UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~March 31,~~June 30, 2022

¨	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 814-01301

MONROE CAPITAL INCOME PLUS CORPORATION

(Exact Name of Registrant as Specified in its Charter)

Maryland		83-0711022
(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)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class		Trading Symbol(s)		Name of Each Exchange on Which Registered
None		N/A		N/A

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 ¨

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 ¨

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 filer	¨	Accelerated filer	¨

Non-accelerated filer	x	Smaller reporting company	¨

Emerging growth company	x

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. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x

As of ~~May~~August 11,, 2022, the registrant had ~~48,314,481~~56,348,420 shares of common stock, $0.001 par value, outstanding.

TABLE OF CONTENTS

		Page
PART I. FINANCIAL INFORMATION		3

Item 1.	Consolidated Financial Statements	3

	Consolidated Statements of Assets and Liabilities as of ~~March 31,~~June 30, 2022 (unaudited) and December 31, 2021	3

	Consolidated Statements of Operations for the three and six months ended ~~March 31,~~June 30, 2022 and 2021 (unaudited)	4

	Consolidated Statements of Changes in Net Assets for the three and six months ended ~~March 31,~~June 30, 2022 and 2021 (unaudited)	5

	Consolidated Statements of Cash Flows for the ~~three~~six months ended ~~March 31,~~June 30, 2022 and 2021 (unaudited)	6

	Consolidated Schedules of Investments as of ~~March 31,~~June 30, 2022 (unaudited) and December 31, 2021	7

	Notes to Consolidated Financial Statements (unaudited)	25

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	4447

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	5962

Item 4.	Controls and Procedures	6063

PART II. OTHER INFORMATION		6164

Item 1.	Legal Proceedings	6164

Item 1A.	Risk Factors	6164

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	6467

Item 3.	Defaults Upon Senior Securities	6467

Item 4.	Mine Safety Disclosures	6467

Item 5.	Other Information	6467

Item 6.	Exhibits	6568

Signatures		69

Part I. Financial Information

Item 1. Consolidated Financial Statements

MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(in thousands, except per share data)

March 31, 2022 December 31, 2021
(unaudited)
ASSETS
Investments, at fair value:
Non-controlled/non-affiliate company investments $ 754,026 $ 693,036
Non-controlled affiliate company investments 12,668 11,854
Total investments, at fair value (amortized cost of: $754,817 and $695,916, respectively) 766,694 704,890
Cash 3,294 4,998
Restricted cash 12,137 8,973
Unrealized gain on foreign currency forward contracts 52 585
Interest receivable 5,487 4,803
Other assets 98 12
Total assets 787,762 724,261

LIABILITIES
Debt:
Revolving credit facility 281,200 348,600
Less: Unamortized deferred financing costs (3,677 ) (3,615 )
Total debt, less unamortized deferred financing costs 277,523 344,985
Interest payable 2,856 2,184
Management fees payable 2,796 2,366
Incentive fees payable 3,256 1,808
Accounts payable and accrued expenses 3,705 3,470
Directors' fees payable 15 —
Total liabilities 290,151 354,813
Net assets $ 497,611 $ 369,448

Commitments and contingencies (See Note 11)

ANALYSIS OF NET ASSETS
Common stock, $0.001 par value, 100,000 shares authorized, 48,956 and 36,565 shares issued and outstanding, respectively $ 49 $ 37
Capital in excess of par value 486,091 360,955
Accumulated undistributed (overdistributed) earnings 11,471 8,456
Total net assets $ 497,611 $ 369,448

Net asset value per share $ 10.16 $ 10.10
MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(in thousands, except per share data)
June 30, 2022 December 31, 2021
(unaudited)
ASSETS
Investments, at fair value:
Non-controlled/non-affiliate company investments $ 855,807 $ 693,036
Non-controlled affiliate company investments 14,252 11,854
Total investments, at fair value (amortized cost of: $864,482 and $695,916, respectively) 870,059 704,890
Cash 3,895 4,998
Restricted cash 49,186 8,973
Unrealized gain on foreign currency forward contracts 1,387 585
Interest receivable 6,164 4,803
Other assets 57 12
Total assets 930,748 724,261

LIABILITIES
Debt
358,856

348,600

Less: Unamortized deferred financing costs (12,101 ) (3,615 )
Debt, less unamortized deferred financing costs 346,755 344,985
Interest payable 4,092 2,184
Payable for unsettled trades 4,500 —
Management fees payable 977 2,366
Incentive fees payable 872 1,808
Accounts payable and accrued expenses 4,592 3,470
Total liabilities 361,788 354,813
Net assets $ 568,960 $ 369,448

Commitments and contingencies (See Note 11)

ANALYSIS OF NET ASSETS
Common stock, $0.001 par value, 100,000 shares authorized, 56,348 and 36,565 shares issued and outstanding, respectively $ 56 $ 37
Capital in excess of par value 561,229 360,955
Accumulated undistributed (overdistributed) earnings 7,675 8,456
Total net assets $ 568,960 $ 369,448

Net asset value per share $ 10.10 $ 10.10

See Notes to Consolidated Financial Statements.

MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except per share data)

Three months ended March 31,
2022 2021
Investment income:
Non-controlled/non-affiliate company investments:
Interest, fee and dividend income $ 16,223 $ 4,655
Total investment income from non-controlled/non-affiliate company investments 16,223 4,655
Non-controlled affiliate company investments:
Interest income 164 —
Total investment income from non-controlled affiliate company investments 164 —
Total investment income 16,387 4,655

Operating expenses:
Interest and other debt financing expenses 3,280 699
Base management fees 2,796 814
Incentive fees 1,823 961
Professional fees 145 89
Administrative service fees 203 111
General and administrative expenses 210 80
Directors' fees 15 15
Expenses before fee waivers 8,472 2,769
Base management fee waivers — (814 )
Incentive fee waivers — (543 )
Total expenses, net of fee waivers 8,472 1,412
Net investment income before income taxes 7,915 3,243
Income taxes, including excise taxes — —
Net investment income 7,915 3,243

Net gain (loss):
Net realized gain (loss):
Non-controlled/non-affiliate company investments 25 43
Foreign currency forward contracts 18 (3 )
Foreign currency and other transactions — (40 )
Net realized gain (loss) 43 —

Net change in unrealized gain (loss):
Non-controlled/non-affiliate company investments 2,903 2,722
Foreign currency forward contracts (533 ) 170
Net change in unrealized gain (loss) 2,370 2,892

Net gain (loss) 2,413 2,892

Net increase (decrease) in net assets resulting from operations $ 10,328 $ 6,135

Per common share data:
Net investment income per share - basic and diluted $ 0.20 $ 0.22
Net increase (decrease) in net assets resulting from operations per share - basic and diluted $ 0.27 $ 0.41
Weighted average common shares outstanding - basic and diluted 38,729 14,786
MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except per share data)
Three months ended June 30, Six months ended June 30,
2022 2021 2022 2021

Investment income:
Non-controlled/non-affiliate company investments:
Interest, fee and dividend income $ 17,016 $ 6,006 $ 33,239 $ 10,661
Total investment income from non-controlled/non-affiliate company investments 17,016 6,006 33,239 10,661
Non-controlled affiliate company investments:
Interest income 187 — 351 —
Total investment income from non-controlled affiliate company investments 187 — 351 —
Total investment income 17,203 6,006 33,590 10,661

Operating expenses:
Interest and other debt financing expenses 4,702 914 7,982 1,613
Base management fees 2,678 1,148 5,474 1,962
Incentive fees 383 1,373 2,206 2,334
Professional fees 540 175 685 264
Administrative service fees 208 128 411 239
General and administrative expenses 304 113 514 193
Directors' fees 22 15 37 30
Expenses before fee waivers 8,837 3,866 17,309 6,635
Base management fee waivers (1,701 ) (611 ) (1,701 ) (1,425 )
Incentive fee waivers (1,306 ) (610 ) (1,306 ) (1,153 )
Total expenses, net of fee waivers 5,830 2,645 14,302 4,057
Net investment income before income taxes 11,373 3,361 19,288 6,604
Income taxes, including excise taxes 1 7 1 7
Net investment income 11,372 3,354 19,287 6,597

Net gain (loss):
Net realized gain (loss):
Non-controlled/non-affiliate company investments (42 ) 29 (17 ) 72
Foreign currency forward contracts 27 — 45 (3 )
Foreign currency and other transactions (13 ) (1 ) (13 ) (41 )
Net realized gain (loss) (28 ) 28 15 28

Net change in unrealized gain (loss):
Non-controlled/non-affiliate company investments (6,300 ) 2,357 (3,397 ) 5,079
Foreign currency forward contracts 1,335 (44 ) 802 126
Net change in unrealized gain (loss) (4,965 ) 2,313 (2,595 ) 5,205

Net gain (loss) (4,993 ) 2,341 (2,580 ) 5,233

Net increase (decrease) in net assets resulting from operations $ 6,379 $ 5,695 $ 16,707 $ 11,830

Per common share data:
Net investment income per share - basic and diluted $ 0.22 $ 0.16 $ 0.42 $ 0.37
Net increase (decrease) in net assets resulting from operations per share - basic and diluted $ 0.12 $ 0.28 $ 0.37 $ 0.67
Weighted average common shares outstanding - basic and diluted 52,248 20,589 45,526 17,704
See Notes to Consolidated Financial Statements.

MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
(unaudited)
(in thousands)
Common Stock Accumulated
undistributed
Number of shares Par
value Capital in excess of
par value (overdistributed)
earnings Total
net assets
Balances at March 31, 2021 19,207 $ 19 $ 188,041 $ 5,232 $ 193,292
Net investment income — — — 3,354 3,354
Net realized gain (loss) — — — 28 28
Net change in unrealized gain (loss) — — — 2,313 2,313
Issuance of common stock 2,792 3 27,534 — 27,537
Repurchase of common stock — — — — —
Distributions declared to stockholders — — — (7,889 ) (7,889 )
Stock issued in connection with dividend reinvestment plan 213 — 2,139 — 2,139
Balances at June 30, 2021 22,212 $ 22 $ 217,714 $ 3,038 $ 220,774

Balances at March 31, 2022 48,956 $ 49 $ 486,091 $ 11,471 $ 497,611
Net investment income — — — 11,372 11,372
Net realized gain (loss) — — — (28 ) (28 )
Net change in unrealized gain (loss) — — — (4,965 ) (4,965 )
Issuance of common stock 8,022 8 81,503 — 81,511
Repurchase of common stock (975 ) (1 ) (9,868 ) — (9,869 )
Distributions declared to stockholders — — — (10,175 ) (10,175 )
Stock issued in connection with dividend reinvestment plan 345 — 3,503 — 3,503
Balances at June 30, 2022 56,348 $ 56 $ 561,229 $ 7,675 $ 568,960
Common Stock Accumulated
undistributed
Number of shares Par
value Capital in excess of
par value (overdistributed)
earnings Total
net assets
Balances at December 31, 2020 13,828 $ 14 $ 135,636 $ 1,863 $ 137,513
Net investment income — — — 6,597 6,597
Net realized gain (loss) — — — 28 28
Net change in unrealized gain (loss) — — — 5,205 5,205
Issuance of common stock 8,094 8 79,168 — 79,176
Repurchase of common stock — — — — —
Distributions declared to stockholders — — — (10,655 ) (10,655 )
Stock issued in connection with dividend reinvestment plan 290 — 2,910 — 2,910
Balances at June 30, 2021 22,212 $ 22 $ 217,714 $ 3,038 $ 220,774

Balances at December 31, 2021 36,565 $ 37 $ 360,955 $ 8,456 $ 369,448
Net investment income — — — 19,287 19,287
Net realized gain (loss) — — — 15 15
Net change in unrealized gain (loss) — — — (2,595 ) (2,595 )
Issuance of common stock 20,196 20 204,444 — 204,464
Repurchase of common stock (975 ) (1 ) (9,868 ) — (9,869 )
Distributions declared to stockholders — — — (17,488 ) (17,488 )
Stock issued in connection with dividend reinvestment plan 562 — 5,698 — 5,698
Balances at June 30, 2022 56,348 $ 56 $ 561,229 $ 7,675 $ 568,960

See Notes to Consolidated Financial Statements.

MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED STATEMENTS OF ~~CHANGES IN NET ASSETS~~CASH FLOWS
(unaudited)
(in thousands)

Accumulated
Common Stock undistributed
Number of shares Par
value Capital in excess of
par value (overdistributed)
earnings Total
net assets
Balances at December 31, 2020 13,828 $ 14 $ 135,636 $ 1,863 $ 137,513
Net investment income — — — 3,243 3,243
Net realized gain (loss) — — — — —
Net change in unrealized gain (loss) — — — 2,892 2,892
Issuance of common stock 5,302 5 51,634 — 51,639
Distributions declared to stockholders — — — (2,766 ) (2,766 )
Stock issued in connection with dividend reinvestment plan 77 — 771 — 771
Balances at March 31, 2021 19,207 $ 19 $ 188,041 $ 5,232 $ 193,292

Balances at December 31, 2021 36,565 $ 37 $ 360,955 $ 8,456 $ 369,448
Net investment income — — — 7,915 7,915
Net realized gain (loss) — — — 43 43
Net change in unrealized gain (loss) — — — 2,370 2,370
Issuance of common stock 12,174 12 122,941 — 122,953
Distributions declared to stockholders — — — (7,313 ) (7,313 )
Stock issued in connection with dividend reinvestment plan 217 — 2,195 — 2,195
Balances at March 31, 2022 48,956 $ 49 $ 486,091 $ 11,471 $ 497,611
Six months ended June 30,
2022 2021
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations $ 16,707 $ 11,830
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 investments 17 (72 )
Net realized (gain) loss on foreign currency forward contracts (45 ) 3
Net realized (gain) loss on foreign currency and other transactions 13 41
Net change in unrealized (gain) loss on investments 3,397 (5,079 )
Net change in unrealized (gain) loss on foreign currency forward contracts (802 ) (126 )
Payment-in-kind interest income (1,634 ) (356 )
Net accretion of discounts and amortization of premiums (1,191 ) (388 )
Purchases of investments (214,931 ) (184,616 )
Proceeds from principal payments and sale of investments and settlement of forward contracts 49,218 34,418
Amortization of deferred financing costs 991 284
Changes in operating assets and liabilities:
Interest receivable (1,361 ) (711 )
Other assets (45 ) (383 )
Interest payable 1,908 307
Payable for unsettled trades 4,500 —
Management fees payable (1,389 ) 444
Incentive fees payable (936 ) 1,181
Accounts payable and accrued expenses 1,122 263
Net cash provided by (used in) operating activities (144,461 ) (142,960 )

Cash flows from financing activities:
Borrowings on the 2022 ABS 306,000 —
Borrowings on revolving credit facility 313,600 207,200
Repayments of revolving credit facility (609,344 ) (118,000 )
Payments of deferred financing costs (9,477 ) (750 )
Proceeds from issuance of common stock 204,464 79,176
Repurchase of common stock (9,869 ) —
Stockholder distributions paid, net of stock issued under the dividend reinvestment plan of $5,698 and $2,910, respectively (11,790 ) (7,745 )
Net cash provided by (used in) financing activities 183,584 159,881

Net increase (decrease) in Cash and Restricted cash 39,123 16,921
Effect of foreign currency exchange rates (13 ) (41 )
Cash and Restricted cash, beginning of period 13,971 6,120
Cash and Restricted cash, end of period $ 53,081 $ 23,000

Supplemental disclosure of cash flow information:
Cash interest paid during the period $ 5,083 $ 1,022
Cash paid for income taxes, including excise taxes, during the period $ 1 $ 66
~~See Notes to Consolidated Financial Statements.~~

MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(in thousands)

Three months ended March 31,
2022 2021
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations $ 10,328 $ 6,135
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 investments (25 ) (43 )
Net realized (gain) loss on foreign currency forward contracts (18 ) 3
Net realized (gain) loss on foreign currency and other transactions — 40
Net change in unrealized (gain) loss on investments (2,903 ) (2,722 )
Net change in unrealized (gain) loss on foreign currency forward contracts 533 (170 )
Payment-in-kind interest income (679 ) (176 )
Net accretion of discounts and amortization of premiums (643 ) (189 )
Purchases of investments (79,826 ) (51,050 )
Proceeds from principal payments and sale of investments and settlement of forward contracts 22,290 18,779
Amortization of deferred financing costs 385 125
Changes in operating assets and liabilities:
Interest receivable (684 ) (461 )
Other assets (86 ) 136
Interest payable 672 148
Payable for unsettled trades — 6,410
Management fees payable 430 (93 )
Incentive fees payable 1,448 418
Accounts payable and accrued expenses 235 (204 )
Directors' fees payable 15 15
Net cash provided by (used in) operating activities (48,528 ) (22,899 )

Cash flows from financing activities:
Borrowings on revolving credit facility 75,500 50,900
Repayments of revolving credit facility (142,900 ) (67,500 )
Payments of deferred financing costs (447 ) (303 )
Proceeds from issuance of common stock 122,953 51,639
Stockholder distributions paid, net of stock issued under the dividend reinvestment plan of $2,195 and $771, respectively (5,118 ) (1,995 )
Net cash provided by (used in) financing activities 49,988 32,741

Net increase (decrease) in Cash and Restricted cash 1,460 9,842
Effect of foreign currency exchange rates — (40 )
Cash and Restricted cash, beginning of period 13,971 6,120
Cash and Restricted cash, end of period $ 15,431 $ 15,922

Supplemental disclosure of cash flow information:
Cash interest paid during the period $ 2,223 $ 426
Cash paid for income taxes, including excise taxes, during the period $ — $ 66

The following tables provide a reconciliation of cash and restricted cash reported on the Consolidated Statements of Assets and Liabilities that sum to the total of the same such amounts on the Consolidated Statements of Cash Flows:

March 31, 2022 December 31, 2021 June 30, 2022 December 31, 2021
Cash $ 3,294 $ 4,998 $ 3,895 $ 4,998
Restricted cash 12,137 8,973 49,186 8,973
Total cash and restricted cash shown on the Consolidated Statements of Cash Flows $ 15,431 $ 13,971 $ 53,081 $ 13,971

March 31, 2021 December 31, 2020 June 30, 2021 December 31, 2020
Cash $ 3,487 $ 2,443 $ 14,387 $ 2,443
Restricted cash 12,435 3,677 8,613 3,677
Total cash and restricted cash shown on the Consolidated Statements of Cash Flows $ 15,922 $ 6,120 $ 23,000 $ 6,120

See Notes to Consolidated Financial Statements.

6
MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS
(unaudited)
~~March 31,~~June 30, 2022
(in thousands, except for shares and units)

Portfolio Company ^(a) Spread
Above
Index ^(b) Interest
Rate Acquisition
Date ^(c) Maturity Principal Amortized
Cost Fair
Value ^(d) % of Net
Assets ^(e) Spread
Above
Index ^(b) Interest
Rate Acquisition
Date ^(c) Maturity Principal Amortized
Cost Fair
Value ^(d) % of Net
Assets ^(e)
Non-Controlled/Non-Affiliate Company Investments
Senior Secured Loans
Aerospace & Defense
API Holdings III Corp. ^(f) L+4.25% 4.71 % 5/2/2019 5/8/2026 1,653 $ 1,648 $ 1,525 0.3 % L+4.25% 5.92 % 5/2/2019 5/8/2026 1,649 $ 1,644 $ 1,470 0.3 %
SI Holdings, Inc. (Integrated Polymer Solutions) ^(f) L+6.00% 7.00 % 7/25/2019 7/25/2025 1,950 1,925 1,950 0.4 %
SI Holdings, Inc. (Integrated Polymer Solutions) ^(f) L+6.00% 7.00 % 12/24/2019 7/25/2025 1,018 1,005 1,018 0.2 %
SI Holdings, Inc. (Integrated Polymer Solutions) ^(f) L+6.00% 7.00 % 2/17/2021 7/25/2025 1,760 1,755 1,760 0.4 %
SI Holdings, Inc. (Integrated Polymer Solutions) ^(f) L+6.00% 7.00 % 6/15/2021 7/25/2025 1,032 1,013 1,032 0.2 %
SI Holdings, Inc. (Integrated Polymer Solutions) ^(f) L+6.00% 7.00 % 8/10/2021 7/25/2025 1,007 990 1,007 0.2 %
SI Holdings, Inc. (Integrated Polymer Solutions) ^{(f) (x)} L+6.00% 7.67 % 7/25/2019 7/25/2025 1,945 1,922 1,929 0.3 %
SI Holdings, Inc. (Integrated Polymer Solutions) ^{(f) (x)} L+6.00% 7.67 % 12/24/2019 7/25/2025 1,015 1,003 1,007 0.2 %
SI Holdings, Inc. (Integrated Polymer Solutions) ^{(f) (x)} L+6.00% 7.67 % 2/17/2021 7/25/2025 1,756 1,754 1,742 0.3 %
SI Holdings, Inc. (Integrated Polymer Solutions) ^{(f) (x)} L+6.00% 7.67 % 6/15/2021 7/25/2025 1,029 1,011 1,021 0.2 %
SI Holdings, Inc. (Integrated Polymer Solutions) ^{(f) (x)} L+6.00% 7.67 % 8/10/2021 7/25/2025 1,005 989 997 0.2 %
SI Holdings, Inc. (Integrated Polymer Solutions) (Revolver) ^(g) L+6.00% 7.00 % 7/25/2019 7/25/2024 316 40 40 0.0 % L+6.00% 7.67 % 7/25/2019 7/25/2024 316 71 71 0.0 %
8,736 8,376 8,332 1.7 % 8,715 8,394 8,237 1.5 %
Automotive
Born To Run, LLC ^(f) L+6.00% 7.01 % 4/1/2021 4/1/2027 8,933 8,779 8,980 1.8 %
BBB Industries LLC SF+5.25% 7.04 % 6/30/2022 6/30/2029 5,000 4,500 4,525 0.8 %
Born To Run, LLC ^{(f) (x)} L+6.00% 8.25 % 4/1/2021 4/1/2027 8,910 8,763 8,929 1.6 %
Born To Run, LLC (Delayed Draw) ^{(g) (h)} L+6.00% 7.01 % 4/1/2021 4/1/2027 1,463 86 86 0.0 % L+6.00% 8.25 % 4/1/2021 4/1/2027 1,463 86 86 0.0 %
Lifted Trucks Holdings, LLC ^(f) L+5.75% 6.75 % 8/2/2021 8/2/2027 9,975 9,793 9,935 2.0 %
Lifted Trucks Holdings, LLC ^{(f) (x)} L+5.75% 6.75 % 8/2/2021 8/2/2027 9,950 9,776 9,865 1.7 %
Lifted Trucks Holdings, LLC (Delayed Draw) ^{(g) (h)} L+5.75% 6.75 % 8/2/2021 8/2/2027 2,000 — — 0.0 % L+5.75% 6.75 % 8/2/2021 8/2/2027 2,000 — — 0.0 %
Lifted Trucks Holdings, LLC (Revolver) ^(g) L+5.75% 6.75 % 8/2/2021 8/2/2027 2,381 — — 0.0 % L+5.75% 6.75 % 8/2/2021 8/2/2027 2,381 — — 0.0 %
Truck-Lite Co., LLC ^(f) L+6.25% 7.26 % 3/11/2020 12/14/2026 3,409 3,384 3,426 0.7 % SF+6.25% 8.93 % 3/11/2020 12/14/2026 3,400 3,376 3,402 0.6 %
Truck-Lite Co., LLC ^(f) L+6.25% 7.26 % 11/23/2021 12/14/2026 633 633 636 0.2 % SF+6.25% 8.93 % 11/23/2021 12/14/2026 631 631 631 0.1 %
Truck-Lite Co., LLC ^(f) L+6.25% 7.26 % 3/11/2020 12/14/2026 505 505 508 0.1 % SF+6.25% 8.93 % 3/11/2020 12/14/2026 504 504 504 0.1 %
Truck-Lite Co., LLC ^(f) L+6.25% 7.26 % 11/23/2021 12/14/2026 561 561 564 0.1 % SF+6.25% 8.93 % 11/23/2021 12/14/2026 560 560 560 0.1 %
Truck-Lite Co., LLC (Delayed Draw) ^{(g) (h)} L+6.25% 7.26 % 11/23/2021 12/14/2026 718 — — 0.0 %
Truck-Lite Co., LLC SF+6.25% 8.93 % 11/23/2021 12/14/2026 718 718 718 0.1 %
30,578 23,741 24,135 4.9 % 35,517 28,914 29,220 5.1 %
Banking
MV Receivables II, LLC (Delayed Draw) ^{(g) (h) (i)} L+9.75% 11.25 % 7/29/2021 7/29/2026 10,000 2,118 2,496 0.5 % L+9.75% 11.25 % 7/29/2021 7/29/2026 10,000 4,710 5,032 0.9 %
StarCompliance MidCo, LLC ^(f) L+6.75% 7.75 % 1/12/2021 1/12/2027 3,000 2,951 3,000 0.6 %
StarCompliance MidCo, LLC ^(f) L+6.75% 7.75 % 10/12/2021 1/12/2027 503 494 503 0.1 %
StarCompliance MidCo, LLC ^(x) L+6.75% 9.00 % 1/12/2021 1/12/2027 3,000 2,953 2,974 0.5 %
StarCompliance MidCo, LLC ^(x) L+6.75% 9.00 % 10/12/2021 1/12/2027 503 494 499 0.1 %
StarCompliance MidCo, LLC (Revolver) ^(g) L+6.75% 7.75 % 1/12/2021 1/12/2027 484 — — 0.0 % L+6.75% 8.42 % 1/12/2021 1/12/2027 484 48 48 0.0 %
13,987 5,563 5,999 1.2 % 13,987 8,205 8,553 1.5 %
Beverage, Food & Tobacco
Huff Hispanic Food Holdings, LLC ^(f) L+5.50% 6.50 % 10/18/2019 10/18/2024 5,422 5,363 5,397 1.1 %
Huff Hispanic Food Holdings, LLC ^{(f) (x)} L+5.50% 7.17 % 10/18/2019 10/18/2024 5,422 5,368 5,365 0.9 %
Huff Hispanic Food Holdings, LLC ^(f) L+5.50% 6.50 % 10/18/2019 10/18/2024 307 307 305 0.1 % L+5.50% 6.74 % 10/18/2019 10/18/2024 307 307 303 0.1 %
Huff Hispanic Food Holdings, LLC (Revolver) ^(g) L+5.50% 6.50 % 10/18/2019 10/18/2024 1,286 574 572 0.1 % L+5.50% 7.07 % 10/18/2019 10/18/2024 1,286 934 925 0.1 %
LVF Holdings, Inc. ^(f) L+6.25% 7.26 % 6/10/2021 6/10/2027 3,491 3,429 3,491 0.7 % L+6.25% 8.45 % 6/10/2021 6/10/2027 3,483 3,423 3,430 0.6 %
LVF Holdings, Inc. ^(f) L+6.25% 7.26 % 6/10/2021 6/10/2027 3,341 3,341 3,341 0.7 % L+6.25% 8.45 % 6/10/2021 6/10/2027 3,333 3,333 3,283 0.6 %
LVF Holdings, Inc. (Delayed Draw) ^{(g) (h)} L+6.25% 7.26 % 6/10/2021 6/10/2027 802 — — 0.0 % L+6.25% 8.45 % 6/10/2021 6/10/2027 802 — — 0.0 %
LVF Holdings, Inc. (Revolver) ^(g) L+6.25% 7.26 % 6/10/2021 6/10/2027 554 344 344 0.1 % L+6.25% 8.50 % 6/10/2021 6/10/2027 554 410 404 0.1 %
LX/JT Intermediate Holdings, Inc. ^(f) SF+6.00% 7.50 % 3/11/2020 3/11/2025 3,311 3,269 3,254 0.6 % SF+6.00% 7.63 % 3/11/2020 3/11/2025 3,311 3,272 3,263 0.6 %
LX/JT Intermediate Holdings, Inc. (Revolver) ^(g) SF+6.00% 7.50 % 3/11/2020 3/11/2025 500 — — 0.0 % SF+6.00% 7.63 % 3/11/2020 3/11/2025 500 — — 0.0 %
19,014 16,627 16,704 3.4 % 18,998 17,047 16,973 3.0 %
Capital Equipment
MCP Shaw Acquisitionco, LLC ^(f) SF+6.50% 7.50 % 2/28/2020 11/28/2025 7,786 7,683 7,767 1.5 %
MCP Shaw Acquisitionco, LLC ^(f) SF+6.50% 7.50 % 12/29/2021 11/28/2025 2,396 2,351 2,390 0.5 %
MCP Shaw Acquisitionco, LLC ^{(f) (x)} SF+6.50% 8.82 % 2/28/2020 11/28/2025 7,786 7,690 7,790 1.3 %
MCP Shaw Acquisitionco, LLC ^{(f) (x)} SF+6.50% 8.82 % 12/29/2021 11/28/2025 2,390 2,348 2,391 0.4 %
MCP Shaw Acquisitionco, LLC (Delayed Draw) ^{(g) (h)} SF+6.50% 7.50 % 12/29/2021 11/28/2025 786 — — 0.0 % SF+6.50% 8.82 % 12/29/2021 11/28/2025 786 349 350 0.1 %
MCP Shaw Acquisitionco, LLC (Revolver) ^(g) SF+6.50% 7.50 % 2/28/2020 11/28/2025 1,427 476 476 0.1 % SF+6.50% 8.82 % 2/28/2020 11/28/2025 1,427 476 476 0.1 %
12,395 10,510 10,633 2.1 % 12,389 10,863 11,007 1.9 %
Construction & Building
Premier Roofing L.L.C. ^(f) L+6.50% 7.50 % 8/31/2020 8/29/2025 3,456 3,407 3,378 0.7 % L+8.50% 9.07% Cash/
1.00% PIK 8/31/2020 8/29/2025 3,450 3,405 3,388 0.6 %
Premier Roofing L.L.C. (Revolver) ^(g) L+6.50% 7.50 % 8/31/2020 8/29/2025 1,199 959 937 0.2 % L+8.50% 9.07% Cash/
1.00% PIK 8/31/2020 8/29/2025 1,199 960 942 0.2 %
TCFIII Owl Buyer LLC ^{(f) (x)} SF+5.50% 7.14 % 4/19/2021 4/17/2026 4,455 4,394 4,455 0.8 %
TCFIII Owl Buyer LLC ^(f) L+6.00% 7.00 % 4/19/2021 4/17/2026 4,466 4,401 4,466 0.9 % SF+5.50% 7.14 % 4/19/2021 4/17/2026 5,440 5,440 5,440 0.9 %
TCFIII Owl Buyer LLC ^(f) L+6.00% 7.00 % 4/19/2021 4/17/2026 5,453 5,453 5,453 1.1 %
TCFIII Owl Buyer LLC ^(f) L+6.00% 7.00 % 12/17/2021 4/17/2026 4,894 4,813 4,894 1.0 %
TCFIII Owl Buyer LLC ^{(f) (x)} SF+5.50% 7.14 % 12/17/2021 4/17/2026 4,882 4,805 4,882 0.9 %
19,468 19,033 19,128 3.9 % 19,426 19,004 19,107 3.4 %
Consumer Goods: Durable
Independence Buyer, Inc. ^(f) L+5.75% 6.75 % 8/3/2021 8/3/2026 12,469 12,248 12,469 2.5 %
Independence Buyer, Inc. ^{(f) (x)} L+5.50% 6.79 % 8/3/2021 8/3/2026 12,438 12,229 12,406 2.2 %
Independence Buyer, Inc. (Revolver) ^(g) L+5.75% 6.75 % 8/3/2021 8/3/2026 2,964 — — 0.0 % L+5.50% 6.79 % 8/3/2021 8/3/2026 2,964 — — 0.0 %
Recycled Plastics Industries, LLC ^(f) L+6.75% 7.75 % 8/4/2021 8/4/2026 5,473 5,375 5,452 1.1 %
Recycled Plastics Industries, LLC ^{(f) (x)} L+6.75% 7.81 % 8/4/2021 8/4/2026 5,459 5,367 5,411 1.0 %
Recycled Plastics Industries, LLC (Revolver) ^(g) L+6.75% 7.75 % 8/4/2021 8/4/2026 743 520 518 0.1 % L+6.75% 7.81 % 8/4/2021 8/4/2026 743 149 147 0.0 %
21,649 18,143 18,439 3.7 % 21,604 17,745 17,964 3.2 %
Consumer Goods: Non-Durable
Arizona Natural Resources, LLC ^(f) L+5.75% 6.75 % 5/18/2021 5/18/2026 13,930 13,693 13,909 2.8 % L+5.75% 6.81 % 5/18/2021 5/18/2026 13,895 13,670 13,742 2.4 %
Arizona Natural Resources, LLC ^(f) L+5.75% 6.75 % 12/15/2021 5/18/2026 2,557 2,509 2,553 0.5 % L+5.75% 6.81 % 12/15/2021 5/18/2026 2,550 2,505 2,523 0.4 %
Arizona Natural Resources, LLC (Revolver) L+5.75% 6.75 % 5/18/2021 5/18/2026 1,111 1,111 1,109 0.2 %
The Kyjen Company, LLC ^(f) L+6.50% 7.50 % 5/14/2021 4/3/2026 2,970 2,944 2,982 0.6 %
Arizona Natural Resources, LLC (Revolver) ^(g) L+5.75% 6.81 % 5/18/2021 5/18/2026 1,667 1,444 1,429 0.3 %
The Kyjen Company, LLC ^{(f) (x)} L+6.50% 7.99 % 5/14/2021 4/3/2026 2,970 2,937 2,951 0.5 %
The Kyjen Company, LLC (Revolver) ^(g) L+6.50% 7.50 % 5/14/2021 4/3/2026 315 87 87 0.0 % L+6.50% 8.17 % 5/14/2021 4/3/2026 315 236 235 0.0 %
Thrasio, LLC ^(f) L+7.00% 8.01 % 12/18/2020 12/18/2026 4,928 4,868 4,909 1.0 %
Thrasio, LLC ^{(f) (x)} L+7.00% 9.25 % 12/18/2020 12/18/2026 4,915 4,858 4,940 0.9 %
25,811 25,212 25,549 5.1 % 26,312 25,650 25,820 4.5 %
Containers, Packaging & Glass
Polychem Acquisition, LLC ^(f) L+5.00% 6.50 % 4/8/2019 3/17/2025 1,940 1,936 1,939 0.4 % L+5.00% 6.50 % 4/8/2019 3/17/2025 1,935 1,931 1,932 0.3 %
Port Townsend Holdings Company, Inc. and Crown Corrugated Company L+7.75% 5.75% Cash/
3.00% PIK 10/16/2020 6/30/2022 203 203 203 0.0 % SF+7.75% 6.38% Cash/
3.00% PIK 10/16/2020 8/31/2022 207 207 207 0.1 %
2,143 2,139 2,142 0.4 % 2,142 2,138 2,139 0.4 %
Energy: Oil & Gas
Liquid Tech Solutions Holdings, LLC ^(f) L+4.75% 5.75 % 3/18/2021 3/17/2028 2,265 2,256 2,260 0.4 % L+4.75% 7.00 % 3/18/2021 3/17/2028 2,260 2,250 2,192 0.4 %
Par Petroleum, LLC ^(f) L+6.75% 6.99 % 1/27/2020 1/12/2026 895 900 894 0.2 % L+6.75% 7.77 % 1/27/2020 1/12/2026 881 886 846 0.1 %
3,160 3,156 3,154 0.6 % 3,141 3,136 3,038 0.5 %
Environmental Industries
Quest Resource Management Group, LLC ^{(f) (x)} L+7.00% 8.06 % 10/19/2020 10/20/2025 977 914 959 0.2 %
Quest Resource Management Group, LLC ^(f) L+6.50% 7.50 % 10/19/2020 10/20/2025 988 922 987 0.2 % L+7.00% 8.06 % 10/19/2020 10/20/2025 1,073 1,073 1,053 0.2 %
Quest Resource Management Group, LLC ^(f) L+6.50% 7.50 % 10/19/2020 10/20/2025 1,084 1,084 1,084 0.2 %
Quest Resource Management Group, LLC ^(f) L+6.50% 7.50 % 12/7/2021 10/20/2025 3,856 3,784 3,839 0.8 %
Quest Resource Management Group, LLC ^{(f) (x)} L+7.00% 8.06 % 12/7/2021 10/20/2025 3,816 3,750 3,731 0.6 %
Quest Resource Management Group, LLC (Delayed Draw) ^{(g) (h)} L+6.50% 7.50 % 12/7/2021 10/20/2025 1,778 389 387 0.1 % L+7.00% 8.06 % 12/7/2021 10/20/2025 1,774 385 376 0.1 %
StormTrap, LLC ^(f) SF+5.50% 6.74 % 3/25/2022 3/24/2028 8,000 7,860 8,010 1.6 % SF+5.50% 6.74 % 3/25/2022 3/24/2028 8,000 7,864 8,080 1.4 %
StormTrap, LLC (Delayed Draw) ^{(g) (h)} SF+5.50% 6.74 % 3/25/2022 3/24/2028 2,222 — — 0.0 % SF+5.50% 6.74 % 3/25/2022 3/24/2028 2,222 — — 0.0 %
Volt Bidco, Inc. ^(f) L+6.50% 7.50 % 8/11/2021 8/11/2027 6,000 5,890 5,978 1.2 %
Volt Bidco, Inc. ^(x) SF+6.50% 8.53 % 8/11/2021 8/11/2027 9,059 8,892 9,059 1.6 %
Volt Bidco, Inc. (Delayed Draw) ^{(g) (h)} L+6.50% 7.50 % 8/11/2021 8/11/2027 688 232 231 0.0 % L+6.50% 7.90% PIK 8/11/2021 8/11/2027 1,587 348 348 0.1 %
Volt Bidco, Inc. (Revolver) ^(g) L+6.50% 7.50 % 8/11/2021 8/11/2027 574 — — 0.0 % SF+6.50% 7.90 % 8/11/2021 8/11/2027 956 — — 0.0 %
25,190 20,161 20,516 4.1 % 29,464 23,226 23,606 4.2 %
FIRE: Finance
Exiger LLC ^(f) L+7.25% 8.25 % 9/30/2021 9/30/2027 14,000 13,740 14,056 2.8 %
Exiger LLC ^(x) L+7.25% 8.31 % 9/30/2021 9/30/2027 14,000 13,750 13,965 2.5 %
Exiger LLC (Delayed Draw) ^{(g) (h)} L+7.25% 8.25 % 9/30/2021 9/30/2027 4,200 — — 0.0 % L+7.25% 8.31 % 9/30/2021 9/30/2027 4,200 — — 0.0 %
Exiger LLC (Revolver) ^(g) L+7.25% 8.25 % 9/30/2021 9/30/2027 1,400 — — 0.0 % L+7.25% 8.31 % 9/30/2021 9/30/2027 1,400 — — 0.0 %
J2 BWA Funding LLC (Delayed Draw) ^{(g) (h) (i)} n/a 9.00 % 12/24/2020 12/24/2026 2,809 975 960 0.2 % n/a 9.00 % 12/24/2020 12/24/2026 2,809 1,070 1,045 0.2 %
Oceana Australian Fixed Income Trust ^{(f) (i) (j) (k)} n/a 11.50 % 2/25/2021 2/25/2026 8,040 8,460 8,040 1.6 % n/a 11.50 % 2/25/2021 2/25/2026 7,418 8,460 7,418 1.3 %
Oceana Australian Fixed Income Trust ^{(f) (i) (j) (k)} n/a 10.75 % 6/29/2021 6/29/2026 3,387 3,400 3,387 0.7 % n/a 10.75 % 6/29/2021 6/29/2026 3,125 3,400 3,125 0.5 %
W3 Monroe RE Debt LLC ⁽ⁱ⁾ n/a 10.00% PIK 2/5/2021 2/4/2028 1,806 1,806 1,806 0.4 % n/a 10.00% PIK 2/5/2021 2/4/2028 1,849 1,849 1,849 0.3 %
35,642 28,381 28,249 5.7 % 34,801 28,529 27,402 4.8 %
FIRE: Real Estate
300 N. Michigan Mezz, LLC (Delayed Draw) ^{(f) (g) (h) (i)} L+14.50% 16.00% PIK 7/15/2020 7/15/2024 1,000 908 908 0.2 % L+14.50% 16.00% PIK 7/15/2020 7/15/2024 1,000 929 924 0.2 %
Avison Young (USA) Inc. ^{(f) (i) (j)} L+5.75% 6.76 % 4/26/2019 1/30/2026 1,940 1,928 1,933 0.4 % L+5.75% 8.00 % 4/26/2019 1/30/2026 1,935 1,924 1,912 0.3 %
Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC ⁽ⁱ⁾ SF+8.25% 9.38 % 5/3/2022 4/30/2025 16,000 15,694 16,000 2.8 %
Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC (Delayed Draw) ^{(g) (h) (i)} SF+8.25% 9.51 % 5/3/2022 4/30/2025 1,635 562 562 0.1 %
Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC (Revolver) ^{(g) (i)} SF+8.25% 9.38 % 5/3/2022 4/30/2025 8,016 — — 0.0 %
Florida East Coast Industries, LLC ^{(f) (i)} n/a 10.50 % 8/9/2021 6/28/2024 5,063 4,942 5,012 1.0 % n/a 10.50 % 8/9/2021 6/28/2024 4,585 4,487 4,539 0.8 %
InsideRE, LLC ^(f) L+5.75% 6.76 % 12/22/2021 12/22/2027 7,484 7,341 7,434 1.5 %
InsideRE, LLC ^{(f) (x)} L+5.75% 8.00 % 12/22/2021 12/22/2027 7,465 7,328 7,333 1.3 %
InsideRE, LLC (Delayed Draw) ^{(g) (h)} L+5.75% 6.76 % 12/22/2021 12/22/2027 2,886 — — 0.0 % L+5.75% 8.00 % 12/22/2021 12/22/2027 2,886 — — 0.0 %
InsideRE, LLC (Revolver) ^(g) L+5.75% 6.76 % 12/22/2021 12/22/2027 965 — — 0.0 % L+5.75% 8.00 % 12/22/2021 12/22/2027 965 — — 0.0 %
NCBP Property, LLC ⁽ⁱ⁾ L+9.50% 10.50 % 12/18/2020 12/16/2022 2,500 2,491 2,504 0.5 % L+9.50% 10.56 % 12/18/2020 12/16/2022 2,500 2,494 2,506 0.4 %
21,838 17,610 17,791 3.6 % 46,987 33,418 33,776 5.9 %
Healthcare & Pharmaceuticals
Apotheco, LLC ^(f) L+8.50% 6.50% Cash/
3.00% PIK 4/8/2019 4/8/2024 1,826 1,810 1,751 0.3 % L+8.50% 7.17% Cash/
3.00% PIK 4/8/2019 4/8/2024 1,835 1,821 1,835 0.3 %
Apotheco, LLC (Revolver) L+8.50% 6.50% Cash/
3.00% PIK 4/8/2019 4/8/2024 481 481 462 0.1 % L+8.50% 7.17% Cash/
3.00% PIK 4/8/2019 4/8/2024 485 485 485 0.1 %
Appriss Health, LLC ^(f) L+7.25% 8.25 % 5/6/2021 5/6/2027 6,500 6,385 6,503 1.3 %
Appriss Health, LLC ^(x) L+7.25% 8.25 % 5/6/2021 5/6/2027 6,500 6,389 6,513 1.1 %
Appriss Health, LLC (Revolver) ^(g) L+7.25% 8.25 % 5/6/2021 5/6/2027 433 — — 0.0 % L+7.25% 8.25 % 5/6/2021 5/6/2027 433 — — 0.0 %
Ascent Midco, LLC ^(f) L+5.50% 6.50 % 2/5/2020 2/5/2025 2,267 2,240 2,267 0.4 %
Ascent Midco, LLC ^{(f) (x)} L+5.75% 7.42 % 2/5/2020 2/5/2025 2,251 2,227 2,252 0.4 %
Ascent Midco, LLC (Revolver) ^(g) L+5.50% 6.50 % 2/5/2020 2/5/2025 403 — — 0.0 % L+5.75% 7.42 % 2/5/2020 2/5/2025 403 — — 0.0 %
Brickell Bay Acquisition Corp. ^(f) L+6.50% 7.50 % 2/12/2021 2/12/2026 2,841 2,793 2,852 0.6 %
Brickell Bay Acquisition Corp. ^{(f) (x)} L+6.50% 7.50 % 2/12/2021 2/12/2026 2,834 2,788 2,820 0.5 %
Brickell Bay Acquisition Corp. (Delayed Draw) ^{(g) (h)} L+6.50% 7.50 % 2/12/2021 2/12/2026 573 — — 0.0 % L+6.50% 7.50 % 2/12/2021 2/12/2026 573 — — 0.0 %
Caravel Autism Health, LLC ^(f) L+5.75% 6.75 % 6/30/2021 6/30/2027 7,980 7,837 7,414 1.5 % SF+8.75% 6.75% Cash/
3.00% PIK 6/30/2021 6/30/2027 7,960 7,823 7,274 1.3 %
Caravel Autism Health, LLC (Delayed Draw) ^{(g) (h)} L+5.75% 6.75 % 6/30/2021 6/30/2027 5,999 299 277 0.1 % SF+8.75% 6.75% Cash/
3.00% PIK 6/30/2021 6/30/2027 5,998 298 272 0.0 %
Caravel Autism Health, LLC (Revolver) ^(g) L+5.75% 6.75 % 6/30/2021 6/30/2027 2,000 1,000 929 0.2 % SF+8.75% 6.75% Cash/
3.00% PIK 6/30/2021 6/30/2027 2,000 1,000 914 0.2 %
Dorado Acquisition, Inc. ^(f) L+6.25% 7.25 % 6/30/2021 6/30/2026 13,930 13,686 13,923 2.8 %
Dorado Acquisition, Inc. ^{(f) (x)} L+6.25% 7.25 % 6/30/2021 6/30/2026 13,895 13,664 13,944 2.4 %
Dorado Acquisition, Inc. (Delayed Draw) ^{(g) (h)} L+6.25% 7.25 % 6/30/2021 6/30/2026 606 — — 0.0 % L+6.25% 7.25 % 6/30/2021 6/30/2026 606 — — 0.0 %
Dorado Acquisition, Inc. (Revolver) ^(g) L+6.25% 7.25 % 6/30/2021 6/30/2026 1,670 — — 0.0 % L+6.25% 7.25 % 6/30/2021 6/30/2026 1,670 — — 0.0 %
INH Buyer, Inc. ^(f) L+6.00% 7.01 % 6/30/2021 6/28/2028 4,886 4,842 4,747 0.9 % L+6.00% 8.25 % 6/30/2021 6/28/2028 4,874 4,831 4,603 0.8 %
NationsBenefits, LLC ^(f) L+7.00% 8.00 % 8/20/2021 8/20/2026 12,219 12,002 12,464 2.5 % SF+7.00% 8.15 % 8/20/2021 8/20/2026 12,189 11,982 12,311 2.2 %
NationsBenefits, LLC (Revolver) ^(g) L+7.00% 8.00 % 8/20/2021 8/20/2026 1,361 — — 0.0 % SF+7.00% 8.15 % 8/20/2021 8/20/2026 1,361 — — 0.0 %
QF Holdings, Inc. ^(f) L+6.25% 7.54 % 9/19/2019 9/19/2024 4,550 4,502 4,539 0.9 %
QF Holdings, Inc. ^(f) L+6.25% 7.25 % 12/15/2021 12/15/2027 4,368 4,306 4,357 0.9 %
QF Holdings, Inc. ^(f) L+6.25% 7.54 % 9/19/2019 9/19/2024 910 910 908 0.2 %
QF Holdings, Inc. ^(x) L+6.25% 7.54 % 9/19/2019 9/19/2024 4,550 4,506 4,555 0.8 %
QF Holdings, Inc. ^(x) L+6.25% 8.76 % 12/15/2021 12/15/2027 4,368 4,308 4,372 0.8 %
QF Holdings, Inc. ^(x) L+6.25% 7.54 % 9/19/2019 9/19/2024 910 910 911 0.2 %
QF Holdings, Inc. (Delayed Draw) ^{(g) (h)} L+6.25% 7.54 % 8/21/2020 9/19/2024 910 — — 0.0 % L+6.25% 7.54 % 8/21/2020 9/19/2024 910 — — 0.0 %
QF Holdings, Inc. (Revolver) ^(g) L+6.25% 7.54 % 9/19/2019 9/19/2024 1,092 — — 0.0 % L+6.25% 7.54 % 9/19/2019 9/19/2024 1,092 — — 0.0 %
Seran BioScience, LLC ^(f) L+6.25% 7.25 % 12/31/2020 12/31/2025 1,980 1,950 1,982 0.4 %
Seran BioScience, LLC ^{(f) (x)} L+6.25% 7.25 % 12/31/2020 7/8/2027 1,975 1,947 1,975 0.3 %

MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
(unaudited)
~~March 31,~~June 30, 2022
(in thousands, except for shares and units)

Portfolio Company ^(a) Spread
Above
Index ^(b) Interest
Rate Acquisition
Date ^(c) Maturity Principal Amortized
Cost Fair
Value ^(d) % of
Net
Assets ^(e) Spread
Above
Index ^(b) Interest
Rate Acquisition
Date ^(c) Maturity Principal Amortized
Cost Fair
Value ^(d) % of Net
Assets ^(e)
Seran BioScience, LLC (Revolver) ^(g) L+6.25% 7.25 % 12/31/2020 12/31/2025 356 $ — $ — 0.0 % L+6.25% 7.25 % 12/31/2020 7/8/2027 356 $ — $ — 0.0 %
SIP Care Services, LLC ^(f) L+5.75% 6.75 % 12/30/2021 12/30/2026 3,800 3,728 3,800 0.8 %
SIP Care Services, LLC ^{(f) (x)} L+5.75% 6.81 % 12/30/2021 12/30/2026 3,791 3,722 3,757 0.7 %
SIP Care Services, LLC (Delayed Draw) ^{(g) (h)} L+5.75% 6.75 % 12/30/2021 12/30/2026 3,040 — — 0.0 % L+5.75% 6.81 % 12/30/2021 12/30/2026 3,040 — — 0.0 %
SIP Care Services, LLC (Revolver) ^(g) L+5.75% 6.75 % 12/30/2021 12/30/2026 760 — — 0.0 % L+5.75% 6.81 % 12/30/2021 12/30/2026 760 — — 0.0 %
TigerConnect, Inc. ^(f) SF+6.75% 7.75 % 2/16/2022 2/16/2028 10,000 9,805 10,000 2.0 %
TigerConnect, Inc. ^(x) SF+6.75% 7.75 % 2/16/2022 2/16/2028 10,000 9,813 9,888 1.7 %
TigerConnect, Inc. (Delayed Draw) ^{(g) (h)} SF+6.75% 7.75 % 2/16/2022 2/16/2028 413 — — 0.0 % SF+6.75% 7.75 % 2/16/2022 2/16/2028 413 — — 0.0 %
TigerConnect, Inc. (Revolver) ^(g) SF+6.75% 7.75 % 2/16/2022 2/16/2028 1,429 — — 0.0 % SF+6.75% 7.75 % 2/16/2022 2/16/2028 1,429 — — 0.0 %
WebPT, Inc. ^(f) L+6.75% 7.75 % 8/28/2019 1/18/2028 5,000 4,946 5,082 1.0 %
WebPT, Inc. ^(x) L+6.75% 8.32 % 8/28/2019 1/18/2028 5,000 4,953 4,946 0.9 %
WebPT, Inc. (Revolver) ^(g) L+6.75% 7.75 % 8/28/2019 1/18/2028 521 — — 0.0 % L+6.75% 8.86 % 8/28/2019 1/18/2028 521 104 104 0.0 %
Whistler Parent Holdings III, Inc. ^(x) SF+6.75% 8.38 % 6/3/2022 6/2/2028 21,000 20,583 20,580 3.6 %
Whistler Parent Holdings III, Inc. (Delayed Draw) ^{(g) (h)} SF+6.75% 8.38 % 6/3/2022 6/2/2028 6,563 — — 0.0 %
Whistler Parent Holdings III, Inc. (Revolver) ^(g) SF+6.75% 8.38 % 6/3/2022 6/2/2028 2,625 — — 0.0 %
105,104 83,522 84,257 16.9 % 135,170 104,154 104,311 18.3 %
High Tech Industries
Acquia Inc. ^(f) L+7.00% 8.00 % 11/1/2019 10/31/2025 15,429 15,182 15,428 3.1 %
Acquia Inc. ^(x) L+7.00% 8.12 % 11/1/2019 10/31/2025 15,429 15,200 15,428 2.7 %
Acquia Inc. (Revolver) ^(g) L+7.00% 8.00 % 11/1/2019 10/31/2025 588 — — 0.0 % L+7.00% 9.08 % 11/1/2019 10/31/2025 588 71 71 0.0 %
Arcstor Midco, LLC ^(f) L+7.00% 8.01 % 3/16/2021 3/16/2027 11,880 11,676 11,363 2.3 %
Arcstor Midco, LLC ^{(f) (x)} L+7.00% 9.25 % 3/16/2021 3/16/2027 11,850 11,654 11,146 2.0 %
MarkLogic Corporation ^(f) L+6.00% 7.00 % 10/20/2020 10/20/2025 5,184 5,088 5,262 1.0 % SF+6.50% 7.95 % 5/10/2022 10/20/2025 4,023 3,945 3,997 0.7 %
MarkLogic Corporation ^(f) L+6.00% 7.00 % 11/23/2021 10/20/2025 483 475 492 0.1 %
MarkLogic Corporation (Delayed Draw) ^{(g) (h)} L+6.00% 7.00 % 11/23/2021 10/20/2025 323 — — 0.0 %
MarkLogic Corporation ^{(f) (x)} L+6.50% 7.79 % 10/20/2020 10/20/2025 5,171 5,082 5,137 0.9 %
MarkLogic Corporation ^{(f) (x)} L+6.50% 7.79 % 11/23/2021 10/20/2025 482 474 479 0.1 %
MarkLogic Corporation SF+6.50% 7.95 % 11/23/2021 10/20/2025 323 323 321 0.1 %
MarkLogic Corporation (Revolver) ^(g) L+6.00% 7.00 % 10/20/2020 10/20/2025 404 — — 0.0 % SF+6.50% 7.95 % 10/20/2020 10/20/2025 404 — — 0.0 %
Mindbody, Inc. ^(f) L+8.50% 8.38% Cash/
1.50% PIK 2/15/2019 2/14/2025 1,860 1,841 1,854 0.4 %
Mindbody, Inc. ^(f) L+8.50% 8.38% Cash/
1.50% PIK 9/22/2021 2/14/2025 7,358 7,358 7,333 1.5 %
Mindbody, Inc. ^(x) L+8.50% 8.38% Cash/
1.50% PIK 2/15/2019 2/14/2025 1,867 1,850 1,867 0.3 %
Mindbody, Inc. ^(x) L+8.50% 8.38% Cash/
1.50% PIK 9/22/2021 2/14/2025 7,387 7,387 7,383 1.3 %
Mindbody, Inc. (Revolver) ^(g) L+8.00% 9.38 % 2/15/2019 2/14/2025 190 — — 0.0 % L+8.00% 9.38 % 2/15/2019 2/14/2025 190 — — 0.0 %
Mockingbird Acquisitionco Inc. ^(f) L+6.00% 7.00 % 10/1/2020 10/1/2025 3,840 3,783 3,857 0.8 %
Mockingbird Acquisitionco Inc. (Revolver) ^(g) L+6.00% 7.00 % 10/1/2020 10/1/2025 600 360 360 0.1 %
Optomi, LLC ^(f) L+5.75% 6.75 % 12/16/2021 12/16/2027 13,500 13,243 13,500 2.7 %
Optomi, LLC ^{(f) (x)} L+5.50% 6.50 % 12/16/2021 12/16/2027 13,466 13,218 13,466 2.4 %
Optomi, LLC (Revolver) ^(g) L+5.75% 6.75 % 12/16/2021 12/16/2027 3,189 1,913 1,913 0.4 % L+5.50% 6.50 % 12/16/2021 12/16/2027 3,189 2,339 2,339 0.4 %
Securly, Inc. ^(f) L+7.00% 8.01 % 4/22/2021 4/22/2027 8,400 8,253 8,400 1.7 %
Securly, Inc. ^(x) L+7.00% 8.06 % 4/20/2022 4/22/2027 3,702 3,631 3,665 0.6 %
Securly, Inc. ^(x) L+7.00% 9.25 % 4/22/2021 4/22/2027 8,400 8,259 8,316 1.5 %
Securly, Inc. L+7.00% 9.25 % 4/22/2021 4/22/2027 1,938 1,938 1,919 0.3 %
Securly, Inc. (Delayed Draw) ^{(g) (h)} L+7.00% 8.00 % 4/22/2021 4/22/2027 1,938 1,764 1,764 0.3 % L+7.00% 9.25 % 4/20/2022 4/22/2027 2,585 — — 0.0 %
Securly, Inc. (Revolver) ^(g) L+7.00% 8.01 % 4/22/2021 4/22/2027 969 — — 0.0 % L+7.00% 9.25 % 4/22/2021 4/22/2027 969 — — 0.0 %
Transact Holdings Inc. ^(f) L+4.75% 5.21 % 4/18/2019 4/30/2026 731 723 727 0.1 % L+4.75% 6.42 % 4/18/2019 4/30/2026 729 722 700 0.1 %
76,866 71,659 72,253 14.5 % 82,692 76,093 76,234 13.4 %
Hotels, Gaming & Leisure
Equine Network, LLC ^(f) L+6.00% 7.00 % 12/31/2020 12/31/2025 1,485 1,459 1,472 0.3 %
Equine Network, LLC ^(f) L+6.00% 7.00 % 1/29/2021 12/31/2025 673 663 668 0.1 %
Equine Network, LLC ^{(f) (x)} SF+8.00% 9.05 % 12/31/2020 12/31/2025 1,481 1,457 1,461 0.3 %
Equine Network, LLC ^{(f) (x)} SF+8.00% 9.05 % 1/29/2021 12/31/2025 672 662 662 0.1 %
Equine Network, LLC (Delayed Draw) ^{(g) (h)} L+6.00% 7.00 % 12/31/2020 12/31/2025 366 — — 0.0 % SF+8.00% 9.05 % 12/31/2020 12/31/2025 366 — — 0.0 %
Equine Network, LLC (Revolver) ^(g) L+6.00% 7.00 % 12/31/2020 12/31/2025 146 73 73 0.0 % SF+8.00% 9.05 % 12/31/2020 12/31/2025 146 73 72 0.0 %
2,670 2,195 2,213 0.4 % 2,665 2,192 2,195 0.4 %
Media: Advertising, Printing & Publishing
95 Percent Buyer, LLC ^(f) L+6.00% 7.00 % 11/24/2021 11/24/2026 18,000 17,663 18,002 3.6 %
95 Percent Buyer, LLC ^{(f) (x)} L+6.00% 7.06 % 11/24/2021 11/24/2026 17,955 17,637 17,733 3.1 %
95 Percent Buyer, LLC (Revolver) ^(g) L+6.00% 7.00 % 11/24/2021 11/24/2026 963 — — 0.0 % L+6.00% 7.06 % 11/24/2021 11/24/2026 963 — — 0.0 %
Madison Logic, Inc. ^(f) L+5.75% 6.75 % 11/22/2021 11/20/2026 19,950 19,671 20,044 4.0 %
Madison Logic, Inc. ^{(f) (x)} L+5.50% 7.17 % 11/22/2021 11/20/2026 19,900 19,633 20,016 3.5 %
Madison Logic, Inc. (Revolver) ^(g) L+5.75% 6.75 % 11/22/2021 11/20/2026 912 — — 0.0 % L+5.50% 7.17 % 11/22/2021 11/20/2026 912 — — 0.0 %
North Haven USHC Acquisition, Inc. ^(f) L+6.00% 7.00 % 10/30/2020 10/30/2025 2,469 2,431 2,469 0.5 %
North Haven USHC Acquisition, Inc. ^(f) L+6.00% 7.00 % 10/30/2020 10/30/2025 715 715 715 0.2 %
North Haven USHC Acquisition, Inc. ^{(f) (x)} L+6.00% 8.25 % 10/30/2020 10/30/2025 2,463 2,428 2,447 0.4 %
North Haven USHC Acquisition, Inc. ^{(f) (x)} L+6.00% 8.25 % 3/12/2021 10/30/2025 713 713 709 0.1 %
North Haven USHC Acquisition, Inc. (Delayed Draw) ^{(g) (h)} L+6.00% 7.00 % 9/3/2021 10/30/2025 1,440 481 485 0.1 % L+6.00% 8.25 % 9/3/2021 10/30/2025 1,438 479 477 0.1 %
North Haven USHC Acquisition, Inc. (Revolver) ^(g) L+6.00% 7.00 % 3/12/2021 10/30/2025 240 — — 0.0 % L+6.00% 8.25 % 10/30/2020 10/30/2025 240 — — 0.0 %
NTM Acquisition Corp ^(f) L+7.25% 7.26% Cash/
1.00% PIK 4/18/2019 6/7/2024 4,584 4,583 4,424 0.9 %
Relevate Health Group, LLC ^(f) L+6.00% 7.00 % 11/20/2020 11/20/2025 1,980 1,950 1,990 0.4 %
NTM Acquisition Corp. ^(f) L+8.25% 9.50% Cash/
1.00% PIK 4/18/2019 6/7/2024 4,523 4,523 4,365 0.8 %
Relevate Health Group, LLC ^{(f) (x)} SF+6.00% 7.15 % 11/20/2020 11/20/2025 1,975 1,947 1,959 0.4 %
Relevate Health Group, LLC ^(f) SF+6.00% 7.00 % 3/28/2022 11/20/2025 5,263 5,158 5,289 1.1 % SF+6.00% 7.15 % 3/28/2022 11/20/2025 5,263 5,164 5,221 0.9 %
Relevate Health Group, LLC (Delayed Draw) ^{(g) (h)} L+6.00% 7.00 % 11/20/2020 11/20/2025 1,044 886 890 0.2 % SF+6.00% 7.15 % 11/20/2020 11/20/2025 1,041 884 877 0.2 %
Relevate Health Group, LLC (Revolver) ^(g) L+6.00% 7.00 % 11/20/2020 11/20/2025 789 — — 0.0 % SF+6.00% 7.15 % 11/20/2020 11/20/2025 789 — — 0.0 %
Spherix Global Inc. ^(f) SF+6.00% 7.00 % 12/22/2021 12/22/2026 4,500 4,426 4,500 0.9 %
Spherix Global Inc. ^{(f) (x)} SF+6.00% 7.16 % 12/22/2021 12/22/2026 4,489 4,418 4,472 0.8 %
Spherix Global Inc. (Revolver) ^(g) SF+6.00% 7.00 % 12/22/2021 12/22/2026 500 — — 0.0 % SF+6.00% 7.16 % 12/22/2021 12/22/2026 500 — — 0.0 %
XanEdu Publishing, Inc. ^(f) L+6.50% 7.50 % 1/28/2020 1/28/2025 6,078 5,987 6,099 1.2 %
XanEdu Publishing, Inc. ^{(f) (x)} L+6.50% 8.17 % 1/28/2020 1/28/2025 6,062 5,978 6,065 1.1 %
XanEdu Publishing, Inc. (Revolver) ^(g) L+6.50% 7.50 % 1/28/2020 1/28/2025 977 — — 0.0 % L+6.50% 8.75 % 1/28/2020 1/28/2025 977 260 260 0.0 %
70,404 63,951 64,907 13.1 % 70,203 64,064 64,601 11.4 %
Media: Broadcasting & Subscription
Vice Group Holding Inc. L+12.00% 5.50% Cash/
8.00% PIK 5/2/2019 11/2/2022 1,168 1,166 1,168 0.2 % L+12.00% 5.50% Cash/
8.00% PIK 5/2/2019 11/2/2022 1,203 1,202 1,198 0.2 %
Vice Group Holding Inc. L+12.00% 5.50% Cash/
8.00% PIK 5/2/2019 11/2/2022 366 366 366 0.1 % L+12.00% 5.50% Cash/
8.00% PIK 5/2/2019 11/2/2022 377 377 376 0.1 %
Vice Group Holding Inc. L+12.00% 5.50% Cash/
8.00% PIK 5/2/2019 11/2/2022 138 138 138 0.0 % L+12.00% 5.50% Cash/
8.00% PIK 5/2/2019 11/2/2022 142 142 141 0.0 %
Vice Group Holding Inc. L+12.00% 5.50% Cash/
8.00% PIK 11/4/2019 11/2/2022 224 224 224 0.1 % L+12.00% 5.50% Cash/
8.00% PIK 11/4/2019 11/2/2022 231 231 230 0.0 %
1,896 1,894 1,896 0.4 % 1,953 1,952 1,945 0.3 %
Media: Diversified & Production
Chess.com, LLC ^(f) L+6.50% 7.51 % 12/31/2021 12/31/2027 13,000 12,752 13,000 2.6 %
Chess.com, LLC ^{(f) (x)} L+6.50% 8.75 % 12/31/2021 12/31/2027 12,967 12,729 12,838 2.3 %
Chess.com, LLC (Revolver) ^(g) L+6.50% 7.51 % 12/31/2021 12/31/2027 1,413 — — 0.0 % L+6.50% 8.75 % 12/31/2021 12/31/2027 1,413 — — 0.0 %
Crownpeak Technology, Inc. ^(f) L+5.75% 6.75 % 2/28/2019 2/28/2024 1,000 992 1,000 0.2 %
Crownpeak Technology, Inc. ^(f) L+5.75% 6.75 % 2/28/2019 2/28/2024 15 15 15 0.0 %
Crownpeak Technology, Inc. ^(x) L+5.75% 6.81 % 2/28/2019 2/28/2024 1,000 993 996 0.2 %
Crownpeak Technology, Inc. ^(x) L+5.75% 6.81 % 2/28/2019 2/28/2024 15 15 15 0.0 %
Crownpeak Technology, Inc. (Revolver) ^(g) L+5.75% 6.75 % 2/28/2019 2/28/2024 42 — — 0.0 % L+5.75% 6.81 % 2/28/2019 2/28/2024 42 — — 0.0 %
CyberGrants Holdings, LLC ^(f) L+6.50% 7.25 % 9/8/2021 9/8/2027 18,500 18,251 18,500 3.7 %
CyberGrants Holdings, LLC (Delayed Draw) ^{(g) (h)} L+6.50% 7.25 % 9/8/2021 9/8/2027 1,814 — — 0.0 %
CyberGrants Holdings, LLC (Revolver) ^(g) L+6.50% 7.50 % 9/8/2021 9/8/2027 1,814 1,270 1,270 0.3 %
Bonterra, LLC (fka Cybergrants Holdings) ^(x) L+6.50% 8.75 % 9/8/2021 9/8/2027 18,555 18,315 18,184 3.2 %
Bonterra, LLC (fka Cybergrants Holdings) (Delayed Draw) ^{(g) (h)} L+6.50% 8.75 % 9/8/2021 9/8/2027 1,759 — — 0.0 %
Bonterra, LLC (fka Cybergrants Holdings) (Revolver) ^(g) L+6.50% 8.75 % 9/8/2021 9/8/2027 1,814 1,107 1,084 0.2 %
Spectrum Science Communications, LLC ^(f) SF+6.50% 7.50 % 1/25/2022 1/25/2027 3,000 2,942 3,000 0.6 % SF+6.25% 7.91 % 1/25/2022 1/25/2027 3,000 2,946 2,989 0.5 %
Spectrum Science Communications, LLC (Revolver) ^(g) SF+6.50% 7.50 % 1/25/2022 1/25/2027 600 — — 0.0 % SF+6.25% 7.91 % 1/25/2022 1/25/2027 600 — — 0.0 %
Streamland Media MidCo LLC ^(f) SF+6.75% 7.75 % 8/26/2019 8/31/2023 1,989 1,971 1,989 0.4 %
Streamland Media MidCo LLC ^{(f) (x)} SF+6.75% 8.28 % 8/26/2019 8/31/2023 1,984 1,968 1,984 0.3 %
Streamland Media MidCo LLC ^(f) SF+6.75% 7.75 % 3/7/2022 8/31/2023 540 531 541 0.1 % SF+6.75% 8.02 % 3/7/2022 8/31/2023 537 528 538 0.1 %
43,727 38,724 39,315 7.9 % 43,686 38,601 38,628 6.8 %
Services: Business
Aperture Companies, LLC ^(f) L+6.25% 7.25 % 12/31/2021 12/31/2026 15,000 14,716 14,976 3.0 %
Aperture Companies, LLC ^{(f) (x)} L+6.00% 7.06 % 12/31/2021 12/31/2026 14,963 14,693 14,669 2.6 %
Aperture Companies, LLC (Delayed Draw) ^{(g) (h)} L+6.25% 7.25 % 12/31/2021 12/31/2026 4,320 — — 0.0 % L+6.00% 7.06 % 12/31/2021 12/31/2026 4,320 — — 0.0 %
Aperture Companies, LLC (Revolver) ^(g) L+6.25% 7.25 % 12/31/2021 12/31/2026 1,347 — — 0.0 % L+6.00% 7.06 % 12/31/2021 12/31/2026 1,347 — — 0.0 %
Aras Corporation ^(f) L+7.00% 4.25% Cash/
3.75% PIK 4/13/2021 4/13/2027 4,539 4,468 4,621 0.9 % L+7.00% 4.27% Cash/
3.75% PIK 4/13/2021 4/13/2027 4,581 4,513 4,641 0.8 %
Aras Corporation (Revolver) ^(g) L+7.00% 4.25% Cash/
3.75% PIK 4/13/2021 4/13/2027 325 — — 0.0 % L+7.00% 4.27% Cash/
3.75% PIK 4/13/2021 4/13/2027 325 — — 0.0 %
Argano, LLC ^{(f) (x)} SF+5.50% 6.65 % 6/10/2021 6/10/2026 9,032 8,885 8,919 1.6 %
Argano, LLC ^(f) SF+5.50% 6.50 % 6/10/2021 6/10/2026 9,054 8,899 9,043 1.8 % SF+5.50% 6.65 % 6/10/2021 6/10/2026 3,999 3,999 3,949 0.7 %
Argano, LLC SF+5.50% 6.50 % 6/10/2021 6/10/2026 4,009 4,009 4,004 0.8 %
Argano, LLC (Delayed Draw) ^{(g) (h)} SF+5.50% 6.50 % 3/16/2022 6/10/2026 4,771 649 649 0.1 % SF+5.50% 7.13 % 3/16/2022 6/10/2026 4,771 4,738 4,679 0.8 %
Argano, LLC (Revolver) ^(g) SF+5.50% 6.50 % 6/10/2021 6/10/2026 965 212 212 0.1 % SF+5.50% 6.65 % 6/10/2021 6/10/2026 965 502 495 0.1 %
Certify, Inc. ^(f) L+5.50% 6.50 % 2/28/2019 2/28/2024 488 485 486 0.1 %
Certify, Inc. ^(f) L+5.50% 6.50 % 2/28/2019 2/28/2024 67 67 66 0.0 %
Certify, Inc. ^(f) L+5.50% 6.50 % 1/21/2022 2/28/2024 55 55 55 0.0 %
Certify, Inc. (Delayed Draw) ^{(g) (h)} L+5.50% 6.50 % 1/21/2022 2/28/2024 55 — — 0.0 %
Certify, Inc. (Revolver) ^(g) L+5.50% 6.50 % 2/28/2019 2/28/2024 22 6 6 0.0 %
ecMarket Inc. and Conexiom US Inc. ^{(f) (i) (j)} L+7.00% 8.01 % 9/21/2021 9/21/2027 15,500 15,215 15,442 3.1 %
ecMarket Inc. and Conexiom US Inc. ^{(i) (j) (x)} L+7.00% 9.25 % 9/21/2021 9/21/2027 15,500 15,224 15,287 2.7 %
ecMarket Inc. and Conexiom US Inc. (Delayed
Draw) ^{(g) (h) (i) (j)} L+7.00% 8.01 % 9/21/2021 9/21/2027 1,291 665 662 0.1 % L+7.00% 9.25 % 9/21/2021 9/21/2027 1,291 992 978 0.2 %
ecMarket Inc. and Conexiom US Inc. (Revolver) ^{(g) (i) (j)} L+6.50% 7.50 % 9/21/2021 9/21/2027 2,067 — — 0.0 % L+6.50% 8.75 % 9/21/2021 9/21/2027 2,067 — — 0.0 %
HS4 Acquisitionco, Inc. ^(f) L+6.75% 7.76 % 7/9/2019 7/9/2025 3,970 3,922 3,962 0.8 %
HS4 Acquisitionco, Inc. ^(f) L+6.75% 7.76 % 10/6/2021 7/9/2025 4,313 4,313 4,304 0.9 %
HS4 Acquisitionco, Inc. ^(x) L+6.75% 9.00 % 7/9/2019 7/9/2025 3,960 3,916 3,944 0.7 %
HS4 Acquisitionco, Inc. ^(x) L+6.75% 9.00 % 10/6/2021 7/9/2025 4,302 4,302 4,284 0.7 %
HS4 Acquisitionco, Inc. (Revolver) ^(g) L+6.75% 7.76 % 7/9/2019 7/9/2025 325 49 49 0.0 % L+6.75% 9.00 % 7/9/2019 7/9/2025 325 49 49 0.0 %
Kaseya Inc. ^(f) L+6.50% 6.50% Cash/
1.00% PIK 5/3/2019 5/2/2025 2,938 2,906 2,938 0.6 %
Kaseya Inc. ^(f) L+6.50% 6.50% Cash/
1.00% PIK 5/3/2019 5/2/2025 311 311 311 0.1 %
Kaseya Inc. ^(f) L+6.50% 6.50% Cash/
1.00% PIK 3/4/2020 5/2/2025 278 278 278 0.1 %
Kaseya Inc. ^(f) L+6.50% 6.50% Cash/
1.00% PIK 9/8/2021 5/2/2025 8,036 7,915 8,036 1.6 %
Kaseya Inc. (Delayed Draw) ^{(g) (h)} L+6.50% 6.50% Cash/
1.00% PIK 9/8/2021 5/2/2025 3,774 1,962 1,962 0.4 %
Kaseya Inc. (Revolver) ^(g) L+6.50% 7.50 % 5/3/2019 5/2/2025 211 — — 0.0 %
Relativity ODA LLC ^(f) L+6.50% 7.50% PIK 5/12/2021 5/12/2027 4,813 4,711 4,832 1.0 % L+7.50% 9.15% PIK 5/12/2021 5/12/2027 4,884 4,785 4,864 0.9 %
Relativity ODA LLC (Revolver) ^(g) L+6.50% 7.50% PIK 5/12/2021 5/12/2027 450 — — 0.0 % L+7.50% 9.15% PIK 5/12/2021 5/12/2027 450 — — 0.0 %
Sundance Group Holdings, Inc. ^(f) L+6.50% 7.50 % 7/2/2021 7/2/2027 4,148 4,073 4,140 0.8 %
Sundance Group Holdings, Inc. ^(x) L+6.25% 7.25 % 7/2/2021 7/2/2027 4,148 4,076 4,150 0.7 %
Sundance Group Holdings, Inc. (Delayed Draw) ^{(g) (h)} L+6.50% 7.50 % 7/2/2021 7/2/2027 1,244 — — 0.0 % L+6.25% 7.25 % 7/2/2021 7/2/2027 1,244 — — 0.0 %
Sundance Group Holdings, Inc. (Revolver) ^(g) L+6.50% 7.50 % 7/2/2021 7/2/2027 498 116 116 0.0 % L+6.25% 8.50 % 7/2/2021 7/2/2027 498 265 265 0.0 %
99,184 80,002 81,150 16.3 % 82,972 70,939 71,173 12.5 %
Services: Consumer
Express Wash Acquisition Company, LLC ^(f) L+6.50% 7.50 % 12/28/2020 12/26/2025 3,578 3,529 3,578 0.7 %
Clydesdale Holdings, LLC ^(f) P+4.50% 10.00 % 6/24/2022 6/23/2028 15,000 14,701 14,700 2.6 %
Clydesdale Holdings, LLC (Delayed Draw) ^{(g) (h)} P+4.50% 10.00 % 6/24/2022 6/23/2028 21,250 — — 0.0 %
Clydesdale Holdings, LLC (Revolver) ^(g) P+4.50% 10.00 % 6/24/2022 6/23/2028 4,523 — — 0.0 %
Express Wash Acquisition Company, LLC ^{(f) (x)} L+6.50% 7.50 % 12/28/2020 12/26/2025 3,569 3,523 3,569 0.6 %
Express Wash Acquisition Company, LLC ^{(f) (x)} L+6.50% 7.50 % 9/3/2021 12/26/2025 8,107 7,993 8,107 1.4 %
Express Wash Acquisition Company, LLC ^(f) L+6.50% 7.50 % 9/3/2021 12/26/2025 8,128 8,005 8,128 1.6 % L+6.50% 7.50 % 9/3/2021 12/26/2025 3,900 3,900 3,900 0.7 %
Express Wash Acquisition Company, LLC ^(f) L+6.50% 7.50 % 9/3/2021 12/26/2025 3,910 3,910 3,910 0.8 % L+6.50% 8.05 % 12/22/2021 12/26/2025 4,988 4,987 4,988 0.9 %
Express Wash Acquisition Company, LLC (Delayed Draw) ^{(f) (g) (h)} L+6.50% 7.50 % 9/3/2021 12/26/2025 2,800 1,848 1,848 0.4 % L+6.50% 7.52 % 9/3/2021 12/26/2025 2,654 2,009 2,009 0.3 %
Express Wash Acquisition Company, LLC (Delayed Draw) ^{(g) (h)} L+6.50% 7.50 % 12/22/2021 12/26/2025 5,000 3,879 3,879 0.8 %
Express Wash Acquisition Company, LLC (Revolver) ^(g) L+6.50% 7.50 % 12/28/2020 12/26/2025 840 448 448 0.1 % L+6.50% 7.50 % 12/28/2020 12/26/2025 840 448 448 0.1 %
IDIG Parent, LLC ^(f) L+6.00% 7.00 % 12/15/2020 12/15/2026 4,316 4,247 4,332 0.9 %
IDIG Parent, LLC ^(f) L+6.00% 7.00 % 12/15/2020 12/15/2026 718 718 721 0.1 %
IDIG Parent, LLC (Revolver) ^(g) L+6.00% 7.00 % 12/15/2020 12/15/2026 336 — — 0.0 %
Light Wave Dental Management, LLC ^(f) L+6.50% 7.50 % 8/1/2019 1/2/2024 4,226 4,209 4,215 0.9 %
Light Wave Dental Management, LLC ^(f) L+6.50% 7.50 % 5/3/2021 1/2/2024 2,539 2,539 2,533 0.5 %
Light Wave Dental Management, LLC ^(f) L+6.50% 7.50 % 8/3/2021 1/2/2024 2,111 2,080 2,106 0.4 %
IDIG Parent, LLC ^{(f) (x)} L+6.00% 7.00 % 12/15/2020 12/15/2026 4,305 4,240 4,278 0.8 %
IDIG Parent, LLC ^{(f) (x)} L+6.00% 7.00 % 12/15/2020 12/15/2026 716 716 712 0.1 %
IDIG Parent, LLC (Revolver) L+6.00% 7.02 % 12/15/2020 12/15/2026 336 336 334 0.1 %
Light Wave Dental Management, LLC ^{(f) (x)} SF+6.50% 8.82 % 8/1/2019 1/2/2024 2,040 2,029 2,020 0.3 %
Light Wave Dental Management, LLC ^{(f) (x)} SF+6.50% 8.82 % 5/3/2021 1/2/2024 1,477 1,477 1,462 0.3 %
Light Wave Dental Management, LLC ^{(f) (x)} SF+6.50% 8.82 % 8/3/2021 1/2/2024 1,362 1,345 1,349 0.2 %
Light Wave Dental Management, LLC L+6.50% 7.50 % 8/3/2021 1/2/2024 4,574 4,574 4,562 0.9 % SF+6.50% 8.82 % 8/3/2021 1/2/2024 3,399 3,399 3,365 0.6 %
Light Wave Dental Management, LLC (Delayed Draw) ^{(g) (h)} SF+6.50% 8.82 % 6/24/2022 1/2/2024 11,477 1,286 1,273 0.2 %
Light Wave Dental Management, LLC (Revolver) ^(g) L+6.50% 7.50 % 5/3/2021 1/2/2024 320 — — 0.0 % SF+6.50% 8.82 % 5/3/2021 1/2/2024 187 — — 0.0 %
43,396 39,986 40,260 8.1 % 90,130 52,389 52,514 9.2 %
Telecommunications
Calabrio, Inc. ^(f) L+7.00% 8.01 % 4/16/2021 4/16/2027 8,000 7,825 8,000 1.6 %
American Broadband and Telecommunications Company LLC (Delayed Draw) ^{(f) (g) (h)} P+10.00% 14.00 % 6/10/2022 6/10/2025 4,000 3,586 3,595 0.6 %
American Broadband and Telecommunications Company LLC (Revolver) ^(g) P+10.00% 14.00 % 6/10/2022 6/10/2025 1,000 240 240 0.0 %
Calabrio, Inc. ^(x) L+7.00% 9.25 % 4/16/2021 4/16/2027 8,000 7,833 7,970 1.4 %
Calabrio, Inc. (Revolver) ^(g) L+7.00% 8.01 % 4/16/2021 4/16/2027 963 — — 0.0 % L+7.00% 9.25 % 4/16/2021 4/16/2027 963 — — 0.0 %
DataOnline Corp. ^(f) L+6.25% 7.25 % 11/13/2019 11/13/2025 6,354 6,265 6,332 1.3 %
DataOnline Corp. ^{(f) (x)} L+6.25% 7.82 % 11/13/2019 11/13/2025 6,338 6,255 6,307 1.1 %
DataOnline Corp. (Revolver) L+6.25% 7.26 % 11/13/2019 11/13/2025 844 844 844 0.2 % L+6.25% 8.50 % 11/13/2019 11/13/2025 844 844 844 0.2 %
Sandvine Corporation ^(f) L+4.50% 4.96 % 3/8/2021 10/31/2025 1,159 1,159 1,148 0.2 % L+4.50% 6.17 % 3/8/2021 10/31/2025 1,159 1,159 1,113 0.2 %
VHT Acquisitions, LLC ^(f) L+7.00% 8.00% PIK 12/21/2021 12/21/2026 18,000 17,661 18,036 3.6 %
VHT Acquisitions, LLC ^(x) L+7.00% 8.00% PIK 12/21/2021 12/21/2026 18,404 18,079 18,330 3.3 %
VHT Acquisitions, LLC (Delayed Draw) ^{(g) (h)} L+7.00% 8.00% PIK 12/21/2021 12/21/2026 1,440 — — 0.0 % L+7.00% 8.00% PIK 12/21/2021 12/21/2026 1,440 — — 0.0 %
VHT Acquisitions, LLC (Revolver) ^(g) L+7.00% 8.00% PIK 12/21/2021 12/21/2026 514 — — 0.0 % L+7.00% 8.00% PIK 12/21/2021 12/21/2026 514 — — 0.0 %
37,274 33,754 34,360 6.9 % 42,662 37,996 38,399 6.8 %

~~MONROE CAPITAL INCOME PLUS CORPORATION~~
~~CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)~~
~~(unaudited)~~
~~March 31, 2022~~
~~(in thousands, except for shares and units)~~
Portfolio Company ^(a) Spread
Above
Index ^(b) Interest
Rate Acquisition
Date ^(c) Maturity Principal Amortized
Cost Fair
Value ^(d) % of Net
Assets ^(e)
Transportation: Cargo
Complete Innovations Inc. ^{(f) (i) (j) (l)} C+6.75% 7.75 % 12/16/2020 12/16/2025 8,797 $ 8,500 $ 8,966 1.8 %
Complete Innovations Inc. (Delayed Draw) ^{(g) (h) (i) (j) (l)} C+6.75% 7.75 % 12/16/2020 12/16/2025 1,287 800 820 0.1 %
RS Acquisition, LLC ^(f) L+5.75% 6.75 % 12/13/2021 12/14/2026 11,000 10,794 10,986 2.2 %
RS Acquisition, LLC (Delayed Draw) ^{(f) (g) (h)} L+5.75% 6.75 % 12/13/2021 12/14/2026 10,115 8,345 8,334 1.7 %
RS Acquisition, LLC (Revolver) ^(g) L+5.75% 6.75 % 12/13/2021 12/14/2026 1,264 — — 0.0 %
32,463 28,439 29,106 5.8 %
Wholesale
S&S Holdings LLC ^(f) L+5.00% 5.80 % 3/10/2021 3/10/2028 2,970 2,891 2,870 0.6 %
2,970 2,891 2,870 0.6 %
Total Non-Controlled/Non-Affiliate Senior Secured Loans 755,565 645,669 653,358 131.3 %

Unitranche Secured Loans ^(m)
Aerospace & Defense
Cassavant Holdings, LLC ^(f) L+6.50% 7.50 % 9/8/2021 9/8/2026 13,930 13,680 13,944 2.8 %
13,930 13,680 13,944 2.8 %
Media: Advertising, Printing & Publishing
New Engen, Inc. ^(f) SF+5.00% 6.00 % 12/3/2021 12/3/2026 9,500 9,344 9,493 1.9 %
New Engen, Inc. ^(f) SF+5.00% 6.00 % 12/27/2021 12/3/2026 8,022 8,022 8,017 1.6 %
17,522 17,366 17,510 3.5 %
Services: Business
Onit, Inc. ^(f) SF+7.25% 8.25 % 12/20/2021 5/2/2025 16,800 16,508 16,800 3.4 %
16,800 16,508 16,800 3.4 %
Telecommunications
VB E1, LLC ^(f) L+7.65% 8.66 % 11/18/2020 11/18/2026 3,000 3,000 3,060 0.6 %
3,000 3,000 3,060 0.6 %
Total Non-Controlled/Non-Affiliate Unitranche Secured Loans 51,252 50,554 51,314 10.3 %

Junior Secured Loans
Banking
MoneyLion, Inc. ^{(f) (i)} SF+8.50% 9.50 % 3/25/2022 3/24/2026 18,750 18,563 18,727 3.8 %
MoneyLion, Inc. ^{(f) (i)} n/a 12.00 % 8/27/2021 5/1/2023 2,500 2,484 2,497 0.5 %
MoneyLion, Inc. (Delayed Draw) ^{(g) (h) (i)} SF+8.50% 9.50 % 3/25/2022 3/24/2026 5,357 — — 0.0 %
26,607 21,047 21,224 4.3 %
FIRE: Real Estate
Florida East Coast Industries, LLC ⁽ⁱ⁾ n/a 16.00% PIK 8/9/2021 6/28/2024 3,476 3,401 3,441 0.7 %
Witkoff/Monroe 700 JV LLC (Delayed Draw) ^{(g) (h) (i)} n/a 8.00% Cash/
4.00% PIK 7/2/2021 7/2/2026 7,856 6,692 6,692 1.3 %
11,332 10,093 10,133 2.0 %
Total Non-Controlled/Non-Affiliate Junior Secured Loans 37,939 31,140 31,357 6.3 %

