
8.00% PIK
11/15/2023— — 31 14 0.0 %
Express Wash Acquisition Company, LLC (146,770 Class B common units)
(13)—— — 11/15/2023— — — — 0.0 %
Express Wash Acquisition Company, LLC (147 Class B preferred units)
(13)—— — 11/15/2023— — 151 — 0.0 %
IDIG Parent, LLC (245,958 shares of common stock)
(13)(21)—— — 1/4/2021— — 251 240 0.1 %
Kar Wash Holdings, LLC (99,807 Class A units)
—— — 2/28/2022— — 103 124 0.1 %
Kar Wash Holdings, LLC (17,988 preferred units)
—— — 6/27/2023— — 26 29 0.0 %
8,054 407 0.2 %
Telecommunications
American Broadband and Telecommunications Company LLC (warrant to purchase up to 0.2% of the equity)
—— — 6/10/20226/10/2032— 42 34 0.0 %
42 34 0.0 %
Transportation: Cargo
Epika Fleet Services, Inc. (7,826 preferred units)
—— — 3/18/2024— — 196 199 0.1 %
196 199 0.1 %
Wholesale
Nearly Natural, Inc. (152,174 Class A units)
—— — 12/15/2017— — 153 — 0.0 %
Nearly Natural, Inc. (61,087 Class AA units)
—— — 8/27/2021— — 61 51 0.0 %
Nearly Natural, Inc. (62,034 Class AAA units)
—— — 8/5/2024— — 62 109 0.1 %
276 160 0.1 %
Total Non-Controlled/Non-Affiliate Equity Investments25,565 19,308 9.8 %
Total Non-Controlled/Non-Affiliate Company Investments$357,943 $343,835 179.2 %
Non-Controlled Affiliate Company Investments (8)
Senior Secured Loans
Beverage, Food & Tobacco
TJ Management HoldCo LLC (Revolver)(14)SF5.61 %10.20 %9/9/20209/30/20251,114 — — 0.0 %
1,114 — — 0.0 %
31
Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2024
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition Date (3)
MaturityPrincipalAmortized Cost
Fair Value (4)
% of Net Assets (5)
FIRE: Real Estate
American Community Homes, Inc. SF0.11 %
4.46% PIK
7/22/201412/31/202613,555 $13,555 $8,382 4.4 %
American Community Homes, Inc. SF0.11 %
4.46% PIK
7/22/201412/31/20266,669 6,669 4,125 2.2 %
American Community Homes, Inc. SF0.11 %
4.46% PIK
5/24/201712/31/2026822 822 508 0.3 %
American Community Homes, Inc.SF0.11 %
4.46% PIK
8/10/201812/31/20263,021 3,022 1,868 1.0 %
American Community Homes, Inc.SF0.11 %
4.46% PIK
3/29/201912/31/20265,593 5,593 3,459 1.8 %
American Community Homes, Inc.SF0.11 %
4.46% PIK
9/30/201912/31/202626 25 16 0.0 %
American Community Homes, Inc.SF0.11 %
4.46% PIK
12/30/201912/31/2026128 128 79 0.0 %
American Community Homes, Inc. (Revolver)(14)SF0.11 %
4.46% PIK
3/30/202012/31/20262,500 — — 0.0 %
HFZ Capital Group LLC(10)(19)(24)P9.46 %
16.96% PIK
10/20/2017n/a13,242 13,242 13,378 7.0 %
HFZ Capital Group LLC(10)(19)(24)P9.46 %
16.96% PIK
10/20/2017n/a4,758 4,758 4,807 2.5 %
MC Asset Management (Corporate), LLC(10)(24)SF15.00 %
19.59% PIK
1/26/20211/26/202912,517 12,517 12,517 6.5 %
MC Asset Management (Corporate), LLC(10)(24)SF15.00 %
19.59% PIK
4/26/20211/26/20293,731 3,731 3,731 1.9 %
66,562 64,062 52,870 27.6 %
High Tech Industries
Mnine Holdings, Inc. SF8.26 %
7.58% Cash/ 5.00% PIK
11/2/201812/31/20256,592 6,592 6,592 3.4 %
Mnine Holdings, Inc. SF8.26 %
7.85% Cash/ 5.00% PIK
7/27/202312/31/202558 58 58 0.0 %
Mnine Holdings, Inc. (Revolver)(14)SF7.00 %11.32 %8/9/202212/31/2025747 133 133 0.1 %
7,397 6,783 6,783 3.5 %
Services: Consumer
NECB Collections, LLC (Revolver)(14)(16)(19)L11.00 %16.94 %6/25/2019n/a1,356 1,312 422 0.2 %
1,356 1,312 422 0.2 %
Total Non-Controlled Affiliate Senior Secured Loans76,429 72,157 60,075 31.3 %
Junior Secured Loans
FIRE: Real Estate
SFR Holdco, LLC(10)n/an/a8.00 %8/6/20218/11/20285,850 5,850 5,593 2.9 %
SFR Holdco 2, LLC (Delayed Draw)(10)(14)(15)n/an/a8.00 %10/24/202410/23/20292,925 1,295 1,295 0.7 %
8,775 7,145 6,888 3.6 %
Total Non-Controlled Affiliate Company Junior Secured Loans8,775 7,145 6,888 3.6 %
Equity Investments (8) (11) (12)
Beverage, Food & Tobacco
TJ Management HoldCo LLC (16 shares of common stock)
(13)—— — 9/9/2020— — 1,631 3,076 1.6 %
1,631 3,076 1.6 %
FIRE: Real Estate
American Community Homes, Inc. (4,940 shares of common stock)
—— — 12/29/2022— — — — 0.0 %
MC Asset Management (Corporate), LLC (15.9% of interests)
(10)(13)(24)—— — 6/11/2019— — 793 — 0.0 %
SFR Holdco, LLC (24.4% of equity commitment)
(10)—— — 8/6/2021— — 3,900 4,797 2.5 %
SFR Holdco 2, LLC (13.9% of equity commitment)
(10)—— — 10/24/2024— — 864 864 0.5 %
5,557 5,661 3.0 %
32
Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2024
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition Date (3)
MaturityPrincipalAmortized Cost
Fair Value (4)
% of Net Assets (5)
Healthcare & Pharmaceuticals
Ascent Midco, LLC (2,032,258 Class A units)
(13)n/a n/a
8.00% PIK
2/5/2020— — $2,032 $1,760 0.9 %
Familia Dental Group Holdings, LLC (1,525 Class A units)
(13)—— — 4/8/2016— — 5,224 3,023 1.6 %
7,256 4,783 2.5 %
High Tech Industries
Mnine Holdings, Inc. (6,400 Class B units)
—— — 6/30/2020— — — — 0.0 %
— — 0.0 %
Services: Consumer
NECB Collections, LLC (20.8% of LLC units)
(13)—— — 6/21/2019— — 1,458 — 0.0 %
1,458 — 0.0 %
Total Non-Controlled Affiliate Equity Investments15,902 13,520 7.1 %
Total Non-Controlled Affiliate Company Investments$95,204 $80,483 42.0 %
Controlled Affiliate Company Investments (9)
Equity Investments
Investment Funds & Vehicles
MRCC Senior Loan Fund I, LLC (50.0% of the equity interests)
(10)—— — 10/31/2017— — $42,650 $32,730 17.1 %
Total Controlled Affiliate Equity Investments42,650 32,730 17.1 %
Total Controlled Affiliate Company Investments$42,650 $32,730 17.1 %
TOTAL INVESTMENTS $495,797 $457,048 238.3 %
33
Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2024
(in thousands, except for shares and units)
Derivative Instruments
Foreign currency forward contracts
There were no foreign currency forward contracts held as of December 31, 2024.
________________________________________________________
(1)All of the Company’s investments are issued by eligible portfolio companies, as defined in the Investment Company Act of 1940 (the “1940 Act”), unless otherwise noted. All of the Company’s investments are issued by U.S. portfolio companies unless otherwise noted.
(2)The majority of the investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “SF”), London Interbank Offered Rate (“LIBOR” or “L”) or Prime Rate ("Prime" or "P"), each of which reset daily, monthly, quarterly or semiannually. For each such investment, the Company has provided the spread over SOFR, LIBOR or Prime, as applicable, and the current contractual interest rate in effect at December 31, 2024. Certain investments may be subject to an interest rate floor or rate cap. Certain investments contain a payment-in-kind ("PIK") provision.
(3)Except as otherwise noted, all of the Company’s portfolio company investments, which as of December 31, 2024 represented 238.3% of the Company’s net assets or 93.1% of the Company’s total assets, are subject to legal restrictions on sales.
(4)Because there is no readily available market value for these investments, the fair value of these investments is determined in good faith using significant unobservable inputs by the Valuation Designee. (See Note 4 in the accompanying notes to the consolidated financial statements).
(5)Percentages are based on net assets of $191,762 as of December 31, 2024.
(6)The Company structures its unitranche secured loans as senior secured loans. The Company obtains security interests in the assets of these portfolio companies that serve as collateral in support of the repayment of these loans. This collateral may take the form of first-priority liens on the assets of a portfolio company. Generally, the Company syndicates a “first out” portion of the loan to an investor and retains a “last out” portion of the loan, in which case the “first out” portion of the loan will generally receive priority with respect to payments of principal, interest and any other amounts due thereunder. Unitranche structures combine characteristics of traditional first lien senior secured as well as second lien and subordinated loans and the Company’s unitranche secured loans will expose the Company to the risks associated with second lien and subordinated loans and may limit the Company’s recourse or ability to recover collateral upon a portfolio company’s bankruptcy. Unitranche secured loans typically provide for moderate loan amortization in the initial years of the facility, with the majority of the amortization deferred until loan maturity. Unitranche secured loans generally allow the borrower to make a large lump sum payment of principal at the end of the loan term, and there is a risk of loss if the borrower is unable to pay the lump sum or refinance the amount owed at maturity. In many cases the Company, together with its affiliates, are the sole or majority lender of these unitranche secured loans, which can afford the Company additional influence with a borrower in terms of monitoring and, if necessary, remediation in the event of underperformance.
(7)Represents less than 5% ownership of the portfolio company’s voting securities.
(8)As defined in the 1940 Act, the Company is deemed to be an “Affiliated Person” of the portfolio company as it owns 5% or more of the portfolio company’s voting securities. See Note 5 in the accompanying notes to the consolidated financial statements for additional information on transactions in which the issuer was an Affiliated Person (but not a portfolio company that the Company is deemed to control).
(9)As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” of and to “Control” this portfolio company as it owns more than 25% of the portfolio company’s voting securities. See Note 5 in the accompanying notes to the consolidated financial statements for additional information on transactions in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to Control.
(10)This investment is treated as a non-qualifying investment under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2024, non-qualifying assets totaled 21.5% of the Company’s total assets.
(11)Investments without an interest rate are non-income producing.
(12)Ownership of certain equity investments may occur through a holding company or partnership.
(13)Investment is held by a taxable subsidiary of the Company. See Note 2 in the accompanying notes to the consolidated financial statements for additional information on the Company’s wholly-owned taxable subsidiaries.
(14)All or a portion of this commitment was unfunded at December 31, 2024. As such, interest is earned only on the funded portion of this commitment.
(15)This delayed draw loan requires that certain financial covenants be met by the portfolio company prior to any fundings.
34
Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2024
(in thousands, except for shares and units)
(16)This position was on non-accrual status as of December 31, 2024, meaning that the Company has ceased accruing interest income on the position. See Note 2 in the accompanying notes to the consolidated financial statements for additional information on the Company’s accounting policies.
(17)This investment represents a note convertible to preferred shares of the borrower.
(18)The headquarters of this portfolio company is located in Singapore.
(19)This is a demand note with no stated maturity.
(20)The fair value of this investment was valued using Level 1 inputs. See Note 4 in the accompanying notes to the consolidated financial statements.
(21)As of December 31, 2024, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $43.
(22)As of December 31, 2024, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $16.
(23)As of December 31, 2024, the Company was party to a subscription agreement with a commitment to fund an equity investment of $189.
(24)The Company restructured its investments in HFZ Capital Group LLC (“HFZ”) and HFZ Member RB portfolio, LLC (“Member RB”) during 2020. As part of the restructuring of HFZ, the Company obtained a 15.9% equity interest in MC Asset Management (Corporate), LLC (“Corporate”). As part of the Member RB restructuring, the Company exchanged its loan in Member RB for a promissory note in MC Asset Management (Industrial), LLC (“Industrial”). Corporate owns 100% of the equity of Industrial. In conjunction with these restructurings, the Company participated $4,758 of principal of its loan to HFZ as an equity contribution to Industrial. This participation did not qualify for sale accounting under ASC Topic 860–Transfers and Servicing because the sale did not meet the definition of a “participating interest”, as defined in the guidance, in order for sale treatment to be allowed. As a result, the Company continues to reflect its full investment in HFZ but has split the loan into two investments.
n/a - not applicable






See Notes to Consolidated Financial Statements.

35
Table of Contents
MONROE CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(in thousands, except share and per share data)

Note 1. Organization and Principal Business
Monroe Capital Corporation (together with its subsidiaries, the “Company”) is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). The Company’s investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured (a combination of senior secured and junior secured debt in the same facility in which the Company syndicates a “first out” portion of the loan to an investor and retains a “last out” portion of the loan) debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common stock and warrants. The Company is managed by Monroe Capital BDC Advisors, LLC (“MC Advisors”), a registered investment adviser under the Investment Advisers Act of 1940, as amended. In addition, for U.S. federal income tax purposes, the Company has elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company currently qualifies and intends to qualify annually to be treated as a RIC for U.S. federal income tax purposes.
On October 21, 2024, certain affiliates, including but not limited to Monroe Capital Management Advisors, LLC (“MC Management”), Monroe Capital Investment Holdings, L.P. (the parent of MC Advisors), and Monroe Capital Intermediate Holdings, LLC (any such affiliate, collectively, “Monroe”), entered into an equity purchase agreement, pursuant to which Momentum US Bidco LLC, an affiliate of Wendel SE (collectively, with its affiliates, “Wendel”), agreed to acquire a 75% interest in Monroe, which would constitute a change of control of MC Advisors (the “Adviser Change in Control”). The Adviser Change in Control became effective on March 31, 2025. See Note 6 for additional information.
Note 2. Summary of Significant Accounting Policies
Basis of Presentation
The accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). The accompanying consolidated financial statements of the Company and related financial information have been prepared pursuant to the requirements for reporting on Form 10-Q and Articles 6 and 10 of Regulation S-X. The Company has determined it meets the definition of an investment company and follows the accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 – Financial Services – Investment Companies (“ASC Topic 946”). Certain prior period amounts have been reclassified to conform to current period presentation.
Use of Estimates
The preparation of the consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
36
Table of Contents
MONROE CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)
(unaudited)
(in thousands, except share and per share data)
Consolidation
As permitted under ASC Topic 946, the Company will generally not consolidate its investment in a portfolio company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the results of its wholly-owned subsidiaries, including the Company’s wholly-owned taxable subsidiaries (the “Taxable Subsidiaries”) in its consolidated financial statements. The purpose of the Taxable Subsidiaries is to permit the Company to hold equity investments in portfolio companies that are taxed as partnerships for U.S. federal income tax purposes while complying with the “source of income” requirements contained in the RIC tax provisions of the Code. The Taxable Subsidiaries are not consolidated with the Company for U.S. federal corporate income tax purposes, and each Taxable Subsidiary is subject to U.S. federal corporate income tax on its taxable income. All intercompany balances and transactions have been eliminated. The Company does not consolidate its non-controlling interest in MRCC Senior Loan Fund I, LLC (“SLF”). See further description of the Company’s investment in SLF in Note 3.
Fair Value of Financial Instruments
The Company applies fair value to substantially all of its financial instruments in accordance with ASC Topic 820 – Fair Value Measurements and Disclosures (“ASC Topic 820”). ASC Topic 820 defines fair value, establishes a framework used to measure fair value, and requires disclosures for fair value measurements, including the categorization of financial instruments into a three-level hierarchy based on the transparency of valuation inputs. See Note 4 for further discussion regarding the fair value measurements and hierarchy.
ASC Topic 820 requires disclosure of the fair value of financial instruments for which it is practical to estimate such value. The Company believes that the carrying amounts of its other financial instruments such as cash and cash equivalents, receivables and payables approximate the fair value of such items due to the short maturity of such instruments.
Revenue Recognition
The Company’s revenue recognition policies are as follows:
Investments and related investment income: Interest and dividend income is recorded on the accrual basis to the extent that the Company expects to collect such amounts. Interest income is accrued based upon the outstanding principal amount and contractual terms of debt and preferred equity investments. Interest is accrued on a daily basis. The Company records fees on loans based on the determination of whether the fee is considered a yield enhancement or payment for a service. If the fee is considered a yield enhancement associated with a funding of cash on a loan, the fee is generally deferred and recognized into interest income using the effective interest method if captured in the cost basis or using the straight-line method if the loan is unfunded and therefore there is no cost basis. If the fee is not considered a yield enhancement because a service was provided, and the fee is payment for that service, the fee is deemed earned and recorded as other income in the period the service is completed.
Dividend income on preferred equity investments is recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments is recorded on the record date for private portfolio companies. Each distribution received from limited liability company (“LLC”) and limited partnership (“LP”) investments is evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, the Company will not record distributions from equity investments in LLCs and LPs as dividend income unless there are sufficient accumulated tax-basis earnings and profits in the LLC or LP prior to the applicable distribution. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment. For both the three and six months ended June 30, 2025, the Company did not receive return of capital distributions from its equity investments. For both the three and six months ended June 30, 2024, the Company received return of capital distributions from its equity investments of $6.
37
Table of Contents
MONROE CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)
(unaudited)
(in thousands, except share and per share data)
The Company has certain investments in its portfolio that contain a payment-in-kind (“PIK”) provision, which represents contractual interest or dividends that are added to the principal balance and recorded as income. The Company stops accruing PIK interest or PIK dividends when it is determined that PIK interest or PIK dividends are no longer collectible. To maintain RIC tax treatment, and to avoid incurring corporate U.S. federal income tax, substantially all income accrued from PIK provisions must be paid out to stockholders in the form of distributions, even though the Company has not yet collected the cash.
Loan origination fees, original issue discount and market discount or premiums are capitalized and amortized into interest income over the contractual life of the respective investment using the effective interest method. Unamortized discounts and loan origination fees totaled $2,223 and $2,975 as of June 30, 2025 and December 31, 2024, respectively. Upfront loan origination and closing fees received for the three and six months ended June 30, 2025 totaled $28 and $212, respectively. Upfront loan origination and closing fees received for the three and six months ended June 30, 2024 totaled $157 and $568, respectively. Upon the prepayment of a loan or debt investment, any unamortized premium or discount or loan origination fees are recorded as interest income.
The components of the Company’s investment income were as follows:
Three months ended June 30,
20252024
Interest income$6,864 $11,850 
PIK interest income1,660 2,099 
Dividend income (1)
829 1,017 
Other income
54 265 
Prepayment gain (loss)288 145 
Accretion of discounts and amortization of premiums178 251 
Total investment income$9,873 $15,627 
Six months ended June 30,
20252024
Interest income$14,830 $23,512 
PIK interest income3,560 4,214 
Dividend income (2)
1,858 2,029 
Other income
282 302 
Prepayment gain (loss)532 250 
Accretion of discounts and amortization of premiums449 502 
Total investment income$21,511 $30,809 
________________________________________________________
(1)During the three months ended June 30, 2025 and 2024, dividend income includes PIK dividends of $122 and $116, respectively.
(2)During the six months ended June 30, 2025 and 2024, dividend income includes PIK dividends of $240 and $229, respectively.
Investment transactions are recorded on a trade-date basis. Realized gains or losses on portfolio investments are calculated based upon the difference between the net proceeds from the disposition and the amortized cost basis of the investment, without regard to unrealized gains or losses previously recognized. Realized gains and losses are recorded within net realized gain (loss) on investments on the consolidated statements of operations. Changes in the fair value of investments from the prior period, as determined through the application of the Company’s valuation policy, are included within net change in unrealized gain (loss) on investments on the consolidated statements of operations.
38
Table of Contents
MONROE CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)
(unaudited)
(in thousands, except share and per share data)
Non-accrual: Debt or preferred equity investments are placed on non-accrual status when principal, interest or dividend payments become materially past due, or when there is reasonable doubt that principal, interest or dividends will be collected. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment. Non-accrual debt or preferred equity investments are restored to accrual status when past due principal, interest, or dividends are paid, or are expected to be paid, and, in management’s judgment are likely to remain current. The Company may make exceptions to this policy and partially record interest if the loan has sufficient collateral value or is in process of collection and there is the expectation of collection of principal and a portion of the contractual interest. As of both June 30, 2025 and December 31, 2024, there were ten borrowers with a debt or preferred equity investment on non-accrual status. The fair value of the Company’s investments on non-accrual status totaled $13,373 and $15,723 at June 30, 2025 and December 31, 2024, respectively.
Distributions
Distributions to common stockholders are recorded on the applicable record date. The amount, if any, to be distributed to common stockholders is determined by the Board at least quarterly and is generally based upon the Company’s earnings as estimated by management. Net realized capital gains, if any, are generally distributed at least annually.
The determination of the tax attributes for the Company’s distributions is made annually, based upon its taxable income for the full year and distributions paid for the full year. Ordinary dividend distributions from a RIC do not qualify for the preferential tax rate on qualified dividend income from domestic corporations and qualified foreign corporations, except to the extent that the RIC received the income in the form of qualifying dividends from domestic corporations and qualified foreign corporations. The tax attributes for distributions will generally include both ordinary income and capital gains, but may also include qualified dividends or return of capital.
In October 2012, the Company adopted a dividend reinvestment plan (“DRIP”) that provides for the reinvestment of distributions on behalf of its stockholders, unless a stockholder elects to receive cash prior to the record date. When the Company declares a cash distribution, stockholders who have not “opted out” of the DRIP prior to the record date will have their distribution automatically reinvested in additional shares of the Company’s common stock. The Company has the option to satisfy the share requirements of the DRIP through the issuance of new shares of common stock or through open market purchases of common stock by the DRIP plan administrator. Newly issued shares are valued based upon the final closing price of the Company’s common stock on a date determined by the Board. Shares purchased in the open market to satisfy the DRIP requirements will be valued based upon the average price of the applicable shares purchased by the DRIP plan administrator, before any associated brokerage or other costs. See Note 9 for additional information on the Company’s distributions.
Segment Reporting

In accordance with ASC Topic 280 – Segment Reporting, the Company has determined that it has a single reporting segment and operating unit structure. As a result, the Company’s segment accounting policies are the same as described herein and the Company does not have any intra-segment sales and transfers of assets. See Note 13 for additional information on the Company’s segment accounting policies.
Cash and Cash Equivalents
Cash and cash equivalents, including cash denominated in foreign currencies, primarily consists of cash, money market funds and short-term, highly liquid investments with original maturities of three months or less. The Company deposits its cash and cash equivalents in a financial institution and, at times, such balances may be in excess of the Federal Deposit Insurance Corporation (“FDIC”) insurance limit. The Company's deposits are held in high-quality financial institutions.
39
Table of Contents
MONROE CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)
(unaudited)
(in thousands, except share and per share data)
Debt Issuance Costs
Debt issuance costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. As of June 30, 2025 and December 31, 2024, the Company had unamortized debt issuance costs of $1,722 and $1,925 respectively, presented as a direct reduction of the carrying amount of debt on the consolidated statements of assets and liabilities. These amounts are amortized and included in interest and other debt financing expenses on the consolidated statements of operations over the estimated average life of the borrowings. Amortization of debt issuance costs for the three and six months ended June 30, 2025 was $401 and $750, respectively. Amortization of debt issuance costs for the three and six months ended June 30, 2024 was $327 and $654, respectively.
Offering Costs
Offering costs include, among other things, fees paid in relation to legal, accounting, regulatory and printing work completed in preparation of debt and equity offerings. Offering costs from equity offerings are charged against the proceeds from the offering within the consolidated statements of changes in net assets. Offering costs from debt offerings are reclassified to unamortized debt issuance costs on the consolidated statements of assets and liabilities as noted above. As of both June 30, 2025 and December 31, 2024, other assets on the consolidated statements of assets and liabilities included $262 of deferred offering costs, respectively, which will be charged against the proceeds from future debt or equity offerings when completed.
Investments Denominated in Foreign Currency
As of both June 30, 2025 and December 31, 2024, the Company held no investments denominated in a foreign currency.
At each balance sheet date, portfolio company investments denominated in foreign currencies are translated into U.S. dollars using the spot exchange rate on the last business day of the period. Purchases and sales of foreign portfolio company investments, and any income from such investments, are translated into U.S. dollars using the rates of exchange prevailing on the respective dates of such transactions.
Although the fair values of foreign portfolio company investments and the fluctuation in such fair values are translated into U.S. dollars using the applicable foreign exchange rates described above, the Company does not isolate the portion of the change in fair value resulting from foreign currency exchange rates fluctuations from the change in fair value of the underlying investment. All fluctuations in fair value are included in net change in unrealized gain (loss) on investments on the Company’s consolidated statements of operations.
Investments denominated in foreign currencies and foreign currency transactions may involve certain consideration and risks not typically associated with those of domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S. dollar.
Derivative Instruments
The Company may enter into foreign currency forward contracts to reduce the Company’s exposure to foreign currency exchange rate fluctuations. In a foreign currency forward contract, the Company agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. Foreign currency forward contracts are marked-to-market based on the difference between the forward rate and the exchange rate at the current period end. Unrealized gain (loss) on foreign currency forward contracts is recorded on the Company’s consolidated statements of assets and liabilities by counterparty on a net basis.
The Company does not utilize hedge accounting and as such values its foreign currency forward contracts at fair value with the change in unrealized gain or loss recorded in net change in unrealized gain (loss) on foreign currency forward contracts and the realized gain or loss recorded in net realized gain (loss) on foreign currency forward contracts on the Company’s consolidated statements of operations.
40
Table of Contents
MONROE CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)
(unaudited)
(in thousands, except share and per share data)
Income Taxes
The Company has elected to be treated, and intends to qualify annually, as a RIC under Subchapter M of the Code. As long as the Company maintains its status as a RIC, it generally will not be subject to U.S. federal income tax on any ordinary income or capital gains that it distributes at least annually to its stockholders.
To qualify as a RIC under Subchapter M of the Code, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its stockholders, for each taxable year, at least 90% of its “investment company taxable income” for that year, which is generally its ordinary income plus the excess of its realized net short-term capital gains over its realized net long-term capital losses. In order for the Company not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of the amount by which the Company’s capital gain exceeds the Company’s capital loss (adjusted for certain ordinary losses) for the one-year period ending October 31 in that calendar year and (iii) certain undistributed amounts from previous years on which the Company paid no U.S. federal income tax. The Company, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay U.S. federal income tax and a 0% nondeductible U.S. federal excise tax on this income. For the three and six months ended June 30, 2025 the Company recorded a net expense (benefit) on the consolidated statements of operations of $(49) and $70, respectively, for U.S. federal excise tax. For the three and six months ended June 30, 2024 the Company recorded a net expense on the consolidated statements of operations of $155 and $166, respectively, for U.S. federal excise tax. As of June 30, 2025 and December 31, 2024, the Company had a receivable of $89 and a payable of $316 for U.S. federal excise taxes, respectively. These amounts were included in accounts payable and accrued expenses on the consolidated statements of assets and liabilities.

