Monroe Capital BDC
Inside Monroe Capital BDC’s $335M private-credit portfolio — 276 holdings disclosed in SEC filings. The portfolio is 81% first-lien by fair value, concentrated in FIRE: Real Estate (28%).
Mar 5 · SEC EDGAR
Credit Snapshot
How the market and the balance sheet read MRCC as a credit: NAV per share is the FY2025 book value ($7.68) from its SEC annual filing — for a BDC, book value is NAV. Fair values underneath are the manager’s own estimates. Price as of 2026-08-26.
| Metric | Value | What healthy looks like |
|---|---|---|
| Price-to-NAV | 0.66x (discount) | Quality BDCs tend to trade near NAV; a deep discount often signals credit concern — or opportunity to investigate. |
| Dividend Yield (FY2025 paid) | 18.3% | A trailing all-in yield (full-year dividends paid, including any specials) — not a forward run-rate. BDC regular yields typically run 8–12%; treat an outlier as a question about dividend sustainability. |
| NAV Total Return | -2.7% FY2025: ΔNAV/share + distributions 3-yr ≈+0.7%/yr compound | NAV change plus distributions, per share — what the book earned independent of market sentiment. Sustained positive NAV total return means the credit book is creating value, not just distributing it back. |
| Leverage (Gross Debt/Equity) | 1.15x | Most BDCs run 0.8x–1.25x debt-to-equity; the regulatory ceiling is 2.0x. |
| Asset Coverage | 187% | A gross total-debt coverage read; the statutory ratio excludes SBA debentures, so an SBIC’s 10-K figure can differ. Healthy BDCs sit well above the 150% floor. |
| Top-5 Borrower Concentration | 25% of portfolio FV ≈ 50% of FY2025 NAV largest: American Community Homes, Inc. (5.6% of FV) | Measured against NAV, not just portfolio value: leverage means one borrower’s writedown hits book value harder than its portfolio share suggests. Diversified BDCs typically keep any single name to a low single-digit share of the portfolio. |
| Debt Marked Below 90 | 17.0% (12.3% below 80) of marked debt FV (98% coverage) | Loans marked below 90 cents on the dollar are the book’s watchlist; a growing tail often precedes non-accrual. |
| PIK Income Share | 35.6% of debt FV carries a PIK component 81st pct of 16 lower-MM peers | Interest paid “in kind” adds to the loan instead of paying cash; a rising PIK share is the classic early sign of borrower stress. |
| Floating-Rate Mix | 63% floating, mostly SOFR of rate-classified debt (96% coverage); the rest fixed | Floating-rate loans reprice with their benchmark (mostly SOFR), so a high floating share means portfolio income rises when the Fed hikes and falls when it cuts — the book’s rate sensitivity in one number. |
| Non-Accruals | — not yet parsed | 1–3% of debt fair value is normal; 5%+ is a warning sign. We don’t parse this yet — check the latest 10-Q. |
Portfolio Composition
Portfolio-wide breakdown by fair value across this BDC’s full Schedule of Investments. Source: SEC EDGAR (public). As of the 2026-03-05 filing.
Maturity Wall
Debt fair value by each loan’s stated maturity year (92% of debt FV carries a parsed maturity). The refinancing question: 53% of the maturity-dated book comes due by end-2027 — debt that must be repaid, refinanced, or extended. As of the 2026-03-05 filing.
| Maturing | Debt FV | % of dated debt |
|---|---|---|
| 2026 or earlier | $90M | 32.3% |
| 2027 | $58M | 20.7% |
| 2028 | $58M | 20.9% |
| 2029 | $52M | 18.5% |
| 2030 | $14M | 4.9% |
| 2031+ | $8M | 2.8% |
Manager Track Record
Through-the-cycle indicators computed from filed schedule-of-investments data: the non-accrual level and its four-quarter direction, the fleet standing among BDCs whose latest filing clears the 90% determinate-coverage gate, and the average debt mark against a year earlier. A track record, not a verdict — each row is coverage-gated and omitted when the data doesn’t support it. As of the 2026-03-05 filing.
| Avg debt mark vs 4q ago | 90.7 vs 92.7 (-2.0 pts) |
Quarter-over-quarter changes
Borrowers added to and dropped from the book between the 2025-11-05 and 2026-03-05 filings, and the largest weighted-mark moves on borrowers held across both. Aggregated to the borrower so a company’s exposure is counted once even when its loan tranches are re-cut quarter to quarter; entries and exits under $0.5M are omitted as parse noise.