Equity Securities ^{(n) (o)}
Automotive
Born To Run, LLC (692,841 Class A units) — — ^(p) 4/1/2021 — — 693 641 0.1 %
Lifted Trucks Holdings, LLC (158,730 Class A shares) ^(q) — — ^(p) 8/2/2021 — — 159 158 0.1 %
852 799 0.2 %
Banking
MV Receivables II, LLC (1,822 shares of common
stock) ^{(i) (q)} — — ^(p) 7/29/2021 — — 750 1,394 0.3 %
MV Receivables II, LLC (warrant to purchase up to 1.0% of the equity) ^{(i) (q)} — — ^(p) 7/28/2021 7/28/2031 — 453 1,258 0.2 %
1,203 2,652 0.5 %
Beverage, Food & Tobacco
Huff Hispanic Food Holdings, LLC (171,429 Class A interests) — — ^(p) 10/18/2019 — — 171 174 0.0 %
171 174 0.0 %
Capital Equipment
MCP Shaw Acquisitionco, LLC (95,125 Class A-2 units) ^(q) — — ^(p) 2/28/2020 — — 95 112 0.0 %
95 112 0.0 %
Consumer Goods: Durable
Independence Buyer, Inc. (169 Class A units) — — ^(p) 8/3/2021 — — 169 228 0.0 %
    169 228 0.0 %
Energy: Oil & Gas
QuarterNorth Energy Inc. (4,376 shares of common stock) ^(f) — — ^(p) 1/11/2020 — — 901 602 0.1 %
901 602 0.1 %
Environmental Industries
Quest Resource Management Group, LLC (warrant to purchase up to 0.2% of the equity) — — ^(p) 10/19/2020 3/19/2028 — 67 209 0.1 %
Quest Resource Management Group, LLC (warrant to purchase up to 0.2% of the equity) — — ^(p) 10/19/2021 3/19/2028 — — 146 0.0 %
StormTrap, LLC (640,000 Class A preferred units) ^(q) n/a 8.00% PIK 3/25/2022 — — 640 640 0.1 %
StormTrap, LLC (640,000 Class A common units) ^(q) — — ^(p) 3/25/2022 — — — — 0.0 %
Volt Bidco, Inc. (765 shares of common stock) — — ^(p) 8/11/2021 — — 765 �� 635 0.1 %
1,472 1,630 0.3 %
FIRE: Finance
J2 BWA Funding LLC (0.7% profit sharing) ^{(i) (q)} — — ^(p) 12/24/2020 — — — — 0.0 %
— — 0.0 %
FIRE: Real Estate
InsideRE, LLC (159,884 Class A common units) ^(q) — — ^(p) 9/9/2019 — — 160 333 0.1 %
Witkoff/Monroe 700 JV LLC (2,992 preferred units) ^{(i) (q)} n/a 8.00% Cash/
4.00% PIK 7/2/2021 — — 3 359 0.1 %
163 692 0.2 %
Healthcare & Pharmaceuticals
Ascent Midco, LLC (725,806 Class A units) ^(q) n/a 8.00% PIK 2/5/2020 — — 726 880 0.2 %
Dorado Acquisition, Inc. (500,894 Class A-1 units) — — ^(p) 6/30/2021 — — 501 501 0.1 %
Dorado Acquisition, Inc. (500,894 Class A-2 units) — — ^(p) 6/30/2021 — — — 146 0.0 %
NationsBenefits, LLC (356,658 Series B units) ^(q) n/a 5.00% PIK 3/24/2022 — — 2,393 2,875 0.6 %
NationsBenefits, LLC (326,667 common units) ^(q) — — ^(p) 8/20/2021 — — 468 524 0.1 %
Seran BioScience, LLC (26,666 common units) ^(q) — — ^(p) 12/31/2020 — — 267 468 0.1 %
4,355 5,394 1.1 %
High Tech Industries
MarkLogic Corporation (435,358 Class A units) — — ^(p) 10/20/2020 — — 435 510 0.1 %
Optomi, LLC (278 Class A units) ^(q) — — ^(p) 12/16/2021 — — 278 279 0.1 %
Optomi, LLC (41 Class A-1 units) ^(q) n/a 8.00% PIK 12/16/2021 — — 41 41 0.0 %
Recorded Future, Inc. (40,243 Class A units) ^(r) — — ^(p) 7/3/2019 — — 40 113 0.0 %
794 943 0.2 %
Hotels, Gaming & Leisure
Equine Network, LLC (92 Class A units) ^(q) — — ^(p) 12/31/2020 — — 95 90 0.0 %
95 90 0.0 %
Media: Advertising, Printing & Publishing
95 Percent Buyer, LLC (385,027 Class A units) ^(q) n/a 8.00% PIK 11/24/2021 — — 385 423 0.1 %
New Engen, Inc. (417 preferred units) n/a 8.00% PIK 12/27/2021 — — 417 416 0.1 %
New Engen, Inc. (5,067 Class B common units) — — ^(p) 12/27/2021 — — 5 5 0.0 %
Relevate Health Group, LLC (53 preferred units) n/a 12.00% PIK 11/20/2020 — — 53 53 0.0 %
Relevate Health Group, LLC (53 Class B common units) — — ^(p) 11/20/2020 — — — — 0.0 %
Spherix Global Inc. (333 Class A units) — — ^(p) 12/22/2021 — — 333 343 0.1 %
XanEdu Publishing, Inc. (65,104 Class A units) n/a 8.00% PIK 1/28/2020 — — 65 160 0.0 %
1,258 1,400 0.3 %
Media: Diversified & Production
Chess.com, LLC (5 Class A units) ^(q) — — ^(p) 12/31/2021 — — 189 189 0.0 %
189 189 0.0 %
Services: Business
Argano, LLC (52,533 common units) ^(q) — — ^(p) 6/10/2021 — — 239 241 0.1 %
ecMarket Inc. and Conexiom US Inc. (96,603 preferred shares) ^{(i) (j)} — — ^(p) 9/21/2021 — — 723 677 0.1 %
Skillsoft Corp. (26,168 Class A shares) ^{(f) (i) (s)} — — ^(p) 6/11/2021 — — 508 158 0.0 %
1,470 1,076 0.2 %
Services: Consumer
Express Wash Acquisition Company, LLC (135,869 Class A units) ^(q) n/a 8.00% PIK 12/28/2020 — — 140 252 0.1 %
IDIG Parent, LLC (192,908 shares of common stock) ^{(q) (t)} — — ^(p) 1/4/2021 — — 195 342 0.1 %
335 594 0.2 %
Telecommunications
American Virtual Cloud Technologies, Inc. (warrant to purchase up to 4.9% of the equity) — — ^(p) 12/2/2021 1/31/2029 — — — 0.0 %
— — 0.0 %
Transportation: Cargo
RS Acquisition, LLC (753,485 common units) ^(q) — — ^(p) 1/12/2022 — — 1,264 1,422 0.3 %
1,264 1,422 0.3 %
Total Non-Controlled/Non-Affiliate Equity Securities 14,786 17,997    3.6 %
Total Non-Controlled/Non-Affiliate Company Investments $ 742,149 $ 754,026 151.5 %

Non-Controlled Affiliate Company Investments ^(u)
Senior Secured Loans
FIRE: Real Estate
Second Avenue SFR Holdings II LLC (Revolver) ^{(g) (i)} L+7.00% 7.50 % 8/11/2021 8/9/2024 4,875 $ 2,591 $ 2,591 0.5 %
4,875 2,591 2,591 0.5 %
Total Non-Controlled/Affiliate Senior Secured Loans 4,875 2,591 2,591 0.5 %

Junior Secured Loans
FIRE: Real Estate
SFR Holdco, LLC ⁽ⁱ⁾ n/a 8.00 % 8/6/2021 7/28/2028 5,850 5,850 5,850 1.2 %
SFR Holdco, LLC (Delayed Draw) ^{(g) (h) (i)}   n/a 8.00 % 3/1/2022 7/28/2028 4,388 196 196 0.1 %
10,238 6,046 6,046 1.3 %
Total Non-Controlled/Affiliate Junior Secured Loans 10,238 6,046 6,046 1.3 %

MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
(unaudited)
~~March 31,~~June 30, 2022
(in thousands, except for shares and units)

Portfolio Company ^(a) Spread Above
Index ^(b) Interest Rate Acquisition Date ^(c) Maturity Principal Amortized Cost Fair Value ^(d) % of Net Assets ^(e)
Equity Securities ^{(o) (u)}
FIRE: Real Estate
SFR Holdco, LLC (13.9% of equity commitments) ⁽ⁱ⁾ — — ^(p) 8/6/2021 — — $ 3,900 $ 3,900 0.8 %
SFR Holdco, LLC (10.5% of equity commitments) ^{(i) (v)} — — ^(p) 3/1/2022 — — 131 131 0.0 %
4,031 4,031 0.8 %
Total Non-Controlled/Affiliate Equity Securities 4,031 4,031 0.8 %
Total Non-Controlled/Affiliate Company Investments $ 12,668 $ 12,668 2.6 %

TOTAL INVESTMENTS $ 754,817 $ 766,694 154.1 %
Portfolio Company ^(a) Spread
Above
Index ^(b) Interest
Rate Acquisition
Date ^(c) Maturity Principal Amortized
Cost Fair
Value ^(d) % of Net
Assets ^(e)
Transportation: Cargo
Complete Innovations Inc. ^{(f) (i) (j) (l)} C+6.75% 8.62 % 12/16/2020 12/16/2025 8,545 $ 8,507 $ 8,567 1.5 %
Complete Innovations Inc. ^{(i) (j) (l)} C+6.75% 8.62 % 12/16/2020 12/16/2025 1,084 1,101 1,086 0.2 %
Fiasco Enterprises, LLC ^(f) SF+5.50% 6.66 % 5/6/2022 5/6/2027 7,000 6,880 7,000 1.2 %
Fiasco Enterprises, LLC  (Revolver) ^(g) SF+5.50% 6.66 % 5/6/2022 5/6/2027 1,750 385 385 0.1 %
RS Acquisition, LLC ^{(f) (x)} L+6.00% 7.06 % 12/13/2021 12/14/2026 10,973 10,776 10,393 1.8 %
RS Acquisition, LLC (Delayed Draw) ^{(f) (g) (h)} L+6.00% 7.06 % 12/13/2021 12/14/2026 10,115 8,345 7,904 1.4 %
RS Acquisition, LLC (Revolver) ^(g) L+6.00% 7.62 % 12/13/2021 12/14/2026 1,264 632 599 0.1 %
40,731 36,626 35,934 6.3 %
Wholesale
S&S Holdings LLC ^(f) L+5.00% 6.74 % 3/10/2021 3/10/2028 2,962 2,886 2,787 0.5 %
2,962 2,886 2,787 0.5 %
Total Non-Controlled/Non-Affiliate Senior Secured Loans 869,309 714,161 715,563 125.8 %

Unitranche Secured Loans ^(m)
Aerospace & Defense
Cassavant Holdings, LLC ^{(f) (x)} L+6.50% 7.56 % 9/8/2021 9/8/2026 13,895 13,658 13,777 2.4 %
13,895 13,658 13,777 2.4 %
Consumer Goods: Durable
Jumpstart Holdco, Inc. ^(f) SF+5.50% 6.50 % 4/19/2022 4/19/2028 23,500 23,044 23,365 4.1 %
23,500 23,044 23,365 4.1 %
Media: Advertising, Printing & Publishing
New Engen, Inc. ^{(f) (x)} SF+5.00% 6.16 % 12/3/2021 12/3/2026 9,476 9,328 9,408 1.7 %
New Engen, Inc. ^{(f) (x)} SF+5.00% 6.16 % 12/27/2021 12/3/2026 8,002 8,002 7,945 1.4 %
17,478 17,330 17,353 3.1 %
Services: Business
ASG II, LLC ^(x) SF+6.50% 8.70 % 5/25/2022 5/25/2028 15,000 14,703 14,700 2.6 %
ASG II, LLC (Delayed Draw) ^{(g) (h)} SF+6.50% 8.70 % 5/25/2022 5/25/2028 2,250 — — 0.0 %
Onit, Inc. ^(x) SF+7.25% 9.46 % 12/20/2021 5/2/2025 16,800 16,529 16,674 2.9 %
34,050 31,232 31,374 5.5 %
Telecommunications
VB E1, LLC ^(f) L+7.65% 9.90 % 11/18/2020 11/18/2026 3,000 3,000 3,027 0.5 %
3,000 3,000 3,027 0.5 %
Total Non-Controlled/Non-Affiliate Unitranche Secured Loans 91,923 88,264 88,896 15.6 %

Junior Secured Loans
Banking
MoneyLion, Inc. ^{(f) (i)} SF+8.50% 10.82 % 3/25/2022 3/24/2026 18,750 18,567 18,492 3.3 %
MoneyLion, Inc. ^{(f) (i)} n/a 12.00 % 8/27/2021 5/1/2023 2,500 2,484 2,497 0.4 %
MoneyLion, Inc. (Delayed Draw) ^{(g) (h) (i)} SF+8.50% 10.82 % 3/25/2022 3/24/2026 5,357 — — 0.0 %
26,607 21,051 20,989 3.7 %
FIRE: Real Estate
Florida East Coast Industries, LLC ⁽ⁱ⁾ n/a 16.00% PIK 8/9/2021 6/28/2024 3,615 3,546 3,524 0.6 %
Witkoff/Monroe 700 JV LLC (Delayed Draw) ^{(g) (h) (i)} n/a 8.00% Cash/
4.00% PIK 7/2/2021 7/2/2026 7,926 7,038 7,038 1.2 %
11,541 10,584 10,562 1.8 %
Total Non-Controlled/Non-Affiliate Junior Secured Loans 38,148 31,635 31,551 5.5 %

Equity Securities ^{(n) (o)}
Automotive
Born To Run, LLC (692,841 Class A units) — — ^(p) 4/1/2021 — — 693 878 0.2 %
Lifted Trucks Holdings, LLC (158,730 Class A shares) ^(q) — — ^(p) 8/2/2021 — — 159 130 0.0 %
852 1,008 0.2 %
Banking
MV Receivables II, LLC (1,822 shares of common stock) ^{(i) (q)} — — ^(p) 7/29/2021 — — 750 1,432 0.3 %
MV Receivables II, LLC (warrant to purchase up to 1.0% of the equity) ^{(i) (q)} — — ^(p) 7/28/2021 7/28/2031 — 453 1,292 0.2 %
1,203 2,724 0.5 %
Beverage, Food & Tobacco
Huff Hispanic Food Holdings, LLC (171,429 Class A interests) — — ^(p) 10/18/2019 — — 171 87 0.0 %
171 87 0.0 %
Capital Equipment
MCP Shaw Acquisitionco, LLC (95,125 Class A-2 units) ^(q) — — ^(p) 2/28/2020 — — 95 124 0.0 %
95 124 0.0 %
Consumer Goods: Durable
Independence Buyer, Inc. (169 Class A units) — — ^(p) 8/3/2021 — — 169 208 0.0 %
Jumpstart Holdco, Inc. (1,566,667 Class A units) — — ^(p) 4/19/2022 — — 1,566 1,634 0.3 %
1,735 1,842 0.3 %
Energy: Oil & Gas
QuarterNorth Energy Inc. (4,376 shares of common stock) ^(f) — — ^(p) 1/11/2020 — — 901 532 0.1 %
901 532 0.1 %
Environmental Industries
Quest Resource Management Group, LLC (warrant to purchase up to 0.2% of the equity) — — ^(p) 10/19/2020 3/19/2028 — 67 123 0.0 %
Quest Resource Management Group, LLC (warrant to purchase up to 0.2% of the equity) — — ^(p) 10/19/2021 3/19/2028 — — 86 0.0 %
StormTrap, LLC (640,000 Class A common units) ^(q) n/a 8.00% PIK 3/25/2022 — — 640 640 0.1 %
StormTrap, LLC (640,000 Class A common units) ^(q) — — ^(p) 3/25/2022 — — — 72 0.0 %
Volt Bidco, Inc. (878 shares of common stock) — — ^(p) 8/11/2021 — — 891 994 0.2 %
�� 1,598 1,915 0.3 %
FIRE: Finance
J2 BWA Funding LLC (0.7% profit sharing) ^{(i) (q)} — — ^(p) 12/24/2020 — — — — 0.0 %
— — 0.0 %
FIRE: Real Estate
InsideRE, LLC (159,884 Class A common units) ^(q) — — ^(p) 9/9/2019 — — 160 309 0.1 %
Witkoff/Monroe 700 JV LLC (2,992 preferred units) ^{(i) (q)} n/a 8.00% Cash/
4.00% PIK 7/2/2021 — — 3 151 0.0 %
163 460 0.1 %
Healthcare & Pharmaceuticals
Ascent Midco, LLC (725,806 Class A units) ^(q) n/a 8.00% PIK 2/5/2020 — — 726 578 0.1 %
Dorado Acquisition, Inc. (500,894 Class A-1 units) — — ^(p) 6/30/2021 — — 501 501 0.1 %
Dorado Acquisition, Inc. (500,894 Class A-2 units) — — ^(p) 6/30/2021 — — — 372 0.1 %
NationsBenefits, LLC (356,658 Series B units) ^(q) n/a 5.00% PIK 8/20/2021 — — 2,393 2,861 0.5 %
NationsBenefits, LLC (326,667 common units) ^(q) — — ^(p) 8/20/2021 — — 468 998 0.2 %
Seran BioScience, LLC (26,666 common units) ^(q) — — ^(p) 12/31/2020 — — 267 437 0.1 %
4,355 5,747 1.1 %
High Tech Industries
MarkLogic Corporation (435,358 Class A units) — — ^(p) 10/20/2020 — — — 485 0.1 %
Optomi, LLC (278 Class A units) ^(q) — — ^(p) 12/16/2021 — — 278 396 0.1 %
Optomi, LLC (41 Class A-1 units) ^(q) n/a 8.00% PIK 12/16/2021 — — 41 41 0.0 %
Recorded Future, Inc. (40,243 Class A units) ^(r) — — ^(p) 7/3/2019 — — 40 109 0.0 %
359 1,031 0.2 %
Hotels, Gaming & Leisure
Equine Network, LLC (92 Class A units) ^(q) — — ^(p) 12/31/2020 — — 95 84 0.0 %
95 84 0.0 %
Media: Advertising, Printing & Publishing
95 Percent Buyer, LLC (385,027 Class A units) ^(q) n/a 8.00% PIK 11/24/2021 — — 385 440 0.1 %
New Engen, Inc. (417 preferred units) n/a 8.00% PIK 12/27/2021 — — 417 405 0.1 %
New Engen, Inc. (5,067 Class B common units) — — ^(p) 12/27/2021 — — 5 5 0.0 %
Relevate Health Group, LLC (96 preferred units) n/a 12.00% PIK 11/20/2020 — — 96 53 0.0 %
Relevate Health Group, LLC (96 Class B common units) — — ^(p) 11/20/2020 — — — 8 0.0 %
Spherix Global Inc. (333 Class A units) — — ^(p) 12/22/2021 — — 333 312 0.1 %
XanEdu Publishing, Inc. (65,104 Class A units) n/a 8.00% PIK 1/28/2020 — — 65 185 0.0 %
1,301 1,408 0.3 %
Media: Diversified & Production
Chess.com, LLC (5 Class A units) ^(q) — — ^(p) 12/31/2021 — — 189 175 0.0 %
189 175 0.0 %
Services: Business
Argano, LLC (52,533 common units) ^(q) — — ^(p) 6/10/2021 — — 239 211 0.0 %
ecMarket Inc. and Conexiom US Inc. (96,603 preferred shares) ^{(i) (j)} — — ^(p) 9/21/2021 — — 723 625 0.1 %
Skillsoft Corp. (26,168 Class A shares) ^{(f) (i) (s)} — — ^(p) 6/11/2021 — — 508 92 0.0 %
1,470 928 0.1 %
Services: Consumer
Express Wash Acquisition Company, LLC (135,869 Class A units) ^(q) n/a 8.00% PIK 12/28/2020 — — 140 215 0.0 %
IDIG Parent, LLC (192,908 shares of common stock) ^{(q) (t)} — — ^(p) 1/4/2021 — — 195 274 0.1 %
335 489 0.1 %
Telecommunications
American Broadband and Telecommunications Company LLC (warrant to purchase up to 0.4% of the equity) — — ^(p) 6/10/2022 6/10/2032 — 84 84 —
American Virtual Cloud Technologies, Inc. (warrant to purchase up to 4.9% of the equity) — — ^(p) 12/2/2021 1/31/2029 — — 125 0.0 %
84 209 0.0 %
Transportation: Cargo
RS Acquisition, LLC (753,485 common units) ^(q) — — ^(p) 1/12/2022 — — 1,264 1,034 0.2 %
1,264 1,034 0.2 %
Total Non-Controlled/Non-Affiliate Equity Securities 16,170 19,797 3.5 %
Total Non-Controlled/Non-Affiliate Company Investments $ 850,230 $ 855,807 150.4 %

Non-Controlled Affiliate Company Investments ^(u)
Senior Secured Loans
FIRE: Finance
J2 BWA Funding III, LLC (Delayed Draw) ^{(g) (h) (i)} n/a 9.00 % 4/29/2022 4/28/2028 7,600 $ — $ — 0.0 %
7,600 — — 0.0 %
FIRE: Real Estate
Second Avenue SFR Holdings II LLC (Revolver) ^{(g) (i)} L+7.00% 8.06 % 8/11/2021 8/9/2024 4,875 2,591 2,591 0.5 %
4,875 2,591 2,591 0.5 %
Total Non-Controlled/Affiliate Senior Secured Loans 12,475 2,591 2,591 0.5 %

Junior Secured Loans
FIRE: Real Estate
SFR Holdco, LLC ⁽ⁱ⁾ n/a 8.00 % 8/6/2021 7/28/2028 5,850 5,850 5,850 1.0 %
SFR Holdco, LLC (Delayed Draw) ^{(g) (h) (i)} n/a 8.00 % 3/1/2022 7/28/2028 4,388 1,146 1,146 0.2 %
10,238 6,996 6,996 1.2 %
Total Non-Controlled/Affiliate Junior Secured Loans 10,238 6,996 6,996 1.2 %


MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
(unaudited)
~~March 31,~~June 30, 2022
(in thousands, except for shares and units)
Portfolio Company ^(a) Spread
Above
Index ^(b) Interest
Rate Acquisition
Date ^(c) Maturity Principal Amortized
Cost Fair
Value ^(d) % of Net
Assets ^(e)
Equity Securities ^{(o) (u)}
FIRE: Finance
J2 BWA Funding III, LLC (commitment to purchase up to 7.6% of the equity) ^{(i) (q) (v)} — — ^(p) 4/29/2022 4/28/2028 — $ — $ — 0.0 %
— — 0.0 %
FIRE: Real Estate
SFR Holdco, LLC (13.9% of equity commitments) ⁽ⁱ⁾ — — ^(p) 8/6/2021 — — 3,900 3,900 0.7 %
SFR Holdco, LLC (10.5% of equity commitments) ^{(g) (h) (i) (w)} — — ^(p) 3/1/2022 — — 765 765 0.1 %
4,665 4,665 0.8 %
Total Non-Controlled/Affiliate Equity Securities 4,665 4,665 0.8 %
Total Non-Controlled/Affiliate Company Investments $ 14,252 $ 14,252 2.5 %

TOTAL INVESTMENTS $ 864,482 $ 870,059 152.9 %

MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
(unaudited)
June 30, 2022
(in thousands, except for shares and units)

Derivative Instruments

Foreign currency forward ~~contracts~~contract

Description Notional Amount
to be Purchased Notional Amount
to be Sold Counterparty Settlement
Date Unrealized Gain
(Loss) Notional Amount
to be Purchased Notional Amount
to be Sold Counterparty Settlement Date Unrealized Gain (Loss)
Foreign currency forward contract $ 57 CAD 74 Bannockburn Global Forex, LLC 4/19/2022 $ (2 ) $ 58 CAD                         75 Bannockburn Global Forex, LLC 7/19/2022 $ —
Foreign currency forward contract $ 57 CAD 75 Bannockburn Global Forex, LLC 5/18/2022 (2 ) $ 60 CAD                         77 Bannockburn Global Forex, LLC 8/17/2022 —
Foreign currency forward contract $ 56 CAD 72 Bannockburn Global Forex, LLC 6/17/2022 (2 ) $ 60 CAD                         77 Bannockburn Global Forex, LLC 9/19/2022 —
Foreign currency forward contract $ 56 CAD 72 Bannockburn Global Forex, LLC 7/19/2022 (2 ) $ 62 CAD                         80 Bannockburn Global Forex, LLC 10/19/2022 —
Foreign currency forward contract $ 58 CAD 74 Bannockburn Global Forex, LLC 8/17/2022 (2 ) $ 56 CAD                         73 Bannockburn Global Forex, LLC 11/17/2022 —
Foreign currency forward contract $ 58 CAD 74 Bannockburn Global Forex, LLC 9/19/2022 (2 ) $ 9,651 CAD                  12,467 Bannockburn Global Forex, LLC 12/19/2022 (34 )
Foreign currency forward contract $ 59 CAD 77 Bannockburn Global Forex, LLC 10/19/2022 (2 ) $ 107 AUD                       138 Bannockburn Global Forex, LLC 7/18/2022 11
Foreign currency forward contract $ 54 CAD 70 Bannockburn Global Forex, LLC 11/17/2022 (1 ) $ 108 AUD                       140 Bannockburn Global Forex, LLC 8/16/2022 11
Foreign currency forward contract $ 9,352 CAD 12,078 Bannockburn Global Forex, LLC 12/19/2022 (306 ) $ 118 AUD                       153 Bannockburn Global Forex, LLC 9/16/2022 13
Foreign currency forward contract $ 113 AUD 146 Bannockburn Global Forex, LLC 4/19/2022 4 $ 117 AUD                     152 Bannockburn Global Forex, LLC 10/19/2022 13
Foreign currency forward contract $ 107 AUD 138 Bannockburn Global Forex, LLC 5/17/2022 3 $ 105 AUD                      136 Bannockburn Global Forex, LLC 11/16/2022 11
Foreign currency forward contract $ 119 AUD 153 Bannockburn Global Forex, LLC 6/17/2022 4 $ 109 AUD                      142 Bannockburn Global Forex, LLC 12/16/2022 12
Foreign currency forward contract $ 107 AUD 138 Bannockburn Global Forex, LLC 7/18/2022 3 $ 118 AUD                      153 Bannockburn Global Forex, LLC 1/18/2023 12
Foreign currency forward contract $ 108 AUD 140 Bannockburn Global Forex, LLC 8/16/2022 3 $ 108 AUD                      140 Bannockburn Global Forex, LLC 2/16/2023 11
Foreign currency forward contract $ 118 AUD 153 Bannockburn Global Forex, LLC 9/16/2022 4 $ 102 AUD                      132 Bannockburn Global Forex, LLC 3/16/2023 11
Foreign currency forward contract $ 117 AUD 152 Bannockburn Global Forex, LLC 10/19/2022 4 $ 123 AUD                      160 Bannockburn Global Forex, LLC 4/20/2023 13
Foreign currency forward contract $ 105 AUD 136 Bannockburn Global Forex, LLC 11/16/2022 3 $ 93 AUD                      121 Bannockburn Global Forex, LLC 5/16/2023 9
Foreign currency forward contract $ 109 AUD 142 Bannockburn Global Forex, LLC 12/16/2022 3 $ 121 AUD                      156 Bannockburn Global Forex, LLC 6/19/2023 13
Foreign currency forward contract $ 118 AUD 153 Bannockburn Global Forex, LLC 1/18/2023 4 $ 106 AUD                      138 Bannockburn Global Forex, LLC 7/18/2023 11
Foreign currency forward contract $ 108 AUD 140 Bannockburn Global Forex, LLC 2/16/2023 3 $ 113 AUD                      146 Bannockburn Global Forex, LLC 8/16/2023 12
Foreign currency forward contract $ 102 AUD 132 Bannockburn Global Forex, LLC 3/16/2023 3 $ 113 AUD                      146 Bannockburn Global Forex, LLC 9/18/2023 11
Foreign currency forward contract $ 123 AUD 160 Bannockburn Global Forex, LLC 4/20/2023 4 $ 114 AUD                      148 Bannockburn Global Forex, LLC 10/18/2023 12
Foreign currency forward contract $ 93 AUD 121 Bannockburn Global Forex, LLC 5/16/2023 2 $ 107 AUD                      140 Bannockburn Global Forex, LLC 11/16/2023 11
Foreign currency forward contract $ 121 AUD 156 Bannockburn Global Forex, LLC 6/19/2023 4 $ 109 AUD                      142 Bannockburn Global Forex, LLC 12/18/2023 11
Foreign currency forward contract $ 106 AUD 138 Bannockburn Global Forex, LLC 7/18/2023 3 $ 115 AUD                      150 Bannockburn Global Forex, LLC 1/17/2024 12
Foreign currency forward contract $ 113 AUD 146 Bannockburn Global Forex, LLC 8/16/2023 3 $ 110 AUD                      143 Bannockburn Global Forex, LLC 2/16/2024 11
Foreign currency forward contract $ 113 AUD 146 Bannockburn Global Forex, LLC 9/18/2023 3 $ 11,827 AUD                15,410 Bannockburn Global Forex, LLC 3/18/2024 1,190
Foreign currency forward contract $ 114 AUD 148 Bannockburn Global Forex, LLC 10/18/2023 3
Foreign currency forward contract $ 107 AUD 140 Bannockburn Global Forex, LLC 11/16/2023 3
Foreign currency forward contract $ 109 AUD 142 Bannockburn Global Forex, LLC 12/18/2023 3
Foreign currency forward contract $ 115 AUD 150 Bannockburn Global Forex, LLC 1/17/2024 3
Foreign currency forward contract $ 110 AUD 143 Bannockburn Global Forex, LLC 2/16/2024 3
Foreign currency forward contract $ 11,827 AUD 15,410 Bannockburn Global Forex, LLC 3/18/2024 298
$ 52 $ 1,387

MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
(unaudited)
~~March 31,~~June 30, 2022
(in thousands, except for shares and units)

^(a) All of the Company's investments are issued by eligible portfolio companies, as defined in the Investment Company Act of 1940, as amended, (the “1940 Act”), unless otherwise noted. All of the Company's investments are issued by U.S. portfolio companies unless otherwise noted.
^(b) The majority of the investments bear interest at a rate that may be determined by reference to the London Interbank Offered Rate (“LIBOR” or “L”), Secured Overnight Financing Rate ("SOFR" or "SF"), Sterling Overnight Index Average (“SONIA” or “SN”), Canadian dollar Offered rate (“CDOR” or “C”) or Prime Rate (“Prime” or “P”), which reset daily, monthly, quarterly, or semiannually. For each such investment, the Company has provided the spread over LIBOR, SOFR, SONIA, CDOR, or Prime, as applicable, and the current contractual interest rate in effect at ~~March 31,~~June 30, 2022. Certain investments are subject to ~~a LIBOR, SOFR, SONIA, CDOR, or Prime~~an interest rate floor, or rate cap. Certain investments contain a Payment-in-Kind (“PIK”) provision.
^(c) Except as otherwise noted, all of the Company’s portfolio company investments, which as of ~~March 31,~~June 30, 2022 represented ~~154.1%~~152.9% of the Company’s net assets or ~~97.3%~~93.5% of the Company’s total assets, are subject to legal restrictions on sales.
^(d) Except as otherwise noted, because there is no readily available market value for these investments, the fair value of each of these investments is determined in good faith using significant unobservable inputs by the Company's board of directors as required by the 1940 Act. (See Note 4 in the accompanying notes to the consolidated financial ~~statements.)~~statements)
^(e) Percentages are based on net assets of ~~$497,611~~$568,960 as of ~~March 31,~~June 30, 2022.
^(f) ~~This~~All or a portion of this security was held in MC Income Plus Financing SPV LLC (the “SPV”) as collateral for the Company's secured revolving credit facility (the “Credit Facility”) with KeyBank National Association. (See Note 67 in the accompanying notes to the consolidated financial statements).
^(g) All or a portion of this commitment was unfunded at ~~March 31,~~June 30, 2022. As such, interest is earned only on the funded portion of this commitment.
^(h) This delayed draw loan requires that certain financial covenants be met by the portfolio company prior to any fundings by the Company.
⁽ⁱ⁾ 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 ~~March 31,~~June 30, 2022, non-qualifying assets totaled ~~12.8%~~12.9% of the Company’s total assets.
^(j) This is an international company.
^(k) This loan is denominated in Australian dollars and is translated into U.S. dollars as of the valuation date.
^(l) This loan is denominated in Canadian dollars and is translated into U.S. dollars as of the valuation date.
^(m) 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, is 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.
⁽ⁿ⁾ Represents less than 5% ownership of the portfolio company's voting securities.
^(o) Ownership of certain equity investments may occur through a holding company or partnership.
^(p) Represents a non-income producing security.
^(q) 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.
^(r) As of ~~March 31,~~June 30, 2022, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $8.
^(s) The fair value of this investment was valued using Level 1 inputs. See Note 4 in the accompanying notes to the consolidated financial statements.
^(t) As of ~~March 31,~~June 30, 2022, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $34.
^(u) 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).
^(v)As of ~~March 31,~~June 30, 2022, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of ~~$2,794.~~
$1,140.
^(w) As of June 30, 2022, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $2,161.
^(x) All or a portion of this security was held in Monroe Capital Income Plus ABS Funding, LLC (the “2022 Issuer”) as collateral for the Company's $425,000 asset-backed securitization (the “2022 ABS”). (See Note 7 in the accompanying notes to the consolidated financial statements).
n/a - not applicable
See Notes to Consolidated Financial Statements.

~~n/a - not applicable~~
~~See Notes to Consolidated Financial Statements.~~

MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2021
(in thousands, except for shares and units)

Portfolio Company ^(a) Spread Above
Index ^(b) Interest
Rate Acquisition
Date ^(c) Maturity Principal Amortized
Cost Fair
Value ^(d) % of
Net
Assets ^(e)
Non-Controlled/Non-Affiliate Company Investments
Senior Secured Loans
Aerospace & Defense
API Holdings III Corp. ^(f) L+4.25% 4.35 % 5/2/2019 5/8/2026 1,658 $ 1,652 $ 1,583 0.4 %
SI Holdings, Inc. (Integrated Polymer Solutions) ^(f) L+6.00% 7.00 % 7/25/2019 7/25/2025 1,955 1,928 1,955 0.5 %
SI Holdings, Inc. (Integrated Polymer Solutions) ^(f) L+6.00% 7.00 % 12/24/2019 7/25/2025 1,020 1,006 1,020 0.3 %
SI Holdings, Inc. (Integrated Polymer Solutions) ^(f) L+6.00% 7.00 % 2/17/2021 7/25/2025 1,765 1,750 1,765 0.5 %
SI Holdings, Inc. (Integrated Polymer Solutions) ^(f) L+6.00% 7.00 % 6/15/2021 7/25/2025 1,034 1,015 1,034 0.3 %
SI Holdings, Inc. (Integrated Polymer Solutions) ^(f) L+6.00% 7.00 % 8/10/2021 7/25/2025 1,010 991 1,010 0.3 %
SI Holdings, Inc. (Integrated Polymer Solutions) (Revolver) ^(g) L+6.00% 7.00 % 7/25/2019 7/25/2024 316 40 40 0.0 %
8,758 8,382 8,407 2.3 %
Automotive
Born To Run, LLC ^(f) L+6.00% 7.00 % 4/1/2021 4/1/2027 8,955 8,792 9,114 2.5 %
Born To Run, LLC (Delayed Draw) ^{(g) (h)} L+6.00% 7.00 % 4/1/2021 4/1/2027 1,463 86 88 0.0 %
Lifted Trucks Holdings, LLC ^(f) L+5.75% 6.75 % 8/2/2021 8/2/2027 10,000 9,809 9,970 2.7 %
Lifted Trucks Holdings, LLC (Delayed Draw) ^{(g) (h)} L+5.75% 6.75 % 8/2/2021 8/2/2027 2,000 — — 0.0 %
Lifted Trucks Holdings, LLC (Revolver) ^(g) L+5.75% 6.75 % 8/2/2021 8/2/2027 2,381 635 633 0.2 %
Truck-Lite Co., LLC ^(f) L+6.25% 7.25 % 3/11/2020 12/14/2026 3,417 3,391 3,436 0.9 %
Truck-Lite Co., LLC ^(f) L+6.25% 7.25 % 11/23/2021 12/14/2026 634 634 638 0.2 %
Truck-Lite Co., LLC ^(f) L+6.25% 7.25 % 3/11/2020 12/14/2026 506 506 509 0.1 %
Truck-Lite Co., LLC ^(f) L+6.25% 7.25 % 11/23/2021 12/14/2026 563 563 566 0.2 %
Truck-Lite Co., LLC (Delayed Draw) ^{(g) (h)} L+6.25% 7.25 % 11/23/2021 12/14/2026 718 — — 0.0 %
30,637 24,416 24,954 6.8 %
Banking
MV Receivables II, LLC (Delayed Draw) ^{(g) (h) (i)} L+9.75% 11.25 % 7/29/2021 7/29/2026 10,000 1,214 1,611 0.4 %
StarCompliance MidCo, LLC ^(f) L+6.75% 7.75 % 1/12/2021 1/11/2027 3,000 2,948 3,000 0.8 %
StarCompliance MidCo, LLC ^(f) L+6.75% 7.75 % 10/12/2021 1/11/2027 503 494 503 0.1 %
StarCompliance MidCo, LLC (Revolver) ^(g) L+6.75% 7.75 % 1/12/2021 1/11/2027 484 — — 0.0 %
13,987 4,656 5,114 1.3 %


MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
December 31, 2021
(in thousands, except for shares and units)

Portfolio Company ^(a) Spread
Above
Index ^(b) Interest
Rate Acquisition
Date ^(c) Maturity Principal Amortized
Cost Fair
Value ^(d) % of
Net
Assets ^(e)
Beverage, Food & Tobacco
Huff Hispanic Food Holdings, LLC ^(f) L+5.50% 6.50 % 10/18/2019 10/18/2024 5,422 $ 5,357 $ 5,359 1.4 %
Huff Hispanic Food Holdings, LLC L+5.50% 6.50 % 10/18/2019 10/18/2024 307 307 303 0.1 %
Huff Hispanic Food Holdings, LLC (Revolver) ^(g) L+5.50% 6.50 % 10/18/2019 10/18/2024 1,286 574 574 0.2 %
LVF Holdings, Inc. ^(f) L+6.25% 7.25 % 6/10/2021 6/10/2027 3,491 3,426 3,491 0.9 %
LVF Holdings, Inc. ^(f) L+6.25% 7.25 % 6/10/2021 6/10/2027 3,341 3,341 3,341 0.9 %
LVF Holdings, Inc. (Delayed Draw) ^{(g) (h)} L+6.25% 7.25 % 6/10/2021 6/10/2027 802 — — 0.0 %
LVF Holdings, Inc. (Revolver) ^(g) L+6.25% 7.25 % 6/10/2021 6/10/2027 554 277 277 0.1 %
LX/JT Intermediate Holdings, Inc. ^(f) L+6.00% 7.50 % 3/11/2020 3/11/2025 5,625 5,548 5,543 1.5 %
LX/JT Intermediate Holdings, Inc. (Revolver) ^(g) L+6.00% 7.50 % 3/11/2020 3/11/2025 500 — — 0.0 %
21,328 18,830 18,888 5.1 %
Capital Equipment
MCP Shaw Acquisitionco, LLC ^(f) SF+6.50% 7.50 % 2/28/2020 11/28/2025 7,786 7,676 7,759 2.1 %
MCP Shaw Acquisitionco, LLC ^(f) SF+6.50% 7.50 % 12/29/2021 11/28/2025 2,402 2,354 2,393 0.6 %
MCP Shaw Acquisitionco, LLC (Delayed Draw) ^(g) (h) SF+6.50% 7.50 % 12/29/2021 11/28/2025 786 — — 0.0 %
MCP Shaw Acquisitionco, LLC (Revolver) ^(g) SF+6.50% 7.50 % 2/28/2020 11/28/2025 1,427 — — 0.0 %
12,401 10,030 10,152 2.7 %

MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
December 31, 2021
(in thousands, except for shares and units)

Portfolio Company ^(a) Spread Above
Index ^(b) Interest
Rate Acquisition
Date ^(c) Maturity Principal Amortized
Cost Fair
Value ^(d) % of
Net
Assets ^(e)
Construction & Building
Premier Roofing L.L.C. ^(f) L+6.50% 7.50 % 8/31/2020 8/29/2025 3,465 $ 3,412 $ 3,408 0.9 %
Premier Roofing L.L.C. (Revolver) ^(g) L+6.50% 7.50 % 8/31/2020 8/29/2025 1,199 959 943 0.3 %
TCFIII Owl Buyer LLC ^(f) L+6.00% 7.00 % 4/19/2021 4/17/2026 4,478 4,408 4,478 1.2 %
TCFIII Owl Buyer LLC L+6.00% 7.00 % 4/19/2021 4/17/2026 5,467 5,467 5,467 1.5 %
TCFIII Owl Buyer LLC ^(f) L+6.00% 7.00 % 12/17/2021 4/17/2026 4,906 4,821 4,906 1.3 %
19,515 19,067 19,202 5.2 %
Consumer Goods: Durable
Independence Buyer, Inc. ^(f) L+5.75% 6.75 % 8/3/2021 8/3/2026 12,500 12,265 12,500 3.4 %
Independence Buyer, Inc. (Revolver) ^(g) L+5.75% 6.75 % 8/3/2021 8/3/2026 2,964 — — 0.0 %
Recycled Plastics Industries, LLC ^(f) L+6.75% 7.75 % 8/4/2021 8/4/2026 5,486 5,383 5,486 1.5 %
Recycled Plastics Industries, LLC (Revolver) ^(g) L+6.75% 7.75 % 8/4/2021 8/4/2026 743 223 223 0.1 %
21,693 17,871 18,209 5.0 %

Consumer Goods: Non-Durable
Arizona Natural Resources, LLC ^(f) L+5.75% 6.75 % 5/18/2021 5/18/2026 13,965 13,712 13,937 3.8 %
Arizona Natural Resources, LLC ^(f) L+5.75% 6.75 % 12/15/2021 5/18/2026 2,563 2,513 2,558 0.7 %
Arizona Natural Resources, LLC (Revolver) ^(g) L+5.75% 6.75 % 5/18/2021 5/18/2026 1,111 222 222 0.1 %
The Kyjen Company, LLC ^(f) L+6.50% 7.50 % 5/14/2021 4/3/2026 2,978 2,950 2,991 0.8 %
The Kyjen Company, LLC (Revolver) ^(g) L+6.50% 7.50 % 5/14/2021 4/3/2026 315 129 129 0.0 %
Thrasio, LLC ^(f) L+7.00% 8.00 % 12/18/2020 12/18/2026 4,940 4,877 4,940 1.3 %
25,872 24,403 24,777 6.7 %
Containers, Packaging & Glass
Polychem Acquisition, LLC ^(f) L+5.00% 5.50 % 4/8/2019 3/17/2025 1,945 1,940 1,945 0.5 %
Port Townsend Holdings Company, Inc. and Crown Corrugated Company (Delayed Draw) ^(g) (h) L+7.75%
5.75% Cash/
3.00% PIK
10/16/2020 2/28/2022 165 84 84 0.0 %
2,110 2,024 2,029 0.5 %

MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
December 31, 2021
(in thousands, except for shares and units)