The Company’s consolidated Taxable Subsidiaries may be subject to U.S. federal and state corporate-level income taxes. For the three and six months ended June 30, 2025 the Company recorded a net tax expense of $6 and $7, respectively, on the consolidated statements of operations for these subsidiaries. For the three and six months ended June 30, 2024 the Company recorded a net tax expense (benefit) of $(20) and $(13), respectively, on the consolidated statements of operations for these subsidiaries. As of both June 30, 2025 and December 31, 2024, there were no payables for corporate-level income taxes.
The Company accounts for income taxes in conformity with ASC Topic 740 – Income Taxes (“ASC Topic 740”). ASC Topic 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in the consolidated financial statements. ASC Topic 740 requires the evaluation of tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense in the current year. It is the Company’s policy to recognize accrued interest and penalties related to uncertain tax benefits in income tax expense. The Company did not take any material uncertain income tax positions through June 30, 2025. The Company’s federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Subsequent Events
The Company has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the consolidated financial statements were issued. There have been no subsequent events that occurred during such period that would require disclosure in this Form 10-Q or would be required to be recognized in the consolidated financial statements as of and for the six months ended June 30, 2025, except as disclosed in Note 14.
41
Table of Contents
MONROE CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)
(unaudited)
(in thousands, except share and per share data)
Recent Accounting Pronouncements
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) (“ASU 2023-09”), which updates income tax disclosure requirements related to rate reconciliation, income taxes paid and other disclosures. ASU 2023-09 is effective for public business entities for annual reporting periods beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. The Company is currently evaluating the impact of adopting ASU 2023-09; however, the Company does not expect a material impact on its consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (“ASU 2024-03”), which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning with the first quarter ended March 31, 2028. Early adoption and retrospective application are permitted. The Company is currently assessing the impact of this guidance; however, the Company does not expect a material impact on its consolidated financial statements.
Note 3. 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 June 30, 2025 and December 31, 2024:
June 30, 2025December 31, 2024
Amortized Cost:
Senior secured loans$285,753 68.9%$372,074 75.0%
Unitranche secured loans2,163 0.5 3,835 0.8 
Junior secured loans41,810 10.1 35,771 7.2 
LLC equity interest in SLF42,650 10.3 42,650 8.6 
Equity investments42,432 10.2 41,467 8.4 
Total$414,808 100.0 %$495,797 100.0 %
June 30, 2025December 31, 2024
Fair Value:
Senior secured loans$270,091 73.5%$357,994 78.3%
Unitranche secured loans2,183 0.6 3,862 0.8 
Junior secured loans31,679 8.6 29,634 6.5 
LLC equity interest in SLF30,157 8.2 32,730 7.2 
Equity investments33,590 9.1 32,828 7.2 
Total$367,700 100.0 %$457,048 100.0 %
42
Table of Contents
MONROE CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)
(unaudited)
(in thousands, except share and per share data)
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 June 30, 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:
June 30, 2025December 31, 2024
Amortized Cost:
United States
Midwest$172,053 41.5%$178,051 35.9%
Northeast93,328 22.5 103,354 20.8 
Northwest— — 3,928 0.8 
Southeast71,381 17.2 116,087 23.5 
Southwest8,547 2.1 12,622 2.5 
West69,499 16.7 81,755 16.5 
International (1)
— — — — 
Total$414,808 100.0 %$495,797 100.0 %
___________________________________________________
(1)Includes one equity investment with no cost basis as of June 30, 2025 and December 31, 2024, respectively.
June 30, 2025December 31, 2024
Fair Value:
United States
Midwest$142,353 38.7%$152,880 33.4%
Northeast84,604 23.0 94,766 20.7 
Northwest— — 4,030 0.9 
Southeast64,628 17.6 111,115 24.4 
Southwest8,738 2.4 13,186 2.9 
West66,051 18.0 79,683 17.4 
International1,326 0.3 1,388 0.3 
Total$367,700 100.0 %$457,048 100.0 %
43
Table of Contents
MONROE CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)
(unaudited)
(in thousands, except share and per share data)
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 June 30, 2025 and December 31, 2024:
June 30, 2025December 31, 2024
Amortized Cost:
Automotive$20,244 4.9 %$20,188 4.1 %
Banking11,647 2.8 11,689 2.4 
Beverage, Food & Tobacco1,726 0.4 4,554 0.9 
Capital Equipment4,804 1.2 4,809 1.0 
Chemicals, Plastics & Rubber4,041 1.0 3,784 0.8 
Construction & Building10,079 2.4 10,094 2.0 
Consumer Goods: Durable8,199 2.0 8,444 1.7 
Consumer Goods: Non-Durable3,774 0.9 3,857 0.8 
Environmental Industries67 
0.0 *
67 
0.0*
FIRE: Finance8,608 2.1 12,675 2.6 
FIRE: Real Estate96,337 23.2 90,397 18.2 
Healthcare & Pharmaceuticals62,773 15.1 83,481 16.8 
High Tech Industries38,465 9.3 42,841 8.6 
Hotels, Gaming & Leisure111 
0.0 *
111 
0.0 *
Investment Funds & Vehicles42,650 10.3 42,650 8.6 
Media: Advertising, Printing & Publishing9,352 2.3 10,636 2.1 
Media: Broadcasting & Subscription4,574 1.1 4,574 0.9 
Media: Diversified & Production24,569 5.9 43,554 8.8 
Retail2,590 0.6 2,534 0.5 
Services: Business29,341 7.1 50,740 10.2 
Services: Consumer25,071 6.0 32,552 6.6 
Telecommunications5,511 1.3 5,496 1.1 
Transportation: Cargo— — 5,794 1.2 
Wholesale275 0.1 276 0.1 
Total$414,808 100.0 %$495,797 100.0 %
44
Table of Contents
MONROE CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)
(unaudited)
(in thousands, except share and per share data)
June 30, 2025December 31, 2024
Fair Value:
Automotive$16,436 4.5 %$16,267 3.6 %
Banking6,931 1.9 7,861 1.7 
Beverage, Food & Tobacco2,904 0.8 6,027 1.3 
Capital Equipment4,827 1.3 4,853 1.1 
Chemicals, Plastics & Rubber4,385 1.2 4,864 1.1 
Construction & Building10,348 2.8 10,334 2.3 
Consumer Goods: Durable7,463 2.0 8,263 1.8 
Consumer Goods: Non-Durable1,864 0.5 2,467 0.4 
Environmental Industries92 
0.0 *
520 0.1 
FIRE: Finance8,686 2.4 12,789 2.8 
FIRE: Real Estate89,625 24.4 83,037 18.2 
Healthcare & Pharmaceuticals56,713 15.5 79,784 17.5 
High Tech Industries37,155 10.1 41,240 9.0 
Hotels, Gaming & Leisure151 
0.0 *
144 
0.0 *
Investment Funds & Vehicles30,157 8.2 32,730 7.2 
Media: Advertising, Printing & Publishing10,686 2.9 12,035 2.6 
Media: Broadcasting & Subscription893 0.2 1,156 0.3 
Media: Diversified & Production24,752 6.7 43,717 9.6 
Retail1,699 0.5 2,036 0.4 
Services: Business29,644 8.1 51,175 11.2 
Services: Consumer16,590 4.5 24,113 5.3 
Telecommunications5,556 1.5 5,586 1.2 
Transportation: Cargo— — 5,890 1.3 
Wholesale143 
0.0*
160 
0.0*
Total$367,700 100.0 %$457,048 100.0 %
_______________________________________________________
*Represents an amount less than 0.1%
MRCC Senior Loan Fund I, LLC
The Company co-invests with Life Insurance Company of the Southwest (“LSW”) in senior secured loans through SLF, an unconsolidated Delaware LLC. SLF is capitalized as underlying investment transactions are completed, taking into account available debt and equity commitments available for funding these investments. All portfolio and investment decisions in respect to SLF must be approved by the SLF investment committee, consisting of one representative from the Company and one representative from LSW. SLF may cease making new investments upon notification of either member but operations will continue until all investments have been sold or paid-off in the normal course of business. Investments held by SLF are measured at fair value using the same valuation methodologies as described in Note 4. The Company’s investment is illiquid in nature as SLF does not allow for withdrawal from the LLC or the sale of a member’s interest unless approved by the board members of SLF. The full withdrawal of a member would result in an orderly wind-down of SLF.
SLF’s profits and losses are allocated to the Company and LSW in accordance with their respective ownership interests. As of both June 30, 2025 and December 31, 2024, the Company and LSW each owned 50.0% of the LLC equity interests of SLF. As of both June 30, 2025 and December 31, 2024, SLF had $100,000 in equity commitments from its members (in the aggregate), of which $85,300 was funded.
45
Table of Contents
MONROE CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)
(unaudited)
(in thousands, except share and per share data)
As of both June 30, 2025 and December 31, 2024, the Company had committed to fund $50,000 of LLC equity interest subscriptions to SLF. As of both June 30, 2025 and December 31, 2024, $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 June 30, 2025 and December 31, 2024, the Company’s investment in SLF had a fair value of $30,157 and $32,730, respectively.
For the three and six months ended June 30, 2025 the Company received $700 and $1,600, respectively, of dividend income from its LLC equity interest in SLF. For the three and six months ended June 30, 2024 the Company received $900 and $1,800, respectively, of dividend income from its LLC equity interest in SLF.
SLF has a senior secured revolving credit facility (as amended, the “SLF Credit Facility”) with Capital One, N.A., through its wholly-owned subsidiary MRCC Senior Loan Fund I Financing SPV, LLC (“SLF SPV”). Under the terms of the amended SLF Credit Facility, SLF was permitted to reinvest available cash and make new borrowings under the SLF Credit Facility through February 21, 2025. Prior to the reinvestment period end date, the SLF Credit Facility allowed SLF SPV to borrow up to $110,000 (reduced from $175,000 on June 9, 2023), subject to leverage and borrowing base restrictions. As of June 30, 2025 and December 31, 2024, the aggregate commitment and principal amounts outstanding were $15,242 and $38,214, respectively. Borrowings on the SLF Credit Facility bear interest at an annual rate of SOFR (three-month) plus 2.10% and the SLF Credit Facility has a maturity date of November 23, 2031. As of June 30, 2025 and December 31, 2024, the SLF Credit Facility was accruing a weighted average interest rate of 6.7% and 6.9%, respectively.
SLF does not pay any fees to MC Advisors or its affiliates; however, SLF has entered into an administration agreement with Monroe Capital Management Advisors, LLC (“MC Management”), pursuant to which certain loan servicing and administrative functions are delegated to MC Management. SLF may reimburse MC Management for its allocable share of overhead and other expenses incurred by MC Management. For the three and six months ended June 30, 2025, SLF incurred $51 and $105 of allocable expenses, respectively. For the three and six months ended June 30, 2024, SLF incurred $41 and $86 of allocable expenses, respectively. There are no agreements or understandings by which the Company guarantees any SLF obligations.
As of June 30, 2025 and December 31, 2024, SLF had total assets at fair value of $75,899 and $104,159, respectively. As of June 30, 2025 and December 31, 2024, SLF had seven and four portfolio company investments on non-accrual status with a fair value of $5,560 and $5,184, respectively. The portfolio companies in SLF are in industries and geographies similar to those in which the Company may invest directly. Additionally, as of June 30, 2025 and December 31, 2024, SLF had $1,128 and $1,591, respectively, in outstanding commitments to fund investments under undrawn revolvers and delayed draw commitments.
Below is a summary of SLF’s portfolio, followed by a listing of the individual investments in SLF’s portfolio as of June 30, 2025 and December 31, 2024:
June 30, 2025December 31, 2024
Secured loans (1)
70,941 101,624 
Weighted average current interest rate on secured loans (2)
8.7%9.3%
Number of portfolio company investments in SLF28 36 
Largest portfolio company investment (1)
4,829 4,900 
Total of five largest portfolio company investments (1)
22,520 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.
46
Table of Contents
MONROE CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)
(unaudited)
(in thousands, except share and per share data)
MRCC SENIOR LOAN FUND I, LLC
CONSOLIDATED SCHEDULE OF INVESTMENTS
June 30, 2025


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 7.85 %
5.40% Cash/ 6.75% PIK
2/26/20273,169 $3,087 
Trident Maritime Systems, Inc.  SF 7.85 %
5.40% Cash/ 6.75% PIK
2/26/2027138 134 
Trident Maritime Systems, Inc. (Revolver)  SF 7.85 %
5.41% Cash/ 6.75% PIK
2/26/2027321 312 
3,628 3,533 
Automotive
Accelerate Auto Works Intermediate, LLC  SF 5.15 %9.48 %12/1/20271,336 1,318 
Accelerate Auto Works Intermediate, LLC  SF 5.15 %9.43 %12/1/2027382 377 
Accelerate Auto Works Intermediate, LLC (Revolver) (4) SF 5.15 %9.45 %12/1/2027132 64 
1,850 1,759 
Capital Equipment
MacQueen Equipment, LLC  SF 5.51 %9.81 %1/7/20282,025 2,025 
MacQueen Equipment, LLC  SF 5.51 %9.81 %1/7/2028444 444 
MacQueen Equipment, LLC (Revolver) (4) P 4.25 %11.75 %1/7/2028296 — 
2,765 2,469 
Chemicals, Plastics & Rubber
New Spartech Holdings, LLC (fka TJC Spartech Acquisition Corp.) (5) SF 7.00 %11.31 %3/31/2030412 412 
New Spartech Holdings, LLC (fka TJC Spartech Acquisition Corp.) (5) SF 5.25 %9.56 %9/30/2030673 673 
Phoenix Chemical Holding Company LLC  SF 7.11 %11.44 %10/3/20251,135 529 
2,220 1,614 
Consumer Goods: Durable
Runner Buyer INC. (5) SF 5.61 %9.94 %10/23/20282,910 565 
2,910 565 
Containers, Packaging & Glass
Polychem Acquisition, LLC  SF 9.61 %
9.94% Cash/ 4.00% PIK
8/15/20262,894 2,503 
PVHC Holding Corp  SF 6.40 %
9.95% Cash/ 0.75% PIK
2/17/20271,888 1,871 
4,782 4,374 
Energy: Oil & Gas
Offen, Inc.  SF 5.11 %9.44 %6/22/20262,249 2,230 
Offen, Inc.  SF 5.11 %9.44 %6/22/2026845 838 
3,094 3,068 
FIRE: Finance
TEAM Public Choices, LLC  SF 5.26 %9.54 %12/17/20272,880 2,870 
2,880 2,870 
FIRE: Real Estate
Avison Young (USA) Inc. (3)(5) SF 6.51 %10.84 %3/12/2028598 577 
598 577 
Healthcare & Pharmaceuticals
Natus Medical Incorporated  SF 5.40 %9.70 %7/20/20294,233 4,191 
4,233 4,191 
47
Table of Contents
MONROE CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)
(unaudited)
(in thousands, except share and per share data)
MRCC SENIOR LOAN FUND I, LLC
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
June 30, 2025
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate (2)
MaturityPrincipalFair Value
High Tech Industries
Corel Inc. (3) SF 5.10 %9.43 %7/2/20263,100 $2,938 
3,100 2,938 
Hotels, Gaming & Leisure
Excel Fitness Holdings, Inc.  SF 5.25 %9.55 %4/27/20294,288 4,270 
Excel Fitness Holdings, Inc. (Revolver) (4) SF 5.25 %9.55 %4/28/2028625 — 
North Haven Spartan US Holdco, LLC  SF 5.75 %10.06 %6/5/20262,215 2,215 
7,128 6,485 
Media: Diversified & Production
STATS Intermediate Holdings, LLC  SF 5.51 %9.83 %7/10/20264,725 4,631 
Touchtunes Music Group, LLC  SF 4.75 %9.05 %3/30/20293,250 3,147 
7,975 7,778 
Services: Business
Eliassen Group, LLC  SF 5.75 %10.05 %4/14/20283,170 3,076 
Eliassen Group, LLC  SF 5.75 %10.08 %4/14/2028228 221 
SIRVA Worldwide Inc. (Delayed Draw) (4) SF 8.00 %12.32 %2/20/2029381 240 
3,779 3,537 
Services: Consumer
Laseraway Intermediate Holdings II, LLC  SF 5.75 %10.29 %10/14/20272,144 2,064 
McKissock Investment Holdings, LLC  SF 5.15 %9.41 %3/9/20292,419 2,426 
4,563 4,490 
Telecommunications
Mavenir Systems, Inc. (5) SF 5.01 %9.34 %8/18/20281,621 45 
AppLogic Networks OpCo I LLC (fka Sandvine Corporation) (5) SF 6.00 %
5.26% Cash/ 5.00% PIK
3/3/2030640 595 
2,261 640 
Transportation: Cargo
Keystone Purchaser, LLC  SF 5.86 %10.19 %5/7/20274,829 4,811 
4,829 4,811 
Total Non-Controlled/Non-Affiliate Senior Secured Loans,62,595 55,699 
Junior Secured Loans
Consumer Goods: Durable
Elevate Textiles, Inc. (5) SF 6.65 %10.95 %9/30/2027786 623 
786 623 
FIRE: Real Estate
Avison Young (USA) Inc. (3)(5) SF 8.26 %
6.09% Cash/ 6.50% PIK
3/12/20291,492 772 
Avison Young (USA) Inc. (3)(5) SF 8.26 %
6.07% Cash/ 6.50% PIK
3/12/2029510 117 
2,002 889 
Media: Diversified & Production
Research Now Group, Inc. and Survey Sampling International, LLC  SF 5.76 %10.09 %10/15/20284,445 3,953 
4,445 3,953 
Services: Business
Output Services Group, Inc. (5) SF 6.68 %10.96 %11/30/20281,042 1,042 
SIRVA Worldwide Inc.  SF 8.00 %
7.32% Cash/ 5.00% PIK
8/20/20291,201 1,187 
2,243 2,229 
Total Non-Controlled/Non-Affiliate Junior Secured Loans9,476 7,694 
48
Table of Contents
MONROE CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)
(unaudited)
(in thousands, except share and per share data)
MRCC SENIOR LOAN FUND I, LLC
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
June 30, 2025
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate (2)
MaturityPrincipalFair Value
Equity Securities (6) (7) (8)
Consumer Goods: Durable
Elevate Textiles, Inc. (fka International Textile Group, Inc.) (25,524 shares of common units)
  —   —   —   — — $87 
87 
Chemicals, Plastics & Rubber
New Spartech Holdings, LLC (fka TJC Spartech Acquisition Corp.) (89,749 Class A units)
  —   —   —   — — 833 
Polyventive Lender Holding Company LLC (0.84% of the equity)
  —   —   —   — — — 
833 
FIRE: Real Estate
Avison Young (USA) Inc. (1,605,312 Class A preferred shares)
(3)(5) n/a  n/a
12.50% PIK
  — — 139 
Avison Young (USA) Inc. (1,199 Class F common shares)
(3)  —   —   —   — — — 
139 
Healthcare & Pharmaceuticals
Cano Health, Inc. (79,030 shares of common units)
  —   —   —   — — 333 
Cano Health, Inc. (warrant to purchase up to 2,682 shares of common units)
  —   —   — 6/28/2029— — 
333 
Media: Diversified & Production
Research Now Group, Inc. and Survey Sampling International, LLC (61,590 shares of common units)
  —   —   —   — — 1,288 
1,288 
Services: Business
Output Services Group, Inc. (51,370 Class A units)
  —   —   —   — — 649 
SIRVA Worldwide Inc. (2,252 Class A common shares)
  —   —   —   — — 12 
SIRVA Worldwide Inc. (518 Class A preferred shares)
  —   —   —   — — 591 
1,252 
Telecommunications
AppLogic Networks Parent LLC (fka Sandvine Corporation) (47,749 common units)
  —   —   —   — — 161 
AppLogic Networks Parent LLC (fka Sandvine Corporation) (40 shares of Class A units)
  —   —   —   — — — 
161 
Total Non-Controlled/Non-Affiliate Equities4,093 
TOTAL INVESTMENTS$67,486 
49
Table of Contents
MONROE CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)
(unaudited)
(in thousands, except share and per share data)
MRCC SENIOR LOAN FUND I, LLC
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
June 30, 2025
________________________________________________________
(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 June 30, 2025. 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 June 30, 2025. 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 June 30, 2025, 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.
50
Table of Contents
MONROE CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)
(unaudited)
(in thousands, except share and per share data)

MRCC SENIOR LOAN FUND I, LLC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2024

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 
51
Table of Contents
MONROE CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)
(unaudited)
(in thousands, except share and per share data)

MRCC SENIOR LOAN FUND I, LLC
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2024
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 
52
Table of Contents
MONROE CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)
(unaudited)
(in thousands, except share and per share data)

MRCC SENIOR LOAN FUND I, LLC
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2024
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 
53
Table of Contents
MONROE CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)
(unaudited)
(in thousands, except share and per share data)

MRCC SENIOR LOAN FUND I, LLC
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2024
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.


