MRCCMEDIUM SIGNALFINANCIAL10-K

MRCC experienced a significant portfolio restructuring with substantial cash depletion and debt reduction, while rotating out of several healthcare and technology investments.

The company appears to have undergone meaningful deleveraging, reducing total debt by over one-third while simultaneously depleting most of its cash reserves. This suggests either strategic portfolio repositioning, potential liquidity pressures, or both, requiring close monitoring of the company's funding capacity and investment strategy going forward.

Comparing 2026-03-05 vs 2025-02-28View on EDGAR →
FINANCIAL ANALYSIS

MRCC's balance sheet reflects substantial contraction, with total assets declining 24% to $373M driven primarily by a sharp 79% reduction in cash to just $1.9M and a 35% decrease in total debt to $190.8M. The company's stockholders' equity fell modestly by 13% to $166.5M, suggesting the deleveraging partially offset asset reductions. The dramatic cash decline combined with significant portfolio changes indicates either strategic repositioning or potential liquidity management challenges that warrant investor attention.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
-78.7%
$9.0M→$1.9M

Cash declined 78.7% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Total Debt
Balance Sheet
-34.7%
$292.0M→$190.8M

Debt reduced 34.7% — deleveraging strengthens balance sheet and reduces financial risk.

Total Liabilities
Balance Sheet
-30.9%
$298.9M→$206.5M

Liabilities reduced 30.9% — deleveraging improves balance sheet strength and financial flexibility.

Total Assets
Balance Sheet
-24%
$490.7M→$373.0M

Total assets contracted 24% — asset sales, write-downs, or balance sheet optimization underway.

Stockholders Equity
Balance Sheet
-13.2%
$191.8M→$166.5M

Equity decreased 13.2% — buybacks or losses reducing book value, monitor solvency ratios.

LANGUAGE CHANGES
NEW — 2026-03-05
PRIOR — 2025-02-28
ADDED
| Senior Secured Loans 2025-12-31 0001512931 Independence Buyer, Inc.
1 | Senior Secured Loans 2025-12-31 0001512931 Bluesight, Inc.
2 | Senior Secured Loans 2025-12-31 0001512931 Bluesight, Inc.
3 | Senior Secured Loans 2025-12-31 0001512931 Bluesight, Inc.
(Revolver) | Senior Secured Loans 2025-12-31 0001512931 Dorado Acquisition, Inc.
1 | Senior Secured Loans 2025-12-31 0001512931 Dorado Acquisition, Inc.
2 | Senior Secured Loans 2025-12-31 0001512931 Dorado Acquisition, Inc.
(Revolver) | Senior Secured Loans 2025-12-31 0001512931 KL Moon Acquisition, LLC 1| Senior Secured Loans 2025-12-31 0001512931 KL Moon Acquisition, LLC 2| Senior Secured Loans 2025-12-31 0001512931 KL Moon Acquisition, LLC 3 | Senior Secured Loans 2025-12-31 0001512931 KL Moon Acquisition, LLC (Revolver) | Senior Secured Loans 2025-12-31 0001512931 NQ PE Project Colosseum Midco Inc.| Senior Secured Loans 2025-12-31 0001512931 NQ PE Project Colosseum Midco Inc.
(Revolver) | Senior Secured Loans 2025-12-31 0001512931 Seran BioScience, LLC 1 | Senior Secured Loans 2025-12-31 0001512931 Seran BioScience, LLC 2 | Senior Secured Loans 2025-12-31 0001512931 Seran BioScience, LLC 3 | Senior Secured Loans 2025-12-31 0001512931 Seran BioScience, LLC (Revolver) | Senior Secured Loans 2025-12-31 0001512931 TigerConnect, Inc.
1 | Senior Secured Loans 2025-12-31 0001512931 TigerConnect, Inc.
REMOVED
(Revolver), Senior Secured Loans 2024-12-31 0001512931 Brickell Bay Acquisition Corp., Senior Secured Loans 1 2024-12-31 0001512931 Brickell Bay Acquisition Corp., Senior Secured Loans 2 2024-12-31 0001512931 Dorado Acquisition, Inc., Senior Secured Loans 1 2024-12-31 0001512931 Dorado Acquisition, Inc., Senior Secured Loans 2 2024-12-31 0001512931 Dorado Acquisition, Inc.
(Revolver), Senior Secured Loans 2024-12-31 0001512931 Seran BioScience, LLC, Senior Secured Loans 1 2024-12-31 0001512931 Seran BioScience, LLC, Senior Secured Loans 2 2024-12-31 0001512931 Seran BioScience, LLC, Senior Secured Loans 3 2024-12-31 0001512931 Seran BioScience, LLC (Revolver), Senior Secured Loans 2024-12-31 0001512931 TigerConnect, Inc., Senior Secured Loans 2024-12-31 0001512931 TigerConnect, Inc., Senior Secured Loans 1 2024-12-31 0001512931 TigerConnect, Inc.
(Delayed Draw), Senior Secured Loans 2024-12-31 0001512931 TigerConnect, Inc.
(Delayed Draw), Senior Secured Loans 1 2024-12-31 0001512931 TigerConnect, Inc.
(Revolver), Senior Secured Loans 2024-12-31 0001512931 Vero Biotech Inc., Senior Secured Loans 2024-12-31 0001512931 Whistler Parent Holdings III, Inc., Senior Secured Loans 3 2024-12-31 0001512931 Whistler Parent Holdings III, Inc.
(Revolver), Senior Secured Loans 2024-12-31 0001512931 us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:HealthcareSectorMember us-gaap:SeniorLoansMember 2024-12-31 0001512931 Arcserve Cayman Opco LP (fka Arcstor Midco, LLC) (Delayed Draw), Senior Secured Loans 2024-12-31 0001512931 Douglas Holdings, Inc., Senior Secured Loans 2024-12-31 0001512931 Douglas Holdings, Inc.
(Delayed Draw), Senior Secured Loans 1 2024-12-31 0001512931 Douglas Holdings, Inc.
(Delayed Draw), Senior Secured Loans 2 2024-12-31 0001512931 Douglas Holdings, Inc.
(Delayed Draw), Senior Secured Loans 3 2024-12-31 0001512931 Douglas Holdings, Inc.
(Revolver), Senior Secured Loans 2024-12-31 0001512931 Drawbridge Partners, LLC, Senior Secured Loans 2024-12-31 0001512931 Drawbridge Partners, LLC (Delayed Draw), Senior Secured Loans 2024-12-31 0001512931 Drawbridge Partners, LLC (Revolver), Senior Secured Loans 2024-12-31 0001512931 Medallia, Inc., Senior Secured Loans 2024-12-31 0001512931 Mindbody, Inc., Senior Secured Loans 1 2024-12-31 0001512931 Mindbody, Inc., Senior Secured Loans 2 2024-12-31 0001512931 Mindbody, Inc.
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