Portfolio Company ^(a) Spread
Above
Index ^(b) Interest
Rate Acquisition
Date ^(c) Maturity Principal Amortized
Cost Fair Value ^(d) % of
Net
Assets ^(e)
Energy: Oil & Gas
Liquid Tech Solutions Holdings, LLC ^(f) L+4.75% 5.50 % 3/18/2021 3/17/2028 2,271 $ 2,261 $ 2,271 0.6 %
Par Petroleum, LLC ^(f) L+6.75% 6.88 % 1/27/2020 1/12/2026 908 913 906 0.3 %
3,179 3,174 3,177 0.9 %
Environmental Industries
Quest Resource Management Group, LLC ^(f) L+6.50% 7.50 % 10/19/2020 10/20/2025 990 924 989 0.3 %
Quest Resource Management Group, LLC L+6.50% 7.50 % 10/19/2020 10/20/2025 1,087 1,087 1,086 0.3 %
Quest Resource Management Group, LLC ^(f) L+6.50% 7.50 % 12/7/2021 10/20/2025 3,856 3,779 3,853 1.1 %
Quest Resource Management Group, LLC (Delayed Draw) ^{(g) (h)} L+6.50% 7.50 % 12/7/2021 10/20/2025 1,778 — — 0.0 %
Volt Bidco, Inc. ^(f) L+6.50% 7.50 % 8/11/2021 8/11/2027 6,000 5,885 6,000 1.6 %
Volt Bidco, Inc. (Delayed Draw) ^{(g) (h)} L+6.50% 7.50 % 8/11/2021 8/11/2027 688 116 116 0.0 %
Volt Bidco, Inc. (Revolver) ^(g) L+6.50% 7.50 % 8/11/2021 8/11/2027 574 — — 0.0 %
14,973 11,791 12,044 3.3 %
FIRE: Finance
Exiger LLC ^(f) L+7.25% 8.25 % 9/30/2021 9/30/2027 14,000 13,727 13,951 3.8 %
Exiger LLC (Delayed Draw) ^{(g) (h)} L+7.25% 8.25 % 9/30/2021 9/30/2027 4,200 — — 0.0 %
Exiger LLC (Revolver) ^(g) L+7.25% 8.25 % 9/30/2021 9/30/2027 1,400 — — 0.0 %
J2 BWA Funding LLC (Delayed Draw) ^{(g) (h) (i)} n/a 9.00 % 12/24/2020 12/24/2026 2,809 701 701 0.2 %
Oceana Australian Fixed Income Trust ^{(f) (i) (j) (k)} n/a 11.50 % 2/25/2021 2/25/2026 7,805 8,460 7,805 2.1 %
Oceana Australian Fixed Income Trust ^{(f) (i) (j) (k)} n/a 10.75 % 6/29/2021 6/29/2026 3,288 3,400 3,288 0.9 %
W3 Monroe RE Debt LLC ⁽ⁱ⁾ n/a 10.00% PIK 2/5/2021 2/4/2028 1,760 1,760 1,760 0.5 %
35,262 28,048 27,505 7.5 %
FIRE: Real Estate
300 N. Michigan Mezz, LLC (Delayed Draw) ^{(f) (g) (h) (i)} L+14.50% 16.00% PIK 7/15/2020 7/15/2024 1,000 888 888 0.3 %
Avison Young (USA) Inc. ^{(f) (i) (j)} L+5.75% 5.97 % 4/26/2019 1/30/2026 1,945 1,932 1,935 0.5 %
Florida East Coast Industries, LLC ^{(f) (i)} n/a 10.50 % 8/9/2021 6/28/2024 7,857 7,649 7,857 2.1 %
InsideRE, LLC ^(f) L+5.75% 6.75 % 12/22/2021 12/22/2027 7,503 7,353 7,497 2.0 %
InsideRE, LLC (Delayed Draw) ^{(g) (h)} L+5.75% 6.75 % 12/22/2021 12/22/2027 2,886 — — 0.0 %
InsideRE, LLC (Revolver) ^(g) L+5.75% 6.75 % 12/22/2021 12/22/2027 965 — — 0.0 %
NCBP Property, LLC ⁽ⁱ⁾ L+9.50% 10.50 % 12/18/2020 12/16/2022 2,500 2,487 2,506 0.7 %
24,656 20,309 20,683 5.6 %
Healthcare & Pharmaceuticals
Apotheco, LLC ^(f) L+8.50%
6.50% Cash/
3.00% PIK
4/8/2019 4/8/2024 1,816 1,798 1,731 0.5 %
Apotheco, LLC (Revolver) L+8.50%
6.50% Cash/
3.00% PIK
4/8/2019 4/8/2024 478 478 455 0.1 %
Appriss Health, LLC ^(f) L+7.25% 8.25 % 5/6/2021 5/6/2027 6,500 6,378 6,516 1.8 %
Appriss Health, LLC (Revolver) ^(g) L+7.25% 8.25 % 5/6/2021 5/6/2027 433 — — 0.0 %
Ascent Midco, LLC ^(f) L+5.50% 6.50 % 2/5/2020 2/5/2025 2,283 2,253 2,283 0.6 %
Ascent Midco, LLC (Revolver) ^(g) L+5.50% 6.50 % 2/5/2020 2/5/2025 403 — — 0.0 %
Brickell Bay Acquisition Corp. ^(f) L+6.50% 7.50 % 2/12/2021 2/12/2026 2,848 2,797 2,834 0.8 %
Brickell Bay Acquisition Corp. (Delayed Draw) ^{(g) (h)} L+6.50% 7.50 % 2/12/2021 2/12/2026 573 — — 0.0 %
Caravel Autism Health, LLC ^(f) L+5.75% 6.75 % 6/30/2021 6/30/2027 8,000 7,849 7,518 2.0 %
Caravel Autism Health, LLC (Delayed Draw) ^{(g) (h)} L+5.75% 6.75 % 6/30/2021 6/30/2027 5,999 299 281 0.1 %
Caravel Autism Health, LLC (Revolver) ^(g) L+5.75% 6.75 % 6/30/2021 6/30/2027 2,000 1,000 940 0.3 %
Dorado Acquisition, Inc. ^(f) L+6.75% 7.75 % 6/30/2021 6/30/2026 13,965 13,705 13,951 3.8 %
Dorado Acquisition, Inc. (Delayed Draw) ^{(g) (h)} L+6.75% 7.75 % 6/30/2021 6/30/2026 606 — — 0.0 %
Dorado Acquisition, Inc. (Revolver) ^(g) L+6.75% 7.75 % 6/30/2021 6/30/2026 1,670 — — 0.0 %
INH Buyer, Inc. ^(f) L+6.00% 7.00 % 6/30/2021 6/28/2028 4,898 4,852 4,761 1.3 %
NationsBenefits, LLC ^(f) L+7.00% 8.00 % 8/20/2021 8/20/2026 12,250 12,018 12,229 3.3 %
NationsBenefits, LLC (Revolver) ^(g) L+7.00% 8.00 % 8/20/2021 8/20/2026 1,361 — — 0.0 %
QF Holdings, Inc. ^(f) L+6.25% 7.25 % 9/19/2019 9/19/2024 4,550 4,497 4,543 1.2 %
QF Holdings, Inc. ^(f) L+6.25% 7.25 % 12/15/2021 12/15/2027 4,368 4,303 4,368 1.2 %
QF Holdings, Inc. ^(f) L+6.25% 7.25 % 9/19/2019 9/19/2024 910 910 909 0.2 %
QF Holdings, Inc. (Delayed Draw) ^{(g) (h)} L+6.25% 7.25 % 8/21/2020 9/19/2024 910 — — 0.0 %
QF Holdings, Inc. (Revolver) ^(g) L+6.25% 7.25 % 9/19/2019 9/19/2024 1,092 — — 0.0 %
Seran BioScience, LLC ^(f) L+6.25% 7.25 % 12/31/2020 12/31/2025 1,985 1,952 1,990 0.5 %
Seran BioScience, LLC (Revolver) ^(g) L+6.25% 7.25 % 12/31/2020 12/31/2025 356 — — 0.0 %
SIP Care Services, LLC ^(f) L+5.75% 6.75 % 12/30/2021 12/30/2026 3,800 3,724 3,724 1.0 %
SIP Care Services, LLC (Delayed Draw) ^{(g) (h)} L+5.75% 6.75 % 12/30/2021 12/30/2026 3,040 — — 0.0 %
SIP Care Services, LLC (Revolver) ^(g) L+5.75% 6.75 % 12/30/2021 12/30/2026 760 — — 0.0 %
WebPT, Inc. ^(f) L+6.75% 7.75 % 8/28/2019 1/18/2028 5,000 4,941 5,000 1.4 %
WebPT, Inc. (Revolver) ^(g) L+6.75% 7.75 % 8/28/2019 1/18/2028 521 156 156 0.0 %
93,375 73,910 74,189 20.1 %

MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
December 31, 2021
(in thousands, except for shares and units)

Portfolio Company ^(a) Spread
Above
Index ^(b) Interest
Rate Acquisition
Date ^(c) Maturity Principal Amortized
Cost Fair
Value ^(d) % of
Net
Assets ^(e)
High Tech Industries
Acquia Inc. ^(f) L+7.00% 8.00 % 11/1/2019 10/31/2025 15,429 $ 15,166 $ 15,545 4.2 %
Acquia Inc. (Revolver) ^(g) L+7.00% 8.00 % 11/1/2019 10/31/2025 588 — — 0.0 %
Arcstor Midco, LLC ^(f) L+7.00% 8.00 % 3/16/2021 3/16/2027 11,910 11,695 11,822 3.2 %
MarkLogic Corporation ^(f) L+6.00% 7.00 % 10/20/2020 10/20/2025 5,198 5,095 5,276 1.4 %
MarkLogic Corporation ^(f) L+6.00% 7.00 % 11/23/2021 10/20/2025 485 475 494 0.1 %
MarkLogic Corporation (Delayed Draw) ^{(g) (h)} L+6.00% 7.00 % 11/23/2021 10/20/2025 323 — — 0.0 %
MarkLogic Corporation (Revolver) ^(g) L+6.00% 7.00 % 10/20/2020 10/20/2025 404 — — 0.0 %
Mindbody, Inc. ^(f) L+8.50%
8.00% Cash/
1.50% PIK
2/15/2019 2/14/2025 1,853 1,832 1,840 0.5 %
Mindbody, Inc. L+8.50%
8.00% Cash/
1.50% PIK
9/22/2021 2/14/2025 7,331 7,331 7,276 2.0 %
Mindbody, Inc. (Revolver) ^(g) L+8.00% 9.00 % 2/15/2019 2/14/2025 190 — — 0.0 %
Mockingbird Acquisitionco Inc. ^(f) L+6.00% 7.00 % 10/1/2020 10/1/2025 3,840 3,778 3,878 1.0 %
Mockingbird Acquisitionco Inc. (Revolver) ^(g) L+6.00% 7.00 % 10/1/2020 10/1/2025 600 — — 0.0 %
Optomi, LLC ^(f) L+5.75% 6.75 % 12/16/2021 12/16/2027 13,500 13,231 13,230 3.6 %
Optomi, LLC (Revolver) ^(g) L+5.75% 6.75 % 12/16/2021 12/16/2027 3,189 2,126 2,083 0.6 %
Recorded Future, Inc. ^(f) L+6.00% 7.00 % 7/3/2019 7/3/2025 3,648 3,602 3,679 1.0 %
Recorded Future, Inc. ^(f) L+6.00% 7.00 % 3/26/2021 7/3/2025 5,864 5,800 5,913 1.6 %
Recorded Future, Inc. (Revolver) ^(g) L+6.00% 7.00 % 7/3/2019 7/3/2025 440 — — 0.0 %
Securly, Inc. ^(f) L+7.00% 8.00 % 4/22/2021 4/22/2027 8,400 8,246 8,400 2.3 %
Securly, Inc. (Delayed Draw) ^{(g) (h)} L+7.00% 8.00 % 4/22/2021 4/22/2027 1,938 — — 0.0 %
Securly, Inc. (Revolver) ^(g) L+7.00% 8.00 % 4/22/2021 4/22/2027 969 — — 0.0 %
Transact Holdings Inc. ^(f) L+4.75% 4.85 % 4/18/2019 4/30/2026 733 725 730 0.2 %
86,832 79,102 80,166 21.7 %
Hotels, Gaming & Leisure
Equine Network, LLC ^(f) L+8.00% 9.00 % 12/31/2020 12/31/2025 1,489 1,461 1,485 0.4 %
Equine Network, LLC ^(f) L+8.00% 9.00 % 1/29/2021 12/31/2025 675 664 673 0.2 %
Equine Network, LLC (Delayed Draw) ^{(g) (h)} L+8.00% 9.00 % 12/31/2020 12/31/2025 366 — — 0.0 %
Equine Network, LLC (Revolver) ^(g) L+8.00% 9.00 % 12/31/2020 12/31/2025 146 73 73 0.0 %
2,676 2,198 2,231 0.6 %

MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
December 31, 2021
(in thousands, except for shares and units)

Portfolio Company ^(a) Spread
Above
Index ^(b) Interest
Rate Acquisition
Date ^(c) Maturity Principal Amortized
Cost Fair
Value ^(d) % of
Net
Assets ^(e)
Media: Advertising, Printing & Publishing
95 Percent Buyer, LLC ^(f) L+6.00% 7.00 % 11/24/2021 11/24/2026 18,000 $ 17,645 $ 18,000 4.9 %
95 Percent Buyer, LLC (Revolver) ^(g) L+6.00% 7.00 % 11/24/2021 11/24/2026 963 — — 0.0 %
Madison Logic, Inc. ^(f) L+5.75% 6.75 % 11/22/2021 11/20/2026 20,000 19,703 20,031 5.4 %
Madison Logic, Inc. (Revolver) ^(g) L+5.75% 6.75 % 11/22/2021 11/20/2026 912 — — 0.0 %
New Engen, Inc. ^(f) L+5.50% 6.50 % 12/3/2021 12/3/2026 9,500 9,335 9,334 2.5 %
New Engen, Inc. ^(f) L+5.50% 6.50 % 12/27/2021 12/3/2026 8,022 8,022 7,882 2.1 %
New Engen, Inc. (Revolver) ^(g) L+5.50% 6.50 % 12/3/2021 12/3/2026 1,056 — — 0.0 %
North Haven USHC Acquisition, Inc. ^(f) L+6.00% 7.00 % 10/30/2020 10/30/2025 2,475 2,435 2,475 0.7 %
North Haven USHC Acquisition, Inc. ^(f) L+6.00% 7.00 % 10/30/2020 10/30/2025 717 717 717 0.2 %
North Haven USHC Acquisition, Inc. (Delayed Draw) ^{(g) (h)} L+6.00% 7.00 % 9/3/2021 10/30/2025 1,441 482 487 0.1 %
North Haven USHC Acquisition, Inc. (Revolver) ^(g) L+6.00% 7.00 % 3/12/2021 10/30/2025 240 — — 0.0 %
NTM Acquisition Corp ^(f) L+7.25%
7.25% Cash/
1.00% PIK
4/18/2019 6/7/2024 4,645 4,641 4,599 1.2 %
Relevate Health Group, LLC ^(f) L+6.00% 7.00 % 11/20/2020 11/20/2025 1,985 1,953 2,005 0.6 %
Relevate Health Group, LLC (Delayed Draw) ^{(g) (h)} L+6.00% 7.00 % 11/20/2020 11/20/2025 1,046 888 897 0.2 %
Relevate Health Group, LLC (Revolver) ^(g) L+6.00% 7.00 % 11/20/2020 11/20/2025 421 — — 0.0 %
Spherix Global Inc. ^(f) SF+6.00% 7.00 % 12/22/2021 12/22/2026 4,500 4,422 4,421 1.2 %
Spherix Global Inc. (Revolver) ^(g) SF+6.00% 7.00 % 12/22/2021 12/22/2026 500 — — 0.0 %
XanEdu Publishing, Inc. ^(f) L+6.50% 7.50 % 1/28/2020 1/28/2025 6,093 5,993 6,114 1.7 %
XanEdu Publishing, Inc. (Revolver) ^(g) L+6.50% 7.50 % 1/28/2020 1/28/2025 977 — — 0.0 %
83,493 76,236 76,962 20.8 %
Media: Broadcasting & Subscription
Vice Group Holding Inc. L+12.00%
5.50% Cash/
8.00% PIK
5/2/2019 11/2/2022 1,145 1,142 1,145 0.3 %
Vice Group Holding Inc. L+12.00%
5.50% Cash/
8.00% PIK
5/2/2019 11/2/2022 359 359 359 0.1 %
Vice Group Holding Inc. L+12.00%
5.50% Cash/
8.00% PIK
5/2/2019 11/2/2022 135 135 135 0.0 %
Vice Group Holding Inc. L+12.00%
5.50% Cash/
8.00% PIK
11/4/2019 11/2/2022 220 220 220 0.1 %
1,859 1,856 1,859 0.5 %
Media: Diversified & Production
Chess.com, LLC ^(f) L+6.50% 7.50 % 12/31/2021 12/31/2027 13,000 12,740 12,740 3.5 %
Chess.com, LLC (Revolver) ^(g) L+6.50% 7.50 % 12/31/2021 12/31/2027 1,413 — — 0.0 %
Crownpeak Technology, Inc. ^(f) L+5.75% 6.75 % 2/28/2019 2/28/2024 1,000 991 1,000 0.3 %
Crownpeak Technology, Inc. ^(f) L+5.75% 6.75 % 2/28/2019 2/28/2024 15 15 15 0.0 %
Crownpeak Technology, Inc. (Revolver) ^(g) L+5.75% 6.75 % 2/28/2019 2/28/2024 42 — — 0.0 %
CyberGrants Holdings, LLC ^(f) L+6.50% 7.25 % 9/8/2021 9/8/2027 18,500 18,235 18,500 5.0 %
CyberGrants Holdings, LLC (Delayed Draw) ^{(g) (h)} L+6.50% 7.25 % 9/8/2021 9/8/2027 1,814 — — 0.0 %
CyberGrants Holdings, LLC (Revolver) ^(g) L+6.50% 7.25 % 9/8/2021 9/8/2027 1,814 — — 0.0 %
Streamland Media MidCo LLC ^(f) L+6.75% 7.75 % 8/26/2019 8/31/2023 1,994 1,974 1,984 0.5 %
39,592 33,955 34,239 9.3 %

MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
December 31, 2021
(in thousands, except for shares and units)

Portfolio Company ^(a) Spread
Above
Index ^(b) Interest
Rate Acquisition
Date ^(c) Maturity Principal Amortized
Cost Fair
Value ^(d) % of
Net
Assets ^(e)
Services: Business
Aperture Companies, LLC ^(f) L+6.25% 7.25 % 12/31/2021 12/31/2026 15,000 $ 14,700 $ 14,700 4.0 %
Aperture Companies, LLC (Delayed Draw) ^{(g) (h)} L+6.25% 7.25 % 12/31/2021 12/31/2026 4,320 — — 0.0 %
Aperture Companies, LLC (Revolver) ^(g) L+6.25% 7.25 % 12/31/2021 12/31/2026 1,347 — — 0.0 %
Aras Corporation ^(f) L+7.00%
4.25% Cash/
3.75% PIK
4/13/2021 4/13/2027 4,504 4,429 4,556 1.2 %
Aras Corporation (Revolver) ^(g) L+7.00%
4.25% Cash/
3.75% PIK
4/13/2021 4/13/2027 325 — — 0.0 %
Argano, LLC ^(f) L+5.50% 6.50 % 6/10/2021 6/10/2026 9,077 8,912 9,043 2.4 %
Argano, LLC (Delayed Draw) ^{(g) (h)} L+5.50% 6.50 % 6/10/2021 6/10/2026 4,009 2,365 2,356 0.6 %
Argano, LLC (Revolver) ^(g) L+5.50% 6.50 % 6/10/2021 6/10/2026 965 — — 0.0 %
Certify, Inc. ^(f) L+5.50% 6.50 % 2/28/2019 2/28/2024 1,000 992 1,000 0.3 %
Certify, Inc. ^(f) L+5.50% 6.50 % 2/28/2019 2/28/2024 136 136 136 0.0 %
Certify, Inc. (Revolver) ^(g) L+5.50% 6.50 % 2/28/2019 2/28/2024 46 11 11 0.0 %
ecMarket Inc. and Conexiom US Inc. ^{(f) (i) (j)} L+7.00% 8.00 % 9/21/2021 9/21/2027 15,500 15,202 15,442 4.2 %
ecMarket Inc. and Conexiom US Inc. (Delayed Draw) ^{(g) (h) (i) (j)} L+7.00% 8.00 % 9/21/2021 9/21/2027 1,291 — — 0.0 %
ecMarket Inc. and Conexiom US Inc. (Revolver) ^{(g) (i) (j)} L+7.00% 8.00 % 9/21/2021 9/21/2027 2,067 — — 0.0 %
HS4 Acquisitionco, Inc. ^(f) L+6.75% 7.75 % 7/9/2019 7/9/2025 3,980 3,928 3,944 1.1 %
HS4 Acquisitionco, Inc. ^(f) L+6.75% 7.75 % 10/6/2021 7/9/2025 4,323 4,323 4,285 1.2 %
HS4 Acquisitionco, Inc. (Revolver) ^(g) L+6.75% 7.75 % 7/9/2019 7/9/2025 325 — — 0.0 %
Kaseya Inc. ^(f) L+6.50%
6.50% Cash/
1.00% PIK
5/3/2019 5/2/2025 2,930 2,896 2,945 0.8 %
Kaseya Inc. ^(f) L+6.50%
6.50% Cash/
1.00% PIK
5/3/2019 5/2/2025 311 311 312 0.1 %
Kaseya Inc. ^(f) L+6.50%
6.50% Cash/
1.00% PIK
3/4/2020 5/2/2025 277 277 278 0.1 %
Kaseya Inc. ^(f) L+6.50%
6.50% Cash/
1.00% PIK
9/8/2021 5/2/2025 8,015 7,886 8,056 2.2 %
Kaseya Inc. (Delayed Draw) ^{(g) (h)} L+6.50%
6.50% Cash/
1.00% PIK
9/8/2021 5/2/2025 3,774 1,585 1,593 0.4 %
Kaseya Inc. (Revolver) ^(g) L+6.50% 7.50 % 5/3/2019 5/2/2025 211 — — 0.0 %
Relativity ODA LLC ^(f) L+7.50% 8.50% PIK 5/12/2021 5/12/2027 4,741 4,634 4,734 1.3 %
Relativity ODA LLC (Revolver) ^(g) L+7.50% 8.50% PIK 5/12/2021 5/12/2027 450 — — 0.0 %
Sundance Group Holdings, Inc. ^(f) L+6.75% 7.75 % 7/2/2021 7/2/2027 4,148 4,069 4,146 1.1 %
Sundance Group Holdings, Inc. (Delayed Draw) ^{(g) (h)} L+6.75% 7.75 % 7/2/2021 7/2/2027 1,244 — — 0.0 %
Sundance Group Holdings, Inc. (Revolver) ^(g) L+6.75% 7.75 % 7/2/2021 7/2/2027 498 149 149 0.0 %
94,814 76,805 77,686 21.0 %

19

MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
December 31, 2021
(in thousands, except for shares and units)

Portfolio Company ^(a) Spread
Above
Index ^(b) Interest
Rate Acquisition
Date ^(c) Maturity Principal Amortized
Cost Fair
Value ^(d) % of
Net
Assets ^(e)
Services: Consumer
Express Wash Acquisition Company, LLC ^(f) L+6.50% 7.50 % 12/28/2020 12/26/2025 3,587 $ 3,534 $ 3,587 1.0 %
Express Wash Acquisition Company, LLC ^(f) L+6.50% 7.50 % 9/3/2021 12/26/2025 8,148 8,015 8,148 2.2 %
Express Wash Acquisition Company, LLC L+6.50% 7.50 % 9/3/2021 12/26/2025 3,920 3,920 3,920 1.0 %
Express Wash Acquisition Company, LLC (Delayed Draw) ^{(g) (h)} L+6.50% 7.50 % 9/3/2021 12/26/2025 2,800 1,036 1,036 0.3 %
Express Wash Acquisition Company, LLC (Delayed Draw) ^{(g) (h)} L+6.50% 7.50 % 12/22/2021 12/26/2025 5,000 2,813 2,813 0.8 %
Express Wash Acquisition Company, LLC (Revolver) ^(g) L+6.50% 7.50 % 12/28/2020 12/26/2025 840 448 448 0.1 %
IDIG Parent, LLC ^(f) L+6.00% 7.00 % 12/15/2020 12/15/2026 4,327 4,253 4,338 1.2 %
IDIG Parent, LLC ^(f) L+6.00% 7.00 % 12/15/2020 12/15/2026 720 720 721 0.2 %
IDIG Parent, LLC (Revolver) ^(g) L+6.00% 7.00 % 12/15/2020 12/15/2026 336 — — 0.0 %
Light Wave Dental Management, LLC ^(f) L+6.50% 7.50 % 8/1/2019 1/2/2024 4,237 4,217 4,222 1.1 %
Light Wave Dental Management, LLC ^(f) L+6.50% 7.50 % 5/3/2021 1/2/2024 2,546 2,546 2,537 0.7 %
Light Wave Dental Management, LLC ^(f) L+6.50% 7.50 % 8/3/2021 1/2/2024 2,116 2,080 2,109 0.5 %
Light Wave Dental Management, LLC (Delayed Draw) ^(g) (h) L+6.50% 7.50 % 8/3/2021 1/2/2024 4,585 2,881 2,871 0.8 %
Light Wave Dental Management, LLC (Revolver) ^(g) L+6.50% 7.50 % 5/3/2021 1/2/2024 320 — — 0.0 %
43,482 36,463 36,750 9.9 %
Telecommunications
American Virtual Cloud Technologies, Inc. L+11.00% 12.00 % 12/2/2021 12/2/2022 5,400 5,274 5,265 1.4 %
Calabrio, Inc. ^(f) L+7.00% 8.00 % 4/16/2021 4/16/2027 8,000 7,817 8,000 2.2 %
Calabrio, Inc. (Revolver) ^(g) L+7.00% 8.00 % 4/16/2021 4/16/2027 963 — — 0.0 %
DataOnline Corp. ^(f) L+6.25% 7.25 % 11/13/2019 11/13/2025 6,370 6,274 6,257 1.7 %
DataOnline Corp. (Revolver) L+6.25% 7.25 % 11/13/2019 11/13/2025 844 844 844 0.2 %
Sandvine Corporation ^(f) L+4.50% 4.60 % 3/8/2021 10/31/2025 1,159 1,159 1,159 0.3 %
VHT Acquisitions, LLC ^(f) L+7.00% 8.00% PIK 12/21/2021 12/21/2026 18,000 17,642 17,640 4.8 %
VHT Acquisitions, LLC (Delayed Draw) ^{(g) (h)} L+7.00% 8.00% PIK 12/21/2021 12/21/2026 1,440 — — 0.0 %
VHT Acquisitions, LLC (Revolver) ^(g) L+7.00% 8.00% PIK 12/21/2021 12/21/2026 514 — — 0.0 %
42,690 39,010 39,165 10.6 %
Transportation: Cargo
Complete Innovations Inc. ^{(f) (i) (j) (l)} C+6.75% 7.75 % 12/16/2020 12/16/2025 8,704 8,490 8,878 2.4 %
Complete Innovations Inc. (Delayed Draw) ^{(g) (h) (i) (j) (l)} C+6.75% 7.75 % 12/16/2020 12/16/2025 1,274 801 812 0.2 %
RS Acquisition, LLC (Delayed Draw) ^{(f) (g) (h)} L+5.75% 6.75 % 12/13/2021 12/14/2026 11,000 4,839 4,956 1.4 %
RS Acquisition, LLC (Delayed Draw) ^{(g) (h)} L+5.75% 6.75 % 12/13/2021 12/14/2026 10,115 — — 0.0 %
RS Acquisition, LLC (Revolver) ^(g) L+5.75% 6.75 % 12/13/2021 12/14/2026 1,264 — — 0.0 %
32,357 14,130 14,646 4.0 %
Wholesale
S&S Holdings LLC ^(f) L+5.00% 5.50 % 3/10/2021 3/10/2028 2,977 2,895 2,982 0.8 %
2,977 2,895 2,982 0.8 %
Total Non-Controlled/Non-Affiliate Senior Secured Loans 758,518 629,561 636,016 172.2 %

MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
December 31, 2021
(in thousands, except for shares and units)

Portfolio Company ^(a) Spread
Above
Index ^(b) Interest
Rate Acquisition
Date ^(c) Maturity Principal Amortized
Cost Fair
Value ^(d) % of
Net
Assets ^(e)
Unitranche Secured Loans ^(m)
Aerospace & Defense
Cassavant Holdings, LLC ^(f) L+6.50% 7.50 % 9/8/2021 9/8/2026 13,965 $ 13,699 $ 13,951 3.8 %
13,965 13,699 13,951 3.8 %
Services: Business
Onit, Inc. ^(f) L+7.25% 8.25 % 12/20/2021 5/2/2025 15,000 14,721 14,719 4.0 %
15,000 14,721 14,719 4.0 %
Telecommunications
VB E1, LLC (Delayed Draw) ^{(f) (g) (h)} L+7.65% 8.15 % 11/18/2020 11/18/2026 3,000 1,466 1,491 0.4 %
3,000 1,466 1,491 0.4 %
Total Non-Controlled/Non-Affiliate Unitranche Secured Loans 31,965 29,886 30,161 8.2 %

Junior Secured Loans
Banking
MoneyLion, Inc. ^{(f) (i)} n/a 12.00 % 8/27/2021 5/1/2023 2,500 2,479 2,537 0.7 %
2,500 2,479 2,537 0.7 %
FIRE: Real Estate
Florida East Coast Industries, LLC ⁽ⁱ⁾ n/a 16.00% PIK 8/9/2021 6/28/2024 3,344 3,260 3,365 0.9 %
Witkoff/Monroe 700 JV LLC (Delayed Draw) ^{(g) (h) (i)} n/a 8.00% Cash/ 4.00% PIK 7/2/2021 7/2/2026 7,791 6,518 6,828 1.8 %
11,135 9,778 10,193 2.7 %
Total Non-Controlled/Non-Affiliate Junior Secured Loans 13,635 12,257 12,730 3.4 %

Equity Securities ^{(n) (o)}
Automotive
Born To Run, LLC (692,841 Class A units) — — ^(p) 4/1/2021 — — 693 754 0.2 %
Lifted Trucks Holdings, LLC (158,730 Class A units) ^(q) — — ^(p) 8/2/2021 — — 159 156 0.0 %
852 910 0.2 %
Banking
MV Receivables II, LLC (911 shares of common units) ^{(i) (q)} — — ^(p) 7/29/2021 — — 375 697 0.2 %
MV Receivables II, LLC (warrant to purchase up to 1.0% of the equity) ^{(i) (q)} — — ^(p) 7/28/2021 7/28/2031 — 453 1,258 0.3 %
828 1,955 0.5 %
Beverage, Food & Tobacco
Huff Hispanic Food Holdings, LLC (171,429 Class A interests) — — ^(p) 10/18/2019 — — 171 144 0.0 %
171 144 0.0 %
Capital Equipment
MCP Shaw Acquisitionco, LLC (95,125 Class A-2 units) ^(q) — — ^(p) 2/28/2020 — — 95 118 0.0 %
95 118 0.0 %
Consumer Goods: Durable
Independence Buyer, Inc. (169 Class A units) — — ^(p) 8/3/2021 — — 169 211 0.1 %
169 211 0.1 %
Energy: Oil & Gas
QuarterNorth Energy Inc. (fka Fieldwood Energy, LLC) (4,376 shares of common stock) ^(f) — — ^(p) 1/11/2020 — — 901 414 0.1 %
901 414 0.1 %
Environmental Industries
Quest Resource Management Group, LLC (warrant to purchase up to 0.2% of the equity) — — ^(p) 10/19/2020 3/19/2028 — 67 294 0.1 %
Quest Resource Management Group, LLC (warrant to purchase up to 0.2% of the equity) — — ^(p) 10/19/2021 3/19/2028 — — 169 0.0 %
Volt Bidco, Inc. (765 shares of common stock) — — ^(p) 8/11/2021 — — 765 764 0.2 %
832 1,227 0.3 %
FIRE: Finance
J2 BWA Funding LLC (0.7% profit sharing) ^{(i) (q)} — — ^(p) 12/24/2020 — — — — 0.0 %
— — 0.0 %
FIRE: Real Estate
InsideRE, LLC (267,963 Class A common units) ^(q) — — ^(p) 9/9/2019 — — 160 333 0.1 %
Witkoff/Monroe 700 JV LLC (2,992 preferred units) ^{(i) (q)} n/a 8.00% Cash/ 4.00% PIK 7/2/2021 — — 3 3 0.0 %
163 336 0.1 %

MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
December 31, 2021
(in thousands, except for shares and units)

Portfolio Company ^(a) Spread
Above
Index ^(b) Interest
Rate Acquisition
Date ^(c) Maturity Principal Amortized
Cost Fair
Value ^(d) % of
Net
Assets ^(e)
Healthcare & Pharmaceuticals
Ascent Midco, LLC (725,806 Class A units) ^(q) n/a 8.00% PIK 2/5/2020 — — $ 726 $ 912 0.2 %
Dorado Acquisition, Inc. (500,894 Class A-1 units) — — ^(p) 6/30/2021 — — 501 501 0.1 %
Dorado Acquisition, Inc. (500,894 Class A-2 units) — — ^(p) 6/30/2021 — — — 24 0.0 %
NationsBenefits, LLC (2,722,222 Series A units) ^(q) n/a 9.00% PIK 8/20/2021 — — 2,254 2,186 0.6 %
NationsBenefits, LLC (326,667 common units) ^(q) — — ^(p) 8/20/2021 — — 468 206 0.1 %
Seran BioScience, LLC (26,666 common units) ^(q) — — ^(p) 12/31/2020 — — 267 571 0.2 %
4,216 4,400 1.2 %
High Tech Industries
MarkLogic Corporation (435,358 Class A units) — — ^(p) 10/20/2020 — — 435 634 0.2 %
Optomi, LLC (278 Class A units) ^(q) — — ^(p) 12/16/2021 — — 278 278 0.1 %
Optomi, LLC (41 Class A-1 units) ^(q) n/a 8.00% PIK 12/16/2021 — — 41 41 0.0 %
Recorded Future, Inc. (40,243 Class A units) ^(r) — — ^(p) 7/3/2019 — — 40 101 0.0 %
794 1,054 0.3 %
Hotels, Gaming & Leisure
Equine Network, LLC (85 Class A units) ^(q) — — ^(p) 12/31/2020 — — 85 87 0.0 %
85 87 0.0 %
Media: Advertising, Printing & Publishing
95 Percent Buyer, LLC (385,027 Class A units) ^(q) n/a 8.00% PIK 11/24/2021 — — 385 390 0.1 %
New Engen, Inc. (417 preferred units) n/a 8.00% PIK 12/27/2021 — — 417 417 0.1 %
New Engen, Inc. (5,067 Class B common units) — — ^(p) 12/27/2021 — — 5 5 0.0 %
Relevate Health Group, LLC (53 preferred units) n/a 12.00% PIK 11/20/2020 — — 53 53 0.0 %
Relevate Health Group, LLC (53 Class B common units) — — ^(p) 11/20/2020 — — — — 0.0 %
Spherix Global Inc. (333 Class A units) — — ^(p) 12/22/2021 — — 333 333 0.1 %
XanEdu Publishing, Inc. (65,104 Class A units) n/a 8.00% PIK 1/28/2020 — — 65 140 0.1 %
1,258 1,338 0.4 %
Media: Diversified & Production
Chess.com, LLC (5 Class A units) ^(q) — — ^(p) 12/31/2021 — — 189 189 0.1 %
189 189 0.1 %
Services: Business
Argano, LLC (52,533 common units) ^(q) — — ^(p) 6/10/2021 — — 239 239 0.1 %
ecMarket Inc. and Conexiom US Inc. (96,603 preferred shares) ^{(i) (j)} — — ^(p) 9/21/2021 — — 723 699 0.1 %
Skillsoft Corp. (fka Software Luxembourg Acquisition S.A.R.L) (26,168 Class A shares) ^{(f) (i) (u)} — — ^(p) 6/11/2021 — — 508 239 0.1 %
1,470 1,177 0.3 %
Services: Consumer
Express Wash Acquisition Company, LLC (135,869 Class A units) ^(q) n/a 8.00% PIK 12/28/2020 — — 140 233 0.1 %
IDIG Parent, LLC (192,908 shares of common stock) ^{(q) (s)} — — ^(p) 1/4/2021 — — 195 336 0.1 %
335 569 0.2 %
Telecommunications
American Virtual Cloud Technologies, Inc. (warrant to purchase up to 4.9% of the equity) — — ^(p) 12/2/2021 — — — — 0.0 %
— — 0.0 %
Total Non-Controlled/Non-Affiliate Equity Securities 12,358 14,129 3.8 %
Total Non-Controlled/Non-Affiliate Company Investments $ 684,062 $ 693,036 187.6 %

Non-Controlled Affiliate Company Investments ^(t)
Senior Secured Loans
FIRE: Real Estate
Second Avenue SFR Holdings II LLC (Revolver) ^{(g) (i)} L+7.00% 7.50 % 8/11/2021 8/9/2024 4,875 $ 2,104 $ 2,104 0.6 %
4,875 2,104 2,104 0.6 %
Total Non-Controlled/Affiliate Senior Secured Loans 4,875 2,104 2,104 0.6 %

Junior Secured Loans
FIRE: Real Estate
Second Avenue SFR Holdings II LLC ⁽ⁱ⁾ n/a 8.00 % 8/6/2021 7/28/2028 5,850 5,850 5,850 1.6 %
5,850 5,850 5,850 1.6 %
Total Non-Controlled/Affiliate Junior Secured Loans 5,850 5,850 5,850 1.6 %

Equity Securities ^{(o) (t)}
FIRE: Real Estate
Second Avenue SFR Holdings II LLC (24.4% of interests) ⁽ⁱ⁾ — — ^(p) 8/6/2021 — — 3,900 3,900 1.0 %
3,900 3,900 1.0 %
Total Non-Controlled/Affiliate Equity Securities 3,900 3,900 1.0 %
Total Non-Controlled/Affiliate Company Investments $ 11,854 $ 11,854 3.2 %

TOTAL INVESTMENTS $ 695,916 $ 704,890 190.8 %


MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
December 31, 2021
(in thousands, except for shares and units)

Derivative Instruments

Foreign currency forward contracts

Description Notional Amount
to be Purchased Notional Amount
to be Sold Counterparty Settlement Date Unrealized
Gain (Loss)
Foreign currency forward contract $ 56 CAD                        72 Bannockburn Global Forex, LLC 1/18/2022 $ (1 )
Foreign currency forward contract $ 59 CAD                        77 Bannockburn Global Forex, LLC 2/17/2022 (1 )
Foreign currency forward contract $ 52 CAD                        67 Bannockburn Global Forex, LLC 3/17/2022 (1 )
Foreign currency forward contract $ 57 CAD                        74 Bannockburn Global Forex, LLC 4/19/2022 (1 )
Foreign currency forward contract $ 57 CAD                        75 Bannockburn Global Forex, LLC 5/18/2022 (1 )
Foreign currency forward contract $ 56 CAD                        72 Bannockburn Global Forex, LLC 6/17/2022 (1 )
Foreign currency forward contract $ 56 CAD                        72 Bannockburn Global Forex, LLC 7/19/2022 (1 )
Foreign currency forward contract $ 58 CAD                        74 Bannockburn Global Forex, LLC 8/17/2022 (1 )
Foreign currency forward contract $ 58 CAD                        74 Bannockburn Global Forex, LLC 9/19/2022 (1 )
Foreign currency forward contract $ 59 CAD                        77 Bannockburn Global Forex, LLC 10/19/2022 (1 )
Foreign currency forward contract $ 54 CAD                        70 Bannockburn Global Forex, LLC 11/17/2022 (1 )
Foreign currency forward contract $ 9,352 CAD                 12,078 Bannockburn Global Forex, LLC 12/19/2022 (206 )
Foreign currency forward contract $ 121 AUD                     156 Bannockburn Global Forex, LLC 1/19/2022 8
Foreign currency forward contract $ 105 AUD                     136 Bannockburn Global Forex, LLC 2/16/2022 6
Foreign currency forward contract $ 102 AUD                     132 Bannockburn Global Forex, LLC 3/16/2022 6
Foreign currency forward contract $ 113 AUD                     146 Bannockburn Global Forex, LLC 4/19/2022 7
Foreign currency forward contract $ 107 AUD                     138 Bannockburn Global Forex, LLC 5/17/2022 7
Foreign currency forward contract $ 119 AUD                     153 Bannockburn Global Forex, LLC 6/17/2022 7
Foreign currency forward contract $ 107 AUD                     138 Bannockburn Global Forex, LLC 7/18/2022 6
Foreign currency forward contract $ 108 AUD                     140 Bannockburn Global Forex, LLC 8/16/2022 6
Foreign currency forward contract $ 118 AUD                     153 Bannockburn Global Forex, LLC 9/16/2022 7
Foreign currency forward contract $ 117 AUD                     152 Bannockburn Global Forex, LLC 10/19/2022 7
Foreign currency forward contract $ 105 AUD                     136 Bannockburn Global Forex, LLC 11/16/2022 6
Foreign currency forward contract $ 109 AUD                     142 Bannockburn Global Forex, LLC 12/16/2022 7
Foreign currency forward contract $ 118 AUD                     153 Bannockburn Global Forex, LLC 1/18/2023 7
Foreign currency forward contract $ 108 AUD                     140 Bannockburn Global Forex, LLC 2/16/2023 6
Foreign currency forward contract $ 102 AUD                     132 Bannockburn Global Forex, LLC 3/16/2023 6
Foreign currency forward contract $ 123 AUD                     160 Bannockburn Global Forex, LLC 4/20/2023 7
Foreign currency forward contract $ 93 AUD                     121 Bannockburn Global Forex, LLC 5/16/2023 5
Foreign currency forward contract $ 121 AUD                     156 Bannockburn Global Forex, LLC 6/19/2023 7
Foreign currency forward contract $ 106 AUD                     138 Bannockburn Global Forex, LLC 7/18/2023 6
Foreign currency forward contract $ 113 AUD                     146 Bannockburn Global Forex, LLC 8/16/2023 6
Foreign currency forward contract $ 113 AUD                     146 Bannockburn Global Forex, LLC 9/18/2023 6
Foreign currency forward contract $ 114 AUD                     148 Bannockburn Global Forex, LLC 10/18/2023 7
Foreign currency forward contract $ 107 AUD                     140 Bannockburn Global Forex, LLC 11/16/2023 6
Foreign currency forward contract $ 109 AUD                     142 Bannockburn Global Forex, LLC 12/18/2023 6
Foreign currency forward contract $ 115 AUD                     150 Bannockburn Global Forex, LLC 1/17/2024 6
Foreign currency forward contract $ 110 AUD                     143 Bannockburn Global Forex, LLC 2/16/2024 6
Foreign currency forward contract $ 11,827 AUD                15,410 Bannockburn Global Forex, LLC 3/18/2024 635
$ 585


MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
December 31, 2021
(in thousands, except for shares and units)


^(a) All of the Company’s investments are issued by eligible portfolio companies, as defined in the Investment Company Act of 1940, as amended, (the “1940 Act”), unless otherwise noted. All of the Company’s investments are issued by U.S. portfolio companies unless otherwise noted.
^(b) The majority of the investments bear interest at a rate that may be determined by reference to the London Interbank Offered Rate (“LIBOR” or “L”), Secured Overnight Financing Rate (“SOFR” or “SF”), Sterling Overnight Index Average (“SONIA” or “SN”), Canadian dollar Offered rate (“CDOR” or “C”), or Prime (“P”), which reset daily, monthly, quarterly, or semiannually. For each such investment, the Company has provided the spread over LIBOR, SOFR, SONIA, CDOR, or Prime, as applicable, and the current contractual interest rate in effect at December 31, 2021. Certain investments are subject to ~~a LIBOR, SOFR, SONIA, CDOR, or Prime~~an interest rate floor, or rate cap. Certain investments contain a Payment-in-Kind (“PIK”) provision.
^(c) Except as otherwise noted, all of the Company’s portfolio company investments, which as of December 31, 2021 represented 190.8% of the Company’s net assets or 97.3% of the Company’s total assets, are subject to legal restrictions on sales.
^(d) Except as otherwise noted, because there is no readily available market value for these investments, the fair value of each of these investments is determined in good faith using significant unobservable inputs by the Company’s board of directors as required by the 1940 Act. See Note 4 in the accompanying notes to the consolidated financial statements.
^(e) Percentages are based on net assets of $369,448 as of December 31, 2021.
^(f) This security was held in MC Income Plus Financing SPV LLC (the “SPV”) as collateral for the Company’s secured revolving credit facility (the “Credit Facility”) with KeyBank National Association. (See Note 67 in the accompanying notes to the consolidated financial statements).
^(g) All or a portion of this commitment was unfunded at December 31, 2021. As such, interest is earned only on the funded portion of this commitment.
^(h) This delayed draw loan requires that certain financial covenants be met by the portfolio company prior to any fundings by the Company.
⁽ⁱ⁾ 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, 2021, non-qualifying assets totaled 11.2% of the Company’s total assets.
^(j) This is an international company.
^(k) This loan is denominated in Australian dollars and is translated into U.S. dollars as of the valuation date.
^(l) This loan is denominated in Canadian dollars and is translated into U.S. dollars as of the valuation date.
^(m) 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, is 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.
⁽ⁿ⁾ Represents less than 5% ownership of the portfolio company’s voting securities.
^(o) Ownership of certain equity investments may occur through a holding company or partnership.
^(p) Represents a non-income producing security.
^(q) 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.
^(r) As of December 31, 2021, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $8.
^(s) As of December 31, 2021, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $34.
^(t) 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).
^(u) The fair value of this investment was valued using Level 1 inputs. See Note 4 in the accompanying notes to the consolidated financial statements.

n/a - not applicable

See Notes to Consolidated Financial Statements.

MONROE CAPITAL INCOME PLUS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(in thousands, except share and per share data)

Note 1. Organization and Principal Business

Monroe Capital Income Plus Corporation (together with its subsidiaries, the “Company”) is a Maryland corporation that was formed ~~to act~~ as an externally managed, closed-end, non-diversified investment company. The Company is a specialty finance company organized to maximize the total return to the Company’s stockholders in the form of current income and capital appreciation through a variety of investments. The Company is managed by Monroe Capital BDC Advisors, LLC (“MC Advisors”). The Company 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, the Company 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.

The Company may conduct private offerings, subject to approval by the Company’s board of directors (the “Board”). The Company is conducting its second best efforts, continuous private offering of its common stock to accredited investors in reliance on an exemption from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). At each closing, an investor purchases shares of the Company’s common stock pursuant to a subscription agreement entered into with the Company. See Note 10 for additional information on the Company’s share activity.

On March 12, 2019, the Company created a wholly-owned subsidiary, MC Income Plus Financing SPV LLC (the “SPV”), for purposes of entering into a senior secured revolving credit facility (the “Credit Facility”) with KeyBank National Association. See Note 7 for additional information on the Credit Facility.
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 the current period presentation.

As an emerging growth company, the Company intends to take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards.

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.

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 MC Income Plus Financing SPV LLC (the “SPV”), Monroe Capital Income Plus ABS Funding, LLC (the “2022 Issuer”) and 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.

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, 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 recognized as fee income in the period the service is completed.

Dividend income on preferred equity securities 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 securities 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 ~~March 31,~~June 30, 2022, ~~and 2021,~~ the Company ~~did not receive any~~received return of capital distributions from its equity ~~investments.~~investments of $435. For both the three and six months ended June 30, 2021, the Company received return of capital distributions from its equity investments of $551.