54
Table of Contents
MONROE CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)
(unaudited)
(in thousands, except share and per share data)
Below is certain summarized financial information for SLF as of June 30, 2025 and December 31, 2024 and for the three and six months ended June 30, 2025 and 2024:
June 30, 2025December 31, 2024
(unaudited)
Assets
Investments, at fair value$67,486 $97,951 
Cash and cash equivalents1,102 1,488 
Restricted cash and cash equivalents6,194 3,673 
Interest receivable1,097 1,047 
Other assets20 — 
Total assets$75,899 $104,159 
Liabilities
Revolving credit facility$15,242 $38,214 
Less: Unamortized debt issuance costs— — 
Total debt, less unamortized debt issuance costs15,242 38,214 
Interest payable86 272 
Accounts payable and accrued expenses256 212 
Total liabilities15,584 38,698 
Members’ capital60,315 65,461 
Total liabilities and members’ capital$75,899 $104,159 
Three months ended June 30,Six months ended June 30,
2025202420252024
Investment income:
Interest income$1,773 $3,332 $4,053 $7,370 
Total investment income1,773 3,332 4,053 7,370 
Expenses:
Interest and other debt financing expenses291 1,355 855 3,045 
Professional fees and other expenses138 130 296 357 
Total expenses429 1,485 1,151 3,402 
Net investment income 1,344 1,847 2,902 3,968 
Net gain (loss):
Net realized gain (loss) — 46 82 82 
Net change in unrealized gain (loss) (3,464)122 (4,930)(496)
Net gain (loss)(3,464)168 (4,848)(414)
Net increase (decrease) in members’ capital$(2,120)$2,015 $(1,946)$3,554 
55
Table of Contents
MONROE CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)
(unaudited)
(in thousands, except share and per share data)
Note 4. Fair Value Measurements
Investments
The Company values all investments in accordance with ASC Topic 820. ASC Topic 820 requires enhanced disclosures about assets and liabilities that are measured and reported at fair value. As defined in ASC Topic 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation models involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the assets or liabilities or market and the assets’ or liabilities’ complexity.
ASC Topic 820 establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability of inputs used in measuring investments at fair value. Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.
Based on the observability of the inputs used in the valuation techniques, the Company is required to provide disclosures on fair value measurements according to the fair value hierarchy. The fair value hierarchy ranks the observability of the inputs used to determine fair values. Investments carried at fair value are classified and disclosed in one of the following three categories:
•Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date.
•Level 2 – Valuations based on inputs other than quoted prices in active markets, including quoted prices for similar assets or liabilities, which are either directly or indirectly observable.
•Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement. This includes situations where there is little, if any, market activity for the assets or liabilities. The inputs into the determination of fair value are based upon the best information available and may require significant management judgment or estimation.
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an asset’s or liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability.
The Board has designated MC Advisors as the Company’s valuation designee (the “Valuation Designee”). The Board is responsible for oversight of the Valuation Designee. The Valuation Designee has established a valuation committee to determine in good faith the fair value of the Company’s investments, based on input of the Valuation Designee’s management and personnel and independent valuation firms which are engaged at the direction of the valuation committee to assist in the valuation of certain portfolio investments lacking a readily available market quotation. The valuation committee determines fair values pursuant to a valuation policy approved by the Board and pursuant to a consistently applied valuation process.
With respect to investments for which market quotations are not readily available, the Valuation Designee undertakes a multi-step valuation process each quarter, as described below:
•the quarterly valuation process begins with each portfolio company or investment being initially evaluated and rated by the investment professionals of the Valuation Designee responsible for the credit monitoring of the portfolio investment;
56
Table of Contents
MONROE CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)
(unaudited)
(in thousands, except share and per share data)
•the Valuation Designee engages independent valuation firms to conduct independent appraisals of a selection of investments for which market quotations are not readily available. The Company will consult with an independent valuation firm relative to each portfolio company at least once in every calendar year, but the independent appraisals are generally received quarterly for each investment;
•to the extent an independent valuation firm is not engaged to conduct an investment appraisal on an investment for which market quotations are not readily available in a particular quarter, the investment will be valued by the Valuation Designee;
•preliminary valuation conclusions are then documented and discussed with the valuation committee of the Valuation Designee;
•the valuation conclusions are approved by the valuation committee of the Valuation Designee; and
•a report prepared by the Valuation Designee is presented to the Board quarterly to allow the Board to perform its oversight duties of the valuation process and the Valuation Designee.
The accompanying consolidated schedules of investments held by the Company consist primarily of private debt instruments (“Level 3 debt”). The Valuation Designee generally uses the income approach to determine fair value for Level 3 debt where market quotations are not readily available, as long as it is appropriate. If there is deterioration in credit quality or a debt investment is in workout status, the Valuation Designee may consider other factors in determining the fair value, including the value attributable to the debt investment from the enterprise value of the portfolio company or the proceeds that would be received in a liquidation analysis. This liquidation analysis may include probability weighting of alternative outcomes. The Valuation Designee generally considers the Company’s Level 3 debt to be performing if the borrower is not in default, the borrower is remitting payments in a timely manner; the loan is in covenant compliance or is otherwise not deemed to be impaired. In determining the fair value of the performing Level 3 debt, the Valuation Designee considers fluctuations in current interest rates, the trends in yields of debt instruments with similar credit ratings, financial condition of the borrower, economic conditions and other relevant factors, both qualitative and quantitative. In the event that a Level 3 debt instrument is not performing, as defined above, the Valuation Designee will evaluate the value of the collateral utilizing the same framework described above for a performing loan to determine the value of the Level 3 debt instrument.
Under the income approach, discounted cash flow models are utilized to determine the present value of the future cash flow streams of its debt investments, based on future interest and principal payments as set forth in the associated loan agreements. In determining fair value under the income approach, the Valuation Designee also considers the following factors: applicable market yields and leverage levels, recent transactions, credit quality, prepayment penalties, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, and changes in the interest rate environment and the credit markets that generally may affect the price at which similar investments may be made.
Under the market approach, the enterprise value methodology is typically utilized to determine the fair value of an investment. There is no one methodology to estimate enterprise value and, in fact, for any one portfolio company, enterprise value is generally best expressed as a range of values, from which the Valuation Designee derives a single estimate of enterprise value. In estimating the enterprise value of a portfolio company, the Valuation Designee analyzes various factors consistent with industry practice, including but not limited to original transaction multiples, the portfolio company’s historical and projected financial results, applicable market trading and transaction comparables, applicable market yields and leverage levels, the nature and realizable value of any collateral, the markets in which the portfolio company does business, and comparisons of financial ratios of peer companies that are public. Typically, the enterprise values of private companies are based on multiples of earnings before interest, income taxes, depreciation and amortization (“EBITDA”), cash flows, net income, revenues, or in limited cases, book value.
In addition, for certain investments, the Valuation Designee may base its valuation on indicative bid and ask prices provided by an independent third-party pricing service. Bid prices reflect the highest price that the Company and others may be willing to pay. Ask prices represent the lowest price that the Company and others may be willing to accept. The Valuation Designee generally uses the midpoint of the bid/ask range as its best estimate of fair value of such investment.
57
Table of Contents
MONROE CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)
(unaudited)
(in thousands, except share and per share data)
As of June 30, 2025, the Valuation Designee determined, in good faith, the fair value of the Company’s portfolio investments in accordance with GAAP and the Company’s valuation procedures based on the facts and circumstances known by the Company and the Valuation Designee at that time, or reasonably expected to be known at that time.
Foreign Currency Forward Contracts
The valuation for the Company’s foreign currency forward contracts is based on the difference between the exchange rate associated with the forward contract and the exchange rate at the current period end. Foreign currency forward contracts would be categorized as Level 2 in the fair value hierarchy. As of both June 30, 2025 and December 31, 2024 there were no foreign currency forward contracts outstanding.
Fair Value Disclosures
The following tables present fair value measurements of investments, by major class according to the fair value hierarchy as of June 30, 2025 and December 31, 2024:
Fair Value Measurements
June 30, 2025Level 1Level 2Level 3Total
Investments:
Senior secured loans$— $— $270,091 $270,091 
Unitranche secured loans— — 2,183 2,183 
Junior secured loans— — 31,679 31,679 
Equity investments— — 33,590 33,590 
Investments measured at NAV (1) (2)
— — — 30,157 
Total investments$— $— $337,543 $367,700 
Fair Value Measurements
December 31, 2024Level 1Level 2Level 3Total
Investments:
Senior secured loans$— $— $357,994 $357,994 
Unitranche secured loans— — 3,862 3,862 
Junior secured loans— — 29,634 29,634 
Equity investments61 — 32,767 32,828 
Investments measured at NAV (1) (2)
— — — 32,730 
Total investments$61 $— $424,257 $457,048 
________________________________________________________
(1)Certain investments that are measured at fair value using the NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented on the consolidated statements of assets and liabilities.
(2)Represents the Company’s investment in LLC equity interests in SLF. The fair value of this investment has been determined using the NAV of the Company’s ownership interest in SLF’s members’ capital.
Senior secured loans, unitranche secured loans and junior secured loans are collateralized by tangible and intangible assets of the borrowers. These investments include loans to entities that have some level of challenge in obtaining financing from other, more conventional institutions, such as a bank. Interest rates on these loans are either fixed or floating, and are based on current market conditions and credit ratings of the borrower. Excluding loans on non-accrual status, the contractual interest rates on the loans in the Company’s investment portfolio ranged from 4.44% to 19.50% at June 30, 2025 and 4.46% to 19.59% at December 31, 2024. The maturity dates on the loans outstanding at June 30, 2025 range between August 2025 and March 2031.
58
Table of Contents
MONROE CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)
(unaudited)
(in thousands, except share and per share data)
The following tables provide a reconciliation of the beginning and ending balances for investments at fair value that use Level 3 inputs for the three and six months ended June 30, 2025:
Investments
Senior
secured loans		Unitranche
secured loans		Junior
secured loans		Equity
investments		Total Level 3
investments
Balance as of March 31, 2025$330,893 $2,183 $32,017 $33,561 $398,654 
Net realized gain (loss) on investments— — — 77 77 
Net change in unrealized gain (loss) on investments(1,853)(2)(1,768)139 (3,484)
Purchases of investments and other adjustments to cost (1)
4,716 2 523 81 5,322 
Proceeds from principal payments and sales of investments (2)
(62,754)— — (272)(63,026)
Reclassifications (3)
(906)— 906 — — 
Balance as of June 30, 2025$270,096 $2,183 $31,678 $33,586 $337,543 
Investments
Senior
secured loans		Unitranche
secured loans		Junior
secured loans		Equity
investments		Total Level 3
investments
Balance as of December 31, 2024$357,994 $3,862 $29,634 $32,767 $424,257 
Net realized gain (loss) on investments— — — 29 29 
Net change in unrealized gain (loss) on investments(3,676)(9)(1,892)(287)(5,864)
Purchases of investments and other adjustments to cost (1)
19,980 6 3,030 1,349 24,365 
Proceeds from principal payments and sales of investments (2)
(103,296)(1,676)— (272)(105,244)
Reclassifications (3)
(906)— 906 — — 
Balance as of June 30, 2025$270,096 $2,183 $31,678 $33,586 $337,543 
________________________________________________________
(1)Includes purchases of new investments, effects of refinancing and restructurings, premium and discount accretion and amortization and PIK interest capitalized.
(2)Represents net proceeds from investments sold and principal paydowns received.
(3)Represents non-cash reclassification of investment type due to a restructuring.
59
Table of Contents
MONROE CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)
(unaudited)
(in thousands, except share and per share data)
The following tables provide a reconciliation of the beginning and ending balances for investments at fair value that use Level 3 inputs for the three and six months ended June 30, 2024:
Investments
Senior
secured loans		Unitranche
secured loans		Junior
secured loans		Equity
investments		Total Level 3
investments
Balance as of March 31, 2024$404,051 $6,091 $27,427 $29,310 $466,879 
Net realized gain (loss) on investments50 — — — 50 
Net change in unrealized gain (loss) on investments315 (1)(2,591)(947)(3,224)
Purchases of investments and other adjustments to cost (1)
22,437 22 1,553 103 24,115 
Proceeds from principal payments and sales of investments (2)
(33,067)(2,252)(5)(6)(35,330)
Reclassifications (3)
(3,844)— 2,304 1,540 — 
Balance as of June 30, 2024$389,942 $3,860 $28,688 $30,000 $452,490 
Investments
Senior
secured loans		Unitranche
secured loans		Junior
secured loans		Equity
investments		Total Level 3
investments
Balance as of December 31, 2023$388,882 $13,877 $26,594 $25,654 $455,007 
Net realized gain (loss) on investments50 — — 4 54 
Net change in unrealized gain (loss) on investments(1,342)(102)(1,178)(3,020)(5,642)
Purchases of investments and other adjustments to cost (1)
46,013 122 2,640 2,048 50,823 
Proceeds from principal payments and sales of investments (2)
(37,105)(10,037)(265)(10)(47,417)
Reclassifications (3)
(6,556)— 897 5,659 — 
Transfers in (out) of Level 3 (4)
— — — (335)(335)
Balance as of June 30, 2024$389,942 $3,860 $28,688 $30,000 $452,490 
________________________________________________________
(1)Includes purchases of new investments, effects of refinancing and restructurings, premium and discount accretion and amortization and PIK interest capitalized.
(2)Represents net proceeds from investments sold and principal paydowns received.
(3)Represents non-cash reclassification of investment type due to a restructuring.
(4)Represents non-cash transfers between fair value categories due to a restructuring.
The total net change in unrealized gain (loss) on investments included on the consolidated statements of operations for the three and six months ended June 30, 2025, attributable to Level 3 investments still held at June 30, 2025 was $(3,401) and $(5,366), respectively. The total net change in unrealized gain (loss) on investments included on the consolidated statements of operations for the three and six months ended June 30, 2024, attributable to Level 3 investments still held at June 30, 2024 was $(2,996) and $(5,499), respectively. Reclassifications impacting Level 3 of the fair value hierarchy are reported as transfers in or out of Level 3 as of the beginning of the period in which the reclassifications occur. During the three and six months ended June 30, 2025 and the three months ended June 30, 2024, there were no investments transferred between Levels 1, 2 and 3. There was one transfer from Level 3 to Level 1 as a result of a restructuring during the six months ended June 30, 2024.
60
Table of Contents
MONROE CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)
(unaudited)
(in thousands, except share and per share data)
Significant Unobservable Inputs
ASC Topic 820 requires disclosure of quantitative information about the significant unobservable inputs used in the valuation of assets and liabilities classified as Level 3 within the fair value hierarchy. Disclosure of this information is not required in circumstances where a valuation (unadjusted) is obtained from a third-party pricing service and the information regarding the unobservable inputs is not reasonably available to the Company and as such, the disclosures provided below exclude those investments valued in that manner. The tables below are not intended to be all-inclusive, but rather to provide information on significant unobservable inputs and valuation techniques used by the Valuation Designee.
The following tables present quantitative information about the valuation techniques and significant unobservable inputs of the Company's Level 3 investments as of June 30, 2025:
Fair ValueValuation TechniqueUnobservable
Input
Weighted Average Mean (1)
Range
Minimum
Maximum
Assets: 
Senior secured loans$177,601 Discounted cash flowEBITDA multiples
11.0x
5.0x
34.5x
Market yields12.3%7.7%25.5%
Senior secured loans60,090 Discounted cash flowRevenue multiples
7.1x
0.4x
11.0x
Market yields10.1%8.7%15.5%
Senior secured loans18,266 Enterprise valueBook value multiples
1.3x
1.3x
1.3x
Senior secured loans7,659 Enterprise valueEBITDA multiples
6.8x
5.0x
12.0x
Senior secured loans4,645 LiquidationProbability weighting of alternative outcomes49.2%32.2%81.3%
Senior secured loans1,830 Enterprise valueRevenue multiples
3.1x
0.2x
5.0x
Unitranche secured loans2,183 Discounted cash flowRevenue multiples
6.0x
6.0x
6.0x
Market yields13.2%13.2%13.2%
Junior secured loans22,262 Discounted cash flowMarket yields13.3%13.3%13.3%
Junior secured loans5,866 Enterprise valueRevenue multiples
3.3x
0.2x
5.0x
Junior secured loans2,208 LiquidationProbability weighting of alternative outcomes265.0%265.0%265.0%
Junior secured loans971 Discounted cash flowRevenue multiples
0.2x
0.2x
0.2x
Market yields19.8%19.8%19.8%
Junior secured loans372 Enterprise valueEBITDA multiples
12.0x
12.0x
12.0x
Equity securities22,782 Enterprise valueEBITDA multiples
9.3x
6.3x
17.0x
Equity securities9,299 Enterprise valueRevenue multiples
2.6x
0.4x
11.0x
Equity securities1,509 Option pricing modelVolatility65.9%24.0%70.0%
Total Level 3 Assets$337,543 
________________________________________________________
(1)The weighted average mean of unobservable inputs is based on the fair value of investments.
61
Table of Contents
MONROE CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)
(unaudited)
(in thousands, except share and per share data)
The following tables present quantitative information about the valuation techniques and significant unobservable inputs of the Company's Level 3 investments as of December 31, 2024:
Fair ValueValuation TechniqueUnobservable
Input
Weighted Average Mean (1)
Range
Minimum
Maximum
Assets:
Senior secured loans$211,778 Discounted cash flowEBITDA multiples
11.4x
4.8x
35.9x
Market yields12.6%8.8%21.8%
Senior secured loans106,963 Discounted cash flowRevenue multiples
6.4x
1.2x
13.0x
Market yields10.5%8.5%14.0%
Senior secured loans18,437 Enterprise valueBook value multiples
1.4x
1.4x
1.4x
Senior secured loans9,823 Enterprise valueRevenue multiples
2.9x
0.3x
5.3x
Senior secured loans5,518 LiquidationProbability weighting of alternative outcomes58.9%32.2%87.2%
Senior secured loans4,507 Enterprise valueEBITDA multiples
10.1x
6.5x
13.0x
Unitranche secured loans3,862 Discounted cash flowRevenue multiples
6.3x
6.3x
6.3x
Market yields13.9%13.9%13.9%
Junior secured loans19,392 Discounted cash flowMarket yields12.6%12.6%12.6%
Junior secured loans6,292 Enterprise valueRevenue multiples
4.3x
0.3x
5.3x
Junior secured loans2,330 LiquidationProbability weighting of alternative outcomes279.6%279.6%279.6%
Junior secured loans921 Discounted cash flowRevenue multiples
0.2x
0.2x
0.2x
Market yields
18.5%18.5%18.5%
Equity investments19,560 Enterprise valueEBITDA multiples
8.9x
6.3x
16.0x
Equity investments10,427 Enterprise valueRevenue multiples
2.2x
0.4x
11.0x
Equity investments1,923 Option pricing modelVolatility55.2%24.0%65.0%
Total Level 3 Assets$421,733 
(2)
________________________________________________________
(1)The weighted average mean of unobservable inputs is based on the fair value of investments.
(2)Excludes investments of $2,524 at fair value where valuation (unadjusted) is obtained from a third-party pricing service or broker quote for which such disclosure is not required.
62
Table of Contents
MONROE CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)
(unaudited)
(in thousands, except share and per share data)
The significant unobservable input used in the income approach of fair value measurement of the Company’s investments is the discount rate used to discount the estimated future cash flows expected to be received from the underlying investment, which includes both future principal and interest payments. Increases (decreases) in the discount rate would result in a decrease (increase) in the fair value estimate of the investment. Included in the consideration and selection of discount rates are the following factors: risk of default, rating of the investment and comparable investments, and call provisions.
The significant unobservable inputs used in the market approach of fair value measurement of the Company’s investments are the market multiples of EBITDA or revenue of the comparable guideline public companies. The Valuation Designee selects a population of public companies for each investment with similar operations and attributes of the portfolio company. Using these guideline public companies’ data, a range of multiples of enterprise value to EBITDA or revenue is calculated. The Valuation Designee selects percentages from the range of multiples for purposes of determining the portfolio company’s estimated enterprise value based on said multiple and generally the latest twelve months EBITDA or revenue of the portfolio company (or other meaningful measure). Increases (decreases) in the multiple will result in an increase (decrease) in enterprise value, resulting in an increase (decrease) in the fair value estimate of the investment.
Other Financial Assets and Liabilities
ASC Topic 820 requires disclosure of the fair value of financial instruments for which it is practical to estimate such value. The Company believes that the carrying amounts of its other financial instruments such as cash and cash equivalents, receivables and payables approximate the fair value of such items due to the short maturity of such instruments.
Fair value of the Company’s debt facilities is estimated by discounting remaining payments using applicable market rates or market quotes for similar instruments at the measurement date, if applicable. The following are the carrying values and fair values of the Company’s debt as of June 30, 2025 and December 31, 2024:
As of June 30, 2025As of December 31, 2024
Carrying Value(1)
Fair Value
Carrying Value(1)
Fair Value
Revolving Credit Facility$79,080 $79,080 $162,872 $162,872 
2026 Notes129,498 127,830 129,103 124,161 
Total Debt$208,578 $206,910 $291,975 $287,033 
________________________________________________________
(1)Represents the principal amount outstanding, less unamortized debt issuance costs.
The below table presents fair value measurements of the Company’s debt obligations according to the fair value hierarchy as of June 30, 2025 and December 31, 2024:
June 30, 2025December 31, 2024
Level 1$— $— 
Level 2— — 
Level 3206,910 287,033 
Total Debt$206,910 $287,033 
63
Table of Contents
MONROE CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)
(unaudited)
(in thousands, except share and per share data)
Note 5. Transactions with Affiliate Companies
An affiliate company is a company in which the Company has an ownership interest of 5% or more of its voting securities. A controlled affiliate company is a company in which the Company has an ownership interest of more than 25% of its voting securities. Please see the Company’s consolidated schedule of investments for the type of investment, principal amount, interest rate including the spread, and the maturity date for each investment. Transactions related to the Company’s investments with affiliates for the six months ended June 30, 2025 and 2024 were as follows:
Portfolio CompanyFair value at
December 31, 2024		Transfers
 in (out)		Purchases
 (cost)		Sales and
paydowns
(cost)		PIK
interest capitalized
(cost)		Discount
accretion		Net realized
gain (loss)
Net change in
unrealized
gain (loss)
Fair value at
June 30, 2025
Non-Controlled affiliate company investments:
American Community Homes, Inc.$8,382 $— $— $— $307 $— $— $(385)$8,304 
American Community Homes, Inc.4,125 — — — 151 — — (191)4,085 
American Community Homes, Inc.508 — — — 19 — — (24)503 
American Community Homes, Inc.1,868 — — — 68 — — (86)1,850 
American Community Homes, Inc.3,459 — — — 127 — — (159)3,427 
American Community Homes, Inc.16 — — — — — — (1)15 
American Community Homes, Inc.79 — — — 3 — — (4)78 
American Community Homes, Inc. (Revolver)— — — — — — — — — 
American Community Homes, Inc. (4,940 shares of common stock)
— — — — — — — — — 
18,437 — — — 675 — — (850)18,262 
Ascent Midco, LLC (2,032,258 Class A units)
1,760 — — — — — — (156)1,604 
1,760 — — — — — — (156)1,604 
Familia Dental Group Holdings, LLC (1,525 Class A units)
3,023 — — — — — — 27 3,050 
3,023 — — — — — — 27 3,050 
HFZ Capital Group LLC13,378 — — — — — — 338 13,716 
HFZ Capital Group LLC4,807 — — — — — — 120 4,927 
MC Asset Management (Corporate), LLC12,517 — — — 894 — — — 13,411 
MC Asset Management (Corporate), LLC3,731 — — — 267 — — — 3,998 
MC Asset Management (Corporate), LLC (15.9% of interests)
— — — — — — — — — 
34,433 — — — 1,161 — — 458 36,052 
Mnine Holdings, Inc.6,592 — — (6,674)82 — — — — 
Mnine Holdings, Inc.58 — — (59)1 — — — — 
Mnine Holdings, Inc. (Revolver)133 — 288 (421)— — — — — 
Mnine Holdings, Inc. (6,400 Class B units)
— — — — — — — — — 
6,783 — 288 (7,154)83 — — — — 
NECB Collections, LLC (Revolver)422 — — — — — — — 422 
NECB Collections, LLC, LLC (20.8% of LLC units)
— — — — — — — — — 
422 — — — — — — — 422 
64
Table of Contents
MONROE CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)
(unaudited)
(in thousands, except share and per share data)
Portfolio CompanyFair value at
December 31, 2024		Transfers
 in (out)		Purchases
 (cost)		Sales and
paydowns
(cost)		PIK
interest capitalized
(cost)		Discount
accretion		Net realized
gain (loss)
Net change in
unrealized
gain (loss)
Fair value at
June 30, 2025
SFR Holdco, LLC$5,593 $— $— $— $— $— $— $5 $5,598 
SFR Holdco, LLC (24.4% of equity commitment)
4,797 — — — — — — 119 4,916 
10,390 — — — — — — 124 10,514 
SFR Holdco 2, LLC (Delayed Draw)1,295 — 815 — — — — (3)2,107 
SFR Holdco 2, LLC (13.9% of equity commitment)
864 — 543 — — — — 57 1,464 
2,159 — 1,358 — — — — 54 3,571 
TJ Management HoldCo, LLC (Revolver)— — 95 — — — — — 95 
TJ Management HoldCo, LLC (16 shares of common stock)
3,076 — — — — — — (267)2,809 
3,076 — 95 — — — — (267)2,904 
Total non-controlled affiliate company investments$80,483 $— $1,741 $(7,154)$1,919 $— $— $(610)$76,379 
Controlled affiliate company investments:
MRCC Senior Loan Fund I, LLC$32,730 $— $— $— $— $— $— $(2,573)$30,157 
32,730 — — — — — — (2,573)30,157 
Total controlled affiliate company investments$32,730 $— $— $— $— $— $— $(2,573)$30,157 


65
Table of Contents
MONROE CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)
(unaudited)
(in thousands, except share and per share data)
Portfolio CompanyFair value at
December 31, 2023		Transfers
 in (out)		Purchases
 (cost)		Sales and
paydowns
(cost)		PIK
interest
(cost)		Discount
accretion		Net realized
gain (loss)
Net change in
unrealized
gain (loss)
Fair value at
June 30, 2024
Non-Controlled affiliate company investments:
American Community Homes, Inc.$8,110 $— $— $— $487 $— $— $(443)$8,154 
American Community Homes, Inc.3,990 — — — 239 — — (218)4,011 
American Community Homes, Inc.491 — — — 30 — — (27)494 
American Community Homes, Inc.1,808 — — — 108 — — (99)1,817 
American Community Homes, Inc.3,347 — — — 201 — — (183)3,365 
American Community Homes, Inc.16 — — — 1 — — — 17 
American Community Homes, Inc.77 — — — 4 — — (4)77 
American Community Homes, Inc. (Revolver)— — — — — — — — — 
American Community Homes, Inc. (4,940 shares of common stock)
— — — — — — — — — 
17,839 — — — 1,070 — — (974)17,935 
Ascent Midco, LLC (2,032,258 Class A units)
1,932 — — — — — — (432)1,500 
1,932 — — — — — — (432)1,500 
Familia Dental Group Holdings, LLC (1,194 Class A units)
2,226 — 254 — — — — 61 2,541 
2,226 — 254 — — — — 61 2,541 
HFZ Capital Group, LLC17,233 — — — — — — 535 17,768 
HFZ Capital Group, LLC6,191 — — — — — — 193 6,384 
MC Asset Management (Corporate), LLC10,237 — — — 1,081 — — — 11,318 
MC Asset Management (Corporate), LLC (Delayed Draw)3,051 — — — 323 — — — 3,374 
MC Asset Management (Corporate), LLC (15.9% of interest)
1,045 — — — — — — (346)699 
37,757 — — — 1,404 — — 382 39,543 
Mnine Holdings, Inc.55 — — — 1 — — (4)52 
Mnine Holdings, Inc.6,187 — — — 160 — — (481)5,866 
Mnine Holdings, Inc. (Revolver)658 — 37 (703)— — — 8 — 
Mnine Holdings, Inc. (6,400 Class B units)
— — — — — — — — — 
6,900 — 37 (703)161 — — (477)5,918 
NECB Collections, LLC (Revolver)424 — — — — — — — 424 
NECB Collections, LLC, LLC (20.8% of LLC units)
— — — — — — — — — 
424 — — — — — — — 424 
Second Avenue SFR Holdings II LLC (Revolver) (1)
3,323 — — — — — — — 3,323 
3,323 — — — — — — — 3,323 
66
Table of Contents
MONROE CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)
(unaudited)
(in thousands, except share and per share data)
Portfolio CompanyFair value at
December 31, 2023		Transfers
 in (out)		Purchases
 (cost)		Sales and
paydowns
(cost)		PIK
interest
(cost)		Discount
accretion		Net realized
gain (loss)
Net change in
unrealized
gain (loss)
Fair value at
June 30, 2024
SFR Holdco, LLC$5,539 $— $— $— $— $— $— $(127)$5,412 
SFR Holdco, LLC (24.4% of equity commitments)
4,372 — — — — — — 88 4,460 
9,911 — — — — — — (39)9,872 
TJ Management HoldCo, LLC (Revolver)— — 437 — — — — (1)436 
TJ Management HoldCo, LLC (16 shares of common stock)
3,229 — — — — — — (253)2,976 
3,229 — 437 — — — — (254)3,412 
Total non-controlled affiliate company investments$83,541 $— $728 $(703)$2,635 $— $— $(1,733)$84,468 
Controlled affiliate company investments:
MRCC Senior Loan Fund I, LLC$33,122 $— $— $— $— $— $— $(24)$33,098 
33,122 — — — — — — (24)33,098 
Total controlled affiliate company investments$33,122 $— $— $— $— $— $— $(24)$33,098 
________________________________________________________
(1)Second Avenue SFR Holdings II LLC is a related entity to SFR Holdco, LLC and SFR Holdco 2, LLC and is presented as a non-controlled affiliate for that reason.



