New this quarter 70
- Witkoff/Monroe 700 Jv Llc (2,141 Preferred Units)$21M
- American Community Homes, Inc.$19M
- Hfz Capital Group Llc$18M
- Mc Asset Management (Corporate), Llc$18M
- Planful, Inc. (473,082 Class A Units)$17M
- Kar Wash Holdings, Llc (99,807 Class A Units) Vice Acquisition Holdco, Llc (Fka Vice Group Holding Inc.) (1,480,000 Class A Units)$15M
Exited 11
- S 1, Non-Affiliated$112M
- S, Non-Affiliated$88M
- S 2, Non-Affiliated$53M
- Investments, Affiliated$35M
- S 3, Non-Affiliated$21M
- Securities, Class A-1 Preferred Units, Non-Affiliated$13M
Top Portfolio Holdings
| # | Company | Type | Sector | Coupon | Maturity | Fair Value | % of FV | % of Net Assets |
|---|---|---|---|---|---|---|---|---|
| 1 | HFZ Capital Group LLC2 reporting lines · Senior Secured Loan Senior Secured + Senior Secured Loan Senior Secured | 1L Sr SecuredPIK 16.21% | FIRE: Real Estate | SOFR + 9.46% | — | $18M | 5.4% | 10.9% |
| 2 | MC Asset Management (Corporate), LLC2 reporting lines · Senior Secured Loan Senior Secured + Senior Secured Loan Senior Secured | 1L Sr SecuredPIK 18.99% | FIRE: Real Estate | SOFR + 15.00% | Jan 2029 | $18M | 5.4% | 10.9% |
| 3 | American Community Homes, Inc.2 reporting lines · Senior Secured Loan Senior Secured + Senior Secured Loan Senior Secured | 1L Sr SecuredPIK 3.84% | FIRE: Real Estate | SOFR + 0.11% | Dec 2026 | $13M | 3.8% | 7.7% |
| 4 | Planful, Inc. | 1L Sr Secured | High Tech Industries | SOFR + 6.26% | Dec 2026 | $9M | 2.8% | 5.7% |
| 5 | Dorado Acquisition, Inc.2 reporting lines · Senior Secured Loan Senior Secured + Senior Secured Loan Senior Secured | 1L Sr Secured | Healthcare & Pharmaceuticals | SOFR + 6.85% | Jun 2026 | $9M | 2.6% | 5.1% |
| 6 | Witkoff/Monroe 700 JV LLC 1 | 2L / MezzPIK 13.25% | FIRE: Real Estate | — | Oct 2026 | $8M | 2.5% | 4.9% |
| 7 | Tiugo Group Holdings Corp | 1L Sr Secured | High Tech Industries | SOFR + 5.50% | Mar 2031 | $8M | 2.3% | 4.6% |
| 8 | Crownpeak Technology, Inc. | 1L Sr Secured | Media: Diversified & Production | SOFR + 5.50% | Dec 2026 | $7M | 2.0% | 4.1% |
| 9 | Lifted Trucks Holdings, LLC | 1L Sr Secured | Automotive | SOFR + 5.35% | Nov 2028 | $7M | 2.0% | 4.0% |
| 10 | Cdata Software, Inc. | 1L Sr Secured | Services: Business | SOFR + 5.75% | Jul 2030 | $6M | 1.8% | 3.6% |
| Full schedule — all 276 holdings, sortable and screenable → | ||||||||
% of net assets reads each position against stockholders’ equity as of FY2025 — on a levered book, a position is a larger share of the equity that absorbs losses than of portfolio fair value.
This page is the public file — the Ledge adds
Borrower cross-reference
Search any borrower, see every BDC exposed to it — Monroe Capital BDC shares 20 borrowers with other managers we track.
Quarterly diffs
What entered and exited the book each quarter.
Book-structure risk
Senior-secured, floating-rate and PIK share — how the book is built.
Loan-Pricing Trend
Fair-value-weighted average credit spread and average mark across this BDC’s Schedule-of-Investments debt holdings, by filing quarter. Mark is fair value as a percent of par (100 = par). Spread is in basis points over each loan’s own benchmark, normalized from the filing’s as-reported units. Source: SEC EDGAR (public). Spreads have compressed from 700 to 675 bps over 11 quarters while marks held near 93.
| Quarter | Borrowers | Priced Positions | Wtd-Avg cash spread (bps) | Avg Mark (% of par) | Debt Fair Value |
|---|---|---|---|---|---|
| Q3 2024 | 142 | 216 | 709 | 94.6 | $418M |
| Q4 2024 | 134 | 213 | 684 | 92.7 | $400M |
| Q1 2025 | 93 | 148 | 701 | 92.4 | $402M |
| Q2 2025 | 78 | 127 | 699 | 89.7 | $340M |
| Q3 2025 | 17 | 169 | 685 | 92.2 | $306M |
| Q4 2025 | 106 | 169 | 675 | 90.7 | $303M |
3 quarters omitted — filing not parsed.
Marks reflect each BDC’s own fair-value estimates as reported to the SEC, not traded prices. Private-credit loans are predominantly Level 3 under ASC 820 — valued from unobservable inputs and determined in good faith by each BDC’s board, so figures are estimates as of the filing date and are not directly comparable across managers. Informational only; not investment advice or a valuation.
Questions this page answers
What does Monroe Capital BDC invest in?
Monroe Capital BDC's portfolio breaks down by total portfolio fair value into approximately 81% first-lien senior secured, 9% second-lien or mezzanine, 1% other or unclassified debt, and 9% equity or other, with its largest sector exposure in FIRE: Real Estate (~28% of the holdings that disclose a sector) as of its 2026-03-05 SEC filing.
How large is Monroe Capital BDC's portfolio?
Monroe Capital BDC reported $335M in portfolio fair value across 276 holdings and 216 unique borrowers as of its 2026-03-05 SEC filing.
What do Monroe Capital BDC's fixed-rate loans yield?
The fair-value-weighted average all-in coupon across Monroe Capital BDC's fixed-rate income-producing holdings is approximately 12.6%, measured over the fixed-rate holdings representing 5% of portfolio fair value (floating-rate loans, quoted as a spread over a benchmark, are excluded) as of its 2026-03-05 SEC filing.
Where does this data come from?
This data is parsed by Oxford Ledge from Monroe Capital BDC's Schedule of Investments in its SEC EDGAR filings. Fair values are the manager's own estimates as of the 2026-03-05 filing date.
About Monroe Capital BDC
Monroe Capital BDC (MRCC) is a publicly traded Business Development Company (BDC) — essentially a publicly listed fund that lends money to mid-sized private companies. In plain English: BDCs raise money from public investors and lend it to businesses that are too small for Wall Street banks. To qualify for pass-through tax treatment, they distribute at least 90% of their taxable investment income to shareholders, which is why BDC yields are often 8–12%. Monroe Capital BDC discloses its full loan portfolio through SEC filings.