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 of this income 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 the Company then amortizes such amounts using the effective interest method as interest income over the life of the investment. Unamortized discounts and loan origination fees totaled ~~$10,177~~$12,105 and $10,292 as of ~~March 31,~~June 30, 2022 and December 31, 2021, respectively. Upfront loan origination and closing fees received for the three and six months ended ~~March 31,~~June 30, 2022 totaled $3,216 and $4,247, respectively. Upfront loan origination and closing fees received for the three and six months ended June 30, 2021 totaled ~~$1,031~~$3,100 and ~~$588,~~$3,688, respectively. Upon the prepayment of a loan or debt security, 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 March 31, Three months ended June 30,
2022 2021 2022 2021
Interest income $ 13,167 $ 3,813 $ 15,166 $ 5,219
PIK interest income 678 176 956 180
Dividend income ⁽¹⁾ 96 21 119 25
Fee income 1,593 278 192 177
Prepayment gain (loss) 210 178 222 206
Accretion of discounts and amortization of premiums 643 189 548 199
Total investment income $ 16,387 $ 4,655 $ 17,203 $ 6,006
Six months ended June 30,
2022 2021
Interest income $ 28,333 $ 9,032
PIK interest income 1,634 356
Dividend income ⁽²⁾ 215 46
Fee income 1,785 455
Prepayment gain (loss) 432 384
Accretion of discounts and amortization of premiums 1,191 388
Total investment income $ 33,590 $ 10,661

⁽¹⁾ Includes PIK dividends of ~~$92~~$88 and ~~$21,~~$23, respectively.
⁽²⁾ Includes PIK dividends of $180 and $44, 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 by the Board 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.

Non-accrual: Loans or preferred equity securities 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 loans 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. As of both ~~March 31,~~June 30, 2022 and December 31, 2021, there were no borrowers with a loan on non-accrual status.

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.

The Company has adopted a dividend reinvestment plan (“DRIP”) that provides for the reinvestment of dividends and other distributions on behalf of its stockholders that elect to participate in such plan. When the Company declares a dividend or distribution, the Company’s stockholders’ cash distributions will only be reinvested in additional shares of the Company’s common stock if a stockholder specifically “opts in” to the DRIP at least ten (10) days prior to the record date fixed by the Board. Shares issued under the DRIP will be issued at a price per share equal to the net asset value (“NAV”) per share as of the last day of the Company’s fiscal quarter immediately preceding the date that the distribution was declared. See Note 9 for additional information on the Company’s distributions.

Segments

In accordance with ASC Topic 280 — Segment Reporting, the Company has determined that it has a single reporting segment and operating unit structure.

Cash

The Company deposits its cash in a financial institution and, at times, such balances may be in excess of the Federal Deposit Insurance Corporation insurance limits.

Restricted Cash

Restricted cash includes amounts held within the ~~SPV.~~SPV and 2022 Issuer. Cash held within the SPV and 2022 Issuer is generally restricted to use for the originations of new investments, the repayment of outstanding debt ~~under the Credit Facility~~ and the related payment of interest expense and the quarterly release of earnings to the Company. As of June 30, 2022, restricted cash included $8,749 held within the SPV and $40,437 held within the 2022 Issuer. As of December 31, 2021, restricted cash represented the cash held within the SPV.

Unamortized Deferred Financing Costs

Deferred financing costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. As of ~~March 31,~~June 30, 2022 and December 31, 2021, the Company had unamortized deferred financing costs of ~~$3,677~~$12,101 and $3,615, 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 deferred financing costs for the three and six months ended ~~March 31,~~June 30, 2022 was $606 and $991, respectively. Amortization of deferred financing costs for the three and six months ended June 30, 2021 was ~~$385~~$159 and ~~$125,~~$284, respectively.


Investments Denominated in 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 has entered and may continue to 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 are 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.

Income Taxes
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The Company has elected to be treated as a RIC under Subchapter M of the Code and operates in a manner as to qualify for the tax treatment available to RICs. As long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its stockholders. Rather, any tax liability related to income earned by the Company represents an obligation of the Company’s stockholders and will not be reflected in the consolidated financial statements of the Company.

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 its capital gains in excess of capital losses for the calendar year and (iii) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. The Company, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income. For both the three and six months ended ~~March 31,~~June 30, 2022, ~~and 2021,~~ the Company did not record a net tax expense on the consolidated statements of operations for U.S. federal excise tax. For both the three and six months ended June 30, 2021, the Company recorded a net expense on the consolidated statements of operations of $7 for U.S. federal excise tax. As of both ~~March 31,~~June 30, 2022 and December 31, 2021, the Company recorded an accrual for U.S. federal excise taxes of $66, which 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 both the three and six months ended ~~March 31,~~June 30, 2022, the Company recorded a net tax expense of $1 on the consolidated statements of operations for these subsidiaries. For both the three and ~~March 31,~~six months ended June 30, 2021, the Company did not record a net tax expense on the consolidated statements of operations for these ~~Taxable Subsidiaries.~~ subsidiaries. As of both ~~March~~ ~~31,~~June 30, 2022 and December 31, 2021, no payables for corporate-level income taxes were accrued.

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 ~~March 31,~~June 30, 2022. The 2018 through 2021 tax years remain subject to examination by U.S. federal and state tax authorities.

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 three months ended ~~March 31,~~June 30, 2022, except as disclosed in Note 13.

Recent Accounting Pronouncements

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (“ASU 2020-04”). The amendments in ASU 2020-04 provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The standard is effective as of March 12, 2020 through December 31, 2022. The Company did not utilize the optional expedients and exceptions provided by ASU 2020-04 during the ~~three~~six months ended ~~March 31,~~June 30, 2022.

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):

March 31, 2022 December 31, 2021 June 30, 2022 December 31, 2021
Amortized Cost:
Senior secured loans $ 648,260 85.9 % $ 631,665 90.8 % $ 716,752 82.9 % $ 631,665 90.8 %
Unitranche secured loans 50,554 6.7 29,886 4.3 88,264 10.2 29,886 4.3
Junior secured loans 37,186 4.9 18,107 2.6 38,631 4.5 18,107 2.6
Equity securities 18,817 2.5 16,258 2.3 20,835 2.4 16,258 2.3
Total $ 754,817 100.0 % $ 695,916 100.0 % $ 864,482 100.0 % $ 695,916 100.0 %

March 31, 2022 December 31, 2021 June 30, 2022 December 31, 2021
Fair Value:
Senior secured loans $ 655,949 85.5 % $ 638,120 90.5 % $ 718,154 82.6 % $ 638,120 90.5 %
Unitranche secured loans 51,314 6.7 30,161 4.3 88,896 10.2 30,161 4.3
Junior secured loans 37,403 4.9 18,580 2.6 38,547 4.4 18,580 2.6
Equity securities 22,028 2.9 18,029 2.6 24,462 2.8 18,029 2.6
Total $ 766,694 100.0 % $ 704,890 100.0 % $ 870,059 100.0 % $ 704,890 100.0 %

The following tables show the composition of the Company’s investment portfolio by geographic region, at amortized cost and fair value (with corresponding percentage of total portfolio investments). 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:

March 31, 2022 December 31, 2021 June 30, 2022 December 31, 2021
Amortized Cost:
International $ 39,691 5.3 % $ 39,008 5.6 % $ 40,331 4.7 % $ 39,008 5.6 %
Midwest 169,815 22.5 156,339 22.5 197,664 22.9 156,339 22.5
Northeast 140,207 18.6 127,013 18.3 139,767 16.2 127,013 18.3
Northwest 17,788 2.3 17,779 2.5 17,752 2.0 17,779 2.5
Southeast 157,979 20.9 158,459 22.8 180,755 20.9 158,459 22.8
Southwest 86,940 11.5 83,087 11.9 123,161 14.2 83,087 11.9
West 142,397 18.9 114,231 16.4 165,052 19.1 114,231 16.4
Total $ 754,817 100.0 % $ 695,916 100.0 % $ 864,482 100.0 % $ 695,916 100.0 %

March 31, 2022 December 31, 2021 June 30, 2022 December 31, 2021
Fair Value:
International $ 39,927 5.2 % $ 38,859 5.5 % $ 38,998 4.5 % $ 38,859 5.5 %
Midwest 171,158 22.3 157,661 22.4 197,661 22.7 157,661 22.4
Northeast 141,442 18.5 128,371 18.2 139,989 16.1 128,371 18.2
Northwest 17,931 2.4 17,638 2.5 17,763 2.0 17,638 2.5
Southeast 162,776 21.2 161,532 22.9 186,000 21.4 161,532 22.9
Southwest 88,347 11.5 83,786 11.9 123,607 14.2 83,786 11.9
West 145,113 18.9 117,043 16.6 166,041 19.1 117,043 16.6
Total $ 766,694 100.0 % $ 704,890 100.0 % $ 870,059 100.0 % $ 704,890 100.0 %

The following tables show the composition of the Company’s investment portfolio by industry, at amortized cost and fair value (with corresponding percentage of total portfolio investments):

March 31, 2022 December 31, 2021 June 30, 2022 December 31, 2021
Amortized Cost:
Aerospace & Defense $ 22,056 2.9 % $ 22,081 3.2 % $ 22,052 2.5 % $ 22,081 3.2 %
Automotive 24,593 3.3 25,268 3.6 29,766 3.4 25,268 3.6
Banking 27,813 3.7 7,963 1.1 30,459 3.5 7,963 1.1
Beverage, Food & Tobacco 16,798 2.2 19,001 2.7 17,218 2.0 19,001 2.7
Capital Equipment 10,605 1.4 10,125 1.5 10,958 1.3 10,125 1.5
Construction & Building 19,033 2.5 19,067 2.8 19,004 2.2 19,067 2.8
Consumer Goods: Durable 18,312 2.4 18,040 2.6 42,524 4.9 18,040 2.6
Consumer Goods: Non-Durable 25,212 3.3 24,403 3.5 25,650 3.0 24,403 3.5
Containers, Packaging & Glass 2,139 0.3 2,024 0.3 2,138 0.2 2,024 0.3
Energy: Oil & Gas 4,057 0.5 4,075 0.6 4,037 0.5 4,075 0.6
Environmental Industries 21,633 2.9 12,623 1.8 24,824 2.9 12,623 1.8
FIRE: Finance 28,381 3.8 28,048 4.0 28,529 3.3 28,048 4.0
FIRE: Real Estate 40,534 5.4 42,104 6.1 58,417 6.8 42,104 6.1
Healthcare & Pharmaceuticals 87,877 11.6 78,126 11.2 108,509 12.5 78,126 11.2
High Tech Industries 72,453 9.6 79,896 11.5 76,452 8.8 79,896 11.5
Hotels, Gaming & Leisure 2,290 0.3 2,283 0.3 2,287 0.3 2,283 0.3
Media: Advertising, Printing & Publishing 82,575 10.9 77,494 11.1 82,695 9.6 77,494 11.1
Media: Broadcasting & Subscription 1,894 0.3 1,856 0.3 1,952 0.2 1,856 0.3
Media: Diversified & Production 38,913 5.2 34,144 4.9 38,790 4.5 34,144 4.9
Services: Business 97,980 13.0 92,996 13.4 103,641 12.0 92,996 13.4
Services: Consumer 40,321 5.3 36,798 5.3 52,724 6.1 36,798 5.3
Telecommunications 36,754 4.9 40,476 5.8 41,080 4.8 40,476 5.8
Transportation: Cargo 29,703 3.9 14,130 2.0 37,890 4.4 14,130 2.0
Wholesale 2,891 0.4 2,895 0.4 2,886 0.3 2,895 0.4
Total $ 754,817 100.0 % $ 695,916 100.0 % $ 864,482 100.0 % $ 695,916 100.0 %

March 31, 2022 December 31, 2021 June 30, 2022 December 31, 2021
Fair Value:
Aerospace & Defense $ 22,276 2.9 % $ 22,358 3.2 % $ 22,014 2.5 % $ 22,358 3.2 %
Automotive 24,934 3.3 25,864 3.7 30,228 3.5 25,864 3.7
Banking 29,875 3.9 9,606 1.4 32,266 3.7 9,606 1.4
Beverage, Food & Tobacco 16,878 2.2 19,032 2.7 17,060 2.0 19,032 2.7
Capital Equipment 10,745 1.4 10,270 1.4 11,131 1.3 10,270 1.4
Construction & Building 19,128 2.5 19,202 2.7 19,107 2.2 19,202 2.7
Consumer Goods: Durable 18,667 2.4 18,420 2.6 43,171 5.0 18,420 2.6
Consumer Goods: Non-Durable 25,549 3.3 24,777 3.5 25,820 3.0 24,777 3.5
Containers, Packaging & Glass 2,142 0.3 2,029 0.3 2,139 0.2 2,029 0.3
Energy: Oil & Gas 3,756 0.5 3,591 0.5 3,570 0.4 3,591 0.5
Environmental Industries 22,146 2.9 13,271 1.9 25,521 2.9 13,271 1.9
FIRE: Finance 28,249 3.7 27,505 3.9 27,402 3.1 27,505 3.9
FIRE: Real Estate 41,284 5.4 43,066 6.1 59,050 6.8 43,066 6.1
Healthcare & Pharmaceuticals 89,651 11.7 78,589 11.1 110,058 12.6 78,589 11.1
High Tech Industries 73,196 9.5 81,220 11.5 77,265 8.9 81,220 11.5
Hotels, Gaming & Leisure 2,303 0.3 2,318 0.3 2,279 0.3 2,318 0.3
Media: Advertising, Printing & Publishing 83,817 10.9 78,300 11.1 83,362 9.6 78,300 11.1
Media: Broadcasting & Subscription 1,896 0.2 1,859 0.3 1,945 0.2 1,859 0.3
Media: Diversified & Production 39,504 5.2 34,428 4.9 38,803 4.5 34,428 4.9
Services: Business 99,026 12.9 93,582 13.3 103,475 11.9 93,582 13.3
Services: Consumer 40,854 5.3 37,319 5.3 53,003 6.1 37,319 5.3
Telecommunications 37,420 4.9 40,656 5.8 41,635 4.8 40,656 5.8
Transportation: Cargo 30,528 4.0 14,646 2.1 36,968 4.2 14,646 2.1
Wholesale 2,870 0.4 2,982 0.4 2,787 0.3 2,982 0.4
Total $ 766,694 100.0 % $ 704,890 100.0 % $ 870,059 100.0 % $ 704,890 100.0 %

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 hierarchal 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.

With respect to investments for which market quotations are not readily available, the Company’s Board 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 MC Advisors responsible for the credit monitoring of the portfolio investment;

• the Board engages one or more independent valuation firm(s) to conduct independent appraisals of a selection of investments for which market quotations are not readily available. The Company will consult with independent valuation firm(s) 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, the investment will be valued by the MC Advisors investment professional responsible for the credit monitoring;

preliminary valuation conclusions are then documented and discussed with the investment committee of MC Advisors;

• the audit committee of the Board reviews the preliminary valuations of MC Advisors and of the independent valuation firm(s) and MC Advisors adjusts or further supplements the valuation recommendations to reflect any comments provided by the audit committee; and

• the Board discusses these valuations and determines the fair value of each investment in the portfolio in good faith, based on the input of MC Advisors, the independent valuation firm(s) and the audit committee.

The accompanying consolidated schedules of investments held by the Company consist primarily of private debt instruments (“Level 3 debt”). The Company 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 Company 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 Company generally considers its 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 Company 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 Company 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 Company also considers the following factors: applicable market yields and leverage levels, 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 Company derives a single estimate of enterprise value. In estimating the enterprise value of a portfolio company, the Company 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 debt investments, the Company 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 Company generally uses the midpoint of the bid/ask range as its best estimate of fair value of such investment.

As of ~~March 31,~~June 30, 2022, the Board 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 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 are categorized as Level 2 in the fair value hierarchy.

Fair Value Disclosures

The following tables present fair value measurements of investments and foreign currency forward contracts, by major class according to the fair value hierarchy:

Fair Value Measurements Fair Value Measurements
March 31, 2022 Level 1 Level 2 Level 3 Total
June 30, 2022 Level 1 Level 2 Level 3 Total
Senior secured loans $ — $ — $ 655,949 $ 655,949 $ — $ — $ 718,154 $ 718,154
Unitranche secured loans — — 51,314 51,314 — — 88,896 88,896
Junior secured loans — — 37,403 37,403 — — 38,547 38,547
Equity securities 158 — 21,870 22,028 92 — 24,370 24,462
Total investments $ 158 $ — $ 766,536 $ 766,694 $ 92 $ — $ 869,967 $ 870,059
Foreign currency forward contracts asset (liability) $ — $ 52 $ — $ 52 $ — $ 1,387 $ — $ 1,387

Fair Value Measurements
December 31, 2021 Level 1 Level 2 Level 3 Total
Senior secured loans $ — $ — $ 638,120 $ 638,120
Unitranche secured loans — — 30,161 30,161
Junior secured loans — — 18,580 18,580
Equity securities 239 — 17,790 18,029
Total investments $ 239 $ — $ 704,651 $ 704,890
Foreign currency forward contracts asset (liability) $ — $ 585 $ — $ 585

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, the contractual interest rates on the loans ranged from ~~4.71%~~5.92% to 16.00% at ~~March 31,~~June 30, 2022 and 4.35% to 16.00% at December 31, 2021. The maturity dates on the loans outstanding at ~~March 31,~~June 30, 2022 range between ~~June~~August 2022 and ~~July 2028.~~June 2029.

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 ~~March 31, 2022 and 2021:~~June 30, 2022:

Investments Investments
Senior
secured loans Unitranche
secured loans Junior
secured loans Equity
securities Total
investments Senior
secured loans Unitranche
secured loans Junior
secured loans Equity
securities Total
investments
Balance as of December 31, 2021 $ 638,120 $ 30,161 $ 18,580 $ 17,790 $ 704,651
Balance as of March 31, 2022 $ 655,949 $ 51,314 $ 37,403 $ 21,870 $ 766,536
Net realized gain (loss) on investments 25 — — — 25 (42 ) — — — (42 )
Net change in unrealized gain (loss) on investments 1,091 627 (255 ) 1,521 2,984 (6,286 ) (129 ) (300 ) 481 (6,234 )
Purchases of investments and other adjustments to cost ⁽¹⁾ 56,166 3,345 19,078 2,559 81,148 94,921 37,789 1,444 2,454 136,608
Proceeds from principal payments and sales of investments ⁽²⁾ (22,238 ) (34 ) — — (22,272 ) (26,388 ) (78 ) — (435 ) (26,901 )
Reclassifications ⁽³⁾ (17,215 ) 17,215 — — — — — — — —
Balance as of March 31, 2022 $ 655,949 $ 51,314 $ 37,403 $ 21,870 $ 766,536
Balance as of June 30, 2022 $ 718,154 $ 88,896 $ 38,547 $ 24,370 $ 869,967

Investments Investments
Senior
secured loans Unitranche
secured loans Junior
secured loans Equity
securities Total
investments Senior
secured loans Unitranche
secured loans Junior
secured loans Equity
securities Total
investments
Balance as of December 31, 2020 $ 176,584 $ 5,677 $ 4,334 $ 3,541 $ 190,136
Balance as of December 31, 2021 $ 638,120 $ 30,161 $ 18,580 $ 17,790 $ 704,651
Net realized gain (loss) on investments 43 — — — 43 (17 ) — — — (17 )
Net change in unrealized gain (loss) on investments 2,126 (60 ) 102 554 2,722 (5,195 ) 498 (555 ) 2,002 (3,250 )
Purchases of investments and other adjustments to cost ⁽¹⁾ 51,077 99 11 228 51,415 151,087 41,134 20,522 5,013 217,756
Proceeds from principal payments and sales of investments ⁽²⁾ (14,469 ) (4,247 ) (66 ) — (18,782 ) (48,626 ) (112 ) — (435 ) (49,173 )
Reclassifications ⁽³⁾ — — — — — (17,215 ) 17,215 — — —
Balance as of March 31, 2021 $ 215,361 $ 1,469 $ 4,381 $ 4,323 $ 225,534
Balance as of June 30, 2022 $ 718,154 $ 88,896 $ 38,547 $ 24,370 $ 869,967

⁽¹⁾ Includes purchases of new investments, effects of refinancing and restructurings, premium and discount accretion and amortization and PIK interest.
⁽²⁾ Represents net proceeds from investments sold and principal paydowns received.
⁽³⁾ Represents non-cash reclassification of investment type due to a restructuring.

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, 2021:
Investments
Senior
secured loans Unitranche
secured loans Junior
secured loans Equity
securities Total
investments
Balance as of March 31, 2021 $ 215,361 $ 1,469 $ 4,381 $ 4,323 $ 225,534
Net realized gain (loss) on investments 29 — — — 29
Net change in unrealized gain (loss) on investments 2,304 5 (267 ) 315 2,357
Purchases of investments and other adjustments to cost ⁽¹⁾ 132,514 — 5 1,426 133,945
Proceeds from principal payments and sales of investments ⁽²⁾ (11,416 ) — (3,672 ) (551 ) (15,639 )
Reclassifications ⁽³⁾ — — 22 (22 ) —
Balance as of June 30, 2021 $ 338,792 $ 1,474 $ 469 $ 5,491 $ 346,226
Investments
Senior
secured loans Unitranche
secured loans Junior
secured loans Equity
securities Total
investments
Balance as of December 31, 2020 $ 176,584 $ 5,677 $ 4,334 $ 3,541 $ 190,136
Net realized gain (loss) on investments 72 — — — 72
Net change in unrealized gain (loss) on investments 4,430 (55 ) (165 ) 869 5,079
Purchases of investments and other adjustments to cost ⁽¹⁾ 183,591 99 16 1,654 185,360
Proceeds from principal payments and sales of investments ⁽²⁾ (25,885 ) (4,247 ) (3,738 ) (551 ) (34,421 )
Reclassifications ⁽³⁾ — — 22 (22 ) —
Balance as of June 30, 2021 $ 338,792 $ 1,474 $ 469 $ 5,491 $ 346,226
⁽¹⁾ Includes purchases of new investments, effects of refinancing and restructurings, premium and discount accretion and amortization and PIK interest.
⁽²⁾ Represents net proceeds from investments sold and principal paydowns received.
⁽³⁾ Represents non-cash reclassification of investment type 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 ~~March 31,~~June 30, 2022, attributable to Level 3 investments still held at June 30, 2022, was ($6,004) and ($2,733), 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, 2021, attributable to Level 3 investments still held at ~~March 31, 2022 and~~June 30, 2021, was ~~$3,164~~$2,714 and ~~$2,893,~~$5,460, 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. There were no transfers among Levels 1, 2 and 3 during the three and six months ended ~~March 31,~~June 30, 2022 and ~~2021~~.2021.

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 Company.

~~The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets and liabilities as of March 31, 2022 were as follows:~~
Weighted
Fair Valuation Unobservable Average Range
Value Technique Input Mean Minimum Maximum
Assets:
Senior secured loans $ 445,152 Discounted cash flow EBITDA multiples 10.0 x 4.0 x 20.5 x
Market yields 9.7 % 4.4 % 18.4 %
Senior secured loans 229,863 Discounted cash flow Revenue multiples 7.9 x 0.6 x 21.0 x
Market yields 10.3 % 7.9 % 16.8 %
Senior secured loans 23,228 Enterprise value EBITDA multiples 10.9 x 3.5 x 11.0 x
Unitranche secured loans 57,522 Discounted cash flow EBITDA multiples 9.6 x 9.0 x 10.5 x
Market yields 9.9 % 9.7 % 11.4 %
Unitranche secured loans 31,374 Discounted cash flow Revenue multiples 9.4 x 5.8 x 12.5 x
Market yields 9.1 % 7.6 % 10.5 %
Junior secured loans 38,547 Discounted cash flow Market yields 15.1 % 10.5 % 27.6 %
Equity securities 19,052 Enterprise value EBITDA multiples 9.3 x 4.0 x 17.5 x
Equity securities 4,452 Enterprise value Revenue multiples 10.3 x 4.5 x 21.0 x
Equity securities 334 Option pricing model Volatility 66.3 % 46.8 % 99.0 %
Total Level 3 Assets $ 849,524 ⁽¹⁾

Unobservable Weighted Range
Fair Value Valuation Technique Input Mean Minimum Maximum
Assets:
Senior secured loans $ 390,211 Discounted cash flow EBITDA multiples 10.6 x 5.8 x 18.5 x
Market yields 8.6 % 7.0 % 11.2 %
Senior secured loans 218,251 Discounted cash flow Revenue multiples 8.7 x 0.6 x 25.0 x
Market yields 9.5 % 8.4 % 14.1 %
Senior secured loans 31,505 Discounted cash flow Market yields 9.2 % 5.8 % 15.3 %
Senior secured loans 203 Enterprise value EBITDA multiples 5.5 x 5.5 x 5.5 x
Unitranche secured loans 31,454 Discounted cash flow EBITDA multiples 10.0 x 9.0 x 10.8 x
Market yields 8.8 % 8.8 % 8.9 %
Unitranche secured loans 16,800 Discounted cash flow Revenue multiples 12.8 x 12.8 x 12.8 x
Market yields 9.5 % 9.5 % 9.5 %
Unitranche secured loans 3,060 Discounted cash flow Market yields 10.0 % 10.0 % 10.0 %
Junior secured loans 37,402 Discounted cash flow Market yields 13.8 % 9.3 % 25.6 %
Equity securities 17,471 Enterprise value EBITDA multiples 9.9 x 5.8 x 18.5 x
Equity securities 3,442 Enterprise value Revenue multiples 10.5 x 6.7 x 25.0 x
Equity securities 355 Option pricing model Volatility 42.5 % 42.5 % 42.5 %
Total Level 3 Assets $ 750,154 ⁽¹⁾
⁽¹⁾ Excludes loans of ~~$16,382~~$20,443 at fair value where valuation (unadjusted) is obtained from a third-party pricing service for which such disclosure is not required.

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets and liabilities as of December 31, 2021 were as follows:

Weighted
Average Range Range
Fair Value Valuation Technique Unobservable Input Mean Minimum Maximum Fair
Value Valuation
Technique Unobservable
Input Weighted
Average
Mean Minimum Maximum
Assets:
Senior secured loans $ 380,090 Discounted cash flow EBITDA multiples 10.5 x 6.3 x 20.0 x $ 380,090 Discounted cash flow EBITDA multiples 10.5 x 6.3 x 20.0 x
Market yields 7.6 % 6.1 % 10.7 % Market yields 7.6 % 6.1 % 10.7 %
Senior secured loans 203,681 Discounted cash flow Revenue multiples 9.6 x 0.5 x 26.5 x 203,681 Discounted cash flow Revenue multiples 9.6 x 0.5 x 26.5 x
Market yields 8.3 % 6.6 % 13.1 % Market yields 8.3 % 6.6 % 13.1 %
Senior secured loans 38,102 Discounted cash flow Market yields 10.2 % 7.5 % 15.3 % 38,102 Discounted cash flow Market yields 10.2 % 7.5 % 15.3 %
Senior secured loans 84 Enterprise value EBITDA multiples 5.0 x 5.0 x 5.0 x 84 Enterprise value EBITDA multiples 5.0 x 5.0 x 5.0 x
Unitranche secured loans 14,719 Discounted cash flow Revenue multiples 14.0 x 14.0 x 14.0 x 14,719 Discounted cash flow Revenue multiples 14.0 x 14.0 x 14.0 x
Market yields 8.3 % 8.3 % 8.3 % Market yields 8.3 % 8.3 % 8.3 %
Unitranche secured loans 13,951 Discounted cash flow EBITDA multiples 8.5 x 8.5 x 8.5 x 13,951 Discounted cash flow EBITDA multiples 8.5 x 8.5 x 8.5 x
Market yields 8.3 % 8.3 % 8.3 % Market yields 8.3 % 8.3 % 8.3 %
Unitranche secured loans 1,491 Discounted cash flow Market yields 8.9 % 8.9 % 8.9 % 1,491 Discounted cash flow Market yields 8.9 % 8.9 % 8.9 %
Junior secured loans 16,043 Discounted cash flow Market yields 16.9 % 8.0 % 25.1 % 16,043 Discounted cash flow Market yields 16.9 % 8.0 % 25.1 %
Junior secured loans 2,537 Discounted cash flow Revenue multiples 15.0 x 15.0 x 15.0 x 2,537 Discounted cash flow Revenue multiples 15.0 x 15.0 x 15.0 x
Market yields 2.0 % 2.0 % 2.0 % Market yields 2.0 % 2.0 % 2.0 %
Equity securities 11,208 Enterprise value EBITDA multiples 6.8 x 6.3 x 18.5 x 11,208 Enterprise value EBITDA multiples 6.8 x 6.3 x 18.5 x
Equity securities 2,186 Discounted cash flow EBITDA multiples 13.3 x 13.3 x 13.3 x 2,186 Discounted cash flow EBITDA multiples 13.3 x 13.3 x 13.3 x
Market yields 12.3 % 12.3 % 12.3 % Market yields 12.3 % 12.3 % 12.3 %
Equity securities 3,519 Enterprise value Revenue multiples 14.8 x 9.7 x 26.5 x 3,519 Enterprise value Revenue multiples 14.8 x 9.7 x 26.5 x
Equity securities 463 Option pricing model Volatility 42.5 % 42.5 % 42.5 % 463 Option pricing model Volatility 42.5 % 42.5 % 42.5 %
Total Level 3 Assets $ 688,074 ⁽¹⁾ $ 688,074 ⁽¹⁾

⁽¹⁾ Excludes loans of $16,577 at fair value where valuation (unadjusted) is obtained from a third-party pricing service for which such disclosure is not required.

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 include 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 Company 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 Company 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, receivables and payables approximate the fair value of such items due to the short maturity of such instruments. Fair value of the Company’s Credit Facility and 2022 ABS (as defined in Note 7) is estimated by discounting remaining payments using applicable market rates or market quotes for similar instruments at the measurement date, if applicable. As of both ~~March 31,~~June 30, 2022 and December 31, 2021, the Company believes that the carrying value of its Credit Facility approximates fair value. As of June 30, 2022, the Company believes that the carrying value of the 2022 ABS approximates fair value.

Note 5. Transactions with Affiliated Companies

An affiliated 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. Transactions related to the Company’s investments with affiliates for the ~~three~~six months ended ~~March 31,~~June 30, 2022 were as follows:

Portfolio Company Fair value at
December 31, 2021 Transfers
in (out) Purchases
(cost) Sales and
paydowns
(cost) PIK
interest
(cost) Discount
accretion Net
realized
gain (loss) Net
unrealized
gain (loss) Fair value at
March 31, 2022
Non-controlled affiliate company investment:
Second Avenue SFR Holdings II LLC (Revolver) ⁽¹⁾ $ 2,104 $ — $ 487 $ — $ — $ — $ — $ — $ 2,591
2,104 — 487 — — — — — 2,591

SFR Holdco, LLC (Junior secured loan) 5,850 — — — — — — — 5,850
SFR Holdco, LLC (Junior secured loan) — — 196 — — — — — 196
SFR Holdco, LLC (13.9% of equity commitments) 3,900 — — — — — — — 3,900
SFR Holdco, LLC (10.5% of equity commitments) — — 131 — — — — — 131
9,750 — 327 — — — — — 10,077
Total non-controlled affiliate company investments $ 11,854 $ — $ 814 $ — $ — $ — $ — $ — $ 12,668

Portfolio Company Fair value at
December 31,
2021 Transfers
in (out) Purchases
(cost) Sales and
paydowns
(cost) PIK
interest
(cost) Discount
accretion Net
realized
gain (loss) Net
unrealized
gain (loss) Fair value at
June 30, 2022
Non-controlled affiliate company investment:
J2 BWA Funding III, LLC (Delayed Draw) $ — $           — $       — $       — $      — $        — $           — $        — $ —
J2 BWA Funding III, LLC (commitment to purchase up to 7.6% of the equity) —           —       —       —      —        —           —        — —
— — — — — — — — —

Second Avenue SFR Holdings II LLC (Revolver) ⁽¹⁾ 2,104 — 487 — — — — — 2,591
2,104 — 487 — — — — — 2,591

SFR Holdco, LLC (Junior secured loan) 5,850 — — — — — — — 5,850
SFR Holdco, LLC (Junior secured loan) — — 1,146 — — — — — 1,146
SFR Holdco, LLC (13.9% of interests) 3,900 — — — — — — — 3,900
SFR Holdco, LLC (10.5% of interests) — — 765 — — — — — 765
9,750 — 1,911 — — — — — 11,661
Total non-controlled affiliate company investments $ 11,854 $ — $ 2,398 $ — $ — $ — $ — $ — $ 14,252

⁽¹⁾ Second Avenue SFR Holdings II LLC is a related entity to SFR Holdco, LLC and is being presented as a non-controlled affiliate for that reason.

For the three months ended March 31,
2022 2021
Portfolio Company Interest
Income Dividend
Income Fee Income Interest
Income Dividend
Income Fee Income
Non-controlled affiliate company investments:
Second Avenue SFR Holdings II LLC (Revolver) $ 46 $ — $ — n/a n/a n/a
46 — — n/a n/a n/a

SFR Holdco, LLC (Junior secured loan) 117 — — n/a n/a n/a
SFR Holdco, LLC (Junior secured loan) 1 — — n/a n/a n/a
SFR Holdco, LLC (LLC interest) — — — n/a n/a n/a
SFR Holdco, LLC (LLC interest) — — — n/a n/a n/a
118 — — n/a n/a n/a
Total non-controlled affiliate company investments $ 164 $ — $ — n/a n/a n/a
36
For the six months ended June 30,
2022 2021
Portfolio Company Interest
Income Dividend
Income Fee Income Interest
Income Dividend
Income Fee Income
Non-controlled affiliate company investments:
J2 BWA Funding III, LLC (Delayed Draw) $ — $ — $ — n/a n/a n/a
J2 BWA Funding III, LLC (Equity commitment) — — — n/a n/a n/a
— — — n/a n/a n/a

Second Avenue SFR Holdings II LLC (Revolver) 97 — — n/a n/a n/a
97 — — n/a n/a n/a

SFR Holdco, LLC (Junior secured loan) 234 — — n/a n/a n/a
SFR Holdco, LLC (Junior secured loan) 20 — — n/a n/a n/a
SFR Holdco, LLC (LLC interest) — — — n/a n/a n/a
SFR Holdco, LLC (LLC interest) — — — n/a n/a n/a
254 — — n/a n/a n/a
Total non-controlled affiliate company investments $ 351 $ — $ — n/a n/a n/a

The Company had no affiliated company or controlled affiliate company investments during the ~~three~~six months ended ~~March 31,~~June 30, 2021.

Note 6. Transactions with Related Parties

The Company has entered into an investment advisory agreement with MC Advisors (the “Investment Advisory Agreement”), under which MC Advisors, subject to the overall supervision of the Board, provides investment advisory services to the Company. The Company pays MC Advisors a fee for its services under the 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~~On April 18, 2022, MC Advisors agreed to permanently waive a portion of the base management fees and incentive fees payable by the Company to MC Advisors under the Investment Advisory Agreement pursuant to a fee waiver letter. These waivers take effect beginning April 1, 2022 (the “Effective Date”).
Beginning with the Effective Date, the base management fee is calculated at an annual rate of ~~1.50%~~1.25% of average total assets (reduced from 1.50%), which includes assets financed using leverage. Following any future quotation or listing of the Company’s securities on a national securities exchange (an “Exchange Listing”) or any future quotation or listing of its securities on any other public trading market, the base management fee will be calculated at an annual rate of 1.75% of average invested assets (calculated as total assets excluding cash). The base management fee is payable in arrears.
Base management fees for the three and six months ended ~~March 31,~~June 30, 2022 were $2,678 and ~~2021 were $2,796 and $814,~~$5,474, respectively. MC Advisors elected to voluntarily waive ~~zero~~$1,701 of such base management fees for both the three and ~~$814~~six months ended June 30, 2022. Base management fees for the three and six months ended June 30, 2021 were $1,148 and $1,962, respectively. MC Advisors elected to voluntarily waive $611 and $1,425 of such base management fees for the three and six months ended ~~March 31, 2022 and~~June 30, 2021, respectively. These base management fee waivers are not subject to recoupment by MC Advisors. There is no guarantee that MC Advisors will waive additional base management fees in the future.

The incentive fee consists of two parts. The first part is calculated and payable quarterly in arrears based on the Company’s pre-incentive fee net investment income for the preceding quarter. Pre-incentive fee net investment income means interest income, dividend income and any other income (including any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies but excluding fees for providing managerial assistance) accrued during the calendar quarter, minus operating expenses for the quarter (including the base management fee), any expenses payable under the administration agreement (the “Administration Agreement”) between the Company and Monroe Capital Management Advisors, LLC (“MC Management”) and any interest expense and dividends paid on any outstanding preferred stock, but excluding the incentive fee. Pre-incentive fee net investment income will include, in the case of investments with a deferred interest feature such as market discount, debt instruments with PIK interest, preferred stock with PIK dividends and zero-coupon securities, accrued income that the Company has not yet received in cash. MC Advisors is not under any obligation to reimburse the Company for any part of the incentive fee it receives that was based on accrued interest that the Company never actually receives.

Pre-incentive fee net investment income does not include any realized capital gains or losses or unrealized capital gains or losses. If any distributions from portfolio companies are characterized as a return of capital, such returns of capital would affect the capital gains incentive fee to the extent a gain or loss is realized. Because of the structure of the incentive fee, it is possible that the Company may pay an incentive fee in a quarter where it incurs a loss. For example, if the Company receives pre-incentive fee net investment income in excess of the hurdle rate (as defined below) for a quarter, the Company will pay the applicable incentive fee even if it has incurred a loss in that quarter due to realized and unrealized capital losses.

Pre-incentive fee net investment income, expressed as a rate of return on the value of the Company’s net assets (defined as total assets less indebtedness and before taking into account any incentive fees payable during the period) at the end of the immediately preceding calendar quarter, is compared to a fixed “hurdle rate” of 1.50% per quarter (6% annually).

~~The~~As of and beginning with the Effective Date, prior to an Exchange Listing, the Company ~~pays~~shall pay MC Advisors an incentive fee with respect to its pre-incentive fee net investment income in each calendar quarter as follows:

· no incentive fee in any calendar quarter in which the pre-incentive fee net investment income does not exceed the hurdle rate of 1.50% (6% annually);

· 100% of the Company’s pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 1.7143% (reduced from 1.76%) in any calendar quarter prior to an Exchange Listing or 1.88% in any calendar quarter following an Exchange Listing. The Company refers to this portion of the Company’s pre-incentive fee net investment income as the “catch-up” provision. Prior to an Exchange Listing, the catch-up is meant to provide MC Advisors with 15% of the pre-incentive fee net investment income as if a hurdle rate did not apply if this net investment income exceeds 1.76% in any calendar quarter,Listing; and following an Exchange Listing, the catch-up is meant to provide MC Advisors with 20% of the pre-incentive fee net investment income as if a hurdle rate did not apply if this net investment income exceeds 1.88% in any calendar quarter; and

· prior to an Exchange Listing, ~~15%~~12.5% of the amount of the Company’s pre-incentive fee net investment income (a reduction from 15.0% of the amount of the Company’s pre-incentive fee net income), if any, that exceeds 1.7143% (reduced from 1.76%) in any calendar quarter, and following an Exchange Listing, 20% of the amount of the Company’s pre-incentive fee net investment income, if any, that exceeds 1.88% in any calendar quarter.

These calculations are appropriately prorated for any period of less than three months and adjusted for any share issuances or repurchases during the current quarter.

The second part of the incentive fee is a capital gains incentive fee that is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Investment Advisory Agreement, as of the termination date), and equals ~~15%~~12.5% (reduced from 15.0% effective January 1, 2022) of the Company’s realized capital gains as of the end of the fiscal year. In determining the capital gains incentive fee payable to MC Advisors, the Company calculates the cumulative aggregate realized capital gains and cumulative aggregate realized capital losses since the Company’s inception, and the aggregate unrealized capital depreciation as of the date of the calculation, as applicable, with respect to each of the investments in the Company’s portfolio. For this purpose, cumulative aggregate realized capital gains, if any, equals the sum of the differences between the net sales price of each investment, when sold, and the amortized cost of such investment. Cumulative aggregate realized capital losses equals the sum of the amounts by which the net sales price of each investment, when sold, is less than the amortized cost of such investment since the Company’s inception. Aggregate unrealized capital depreciation equals the sum of the difference, if negative, between the valuation of each investment as of the applicable calculation date and the amortized cost of such investment. At the end of the applicable year, the amount of capital gains that will serve as the basis for the calculation of the capital gains incentive fee equals the cumulative aggregate realized capital gains less cumulative aggregate realized capital losses, less aggregate unrealized capital depreciation, with respect to the Company’s portfolio of investments. If this number is positive at the end of such year, then the capital gains incentive fee for such year equals ~~15%~~12.5% of such amount, less the aggregate amount of any capital gains incentive fees paid in respect of the Company’s portfolio in all prior years.

While the 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, the Company includes 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 the Company’s 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.

The composition of the Company’s incentive fees was as follows:

Three months ended March 31,
2022 2021
Part one incentive fees ⁽¹⁾ $ 1,461 $ 543
Part two incentive fees ⁽²⁾ 362 418
Incentive fees, excluding the impact of incentive fee waivers 1,823 961
Incentive fee waivers ⁽³⁾ — (543 )
Total incentive fees, net of incentive fee waivers $ 1,823 $ 418
Three months ended June 30, Six months ended June 30,
2022 2021 2022 2021
Part one incentive fees ⁽¹⁾ $ 1,306 $ 610 $ 2,767 $ 1,153
Part two incentive fees ⁽²⁾ (923 ) 763 (561 ) 1,181
Incentive fees, excluding the impact of the incentive fee waiver 383 1,373 2,206 2,334
Incentive fee waiver ⁽³⁾ (1,306 ) (610 ) (1,306 ) (1,153 )
Total incentive fees, net of incentive fee waiver $ (923 ) $ 763 $ 900 $ 1,181

⁽¹⁾ Based on pre-incentive fee net investment income.
⁽²⁾ Based upon net realized and unrealized gains and losses, or capital gains. 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 ~~15%~~12.5% of the sum of net realized gain (loss) plus net unrealized gain (loss).
⁽³⁾ Represents part one incentive fees voluntarily waived by MC Advisors.

~~On April 18, 2022, MC Advisors agreed to permanently waive a portion of the base management fees and incentive fees to be paid by the Company. See Note 13 for additional information.~~

The Company has entered into the Administration Agreement with MC Management, 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 ~~March 31,~~June 30, 2022, ~~and 2021,~~ the Company incurred ~~$558~~$1,052 and ~~$280~~$1,610 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 ~~$203~~$208 and ~~$111,~~$411, 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, 2021, the Company incurred $416 and $696 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 $128 and $239, respectively, was related to MC Management overhead and salary allocation and paid directly to MC Management. As of ~~March 31,~~June 30, 2022 and December 31, 2021, ~~$203~~$208 and $178, respectively, of expenses were due to MC Management under the Administration 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 ~~March 31,~~both June 30, 2022 and December 31, 2021, the Company had accounts payable to members of the Board of ~~$15 and~~ zero, ~~respectively,~~ 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 ~~March 31,~~June 30, 2022 and December 31, 2021, the Company’s asset coverage ratio based on aggregate borrowings outstanding was ~~277%~~259% and 206%, respectively.

Revolving Credit Facility:The Company has a ~~Credit Facility~~$450,000 revolving credit facility (the “Credit Facility”) with KeyBank National Association through the Company’s wholly-owned subsidiary, the SPV. The Company’s ability to borrow under the Credit Facility is subject to certain financial and restrictive covenants as well as availability under the borrowing base, which permits the Company to borrow up to 72% of the principal balance of its portfolio company investments depending on the type of investment. Under the terms of the Credit Facility, the SPV is allowed to reinvest available cash and make new borrowings under the Credit Facility through July 16, 2024. The maturity date of the Credit Facility is July 16, 2026. Distributions from the SPV to the Company are limited by the terms of the Credit Facility, which generally allows for the distribution of net interest income pursuant to a waterfall quarterly during the reinvestment period. As of ~~March 31,~~June 30, 2022 and December 31, 2021, the fair value of investments of the Company that were held in the SPV as collateral for the Credit Facility was ~~$685,366~~$384,273 and $615,978, respectively, and these investments are identified on the consolidated schedules of investments. As of ~~March 31,~~June 30, 2022 and December 31, 2021, the Company had outstanding borrowings under the Credit Facility of ~~$281,200~~$52,856 and $348,600, respectively.