67
Table of Contents
MONROE CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)
(unaudited)
(in thousands, except share and per share data)
Six months ended June 30, 2025
20252024
Portfolio CompanyInterest
Income		Dividend
Income		Other IncomeInterest
Income		Dividend
Income		Other Income
Non-controlled affiliate company investments:
American Community Homes, Inc.$305 $— $— $485 $— $— 
American Community Homes, Inc.150 — — 238 — — 
American Community Homes, Inc.18 — — 30 — — 
American Community Homes, Inc.69 — — 107 — — 
American Community Homes, Inc.126 — — 201 — — 
American Community Homes, Inc.— — — 2 — — 
American Community Homes, Inc.2 — — 4 — — 
American Community Homes, Inc. (Revolver)4 — — — — — 
American Community Homes, Inc. (Common Stock)
— — — — — — 
674 — — 1,067 — — 
Ascent Midco, LLC (Class A units)
— 117 — — 108 — 
— 117 — — 108 — 
Familia Dental Group Holdings, LLC (Class A units)
— — — — — — 
— — — — — — 
HFZ Capital Group LLC533 — — 1,239 — — 
HFZ Capital Group LLC191 — — 424 — — 
MC Asset Management (Corporate), LLC538 — — 1,133 — — 
MC Asset Management (Corporate), LLC (Delayed Draw)160 — — 339 — — 
MC Asset Management (Corporate), LLC (LLC interests)
— — — — — — 
1,422 — — 3,135 — — 
Mnine Holdings, Inc.— — — — — — 
Mnine Holdings, Inc.— — — 3 — — 
Mnine Holdings, Inc. (Revolver)— — — 9 — — 
Mnine Holdings, Inc. (Class B units)
— — — 433 — — 
— — — 445 — — 
NECB Collections, LLC (Revolver)— — — — — — 
NECB Collections, LLC (LLC units)
— — — — — — 
— — — — — — 
Second Avenue SFR Holdings II LLC (Revolver) (1)
n/an/an/a208 — — 
n/an/an/a208 — — 
SFR Holdco, LLC (Delayed Draw)296 — — 234 — — 
SFR Holdco, LLC (Equity Commitment)— — — — — — 
296 — — 234 — — 
68
Table of Contents
MONROE CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)
(unaudited)
(in thousands, except share and per share data)
Six months ended June 30, 2025
20252024
Portfolio CompanyInterest
Income		Dividend
Income		Other IncomeInterest
Income		Dividend
Income		Other Income
SFR Holdco 2, LLC (Delayed Draw)$75 $— $— $— $— $— 
SFR Holdco 2, LLC (Equity Commitment)— — — — — — 
75 — — — — — 
TJ Management HoldCo LLC (Revolver)2 — — 7 — — 
TJ Management HoldCo LLC (Common Stock) 
— — — — — — 
2 — — 7 — — 
Total non-controlled affiliate company investments$2,469 $117 $— $5,096 $108 $— 
Controlled affiliate company investments:
MRCC Senior Loan Fund I, LLC$— $1,600 $— $— $1,800 $— 
— 1,600 — — 1,800 — 
Total controlled affiliate company investments$— $1,600 $— $— $1,800 $— 
_________________________________________
(1)Second Avenue SFR Holdings II LLC is a related entity to SFR Holdco, LLC and SFR Holdco 2, LLC and is presented as a non-controlled affiliate for that reason.
Note 6. Transactions with Related Parties
On March 31, 2025, in connection with the change of control transaction in which an affiliate of Wendel SE acquired 75% of the outstanding equity interests in certain affiliates of Monroe Capital LLC, including MC Advisors (the "Wendel Transaction"), the Company entered into the Second Amended and Restated Investment Advisory and Management Agreement with MC Advisors (the “Amended Investment Advisory Agreement”). The terms of the Amended Investment Advisory Agreement, including the fee structure and services to be provided, remain unchanged from the previous investment advisory and management agreement, dated November 4, 2019 (the “Original Investment Advisory Agreement”). The Original Investment Advisory Agreement terminated pursuant to its terms as a result of the Wendel Transaction in accordance with the requirements of the 1940 Act. Under the terms of the Amended Investment Advisory Agreement, MC Advisors, subject to the overall supervision of the Board, continues to provide investment advisory services to the Company. The Company pays MC Advisors a fee for its services under the Amended Investment Advisory Agreement consisting of two components — a base management fee and an incentive fee. The cost of both the base management fee and the incentive fee are borne by the Company’s stockholders, unless such fees are waived by MC Advisors.
The base management fee is calculated initially at an annual rate equal to 1.75% of average invested assets (calculated as total assets excluding cash, which includes assets financed using leverage); provided, however, the base management fee is calculated at an annual rate equal to 1.00% of the Company’s average invested assets (calculated as total assets excluding cash, which includes assets financed using leverage) that exceeds the product of (i) 200% and (ii) the Company’s average net assets. This has the effect of reducing the Company’s base management fee rate on assets in excess of regulatory leverage of 1:1 debt to equity to 1.00% per annum. The base management fee is payable quarterly in arrears.
Base management fees for the three and six months ended June 30, 2025 were $1,742 and $3,593, respectively. Base management fees for the three and six months ended June 30, 2024 were $2,037 and $4,085, respectively.
69
Table of Contents
MONROE CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)
(unaudited)
(in thousands, except share and per share data)
The incentive fee consists of two parts. The first part is calculated and payable quarterly in arrears and equals 20% of “pre-incentive fee net investment income” for the immediately preceding quarter, subject to a 2% (8% annualized) preferred return, or “hurdle,” and a “catch up” feature. The foregoing incentive fee is subject to a total return requirement, which provides that no incentive fee in respect of pre-incentive fee net investment income will be payable except to the extent that 20% of the cumulative net increase in net assets resulting from operations over the then current and 11 preceding calendar quarters exceeds the cumulative incentive fees accrued and/or paid for the 11 preceding calendar quarters (the “Incentive Fee Limitation”). Therefore, any ordinary income incentive fee that is payable in a calendar quarter will be limited to the lesser of (1) 20% of the amount by which pre-incentive fee net investment income for such calendar quarter exceeds the 2% hurdle, subject to the “catch-up” provision, and (2) (x) 20% of the cumulative net increase in net assets resulting from operations for the then current and 11 preceding calendar quarters minus (y) the cumulative incentive fees accrued and/or paid for the 11 preceding calendar quarters. For the foregoing purpose, the “cumulative net increase in net assets resulting from operations” is the sum of pre-incentive fee net investment income, realized gains and losses and unrealized gains and losses for the then current and 11 preceding calendar quarters.
The second part of the incentive fee is determined and payable in arrears as of the end of each fiscal year in an amount equal to 20% of realized capital gains, if any, on a cumulative basis from inception through the end of the year, computed net of all realized capital losses on a cumulative basis and unrealized depreciation, less the aggregate amount of any previously paid capital gain incentive fees.
The composition of the Company’s incentive fees for the three and six months ended June 30, 2025 and 2024 was as follows:
Three months ended June 30,Six months ended June 30,
2025202420252024
Part one incentive fees (1)
$— $1,382 $251 $2,750 
Part two incentive fees (2)
— — — — 
Incentive Fee Limitation— (1,031)(251)(1,031)
Total incentive fees$— $351 $— $1,719 
________________________________________________________
(1)Based on pre-incentive fee net investment income.
(2)Based upon net realized and unrealized gains and losses, or capital gains and losses. The Company accrues, but does not pay, a capital gains incentive fee in connection with any unrealized capital appreciation, as appropriate. If, on a cumulative basis, the sum of net realized gain (loss) plus net unrealized gain (loss) decreases during a period, the Company will reverse any excess capital gains incentive fee previously accrued such that the amount of capital gains incentive fee accrued is no more than 20% of the sum of net realized gain (loss) plus net unrealized gain (loss).
70
Table of Contents
MONROE CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)
(unaudited)
(in thousands, except share and per share data)
The Company has entered into an administration agreement with MC Management (the “Administration Agreement”), under which the Company reimburses MC Management, subject to the review and approval of the Board, for its allocable portion of overhead and other expenses, including the costs of furnishing the Company with office facilities and equipment and providing clerical, bookkeeping, record-keeping and other administrative services at such facilities, and the Company’s allocable portion of the cost of the chief financial officer and chief compliance officer and their respective staffs. To the extent that MC Management outsources any of its functions, the Company will pay the fees associated with such functions on a direct basis, without incremental profit to MC Management. For the three and six months ended June 30, 2025, the Company incurred $873 and $1,716, respectively, in administrative expenses (included within professional fees, administrative service fees and general and administrative expenses on the consolidated statements of operations) under the Administration Agreement, of which $374, and $727, respectively, was related to MC Management overhead and salary allocation and paid directly to MC Management. For the three and six months ended June 30, 2024, the Company incurred $692 and $1,387, respectively, in administrative expenses (included within professional fees, administrative service fees and general and administrative expenses on the consolidated statements of operations) under the Administration Agreement, of which $250, and $459, respectively, was related to MC Management overhead and salary allocation and paid directly to MC Management. As of June 30, 2025 and December 31, 2024, $374 and $284, respectively, of expenses were due to MC Management under this agreement and are included in accounts payable and accrued expenses on the consolidated statements of assets and liabilities.
The Company has entered into a license agreement with Monroe Capital LLC under which Monroe Capital LLC has agreed to grant the Company a non-exclusive, royalty-free license to use the name “Monroe Capital” for specified purposes in its business. Under this agreement, the Company has the right to use the “Monroe Capital” name at no cost, subject to certain conditions, for so long as MC Advisors or one of its affiliates remains its investment adviser. Other than with respect to this limited license, the Company has no legal right to the “Monroe Capital” name or logo.
As of both June 30, 2025 and December 31, 2024, the Company had no accounts payable to members of the Board, representing accrued and unpaid fees for their services.
Note 7. Borrowings
In accordance with the 1940 Act, the Company is permitted to borrow amounts such that its asset coverage ratio, as defined in the 1940 Act, is at least 150% after such borrowing. As of June 30, 2025 and December 31, 2024, the Company’s asset coverage ratio based on aggregate borrowings outstanding was 185% and 165%, respectively.
Revolving Credit Facility: The Company has a $255,000 revolving credit facility with ING Capital LLC, as agent. The revolving credit facility has an accordion feature which permits the Company, under certain circumstances to increase the size of the facility up to $400,000. The revolving credit facility is secured by a lien on all of the Company’s assets, including cash on hand. The Company may make draws under the revolving credit facility to make or purchase additional investments through December 27, 2026 and for general working capital purposes until December 27, 2027, the maturity date of the revolving credit facility. On February 27, 2025, the Company amended its revolving credit facility to provide additional flexibility for the Company to refinance the 2026 Notes, including, among other things, by modifying the borrowing base treatment of 2026 Notes and allowing for new indebtedness to be incurred to refinance the 2026 Notes. The size, applicable margin and other significant terms of the revolving credit facility remain unchanged.
71
Table of Contents
MONROE CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)
(unaudited)
(in thousands, except share and per share data)
The Company’s ability to borrow under the revolving credit facility is subject to availability under the borrowing base, which permits the Company to borrow up to 72.5% of the fair market value of its portfolio company investments depending on the type of investment the Company holds and whether the investment is quoted. The Company’s ability to borrow is also subject to certain concentration limits, and continued compliance with the representations, warranties and covenants given by the Company under the facility. The revolving credit facility contains certain financial covenants, including, but not limited to, the Company’s maintenance of: (1) minimum consolidated total net assets at least equal to $150,000 plus 65% of the net proceeds to the Company from sales of its equity securities after March 1, 2019; (2) a ratio of total assets (less total liabilities other than indebtedness) to total indebtedness of not less than 1.5 to 1; and (3) a senior debt coverage ratio of at least 2 to 1. Additionally, to the extent that the 2026 Notes are not refinanced before May 30, 2025, the revolving credit facility contains provisions for inclusion of a portion of the 2026 Notes the definition of indebtedness requiring borrowing base coverage. This required inclusion is $20.0 million initially, with increases in the required inclusion levels at various intervals leading up to the maturity of the 2026 Notes. The revolving credit facility also requires the Company to undertake customary indemnification obligations with respect to ING Capital LLC and other members of the lending group and to reimburse the lenders for expenses associated with entering into the credit facility. The revolving credit facility also has customary provisions regarding events of default, including events of default for nonpayment, change in control transactions at both Monroe Capital Corporation and MC Advisors, failure to comply with financial and negative covenants, and failure to maintain the Company’s relationship with MC Advisors. If the Company incurs an event of default under the revolving credit facility and fails to remedy such default under any applicable grace period, if any, then the entire revolving credit facility could become immediately due and payable, which would materially and adversely affect the Company’s liquidity, financial condition, results of operations and cash flows.
The Company’s revolving credit facility also imposes certain conditions that may limit the amount of the Company’s distributions to stockholders. Distributions payable in the Company’s common stock under the DRIP are not limited by the revolving credit facility. Distributions in cash or property other than common stock are generally limited to 115% of the amount of distributions required to maintain the Company’s status as a RIC.
As of June 30, 2025 and December 31, 2024, the Company had U.S. dollar borrowings of $80,300 and $163,900, respectively, and no borrowings denominated in a foreign currency as of either date. Any borrowings denominated in a foreign currency may be positively or negatively affected by movements in the rate of exchange between the U.S. dollar and the respective foreign currency. These movements are beyond the control of the Company and cannot be predicted. Borrowings denominated in a foreign currency are translated into U.S. dollars based on the spot rate at each balance sheet date. The impact resulting from changes in foreign currency borrowings is included in net change in unrealized gain (loss) on foreign currency and other transactions on the Company’s consolidated statements of operations.
Borrowings under the revolving credit facility bear interest, at the Company’s election, at an annual rate of SOFR (one-month or three-month at the Company’s discretion based on the term of the borrowing) plus 2.625% or at a daily rate equal to 1.625% per annum plus the greater of 1.5%, the prime interest rate, the federal funds rate plus 0.5% or SOFR plus 1.0%, with a SOFR floor of 0.5%. In addition to the stated interest rate on borrowings under the revolving credit facility, the Company is required to pay a commitment fee and certain conditional fees based on usage of the expanded borrowing base and usage of the asset coverage ratio flexibility. A commitment fee of 0.5% per annum on any unused portion of the revolving credit facility if the utilized portion of the facility is greater than 35% of the then available maximum borrowing or a commitment fee of 1.0% per annum on any unused portion of the revolving credit facility if the utilized portion of the facility is less than or equal to 35% of the then available maximum borrowing. As of both June 30, 2025 and December 31, 2024, the outstanding borrowings were accruing at a weighted average interest rate of 7.1%.
2026 Notes: As of both June 30, 2025 and December 31, 2024, the Company had $130,000 in aggregate principal amount of senior unsecured notes outstanding that mature on February 15, 2026. The 2026 Notes bear interest at an annual rate of 4.75% payable semi-annually on February 15 and August 15. The Company may redeem the 2026 Notes in whole or in part at any time or from time to time at the Company’s option at par plus a “make-whole” premium, if applicable. The 2026 Notes are general, unsecured obligations and rank equal in right of payment with all of the Company’s existing and future unsecured indebtedness.
72
Table of Contents
MONROE CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)
(unaudited)
(in thousands, except share and per share data)
Components of Interest Expense: The components of the Company’s interest expense and other debt financing expenses, average debt outstanding balances and average stated interest rates (i.e., the rate in effect plus spread) for the three and six months ended June 30, 2025 were as follows:
Three months ended June 30,
20252024
Interest expense - revolving credit facility$1,977 $3,898 
Interest expense - 2026 Notes1,555 1,555 
Amortization of debt issuance costs
401 327 
Total interest and other debt financing expenses$3,933 $5,780 
Average debt outstanding$228,226 $315,611 
Average stated interest rate6.2 %6.9 %
Six months ended June 30,
20252024
Interest expense - revolving credit facility$4,750 $7,523 
Interest expense - 2026 Notes3,110 3,110 
Amortization of debt issuance costs750 654 
Total interest and other debt financing expenses$8,610 $11,287 
Average debt outstanding$252,837 $308,327 
Average stated interest rate6.3 %6.9 %
Note 8. Derivative Instruments
The Company enters into foreign currency forward contracts from time to time to help mitigate the impact that an adverse change in foreign exchange rates would have on future principal and interest cash flows from the Company’s investments denominated in foreign currencies. As of both June 30, 2025 and December 31, 2024, the Company held no foreign currency forward contracts. Net unrealized gain or loss on foreign currency forward contracts are included in net change in unrealized gain (loss) on foreign currency forward contracts and net realized gain or loss on forward currency forward contracts are included in net realized gain (loss) on foreign currency forward contracts on the accompanying consolidated statements of operations.
For both the three and six months ended June 30, 2025 and 2024, the Company recognized no net realized or unrealized gain (loss) on foreign currency forward contracts, as none were outstanding during those periods.
73
Table of Contents
MONROE CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)
(unaudited)
(in thousands, except share and per share data)
Note 9. Distributions
The Company’s distributions to stockholders are recorded on the applicable record date. The following table summarizes the distributions declared during the three and six months ended June 30, 2025 and 2024:
Date
Declared		Record
Date		Payment
Date		Amount
Per
Share		Cash
Distribution		DRIP Shares
Repurchased
in the Open
Market		Cost of
DRIP Shares
Repurchased
Six months ended June 30, 2025:
March 3, 2025March 14, 2025March 31, 2025$0.25$5,41719,025$148
June 4, 2025June 16, 2025June 30, 2025$0.25$5,41635,753$235
  Total distributions declared$0.50$10,83354,778$383
Six months ended June 30, 2024:
March 5, 2024March 15, 2024March 29, 2024$0.25$5,41718,219$134
June 3, 2024June 17, 2024June 28, 2024$0.25$5,41618,516$140
  Total distributions declared$0.50$10,83336,735$274
Note 10. Stock Issuances and Repurchases
Stock Issuances: On May 12, 2017, the Company entered into at-the-market (“ATM”) equity distribution agreements with each of JMP Securities LLC (“JMP”) and FBR Capital Markets & Co. (“FBR”) (the “ATM Program”) through which the Company could sell, by means of ATM offerings, from time to time, up to $50,000 of the Company’s common stock. On May 8, 2020, the Company entered into an amendment to the ATM Program to extend its term. All other material terms of the ATM Program remain unchanged. There were no stock issuances through the ATM Program during the six months ended June 30, 2025 and 2024.
Note 11. Commitments and Contingencies
Commitments: As of June 30, 2025 and December 31, 2024, the Company had $31,605 and $38,509, respectively, in outstanding commitments to fund investments under undrawn revolvers, delayed draw commitments and subscription agreements, excluding unfunded commitments in SLF. As described in Note 3, the Company had unfunded commitments of $7,350, to SLF as of both June 30, 2025 and December 31, 2024, that may be contributed primarily for the purpose of funding new investments approved by the SLF investment committee. Drawdowns of the commitments to SLF require authorization from one of the Company’s representatives on SLF’s board of managers. Management believes that the Company’s available cash balances and/or ability to draw on the revolving credit facility provide sufficient funds to cover its unfunded commitments as of June 30, 2025.
The table below presents outstanding commitments to fund investments in current portfolio companies as of June 30, 2025 and December 31, 2024:
Portfolio CompanyJune 30, 2025December 31, 2024
American Broadband and Telecommunications Company LLC (Revolver)$373$374
American Broadband and Telecommunications Company LLC (Delayed Draw)n/a54
American Community Homes, Inc. (Revolver)2,5002,500
Aras Corporation (Revolver)207207
Arcserve Cayman Opco LP (Delayed Draw)386386
Avalara, Inc. (Revolver)n/a400
74
Table of Contents
MONROE CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)
(unaudited)
(in thousands, except share and per share data)
Bluesight, Inc. (Revolver)$348$348
Bonterra, LLC (Revolver)n/a385
BTR Opco LLC (Delayed Draw)149149
Calabrio, Inc. (Revolver)234234
Cdata Software, Inc. (Delayed Draw)556556
Cdata Software, Inc. (Delayed Draw)472472
Cdata Software, Inc. (Revolver)667667
Chess.com, LLC (Revolver)652652
Destination Media, Inc. (Revolver)n/a82
Dorado Acquisition, Inc. (Revolver)596596
Douglas Holdings, Inc. (Delayed Draw)478543
Douglas Holdings, Inc. (Delayed Draw)191260
Douglas Holdings, Inc. (Delayed Draw)n/a598
Douglas Holdings, Inc. (Revolver)217217
Drawbridge Partners, LLC (Revolver)522522
Drawbridge Partners, LLC (Delayed Draw)7979
Epika Fleet Services, Inc. (Delayed Draw)n/a381
Epika Fleet Services, Inc. (Delayed Draw)n/a779
Epika Fleet Services, Inc. (Revolver)n/a536
Express Wash Acquisition Company, LLC (Revolver)n/a171
Forest Buyer, LLC (Revolver)750750
GC Champion Acquisition LLC (Delayed Draw)669669
Hastings Manufacturing Company (Revolver)691691
HS4 Acquisitionco, Inc. (Revolver)n/a266
IDIG Parent, LLC (Common stock)n/a43
Independence Buyer, Inc. (Revolver)1,3331,138
INH Buyer, Inc. (Delayed Draw)96n/a
J2 BWA Funding LLC (Revolver)n/a1,061
Kar Wash Holdings, LLC (Delayed Draw)9111,846
Kar Wash Holdings, LLC (Revolver)648952
Kingsley Gate Partners, LLC (Revolver)n/a48
KL Moon Acquisition, LLC (Revolver)271352
The Kyjen Company, LLC (Revolver)105n/a
Lifted Trucks Holdings, LLC (Revolver)1,3891,444
LVF Holdings, Inc. (Revolver)n/a141
MEI Buyer LLC (Delayed Draw)699n/a
MEI Buyer LLC (Revolver)354373
Mindbody, Inc. (Revolver)n/a667
Mnine Holdings, Inc. (Revolver)n/a613
NationsBenefits, LLC (Delayed Draw)n/a649
NationsBenefits, LLC (Revolver)n/a2,222
NECB Collections, LLC (Revolver)4545
Northeast Contracting Company, LLC (Revolver)182318
75
Table of Contents
MONROE CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)
(unaudited)
(in thousands, except share and per share data)
NQ PE Project Colosseum Midco Inc. (Revolver)$438$438
Planful, Inc. (Revolver)663543
Prototek LLC (Revolver)288288
Recorded Future, Inc. (Class A units)n/a16
Recycled Plastics Industries, LLC (Revolver)284284
Relevate Health Group, LLC (Revolver)168147
Seran BioScience, LLC (Delayed Draw)4,444n/a
Seran BioScience, LLC (Revolver)444444
SFR Holdco 2, LLC (Delayed Draw)8151,630
SFR Holdco 2, LLC (Equity Commitment)5431,086
Sparq Holdings, Inc. (Delayed Draw)289289
Sparq Holdings, Inc. (Revolver)89184
Spherix Global Inc. (Revolver)122122
Sports Operating Holdings II, LLC (Delayed Draw)n/a1,071
Sports Operating Holdings II, LLC (Revolver)1,038519
StarCompliance MidCo, LLC (Revolver)148100
TigerConnect, Inc. (Delayed Draw)47
TigerConnect, Inc. (Delayed Draw)75131
TigerConnect, Inc. (Revolver)429429
Tiugo Group Holdings Corp (Delayed Draw)1,540n/a
Tiugo Group Holdings Corp (Revolver)770n/a
TJ Management HoldCo LLC (Revolver)5411,114
V10 Entertainment, Inc. (Revolver)385385
V10 Entertainment, Inc. (Common units)n/a189
Vhagar Purchaser, LLC (Delayed Draw)n/a517
Valudor Products LLC (Revolver)329548
Vhagar Purchaser, LLC (Revolver)n/a333
Whistler Parent Holdings III, Inc. (Delayed Draw)247423
Whistler Parent Holdings III, Inc. (Revolver)n/a94
XanEdu Publishing, Inc. (Revolver)742742
$31,605$38,509
Indemnification: In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties that provide general indemnification. The Company’s maximum exposure under these agreements is unknown, as these involve future claims that may be made against the Company but that have not occurred. The Company expects the risk of any future obligations under these indemnification provisions to be remote.
Concentration of credit and counterparty risk: Credit risk arises primarily from the potential inability of counterparties to perform in accordance with the terms of the contract. In the event that the counterparties do not fulfill their obligations, the Company may be exposed to risk. The risk of default depends on the creditworthiness of the counterparties or issuers of the instruments. It is the Company’s policy to review, as necessary, the credit standing of each counterparty.
Market risk: The Company’s investments and borrowings are subject to market risk. Market risk is the potential for changes in the value due to market changes. Market risk is directly impacted by the volatility and liquidity in the markets in which the investments and borrowings are traded.
76
Table of Contents
MONROE CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)
(unaudited)
(in thousands, except share and per share data)
Legal proceedings: In the normal course of business, the Company may be subject to legal and regulatory proceedings that are generally incidental to its ongoing operations. While there can be no assurance of the ultimate disposition of any such proceedings, the Company is not currently aware of any such proceedings or disposition that would have a material adverse effect on the Company’s consolidated financial statements.
Note 12. Financial Highlights
The following are financial highlights for the six months ended June 30, 2025 and 2024:
June 30, 2025June 30, 2024
Per share data:
Net asset value at beginning of period$8.85 $9.40 
Net investment income (1)
0.34 0.56 
Net gain (loss) (1)
(0.40)(0.26)
Net increase (decrease) in net assets resulting from operations (1)
(0.06)0.30 
Stockholder distributions - income (2)
(0.50)(0.50)
Net asset value at end of period$8.29 $9.20 
Net assets at end of period$179,592 $199,344 
Shares outstanding at end of period21,666,34021,666,340
Per share market value at end of period$6.36 $7.61 
Total return based on market value (3)
(19.84)%14.97 %
Total return based on average net asset value (4)
0.34 %4.54 %
Ratio/Supplemental data:
Ratio of net investment income to average net assets (5)
8.00 %12.87 %
Ratio of total expenses to average net assets (5)
15.31 %17.88 %
Portfolio turnover (6)
4.75 %9.33 %
Ratio of total investment income to average net assets (5)
23.30 %30.74 %
Ratio of interest and other debt financing expenses to average net assets (5)
9.33 %11.26 %
Ratio of total expenses (excluding incentive fees) to average net assets (5)
15.31 %17.02 %
Ratio of incentive fees to average net assets (6)
n/a0.85 %
________________________________________________________
(1)The per share data was derived by using the weighted average shares outstanding during the periods presented.
(2)Management monitors available taxable earnings, including net investment income and realized capital gains, to determine if a tax return of capital may occur for the year. To the extent the Company’s taxable earnings fall below the total amount of the Company’s distributions for that fiscal year, a portion of those distributions may be deemed a tax return of capital to the Company’s stockholders. The tax character of distributions will be determined at the end of the fiscal year. However, if the character of such distributions were determined as of June 30, 2025 and 2024, none of the distributions would have been characterized as a tax return of capital to the Company’s stockholders; this tax return of capital may differ from the return of capital calculated with reference to net investment income for financial reporting purposes.
(3)Total return based on market value is calculated assuming a purchase of common shares at the market value on the first day and a sale at the market value on the last day of the periods reported. Distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Company’s DRIP. Total return based on market value does not reflect brokerage commissions. Return calculations are not annualized.
(4)Total return based on average net asset value is calculated as the change in net asset value per share during the period, divided by the beginning net asset value per share. Distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Company’s DRIP. Return calculations are not annualized.
77
Table of Contents
MONROE CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)
(unaudited)
(in thousands, except share and per share data)
(5)Ratios are annualized. To the extent incentive fees are included within the ratio, they are not annualized.
(6)Ratios are not annualized.

Note 13. Segment Reporting
The Company operates through a single operating and reporting segment with an investment objective to generate both current income and capital appreciation through debt and equity investments. The CODM is comprised of the Company’s Chief Executive Officer and Chief Financial Officer. The CODM assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company’s net increase (decrease) in net assets resulting from operations (“net income”) and net investment income. In addition to numerous other factors and metrics, the CODM utilizes net income and net investment income as the key metrics in determining the amount of dividends to be distributed to the Company’s stockholders. As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying consolidated statements of assets and liabilities as “total assets” and the significant segment expenses are listed on the accompanying consolidated statements of operations.
Note 14. Subsequent Events
Merger Agreement with Horizon Technology Finance Corporation
On August 7, 2025, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Horizon Technology Finance Corporation, a Delaware corporation (“HRZN”), HMMS, Inc., a Maryland corporation and wholly owned subsidiary of HRZN (“Merger Sub”), MC Advisors, and Horizon Technology Finance Management LLC, a Delaware limited liability company and investment adviser to HRZN. The Merger Agreement provides that, subject to the conditions set forth in the Merger Agreement, immediately following the Asset Sale (as defined below) and at the effective time of the Merger (the “Effective Time”), Merger Sub will merge with and into the Company, with the Company continuing as the surviving company and as a wholly-owned subsidiary of HRZN and, immediately thereafter, the Company will merge with and into HRZN, with HRZN continuing as the surviving company (collectively, the “Merger”). The boards of directors of both the Company and HRZN, including each of their respective independent directors (in each case, on the recommendation of a special committee of each such board comprised solely of certain independent directors of the applicable board), have approved the Merger Agreement and the transactions contemplated therein. The parties to the Merger Agreement intend the Merger to be treated as a “reorganization” within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended.
At the Effective Time, each share of the Company’s common stock issued and outstanding immediately prior to the Effective Time, except for shares, if any, owned by HRZN or any of its consolidated subsidiaries, shall be converted into the right to receive a number of shares of common stock, par value $0.001 per share, of HRZN (“HRZN Common Stock”) equal to the Exchange Ratio (as defined below) in connection with the closing of the Merger.
As of a mutually agreed date no earlier than 48 hours (excluding Sundays and holidays) prior to the Effective Time (such date, the “Determination Date”), each of the Company and HRZN will deliver to the other a calculation of its net asset value (“NAV”) as of such date (such calculation with respect to the Company, the “Closing MRCC Net Asset Value” and such calculation with respect to HRZN, the “Closing HRZN Net Asset Value”), in each case using a pre-agreed set of assumptions, methodologies and adjustments. Based on such calculations, the parties will calculate the “MRCC Per Share NAV”, which will be equal to (i) the Closing MRCC Net Asset Value divided by (ii) the number of shares of the Company’s common stock issued and outstanding as of the Determination Date, and the “HRZN Per Share NAV”, which will be equal to (A) the Closing HRZN Net Asset Value divided by (B) the number of shares of HRZN Common Stock issued and outstanding as of the Determination Date.
78
Table of Contents
MONROE CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)
(unaudited)
(in thousands, except share and per share data)
The “Exchange Ratio” will be the quotient (rounded to the fourth nearest decimal) of: (A) the MRCC Per Share NAV, divided by (B) the HRZN Per Share NAV. The Exchange Ratio shall be appropriately adjusted to reflect any stock increase, decrease or exchange or if a distribution is authorized and declared between the Determination Date and the Effective Time, in each case, to provide the stockholders of the Company and HRZN the same economic effect as contemplated by the Merger Agreement prior to such event. No fractional shares of HRZN common stock will be issued, and holders of the Company’s common stock will receive cash in lieu of fractional shares.
The Merger Agreement contains representations, warranties and covenants, including, among others, covenants relating to the operation of each of HRZN’s and the Company’s businesses during the period prior to the closing of the Merger. HRZN and the Company have agreed to convene and hold stockholder meetings for the purpose of obtaining the approvals required of HRZN’s and the Company’s stockholders, respectively, and have agreed to recommend that the stockholders approve the applicable proposals.
Consummation of the Merger, which is currently anticipated to occur during the fourth quarter of 2025, is subject to certain closing conditions, including (1) requisite approvals of HRZN stockholders and the Company’s stockholders, (2) the absence of certain legal impediments to the consummation of the Merger, (3) effectiveness of the registration statement for the HRZN Common Stock to be issued as consideration in the Merger, (4) subject to certain exceptions, the accuracy of the representations and warranties and compliance with the covenants of each party to the Merger Agreement, (5) required regulatory approvals (including expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended), and (6) consummation of the Asset Sale (as defined below) immediately prior to the Merger.
Asset Purchase Agreement with Monroe Capital Income Plus Corporation
On August 7, 2025, the Company entered into an Asset Purchase Agreement (the “Asset Purchase Agreement”) with Monroe Capital Income Plus Corporation, a Maryland corporation (“MCIP”), and MC Advisors, pursuant to which, subject to the satisfaction or waiver of the closing conditions set forth in the Asset Purchase Agreement, on the closing date of the transactions contemplated by the Asset Purchase Agreement (the “Closing Date”), MCIP will acquire the investment assets of the Company at fair value, as determined shortly before the Closing Date, for cash (the “Asset Sale”). Under the Asset Purchase Agreement, the Asset Sale is contingent upon, and will become effective immediately prior to the effectiveness of, the Merger. The boards of directors of both the Company and MCIP, including each of their respective independent directors (in each case, on the recommendation of a special committee of each such board comprised solely of certain independent directors of the applicable board), have approved the Asset Purchase Agreement and the transactions contemplated therein.
As of a mutually agreed date no earlier than 48 hours (excluding Sundays and holidays) prior to the Closing Date, the Company will deliver to MCIP a calculation of fair value of the Purchased Assets (as defined in the Asset Purchase Agreement) as of such date (such calculation, the “Closing MRCC Asset Value”), using a pre-agreed set of assumptions, methodologies and adjustments. At the Closing Date, MCIP shall pay, or cause to be paid, an amount in cash equal to the Closing MRCC Asset Value to the Company (or its designee) by wire transfer of immediately available funds to such account or accounts as directed in writing by the Company.
The Asset Purchase Agreement contains representations, warranties and covenants, including, among others, covenants relating to the operation of the Company’s business during the period prior to the closing of the Asset Sale. In addition, during that period, the Company has agreed to convene and hold a stockholder meeting for the purpose of obtaining the approval required of the Company’s stockholders in connection with the Asset Sale and the Merger and has agreed to recommend that the stockholders approve such proposals.
Consummation of the Asset Sale, which is currently anticipated to occur during the fourth quarter of 2025, is subject to certain closing conditions, including (1) requisite approvals of the Company’s stockholders, (2) the absence of certain legal impediments to the consummation of the Asset Sale, (3) subject to certain exceptions, the accuracy of the representations and warranties and compliance with the covenants of each party to the Asset Purchase Agreement, (4) required regulatory approvals (including expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended), and (5) the satisfaction or waiver of the closing conditions in the Merger Agreement (other than the condition precedent with respect to the Asset Sale).
79
Table of Contents
MONROE CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)
(unaudited)
(in thousands, except share and per share data)
Following the Asset Sale, the Company’s only assets will be the net cash proceeds from the sale after giving effect to the receipt of proceeds from the Asset Sale, repayment of liabilities, transaction costs and distribution of undistributed net investment income. Pursuant to and subject to the terms and conditions of the Merger Agreement, subsequent to the closing of the Asset Sale, the Company will merge with HRZN.
80
Table of Contents
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Except as otherwise specified, references to “we,” “us” and “our” refer to Monroe Capital Corporation and its consolidated subsidiaries; MC Advisors refers to Monroe Capital BDC Advisors, LLC, our investment adviser and a Delaware limited liability company; MC Management refers to Monroe Capital Management Advisors, LLC, our administrator and a Delaware limited liability company; Monroe Capital refers to Monroe Capital LLC, a Delaware limited liability company, and its subsidiaries and affiliates; and SLF refers to MRCC Senior Loan Fund I, LLC, an unconsolidated Delaware limited liability company, in which we co-invest with Life Insurance Company of the Southwest (“LSW”) primarily in senior secured loans. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes appearing in our annual report on Form 10-K (the “Annual Report”) for the year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission (“SEC”) on February 28, 2025. The information contained in this section should also be read in conjunction with our unaudited consolidated financial statements and related notes and other financial information appearing elsewhere in this quarterly report on Form 10-Q (the “Quarterly Report”).
FORWARD-LOOKING STATEMENTS
This Quarterly Report, including Management’s Discussion and Analysis of Financial Condition and Results of Operations, contains statements that constitute forward-looking statements, which relate to future events or our future performance or future financial condition. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about our company, our industry, our beliefs and our assumptions. The forward-looking statements contained in this Quarterly Report involve risks and uncertainties, including statements as to:
•our future operating results;
•our business prospects and the prospects of our portfolio companies;
•the dependence of our future success on the general economy and its impact on the industries in which we invest;
•political and regulatory conditions that contribute to uncertainty and market volatility as a result of legislative, regulatory, trade (including tariffs) and policy changes associated with the current U.S. administration;
•the impact of the ongoing military conflict in the Middle East and Europe and general uncertainty surrounding the financial and political stability of the United States, the United Kingdom, the European Union and China;
•the impact of a protracted decline in the liquidity of credit markets on our business;
•the impact of increased competition;
•the impact of changing interest rates and elevated inflation rates and the risk of recession on our business prospects and the prospects of our portfolio companies;
•our contractual arrangements and relationships with third parties;
•the valuation of our investments in portfolio companies, particularly those having no liquid trading market;
•actual and potential conflicts of interest with MC Advisors, MC Management and other affiliates of Monroe Capital;
•the ability of our portfolio companies to achieve their objectives;
•the use of borrowed money to finance a portion of our investments;
•the adequacy of our financing sources and working capital;
81
Table of Contents
•the timing of cash flows, if any, from the operations of our portfolio companies;
•the ability of MC Advisors to locate suitable investments for us and to monitor and administer our investments;
•the ability of MC Advisors or its affiliates to attract and retain highly talented professionals;
•our ability to qualify and maintain our qualification as a regulated investment company and as a business development company; and
•the impact of future new and changing legislation and regulation on our business and our portfolio companies.
We use words such as “anticipates,” “believes,” “expects,” “intends,” “seeks,” “plans,” “estimates,” “targets” and similar expressions to identify forward-looking statements. The forward-looking statements contained in this Quarterly Report involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth in “Part I-Item 1A. Risk Factors” in our Annual Report and “Part II-Item 1A. Risk Factors” in this Quarterly Report.
Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. Important assumptions include our ability to originate new loans and investments, certain margins and levels of profitability and the availability of additional capital. In light of these and other uncertainties, the inclusion of a projection or forward-looking statements in this Quarterly Report should not be regarded as a representation by us that our plans and objectives will be achieved.
We have based the forward-looking statements included in this Quarterly Report on information available to us on the date of this Quarterly Report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements in this Quarterly Report, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we may file in the future with the SEC, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Overview
Monroe Capital Corporation is an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes, we have elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the U.S. Internal Revenue Code of 1986, as amended (the “Code”). We currently qualify and intend to continue to qualify annually to be treated as a RIC for U.S. federal income tax purposes.
We are a specialty finance company that is focused on providing financing solutions primarily to lower middle-market companies in the United States and Canada. We provide customized financing solutions focused primarily on senior secured, junior secured and unitranche secured (a combination of senior secured and junior secured debt in the same facility in which we syndicate a “first out” portion of the loan to an investor and retain a “last out” portion of the loan) debt and, to a lesser extent, unsecured subordinated debt and equity, including equity co-investments in preferred and common stock, and warrants.
Our shares are currently listed on the NASDAQ Global Select Market under the symbol “MRCC”.
82
Table of Contents
Our investment objective is to maximize the total return to our stockholders in the form of current income and capital appreciation through investment in senior secured, unitranche secured and junior secured debt and, to a lesser extent, unsecured subordinated debt and equity investments. We seek to use our extensive leveraged finance origination infrastructure and broad expertise in sourcing loans to invest in primarily senior secured, unitranche secured and junior secured debt of middle-market companies. Our investments will generally range between $2.0 million and $35.0 million each, although this investment size may vary proportionately with the size of our capital base. As of June 30, 2025, our portfolio included approximately 73.5% senior secured loans, 0.6% unitranche secured loans, 8.6% junior secured loans and 17.3% equity investments, compared to December 31, 2024, when our portfolio included approximately 78.3% senior secured loans, 0.8% unitranche secured loans, 6.5% junior secured loans and 14.4% equity investments. The companies in which we invest may be leveraged, often as a result of leveraged buy-outs or other recapitalization transactions, and, in certain cases, will not be rated by national ratings agencies. If such companies were rated, we believe that they would typically receive a rating below investment grade (between BB and CCC under the Standard & Poor’s system) from the national rating agencies.
While our primary focus is to maximize current income and capital appreciation through debt investments in thinly traded or private U.S. companies, we may invest a portion of the portfolio in opportunistic investments in order to seek to enhance returns to stockholders. Such investments may include investments in real estate, specialty finance, litigation finance, fund finance, high-yield bonds, distressed debt, private equity or securities of public companies that are not thinly traded and securities of middle-market companies located outside of the United States. We expect that these public companies generally will have debt investments that are non-investment grade.
Investment income
We generate interest income on the debt investments in portfolio company investments that we originate or acquire. Our debt investments, whether in the form of senior secured, unitranche secured or junior secured debt, typically have an initial term of three to seven years and bear interest at a fixed or floating rate. In some instances, we receive payments on our debt investments based on scheduled amortization of the outstanding balances. In addition, we receive repayments of some of our debt investments prior to their scheduled maturity date. In some cases, our investments provide for deferred interest of payment-in-kind (“PIK”) interest. In addition, we may generate revenue in the form of commitment, origination, amendment, structuring or due diligence fees, fees for providing managerial assistance and consulting fees. Loan origination fees, original issue discount and market discount or premium are capitalized, and we accrete or amortize such amounts as interest income. We record prepayment premiums and prepayment gains (losses) on loans as interest income. As the frequency or volume of the repayments which trigger these prepayment premiums and prepayment gains (losses) may fluctuate significantly from period to period, the associated interest income recorded may also fluctuate significantly from period to period. Interest and other income is recorded on the accrual basis to the extent we expect to collect such amounts. Interest income is accrued based upon the outstanding principal amount and contractual terms of debt and preferred equity investments. Interest is accrued on a daily basis. We record fees on loans based on the determination of whether the fee is considered a yield enhancement or payment for a service. If the fee is considered a yield enhancement associated with a funding of cash on a loan, the fee is generally deferred and recognized into interest income using the effective interest method if captured in the cost basis or using the straight-line method if the loan is unfunded and therefore there is no cost basis. If the fee is not considered a yield enhancement because a service was provided, and the fee is payment for that service, the fee is deemed earned and recorded as other income in the period the service is completed.
Dividend income on preferred equity investments is recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments is recorded on the record date for private portfolio companies. Each distribution received from limited liability company (“LLC”) and limited partnership (“LP”) investments is evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, we will not record distributions from equity investments in LLCs and LPs as dividend income unless there are sufficient accumulated tax-basis earnings and profits in the LLC or LP prior to the distribution. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment. The frequency and volume of the distributions on common equity investments and LLC and LP investments may fluctuate significantly from period to period.
83
Table of Contents
Expenses
Our primary operating expenses include the payment of base management and incentive fees to MC Advisors, under the Second Amended and Restated Investment Advisory and Management Agreement (the “Amended Investment Advisory Agreement”), the payment of fees to MC Management for our allocable portion of overhead and other expenses under the administration agreement (the “Administration Agreement”) and other operating costs. See Note 6 to our consolidated financial statements and “Related Party Transactions” below for additional information on our Amended Investment Advisory Agreement and Administration Agreement. Our expenses also include interest expense on indebtedness. We bear all other out-of-pocket costs and expenses of our operations and transactions.
Net gain (loss)
We recognize realized gains or losses on investments, foreign currency forward contracts and foreign currency and other transactions based on the difference between the net proceeds from the disposition and the cost basis without regard to unrealized gains or losses previously recognized within net realized gain (loss) on the consolidated statements of operations. We record current period changes in fair value of investments, foreign currency forward contracts, foreign currency and other transactions within net change in unrealized gain (loss) on the consolidated statements of operations.
Portfolio and Investment Activity
During the three months ended June 30, 2025, we did not make investments in any new portfolio companies and we invested $3.5 million in 17 existing portfolio companies and had $63.0 million in aggregate amount of sales and principal repayments, resulting in a net decrease in investments of $59.5 million for the period.
During the six months ended June 30, 2025, we invested $7.6 million in one new portfolio company and $12.3 million in 42 existing portfolio companies and had $105.0 in aggregate amount of sales and principal repayments, resulting in a net decrease in investments of $85.1 million for the period.
During the three months ended June 30, 2024, we did not make investments in any new portfolio companies and we invested $21.7 million in 32 existing portfolio companies and had $35.9 million in aggregate amount of sales and principal repayments, resulting in a net decrease in investments of $14.2 million for the period.
During the six months ended June 30, 2024, we invested $10.2 million in three new portfolio companies and $35.7 million in 44 existing portfolio companies and had $48.0 million in aggregate amount of sales and principal repayments, resulting in a net decrease in investments of $2.1 million for the period.
84
Table of Contents
The following table shows portfolio yield by investment type as of June 30, 2025 and December 31, 2024:
June 30, 2025December 31, 2024
Weighted Average
Annualized
Contractual
Coupon
Yield (1)
Weighted
Average
Annualized
Effective
Yield (2)
Weighted Average
Annualized
Contractual
Coupon
Yield (1)
Weighted
Average
Annualized
Effective
Yield (2)
Senior secured loans10.5 %9.2 %10.7 %10.7 %
Unitranche secured loans10.7 12.2 11.4 14.5 
Junior secured loans7.6 7.6 7.5 7.5 
Equity investments2.8 2.8 2.8 2.8 
Total9.9 %8.8 %10.2 %10.2 %
________________________________________________________
(1)The weighted average annualized contractual coupon yield at period end is computed by dividing (a) the interest income on our debt investments and preferred equity investments (with a stated coupon rate) at the period end contractual coupon rate for each investment by (b) the par value of our debt investments (excluding debt investments acquired for no cost in a restructuring on non-accrual status) and the cost basis of our preferred equity investments. We exclude loans acquired for no cost in a restructuring on non-accrual status within this metric as management believes this disclosure provides a better indication of return on invested capital. As of both June 30, 2025 and December 31, 2024, there were no loans excluded from the weighted average contractual coupon yield.
(2)The weighted average annualized effective yield on portfolio investments at period end is computed by dividing (a) interest income on our debt investments and preferred equity investments (with a stated coupon rate) at the period end effective rate for each investment by (b) the par value of our debt investments (excluding debt investments acquired for no cost in a restructuring on non-accrual status) and the cost basis of our preferred equity investments. We exclude loans acquired for no cost in a restructuring on non-accrual status within this metric as management believes this disclosure provides a better indication of return on invested capital. As of both June 30, 2025 and December 31, 2024, there were no loans excluded from the weighted average effective yield. The weighted average annualized effective yield on portfolio investments is a metric on the investment portfolio alone and does not represent a return to stockholders. This metric is not inclusive of our fees and expenses, the impact of leverage on the portfolio or sales load that may be paid by stockholders.