During the reinvestment period, borrowings under the Credit Facility bear interest at an annual rate of LIBOR (one or three month, at the SPV’s option and subject to a LIBOR minimum of 0.50%) plus a margin ranging from 2.75% to a maximum of 3.00%, depending on the level of utilization of the facility and the number of obligors of eligible loans pledged as collateral in the SPV. After the reinvestment period, borrowings under the Credit Facility bear interest at an annual rate of LIBOR plus 3.25%. In addition to the stated interest rate on borrowings, the SPV is required to pay an unused commitment fee of (i) ~~0.75%~~0.50% per annum on any unused portion of the Credit Facility when the outstanding borrowings are less than or equal to ~~30% of the facility amount, (ii) 0.55% per annum on any unused portion of the Credit Facility when the outstanding borrowings are greater than 30% of the facility amount but less than or equal to 50%~~60% of the facility amount and ~~(iii)~~(ii) 0.35% per annum on any unused portion of the Credit Facility when the outstanding borrowings are greater than ~~50%~~60% of the ~~facility amount.~~ facility. As of ~~both March 31,~~June 30, 2022 and December 31, 2021, the outstanding borrowings were accruing at a weighted average interest rate of 3.9% and 3.3%., respectively.

Asset-Backed Securitization: On April 7, 2022, the Company completed a $425,000 asset-backed securitization (the “2022 ABS”). The notes offered in the 2022 ABS were issued by the 2022 Issuer, a wholly-owned subsidiary of the Company, and are secured by a diversified portfolio of senior secured loans. The transaction was executed through a private placement of $261,375 of Class A Senior Secured Notes, which bear interest at 4.05% (the “Class A Notes”), $44,625 of Class B Senior Secured Notes, which bear interest at 5.15% (the “Class B Notes”) and $36,125 of Class C Senior Secured Notes, which bear interest at 7.75% (the “Class C Notes” and collectively with the Class A Notes and the Class B Notes, the “Secured 2022 Notes”), and $82,875 of Subordinated Notes, which do not bear interest (the “Subordinated 2022 Notes” and, together with the Secured 2022 Notes, the “2022 Notes”). The Company retained all of the Class C Notes and the Subordinated 2022 Notes. The Class A Notes and the Class B Notes are included as debt on the Company’s consolidated statements of assets and liabilities. As of June 30, 2022, the Class C and Subordinated Notes were eliminated in consolidation.
The 2022 Issuer used the proceeds from the securitization to, among other things, purchase certain investments from the Company and the SPV. Through April 22, 2024, the 2022 Issuer is permitted to use all principal collections received on the underlying collateral to purchase new collateral under the direction of MC Advisors, in its capacity as collateral manager of the 2022 Issuer, in accordance with the Company’s investment strategy and subject to customary conditions set forth in the documents governing the 2022 ABS, allowing the Company to maintain the initial leverage in the 2022 ABS. The 2022 Notes are due on April 30, 2032.
As of June 30, 2022, the fair value of investments of the Company that were held in the 2022 Issuer as collateral was $377,291 and these investments are identified on the consolidated schedule of investment.
Distributions from the 2022 Issuer to the Company are limited by the terms of the indenture governing the 2022 ABS, which generally allows for the payment of interest on the Secured 2022 Notes and the distribution of remaining net interest income to the holders of the Subordinated Notes pursuant to a waterfall quarterly during the reinvestment period.

Components of interest expense: The components of the Company’s interest and other debt financing expenses and average debt outstanding were as follows:

Three months ended March 31, Three months ended June 30,
2022 2021 2022 2021
Interest expense $ 2,772 $ 521
Unused commitment fees 123 53
Interest expense – revolving credit facility $ 1,090 $ 755
Interest expense – 2022 ABS 3,006 —
Amortization of deferred financing costs 385 125 606 159
Total interest and other debt financing expenses $ 3,280 $ 699 $ 4,702 $ 914
Average debt outstanding $ 339,678 $ 59,564 $ 355,976 $ 78,531
Average stated interest rate
4.6 % 3.9 %

Six months ended June 30,
2022 2021
Interest expense – revolving credit facility $ 3,985 $ 1,329
Interest expense – 2022 ABS 3,006 —
Amortization of deferred financing costs 991 284
Total interest and other debt financing expenses $ 7,982 $ 1,613
Average debt outstanding $ 347,871 $ 69,103
Average stated interest rate 4.0 % 3.9 %
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 ~~March 31,~~June 30, 2022 and December 31, 2021, the counterparty to these foreign currency forward contracts was Bannockburn Global Forex, LLC. 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.

Certain information related to the Company’s foreign currency forward contracts is presented below as of ~~March 31,~~June 30, 2022 and December 31, 2021.

As of March 31, 2022 As of June 30, 2022
Description Notional
Amount to be
Sold Settlement
Date Gross
Amount
of
Unrealized Gain Gross
Amount
of
Unrealized Loss Balance Sheet location of Net Amounts Notional
Amount to be
Sold Settlement
Date Gross
Amount of
Unrealized
Gain Gross
Amount of
Unrealized
Loss Balance Sheet location of Net Amounts
Foreign currency forward contract CAD 74 4/19/2022 $ — $ (2 ) Unrealized gain on foreign currency forward contracts CAD 75 7/19/2022 $ — $ — Unrealized gain on foreign currency forward contracts
Foreign currency forward contract CAD 75 5/18/2022 — (2 ) Unrealized gain on foreign currency forward contracts CAD 77 8/17/2022 — — Unrealized gain on foreign currency forward contracts
Foreign currency forward contract CAD 72 6/17/2022 — (2 ) Unrealized gain on foreign currency forward contracts CAD 77 9/19/2022 — — Unrealized gain on foreign currency forward contracts
Foreign currency forward contract CAD 72 7/19/2022 — (2 ) Unrealized gain on foreign currency forward contracts CAD 80 10/19/2022 — — Unrealized gain on foreign currency forward contracts
Foreign currency forward contract CAD 74 8/17/2022 — (2 ) Unrealized gain on foreign currency forward contracts CAD 73 11/17/2022 — — Unrealized gain on foreign currency forward contracts
Foreign currency forward contract CAD 74 9/19/2022 — (2 ) Unrealized gain on foreign currency forward contracts CAD 12,467 12/19/2022 — (34 ) Unrealized gain on foreign currency forward contracts
Foreign currency forward contract CAD 77 10/19/2022 — (2 ) Unrealized gain on foreign currency forward contracts AUD 138 7/18/2022 11 — Unrealized gain on foreign currency forward contracts
Foreign currency forward contract CAD 70 11/17/2022 — (1 ) Unrealized gain on foreign currency forward contracts AUD 140 8/16/2022 11 — Unrealized gain on foreign currency forward contracts
Foreign currency forward contract CAD 12,078 12/19/2022 — (306 ) Unrealized gain on foreign currency forward contracts AUD 153 9/16/2022 13 — Unrealized gain on foreign currency forward contracts
Foreign currency forward contract AUD 146 4/19/2022 4 — Unrealized gain on foreign currency forward contracts AUD 152 10/19/2022 13 — Unrealized gain on foreign currency forward contracts
Foreign currency forward contract AUD 138 5/17/2022 3 — Unrealized gain on foreign currency forward contracts AUD 136 11/16/2022 11 — Unrealized gain on foreign currency forward contracts
Foreign currency forward contract AUD 153 6/17/2022 4 — Unrealized gain on foreign currency forward contracts AUD 142 12/16/2022 12 — Unrealized gain on foreign currency forward contracts
Foreign currency forward contract AUD 138 7/18/2022 3 — Unrealized gain on foreign currency forward contracts AUD 153 1/18/2023 12 — Unrealized gain on foreign currency forward contracts
Foreign currency forward contract AUD 140 8/16/2022 3 — Unrealized gain on foreign currency forward contracts AUD 140 2/16/2023 11 — Unrealized gain on foreign currency forward contracts
Foreign currency forward contract AUD 153 9/16/2022 4 — Unrealized gain on foreign currency forward contracts AUD 132 3/16/2023 11 — Unrealized gain on foreign currency forward contracts
Foreign currency forward contract AUD 152 10/19/2022 4 — Unrealized gain on foreign currency forward contracts AUD 160 4/20/2023 13 — Unrealized gain on foreign currency forward contracts
Foreign currency forward contract AUD 136 11/16/2022 3 — Unrealized gain on foreign currency forward contracts AUD 121 5/16/2023 9 — Unrealized gain on foreign currency forward contracts
Foreign currency forward contract AUD 142 12/16/2022 3 — Unrealized gain on foreign currency forward contracts AUD 156 6/19/2023 13 — Unrealized gain on foreign currency forward contracts
Foreign currency forward contract AUD 153 1/18/2023 4 — Unrealized gain on foreign currency forward contracts AUD 138 7/18/2023 11 — Unrealized gain on foreign currency forward contracts
Foreign currency forward contract AUD 140 2/16/2023 3 — Unrealized gain on foreign currency forward contracts AUD 146 8/16/2023 12 — Unrealized gain on foreign currency forward contracts
Foreign currency forward contract AUD 132 3/16/2023 3 — Unrealized gain on foreign currency forward contracts AUD 146 9/18/2023 11 — Unrealized gain on foreign currency forward contracts
Foreign currency forward contract AUD 160 4/20/2023 4 — Unrealized gain on foreign currency forward contracts AUD 148 10/18/2023 12 — Unrealized gain on foreign currency forward contracts
Foreign currency forward contract AUD 121 5/16/2023 2 — Unrealized gain on foreign currency forward contracts AUD 140 11/16/2023 11 — Unrealized gain on foreign currency forward contracts
Foreign currency forward contract AUD 156 6/19/2023 4 — Unrealized gain on foreign currency forward contracts AUD 142 12/18/2023 11 — Unrealized gain on foreign currency forward contracts
Foreign currency forward contract AUD 138 7/18/2023 3 — Unrealized gain on foreign currency forward contracts AUD 150 1/17/2024 12 — Unrealized gain on foreign currency forward contracts
Foreign currency forward contract AUD 146 8/16/2023 3 — Unrealized gain on foreign currency forward contracts AUD 143 2/16/2024 11 — Unrealized gain on foreign currency forward contracts
Foreign currency forward contract AUD 146 9/18/2023 3 — Unrealized gain on foreign currency forward contracts AUD 15,410 3/18/2024 1,190 — Unrealized gain on foreign currency forward contracts
Foreign currency forward contract AUD 148 10/18/2023 3 — Unrealized gain on foreign currency forward contracts
Foreign currency forward contract AUD 140 11/16/2023 3 — Unrealized gain on foreign currency forward contracts
Foreign currency forward contract AUD 142 12/18/2023 3 — Unrealized gain on foreign currency forward contracts
Foreign currency forward contract AUD 150 1/17/2024 3 — Unrealized gain on foreign currency forward contracts
Foreign currency forward contract AUD 143 2/16/2024 3 — Unrealized gain on foreign currency forward contracts
Foreign currency forward contract AUD 15,410 3/18/2024 298 — Unrealized gain on foreign currency forward contracts
$ 373 $ (321 ) Unrealized gain on foreign currency forward contracts $ 1,421 $ (34 )

42
As of December 31, 2021
Description Notional
Amount to be
Sold Settlement
Date Gross
Amount of
Unrealized
Gain Gross
Amount of
Unrealized
Loss Balance Sheet location of Net Amounts
Foreign currency forward contract CAD 72 1/18/2022 $ — $ (1 ) Unrealized gain on foreign currency forward contracts
Foreign currency forward contract CAD 77 2/17/2022 — (1 ) Unrealized gain on foreign currency forward contracts
Foreign currency forward contract CAD 67 3/17/2022 — (1 ) Unrealized gain on foreign currency forward contracts
Foreign currency forward contract CAD 74 4/19/2022 — (1 ) Unrealized gain on foreign currency forward contracts
Foreign currency forward contract CAD 75 5/18/2022 — (1 ) Unrealized gain on foreign currency forward contracts
Foreign currency forward contract CAD 72 6/17/2022 — (1 ) Unrealized gain on foreign currency forward contracts
Foreign currency forward contract CAD 72 7/19/2022 — (1 ) Unrealized gain on foreign currency forward contracts
Foreign currency forward contract CAD 74 8/17/2022 — (1 ) Unrealized gain on foreign currency forward contracts
Foreign currency forward contract CAD 74 9/19/2022 — (1 ) Unrealized gain on foreign currency forward contracts
Foreign currency forward contract CAD 77 10/19/2022 — (1 ) Unrealized gain on foreign currency forward contracts
Foreign currency forward contract CAD 70 11/17/2022 — (1 ) Unrealized gain on foreign currency forward contracts
Foreign currency forward contract CAD 12,078 12/19/2022 — (206 ) Unrealized gain on foreign currency forward contracts
Foreign currency forward contract AUD 156 1/19/2022 8 — Unrealized gain on foreign currency forward contracts
Foreign currency forward contract AUD 136 2/16/2022 6 — Unrealized gain on foreign currency forward contracts
Foreign currency forward contract AUD 132 3/16/2022 6 — Unrealized gain on foreign currency forward contracts
Foreign currency forward contract AUD 146 4/19/2022 7 — Unrealized gain on foreign currency forward contracts
Foreign currency forward contract AUD 138 5/17/2022 7 — Unrealized gain on foreign currency forward contracts
Foreign currency forward contract AUD 153 6/17/2022 7 — Unrealized gain on foreign currency forward contracts
Foreign currency forward contract AUD 138 7/18/2022 6 — Unrealized gain on foreign currency forward contracts
Foreign currency forward contract AUD 140 8/16/2022 6 — Unrealized gain on foreign currency forward contracts
Foreign currency forward contract AUD 153 9/16/2022 7 — Unrealized gain on foreign currency forward contracts
Foreign currency forward contract AUD 152 10/19/2022 7 — Unrealized gain on foreign currency forward contracts
Foreign currency forward contract AUD 136 11/16/2022 6 — Unrealized gain on foreign currency forward contracts
Foreign currency forward contract AUD 142 12/16/2022 7 — Unrealized gain on foreign currency forward contracts
Foreign currency forward contract AUD 153 1/18/2023 7 — Unrealized gain on foreign currency forward contracts
Foreign currency forward contract AUD 140 2/16/2023 6 — Unrealized gain on foreign currency forward contracts
Foreign currency forward contract AUD 132 3/16/2023 6 — Unrealized gain on foreign currency forward contracts
Foreign currency forward contract AUD 160 4/20/2023 7 — Unrealized gain on foreign currency forward contracts
Foreign currency forward contract AUD 121 5/16/2023 5 — Unrealized gain on foreign currency forward contracts
Foreign currency forward contract AUD 156 6/19/2023 7 — Unrealized gain on foreign currency forward contracts
Foreign currency forward contract AUD 138 7/18/2023 6 — Unrealized gain on foreign currency forward contracts
Foreign currency forward contract AUD 146 8/16/2023 6 — Unrealized gain on foreign currency forward contracts
Foreign currency forward contract AUD 146 9/18/2023 6 — Unrealized gain on foreign currency forward contracts
Foreign currency forward contract AUD 148 10/18/2023 7 — Unrealized gain on foreign currency forward contracts
Foreign currency forward contract AUD 140 11/16/2023 6 — Unrealized gain on foreign currency forward contracts
Foreign currency forward contract AUD 142 12/18/2023 6 — Unrealized gain on foreign currency forward contracts
Foreign currency forward contract AUD 150 1/17/2024 6 — Unrealized gain on foreign currency forward contracts
Foreign currency forward contract AUD 143 2/16/2024 6 — Unrealized gain on foreign currency forward contracts
Foreign currency forward contract AUD 15,410 3/18/2024 635 — Unrealized gain on foreign currency forward contracts
Total $ 802 $ (217 )

For the three and six months ended ~~March 31,~~June 30, 2022, the Company recognized net change in unrealized gain (loss) on foreign currency forward contracts of $1,335 and $802, respectively. For the three and six months ended June 30, 2022, the Company recognized net realized gain (loss) on foreign currency forward contracts of $27 and $45, respectively.
For the three and six months ended June 30, 2021, the Company recognized net change in unrealized gain (loss) on foreign currency forward contracts of ($~~533~~)44) and ~~$170,~~$126, respectively. For the three and six months ended ~~March 31, 2022 and~~June 30, 2021, the Company recognized net realized gain (loss) on foreign currency forward contracts of ~~$18~~zero and ($3), respectively.

Note 9. Distributions

The Company’s distributions to common stockholders are recorded on the applicable record date. The following table summarizes the distributions declared during the three months ended ~~March 31,~~June 30, 2022 and 2021, respectively.

Date
Declared Record
Date Payment
Date ⁽¹⁾ Amount
Per Share
Distribution
Declared
Record
Date Payment
Date ⁽¹⁾ Amount
Per Share
Distribution
Declared

Three months ended March 31, 2022:
Six months ended June 30, 2022:
January 4, 2022 January 4, 2022 March 31, 2022 $ 0.07 $ 2,439 January 4, 2022 March 31, 2022 $ 0.07 $ 2,439
January 4, 2022 February 1, 2022 March 31, 2022 0.07 2,439 February 1, 2022 March 31, 2022 0.07 2,439
January 4, 2022 March 1, 2022 March 31, 2022 0.06 2,435 March 1, 2022 March 31, 2022 0.06 2,435
April 1, 2022 April 18, 2022 June 30, 2022 0.07 3,222
April 1, 2022 May 16, 2022 June 30, 2022 0.07 3,223
April 1, 2022 June 17, 2022 June 30, 2022 0.06 3,730
Total distributions declared $ 0.20 $ 7,313 $ 0.40 $ 17,488

Date
Declared Record
Date Payment
Date ⁽¹⁾ Amount
Per Share
Distribution
Declared
Record
Date Payment
Date ⁽¹⁾ Amount
Per Share

Distribution
Declared

Three months ended March 31, 2021:
Six months ended June 30, 2021:
March 4, 2021 March 8, 2021 March 12, 2021 $ 0.20 $ 2,766 March 8, 2021 March 12, 2021 $ 0.20 $ 2,766
May 6, 2021 May 6, 2021 May 13, 2021 0.20 3,841
May 6, 2021 May 14, 2021 June 30, 2021 0.13 2,576
May 6, 2021 June 1, 2021 June 30, 2021 0.07 1,472
Total distributions declared $ 0.20 $ 2,766 $ 0.60 $ 10,655

⁽¹⁾ The portion of the Company’s distribution that is to be reinvested pursuant to the DRIP is issued to the Company’s stockholders on the payment date.

The following tables summarize the Company’s distributions reinvested during the ~~three~~six months ended ~~March 31,~~June 30, 2022 and 2021, respectively:

Payment Date NAV
Per Share DRIP
Shares
Issued DRIP
Shares
Value NAV
Per Share DRIP
Shares
Issued DRIP
Shares
Value
Three months ended March 31, 2022:
Six months ended June 30, 2022:
March 31, 2022 $ 10.10 217,369 $ 2,195 $ 10.10 217,369 $ 2,195
June 30, 2022 10.16 344,760 3,503
Total proceeds 217,369 $ 2,195 562,129 $ 5,698

Payment Date NAV
Per Share DRIP
Shares
Issued DRIP
Shares
Value NAV
Per Share DRIP
Shares
Issued DRIP
Shares
Value
Three months ended March 31, 2021:
Six months ended June 30, 2021:
March 12, 2021 $ 9.94 77,598 $ 771 $ 9.94 77,598 $ 771
May 13, 2021 10.06 103,582 1,042
June 30, 2021 10.06 109,029 1,097
Total proceeds 77,598 $ 771 290,209 $ 2,910

Note 10. Stock Issuances and Share Repurchase Program

Stock Issuances

As of ~~March 31,~~June 30, 2022, the total number of shares of all classes of capital stock that the Company has the authority to issue was 100,000,000 shares of common stock, par value $0.001 per share.

The following table summarizes the issuance of shares during the ~~three~~six months ended ~~March 31,~~June 30, 2022 and 2021:

Date Price Per
Share Shares Issued Proceeds Price Per
Share Shares Issued Proceeds
Three months ended March 31, 2022:
Six months ended June 30, 2022:
March 15, 2022 $ 10.10 12,173,590 $ 122,953 $ 10.10 12,173,590 $ 122,953
May 17, 2022 $ 10.16 8,022,706 81,511
Total 12,173,590 $ 122,953 20,196,296 $ 204,464

Date Price Per
Share Shares Issued Proceeds Price Per
Share Shares Issued Proceeds
Three months ended March 31, 2021:
Six months ended June 30, 2021:
March 15, 2021 $ 9.74 5,301,797 $ 51,639 $ 9.74 5,301,797 $ 51,639
May 18, 2021 $ 9.86 2,792,748 27,537
Total 5,301,797 $ 51,639 8,094,545 $ 79,176

During the ~~three~~six months ended ~~March 31,~~June 30, 2022, ~~and 2021,~~ the Company also issued ~~217,369~~ ~~and 77,598~~562,129 shares, with an aggregate value of ~~$2,195 and $771,~~$5,698, under the DRIP as disclosed in Note 9. During the six months ended June 30, 2021, the Company also issued 290,209 shares, with an aggregate value of $2,910, under the DRIP as disclosed in Note 9.

Share Repurchase Program

During ~~the three months ended March 31,~~ 2022, the Company commenced a quarterly share repurchase program in which the Company intends to repurchase, in each quarter, up to 5% of the shares of common stock outstanding as of the close of the previous calendar quarter (the “Share Repurchase Program”), subject to the discretion of the Board. Any such repurchases are subject to approval by the Board, in its discretion, and the availability of cash to fund such repurchases. The Board may amend, suspend or terminate the share repurchase program if it deems such action to be in the Company’s best interest and the best interest of the Company’s stockholders. As a result, share repurchases may not be available each quarter. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 under the Securities Exchange Act of 1934 and the 1940 Act and subject to compliance with applicable covenants and restrictions under our financing arrangements. All shares repurchased by the Company pursuant to the terms of each tender offer will be redeemed and thereafter will be authorized and unissued shares.
The ~~Company’s first tender offer was made on March 16,~~following table summarizes the total shares repurchased that were validly tendered under the Share Repurchase Program and not withdrawn during the six months ended June 30, 2022 (in thousands except shares and per share data):
Date Price Per
Share Shares Repurchased Total Cost
Six months ended June 30, 2022:
April 15, 2022 $ 10.10 641,640 $ 6,480
June 16, 2022 10.16 333,527 3,389
Total 975,167 $ 9,869
There were no shares repurchased during the ~~tender offer period expired on April 13, 2022. See Note 13 for additional information on shares tendered pursuant to this tender offer.~~ six months ended June 30, 2021.

Note 11. Commitments and Contingencies

Commitments: As of ~~March 31,~~June 30, 2022 and December 31, 2021, the Company had ~~$116,474~~$170,685 and $125,204, respectively, in outstanding commitments to fund investments. Management believes that the Company’s available cash balances and/or ability to draw on the Credit Facility provide sufficient funds to cover its unfunded commitments as of ~~March 31,~~June 30, 2022.

Indemnifications: 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.

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 is a schedule of financial highlights for the ~~three~~six months ended ~~March 31,~~June 30, 2022 and 2021:

March 31, 2022 March 31, 2021 June 30, 2022 June 30, 2021
Per share data:
Net asset value at beginning of period $ 10.10 $ 9.94 $ 10.10 $ 9.94
Net investment income (loss) ⁽¹⁾ 0.20 0.22 0.42 0.37
Net gain (loss) ⁽¹⁾ 0.07 0.19 (0.05 ) 0.30
Net increase (decrease) in net assets resulting from operations ⁽¹⁾ 0.27 0.41 0.37 0.67
Stockholder distributions declared ⁽²⁾ (0.20 ) (0.20 ) (0.40 ) (0.60 )
Other ⁽³⁾ (0.01 ) (0.09 ) 0.03 (0.07 )
Net asset value at end of period $ 10.16 $ 10.06 $ 10.10 $ 9.94
Total return based on average net asset value ⁽⁴⁾ 2.38 % 3.71 % 3.49 % 6.43 %
Ratio/Supplemental data:
Net assets at end of period $ 497,611 $ 193,292 $ 568,960 $ 220,774
Shares outstanding at end of period 48,956,121 19,206,910 56,348,420 22,212,270
Portfolio turnover ⁽⁵⁾ 3.03 % 9.04 % 6.30 % 13.55 %
Ratio of total investment income to average net assets ⁽⁶⁾ 15.33 % 11.41 % 14.15 % 11.69 %
Ratio of expenses to average net assets with waivers ^{(6) (7)} 6.64 % 2.69 % 5.83 % 3.80 %

⁽¹⁾ The per share data was derived by using the weighted average shares outstanding during the periods presented.
⁽²⁾ The per share data for distributions reflects the actual amount of distributions declared during the period. 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 March 31, 2022 and 2021, 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⁾ Includes the effect of share issuances above (below) net asset value and the impact of different share amounts used in calculating per share data as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on shares outstanding as of a period end or transaction date.
⁽⁴⁾ Total return based on average net asset value is calculated by dividing the net increase (decrease) in net assets resulting from operations by the average net asset value. Return calculations are not annualized.
⁽⁵⁾ Ratio is not annualized.
⁽⁶⁾ Ratios are annualized. To the extent incentive fees are included within the ratio, they are not annualized.
⁽⁷⁾ The following is a schedule of supplemental ratios for the three months ended March 31, 2022 and 2021. These ratios have been annualized unless otherwise noted.

March 31,
2022 March 31,
2021
Ratio of expenses to average net assets without waivers ⁽⁶⁾ 6.64 % 5.01 %
Ratio of net investment income (loss) to average net assets without waivers ⁽⁶⁾ 8.69 % 6.40 %
Ratio of net investment income (loss) to average net assets with waivers ⁽⁶⁾ 8.69 % 8.72 %

⁽¹⁾ The per share data was derived by using the weighted average shares outstanding during the periods presented.
⁽²⁾ The per share data for distributions reflects the actual amount of distributions declared during the period. 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, 2022 and 2021, 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⁾ Includes the impact of different share amounts used in calculating per share data as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on shares outstanding as of a period end or transaction date.
⁽⁴⁾ Total return based on average net asset value is calculated by dividing the net increase (decrease) in net assets resulting from operations by the average net asset value. Return calculations are not annualized.
⁽⁵⁾ Ratio is not annualized.
⁽⁶⁾ Ratios are annualized. To the extent incentive fees are included within the ratio, they are not annualized.
⁽⁷⁾ The following is a schedule of supplemental ratios for the six months ended June 30, 2022 and 2021. These ratios have been annualized unless otherwise noted.

June 30, 2022 June 30, 2021
Ratio of expenses to average net assets without waivers ⁽⁶⁾ 6.82 % 5.99 %
Ratio of net investment income (loss) to average net assets without waivers ⁽⁶⁾ 7.33 % 5.70 %
Ratio of net investment income (loss) to average net assets with waivers ⁽⁶⁾ 8.32 % 7.89 %
Note 13. Subsequent Events

The Company has evaluated subsequent events through ~~May~~August 12, 2022, the date on which the consolidated financial statements were issued.

Distributions: On ~~April~~July 1, 2022, the Board declared the following distributions:

Record Date Payment Date Amount Per Share
April 18, 2022 June 30, 2022 $ 0.0667
May 16, 2022 June 30, 2022 0.0667
June 17, 2022 June 30, 2022 0.0666
Total dividends declared $ 0.2000
~~Asset-Backed Securitization~~: On April 7, 2022 (the “Closing Date”), Monroe Capital Income Plus ABS Funding, LLC (the “2022 ABS SPV”), an indirect, wholly-owned, consolidated subsidiary of the Company, completed a $425,000 asset-backed securitization (the “2022 Asset-Backed Securitization”). The 2022 Asset-Backed Securitization is a secured financing incurred by the 2022 ABS SPV, which is consolidated by the Company and therefore is subject to the Company’s overall asset coverage requirement.
The notes offered in the 2022 Asset-Backed Securitization consist of $261,375 of Class A Senior Secured Notes, which bear interest at 4.05% (the “Class A Notes”), $44,625 of Class B Senior Secured Notes, which bear interest at 5.15% (the “Class B Notes”) and $36,125 of Class C Senior Secured Notes, which bear interest at 7.75% (the “Class C Notes” and collectively with the Class A Notes and the Class B Notes, the “Secured 2022 Notes”). The 2022 ABS SPV also issued $82,875 of Subordinated Notes, which do not bear interest (the “Subordinated 2022 Notes” and, together with the Secured 2022 Notes, the “2022 Notes”). The 2022 Notes are due on April 30, 2032. The Secured 2022 Notes were issued through a private placement. The Company retained all of the Class C Notes and the Subordinated 2022 Notes.
~~The Secured 2022 Notes are the secured obligation of the 2022 ABS SPV, and the indenture governing the Secured~~ ~~2022 Notes~~ ~~includes customary covenants and events of default. The~~ ~~2022 Notes have~~ not been, and will not be, registered under the Securities Act, or any state “blue sky” laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from registration. MC Advisors serves as collateral manager to the 2022 ABS SPV under a collateral management agreement entered into on the Closing Date and is entitled to receive a fee for providing these services; however MC Advisors has elected to waive such fees.
The 2022 Asset Securitization is secured by a diversified portfolio of senior secured loans. The 2022 ABS SPV used the proceeds from the 2022 Asset-Backed Securitization to, among other things, purchase certain investments from the Company and the SPV. In conjunction with the proceeds from the sale of these investments to the 2022 ABS SPV, the SPV repaid certain outstanding indebtedness under the Credit Facility. Through April 22, 2024, all principal collections received on the underlying collateral may be used by the ABS SPV to purchase new collateral under the direction of ~~MC Advisors,~~ in its capacity as collateral manager of the 2022 ABS SPV, in accordance with the Company’s investment strategy and subject to customary conditions set forth in the documents governing the 2022 Asset-Backed Securitization, allowing the Company to maintain the initial leverage in the 2022 Asset-Backed Securitization.
~~Share Repurchase Program:~~ On April 13, 2022, 641,640 shares were validly tendered under the Share Repurchase Program and not withdrawn pursuant to the tender offer as of such date. On April 18, 2022, the Company repurchased all shares validly tendered and not withdrawn at a price equal to $10.10 per share for an aggregate purchase price of approximately $6,481.
~~Advisory Fee Waiver~~: On April 18, 2022, MC Advisors agreed to permanently waive a portion of the base management fees and incentive fees payable by the Company to MC Advisors under the Investment Advisory Agreement pursuant to a fee waiver letter. These waivers take effect beginning April 1, 2022 (the “Effective Date”).
As of and beginning with the Effective Date, the base management fee, payable quarterly in arrears to MC Advisors, will be calculated (i) prior to any Exchange Listing or any future quotation or listing of its securities on any other public trading market, at an annual rate of 1.25% of average total assets (a reduction from 1.50% of average total assets), which includes assets financed using leverage) and (ii) following an Exchange Listing, calculated at an annual rate of 1.75% of average invested assets (calculated as total assets excluding cash).
As of and beginning with the Effective Date, prior to an Exchange Listing, the Company shall pay MC Advisors an incentive fee with respect to its pre-incentive fee net investment income in each calendar quarter as follows:
·~~no incentive fee in any calendar quarter in which the pre-incentive fee net investment income does not exceed the hurdle rate of 1.50% (6% annually);~~
·100% of the Company’s pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 1.6875% (reduced from 1.76%) in any calendar quarter prior to an Exchange Listing or 1.88% in any calendar quarter following an Exchange Listing; and
·prior to an Exchange Listing, 12.5% of the amount of the Company’s pre-incentive fee net investment income (a reduction from 15.0% of the amount of the Company’s pre-incentive fee net income), if any, that exceeds 1.6875% (reduced from 1.76%) in any calendar quarter, and following an Exchange Listing, 20% of the amount of the Company’s pre-incentive fee net investment income, if any, that exceeds 1.88% in any calendar quarter.
As of and beginning with January 1, 2022, the capital gains incentive fee will be calculated and payable in arrears at the end of each fiscal year (or, upon termination of the Investment Advisory Agreement, as of the termination date) and no equals 12.5% of the Company’s realized capital gains (reduced from 15.0%) as of the end of the fiscal year.
Record Date Payment Date Amount Per Share
July 15, 2022 September 30, 2022 $ 0.0667
August 15, 2022 September 30, 2022 0.0667
September 16, 2022 September 30, 2022 0.0666
Total dividends declared $ 0.2000

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 Income Plus 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; and Monroe Capital refers to Monroe Capital LLC, a Delaware limited liability company, and its subsidiaries and affiliates. 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, 2021, filed with the U.S. Securities and Exchange Commission (“SEC”) on March 14, 2022. 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;

· the impact of global health epidemics, such as the current novel coronavirus (“COVID-19”) pandemic, on our or our portfolio companies’ business and the global economy;

· the impact of the Russian invasion of Ukraine on our portfolio companies and the global economy;

· the impact of a protracted decline in the liquidity of credit markets on our business;

· the impact of the decommissioning of London Interbank Offered Rate (“LIBOR”) on our operating results;

· the impact of increased competition;

· the impact of fluctuations in interest rates on our business and 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;

· 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 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 Income Plus 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 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.

As an emerging growth company, we intend to take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act of 1933, as amended (the “Securities Act”) for complying with new or revised accounting standards.

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 seek to provide investors with attractive risk-adjusted returns and downside protection associated with investing in asset based and secured corporate private credit opportunities in a manner that is decoupled from public markets’ volatility. We seek to provide attractive risk-adjusted returns and downside protection by investing primarily in secured private credit transactions and assets, targeting investments that have significant downside protection through a focus on asset coverage. We expect to invest primarily in: (i) senior secured and junior secured and unsecured loans, notes, bonds, preferred equity (including preferred partnership equity), convertible debt and other securities; (ii) unitranche secured loans (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) and securities; (iii) asset-based loans and securities; (iv) small business loans and leases; (v) structured debt and structured equity; (vi) syndicated loans; (vii) securitized debt and subordinated notes of collateralized loan obligations facilities, asset-backed securities and other securitized products and warehouse loan facilities; (viii) opportunities to acquire illiquid investments from other third-party funds as a result of liquidity constraints resulting from investor redemptions and market dislocations; and (ix) capital investments in the secondary markets. As of ~~March 31,~~June 30, 2022, our portfolio included approximately ~~85.5%~~82.6% senior secured loans, ~~6.7%~~10.2% unitranche secured loans, ~~4.9%~~4.4% junior secured loans and ~~2.9%~~2.8% equity securities, compared to December 31, 2021, when our portfolio included approximately 90.5% senior secured loans, 4.3% unitranche secured loans, 2.6% junior secured loans and 2.6% equity securities. We expect that 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.

We use Monroe Capital’s extensive leveraged finance origination infrastructure and broad expertise in sourcing loans to invest in senior secured, unitranche secured and junior secured debt of middle-market companies. Our investment size will vary proportionately with the size of our capital base. We believe that our focus on lending to lower middle-market companies offers several advantages as compared to lending to larger companies, including more attractive economics, lower leverage, more comprehensive and restrictive covenants, more expansive events of default, relatively small debt facilities that provide us with enhanced influence over our borrowers, direct access to borrower management and improved information flow.

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 fee 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 recognized as fee income in the period the service is completed.

Dividend income on preferred equity securities 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 securities 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 securities and LLC and LP investments may fluctuate significantly from period to period.

Expenses

Our primary operating expenses include the payment of base management and incentive fees to MC Advisors under the investment advisory agreement entered into on December 5, 2018 (the “Investment Advisory Agreement”), the payment of fees to MC Management for our allocable portion of overhead and other expenses under the administration agreement entered into on December 5, 2018 (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 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 ~~March 31,~~June 30, 2022, we invested ~~$21.2~~$107.4 million in ~~three~~eight new portfolio companies, and ~~$58.6~~$27.7 million in 2930 existing portfolio companies, and had ~~$22.3~~$26.9 million in aggregate amount of sales and principal repayments, resulting in net investments of ~~$57.5~~$108.2 million for the period.

During the ~~three~~six months ended ~~March 31, 2021,~~June 30, 2022, we invested ~~$40.9~~$128.6 million in 1011 new portfolio companies, and ~~$10.2~~$86.3 million in 1542 existing portfolio companies, and had ~~$18.8~~$49.2 million in aggregate amount of sales and principal repayments, resulting in net investments of ~~$32.3~~$165.7 million for the period.
During the three months ended June 30, 2021, we invested $123.4 million in 17 new portfolio companies, and $10.1 million in 12 existing portfolio companies, and had $15.6 million in aggregate amount of sales and principal repayments, resulting in net investments of $117.9 million for the period.

During the six months ended June 30, 2021, we invested $167.7 million in 27 new portfolio companies, and $16.9 million in 22 existing portfolio companies, and had $34.4 million in aggregate amount of sales and principal repayments, resulting in net investments of $150.2 million for the period.

The following table shows portfolio yield by security type:

March 31, 2022 December 31, 2021 June 30, 2022 December 31, 2021
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⁾ 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 loans 7.5 % 7.5 % 7.6 % 7.6 % 8.2 % 8.2 % 7.6 % 7.6 %
Unitranche secured loans 7.3 7.6 7.9 8.4 7.6 8.3 7.9 8.4
Junior secured loans 10.5 10.5 11.4 11.4 11.1 11.1 11.4 11.4
Equity securities 6.6 6.6 8.6 8.6 6.6 6.6 8.6 8.6
Total 7.6 % 7.6 % 7.6 % 7.6 % 8.2 % 8.3 % 7.6 % 7.6 %

⁽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 and the cost basis of our preferred equity investments.
⁽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 and the cost basis of our preferred equity investments. 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 investment portfolio or sales load that may be paid by stockholders.

The following table shows the composition of our investment portfolio at fair value and as percentage of our total investments at fair value (in thousands):

March 31, 2022 December 31, 2021 June 30, 2022 December 31, 2021
Fair Value:
Senior secured loans $ 655,949 85.5 % $ 638,120 90.5 % $ 718,154 82.6 % $ 638,120 90.5 %
Unitranche secured loans 51,314 6.7 30,161 4.3 88,896 10.2 30,161 4.3
Junior secured loans 37,403    4.9 18,580 2.6 38,547 4.4 18,580 2.6
Equity securities 22,028 2.9 18,029 2.6 24,462 2.8 18,029 2.6
Total $ 766,694 100.0 % $ 704,890 100.0 % $ 870,059 100.0 % $ 704,890 100.0 %

Our portfolio composition ~~and contractual and effective yields~~ remained relatively consistent with December 31, 2021. Our effective yields increased from December 31, 2021, driven primarily by increases in LIBOR and SOFR rates. The majority of our loans surpassed their interest rate floors near the end of the three months ended June 30, 2022.

The following table shows our portfolio composition by industry at fair value and as percentage of our total investments at fair value (in thousands):

March 31, 2022 December 31, 2021 June 30, 2022 December 31, 2021
Fair Value:
Aerospace & Defense $ 22,276 2.9 % $ 22,358 3.2 % $ 22,014 2.5 % $ 22,358 3.2 %
Automotive 24,934 3.3 25,864 3.7 30,228 3.5 25,864 3.7
Banking 29,875 3.9 9,606 1.4 32,266 3.7 9,606 1.4
Beverage, Food & Tobacco 16,878 2.2 19,032 2.7 17,060 2.0 19,032 2.7
Capital Equipment 10,745 1.4 10,270 1.4 11,131 1.3 10,270 1.4
Construction & Building 19,128 2.5 19,202 2.7 19,107 2.2 19,202 2.7
Consumer Goods: Durable 18,667 2.4 18,420 2.6 43,171 5.0 18,420 2.6
Consumer Goods: Non-Durable 25,549 3.3 24,777 3.5 25,820 3.0 24,777 3.5
Containers, Packaging & Glass 2,142 0.3 2,029 0.3 2,139 0.2 2,029 0.3
Energy: Oil & Gas 3,756 0.5 3,591 0.5 3,570 0.4 3,591 0.5
Environmental Industries 22,146 2.9 13,271 1.9 25,521 2.9 13,271 1.9
FIRE: Finance 28,249 3.7 27,505 3.9 27,402 3.1 27,505 3.9
FIRE: Real Estate 41,284 5.4 43,066 6.1 59,050 6.8 43,066 6.1
Healthcare & Pharmaceuticals 89,651 11.7 78,589 11.1 110,058 12.6 78,589 11.1
High Tech Industries 73,196 9.5 81,220 11.5 77,265 8.9 81,220 11.5
Hotels, Gaming & Leisure 2,303 0.3 2,318 0.3 2,279 0.3 2,318 0.3
Media: Advertising, Printing & Publishing 83,817 10.9 78,300 11.1 83,362 9.6 78,300 11.1
Media: Broadcasting & Subscription 1,896 0.2 1,859 0.3 1,945 0.2 1,859 0.3
Media: Diversified & Production 39,504 5.2 34,428 4.9 38,803 4.5 34,428 4.9
Services: Business 99,026 12.9 93,582 13.3 103,475 11.9 93,582 13.3
Services: Consumer 40,854 5.3 37,319 5.3 53,003 6.1 37,319 5.3
Telecommunications 37,420 4.9 40,656 5.8 41,635 4.8 40,656 5.8
Transportation: Cargo 30,528 4.0 14,646 2.1 36,968 4.2 14,646 2.1
Wholesale 2,870 0.4 2,982 0.4 2,787 0.3 2,982 0.4
Total $ 766,694 100.0 % $ 704,890 100.0 % $ 870,059 100.0 % $ 704,890 100.0 %

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.

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 1 Includes 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 2 Includes 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 3 Includes 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 4 Includes 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 5 Indicates 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.

The following table shows the distribution of our investments on the 1 to 5 investment performance risk rating scale as of ~~March 31,~~June 30, 2022 (in thousands):

Investment Performance Risk Rating Investments at
Fair Value Percentage of
Total Investments Investments at
Fair Value Percentage of
Total Investments
1 $ — — % $ — — %
2 743,416 97.0 835,554 96.0
3 22,676 2.9 33,973 3.9
4 602 0.1 532 0.1
5 — — — —
Total $ 766,694 100.0 % $ 870,059 100.0 %

The following table shows the distribution of our investments on the 1 to 5 investment performance risk rating scale as of December 31, 2021 (in thousands):

Investment Performance Risk Rating Investments at
Fair Value Percentage of
Total Investments
1 $ — — %
2 693,017 98.3
3 11,459 1.6
4 414 0.1
5 — —
Total $ 704,890 100.0 %

As of both ~~March 31,~~June 30, 2022 and December 31, 2021, we had no borrowers with a loan on non-accrual status.

Results of Operations

Operating results were as follows (in thousands):

Three months ended
March 31, Three months ended
June 30,
2022 2021 2022 2021
Total investment income $ 16,387 $ 4,655 $ 17,203 $ 6,006
Total expenses, net of fee waivers 8,472 1,412 5,830 2,645
Net investment income before income taxes 7,915 3,243 11,373 3,361
Income taxes, including excise taxes — — 1 7
Net investment income 7,915 3,243 11,372 3,354
Net realized gain (loss) on investments 25 43 (42 ) 29
Net realized gain (loss) on foreign currency forward contracts 18 (3 ) 27 —
Net realized gain (loss) on foreign currency and other transactions — (40 ) (13 ) (1 )
Net realized gain (loss) 43 — (28 ) 28
Net change in unrealized gain (loss) on investments 2,903 2,722 (6,300 ) 2,357
Net change in unrealized gain (loss) on foreign currency forward contracts (533 ) 170 1,335 (44 )
Net change in unrealized gain (loss) 2,370 2,892 (4,965 ) 2,313
Net increase (decrease) in net assets resulting from operations $ 10,328 $ 6,135 $ 6,379 $ 5,695

Six months ended
June 30,
2022 2021
Total investment income $ 33,590 $ 10,661
Total expenses, net of fee waivers 14,302 4,057
Net investment income before income taxes 19,288 6,604
Income taxes, including excise taxes 1 7
Net investment income 19,287 6,597
Net realized gain (loss) on investments (17 ) 72
Net realized gain (loss) on foreign currency forward contracts 45 (3 )
Net realized gain (loss) on foreign currency and other transactions (13 ) (41 )
Net realized gain (loss) 15 28
Net change in unrealized gain (loss) on investments (3,397 ) 5,079
Net change in unrealized gain (loss) on foreign currency forward contracts 802 126
Net change in unrealized gain (loss) (2,595 ) 5,205
Net increase (decrease) in net assets resulting from operations $ 16,707 $ 11,830

52
Investment Income

The composition of our investment income was as follows (in thousands):

Three months ended March 31, Three months ended June 30,
2022 2021 2022 2021
Interest income $ 13,167 $ 3,813 $ 15,166 $ 5,219
PIK interest income 678 176 956 180
Dividend income ⁽¹⁾ 96 21 119 25
Fee income 1,593 278 192 177
Prepayment gain (loss) 210 178 222 206
Accretion of discounts and amortization of premiums 643 189 548 199
Total investment income $ 16,387 $ 4,655 $ 17,203 $ 6,006

Six months ended June 30,
2022 2021
Interest income $ 28,333 $ 9,032
PIK interest income 1,634 356
Dividend income ⁽²⁾ 215 46
Fee income 1,785 455
Prepayment gain (loss) 432 384
Accretion of discounts and amortization of premiums 1,191 388
Total investment income $ 33,590 $ 10,661

⁽¹⁾ Includes PIK dividends of ~~$92~~$88 and ~~$21,~~$23, respectively.
⁽²⁾ Includes PIK dividends of $180 and $44, respectively.

The increase in investment income of ~~$11.7~~$11.2 million and $22.9 million during the three and six months ended ~~March 31,~~June 30, 2022, as compared to the three and six months ended ~~March 31,~~June 30, 2021, is primarily due to the growth of our investment ~~portfolio and an increase in fee income.~~portfolio.

Operating Expenses

The composition of our operating expenses was as follows (in thousands):

Three months ended March 31, Three months ended June 30,
2022 2021 2022 2021
Interest and other debt financing expenses $ 3,280 $ 699 $ 4,702 $ 914
Base management fees, net of base management fee waivers ⁽¹⁾ 2,796 — 977 537
Incentive fees, net of incentive fee waivers⁽²⁾ 1,823 418 (923 ) 763
Professional fees 145 89 540 175
Administrative service fees 203 111 208 128
General and administrative expenses 210 80 304 113
Directors’ fees 15 15 22 15
Total expenses, net of fee waivers $ 8,472 $ 1,412 $ 5,830 $ 2,645

Six months ended June 30,
2022 2021
Interest and other debt financing expenses $ 7,982 $ 1,613
Base management fees, net of base management fee waivers ⁽¹⁾ 3,773 537
Incentive fees, net of incentive fee waivers ⁽²⁾ 900 1,181
Professional fees 685 264
Administrative service fees 411 239
General and administrative expenses 514 193
Directors’ fees 37 30
Total expenses, net of fee waivers $ 14,302 $ 4,057

⁽¹⁾ Base management fees for the three and six months ended ~~March 31,~~June 30, 2022 were $2,678 and ~~2021 were $2,796 and $814,~~$5,474, respectively. MC Advisors elected to voluntarily waive ~~zero~~$1,701 of such base management fees for both the three and ~~$814~~six months ended June 30, 2022. Base management fees for the three and six months ended June 30, 2021 were $1,148 and $1,962, respectively. MC Advisors elected to voluntarily waive $611 and $1,425 of such base management fees for the three and six months ended ~~March 31, 2022 and~~June 30, 2021, respectively. Base management fee waivers are not subject to recoupment by MC Advisors. There is no guarantee that MC Advisors will waive any base management fees in the future.
⁽²⁾ Incentive fees for the three and six months ended ~~March 31,~~June 30, 2022 were ~~$1,823,~~$383 and $2,206, comprised of part one incentive fees of ~~$1,461~~$1,306 and $2,767 and part two capital gains incentive fees of ~~$362. MC Advisors did not elect to voluntarily waive any part one incentive fees during the three months ended March 31, 2022. Incentive fees for the three months ended March 31, 2021 were $961, comprised of part one incentive fees of $543~~($923) and ~~part two capital gains incentive fees of $418.~~($561), respectively. MC Advisors elected to voluntarily waive the part one incentive fees of ~~$543~~$1,306 during both the three and six months ended June 30, 2022. Incentive fees for the three and six months ended June 30, 2021 were $1,373 and $2,334, comprised of part one incentive fees of $610 and $1,153 and part two capital gains incentive fees of $763 and $1,181, respectively. MC Advisors elected to voluntarily waive the part one incentive fees of $610 and $1,153 during the three and six months ended ~~March 31, 2021.~~June 30, 2021, respectively. Incentive fee waivers are not subject to recoupment by MC Advisors. There is no guarantee that MC Advisors will waive any incentive fees in the future. See Note 6 to our consolidated financial statements and “Capital Gains Incentive Fee” ~~below~~ for additional information.

The composition of our interest and other debt financing expenses and average debt outstanding were as follows (in thousands):

Three months ended March 31, Three months ended June 30,
2022 2021 2022 2021
Interest expense $ 2,772 $ 521
Unused commitment fees 123 53
Interest expense – revolving credit facility $ 1,090 $ 755
Interest expense – 2022 ABS 3,006 —
Amortization of deferred financing costs 385 125 606 159
Total interest and other debt financing expenses $ 3,280 $ 699 $ 4,702 $ 914
Average debt outstanding $ 339,678 $ 59,564 $ 355,976 $ 78,531
Average stated interest rate 4.6 % 3.9 %
Six months ended June 30,
2022 2021
Interest expense – revolving credit facility $ 3,985 $ 1,329
Interest expense – 2022 ABS 3,006 —
Amortization of deferred financing costs 991 284
Total interest and other debt financing expenses $ 7,982 $ 1,613
Average debt outstanding $ 347,871 $ 69,103
Average stated interest rate 4.0 % 3.9 %

The increase in total expenses of ~~$7.1~~$3.2 million during the three months ended ~~March 31,~~June 30, 2022, as compared to the three months ended ~~March 31,~~June 30, 2021 is primarily a result of an increase in interest expense on our 2022 ABS and our revolving credit facility as average borrowings increased to support the growth of the portfolio. The increase in total expenses of $10.2 million during the six months ended June 30, 2022, as compared to the six months ended June 30, 2021, is primarily the result of an increase in interest expense on our 2022 ABS and revolving facility as average borrowings increased to support the growth of the portfolio and an increase in base management ~~and incentive~~ fees, net of fee waivers. ~~On April 18, 2022, MC Advisors agreed to permanently waive a portion of the base management fees and incentive fees payable by the Company to MC Advisors. See~~ ~~Recent Developments~~ ~~below for additional information.~~

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 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 both the three and six months ended ~~March 31,~~June 30, 2022, ~~and 2021,~~ we did not record a net tax expense on the consolidated statements of operations for U.S. federal excise tax. For both the three and six months ended June 30, 2021, we recorded a net expense on the consolidated statements of operations of $7 thousand for U.S. federal excise tax.

Certain of our consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes. For both the three and six months ended ~~March 31,~~June 30, 2022, we recorded a net tax expense of $1 thousand on the consolidated statements of operations for these subsidiaries. For both the three and six months ended June 30, 2021, we did not record a net tax expense on the consolidated statements of operations for these subsidiaries.

Net Realized Gain (Loss)

During the three months ended ~~March 31,~~June 30, 2022 and 2021, we had sales of investments of ~~$10.1~~$5.7 million and ~~$3.6~~$3.1 million, respectively, resulting in ~~$25~~($42) thousand and ~~$43~~$29 thousand of net realized gain (loss) on investments, respectively. During the six months ended June 30, 2022 and 2021, we had sales of investments of $15.8 million and $6.7 million, respectively, resulting in ($17) thousand and $72 thousand of net realized gain (loss) on investments, respectively.

We have entered and may continue to enter into foreign currency forward contracts to reduce our exposure to foreign currency exchange rate fluctuations. During the three months ended ~~March 31,~~June 30, 2022 and 2021, we had ~~$18~~$27 thousand and zero net realized gain (loss) on foreign currency forward contracts, respectively. During the six months ended June 30, 2022 and 2021, we had $45 thousand and ($3) thousand net realized gain (loss) on foreign currency forward contracts, respectively. During the three months ended ~~March 31,~~June 30, 2022 and 2021, we had ~~zero~~($13) thousand and ($~~40)~~1) thousand of net realized gain (loss) on foreign currency and other transactions, respectively. During the six months ended June 30, 2022 and 2021, we had ($13) thousand and ($41) thousand of net realized gain (loss) on foreign currency and other transactions, respectively.

Net Change in Unrealized Gain (Loss)

For the three months ended ~~March 31,~~June 30, 2022 and 2021, our investments had ~~$2.9~~($6.3) million and ~~$2.7~~$2.4 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. For the three months ended June 30, 2022 and 2021, our foreign currency forward contracts had $1.3 million and ($44) thousand of net change in unrealized gain (loss), respectively.
During the three months ended June 30, 2022, the net change in unrealized loss on investments was primarily attributable to overall market volatility and spread widening in the loan market. Additionally, $0.4 million in net change in unrealized loss on investments was attributable to portfolio companies that have underlying credit or fundamental 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, 2022.

We estimate ~~that~~ approximately ~~$3.4~~$2.2 million of the net unrealized gain on investments during the three months ended ~~March 31, 2022~~June 30, 2021 was attributable to broad market movements ~~and~~or improvements in fundamental performance at our portfolio companies. ~~These increases in value were offset by ($0.5)~~Additionally, $0.2 million in net unrealized ~~losses~~gain on investments was attributable to ~~certain underlying~~ portfolio companies that have underlying credit or fundamental performance concerns resulting in ana risk rating of Grade 3, 4 or 5 on our investment performance risk rating scale.

For the six months ended June 30, 2022 and 2021, our investments had ($3.4) million and $5.1 million of net change in unrealized gain (loss), respectively. For the six months ended June 30, 2022 and 2021, our foreign currency forward contracts had $0.8 million and $0.1 million of net change in unrealized gain (loss), respectively.
During the three months ended June 30, 2022, the net change in unrealized loss on investments was primarily attributable to overall market volatility and spread widening in the loan market. Additionally, $0.9 million in net change in unrealized loss on investments was attributable to portfolio companies that have underlying credit or fundamental 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, 2022.
We estimate approximately ~~$3.2~~$4.4 million of the net unrealized ~~gain~~gains on investments during the ~~three~~six months ended ~~March 31,~~June 30, 2021 was attributable to broad market movements and tightening of credit spreads in the loan markets. ~~These increases in value were offset by ($0.5)~~Approximately $0.7 million in net unrealized ~~losses~~gains was attributable to ~~specific~~portfolio companies that have underlying credit or fundamental performance concerns resulting in a risk rating of ~~the underlying portfolio companies, a significant portion of which is as a result of the impact of the COVID-19 pandemic~~Grade 3, 4 or 5 on ~~individual credit performance.~~
~~For the three months ended~~ ~~March 31, 2022 and 2021,~~ our ~~foreign currency forward contracts had ($0.5) million and $0.2 million of net change in unrealized gain (loss), respectively.~~investment performance risk rating scale.

Net Increase (Decrease) in Net Assets Resulting from Operations

For the three months ended ~~March 31,~~June 30, 2022 and 2021, the net increase (decrease) in net assets resulting from operations was ~~$10.3~~$6.4 million and ~~$6.1~~$5.7 million, respectively. Based on the weighted average shares of common stock outstanding for the three months ended ~~March 31,~~June 30, 2022 and 2021, our per share net increase (decrease) in net assets resulting from operations was ~~$0.27~~$0.12 and ~~$0.41,~~$0.28, respectively.
For the six months ended June 30, 2022 and 2021, the net increase (decrease) in net assets resulting from operations was $16.7 million and $11.8 million, respectively. Based on the weighted average shares of common stock outstanding for the six months ended June 30, 2022 and 2021, our per share net increase (decrease) in net assets resulting from operations was $0.37 and $0.67, respectively. The ~~$4.2~~$4.9 million increase during the ~~three~~six months ended ~~March 31,~~June 30, 2022, as compared to the ~~three~~six months ended ~~March 31,~~June 30, 2021, is primarily the result of increased net investment income due to the significant portfolio growth.
The $0.7 million and $4.9 million increases during the three and six months ended June 30, 2022, as compared to the three and six months ended June 30, 2021, respectively, is primarily the result of increased net investment income due to the significant portfolio growth. The increases in net investment income were partially offset by net unrealized mark-to-market losses on investments primarily due to market volatility and spread widening during the three and six months ended June 30, 2022, as compared to the three and six months ended June 30, 2021, where investments in the portfolio experienced net mark-to-market gains primarily attributable to broad market movements and the tightening of credit spreads in the loan markets.

Liquidity and Capital Resources

We generate cash primarily from (i) the net proceeds of private offerings, (ii) cash flows from our operations, and (iii) borrowings under our existing revolving credit facility and any financing arrangements we may enter into in the future. These financings may come in the form of borrowings from banks and issuances of senior securities. Our primary uses of cash are for (i) investments in portfolio companies and other investments to comply with certain portfolio diversification requirements, (ii) the cost of operations (including paying MC Advisors and reimbursements to MC Management), (iii) debt service of any borrowings, (iv) share repurchases under our share repurchase program and (v) cash distributions to our stockholders.

As of ~~March 31,~~June 30, 2022, we had ~~$3.3~~$3.9 million in cash, ~~$12.1~~$8.7 million in restricted cash at MC Income Plus Financing SPV LLC (the “SPV”), ~~and $281.2~~$40.4 million in restricted cash at Monroe Capital Income Plus ABS Funding, LLC (the “2022 Issuer”). Additionally, we had $52.9 million debt outstanding on our revolving credit ~~facility.~~facility and $306.0 million debt outstanding on our 2022 ABS. We had ~~$168.8~~$397.1 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 ~~March 31,~~June 30, 2022 and December 31, 2021, our asset coverage ratio based on aggregate borrowings outstanding was ~~277%~~259% and 206%, respectively.

Cash Flows

For the ~~three~~six months ended ~~March 31,~~June 30, 2022 and 2021, we experienced a net increase in cash and restricted cash of ~~$1.5~~$39.1 million and ~~$9.8~~$16.9 million, respectively. For the ~~three~~six months ended ~~March 31,~~June 30, 2022 and 2021, operating activities used ~~$48.5~~$144.5 million and ~~$22.9~~$143.0 million of cash, respectively, primarily as a result of purchases of portfolio investments, partially offset by principal repayments on and sales of portfolio investments. During the ~~three~~six months ended ~~March 31,~~June 30, 2022 and 2021, we generated ~~$50.0~~$183.6 million and ~~$32.7~~$159.9 million from financing activities, primarily as a result of the issuance of common stock and net borrowings on our debt facilities, partially offset by ~~net repayments on our revolving credit facility and~~ distributions to stockholders.

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, including our current Second Private Offering and any subsequent offerings, 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, fund share repurchases under our share repurchase program and make cash distributions to our stockholders. We may also use available funds to repay outstanding borrowings.

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 (the “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. As of ~~March 31,~~June 30, 2022 and December 31, 2021, we had ~~48,956,121~~56,348,420 and 36,565,162 shares outstanding, respectively.

Stock Issuances and Share Repurchase Program

Stock Issuances: We are conducting our second best efforts, continuous private offering of our common stock to “accredited investors” in reliance on an exemption from the registration requirements of the Securities Act (the “Second Private Offering”). At each closing an investor purchases shares of our common stock pursuant to a subscription agreement entered into with us. At each closing, investors are required to fund their full subscription to purchase shares of our common stock.

The following table summarizes the issuance of shares of our common stock pursuant to the Second Private Offering during the ~~three~~six months ended ~~March 31,~~June 30, 2022 and 2021 (in thousands except shares and per share data):

Date Price Per
Share Shares Issued Proceeds Price Per
Share Shares Issued Proceeds
Three months ended March 31, 2022:
Six months ended June 30, 2022:
March 15, 2022 $ 10.10 12,173,590 $ 122,953 $ 10.10 12,173,590 $ 122,953
May 17, 2022 10.16 8,022,706 81,511
Total 12,173,590 $ 122,953 20,196,296 $ 204,464

Date Price Per
Share Shares Issued Proceeds Price Per
Share Shares Issued Proceeds
Three months ended March 31, 2021:
Six months ended June 30, 2021:
March 15, 2021 $ 9.74 5,301,797 $ 51,639 $ 9.74 5,301,797 $ 51,639
May 18, 2021 9.86 2,792,748 27,537
Total 5,301,797 $ 51,639 8,094,545 $ 79,176

Share Repurchase Program: During ~~the three months ended March 31,~~ 2022, we commenced a quarterly share repurchase program in which we intend to repurchase, in each quarter, up to 5% of the shares of common stock outstanding as of the close of the previous calendar quarter (the “Share Repurchase Program”), subject to the discretion of our Board. Any such repurchases are subject to approval by our Board, in its discretion, and the availability of cash to fund such repurchases. Our Board may amend, suspend or terminate the share repurchase program if it deems such action to be in our best interest and the best interest of our stockholders. ~~Our first tender offer was made on March 16,~~
The following table summarizes the total shares repurchased that were validly tendered under the Share Repurchase Program and not withdrawn during the six months ended June 30, 2022 (in thousands except shares and per share data):
Date Price Per
Share Shares Repurchased Total Cost
Six months ended June 30, 2022:
April 15, 2022 $ 10.10 641,640 $ 6,480
June 16, 2022 10.16 333,527 3,389
Total 975,167 $ 9,869
There were no shares repurchased during the ~~tender offer period expired on April 13, 2022. See "~~~~Recent Developments”~~ ~~for additional information on shares tendered pursuant to this tender offer.~~six months ended June 30, 2021.

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 our Board at least quarterly and is generally based upon our earnings estimated by management. Net realized capital gains, if any, are generally distributed at least annually.

The determination of the tax attributes for our distributions is made annually, based upon our 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. Distributions to stockholders for the three and six months ended ~~March 31,~~June 30, 2022 ~~and 2021~~ totaled ~~$7.3~~$10.2 million ($0.20 per share) and ~~$2.8~~$17.5 million ($~~0.20~~0.40 per share), respectively. Distributions to stockholders for the three and six months ended June 30, 2021 totaled $7.9 million ($0.40 per share) and $10.7 million ($0.60 per share), respectively. 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 ~~March 31,~~June 30, 2022 and 2021,, no portion of these distributions would have been characterized as a tax return of capital to stockholders.

We have adopted a DRIP that provides for the reinvestment of dividends and other distributions on behalf of its stockholders that elect to participate in such plan. As a result, if we declare a dividend or distribution, our stockholders’ cash distributions will only be reinvested in additional shares of our common stock if a stockholder specifically “opts in” to the DRIP at least ten (10) days prior to the record date fixed by our Board. Shares issued under the DRIP will be issued at a price per share equal to the NAV per share as of the last day of our fiscal quarter immediately preceding the date that the distribution was declared. See Note 9 to our consolidated financial statements for additional information on ~~the Company’s~~our distributions.

Borrowings

Revolving Credit Facility:We have a $450.0 million senior secured revolving credit facility (the “Credit Facility”) with KeyBank National Association, as agent, through our wholly-owned subsidiary, the SPV. Our ability to borrow under the Credit Facility is subject to certain financial and restrictive covenants as well as availability under the borrowing base, which permits us to borrow up to 72% of the principal balance of our portfolio company investments depending on the type of investment. Under the terms of the Credit Facility, the SPV is permitted to reinvest available cash and make new borrowings under the Credit Facility through July 16, 2024. The maturity date of the Credit Facility is July 16, 2026. Distributions from the SPV to us are limited by the terms of the Credit Facility, which generally allows for the distribution of net interest income pursuant to a waterfall quarterly during the reinvestment period. As of ~~March 31,~~June 30, 2022 and December 31, 2021, the fair value of our investments held in the SPV as collateral for the Credit Facility was ~~$685.4~~$384.3 million and $616.0 million, respectively, and these investments are identified on the accompanying consolidated schedules of investments. As of ~~March 31,~~June 30, 2022 and December 31, 2021, we had outstanding borrowings under the Credit Facility of ~~$281.2~~$52.9 million and $348.6 million, respectively.

During the reinvestment period, borrowings under the Credit Facility bear interest at an annual rate of LIBOR (one or three month, at the SPV’s option and subject to a LIBOR minimum of 0.50%) plus a margin ranging from 2.75% to a maximum of 3.00%, depending on the level of utilization of the facility and the number of obligors of eligible loans pledged as collateral in the SPV. After the reinvestment period, borrowings under the Credit Facility bear interest at an annual rate of LIBOR plus 3.25%. In addition to the stated interest rate on borrowings, the SPV is required to pay an unused commitment fee of (i) ~~0.75%~~0.50% per annum on any unused portion of the Credit Facility when the outstanding borrowings are less than or equal to ~~30% of the facility amount, (ii) 0.55% per annum on any unused portion of the Credit Facility when the outstanding borrowings are greater than 30% of the facility amount but less than or equal to 50%~~60% of the facility amount and ~~(iii)~~(ii) 0.35% per annum on any unused portion of the Credit Facility when the outstanding borrowings are greater than ~~50%~~60% of the facility amount. As of ~~both March 31,~~June 30, 2022 and December 31, 2021, the outstanding borrowings were accruing at a weighted average interest rate of 3.9% and 3.3%., respectively.

Asset-Backed Securitization: On April 7, 2022, we completed a $425.0 million asset-backed securitization (the “2022 ABS”). The notes offered in the 2022 ABS were issued by the 2022 Issuer, a wholly-owned subsidiary of the Company, and are secured by a diversified portfolio of senior secured loans. The transaction was executed through a private placement of $261.4 million of Class A Senior Secured Notes, which bear interest at 4.05% (the “Class A Notes”), $44.6 million of Class B Senior Secured Notes, which bear interest at 5.15% (the “Class B Notes”) and $36.1 million of Class C Senior Secured Notes, which bear interest at 7.75% (the “Class C Notes” and collectively with the Class A Notes and the Class B Notes, the “Secured 2022 Notes”), and $82.9 million of Subordinated Notes, which do not bear interest (the “Subordinated 2022 Notes” and, together with the Secured 2022 Notes, the “2022 Notes”). We retained all of the Class C Notes and the Subordinated 2022 Notes. The Class A Notes and the Class B Notes are included as debt on the accompanying consolidated statements of assets and liabilities. As of June 30, 2022, the Class C and Subordinated Notes were eliminated in consolidation.
The 2022 Issuer used the proceeds from the securitization to, among other things, purchase certain investments from us and the SPV. Through April 22, 2024, the 2022 Issuer is permitted to use all principal collections received on the underlying collateral to purchase new collateral under the direction of MC Advisors, in its capacity as collateral manager of the 2022 Issuer, in accordance with our investment strategy and subject to customary conditions set forth in the documents governing the 2022 ABS, allowing us to maintain the initial leverage in the 2022 ABS. The 2022 Notes are due on April 30, 2032.
As of June 30, 2022, the fair value of our investments held in the 2022 Issuer as collateral was $377.3 million and these investments are identified on the accompanying consolidated schedules of investments.
Distributions from the 2022 Issuer to us are limited by the terms of the indenture governing the 2022 ABS, which generally allows for the payment of interest on the Secured 2022 Notes and the distribution of remaining net interest income to the holders of the Subordinated Notes pursuant to a waterfall quarterly during the reinvestment period.
Related Party Transactions

We have a number of business relationships with affiliated or related parties, including the following:

•· We have an Investment Advisory Agreement with MC Advisors, an investment advisor registered with the SEC, to manage our investing activities. We pay MC Advisors a fee for its services under the 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.
· 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.
· Theodore L. Koenig, our Chief Executive Officer and Chairman of our Board is also a manager of MC Advisors and the President and Chief Executive Officer of MC Management. Lewis W. (“Mick”) 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.

Theodore L. Koenig, our Chief Executive Officer and Chairman of our Board is also a manager of MC Advisors and the President and Chief Executive Officer of MC Management. Lewis W. (“Mick”) Solimene, Jr., our Chief Financial Officer and Chief Investment Officer, is also a managing director of MC Management. In addition, Aaron D. Peck, who served as our Chief Financial Officer and Chief Investment Officer until January 28, 2022, is 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 the Maryland General Corporation Law.

Commitments and Contingencies and Off-Balance Sheet Arrangements

Commitments and Contingencies

As of ~~March 31,~~June 30, 2022 and December 31, 2021, we had outstanding commitments to fund investments under undrawn revolvers, capital expenditure loans, delayed draw commitments and subscription agreements totaling ~~$116.5~~$170.7 million and $125.2 million, respectively. We believe that our available cash balances and/or ability to draw on the Credit Facility provide sufficient funds to cover our unfunded commitments as of ~~March 31,~~June 30, 2022. Additionally, we have entered into certain contracts with other parties that contain a variety of indemnification provisions. 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 indemnification provisions 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.

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.

Market Environment: We believe middle market investments are attractive in uncertain market environments such as the current market environment following the COVID-19 outbreak that began in late 2019 and early 2020, and that these investments have historically generated considerable yield premia with more favorable capital structures for lenders when compared to the market for large corporate loans.⁽¹⁾On the other hand, we believe that the increased competition for direct lending to middle market businesses could result in less favorable pricing terms for our potential investments. If pricing, terms and structures weaken, we would expect to experience decreased net interest income, lower yields and increased risk of credit loss. However, we believe that Monroe Capital’s scale, product suite, entrenched relationships and strong market position will continue to allow us to find investment opportunities with attractive risk-adjusted returns.

⁽¹⁾ Standard & Poor’s “LCD Middle Market Review Q4 2021” – New-issue first-lien yield-to-maturity. Middle Market loans have, on average, generated higher yields in comparison to large corporate loans based on data starting in the fourth quarter of 2005.

Recent Developments

Distributions: On ~~April~~July 1, 2022, our Board declared the following distributions:

Record Date Payment Date Amount Per Share
April 18, 2022 June 30, 2022 $ 0.0667
May 16, 2022 June 30, 2022 0.0667
June 17, 2022 June 30, 2022 0.0666
Total dividends declared $ 0.2000
~~Asset-Backed Securitization:~~ On April 7, 2022 (the “Closing Date”), Monroe Capital Income Plus ABS Funding, LLC (the “2022 ABS SPV”), an indirect, wholly-owned, consolidated subsidiary, completed a $425.0 million asset-backed securitization (the “2022 Asset-Backed Securitization”). The 2022 Asset-Backed Securitization is a secured financing incurred by the 2022 ABS SPV, which is consolidated and therefore is subject to our overall asset coverage requirement.
The notes offered in the 2022 Asset-Backed Securitization consist of $261.4 million of Class A Senior Secured Notes, which bear interest at 4.05% (the “Class A Notes”), $44.6 million of Class B Senior Secured Notes, which bear interest at 5.15% (the “Class B Notes”) and $36.1 million of Class C Senior Secured Notes, which bear interest at 7.75% (the “Class C Notes” and collectively with the Class A Notes and the Class B Notes, the “Secured 2022 Notes”). The 2022 ABS SPV also issued $82.9 million of Subordinated Notes, which do not bear interest (the “Subordinated 2022 Notes” and, together with the Secured 2022 Notes, the “2022 Notes”). The 2022 Notes are due on April 30, 2032. The Secured 2022 Notes were issued through a private placement. We retained all of the Class C Notes and the Subordinated 2022 Notes.
~~The Secured 2022 Notes are the secured obligation of the 2022 ABS SPV, and the indenture governing the Secured~~ ~~2022 Notes~~ ~~includes customary covenants and events of default. The~~ ~~2022 Notes have~~ not been, and will not be, registered under the Securities Act, or any state “blue sky” laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration. MC Advisors serves as collateral manager to the 2022 ABS SPV under a collateral management agreement entered into on the Closing Date and is entitled to receive a fee for providing these services; however MC Advisors has elected to waive such fees.
The 2022 Asset Securitization is secured by a diversified portfolio of senior secured loans. The 2022 ABS SPV used the proceeds from the 2022 Asset-Backed Securitization to, among other things, purchase certain investments from the Company and the SPV. In conjunction with the proceeds from the sale of these investments to the 2022 ABS SPV, the SPV repaid certain outstanding indebtedness under the Credit Facility. Through April 22, 2024, all principal collections received on the underlying collateral may be used by the ABS SPV to purchase new collateral under the direction of ~~MC Advisors,~~ in its capacity as collateral manager of the 2022 ABS SPV, in accordance with the Company’s investment strategy and subject to customary conditions set forth in the documents governing the 2022 Asset-Backed Securitization, allowing the Company to maintain the initial leverage in the 2022 Asset-Backed Securitization.
~~Share Repurchase Program:~~ On April 13, 2022, 641,640 shares were validly tendered under the Share Repurchase Program and not withdrawn pursuant to the tender offer as of such date. On April 18, 2022, we repurchased all shares validly tendered and not withdrawn at a price equal to $10.10 per share for an aggregate purchase price of approximately $6.5 million.
~~Advisory Fee Waiver:~~ On April 18, 2022, MC Advisors agreed to permanently waive a portion of the base management fees and incentive fees payable by us to MC Advisors under the Investment Advisory Agreement pursuant to a fee waiver letter. These reductions take effect beginning April 1, 2022 (the “Effective Date”).
As of and beginning with the Effective Date, the base management fee, payable quarterly in arrears to MC Advisors, will be calculated (i) prior to any Exchange Listing or any future quotation or listing of its securities on any other public trading market, at an annual rate of 1.25% of average total assets (a reduction from 1.50% of average total assets), which includes assets financed using leverage) and (ii) following an Exchange Listing, calculated at an annual rate of 1.75% of average invested assets (calculated as total assets excluding cash).

As of and beginning with the Effective Date, prior to an Exchange Listing, we shall pay MC Advisors an incentive fee with respect to its pre-incentive fee net investment income in each calendar quarter as follows:
·~~no incentive fee in any calendar quarter in which the pre-incentive fee net investment income does not exceed the hurdle rate of 1.50% (6% annually);~~
·100% of our pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 1.6875% (reduced from 1.76%) in any calendar quarter prior to an Exchange Listing or 1.88% in any calendar quarter following an Exchange Listing; and
·prior to an Exchange Listing, 12.5% of the amount of our pre-incentive fee net investment income (a reduction from 15.0% of the amount of our pre-incentive fee net income), if any, that exceeds 1.6875% (reduced from 1.76%) in any calendar quarter, and following an Exchange Listing, 20% of the amount of our pre-incentive fee net investment income, if any, that exceeds 1.88% in any calendar quarter.
As of and beginning with January 1, 2022, the capital gains incentive fee will be calculated and payable in arrears at the end of each fiscal year (or, upon termination of the Investment Advisory Agreement, as of the termination date) and no equals 12.5% of our realized capital gains (reduced from 15.0%) as of the end of the fiscal year.
~~Amendment to Bylaws:~~ ~~On April 28, 2022,~~ ~~our Board~~ approved Amended and Restated Bylaws (the “Amended and Restated Bylaws”), effective as of such date. The Amended and Restated Bylaws reduce the stockholder quorum requirement to one-third (1/3) of votes entitled to be cast in order to constitute a quorum for a meeting of stockholders. All of the other provisions of our bylaws shall remain in full force and effect. A copy of the Amended and Restated Bylaws is attached hereto as Exhibit 3.3 to this Quarterly Report on Form 10-Q.
~~Appointment of New Director:~~ On April 25, 2022, our Board, upon the recommendation of the Nominating and Corporate Governance Committee of the Board, voted to appoint Thomas J. Allison as a Class I director of the Board. In connection with Mr. Allison’s appointment, our Board increased the size of our Board to four directors. Mr. Allison was appointed to serve as a member of our Board until the 2022 annual meeting of stockholders, or until his successor is duly elected and qualified. Our Board and the Nominating and Corporate Governance Committee determined that Mr. Allison is not an “interested person” (as defined in Section 2(a)(19) of the 1940 Act) of the Company.
Record Date Payment Date Amount Per Share
July 15, 2022 September 30, 2022 $ 0.0667
August 15, 2022 September 30, 2022 0.0667
September 16, 2022 September 30, 2022 0.0666
Total dividends declared $ 0.2000

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 securities 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 securities if we have reason to doubt our ability to collect such interest. Loan origination fees, original issue discount and market discount or premium are capitalized, and then we amortize such amounts using the effective interest method as interest income over the life of the investment. Upon the prepayment of a loan or debt security, any unamortized premium or discount or loan origination fees are recorded as interest income. We record prepayment premiums on loans and debt securities 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 recognized as fee income in the period the service is completed.

Dividend income on preferred equity securities 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 securities 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

As a BDC, we generally invest in illiquid securities including debt and, to a lesser extent, equity securities of middle-market companies. Under procedures established by our Board, we value investments for which market quotations are readily available and within a recent date at such market quotations. When doing so, we determine whether the quote obtained is sufficient in accordance with generally accepted accounting principles in the United States of America to determine the fair value of the security. Debt and equity securities 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 our Board. Such determination of fair values may involve subjective judgments and estimates. Investments purchased within 60 days of maturity are valued at cost plus accreted discount, or minus amortized premium, which approximates fair value.

Our Board is ultimately and solely responsible for determining the fair value of the portfolio investments that are not publicly traded, whose market prices are not readily available on a quarterly basis in good faith or in any other situation where portfolio investments require a fair value determination. 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 Board using a documented valuation policy and a consistently applied valuation process. 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.

With respect to investments for which market quotations are not readily available, our Board 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 MC Advisors responsible for the credit monitoring of the portfolio investment;

•· our Board engages one or more independent valuation firm(s) to conduct independent appraisals of a selection of investments for which market quotations are not readily available. We will consult with independent valuation firm(s) 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, the investment will be valued by the MC Advisors investment professional responsible for the credit monitoring;
· 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, the investment will be valued by the MC Advisors investment professional responsible for the credit monitoring;

~~preliminary valuation conclusions are then documented and discussed with the investment committee of MC Advisors;~~
· preliminary valuation conclusions are then documented and discussed with the investment committee of MC Advisors;

the audit committee of our Board reviews the preliminary valuations of MC Advisors and of the independent valuation firm(s) and MC Advisors adjusts or further supplements the valuation recommendations to reflect any comments provided by the audit committee; and
· the audit committee of our Board reviews the preliminary valuations of MC Advisors and of the independent valuation firm(s) and MC Advisors adjusts or further supplements the valuation recommendations to reflect any comments provided by the audit committee; and

our Board discusses these valuations and determines the fair value of each investment in the portfolio in good faith, based on the input of MC Advisors, the independent valuation firm(s) and the audit committee.
· our Board discusses these valuations and determines the fair value of each investment in the portfolio in good faith, based on the input of MC Advisors, the independent valuation firm(s) and the audit committee.

We generally use 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, we 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. We generally consider 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, we consider 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, we 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, we also consider the following factors: applicable market yields and leverage levels, 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 we derive a single estimate of enterprise value. In estimating the enterprise value of a portfolio company, we analyze 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 debt investments, we may base our 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. We generally use the midpoint of the bid/ask range as our best estimate of fair value of such investment.

As of ~~March 31,~~June 30, 2022, our Board determined, in good faith, the fair value of our portfolio investments 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.

Capital Gains Incentive Fee

Pursuant to the terms of the 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 Investment Advisory Agreement). This fee equals ~~15% (12.5%~~12.5% (reduced from 15.0% as a result of ~~and beginning with~~MC Advisors April 18, 2022 agreement to permanently waive a portion of the incentive fees starting on January 1, 2022) 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 April 18, 2022, this fee was reduced to 12.5% when MC Advisors agreed to permanently waive a portion of the incentive fees (retroactive to January 1, 2022). See “~~~~Recent Developments”~~ ~~for additional information.~~ 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 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 the three and six months ended ~~March 31,~~June 30, 2022, we reversed $0.9 million and $0.6 million, respectively, of previously accrued capital gains incentive fees based on the performance of our portfolio and the reduction in the incentive fee rate. During the six months ended June 30, 2021, we accrued capital gains incentive fees of ~~$0.4~~ $1.2 million based on the performance of our portfolio, $6 thousand of which was payable to MC Advisors as a result of realized gains. The remaining $0.4 million was based on unrealized appreciation, none of which was payable to MC Advisors under the Investment Advisory Agreement.portfolio.

New Accounting Pronouncements

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (“ASU 2020-04”). The amendments in ASU 2020-04 provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The standard is effective as of March 12, 2020 through December 31, 2022. We did not utilize the optional expedients and exceptions provided by ASU 2020-04 during the ~~three~~six months ended ~~March 31,~~June 30, 2022.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are subject to financial market risks, including changes in interest rates and the valuations of our investment portfolio. Uncertainty with respect to the economic effects of the COVID-19 outbreak and the Russian invasion of Ukraine have introduced significant volatility in the financial markets, and the effects of this volatility could materially impact our market risks. For additional information concerning the COVID-19 pandemic and the Russian invasion of Ukraine and their potential impact on our business and our operating results, see Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2021, “Risks Relating to Our Business and Structure – The COVID-19 pandemic has caused severe disruptions in the global economy, which has had, and may continue to have, a negative impact on our portfolio companies and our business and operations” and Part II – Other Information, Item 1A. Risk Factors in this Quarterly Report “The Russian invasion of Ukraine may have a material adverse impact on us and our portfolio companies.”

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 LIBOR or 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 Credit Facility has a floating interest rate provision, ~~and~~whereas our Secured 2022 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.
The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, has announced that it intends to phase out LIBOR. It is unclear if at that time LIBOR will cease to exist or if new methods of calculating LIBOR will be established such that it continues to exist. At this time, it is not possible to predict the effect of any such changes, any establishment of alternative reference rates or any other reforms to LIBOR that may be enacted. The elimination of LIBOR or any other changes or reforms to the determination or supervision of LIBOR could have an adverse impact on the market for or value of any LIBOR-linked securities, loans, and other financial obligations or extensions of credit held by or due to us or on our overall financial condition or results of operations. In addition, if LIBOR ceases to exist, we may need to renegotiate agreements with our portfolio companies that utilize LIBOR as a factor in determining the interest rate, in order to replace LIBOR with the new standard that is established, which may have an adverse effect on our overall financial condition or results of operations. Following the replacement of LIBOR, some or all of these agreements may bear interest a lower interest rate, which could have an adverse impact on our results of operations. Moreover, if LIBOR ceases to exist, we may need to renegotiate our credit facility and other credit facilities into which we may enter in the future. If we are unable to do so, amounts drawn under our credit facilities may bear interest at a higher rate, which would increase the cost of our borrowings and, in turn, affect our results of operations.

Assuming that the consolidated statement of assets and liabilities as of ~~March 31,~~June 30, 2022 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):

Increase
(decrease) in Increase
(decrease) in Net increase
(decrease) in
net
investment Increase
(decrease) in Increase
(decrease) in Net increase
(decrease) in
net
investment
Change in Interest Rates interest income interest expense income interest income interest expense income
Down 25 basis points $ (107 ) $ — $ (107 ) $ (1,333 ) $ (132 ) $ (1,201 )
Up 100 basis points 3,224 2,677 547 10,127 881 9,246
Up 200 basis points 10,302 5,489 4,813 18,292 1,410 16,882
Up 300 basis points 17,385 8,301 9,084 26,458 1,938 24,520

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.

We may also have exposure to foreign currencies (currently Canadian dollars and Australian dollars) 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. We may also enter into foreign currency forward contracts to mitigate foreign currency exposure. As of ~~March 31,~~June 30, 2022, we had foreign currency forward contracts in place for CAD ~~12.7~~12.8 million and AUD ~~18.7~~18.3 million associated with future principal and interest payments on certain investments.

ITEM 4. 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 our 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.

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 three months ended ~~March 31,~~June 30, 2022 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II

OTHER INFORMATION

Item 1. Legal Proceedings

Neither we, our subsidiaries nor our investment adviser is currently subject to any material legal proceedings.

Item 1A. Risk Factors

In addition to the other information set forth in this report, you should carefully consider the risk factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on March 14, 2022, which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report on Form 10-K are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results. Other than as set forth below, there have been no material changes ~~during the three months ended March 31, 2022~~ to the risk factors discussed in Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2021.

The Russian invasion of Ukraine may have a material adverse impact on us and our portfolio companies.

On February 24, 2022, the President of Russia, Vladimir Putin, announced a military invasion of Ukraine. In response, countries worldwide, including the United States, have imposed sanctions against Russia on certain businesses and individuals, including, but not limited to, those in the banking, import and export sectors. This invasion has led, is currently leading, and for an unknown period of time will continue to lead to disruptions in local, regional, national, and global markets and economies affected thereby. These disruptions caused by the invasion have included, and may continue to include, political, social, and economic disruptions and uncertainties that may affect our business operations or the business operations of our portfolio companies.

The 1940 Act allows us to incur additional leverage, which could increase the risk of investing in us.

The 1940 Act generally prohibits us from incurring indebtedness unless immediately after such borrowing we have an asset coverage for total borrowings of at least 150% (i.e., the amount of our debt may not exceed 66.7% of the value of our total assets), if certain requirements are met, including approval by our Board and stockholders.

Our Board and MC Advisors, our initial stockholder, approved a proposal to adopt an asset coverage ratio of 150% in connection with our organization. Incurring additional indebtedness could increase the risk of investing in us.

Leverage is generally considered a speculative investment technique and may increase the risk of investing in our securities. Leverage magnifies the potential for loss on investments in our indebtedness and on invested equity capital. As we use leverage to partially finance our investments, you will experience increased risks of investing in our securities. If the value of our assets increases, then leveraging would cause the net asset value attributable to our common stock to increase more sharply than it would have had we not leveraged. Conversely, if the value of our assets decreases, leveraging would cause net asset value to decline more sharply than it otherwise would have had we not leveraged our business. Similarly, any increase in our income in excess of interest payable on the borrowed funds would cause our net investment income to increase more than it would without the leverage, while any decrease in our income would cause net investment income to decline more sharply than it would have had we not borrowed. Such a decline could negatively affect our ability to pay distributions, scheduled debt payments or other payments related to our securities. The effects of leverage would cause any decrease in net asset value for any losses to be greater than any increase in net asset value for any corresponding gains. If we incur additional leverage, stockholders will experience increased risks of investing in our common stock.

We maintain a revolving credit facility and use other borrowed funds to make investments or fund our business operations, which exposes us to risks typically associated with leverage and increases the risk of investing in us.

We maintain a revolving credit facility and may borrow money, which is generally considered a speculative investment technique. As a result:

• our common stock is exposed to an increased risk of loss because a decrease in the value of our investments would have a greater negative impact on the value of our common stock than if we did not use leverage;

• if we do not appropriately match the assets and liabilities of our business, adverse changes in interest rates could reduce or eliminate the incremental income we make with the proceeds of any leverage;

• our ability to pay distributions on our common stock may be restricted if our asset coverage ratio, as provided in the 1940 Act, is not at least 150% and any amounts used to service indebtedness would not be available for such distributions;

• any credit facility is subject to periodic renewal by its lenders, whose continued participation cannot be guaranteed;

• our revolving credit facility with KeyBank National Association, as agent, is, and any other credit facility we may enter into would be, subject to various financial and operating covenants; and

• we bear the cost of issuing and paying interest on the revolving credit facility, which costs are entirely borne by our common stockholders.

The following table illustrates the effect of leverage on returns from an investment in our common stock assuming various annual returns, net of expenses. The calculations in the table below are hypothetical and actual returns may be higher or lower than those appearing in the table below.

Assumed Return on Our Portfolio
(Net of Expenses) ⁽¹⁾
-10% -5% 0% 5% 10%
Corresponding return to common stockholder ⁽²⁾⁽³⁾ -22.72 % -12.92 % -3.12 % 6.68 % 16.48 %

⁽¹⁾ The assumed return on our portfolio is required by regulation of the SEC to assist investors in understanding the effects of leverage and is not a prediction of, and does not represent, our projected or actual performance.
⁽²⁾ Assumes $724.3 million in total assets, $354.8 million in debt outstanding, of which $348.6 million is senior securities outstanding, $369.5 million in net assets and an average cost of funds of 3.25%, which was the weighted average interest rate of borrowings on our revolving credit facility as of December 31, 2021. The interest rate on our revolving credit facility is a variable rate. Actual interest payments may be different.
⁽³⁾ In order for us to cover our annual interest payments on indebtedness, we must achieve annual returns on our December 31, 2021 total portfolio assets of at least 1.59%.


The interest rates of our revolving credit facility and term loans to our portfolio companies that extend beyond 2021 might be subject to change based on recent regulatory changes, including the decommissioning of LIBOR.

LIBOR, the London Interbank Offered Rate, is the basic rate of interest used in lending transactions between banks on the London interbank market and is widely used as a reference for setting the interest rate on loans globally. We typically use LIBOR as a reference rate in term loans we extend to portfolio companies such that the interest due to us pursuant to a term loan extended to a portfolio company is calculated using LIBOR. The terms of our debt investments generally include minimum interest rate floors that are calculated based on LIBOR. Amounts drawn under our revolving credit facility also currently bear interest at LIBOR plus a margin.

On March 5, 2021, the United Kingdom’s Financial Conduct Authority (the “FCA”), which regulates LIBOR, announced that the 1-week and 2-month U.S. dollar LIBOR settings will cease publication after December 31, 2021 and the overnight 1, 3, 6 and 12 months U.S. dollar LIBOR settings will cease publication after June 30, 2023. However, the FCA has indicated it will not compel panel banks to continue to contribute to LIBOR after the end of 2021 and the Federal Reserve Board, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation have encouraged banks to cease entering into new contracts that use U.S. dollar LIBOR as a reference rate no later than December 31, 2021.