The following table shows the composition of our investment portfolio at fair value as a percentage of our total investments at fair value (in thousands) as of June 30, 2025 and December 31, 2024:
June 30, 2025December 31, 2024
Fair Value:
Senior secured loans$270,091 73.5 %$357,994 78.3 %
Unitranche secured loans2,183 0.6 3,862 0.8 
Junior secured loans31,679 8.6 29,634 6.5 
LLC equity interest in SLF30,157 8.2 32,730 7.2 
Equity investments33,590 9.1 32,828 7.2 
Total$367,700 100.0 %$457,048 100.0 %
Our portfolio composition remained relatively consistent with our portfolio at December 31, 2024, with changes resulting primarily from sales, principal repayments and payoffs. As of June 30, 2025, our effective yield decreased compared to December 31, 2024, primarily due to lower spreads on certain assets and the payoff of certain higher yielding assets during the six months ended June 30, 2025.
85
Table of Contents
The following table shows our portfolio composition by industry at fair value and as a percentage of our total investments at fair value (in thousands) as of June 30, 2025 and December 31, 2024:
June 30, 2025December 31, 2024
Fair Value:
Automotive$16,436 4.5 %$16,267 3.6 %
Banking6,931 1.9 7,861 1.7 
Beverage, Food & Tobacco2,904 0.8 6,027 1.3 
Capital Equipment4,827 1.3 4,853 1.1 
Chemicals, Plastics & Rubber4,385 1.2 4,864 1.1 
Construction & Building10,348 2.8 10,334 2.3 
Consumer Goods: Durable7,463 2.0 8,263 1.8 
Consumer Goods: Non-Durable1,864 0.5 2,467 0.4 
Environmental Industries92 
0.0 *
520 0.1 
FIRE: Finance8,686 2.4 12,789 2.8 
FIRE: Real Estate89,625 24.4 83,037 18.2 
Healthcare & Pharmaceuticals56,713 15.5 79,784 17.5 
High Tech Industries37,155 10.1 41,240 9.0 
Hotels, Gaming & Leisure151 
0.0 *
144 
0.0 *
Investment Funds & Vehicles30,157 8.2 32,730 7.2 
Media: Advertising, Printing & Publishing10,686 2.9 12,035 2.6 
Media: Broadcasting & Subscription893 0.2 1,156 0.3 
Media: Diversified & Production24,752 6.7 43,717 9.6 
Retail1,699 0.5 2,036 0.4 
Services: Business29,644 8.1 51,175 11.2 
Services: Consumer16,590 4.5 24,113 5.3 
Telecommunications5,556 1.5 5,586 1.2 
Transportation: Cargo— — 5,890 1.3 
Wholesale143 
0.0 *
160 
0.0*
Total$367,700 100.0 %$457,048 100.0 %
_______________________________________________________
*Represents an amount less than 0.1%
Portfolio Asset Quality
MC Advisors’ portfolio management staff closely monitors all credits, with senior portfolio managers covering agented and more complex investments. MC Advisors segregates our capital markets investments by industry. The MC Advisors’ monitoring process and projections developed by Monroe Capital both have daily, weekly, monthly and quarterly components and related reports, each to evaluate performance against historical, budget and underwriting expectations. MC Advisors’ analysts will monitor performance using standard industry software tools to provide consistent disclosure of performance. When necessary, MC Advisors will update our internal risk ratings, borrowing base criteria and covenant compliance reports.
86
Table of Contents
As part of the monitoring process, MC Advisors regularly assesses the risk profile of each of our investments and rates each of them based on an internal proprietary system that uses the categories listed below, which we refer to as MC Advisors’ investment performance risk rating. For any investment rated in Grades 3, 4 or 5, MC Advisors, through its internal Portfolio Management Group (“PMG”), will increase its monitoring intensity and prepare regular updates for the investment committee, summarizing current operating results and material impending events and suggesting recommended actions. The PMG is responsible for oversight and management of any investments rated in Grades 3, 4, or 5. MC Advisors monitors and, when appropriate, changes the investment ratings assigned to each investment in our portfolio. In connection with our valuation process, MC Advisors reviews these investment performance risk ratings on a quarterly basis. The investment performance risk rating system is described as follows:
Investment
Performance
Risk Rating
Summary Description
Grade 1Includes investments exhibiting the least amount of risk in our portfolio. The issuer is performing above expectations or the issuer’s operating trends and risk factors are generally positive.
Grade 2Includes investments exhibiting an acceptable level of risk that is similar to the risk at the time of origination. The issuer is generally performing as expected or the risk factors are neutral to positive.
Grade 3Includes investments performing below expectations and indicates that the investment’s risk has increased somewhat since origination. The issuer may be out of compliance with debt covenants; however, scheduled loan payments are generally not past due.
Grade 4Includes an issuer performing materially below expectations and indicates that the issuer’s risk has increased materially since origination. In addition to the issuer being generally out of compliance with debt covenants, scheduled loan payments may be past due (but generally not more than six months past due).
Grade 5Indicates that the issuer is performing substantially below expectations and the investment risk has substantially increased since origination. Most or all of the debt covenants are out of compliance or payments are substantially delinquent. Investments graded 5 are not anticipated to be repaid in full.
Our investment performance risk ratings do not constitute any rating of investments by a nationally recognized statistical rating organization or reflect or represent any third-party assessment of any of our investments.
In the event of a delinquency or a decision to rate an investment Grade 4 or Grade 5, the PMG, in consultation with the investment committee, will develop an action plan. Such a plan may require a meeting with the borrower’s management or the lender group to discuss reasons for the default and the steps management is undertaking to address the under-performance, as well as amendments and waivers that may be required. In the event of a dramatic deterioration of a credit, MC Advisors and the PMG will form a team or engage outside advisors to analyze, evaluate and take further steps to preserve our value in the credit. In this regard, we would expect to explore all options, including in a private equity sponsored investment, assuming certain responsibilities for the private equity sponsor or a formal sale of the business with oversight of the sale process by us. The PMG and the investment committee have extensive experience in running debt work-out transactions and bankruptcies.
87
Table of Contents
The following table shows the distribution of our investments on the 1 to 5 investment performance risk rating scale as of June 30, 2025 (in thousands):
Investment Performance Risk RatingInvestments at
Fair Value		Percentage of
Total Investments
1$— — %
2296,419 80.6 
352,725 14.4 
413,351 3.6 
55,205 1.4 
Total$367,700 100.0 %
The following table shows the distribution of our investments on the 1 to 5 investment performance risk rating scale as of December 31, 2024 (in thousands):
Investment Performance Risk RatingInvestments at
Fair Value		Percentage of
Total Investments
1$—— %
2370,57381.0 
365,71114.4 
415,9353.5 
54,8291.1 
Total$457,048100.0%
As of both June 30, 2025 and December 31, 2024, there were ten borrowers with debt or preferred equity investments on non-accrual status (Arcserve Cayman Opco LP (fka Arcstor Midco, LLC), BTR Opco LLC (fka Born to Run, LLC), Education Corporation of America, Forman Mills, Inc., INH Buyer, Inc., LLC, MV Receivables II, LLC, NECB Collections, LLC, Prototek, LLC, Thrasio, LLC and Vice Acquisition Holdco, LLC). These investments totaled $13.4 million at fair value, or 3.6% of our total investments at fair value at June 30, 2025, and these investments totaled $15.7 million at fair value, or 3.4% of our total investments at fair value at December 31, 2024.
Results of Operations
Operating results for the three and six months ended June 30, 2025 and 2024 were as follows (in thousands):
Three months ended June 30,
20252024
Total investment income$9,873 $15,627 
Total operating expenses
6,618 8,933 
Net investment income before income taxes3,255 6,694 
Income tax expense (benefit), including excise taxes(43)135 
Net investment income3,298 6,559 
Net realized gain (loss) on investments
77 506 
Net realized gain (loss)77 506 
Net change in unrealized gain (loss) on investments(5,244)(3,807)
Net change in unrealized gain (loss)(5,244)(3,807)
Net increase (decrease) in net assets resulting from operations$(1,869)$3,258 
88
Table of Contents
Six months ended June 30,
20252024
Total investment income$21,511 $30,809 
Total operating expenses
14,051 18,627 
Net investment income before income taxes7,460 12,182 
Income taxes, including excise taxes77 153 
Net investment income7,383 12,029 
Net realized gain (loss) on investments
(361)510 
Net realized gain (loss)(361)510 
Net change in unrealized gain (loss) on investments(8,359)(6,086)
Net change in unrealized gain (loss)(8,359)(6,086)
Net increase (decrease) in net assets resulting from operations$(1,337)$6,453 
Investment Income
The composition of our investment income for the three and six months ended June 30, 2025 and 2024 was as follows (in thousands):
Three months ended June 30,
20252024
Interest income$6,864 $11,850 
PIK interest income1,660 2,099 
Dividend income (1)
829 1,017 
Other income
54 265 
Prepayment gain (loss)288 145 
Accretion of discounts and amortization of premiums178 251 
Total investment income$9,873 $15,627 
Six months ended June 30,
20252024
Interest income$14,830 $23,512 
PIK interest income3,560 4,214 
Dividend income (2)
1,858 2,029 
Other income282 302 
Prepayment gain (loss)532 250 
Accretion of discounts and amortization of premiums449 502 
Total investment income$21,511 $30,809 
________________________________________________________
(1)During the three months ended June 30, 2025 and 2024, dividend income includes PIK dividends of $122 and $116, respectively.
(2)During the six months ended June 30, 2025 and 2024, dividend income includes PIK dividends of $240 and $229, respectively.
Total investment income decreased by $5.8 million and $9.3 million during the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024, respectively, primarily due to lower interest and PIK interest income. The reduction in interest and PIK interest income was primarily driven by a decrease in average invested assets, lower effective rates, and the placement of additional portfolio companies on non-accrual status.
89
Table of Contents
Operating Expenses
The composition of our operating expenses for the three and six months ended June 30, 2025 and 2024 was as follows (in thousands):

Three months ended June 30,
20252024
Interest and other debt financing expenses$3,933$5,780
Base management fees1,7422,037
Incentive fees (1)
—351
Professional fees267199
Administrative service fees374250
General and administrative expenses232243
Directors’ fees7073
Total operating expenses
$6,618$8,933

Six months ended June 30,
20252024
Interest and other debt financing expenses$8,610$11,287
Base management fees3,5934,085
Incentive fees (1)
—1,719
Professional fees530467
Administrative service fees727459
General and administrative expenses459461
Directors’ fees132149
Total operating expenses
$14,051$18,627
________________________________________________________
(1)There were no incentive fees during the three months ended June 30, 2025. Incentive fees during the six months ended June 30, 2025 were limited by $0.3 million, due to the Incentive Fee Limitation. Incentive fees during the three and six months ended June 30, 2024 were limited by $1.0 million, due to the Incentive Fee Limitation. See Note 6 in our attached consolidated financial statements for additional information on the Incentive Fee Limitation.
The composition of our interest and other debt financing expenses, average outstanding balances and average stated interest rates (i.e., the rate in effect plus spread) for the three and six months ended June 30, 2025 and 2024 were as follows (in thousands):
Three months ended June 30,
20252024
Interest expense - revolving credit facility$1,977 $3,898 
Interest expense - 2026 Notes1,555 1,555 
Amortization of debt issuance costs
401 327 
Total interest and other debt financing expenses$3,933 $5,780 
Average debt outstanding$228,226 $315,611 
Average stated interest rate6.2 %6.9 %

90
Table of Contents
Six months ended June 30,
20252024
Interest expense - revolving credit facility$4,750 $7,523 
Interest expense - 2026 Notes3,110 3,110 
Amortization of debt issuance costs
750 654 
Total interest and other debt financing expenses$8,610 $11,287 
Average debt outstanding$252,837 $308,327 
Average stated interest rate6.3 %6.9 %
Total operating expenses decreased by $2.3 and $4.6 million during the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024, primarily due to a decrease in interest and other debt financing expenses from a reduced interest rate environment and lower average debt outstanding. Additionally, decreases in incentive fees resulting from lower pre-incentive fee net investment income and base management fees from lower invested assets contributed to the decrease in operating expenses.
Income Taxes, Including Excise Taxes
We have elected to be treated, currently qualify, and intend to continue to qualify annually, as a RIC under Subchapter M of the Code and operate in a manner so as to qualify for the U.S. federal income tax treatment available to RICs. To maintain qualification as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements and distribute to stockholders, for each taxable year, at least 90% of our “investment company taxable income,” which is generally our net ordinary income plus the excess, if any, of realized net short-term capital gains over realized net long-term capital losses.
Depending on the level of taxable income earned in a tax year, we may choose to carry forward such taxable income in excess of current year dividend distributions from such current year taxable income into the next year and pay U.S. federal income tax at corporate rates and a 4% excise tax on such income, as required. To the extent that we determine that our estimated current year annual taxable income may exceed estimated current year dividend distributions, we accrue excise tax, if any, on estimated excess taxable income as such taxable income is earned. For the three and six months ended June 30, 2025, we recorded a net expense (benefit) on the consolidated statements of operations of $(49) thousand and $70 thousand, respectively, for U.S. federal excise tax. For the three and six months ended June 30, 2024, we recorded a net expense on the consolidated statements of operations of $155 thousand and $166 thousand, respectively, for U.S. federal excise tax.
Certain of our consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes. For the three and six months ended June 30, 2025, we recorded a net tax expense on the consolidated statements of operations of $6 thousand and $7 thousand for these subsidiaries, respectively. For the three and six months ended June 30, 2024, we recorded a net tax expense (benefit) on the consolidated statements of operations of $(20) thousand and $(13) thousand for these subsidiaries, respectively.
Net Realized Gain (Loss)
During the three months ended June 30, 2025 and 2024, we recorded sales or dispositions on investments resulting in $0.1 million and $0.5 million of net realized gain (loss) on investments, respectively. During the six months ended June 30, 2025 and 2024, we recorded sales or dispositions on investments resulting in $(0.4) million and $0.5 million of net realized gain (loss) on investments, respectively.
Net Change in Unrealized Gain (Loss)
For the three months ended June 30, 2025 and 2024 our investments had $(5.2) million and $(3.8) million of net change in unrealized gain (loss), respectively. For the six months ended June 30, 2025 and 2024, our investments had $(8.4) million and $(6.1) million of net change in unrealized gain (loss), respectively. The net change in unrealized gain (loss) includes both unrealized gain on investments in our portfolio with mark-to-market gains during the periods and unrealized loss on investments in our portfolio with mark-to-market losses during the periods.
91
Table of Contents
During the three and six months ended June 30, 2025, the net change in unrealized loss on investments was primarily driven by mark-to-market losses from certain portfolio companies that have underlying credit performance concerns resulting in a risk rating of Grade 3, 4 or 5 on our investment performance risk rating scale that were still held as of June 30, 2025. Unrealized losses on our equity investment in SLF also contributed to the overall decline. The decrease in value at SLF was driven by net losses on SLF's investments, which are loans to middle-market borrowers.

During the three and six months ended June 30, 2024, the net change in unrealized loss on investments was primarily attributable to unrealized mark-to-market losses of portfolio companies that have underlying credit performance concerns resulting in a risk rating of Grade 3, 4 or 5 on our investment performance risk rating scale that were still held as of June 30, 2024, partially offset by net unrealized gains on the remainder of the portfolio.
Net Increase (Decrease) in Net Assets Resulting from Operations
For the three months ended June 30, 2025 and 2024, the net increase (decrease) in net assets resulting from operations was ($1.9) million and $3.3 million, respectively. Based on the weighted average shares of common stock outstanding for the three months ended June 30, 2025 and 2024, our per share net increase (decrease) in net assets resulting from operations was $(0.09) and $0.15, respectively.
For the six months ended June 30, 2025 and 2024, the net increase (decrease) in net assets resulting from operations was ($1.3) million and $6.5 million, respectively. Based on the weighted average shares of common stock outstanding for the six months ended June 30, 2025 and 2024, our per share net increase (decrease) in net assets resulting from operations was $(0.06) and $0.30, respectively.
Liquidity and Capital Resources
As of June 30, 2025, we had $2.4 million in cash and cash equivalents, $80.3 million of total debt outstanding on our revolving credit facility and $130.0 million on the 2026 Notes. We had $174.7 million available for additional borrowings on our revolving credit facility, subject to borrowing base availability. See “Borrowings” below for additional information.
In accordance with the 1940 Act, we are permitted to borrow amounts such that our asset coverage ratio, as defined in the 1940 Act, is at least 150% after such borrowing. As of June 30, 2025 and December 31, 2024, our asset coverage ratio based on aggregate borrowings outstanding was 185% and 165%, respectively.
Cash Flows
For the six months ended June 30, 2025, we experienced a net decrease in cash and cash equivalents of $6.6 million. During the same period, operating activities provided $88.4 million, primarily as a result of principal repayments and sales of portfolio investments and net investment income, partially offset by purchases of portfolio investments. During the same period, we used $95.0 million in financing activities, primarily as a result of distributions to stockholders and net repayments on our revolving credit facility.
For the six months ended June 30, 2024, we experienced a net decrease in cash and cash equivalents of $1.0 million. During the same period, operating activities provided $6.1 million, primarily as a result of principal repayments and sales of portfolio investments, partially offset by purchases of portfolio investments and net investment income. During the same period, we used $7.1 million in financing activities, primarily as a result of distributions to stockholders, partially offset by net borrowings on our revolving credit facility.
Capital Resources
As a BDC, we distribute substantially all of our net income to our stockholders and have an ongoing need to raise additional capital for investment purposes. We intend to generate additional cash primarily from future offerings of securities, future borrowings and cash flows from operations, including income earned from investments in our portfolio companies. On both a short-term and long-term basis, our primary use of funds will be to invest in portfolio companies and make cash distributions to our stockholders. We may also use available funds to repay outstanding borrowings.
92
Table of Contents
As a BDC, we are generally not permitted to issue and sell our common stock at a price below net asset value (“NAV”) per share. We may, however, sell our common stock, or warrants, options or rights to acquire our common stock, at a price below the then-current NAV per share of our common stock if our board of directors (“Board”), including our independent directors, determines that such sale is in the best interests of us and our stockholders, and if our stockholders have approved such sales. On June 17, 2025, our stockholders once again voted to allow us to sell or otherwise issue common stock at a price below net asset value per share for a period of one year, subject to certain limitations. As of both June 30, 2025 and December 31, 2024, we had 21,666,340 shares outstanding.
On June 24, 2015, our stockholders approved a proposal to authorize us to issue warrants, options or rights to subscribe to, convert to, or purchase our common stock in one or more offerings. This is a standing authorization and does not require annual re-approval by our stockholders.
Stock Issuances: On May 12, 2017, we entered into at-the-market (“ATM”) equity distribution agreements with each of JMP Securities LLC (“JMP”) and FBR Capital Markets & Co. (“FBR”) (the “ATM Program”) through which we can sell, by means of ATM offerings, from time to time, up to $50.0 million of our common stock. On May 8, 2020, we entered into an amendment to the ATM Program to extend its term. All other material terms of the ATM Program remain unchanged. There were no stock issuances through the ATM Program during both the three and six months ended June 30, 2025 and 2024, respectively.
Borrowings
Revolving Credit Facility: We have a $255.0 million revolving credit facility with ING Capital LLC, as agent. The revolving credit facility has an accordion feature which permits us, under certain circumstances to increase the size of the facility up to $400.0 million. The revolving credit facility is secured by a lien on all of our assets, including cash on hand. We may make draws under the revolving credit facility to make or purchase additional investments through December 27, 2026 and for general working capital purposes until December 27, 2027, the maturity date of the revolving credit facility. On February 27, 2025, we amended our revolving credit facility to provide additional flexibility for us to refinance the 2026 Notes, including, among other things, by modifying the borrowing base treatment of 2026 Notes and allowing for new indebtedness to be incurred to refinance the 2026 Notes. The size, applicable margin and other significant terms of the revolving credit facility remain unchanged.
Our ability to borrow under the revolving credit facility is subject to availability under the borrowing base, which permits us to borrow up to 72.5% of the fair market value of our portfolio company investments depending on the type of investment we hold and whether the investment is quoted. Our ability to borrow is also subject to certain concentration limits, and continued compliance with the representations, warranties and covenants given by us under the facility. The revolving credit facility contains certain financial covenants, including, but not limited to, our maintenance of: (1) minimum consolidated total net assets at least equal to $150.0 million plus 65% of the net proceeds to us from sales of our equity securities after March 1, 2019; (2) a ratio of total assets (less total liabilities other than indebtedness) to total indebtedness of not less than 1.5 to 1; and (3) a senior debt coverage ratio of at least 2 to 1. Additionally, to the extent that the 2026 Notes are not refinanced before May 30, 2025, the revolving credit facility contains provisions for inclusion of a portion of the 2026 Notes the definition of indebtedness requiring borrowing base coverage. This required inclusion is $20.0 million initially, with increases in the required inclusion levels at various intervals leading up to the maturity of the 2026 Notes. The revolving credit facility also requires us to undertake customary indemnification obligations with respect to ING Capital LLC and other members of the lending group and to reimburse the lenders for expenses associated with entering into the credit facility. The revolving credit facility also has customary provisions regarding events of default, including events of default for nonpayment, change in control transactions at both Monroe Capital Corporation and MC Advisors, failure to comply with financial and negative covenants, and failure to maintain our relationship with MC Advisors. If we incur an event of default under the revolving credit facility and fail to remedy such default under any applicable grace period, if any, then the entire revolving credit facility could become immediately due and payable, which would materially and adversely affect our liquidity, financial condition, results of operations and cash flows.
Our revolving credit facility also imposes certain conditions that may limit the amount of our distributions to stockholders. Distributions payable in our common stock under the dividend reinvestment plan (“DRIP”) are not limited by the revolving credit facility. Distributions in cash or property other than common stock are generally limited to 115% of the amount of distributions required to maintain our status as a RIC.
93
Table of Contents
As of June 30, 2025 and December 31, 2024, we had U.S. dollar borrowings of $80.3 million and $163.9 million, respectively, and no borrowings denominated in a foreign currency as of either date. Any borrowings denominated in a foreign currency may be positively or negatively affected by movements in the rate of exchange between the U.S. dollar and the respective foreign currency. These movements are beyond our control and cannot be predicted. Borrowings denominated in a foreign currency are translated into U.S. dollars based on the spot rate at each balance sheet date. The impact resulting from changes in foreign currency borrowings is included in net change in unrealized gain (loss) on foreign currency and other transactions on our consolidated statements of operations.
Borrowings under the revolving credit facility bear interest, at our election, at an annual rate of SOFR (one-month or three-month at our discretion based on the term of the borrowing) plus 2.625% or at a daily rate equal to 1.625% per annum plus the greater of 1.5%, the prime interest rate, the federal funds rate plus 0.5% or SOFR plus 1.0%, with a SOFR floor of 0.5%. In addition to the stated interest rate on borrowings under the revolving credit facility, we are required to pay a commitment fee and certain conditional fees based on usage of the expanded borrowing base and usage of the asset coverage ratio flexibility. A commitment fee of 0.5% per annum on any unused portion of the revolving credit facility if the utilized portion of the facility is greater than 35% of the then available maximum borrowing or a commitment fee of 1.0% per annum on any unused portion of the revolving credit facility if the utilized portion of the facility is less than or equal to 35% of the then available maximum borrowing. As of both June 30, 2025 and December 31, 2024, the outstanding borrowings were accruing at a weighted average interest rate of 7.1%.
2026 Notes: As of both June 30, 2025 and December 31, 2024, we had $130.0 million in aggregate principal amount of senior unsecured notes (the “2026 Notes”) outstanding that mature on February 15, 2026. The 2026 Notes bear interest at an annual rate of 4.75% payable semi-annually on February 15 and August 15. We may redeem the 2026 Notes in whole or in part at any time or from time to time at our option at par plus a “make-whole” premium, if applicable. The 2026 Notes are general, unsecured obligations and rank equal in right of payment with all of our existing and future unsecured indebtedness.
Distributions

Our Board will determine the timing and amount, if any, of our distributions. We intend to pay distributions on a quarterly basis. In order to avoid corporate-level tax on the income we distribute as a RIC, we must distribute to our stockholders at least 90% of our ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any, on an annual basis out of the assets legally available for such distributions. In addition, we also intend to distribute any realized net capital gains (i.e., realized net long-term capital gains in excess of realized net short-term capital losses) at least annually out of the assets legally available for such distributions. Distributions to stockholders for both the three and six months ended June 30, 2025 and 2024 totaled $5.4 million ($0.25 per share) and $10.8 million ($0.50 per share), respectively, none of which represented a return of capital. The tax character of such distributions is determined at the end of the fiscal year. However, if the character of such distributions were determined as of June 30, 2025 and 2024, no portion of these distributions would have been characterized as a return of capital to stockholders.
In October 2012, we adopted an “opt out” DRIP for our common stockholders. When we declare a distribution, our stockholders’ cash distributions will automatically be reinvested in additional shares of our common stock unless a stockholder specifically “opts out” of our DRIP. If a stockholder “opts out”, that stockholder will receive cash distributions. Although distributions paid in the form of additional shares of our common stock will generally be subject to U.S. federal, state and local taxes in the same manner as cash distributions, stockholders participating in our DRIP will not receive any corresponding cash distributions with which to pay any such applicable taxes.
MRCC Senior Loan Fund I, LLC
We co-invest with Life Insurance Company of the Southwest (“LSW”) in senior secured loans through SLF, an unconsolidated Delaware LLC. SLF is capitalized as underlying investment transactions are completed, taking into account available debt and equity commitments available for funding these investments. All portfolio and investment decisions in respect to SLF must be approved by the SLF investment committee, consisting of one representative of each of us and LSW. SLF may cease making new investments upon notification of either member but operations will continue until all investments have been sold or paid-off in the normal course of business. Investments held by SLF are measured at fair value using the same valuation methodologies as described below. Our investment is illiquid in nature as SLF does not allow for withdrawal from the LLC or the sale of a member’s interest unless approved by the board members of SLF. The full withdrawal of a member would result in an orderly wind-down of SLF.
94
Table of Contents
SLF’s profits and losses are allocated to us and LSW in accordance with the respective ownership interests. As of both June 30, 2025 and December 31, 2024, we and LSW each owned 50.0% of the LLC equity interests of SLF. As of both June 30, 2025 and December 31, 2024, SLF had $100.0 million in equity commitments from its members (in the aggregate), of which $85.3 million was funded.
As of both June 30, 2025 and December 31, 2024, we had committed to fund $50.0 million of LLC equity interest subscriptions to SLF. As of both June 30, 2025 and December 31, 2024, $42.7 million of our LLC equity interest subscriptions to SLF had been called and contributed, net of return of capital distributions subject to recall. As of June 30, 2025 and December 31, 2024, our investment in SLF had a fair value of $30.2 million and $32.7 million, respectively.
For the three and six months ended June 30, 2025 we received $0.7 million and $1.6 million of dividend income from our LLC equity interest in SLF. For the three and six months ended June 30, 2024 we received $0.9 million and $1.8 million of dividend income from our LLC equity interest in SLF.
SLF has a senior secured revolving credit facility (as amended, the “SLF Credit Facility”) with Capital One, N.A., through its wholly-owned subsidiary MRCC Senior Loan Fund I Financing SPV, LLC (“SLF SPV”). Under the terms of the amended SLF Credit Facility, SLF was permitted to reinvest available cash and make new borrowings under the SLF Credit Facility through February 21, 2025. Prior to the reinvestment period end date, the SLF Credit Facility allowed SLF SPV to borrow up to $110.0 million (reduced from $175.0 million on June 9, 2023), subject to leverage and borrowing base restrictions. As of June 30, 2025 and December 31, 2024, the aggregate commitment and principal amounts outstanding were $15.2 million and $38.2 million, respectively. Borrowings on the SLF Credit Facility bear interest at an annual rate of SOFR (three-month) plus 2.10% and the SLF Credit Facility has a maturity date of November 23, 2031. As of June 30, 2025 and December 31, 2024, the SLF Credit Facility was accruing a weighted average interest rate of 6.7% and 6.9%, respectively.
SLF does not pay any fees to MC Advisors or its affiliates; however, SLF has entered into an administration agreement with Monroe Capital Management Advisors, LLC (“MC Management”), pursuant to which certain loan servicing and administrative functions are delegated to MC Management. SLF may reimburse MC Management for its allocable share of overhead and other expenses incurred by MC Management. For the three and six months ended June 30, 2025, SLF incurred $51 thousand and $105 thousand of allocable expenses, respectively. For the three and six months ended June 30, 2024, SLF incurred $41 thousand and $86 thousand, respectively, of allocable expenses. There are no agreements or understandings by which we guarantee any SLF obligations.
As of June 30, 2025 and December 31, 2024, SLF had total assets at fair value of $75.9 million and $104.2 million, respectively. As of June 30, 2025 and December 31, 2024, SLF had seven and four portfolio company investments on non-accrual status with fair values of $5.6 million and $5.2 million, respectively. The portfolio companies in SLF are in industries and geographies similar to those in which we may invest directly. Additionally, as of June 30, 2025 and December 31, 2024, SLF had $1.1 million and $1.6 million, respectively, in outstanding commitments to fund investments under undrawn revolvers and delayed draw commitments.
Below is a summary of SLF’s portfolio, followed by a listing of the individual investments in SLF’s portfolio as of June 30, 2025 and December 31, 2024:
June 30, 2025December 31, 2024
Secured loans (1)
70,941 101,624 
Weighted average current interest rate on secured loans (2)
8.7%9.3%
Number of portfolio company investments in SLF28 36 
Largest portfolio company investment (1)
4,829 4,900 
Total of five largest portfolio company investments (1)
22,520 23,901 
________________________________________________________
(1)Represents outstanding principal amount, excluding unfunded commitments. Principal amounts in thousands.
(2)Computed as the (a) annual stated interest rate on accruing secured loans divided by (b) total secured loans at outstanding principal amount.
95
Table of Contents
MRCC SENIOR LOAN FUND I, LLC
CONSOLIDATED SCHEDULE OF INVESTMENTS
June 30, 2025
(in thousands)
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 7.85 %
5.40% Cash/ 6.75% PIK
2/26/20273,169 $3,087 
Trident Maritime Systems, Inc.  SF 7.85 %
5.40% Cash/ 6.75% PIK
2/26/2027138 134 
Trident Maritime Systems, Inc. (Revolver)  SF 7.85 %
5.41% Cash/ 6.75% PIK
2/26/2027321 312 
3,628 3,533 
Automotive
Accelerate Auto Works Intermediate, LLC  SF 5.15 %9.48 %12/1/20271,336 1,318 
Accelerate Auto Works Intermediate, LLC  SF 5.15 %9.43 %12/1/2027382 377 
Accelerate Auto Works Intermediate, LLC (Revolver) (4) SF 5.15 %9.45 %12/1/2027132 64 
1,850 1,759 
Capital Equipment
MacQueen Equipment, LLC  SF 5.51 %9.81 %1/7/20282,025 2,025 
MacQueen Equipment, LLC  SF 5.51 %9.81 %1/7/2028444 444 
MacQueen Equipment, LLC (Revolver) (4) P 4.25 %11.75 %1/7/2028296 — 
2,765 2,469 
Chemicals, Plastics & Rubber
New Spartech Holdings, LLC (fka TJC Spartech Acquisition Corp.) (5) SF 7.00 %11.31 %3/31/2030412 412 
New Spartech Holdings, LLC (fka TJC Spartech Acquisition Corp.) (5) SF 5.25 %9.56 %9/30/2030673 673 
Phoenix Chemical Holding Company LLC  SF 7.11 %11.44 %10/3/20251,135 529 
2,220 1,614 
Consumer Goods: Durable
Runner Buyer INC. (5) SF 5.61 %9.94 %10/23/20282,910 565 
2,910 565 
Containers, Packaging & Glass
Polychem Acquisition, LLC  SF 9.61 %
9.94% Cash/ 4.00% PIK
8/15/20262,894 2,503 
PVHC Holding Corp  SF 6.40 %
9.95% Cash/ 0.75% PIK
2/17/20271,888 1,871 
4,782 4,374 
Energy: Oil & Gas
Offen, Inc.  SF 5.11 %9.44 %6/22/20262,249 2,230 
Offen, Inc.  SF 5.11 %9.44 %6/22/2026845 838 
3,094 3,068 
FIRE: Finance
TEAM Public Choices, LLC  SF 5.26 %9.54 %12/17/20272,880 2,870 
2,880 2,870 
FIRE: Real Estate
Avison Young (USA) Inc. (3)(5) SF 6.51 %10.84 %3/12/2028598 577 
598 577 
Healthcare & Pharmaceuticals
Natus Medical Incorporated  SF 5.40 %9.70 %7/20/20294,233 4,191 
4,233 4,191 
High Tech Industries
Corel Inc. (3) SF 5.10 %9.43 %7/2/20263,100 2,938 
3,100 2,938 
96
Table of Contents
MRCC SENIOR LOAN FUND I, LLC
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
June 30, 2025
(in thousands)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate (2)
MaturityPrincipalFair Value
Hotels, Gaming & Leisure
Excel Fitness Holdings, Inc.  SF 5.25 %9.55 %4/27/20294,288 $4,270 
Excel Fitness Holdings, Inc. (Revolver) (4) SF 5.25 %9.55 %4/28/2028625 — 
North Haven Spartan US Holdco, LLC  SF 5.75 %10.06 %6/5/20262,215 2,215 
7,128 6,485 
Media: Diversified & Production
STATS Intermediate Holdings, LLC  SF 5.51 %9.83 %7/10/20264,725 4,631 
Touchtunes Music Group, LLC  SF 4.75 %9.05 %3/30/20293,250 3,147 
7,975 7,778 
Services: Business
Eliassen Group, LLC  SF 5.75 %10.05 %4/14/20283,170 3,076 
Eliassen Group, LLC  SF 5.75 %10.08 %4/14/2028228 221 
SIRVA Worldwide Inc. (Delayed Draw) (4) SF 8.00 %12.32 %2/20/2029381 240 
3,779 3,537 
Services: Consumer
Laseraway Intermediate Holdings II, LLC  SF 5.75 %10.29 %10/14/20272,144 2,064 
McKissock Investment Holdings, LLC  SF 5.15 %9.41 %3/9/20292,419 2,426 
4,563 4,490 
Telecommunications
Mavenir Systems, Inc. (5) SF 5.01 %9.34 %8/18/20281,621 45 
AppLogic Networks OpCo I LLC (fka Sandvine Corporation) (5) SF 6.00 %
5.26% Cash/ 5.00% PIK
3/3/2030640 595 
2,261 640 
Transportation: Cargo
Keystone Purchaser, LLC  SF 5.86 %10.19 %5/7/20274,829 4,811 
4,829 4,811 
Total Non-Controlled/Non-Affiliate Senior Secured Loans62,595 ,55,699 
Junior Secured Loans
Consumer Goods: Durable
Elevate Textiles, Inc. (5) SF 6.65 %10.95 %9/30/2027786 623 
786 623 
FIRE: Real Estate
Avison Young (USA) Inc. (3)(5) SF 8.26 %
6.09% Cash/ 6.50% PIK
3/12/20291,492 772 
Avison Young (USA) Inc. (3)(5) SF 8.26 %
6.07% Cash/ 6.50% PIK
3/12/2029510 117 
2,002 889 
Media: Diversified & Production
Research Now Group, Inc. and Survey Sampling International, LLC  SF 5.76 %10.09 %10/15/20284,445 3,953 
4,445 3,953 
Services: Business
Output Services Group, Inc. (5) SF 6.68 %10.96 %11/30/20281,042 1,042 
SIRVA Worldwide Inc.  SF 8.00 %
7.32% Cash/ 5.00% PIK
8/20/20291,201 1,187 
2,243 2,229 
Total Non-Controlled/Non-Affiliate Junior Secured Loans9,476 7,694 
97
Table of Contents
MRCC SENIOR LOAN FUND I, LLC
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
June 30, 2025
(in thousands)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate (2)
MaturityPrincipalFair Value
Equity Securities (6) (7) (8)
Consumer Goods: Durable
Elevate Textiles, Inc. (fka International Textile Group, Inc.) (25,524 shares of common units)
  —   —   —   — — $87 
87 
Chemicals, Plastics & Rubber
New Spartech Holdings, LLC (fka TJC Spartech Acquisition Corp.) (89,749 Class A units)
  —   —   —   — — 833 
Polyventive Lender Holding Company LLC (0.84% of the equity)
  —   —   —   — — — 
833 
FIRE: Real Estate
Avison Young (USA) Inc. (1,605,312 Class A preferred shares)
(3)(5) n/a  n/a
12.50% PIK
  — — 139 
Avison Young (USA) Inc. (1,199 Class F common shares)
(3)  —   —   —   — — — 
139 
Healthcare & Pharmaceuticals
Cano Health, Inc. (79,030 shares of common units)
  —   —   —   — — 333 
Cano Health, Inc. (warrant to purchase up to 2,682 shares of common units)
  —   —   — 6/28/2029— — 
333 
Media: Diversified & Production
Research Now Group, Inc. and Survey Sampling International, LLC (61,590 shares of common units)
  —   —   —   — — 1,288 
1,288 
Services: Business
Output Services Group, Inc. (51,370 Class A units)
  —   —   —   — — 649 
SIRVA Worldwide Inc. (2,252 Class A common shares)
  —   —   —   — — 12 
SIRVA Worldwide Inc. (518 Class A preferred shares)
  —   —   —   — — 591 
1,252 
Telecommunications
AppLogic Networks OpCo I LLC (fka Sandvine Corporation) (47,749 common units)
  —   —   —   — — 161 
AppLogic Networks OpCo I LLC (fka Sandvine Corporation) (40 shares of Class A units)
  —   —   —   — — — 
161 
Total Non-Controlled/Non-Affiliate Equities4,093 
TOTAL INVESTMENTS$67,486 
________________________________________________________
(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. We have provided the spread over SOFR or Prime and the current contractual rate of interest in effect at June 30, 2025. 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 June 30, 2025. 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 June 30, 2025, meaning that we have 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.
98
Table of Contents
MRCC SENIOR LOAN FUND I, LLC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2024
(in thousands)
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 
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 
99
Table of Contents
MRCC SENIOR LOAN FUND I, LLC
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2024
(in thousands)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate (2)
MaturityPrincipalFair Value
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 
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 
100
Table of Contents
MRCC SENIOR LOAN FUND I, LLC
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2024
(in thousands)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate (2)
MaturityPrincipalFair Value
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 
Telecommunications
Sandvine Corporation (40 shares of Class A units)
  — ———— — 
— 
Total Non-Controlled/Non-Affiliate Equities3,668 
TOTAL INVESTMENTS$97,951 

101
Table of Contents
MRCC SENIOR LOAN FUND I, LLC
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2024
(in thousands)
________________________________________________________
(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. We have 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 we have 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.


102
Table of Contents
Below is certain summarized financial information for SLF as of June 30, 2025 and December 31, 2024, and for the three and six months ended June 30, 2025 and 2024 (in thousands):
June 30, 2025December 31, 2024
Assets
Investments, at fair value$67,486 $97,951 
Cash and cash equivalents1,102 1,488 
Restricted cash and cash equivalents6,194 3,673 
Interest receivable1,097 1,047 
Other assets20 — 
Total assets$75,899 $104,159 
Liabilities
Revolving credit facility$15,242 $38,214 
Less: Unamortized debt issuance costs— — 
Total debt, less unamortized debt issuance costs15,242 38,214 
Interest payable86 272 
Accounts payable and accrued expenses256 212 
Total liabilities15,584 38,698 
Members’ capital60,315 65,461 
Total liabilities and members’ capital$75,899 $104,159 

Three months ended June 30,Six months ended June 30,
2025202420252024
(unaudited)(unaudited)
Investment income:
Interest income$1,773 $3,332 $4,053 $7,370 
Total investment income1,773 3,332 4,053 7,370 
Expenses:
Interest and other debt financing expenses291 1,355 855 3,045 
Professional fees and other expenses138 130 296 357 
Total expenses429 1,485 1,151 3,402 
Net investment income 1,344 1,847 2,902 3,968 
Net gain (loss):
Net realized gain (loss) — 46 82 82 
Net change in unrealized gain (loss) (3,464)122 (4,930)(496)
Net gain (loss)(3,464)168 (4,848)(414)
Net increase (decrease) in members’ capital$(2,120)$2,015 $(1,946)$3,554 
103
Table of Contents
Related Party Transactions
We have a number of business relationships with affiliated or related parties, including the following:
•On March 31, 2025, in connection with the change of control transaction where an affiliate of Wendel SE, acquired 75% of the outstanding equity interests of certain affiliates of Monroe Capital, including MC Advisors (the "Wendel Transaction"), we entered into the Amended Investment Advisory Agreement with MC Advisors. The Amended Investment Advisory Agreement was approved by our stockholders at a meeting of stockholders held on February 21, 2025. The terms of the Amended Investment Advisory Agreement, including the fee structure and services to be provided, remained the same as the terms of the former investment advisory and management agreement between us and MC Advisors, dated November 4, 2019 (the “Original Investment Advisory Agreement”). The Original Investment Advisory Agreement terminated pursuant to its terms as a result of the Wendel Transaction in accordance with the requirements of the 1940 Act. Under the terms of the Amended Investment Advisory Agreement, MC Advisors, subject to the overall supervision of the Board, continues to provide investment advisory services to us. We pay MC Advisors a fee for its services under the Amended Investment Advisory Agreement consisting of two components - a base management fee and an incentive fee. See Note 6 to our consolidated financial statements and “Significant Accounting Estimates and Critical Accounting Policies - Capital Gains Incentive Fee” for additional information.
•We have an Administration Agreement with MC Management to provide us with the office facilities and administrative services necessary to conduct our day-to-day operations. See Note 6 to our consolidated financial statements for additional information.
•SLF has an administration agreement with MC Management to provide SLF with certain loan servicing and administrative functions. SLF may reimburse MC Management for its allocable share of overhead and other expenses incurred by MC Management. See Note 3 to our consolidated financial statements and “Liquidity and Capital Resources - MRCC Senior Loan Fund I, LLC” for additional information.
•Theodore L. Koenig, our Chief Executive Officer and Chairman of our Board, is also a manager of MC Advisors and the Chief Executive Officer of MC Management. Lewis W. Solimene, Jr., our Chief Financial Officer and Chief Investment Officer, is also a managing director of MC Management.
•We have a license agreement with Monroe Capital LLC, under which Monroe Capital LLC has agreed to grant us a non-exclusive, royalty-free license to use the name “Monroe Capital” for specified purposes in our business.
In addition, we have adopted a formal code of ethics that governs the conduct of MC Advisors’ officers, directors and employees. Our officers and directors also remain subject to the duties imposed by both the 1940 Act and Maryland General Corporation Law.
Commitments and Contingencies and Off-Balance Sheet Arrangements
Commitments and Contingencies: As of June 30, 2025 and December 31, 2024, we had outstanding commitments to fund investments under undrawn revolvers, delayed draw commitments and subscription agreements, excluding unfunded commitments in SLF, totaling $31.6 million and $38.5 million, respectively. As of both June 30, 2025 and December 31, 2024, we had unfunded commitments to SLF of $7.3 million that may be contributed primarily for the purpose of funding new investments approved by the SLF investment committee. Drawdowns of the commitments to SLF require authorization from one of our representatives on SLF’s board of managers. Additionally, we have entered into certain contracts with other parties that contain a variety of indemnifications. Our maximum exposure under these arrangements is unknown. However, we have not experienced claims or losses pursuant to these contracts and believe the risk of loss related to such indemnifications to be remote.
Off-Balance Sheet Arrangements: Other than contractual commitments and other legal contingencies incurred in the normal course of our business, we do not have any off-balance sheet financings or liabilities.
104
Table of Contents
Market Trends
We have identified the following general trends that may affect our business:
Target Market: We believe that small and middle-market companies in the United States with annual revenues between $10.0 million and $2.5 billion represent a significant growth segment of the U.S. economy and often require substantial capital investments to grow. Middle-market companies have generated a significant number of investment opportunities for investment funds managed or advised by Monroe Capital, and we believe that this market segment will continue to produce significant investment opportunities for us.
Specialized Lending Requirements: We believe that several factors render many U.S. financial institutions ill-suited to lend to U.S. middle-market companies. For example, based on the experience of our management team, lending to U.S. middle-market companies (1) is generally more labor intensive than lending to larger companies due to the smaller size of each investment and the fragmented nature of information for such companies, (2) requires due diligence and underwriting practices consistent with the demands and economic limitations of the middle-market and (3) may also require more extensive ongoing monitoring by the lender.
Demand for Debt Capital: We believe there is a large pool of uninvested private equity capital for middle-market companies. We expect private equity firms will seek to leverage their investments by combining equity capital with senior secured loans and mezzanine debt from other sources, such as us.
Competition from Other Lenders: We believe that many traditional bank lenders, in recent years, de-emphasized their service and product offerings to middle-market businesses in favor of lending to large corporate clients and managing capital market transactions. In addition, many commercial banks face significant balance sheet constraints as they seek to build capital and meet future regulatory capital requirements. These factors may result in opportunities for alternative funding sources to middle-market companies and therefore drive increased new investment opportunities for us. Conversely, there has been a significant amount of capital raised over the past several years dedicated to middle market lending which has increased competitive pressure in the BDC and investment company marketplace for senior and subordinated debt, which in turn could result in lower yields and weaker financial covenants for new assets.
Pricing and Deal Structures: We believe that the volatility in global markets over the last several years and current macroeconomic issues including changes in bank regulations for middle-market banks has reduced access to, and availability of, debt capital to middle-market companies, causing a reduction in competition and generally more favorable capital structures and deal terms. Sizable recent capital raises in the private debt marketplace have created significantly increased competition over the last few years, reducing available pricing and creating less favorable capital structures; however, we believe that current market conditions for our target market may continue to create favorable opportunities to invest at attractive risk-adjusted returns.
105
Table of Contents
Market Environment: We believe middle market investments are attractive in volatile market environments such as the current market environment where there is uncertainty around the overall direction of the economy and interest rates. Directly originated middle market loans have demonstrated the ability to outperform competing markets through varying economic cycles including downturns and prior periods of monetary policy tightening. Through the global financial crisis, the higher interest rate environment in 2005-2006, market bottom in 2008 and the subsequent recovery period, as well as throughout the COVID-19 pandemic, these investments have historically generated considerable yield premium with more favorable capital structures for lenders, resulting in higher returns when compared to the market for U.S. high yield bonds and U.S. traded loans.(1) Middle market direct lending also offers a natural hedge to higher interest rates with floating rate structures that benefit from higher interest rates, while providing broad diversification in an environment where there is a risk of increased default rate activity. We believe that direct lending volumes will continue outpacing syndicated loan transaction volumes due to capital requirements and liquidity constraints faced by banks. Over the last six quarters, the overall middle market saw spread compression and a modest increase in leverage attachment points; however, interest coverage ratios have increased well above 2024 levels, indicating that the earnings power of borrowers continue to sufficiently satisfy their debt service obligations with increased cushion. Despite the expansion of overall middle market lending leverage attachment points, leverage for lower middle market lending has continued to decrease throughout the first half of 2025. M&A activity has eased since the fourth quarter of 2024, yet new money volumes have accounted for a larger share of overall direct lending volumes in the first half 2025 as compared to the first half of 2024. This dynamic has been primarily driven by a rise in refinancing activity, as borrowers often will seek to lower their cost of capital in an environment where spreads have compressed.(2) Loan documentation and structures, more notably in the lower middle market, continue to be lender favorable due to market uncertainty stemming from the potential tariffs implemented by the current U.S. administration and concurrent market volatility. We believe this makes for an attractive opportunity for middle market direct lenders to selectively deploy capital in assets that have relatively attractive pricing and lower risk structures, resulting in an attractive vintage with strong risk-adjusted returns. That said, we note that a softening macroeconomic environment and ongoing impact of elevated interest rates could result in increased default rates. If default rates become more prevalent, we would expect to experience decreased net interest income, lower yields and increased risk of credit loss. However, we believe that our portfolio is well insulated from the potential risks associated with tariffs and lingering inflation. Further, Monroe Capital’s scale, product suite, diversification, and strong historical recovery rate track record will continue to allow us to find attractive investment opportunities and navigate this uncertain market environment.
________________________________________________________
(1)Private Credit total return performance measured by the Cliffwater Direct Lending Index total return, US high yield measured by the ICE BofA US High Yield Index, Leveraged Loans by Morningstar LSTA US Leveraged Loan Index - September 2024.
(2)LSEG LPC’s 2Q25 Sponsored Middle Market Private Deals Analysis – July 2025.
Recent Developments
Merger Agreement with Horizon Technology Finance Corporation
On August 7, 2025, we entered into an Agreement and Plan of Merger (the “Merger Agreement”), with Horizon Technology Finance Corporation, a Delaware corporation (“HRZN”), HMMS, Inc., a Maryland corporation and wholly owned subsidiary of HRZN (“Merger Sub”), MC Advisors, and Horizon Technology Finance Management LLC, a Delaware limited liability company and investment adviser to HRZN. The Merger Agreement provides that, subject to the conditions set forth in the Merger Agreement, immediately following the Asset Sale (as defined below) and at the effective time of the Merger, Merger Sub will merge with and into us, with us continuing as the surviving company and as a wholly-owned subsidiary of HRZN and, immediately thereafter, we will merge with and into HRZN, with HRZN continuing as the surviving company (collectively, the “Merger”). See “Note 14. Subsequent Events—Merger Agreement with Horizon Technology Finance Corporation” in the notes to our interim consolidated financial statements in this Quarterly Report on Form 10-Q for a description of the terms of the Merger Agreement and the transactions contemplated by the Merger Agreement.
106
Table of Contents
Asset Purchase Agreement with Monroe Capital Income Plus Corporation
On August 7, 2025, we entered into an Asset Purchase Agreement (the “Asset Purchase Agreement”) with Monroe Capital Income Plus Corporation, a Maryland corporation (“MCIP”), and MC Advisors, pursuant to which, subject to the satisfaction or waiver of the closing conditions set forth in the Asset Purchase Agreement, on the closing date of the transactions contemplated by the Asset Purchase Agreement (the “Closing Date”), MCIP will acquire our investment assets at fair value, as determined shortly before the Closing Date, for cash (the “Asset Sale” and together with the Merger, the “Transactions”). Under the Asset Purchase Agreement, the Asset Sale is contingent upon, and will become effective immediately prior to the effectiveness of, the Merger.
Following the Asset Sale, our only assets will be the net cash proceeds from the sale after giving effect to the receipt of proceeds from the Asset Sale, repayment of liabilities, transaction costs and distribution of undistributed net investment income. Pursuant to and subject to the terms and conditions of the Merger Agreement, subsequent to the closing of the Asset Sale, we will merge with HRZN. See “Note 14. Subsequent Events—Asset Purchase Agreement with Monroe Capital Income Plus Corporation” in the notes to our interim consolidated financial statements in this Quarterly Report on Form 10-Q for a description of the terms of the Asset Purchase Agreement and the transactions contemplated by the Asset Purchase Agreement.
Significant Accounting Estimates and Critical Accounting Policies
Revenue Recognition
We record interest and fee income on an accrual basis to the extent that we expect to collect such amounts. For loans and debt investments with contractual PIK interest, we do not accrue PIK interest if the portfolio company valuation indicates that such PIK interest is not collectible. We do not accrue as a receivable interest on loans and debt investments if we have reason to doubt our ability to collect such interest. We may make exceptions to this policy and partially record interest if the loan has sufficient collateral value or is in process of collection and there is the expectation of collection of principal and a portion of the contractual interest. Loan origination fees, original issue discount and market discount or premium are capitalized and amortized into interest income over the contractual life of the respective investment using the effective interest method. Upon the prepayment of a loan or debt investment, any unamortized premium or discount or loan origination fees are recorded as interest income. We record prepayment premiums on loans and debt investments as interest income when we receive such amounts. Interest income is accrued based upon the outstanding principal amount and contractual terms of debt and preferred equity investments. Interest is accrued on a daily basis. We record fees on loans based on the determination of whether the fee is considered a yield enhancement or payment for a service. If the fee is considered a yield enhancement associated with a funding of cash on a loan, the fee is generally deferred and recognized into interest income using the effective interest method if captured in the cost basis or using the straight-line method if the loan is unfunded and therefore there is no cost basis. If the fee is not considered a yield enhancement because a service was provided, and the fee is payment for that service, the fee is deemed earned and recorded as other income in the period the service is completed.
Dividend income on preferred equity investments is recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments is recorded on the record date for private portfolio companies. Each distribution received from LLC and LP investments is evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, we will not record distributions from equity investments in LLCs and LPs as dividend income unless there are sufficient accumulated tax-basis earnings and profits in the LLC or LP prior to the distribution. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment.
Valuation of Portfolio Investments
Pursuant to Rule 2a-5 of the 1940 Act, the Board has designated MC Advisors as our valuation designee (the “Valuation Designee”). The Board is responsible for oversight of the Valuation Designee. The Valuation Designee has established a valuation committee to determine in good faith the fair value of our investments, based on input of the Valuation Designee’s management and personnel and independent valuation firms which are engaged at the direction of the valuation committee to assist in the valuation of certain portfolio investments lacking a readily available market quotation. The valuation committee determines fair values pursuant to a valuation policy approved by the Board and pursuant to a consistently applied valuation process.
107
Table of Contents
Under the valuation policy, the Valuation Designee values investments for which market quotations are readily available and within a recent date at such market quotations. When doing so, the Valuation Designee determines whether the quote obtained is sufficient in accordance with generally accepted accounting principles in the United States of America (“GAAP”) to determine the fair value of the security. Debt and equity investments that are not publicly traded or whose market prices are not readily available or whose market prices are not regularly updated are valued at fair value as determined in good faith by the Valuation Designee. Because we expect that there will not be a readily available market for many of the investments in our portfolio, we expect to value many of our portfolio investments at fair value as determined in good faith by our Valuation Designee using a documented valuation policy and a consistently applied valuation process. Such determination of fair values may involve subjective judgments and estimates. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize amounts that are different from the amounts presented and such differences could be material.
With respect to investments for which market quotations are not readily available, the Valuation Designee undertakes a multi-step valuation process each quarter, as described below:
•the quarterly valuation process begins with each portfolio company or investment being initially evaluated and rated by the investment professionals of the Valuation Designee responsible for the credit monitoring of the portfolio investment;
•our Valuation Designee engages independent valuation firms to conduct independent appraisals of a selection of investments for which market quotations are not readily available. We will consult with an independent valuation firm relative to each portfolio company at least once in every calendar year, but the independent appraisals are generally received quarterly for each investment;
•to the extent an independent valuation firm is not engaged to conduct an investment appraisal on an investment for which market quotations are not readily available in a particular quarter, the investment will be valued by the Valuation Designee;
•preliminary valuation conclusions are then documented and discussed with the valuation committee of the Valuation Designee;
•the valuation conclusions are approved by the valuation committee of the Valuation Designee; and
•a report prepared by the Valuation Designee is presented to the Board quarterly to allow the Board to perform its oversight duties of the valuation process and the Valuation Designee.
The Valuation Designee generally uses the income approach to determine fair value for loans where market quotations are not readily available, as long as it is appropriate. If there is deterioration in credit quality or a debt investment is in workout status, the Valuation Designee may consider other factors in determining the fair value, including the value attributable to the debt investment from the enterprise value of the portfolio company or the proceeds that would be received in a liquidation analysis. This liquidation analysis may also include probability weighting of alternative outcomes. The Valuation Designee generally considers our debt to be performing if the borrower is not in default, the borrower is remitting payments in a timely manner, the loan is in covenant compliance and the loan is otherwise not deemed to be impaired. In determining the fair value of the performing debt, the Valuation Designee considers fluctuations in current interest rates, the trends in yields of debt instruments with similar credit ratings, financial condition of the borrower, economic conditions and other relevant factors, both qualitative and quantitative. In the event that a debt instrument is not performing, as defined above, the Valuation Designee will evaluate the value of the collateral utilizing the same framework described above for a performing loan to determine the value of the debt instrument.
Under the income approach, discounted cash flow models are utilized to determine the present value of the future cash flow streams of our debt investments, based on future interest and principal payments as set forth in the associated loan agreements. In determining fair value under the income approach, the Valuation Designee also considers the following factors: applicable market yields and leverage levels, recent transactions, credit quality, prepayment penalties, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, and changes in the interest rate environment and the credit markets that generally may affect the price at which similar investments may be made.
108
Table of Contents
Under the market approach, the enterprise value methodology is typically utilized to determine the fair value of an investment. There is no one methodology to estimate enterprise value and, in fact, for any one portfolio company, enterprise value is generally best expressed as a range of values, from which the Valuation Designee derives a single estimate of enterprise value. In estimating the enterprise value of a portfolio company, the Valuation Designee analyzes various factors consistent with industry practice, including but not limited to original transaction multiples, the portfolio company’s historical and projected financial results, applicable market trading and transaction comparables, applicable market yields and leverage levels, the nature and realizable value of any collateral, the markets in which the portfolio company does business, and comparisons of financial ratios of peer companies that are public. Typically, the enterprise values of private companies are based on multiples of earnings before interest, income taxes, depreciation and amortization (“EBITDA”), cash flows, net income, revenues, or in limited cases, book value.
In addition, for certain investments, the Valuation Designee may base its valuation on indicative bid and ask prices provided by an independent third-party pricing service. Bid prices reflect the highest price that we and others may be willing to pay. Ask prices represent the lowest price that we and others may be willing to accept. The Valuation Designee generally use the midpoint of the bid/ask range as our best estimate of fair value of such investment.
As of June 30, 2025, our Valuation Designee determined, in good faith, the fair value of our investment portfolio in accordance with GAAP and our valuation procedures based on the facts and circumstances known by us at that time, or reasonably expected to be known at that time.
Net Realized Gain or Loss and Net Change in Unrealized Gain or Loss
We measure realized gain or loss by the difference between the net proceeds from the sale and the amortized cost basis of the investment, without regard to unrealized gain or loss previously recognized. Net change in unrealized gain or loss reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized gain or loss, when gain or loss is realized. Additionally, we do not isolate the change in fair value resulting from foreign currency exchange rate fluctuations from the changes in the fair values of the underlying investment. All fluctuations in fair value are included in net change in unrealized gain (loss) on investments on our consolidated statements of operations. The impact resulting from changes in foreign exchange rates on revolving credit facility borrowings denominated in foreign currencies is included in net change in unrealized gain (loss) on foreign currency and other transactions.
Capital Gains Incentive Fee
Pursuant to the terms of the Amended Investment Advisory Agreement with MC Advisors, the incentive fee on capital gains earned on liquidated investments of our portfolio is determined and payable in arrears as of the end of each calendar year (or upon termination of the Amended Investment Advisory Agreement). This fee equals 20% of our incentive fee capital gains (i.e., our realized capital gains on a cumulative basis from inception, calculated as of the end of the applicable period, net of all realized capital losses and unrealized capital depreciation on a cumulative basis), less the aggregate amount of any previously paid capital gains incentive fees. On a quarterly basis, we accrue for the capital gains incentive fee by calculating such fee as if it were due and payable as of the end of such period.
While the Amended Investment Advisory Agreement with MC Advisors neither includes nor contemplates the inclusion of unrealized gains in the calculation of the capital gains incentive fee, pursuant to an interpretation of an American Institute for Certified Public Accountants Technical Practice Aid for investment companies, we include unrealized gains in the calculation of the capital gains incentive fee expense and related accrued capital gains incentive fee. This accrual reflects the incentive fees that would be payable to MC Advisors if our entire portfolio was liquidated at its fair value as of the balance sheet date even though MC Advisors is not entitled to an incentive fee with respect to unrealized gains unless and until such gains are actually realized.
During both the three and six months ended June 30, 2025 and 2024, we did not have any further reductions in accrued capital gains incentive fees as they were already at zero, primarily as a result of accumulated realized and unrealized losses on the portfolio.
109
Table of Contents
New Accounting Pronouncements
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) (“ASU 2023-09”), which updates income tax disclosure requirements related to rate reconciliation, income taxes paid and other disclosures. ASU 2023-09 is effective for public business entities for annual reporting periods beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. We are currently evaluating the impact of adopting ASU 2023-09; however, we do not expect a material impact on our consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (“ASU 2024-03”), which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning with the first quarter ended March 31, 2028. Early adoption and retrospective application are permitted. We are currently assessing the impact of this guidance; however, we do not expect a material impact on our consolidated financial statements.

110
Table of Contents
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We are subject to financial market risks, including valuation risk, interest rate risk, currency risk and inflation and supply chain risk. The prices of securities held by us may decline in response to certain events, including those directly involving the companies we invest in; conditions affecting the general economy; overall market changes; legislative reform; local, regional, national or global political, social or economic instability, including related to elevated inflation; levels and uncertainty resulting from tariffs and trade policy changes; and interest rate fluctuations.
Valuation Risk
Our investments may not have readily available market quotations (as such term is defined in Rule 2a-5 of the 1940 Act), and those investments which do not have readily available market quotations are valued at fair value as determined in good faith by our Valuation Designee in accordance with our valuation policy. There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Because of the inherent uncertainty of valuation, these estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and it is possible that the difference could be material.
In accordance with Rule 2a-5, under the 1940 Act, our Board periodically assesses and manages material risks associated with the determination of the fair value of our investments.
Interest Rate Risk
The majority of the loans in our portfolio have floating interest rates, and we expect that our loans in the future may also have floating interest rates. These loans are usually based on a floating SOFR and typically have interest rate re-set provisions that adjust applicable interest rates under such loans to current market rates on a monthly or quarterly basis. The majority of the loans in our current portfolio have interest rate floors that will effectively convert the loans to fixed rate loans in the event interest rates decrease. In addition, our revolving credit facility has a floating interest rate provision, whereas our 2026 Notes have fixed interest rates until maturity. We expect that other credit facilities into which we may enter in the future may also have floating interest rate provisions. In a low interest rate environment, we may be negatively impacted if the difference between the total interest income earned on our interest earning assets and the total interest expense incurred on our interest bearing liabilities is compressed.
Assuming that the consolidated statement of assets and liabilities as of June 30, 2025 was to remain constant and that we took no actions to alter our existing interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes in interest rates (in thousands):
Change in Interest RatesIncrease
(decrease) in
interest income		Increase
(decrease) in
interest expense
Net increase
(decrease) in net
investment income (1)
Down 300 basis points
$(7,204)$(2,409)$(4,795)
Down 200 basis points(4,857)(1,606)(3,251)
Down 100 basis points(2,428)(803)(1,625)
Up 100 basis points2,428 803 1,625 
Up 200 basis points4,857 1,606 3,251 
Up 300 basis points7,285 2,409 4,876 
________________________________________________________
(1)Excludes the impact of income-based incentive fees. See Note 6 in the attached consolidated financial statements for more information on income-based incentive fees.
111
Table of Contents
Although we believe that this analysis is indicative of our existing sensitivity to interest rate changes, it does not adjust for changes in the credit market, credit quality, the size and composition of the assets in our portfolio and other business developments, including borrowing under the credit facility or other borrowings that could affect net increase in net assets resulting from operations, or net income. Accordingly, we can offer no assurances that actual results would not differ materially from the analysis above.
We may in the future hedge against interest rate fluctuations by using standard hedging instruments such as futures, options and forward contracts to the extent permitted under the 1940 Act and applicable commodities laws. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in the benefits of lower interest rates with respect to the investments in our portfolio with fixed interest rates or interest rate floors.
Currency Risk
We may also have exposure to foreign currencies related to certain investments. Such investments are translated into U.S. dollars based on the spot rate at each balance sheet date, exposing us to movements in the exchange rate. In order to reduce our exposure to fluctuations in exchange rates, we may borrow in foreign currency under our revolving credit facility to finance such investments or we may enter into foreign currency forward contracts. As of June 30, 2025, we held no investments in foreign currencies or foreign currency forward contracts.
Inflation and Supply Chain Risk
U.S. inflation rates have fluctuated in recent periods and remain well above historical levels over the past several decades. Inflationary pressures have increased the costs of labor, energy and raw materials and have adversely affected consumer spending, economic growth and our portfolio companies’ operations. Inflation is likely to continue in the near to medium-term, particularly in the U.S., with the possibility that monetary policy may tighten in response. Persistent inflationary pressures could affect our portfolio companies’ profit margins and impact their ability to pay interest and principal on our loans, particularly if interest rates rise in response to inflation.
ITEM 4. CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
In accordance with Rules 13a-15(b) and 15d-15(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), we, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act). Based on that evaluation, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that, at the end of the period covered by this Quarterly Report on Form 10-Q, our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Notwithstanding the foregoing, a control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that it will detect or uncover failures within the Company to disclose material information otherwise required to be set forth in the Company’s periodic reports.
Changes in Internal Control Over Financial Reporting
No change occurred in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) during the quarter ended June 30, 2025 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
112
Table of Contents
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
Neither we, our investment advisor, nor our subsidiaries are currently subject to any material pending legal proceedings, other than ordinary routine litigation incidental to our business. We, our subsidiaries, our executive officers, directors and our investment adviser may from time to time, however, be involved in litigation arising out of our operations in the normal course of business or otherwise and may, as a result, incur significant costs and expenses in connection with such litigation. We and our investment adviser are also subject to extensive regulation, which may result in regulatory proceedings or investigations against us or our investment adviser, respectively. While the outcome of any such legal or regulatory proceedings cannot be predicted with certainty, neither us nor our investment adviser expect that any current proceedings will have a material effect upon our financial condition or results of operations; however, there can be no assurance whether any pending or future legal proceedings will have a material adverse effect on our financial condition or results of operations in any future period.
Item 1A. Risk Factors
You should carefully consider information contained in this quarterly report on Form 10-Q, including our interim consolidated financial statements and the related notes thereto, before making a decision to purchase our securities. Except as set forth below, there have been no material changes known to us during the quarter ended June 30, 2025 to the risk factors discussed in “Risk Factors” in Part I, Item 1A of our annual report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 28, 2025. The risks and uncertainties described below and in our annual report on Form 10-K are not the only ones we may face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results. If any of the risks listed below or in our annual report on Form 10-K actually occur, our business, financial condition or results of operations could be materially adversely affected. If that happens, you may lose all or part of your investment.
Risks Relating to the Merger and Asset Sale
Because the market price of HRZN’s common stock will fluctuate, our common stockholders cannot be sure of the market value of the Merger Consideration they will receive until the closing of the Merger.
At the effective time of the Merger, each share of our common stock issued and outstanding immediately prior to such time (other than shares owned by HRZN or any of its consolidated subsidiaries), will be converted into the right to receive a number of shares of HRZN’s common stock equal to the Exchange Ratio, plus any cash (without interest) in lieu of fractional shares. For illustrative purposes, based on June 30, 2025 net asset values and including transaction costs and other tax-related distributions, HRZN would issue approximately 24.6 million shares of its common stock in the aggregate pursuant to the Merger Agreement based on our shares of common stock outstanding as of June 30, 2025, resulting in pro forma ownership of the combined company of 63.1% for HRZN’s current stockholders and 36.9% for our current stockholders.
The market value of the shares of HRZN’s common stock to be received by our common stockholders (together with cash to be received by our common stockholders in lieu of fractional shares, the “Merger Consideration”) may vary from the closing price of HRZN’s common stock on the date the Merger was announced, on the date of the filing of this Quarterly Report on Form 10-Q, on the date that HRZN and our joint proxy statement/prospectus is mailed to stockholders, on the date of our special meeting of stockholders or the date of HRZN’s special meeting of stockholders and on the date the Merger is completed and thereafter. Any change in the market price of HRZN’s common stock prior to completion of the Merger will affect the market value of the Merger Consideration that our stockholders will receive upon completion of the Merger.
Accordingly, at the time of our special meeting of stockholders, our stockholders will not know or be able to calculate the market price of the Merger Consideration they would receive upon completion of the Merger. Neither we nor HRZN are permitted to terminate the Merger Agreement or resolicit the vote of their respective stockholders solely because of changes in the market price of shares of HRZN’s common stock after our special meeting of stockholders.
The market price and liquidity of the market for HRZN’s common stock may be significantly affected by numerous factors, some of which are beyond HRZN’s control and may not be directly related to HRZN’s operating performance.
113
Table of Contents
These factors include, but are not limited to:
•significant volatility in the market price and trading volume of securities of business development companies or other companies in HRZN’s sector, which are not necessarily related to the operating performance of the companies;
•changes in regulatory policies, accounting pronouncements or tax guidelines, particularly with respect to RICs and business development companies;
•loss of HRZN’s qualification as a RIC or business development company;
•changes in market interest rates and decline in the prices of debt;
•changes in earnings or variations in operating results;
•changes in the value of HRZN’s portfolio investments;
•changes in accounting guidelines governing valuation of HRZN’s investments;
•any shortfall in revenue or net income or any increase in losses from levels expected by investors or securities analysts;
•departure of key personnel of the investment adviser for HRZN or any of its affiliates’ key personnel;
•operating performance of companies comparable to HRZN;
•general economic trends and other external factors; and
•loss of a major funding source.
If the Merger and Asset Sale do not close, we will not benefit from the expenses incurred in their pursuit.
The Transactions may not be completed. If the Transactions are not completed, we will have incurred substantial expenses for which no ultimate benefit will have been received. We have incurred and will incur out-of-pocket expenses in connection with the Transactions for investment banking, legal and accounting fees and financial printing and other related charges, much of which will be incurred even if the Transactions are not completed.
The termination of the Merger Agreement and/or Asset Purchase Agreement could negatively impact us.
If the Merger Agreement and/or Asset Purchase Agreement are terminated, there may be various consequences, including:
•our business may have been adversely impacted by the failure to pursue other beneficial opportunities due to the focus of management on the Transactions, without realizing any of the anticipated benefits of completing the Transactions;
•the market price of our common stock might decline, including to the extent that the market price prior to termination reflects a market assumption that the Transactions will be completed; and
•we may not be able to find a party willing to pay an equivalent or more attractive price than the price MCIP agreed to pay in the Asset Sale and the price HRZN agreed to pay in the Merger.
114
Table of Contents
We could have indemnification obligations to MCIP and our directors or officers.
Under the terms of the Asset Purchase Agreement, we have agreed to indemnify and hold harmless MCIP from certain pre-closing liabilities, including related to certain taxes and other obligations. Additionally, under the terms of the Merger Agreement, HRZN has agreed to indemnify directors and officers of us who are the subject of claims based on the fact that such person is or was our director or officer and pertaining to any actions occurring at or prior to the effective time of the Merger. Uncertainty with respect to the outcome of these obligations could have a material adverse impact on us and the surviving company following the consummation of the Transactions.
The Merger Agreement and Asset Purchase Agreement limit our ability to pursue alternatives to the Transactions.
The Merger Agreement and Asset Purchase Agreement contain provisions that limit our ability to discuss, facilitate or commit to competing third-party proposals to acquire all or a significant part of us or our assets. These provisions, which are typical for transactions of this type, and include an aggregate of $10.8 million in termination fees payable by a third-party acquiror under certain circumstances, might discourage a potential competing acquiror that might have an interest in acquiring all or a significant part of us from considering or proposing that acquisition even if it were prepared to pay consideration with a higher per share price than that proposed in the Asset Sale or the Merger or might result in a potential competing acquiror proposing to pay a lower per share price to acquire us than it might otherwise have proposed to pay.
The Transactions are subject to closing conditions, including stockholder approvals, that, if not satisfied or waived, will result in the Transactions not being completed, which may result in material adverse consequences to our business and operations.
The Transactions are subject to closing conditions, including certain approvals of our and HRZN’s respective stockholders that, if not satisfied, will prevent the Transactions from being completed. The closing conditions that our stockholders approve the Transactions may not be waived under applicable law and must be satisfied for the Transactions to be completed. We currently expect that all of our directors and executive officers will vote their shares of our common stock in favor of the proposals presented at our special meeting of stockholders. If our stockholders do not approve the Transactions and the Transactions are not completed, the resulting failure of the Transactions could have a material adverse impact on our business and operations. The closing condition that HRZN’s stockholders approve the issuance of the shares of HRZN’s common stock pursuant to the Merger Agreement (The Merger Stock Issuance Proposal”) at the HRZN special meeting of stockholders as described in the Merger Agreement may not be waived under applicable law and must be satisfied for the Merger to be completed. If HRZN’s stockholders do not approve the Merger Stock Issuance Proposal and the Transactions are not completed, the resulting failure of the Transactions could have a material adverse impact on our business and operations. In addition to the required approvals of our and HRZN’s stockholders, the Transactions are subject to a number of other conditions beyond our, MCIP’s and HRZN’s control that may prevent, delay or otherwise materially adversely affect its completion. Neither we nor MCIP nor HRZN can predict whether and when these other conditions will be satisfied.
We and HRZN are subject to operational uncertainties and contractual restrictions while the Transactions are pending.
Uncertainty about the effect of the Transactions may have an adverse effect on us and, with respect to the Merger, on HRZN and, consequently, on the combined company following completion of the Merger. These uncertainties may cause those that deal with us and HRZN to seek to change their existing business relationships with us and HRZN, respectively. In addition (1) the Asset Purchase Agreement contains representations, warranties and covenants, including, among others, covenants relating to the operation of our business during the period prior to the closing of the Asset Sale which may restrict us from taking actions that we might otherwise consider to be our best interests and (2) the Merger Agreement contains representations, warranties and covenants, including, among others, covenants relating to the operation of each of HRZN’s and our businesses during the period prior to the closing of the Merger, which may restrict us and HRZN from taking actions that we might otherwise consider to be in our best interests. These restrictions may prevent us and HRZN from pursuing certain business opportunities that may arise prior to the completion of the Transactions.
115
Table of Contents
We, MCIP and HRZN may waive one or more conditions to the Transactions without resoliciting stockholder approval.
Certain conditions to our, MCIP’s and HRZN’s obligations to complete the Transactions may be waived, in whole or in part, to the extent legally allowed, either unilaterally or by agreement of us and MCIP or HRZN, as applicable. In the event that any such waiver does not require resolicitation of stockholders, the parties to the Merger Agreement and Asset Purchase Agreement will have the discretion to complete the Transactions without seeking further stockholder approval. The conditions requiring the approval of the Transactions by the Company’s stockholders, however, cannot be waived.
The market price of HRZN’s common stock after the Merger may be affected by factors different from those affecting HRZN’s common stock currently.
Our business and the business of HRZN differ in some respects and, accordingly, the results of operations of the combined company and the market price of HRZN’s common stock after the Merger may be affected by factors different from those currently affecting the independent results of operations of each of us and HRZN. These factors include a larger stockholder base and a different capital structure.
Accordingly, the historical trading prices and financial results of HRZN may not be indicative of these matters for the combined company following the Merger.
We may not replicate our historical performance, or the historical success of HRZN.
Following the consummation of the Transactions, we cannot provide any assurance that we will replicate our own historical performance, the historical success of HRZN or the historical performance of other companies that Monroe and its investment team advised in the past. Accordingly, our investment returns could be substantially lower than the returns achieved by us in the past, by HRZN, or by other Monroe managed closed-end funds or by other clients of Monroe.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
None.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
Rule 10b5-1 Trading Plans
During the quarter ended June 30, 2025, no director or executive officer of the Company adopted or terminated any contract, instruction or written plan for the purchase or sale of securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”
116
Table of Contents
Item 6. Exhibits
Exhibit
Number		Description of Document
3.1
Amended and Restated Articles of Incorporation of Monroe Capital Corporation (Incorporated by reference to Exhibit (a)(1) of the Registrant’s Pre-Effective Amendment No. 8 to the Registration Statement on Form N-2 (File No. 333-172601) filed on October 18, 2012)
3.2
Bylaws of Monroe Capital Corporation (Incorporated by reference to Exhibit (b)(1) of the Registrant’s Pre-Effective Amendment No. 8 to the Registration Statement on Form N-2 (File No. 333-172601) filed on October 18, 2012)
31.1
Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
31.2
Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
32.1
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*
101.INSInline XBRL Instance Document
101.SCHInline XBRL Taxonomy Extension Schema Document
101.CAL
Inline XBRL Taxonomy Calculation Linkbase Document
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document
101.LABInline XBRL Taxonomy Extension Labels Linkbase Document
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document
104Cover Page Interactive Data File (Embedded within the Inline XBRL document and included in Exhibit)
________________________________________________________
*Filed herewith

117
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: August 11, 2025
By/s/ Theodore L. Koenig
Theodore L. Koenig
Chairman, Chief Executive Officer and Director
(Principal Executive Officer)
Monroe Capital Corporation
Date: August 11, 2025
By/s/ Lewis W. Solimene, Jr.
Lewis W. Solimene, Jr.
Chief Financial Officer and Chief Investment Officer
(Principal Financial and Accounting Officer)
Monroe Capital Corporation
118

Source: View Original Filing on SEC EDGAR

FAQ

What was MRCC's net asset value per share as of June 30, 2025?

The net asset value per share was $8.29 as of June 30, 2025.

How much did MRCC reduce its debt during the six months ended June 30, 2025?

MRCC repaid $118.1 million of debt principal in the six months ended June 30, 2025, reducing debt principal to $210.3 million.

How much cash did MRCC generate from operations in the first half of 2025?

Net cash provided by operating activities was $88.361 million for the six months ended June 30, 2025.

What were MRCC's total investments at fair value at June 30, 2025?

Total investments at fair value were $367.7 million as of June 30, 2025.

Did MRCC report significant unrealized losses in the period?

Yes. The net change in unrealized loss for the six months ended June 30, 2025 was $8.359 million.

Are any portfolio positions on non-accrual?

Yes. The schedule of investments notes that certain positions were on non-accrual status as of June 30, 2025.
Stock MRCC logo
Monroe Capital

NASDAQ:MRCC

MRCC Rankings

#6333 Ranked by Market Cap
#41 Ranked by Dividends

MRCC Latest News

Aug 11, 2025
Monroe Capital Corporation BDC Announces Second Quarter 2025 Results and Merger Transaction
Aug 8, 2025
Monroe Capital Corporation Schedules Second Quarter 2025 Earnings Release
Aug 7, 2025
Horizon Technology Finance Announces Second Quarter 2025 Financial Results
Aug 7, 2025
Monroe Capital Corporation and Horizon Technology Finance Corporation Enter into Definitive Merger Agreement
Jun 4, 2025
Monroe Capital Corporation Announces Second Quarter Distribution of $0.25 Per Share

MRCC Latest SEC Filings

Aug 11, 2025
[8-K] Monroe Capital Corporation Reports Material Event
Aug 8, 2025
[8-K] Monroe Capital Corporation Reports Material Event
Aug 8, 2025
[8-K] Monroe Capital Corporation Reports Material Event
Aug 7, 2025
[8-K] Monroe Capital Corporation Reports Material Event
Jun 24, 2025
[8-K] Monroe Capital Corporation Reports Material Event

MRCC Stock Data

133.46M
21.48M
0.87%
16.94%
0.6%
Asset Management
Financial Services
Link
United States
CHICAGO