To identify a successor rate for U.S. dollar LIBOR, the Alternative Reference Rates Committee (“ARRC”), a U.S.-based group convened by the U.S. Federal Reserve Board and the Federal Reserve Bank of New York, was formed. The ARRC has identified the Secured Overnight Financing Rate (“SOFR”) as its preferred alternative rate for LIBOR. SOFR is a measure of the cost of borrowing cash overnight, collateralized by U.S. Treasury securities, and is based on directly observable U.S. Treasury-backed repurchase transactions. On July 29, 2021, the ARCC formally recommended SOFR as its preferred alternative replacement rate for LIBOR. Although SOFR appears to be the preferred replacement rate for U.S. dollar LIBOR, at this time, it is not possible to predict the effect of any such changes, any establishment of alternative reference rates or other reforms to LIBOR that may be enacted in the United States, United Kingdom or elsewhere or, whether the COVID-19 outbreak will have further effect on LIBOR transition plans.

Although there have been a few issuances utilizing SOFR or the Sterling Over Night Index Average, an alternative reference rate that is based on transactions, it is unknown whether these alternative reference rates will attain market acceptance as replacements for LIBOR.

The elimination of LIBOR or any other changes or reforms to the determination or supervision of LIBOR could have an adverse impact on the market value of and/or transferability of any LIBOR-linked securities, loans, and other financial obligations or extensions of credit held by or due to us or on our overall financial condition or results of operations. In addition, we may need to renegotiate our Credit Facility and the credit agreements extending beyond the date with which the tenor of their associated LIBOR will no longer be available with our portfolio companies that utilize LIBOR as a factor in determining the interest rate, in order to replace LIBOR with the new standard that is established, which may have an adverse effect on our overall financial condition or results of operations. Following the replacement of LIBOR, some or all of these credit agreements may bear interest at a lower interest rate, which could have an adverse impact on the value and liquidity of our investment in these portfolio companies and, as a result on our results of operations.

To date, certain of the loan agreements with our portfolio companies have already been amended to include fallback language providing a mechanism for the parties to negotiate a new reference interest rate in the event that LIBOR ceases to exist. Factors such as the pace of the transition to replacement or reformed rates, the specific terms and parameters for and market acceptance of any alternative reference rate, prices of and the liquidity of trading markets for products based on alternative reference rates, and our ability to transition and develop appropriate systems and analytics for one or more alternative reference rates could also have a material adverse effect on our business, financial condition and results of operations. In addition, any further changes or reforms to the determination or supervision of LIBOR may result in a sudden or prolonged increase or decrease in reported LIBOR, which could have a material adverse effect on our business, financial condition, tax position and results of operations.

Item 2.   Unregistered Sales of Equity Securities and Use of Proceeds

On ~~March 15,~~May 17, 2022, we issued ~~12,173,590~~8,022,706 shares of our common stock, par value $0.01 per share, at a price of ~~$10.10~~$10.16 per share for proceeds of ~~$122,953,260.~~$81,510,689.

The sale of shares of our common stock was made pursuant to subscription agreements entered into by us, on the one hand, and each of our investors, on the other hand. The issuance and sale of the shares of our common stock are exempt from the registration requirements of the Securities Act, pursuant to Section 4(a)(2) thereof and Regulation D or Regulation S thereunder, as applicable.

Except as previously reported by us in this Item 2 or on our current reports on Form 8-K, we did not sell any securities during the period covered by this Form 10-Q that were not registered under the Securities Act.

Item 3.   Defaults Upon Senior Securities

None.

Item 4.   Mine Safety Disclosures

None.

Item 5.   Other Information

None.

Item 6. Exhibits

Exhibit
Number Description of Document
3.1 Articles of Incorporation (1)

3.2 Articles of Amendment and Restatement (2)

3.3 Amended and Restated Bylaws (3)

10.4 Indenture, dated as of April 7, 2022, by and between Monroe Capital Income Plus ABS Funding, LLC, as Issuer, and U.S. Bank Trust Company, National Association, as Trustee. (4)

10.5 Collateral Management Agreement, dated as of April 7, 2022, by and between Monroe Capital Income Plus ABS Funding, LLC, as Issuer, and Monroe Capital BDC Advisors, LLC, as Collateral Manager. (4)

10.6 Loan Sale Agreement, dated as of April 7, 2022, by and between Monroe Capital Income Plus Corporation, as Seller, and Monroe Capital Income Plus ABS Funding, LLC, as Buyer. (4)

10.7 Fee Waiver Letter delivered to Monroe Capital Income Plus Corporation by Monroe Capital BDC Advisors, LLC, dated ~~April 18,~~July 28, 2022. ~~(5)~~(filed herewith)

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 (filed herewith)

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 (filed herewith)

32.1 Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith)

(1) Previously filed as an exhibit to amendment no. 1 to the registration Statement on Form 10 (File No. 000-55941) filed with the SEC on July 30, 2018.

(2) Previously filed as an exhibit to the current report on Form 8-K filed with the SEC on December 7, 2018.

(3) Previously filed as an exhibit to the current report on Form 8-K filed with the SEC on April 29, 2022.

(4) Previously filed as an exhibit to the current report on Form 8-K filed with the SEC on April 13, 2022.
~~(5)~~ ~~Previously filed as an exhibit to the current report on Form 8-K filed with the SEC on April 22, 2022.~~

68
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: ~~May~~August 12, 2022 By /s/ Theodore L. Koenig
Theodore L. Koenig
Chairman, Chief Executive Officer and Director
(Principal Executive Officer)
Monroe Capital Income Plus Corporation

Date: ~~May~~August 12, 2022 By /s/ Lewis W. Solimene, Jr.
Lewis W. Solimene, Jr.
Chief Financial Officer and Chief Investment Officer
(Principal Financial and Accounting Officer)
Monroe Capital Income Plus Corporation

MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(in thousands, except per share data)

	March 31, 2022			December 31, 2021
	(unaudited)
ASSETS
Investments, at fair value:
Non-controlled/non-affiliate company investments	$	754,026		$	693,036
Non-controlled affiliate company investments		12,668			11,854
Total investments, at fair value (amortized cost of: $754,817 and $695,916, respectively)		766,694			704,890
Cash		3,294			4,998
Restricted cash		12,137			8,973
Unrealized gain on foreign currency forward contracts		52			585
Interest receivable		5,487			4,803
Other assets		98			12
Total assets		787,762			724,261

LIABILITIES
Debt:
Revolving credit facility		281,200			348,600
Less: Unamortized deferred financing costs		(3,677	)		(3,615	)
Total debt, less unamortized deferred financing costs		277,523			344,985
Interest payable		2,856			2,184
Management fees payable		2,796			2,366
Incentive fees payable		3,256			1,808
Accounts payable and accrued expenses		3,705			3,470
Directors' fees payable		15			—
Total liabilities		290,151			354,813
Net assets	$	497,611		$	369,448

Commitments and contingencies (See Note 11)

ANALYSIS OF NET ASSETS
Common stock, $0.001 par value, 100,000 shares authorized, 48,956 and 36,565 shares issued and outstanding, respectively	$	49		$	37
Capital in excess of par value		486,091			360,955
Accumulated undistributed (overdistributed) earnings		11,471			8,456
Total net assets	$	497,611		$	369,448

Net asset value per share	$	10.16		$	10.10

	June 30, 2022			December 31, 2021
		(unaudited)
ASSETS
Investments, at fair value:
Non-controlled/non-affiliate company investments	$	855,807		$	693,036
Non-controlled affiliate company investments		14,252			11,854
Total investments, at fair value (amortized cost of: $864,482 and $695,916, respectively)		870,059			704,890
Cash		3,895			4,998
Restricted cash		49,186			8,973
Unrealized gain on foreign currency forward contracts		1,387			585
Interest receivable		6,164			4,803
Other assets		57			12
Total assets		930,748			724,261

LIABILITIES
Debt		358,856			348,600
Less: Unamortized deferred financing costs		(12,101	)		(3,615	)
Debt, less unamortized deferred financing costs		346,755			344,985
Interest payable		4,092			2,184
Payable for unsettled trades		4,500			—
Management fees payable		977			2,366
Incentive fees payable		872			1,808
Accounts payable and accrued expenses		4,592			3,470
Total liabilities		361,788			354,813
Net assets	$	568,960		$	369,448

Commitments and contingencies (See Note 11)

ANALYSIS OF NET ASSETS
Common stock, $0.001 par value, 100,000 shares authorized, 56,348 and 36,565 shares issued and outstanding, respectively	$	56		$	37
Capital in excess of par value		561,229			360,955
Accumulated undistributed (overdistributed) earnings		7,675			8,456
Total net assets	$	568,960		$	369,448

Net asset value per share	$	10.10		$	10.10

MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except per share data)

	Three months ended March 31,
	2022			2021
Investment income:
Non-controlled/non-affiliate company investments:
Interest, fee and dividend income	$	16,223		$	4,655
Total investment income from non-controlled/non-affiliate company investments		16,223			4,655
Non-controlled affiliate company investments:
Interest income		164			—
Total investment income from non-controlled affiliate company investments		164			—
Total investment income		16,387			4,655

Operating expenses:
Interest and other debt financing expenses		3,280			699
Base management fees		2,796			814
Incentive fees		1,823			961
Professional fees		145			89
Administrative service fees		203			111
General and administrative expenses		210			80
Directors' fees		15			15
Expenses before fee waivers		8,472			2,769
Base management fee waivers		—			(814	)
Incentive fee waivers		—			(543	)
Total expenses, net of fee waivers		8,472			1,412
Net investment income before income taxes		7,915			3,243
Income taxes, including excise taxes		—			—
Net investment income		7,915			3,243

Net gain (loss):
Net realized gain (loss):
Non-controlled/non-affiliate company investments		25			43
Foreign currency forward contracts		18			(3	)
Foreign currency and other transactions		—			(40	)
Net realized gain (loss)		43			—

Net change in unrealized gain (loss):
Non-controlled/non-affiliate company investments		2,903			2,722
Foreign currency forward contracts		(533	)		170
Net change in unrealized gain (loss)		2,370			2,892

Net gain (loss)		2,413			2,892

Net increase (decrease) in net assets resulting from operations	$	10,328		$	6,135

Per common share data:
Net investment income per share - basic and diluted	$	0.20		$	0.22
Net increase (decrease) in net assets resulting from operations per share - basic and diluted	$	0.27		$	0.41
Weighted average common shares outstanding - basic and diluted		38,729			14,786

	Three months ended June 30,						Six months ended June 30,
	2022			2021			2022			2021

Investment income:
Non-controlled/non-affiliate company investments:
Interest, fee and dividend income	$	17,016		$	6,006		$	33,239		$	10,661
Total investment income from non-controlled/non-affiliate company investments		17,016			6,006			33,239			10,661
Non-controlled affiliate company investments:
Interest income		187			—			351			—
Total investment income from non-controlled affiliate company investments		187			—			351			—
Total investment income		17,203			6,006			33,590			10,661

Operating expenses:
Interest and other debt financing expenses		4,702			914			7,982			1,613
Base management fees		2,678			1,148			5,474			1,962
Incentive fees		383			1,373			2,206			2,334
Professional fees		540			175			685			264
Administrative service fees		208			128			411			239
General and administrative expenses		304			113			514			193
Directors' fees		22			15			37			30
Expenses before fee waivers		8,837			3,866			17,309			6,635
Base management fee waivers		(1,701	)		(611	)		(1,701	)		(1,425	)
Incentive fee waivers		(1,306	)		(610	)		(1,306	)		(1,153	)
Total expenses, net of fee waivers		5,830			2,645			14,302			4,057
Net investment income before income taxes		11,373			3,361			19,288			6,604
Income taxes, including excise taxes		1			7			1			7
Net investment income		11,372			3,354			19,287			6,597

Net gain (loss):
Net realized gain (loss):
Non-controlled/non-affiliate company investments		(42	)		29			(17	)		72
Foreign currency forward contracts		27			—			45			(3	)
Foreign currency and other transactions		(13	)		(1	)		(13	)		(41	)
Net realized gain (loss)		(28	)		28			15			28

Net change in unrealized gain (loss):
Non-controlled/non-affiliate company investments		(6,300	)		2,357			(3,397	)		5,079
Foreign currency forward contracts		1,335			(44	)		802			126
Net change in unrealized gain (loss)		(4,965	)		2,313			(2,595	)		5,205

Net gain (loss)		(4,993	)		2,341			(2,580	)		5,233

Net increase (decrease) in net assets resulting from operations	$	6,379		$	5,695		$	16,707		$	11,830

Per common share data:
Net investment income per share - basic and diluted	$	0.22		$	0.16		$	0.42		$	0.37
Net increase (decrease) in net assets resulting from operations per share - basic and diluted	$	0.12		$	0.28		$	0.37		$	0.67
Weighted average common shares outstanding - basic and diluted		52,248			20,589			45,526			17,704

	Common Stock									Accumulated undistributed
	Number of shares			Par value			Capital in excess of par value			(overdistributed) earnings			Total net assets
Balances at March 31, 2021		19,207		$	19		$	188,041		$	5,232		$	193,292
Net investment income		—			—			—			3,354			3,354
Net realized gain (loss)		—			—			—			28			28
Net change in unrealized gain (loss)		—			—			—			2,313			2,313
Issuance of common stock		2,792			3			27,534			—			27,537
Repurchase of common stock		—			—			—			—			—
Distributions declared to stockholders		—			—			—			(7,889	)		(7,889	)
Stock issued in connection with dividend reinvestment plan		213			—			2,139			—			2,139
Balances at June 30, 2021		22,212		$	22		$	217,714		$	3,038		$	220,774

Balances at March 31, 2022		48,956		$	49		$	486,091		$	11,471		$	497,611
Net investment income		—			—			—			11,372			11,372
Net realized gain (loss)		—			—			—			(28	)		(28	)
Net change in unrealized gain (loss)		—			—			—			(4,965	)		(4,965	)
Issuance of common stock		8,022			8			81,503			—			81,511
Repurchase of common stock		(975	)		(1	)		(9,868	)		—			(9,869	)
Distributions declared to stockholders		—			—			—			(10,175	)		(10,175	)
Stock issued in connection with dividend reinvestment plan		345			—			3,503			—			3,503
Balances at June 30, 2022		56,348		$	56		$	561,229		$	7,675		$	568,960

								Accumulated
	Common Stock							undistributed
		Number of shares		Par value		Capital in excess of par value		(overdistributed) earnings			Total net assets
Balances at December 31, 2020			13,828	$	14	$	135,636	$	1,863		$	137,513
Net investment income			—		—		—		3,243			3,243
Net realized gain (loss)			—		—		—		—			—
Net change in unrealized gain (loss)			—		—		—		2,892			2,892
Issuance of common stock			5,302		5		51,634		—			51,639
Distributions declared to stockholders			—		—		—		(2,766	)		(2,766	)
Stock issued in connection with dividend reinvestment plan			77		—		771		—			771
Balances at March 31, 2021			19,207	$	19	$	188,041	$	5,232		$	193,292

Balances at December 31, 2021			36,565	$	37	$	360,955	$	8,456		$	369,448
Net investment income			—		—		—		7,915			7,915
Net realized gain (loss)			—		—		—		43			43
Net change in unrealized gain (loss)			—		—		—		2,370			2,370
Issuance of common stock			12,174		12		122,941		—			122,953
Distributions declared to stockholders			—		—		—		(7,313	)		(7,313	)
Stock issued in connection with dividend reinvestment plan			217		—		2,195		—			2,195
Balances at March 31, 2022			48,956	$	49	$	486,091	$	11,471		$	497,611

MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(in thousands)

	Three months ended March 31,
	2022			2021
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	10,328		$	6,135
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 investments		(25	)		(43	)
Net realized (gain) loss on foreign currency forward contracts		(18	)		3
Net realized (gain) loss on foreign currency and other transactions		—			40
Net change in unrealized (gain) loss on investments		(2,903	)		(2,722	)
Net change in unrealized (gain) loss on foreign currency forward contracts		533			(170	)
Payment-in-kind interest income		(679	)		(176	)
Net accretion of discounts and amortization of premiums		(643	)		(189	)
Purchases of investments		(79,826	)		(51,050	)
Proceeds from principal payments and sale of investments and settlement of forward contracts		22,290			18,779
Amortization of deferred financing costs		385			125
Changes in operating assets and liabilities:
Interest receivable		(684	)		(461	)
Other assets		(86	)		136
Interest payable		672			148
Payable for unsettled trades		—			6,410
Management fees payable		430			(93	)
Incentive fees payable		1,448			418
Accounts payable and accrued expenses		235			(204	)
Directors' fees payable		15			15
Net cash provided by (used in) operating activities		(48,528	)		(22,899	)

Cash flows from financing activities:
Borrowings on revolving credit facility		75,500			50,900
Repayments of revolving credit facility		(142,900	)		(67,500	)
Payments of deferred financing costs		(447	)		(303	)
Proceeds from issuance of common stock		122,953			51,639
Stockholder distributions paid, net of stock issued under the dividend reinvestment plan of $2,195 and $771, respectively		(5,118	)		(1,995	)
Net cash provided by (used in) financing activities		49,988			32,741

Net increase (decrease) in Cash and Restricted cash		1,460			9,842
Effect of foreign currency exchange rates		—			(40	)
Cash and Restricted cash, beginning of period		13,971			6,120
Cash and Restricted cash, end of period	$	15,431		$	15,922

Supplemental disclosure of cash flow information:
Cash interest paid during the period	$	2,223		$	426
Cash paid for income taxes, including excise taxes, during the period	$	—		$	66

	March 31, 2021		December 31, 2020			June 30, 2021		December 31, 2020
Cash	$	3,487	$	2,443	$	14,387	$	2,443
Restricted cash		12,435		3,677		8,613		3,677
Total cash and restricted cash shown on the Consolidated Statements of Cash Flows	$	15,922	$	6,120	$	23,000	$	6,120

Portfolio Company ^(a)	Spread Above Index ^(b)	Interest Rate		Acquisition Date ^(c)	Maturity	Principal	Amortized Cost		Fair Value ^(d)		% of Net Assets ^(e)			Spread Above Index ^(b)	Interest Rate		Acquisition Date ^(c)	Maturity	Principal		Amortized Cost		Fair Value ^(d)		% of Net Assets ^(e)
Non-Controlled/Non-Affiliate Company Investments
Senior Secured Loans
Aerospace & Defense
API Holdings III Corp. ^(f)	L+4.25%	4.71	%	5/2/2019	5/8/2026	1,653	$	1,648	$	1,525		0.3	%	L+4.25%	5.92	%	5/2/2019	5/8/2026		1,649	$	1,644	$	1,470		0.3	%
SI Holdings, Inc. (Integrated Polymer Solutions) ^(f)	L+6.00%	7.00	%	7/25/2019	7/25/2025	1,950		1,925		1,950		0.4	%
SI Holdings, Inc. (Integrated Polymer Solutions) ^(f)	L+6.00%	7.00	%	12/24/2019	7/25/2025	1,018		1,005		1,018		0.2	%
SI Holdings, Inc. (Integrated Polymer Solutions) ^(f)	L+6.00%	7.00	%	2/17/2021	7/25/2025	1,760		1,755		1,760		0.4	%
SI Holdings, Inc. (Integrated Polymer Solutions) ^(f)	L+6.00%	7.00	%	6/15/2021	7/25/2025	1,032		1,013		1,032		0.2	%
SI Holdings, Inc. (Integrated Polymer Solutions) ^(f)	L+6.00%	7.00	%	8/10/2021	7/25/2025	1,007		990		1,007		0.2	%
SI Holdings, Inc. (Integrated Polymer Solutions) ^{(f) (x)}														L+6.00%	7.67	%	7/25/2019	7/25/2025		1,945		1,922		1,929		0.3	%
SI Holdings, Inc. (Integrated Polymer Solutions) ^{(f) (x)}														L+6.00%	7.67	%	12/24/2019	7/25/2025		1,015		1,003		1,007		0.2	%
SI Holdings, Inc. (Integrated Polymer Solutions) ^{(f) (x)}														L+6.00%	7.67	%	2/17/2021	7/25/2025		1,756		1,754		1,742		0.3	%
SI Holdings, Inc. (Integrated Polymer Solutions) ^{(f) (x)}														L+6.00%	7.67	%	6/15/2021	7/25/2025		1,029		1,011		1,021		0.2	%
SI Holdings, Inc. (Integrated Polymer Solutions) ^{(f) (x)}														L+6.00%	7.67	%	8/10/2021	7/25/2025		1,005		989		997		0.2	%
SI Holdings, Inc. (Integrated Polymer Solutions) (Revolver) ^(g)	L+6.00%	7.00	%	7/25/2019	7/25/2024	316		40		40		0.0	%	L+6.00%	7.67	%	7/25/2019	7/25/2024		316		71		71		0.0	%
						8,736		8,376		8,332		1.7	%							8,715		8,394		8,237		1.5	%
Automotive
Born To Run, LLC ^(f)	L+6.00%	7.01	%	4/1/2021	4/1/2027	8,933		8,779		8,980		1.8	%
BBB Industries LLC														SF+5.25%	7.04	%	6/30/2022	6/30/2029		5,000		4,500		4,525		0.8	%
Born To Run, LLC ^{(f) (x)}														L+6.00%	8.25	%	4/1/2021	4/1/2027		8,910		8,763		8,929		1.6	%
Born To Run, LLC (Delayed Draw) ^{(g) (h)}	L+6.00%	7.01	%	4/1/2021	4/1/2027	1,463		86		86		0.0	%	L+6.00%	8.25	%	4/1/2021	4/1/2027		1,463		86		86		0.0	%
Lifted Trucks Holdings, LLC ^(f)	L+5.75%	6.75	%	8/2/2021	8/2/2027	9,975		9,793		9,935		2.0	%
Lifted Trucks Holdings, LLC ^{(f) (x)}														L+5.75%	6.75	%	8/2/2021	8/2/2027		9,950		9,776		9,865		1.7	%
Lifted Trucks Holdings, LLC (Delayed Draw) ^{(g) (h)}	L+5.75%	6.75	%	8/2/2021	8/2/2027	2,000		—		—		0.0	%	L+5.75%	6.75	%	8/2/2021	8/2/2027		2,000		—		—		0.0	%
Lifted Trucks Holdings, LLC (Revolver) ^(g)	L+5.75%	6.75	%	8/2/2021	8/2/2027	2,381		—		—		0.0	%	L+5.75%	6.75	%	8/2/2021	8/2/2027		2,381		—		—		0.0	%
Truck-Lite Co., LLC ^(f)	L+6.25%	7.26	%	3/11/2020	12/14/2026	3,409		3,384		3,426		0.7	%	SF+6.25%	8.93	%	3/11/2020	12/14/2026		3,400		3,376		3,402		0.6	%
Truck-Lite Co., LLC ^(f)	L+6.25%	7.26	%	11/23/2021	12/14/2026	633		633		636		0.2	%	SF+6.25%	8.93	%	11/23/2021	12/14/2026		631		631		631		0.1	%
Truck-Lite Co., LLC ^(f)	L+6.25%	7.26	%	3/11/2020	12/14/2026	505		505		508		0.1	%	SF+6.25%	8.93	%	3/11/2020	12/14/2026		504		504		504		0.1	%
Truck-Lite Co., LLC ^(f)	L+6.25%	7.26	%	11/23/2021	12/14/2026	561		561		564		0.1	%	SF+6.25%	8.93	%	11/23/2021	12/14/2026		560		560		560		0.1	%
Truck-Lite Co., LLC (Delayed Draw) ^{(g) (h)}	L+6.25%	7.26	%	11/23/2021	12/14/2026	718		—		—		0.0	%
Truck-Lite Co., LLC														SF+6.25%	8.93	%	11/23/2021	12/14/2026		718		718		718		0.1	%
						30,578		23,741		24,135		4.9	%							35,517		28,914		29,220		5.1	%
Banking
MV Receivables II, LLC (Delayed Draw) ^{(g) (h) (i)}	L+9.75%	11.25	%	7/29/2021	7/29/2026	10,000		2,118		2,496		0.5	%	L+9.75%	11.25	%	7/29/2021	7/29/2026		10,000		4,710		5,032		0.9	%
StarCompliance MidCo, LLC ^(f)	L+6.75%	7.75	%	1/12/2021	1/12/2027	3,000		2,951		3,000		0.6	%
StarCompliance MidCo, LLC ^(f)	L+6.75%	7.75	%	10/12/2021	1/12/2027	503		494		503		0.1	%
StarCompliance MidCo, LLC ^(x)														L+6.75%	9.00	%	1/12/2021	1/12/2027		3,000		2,953		2,974		0.5	%
StarCompliance MidCo, LLC ^(x)														L+6.75%	9.00	%	10/12/2021	1/12/2027		503		494		499		0.1	%
StarCompliance MidCo, LLC (Revolver) ^(g)	L+6.75%	7.75	%	1/12/2021	1/12/2027	484		—		—		0.0	%	L+6.75%	8.42	%	1/12/2021	1/12/2027		484		48		48		0.0	%
						13,987		5,563		5,999		1.2	%							13,987		8,205		8,553		1.5	%
Beverage, Food & Tobacco
Huff Hispanic Food Holdings, LLC ^(f)	L+5.50%	6.50	%	10/18/2019	10/18/2024	5,422		5,363		5,397		1.1	%
Huff Hispanic Food Holdings, LLC ^{(f) (x)}														L+5.50%	7.17	%	10/18/2019	10/18/2024		5,422		5,368		5,365		0.9	%
Huff Hispanic Food Holdings, LLC ^(f)	L+5.50%	6.50	%	10/18/2019	10/18/2024	307		307		305		0.1	%	L+5.50%	6.74	%	10/18/2019	10/18/2024		307		307		303		0.1	%
Huff Hispanic Food Holdings, LLC (Revolver) ^(g)	L+5.50%	6.50	%	10/18/2019	10/18/2024	1,286		574		572		0.1	%	L+5.50%	7.07	%	10/18/2019	10/18/2024		1,286		934		925		0.1	%
LVF Holdings, Inc. ^(f)	L+6.25%	7.26	%	6/10/2021	6/10/2027	3,491		3,429		3,491		0.7	%	L+6.25%	8.45	%	6/10/2021	6/10/2027		3,483		3,423		3,430		0.6	%
LVF Holdings, Inc. ^(f)	L+6.25%	7.26	%	6/10/2021	6/10/2027	3,341		3,341		3,341		0.7	%	L+6.25%	8.45	%	6/10/2021	6/10/2027		3,333		3,333		3,283		0.6	%
LVF Holdings, Inc. (Delayed Draw) ^{(g) (h)}	L+6.25%	7.26	%	6/10/2021	6/10/2027	802		—		—		0.0	%	L+6.25%	8.45	%	6/10/2021	6/10/2027		802		—		—		0.0	%
LVF Holdings, Inc. (Revolver) ^(g)	L+6.25%	7.26	%	6/10/2021	6/10/2027	554		344		344		0.1	%	L+6.25%	8.50	%	6/10/2021	6/10/2027		554		410		404		0.1	%
LX/JT Intermediate Holdings, Inc. ^(f)	SF+6.00%	7.50	%	3/11/2020	3/11/2025	3,311		3,269		3,254		0.6	%	SF+6.00%	7.63	%	3/11/2020	3/11/2025		3,311		3,272		3,263		0.6	%
LX/JT Intermediate Holdings, Inc. (Revolver) ^(g)	SF+6.00%	7.50	%	3/11/2020	3/11/2025	500		—		—		0.0	%	SF+6.00%	7.63	%	3/11/2020	3/11/2025		500		—		—		0.0	%
						19,014		16,627		16,704		3.4	%							18,998		17,047		16,973		3.0	%
Capital Equipment
MCP Shaw Acquisitionco, LLC ^(f)	SF+6.50%	7.50	%	2/28/2020	11/28/2025	7,786		7,683		7,767		1.5	%
MCP Shaw Acquisitionco, LLC ^(f)	SF+6.50%	7.50	%	12/29/2021	11/28/2025	2,396		2,351		2,390		0.5	%
MCP Shaw Acquisitionco, LLC ^{(f) (x)}														SF+6.50%	8.82	%	2/28/2020	11/28/2025		7,786		7,690		7,790		1.3	%
MCP Shaw Acquisitionco, LLC ^{(f) (x)}														SF+6.50%	8.82	%	12/29/2021	11/28/2025		2,390		2,348		2,391		0.4	%
MCP Shaw Acquisitionco, LLC (Delayed Draw) ^{(g) (h)}	SF+6.50%	7.50	%	12/29/2021	11/28/2025	786		—		—		0.0	%	SF+6.50%	8.82	%	12/29/2021	11/28/2025		786		349		350		0.1	%
MCP Shaw Acquisitionco, LLC (Revolver) ^(g)	SF+6.50%	7.50	%	2/28/2020	11/28/2025	1,427		476		476		0.1	%	SF+6.50%	8.82	%	2/28/2020	11/28/2025		1,427		476		476		0.1	%
						12,395		10,510		10,633		2.1	%							12,389		10,863		11,007		1.9	%
Construction & Building
Premier Roofing L.L.C. ^(f)	L+6.50%	7.50	%	8/31/2020	8/29/2025	3,456		3,407		3,378		0.7	%	L+8.50%	9.07% Cash/ 1.00% PIK		8/31/2020	8/29/2025		3,450		3,405		3,388		0.6	%
Premier Roofing L.L.C. (Revolver) ^(g)	L+6.50%	7.50	%	8/31/2020	8/29/2025	1,199		959		937		0.2	%	L+8.50%	9.07% Cash/ 1.00% PIK		8/31/2020	8/29/2025		1,199		960		942		0.2	%
TCFIII Owl Buyer LLC ^{(f) (x)}														SF+5.50%	7.14	%	4/19/2021	4/17/2026		4,455		4,394		4,455		0.8	%
TCFIII Owl Buyer LLC ^(f)	L+6.00%	7.00	%	4/19/2021	4/17/2026	4,466		4,401		4,466		0.9	%	SF+5.50%	7.14	%	4/19/2021	4/17/2026		5,440		5,440		5,440		0.9	%
TCFIII Owl Buyer LLC ^(f)	L+6.00%	7.00	%	4/19/2021	4/17/2026	5,453		5,453		5,453		1.1	%
TCFIII Owl Buyer LLC ^(f)	L+6.00%	7.00	%	12/17/2021	4/17/2026	4,894		4,813		4,894		1.0	%
TCFIII Owl Buyer LLC ^{(f) (x)}														SF+5.50%	7.14	%	12/17/2021	4/17/2026		4,882		4,805		4,882		0.9	%
						19,468		19,033		19,128		3.9	%							19,426		19,004		19,107		3.4	%
Consumer Goods: Durable
Independence Buyer, Inc. ^(f)	L+5.75%	6.75	%	8/3/2021	8/3/2026	12,469		12,248		12,469		2.5	%
Independence Buyer, Inc. ^{(f) (x)}														L+5.50%	6.79	%	8/3/2021	8/3/2026		12,438		12,229		12,406		2.2	%
Independence Buyer, Inc. (Revolver) ^(g)	L+5.75%	6.75	%	8/3/2021	8/3/2026	2,964		—		—		0.0	%	L+5.50%	6.79	%	8/3/2021	8/3/2026		2,964		—		—		0.0	%
Recycled Plastics Industries, LLC ^(f)	L+6.75%	7.75	%	8/4/2021	8/4/2026	5,473		5,375		5,452		1.1	%
Recycled Plastics Industries, LLC ^{(f) (x)}														L+6.75%	7.81	%	8/4/2021	8/4/2026		5,459		5,367		5,411		1.0	%
Recycled Plastics Industries, LLC (Revolver) ^(g)	L+6.75%	7.75	%	8/4/2021	8/4/2026	743		520		518		0.1	%	L+6.75%	7.81	%	8/4/2021	8/4/2026		743		149		147		0.0	%
						21,649		18,143		18,439		3.7	%							21,604		17,745		17,964		3.2	%
Consumer Goods: Non-Durable
Arizona Natural Resources, LLC ^(f)	L+5.75%	6.75	%	5/18/2021	5/18/2026	13,930		13,693		13,909		2.8	%	L+5.75%	6.81	%	5/18/2021	5/18/2026		13,895		13,670		13,742		2.4	%
Arizona Natural Resources, LLC ^(f)	L+5.75%	6.75	%	12/15/2021	5/18/2026	2,557		2,509		2,553		0.5	%	L+5.75%	6.81	%	12/15/2021	5/18/2026		2,550		2,505		2,523		0.4	%
Arizona Natural Resources, LLC (Revolver)	L+5.75%	6.75	%	5/18/2021	5/18/2026	1,111		1,111		1,109		0.2	%
The Kyjen Company, LLC ^(f)	L+6.50%	7.50	%	5/14/2021	4/3/2026	2,970		2,944		2,982		0.6	%
Arizona Natural Resources, LLC (Revolver) ^(g)														L+5.75%	6.81	%	5/18/2021	5/18/2026		1,667		1,444		1,429		0.3	%
The Kyjen Company, LLC ^{(f) (x)}														L+6.50%	7.99	%	5/14/2021	4/3/2026		2,970		2,937		2,951		0.5	%
The Kyjen Company, LLC (Revolver) ^(g)	L+6.50%	7.50	%	5/14/2021	4/3/2026	315		87		87		0.0	%	L+6.50%	8.17	%	5/14/2021	4/3/2026		315		236		235		0.0	%
Thrasio, LLC ^(f)	L+7.00%	8.01	%	12/18/2020	12/18/2026	4,928		4,868		4,909		1.0	%
Thrasio, LLC ^{(f) (x)}														L+7.00%	9.25	%	12/18/2020	12/18/2026		4,915		4,858		4,940		0.9	%
						25,811		25,212		25,549		5.1	%							26,312		25,650		25,820		4.5	%
Containers, Packaging & Glass
Polychem Acquisition, LLC ^(f)	L+5.00%	6.50	%	4/8/2019	3/17/2025	1,940		1,936		1,939		0.4	%	L+5.00%	6.50	%	4/8/2019	3/17/2025		1,935		1,931		1,932		0.3	%
Port Townsend Holdings Company, Inc. and Crown Corrugated Company	L+7.75%	5.75% Cash/ 3.00% PIK		10/16/2020	6/30/2022	203		203		203		0.0	%	SF+7.75%	6.38% Cash/ 3.00% PIK		10/16/2020	8/31/2022		207		207		207		0.1	%
						2,143		2,139		2,142		0.4	%							2,142		2,138		2,139		0.4	%
Energy: Oil & Gas
Liquid Tech Solutions Holdings, LLC ^(f)	L+4.75%	5.75	%	3/18/2021	3/17/2028	2,265		2,256		2,260		0.4	%	L+4.75%	7.00	%	3/18/2021	3/17/2028		2,260		2,250		2,192		0.4	%
Par Petroleum, LLC ^(f)	L+6.75%	6.99	%	1/27/2020	1/12/2026	895		900		894		0.2	%	L+6.75%	7.77	%	1/27/2020	1/12/2026		881		886		846		0.1	%
						3,160		3,156		3,154		0.6	%							3,141		3,136		3,038		0.5	%
Environmental Industries
Quest Resource Management Group, LLC ^{(f) (x)}														L+7.00%	8.06	%	10/19/2020	10/20/2025		977		914		959		0.2	%
Quest Resource Management Group, LLC ^(f)	L+6.50%	7.50	%	10/19/2020	10/20/2025	988		922		987		0.2	%	L+7.00%	8.06	%	10/19/2020	10/20/2025		1,073		1,073		1,053		0.2	%
Quest Resource Management Group, LLC ^(f)	L+6.50%	7.50	%	10/19/2020	10/20/2025	1,084		1,084		1,084		0.2	%
Quest Resource Management Group, LLC ^(f)	L+6.50%	7.50	%	12/7/2021	10/20/2025	3,856		3,784		3,839		0.8	%
Quest Resource Management Group, LLC ^{(f) (x)}														L+7.00%	8.06	%	12/7/2021	10/20/2025		3,816		3,750		3,731		0.6	%
Quest Resource Management Group, LLC (Delayed Draw) ^{(g) (h)}	L+6.50%	7.50	%	12/7/2021	10/20/2025	1,778		389		387		0.1	%	L+7.00%	8.06	%	12/7/2021	10/20/2025		1,774		385		376		0.1	%
StormTrap, LLC ^(f)	SF+5.50%	6.74	%	3/25/2022	3/24/2028	8,000		7,860		8,010		1.6	%	SF+5.50%	6.74	%	3/25/2022	3/24/2028		8,000		7,864		8,080		1.4	%
StormTrap, LLC (Delayed Draw) ^{(g) (h)}	SF+5.50%	6.74	%	3/25/2022	3/24/2028	2,222		—		—		0.0	%	SF+5.50%	6.74	%	3/25/2022	3/24/2028		2,222		—		—		0.0	%
Volt Bidco, Inc. ^(f)	L+6.50%	7.50	%	8/11/2021	8/11/2027	6,000		5,890		5,978		1.2	%
Volt Bidco, Inc. ^(x)														SF+6.50%	8.53	%	8/11/2021	8/11/2027		9,059		8,892		9,059		1.6	%
Volt Bidco, Inc. (Delayed Draw) ^{(g) (h)}	L+6.50%	7.50	%	8/11/2021	8/11/2027	688		232		231		0.0	%	L+6.50%	7.90% PIK		8/11/2021	8/11/2027		1,587		348		348		0.1	%
Volt Bidco, Inc. (Revolver) ^(g)	L+6.50%	7.50	%	8/11/2021	8/11/2027	574		—		—		0.0	%	SF+6.50%	7.90	%	8/11/2021	8/11/2027		956		—		—		0.0	%
						25,190		20,161		20,516		4.1	%							29,464		23,226		23,606		4.2	%
FIRE: Finance
Exiger LLC ^(f)	L+7.25%	8.25	%	9/30/2021	9/30/2027	14,000		13,740		14,056		2.8	%
Exiger LLC ^(x)														L+7.25%	8.31	%	9/30/2021	9/30/2027		14,000		13,750		13,965		2.5	%
Exiger LLC (Delayed Draw) ^{(g) (h)}	L+7.25%	8.25	%	9/30/2021	9/30/2027	4,200		—		—		0.0	%	L+7.25%	8.31	%	9/30/2021	9/30/2027		4,200		—		—		0.0	%
Exiger LLC (Revolver) ^(g)	L+7.25%	8.25	%	9/30/2021	9/30/2027	1,400		—		—		0.0	%	L+7.25%	8.31	%	9/30/2021	9/30/2027		1,400		—		—		0.0	%
J2 BWA Funding LLC (Delayed Draw) ^{(g) (h) (i)}	n/a	9.00	%	12/24/2020	12/24/2026	2,809		975		960		0.2	%	n/a	9.00	%	12/24/2020	12/24/2026		2,809		1,070		1,045		0.2	%
Oceana Australian Fixed Income Trust ^{(f) (i) (j) (k)}	n/a	11.50	%	2/25/2021	2/25/2026	8,040		8,460		8,040		1.6	%	n/a	11.50	%	2/25/2021	2/25/2026		7,418		8,460		7,418		1.3	%
Oceana Australian Fixed Income Trust ^{(f) (i) (j) (k)}	n/a	10.75	%	6/29/2021	6/29/2026	3,387		3,400		3,387		0.7	%	n/a	10.75	%	6/29/2021	6/29/2026		3,125		3,400		3,125		0.5	%
W3 Monroe RE Debt LLC ⁽ⁱ⁾	n/a	10.00% PIK		2/5/2021	2/4/2028	1,806		1,806		1,806		0.4	%	n/a	10.00% PIK		2/5/2021	2/4/2028		1,849		1,849		1,849		0.3	%
						35,642		28,381		28,249		5.7	%							34,801		28,529		27,402		4.8	%
FIRE: Real Estate
300 N. Michigan Mezz, LLC (Delayed Draw) ^{(f) (g) (h) (i)}	L+14.50%	16.00% PIK		7/15/2020	7/15/2024	1,000		908		908		0.2	%	L+14.50%	16.00% PIK		7/15/2020	7/15/2024		1,000		929		924		0.2	%
Avison Young (USA) Inc. ^{(f) (i) (j)}	L+5.75%	6.76	%	4/26/2019	1/30/2026	1,940		1,928		1,933		0.4	%	L+5.75%	8.00	%	4/26/2019	1/30/2026		1,935		1,924		1,912		0.3	%
Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC ⁽ⁱ⁾														SF+8.25%	9.38	%	5/3/2022	4/30/2025		16,000		15,694		16,000		2.8	%
Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC (Delayed Draw) ^{(g) (h) (i)}														SF+8.25%	9.51	%	5/3/2022	4/30/2025		1,635		562		562		0.1	%
Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC (Revolver) ^{(g) (i)}														SF+8.25%	9.38	%	5/3/2022	4/30/2025		8,016		—		—		0.0	%
Florida East Coast Industries, LLC ^{(f) (i)}	n/a	10.50	%	8/9/2021	6/28/2024	5,063		4,942		5,012		1.0	%	n/a	10.50	%	8/9/2021	6/28/2024		4,585		4,487		4,539		0.8	%
InsideRE, LLC ^(f)	L+5.75%	6.76	%	12/22/2021	12/22/2027	7,484		7,341		7,434		1.5	%
InsideRE, LLC ^{(f) (x)}														L+5.75%	8.00	%	12/22/2021	12/22/2027		7,465		7,328		7,333		1.3	%
InsideRE, LLC (Delayed Draw) ^{(g) (h)}	L+5.75%	6.76	%	12/22/2021	12/22/2027	2,886		—		—		0.0	%	L+5.75%	8.00	%	12/22/2021	12/22/2027		2,886		—		—		0.0	%
InsideRE, LLC (Revolver) ^(g)	L+5.75%	6.76	%	12/22/2021	12/22/2027	965		—		—		0.0	%	L+5.75%	8.00	%	12/22/2021	12/22/2027		965		—		—		0.0	%
NCBP Property, LLC ⁽ⁱ⁾	L+9.50%	10.50	%	12/18/2020	12/16/2022	2,500		2,491		2,504		0.5	%	L+9.50%	10.56	%	12/18/2020	12/16/2022		2,500		2,494		2,506		0.4	%
						21,838		17,610		17,791		3.6	%							46,987		33,418		33,776		5.9	%
Healthcare & Pharmaceuticals
Apotheco, LLC ^(f)	L+8.50%	6.50% Cash/ 3.00% PIK		4/8/2019	4/8/2024	1,826		1,810		1,751		0.3	%	L+8.50%	7.17% Cash/ 3.00% PIK		4/8/2019	4/8/2024		1,835		1,821		1,835		0.3	%
Apotheco, LLC (Revolver)	L+8.50%	6.50% Cash/ 3.00% PIK		4/8/2019	4/8/2024	481		481		462		0.1	%	L+8.50%	7.17% Cash/ 3.00% PIK		4/8/2019	4/8/2024		485		485		485		0.1	%
Appriss Health, LLC ^(f)	L+7.25%	8.25	%	5/6/2021	5/6/2027	6,500		6,385		6,503		1.3	%
Appriss Health, LLC ^(x)														L+7.25%	8.25	%	5/6/2021	5/6/2027		6,500		6,389		6,513		1.1	%
Appriss Health, LLC (Revolver) ^(g)	L+7.25%	8.25	%	5/6/2021	5/6/2027	433		—		—		0.0	%	L+7.25%	8.25	%	5/6/2021	5/6/2027		433		—		—		0.0	%
Ascent Midco, LLC ^(f)	L+5.50%	6.50	%	2/5/2020	2/5/2025	2,267		2,240		2,267		0.4	%
Ascent Midco, LLC ^{(f) (x)}														L+5.75%	7.42	%	2/5/2020	2/5/2025		2,251		2,227		2,252		0.4	%
Ascent Midco, LLC (Revolver) ^(g)	L+5.50%	6.50	%	2/5/2020	2/5/2025	403		—		—		0.0	%	L+5.75%	7.42	%	2/5/2020	2/5/2025		403		—		—		0.0	%
Brickell Bay Acquisition Corp. ^(f)	L+6.50%	7.50	%	2/12/2021	2/12/2026	2,841		2,793		2,852		0.6	%
Brickell Bay Acquisition Corp. ^{(f) (x)}														L+6.50%	7.50	%	2/12/2021	2/12/2026		2,834		2,788		2,820		0.5	%
Brickell Bay Acquisition Corp. (Delayed Draw) ^{(g) (h)}	L+6.50%	7.50	%	2/12/2021	2/12/2026	573		—		—		0.0	%	L+6.50%	7.50	%	2/12/2021	2/12/2026		573		—		—		0.0	%
Caravel Autism Health, LLC ^(f)	L+5.75%	6.75	%	6/30/2021	6/30/2027	7,980		7,837		7,414		1.5	%	SF+8.75%	6.75% Cash/ 3.00% PIK		6/30/2021	6/30/2027		7,960		7,823		7,274		1.3	%
Caravel Autism Health, LLC (Delayed Draw) ^{(g) (h)}	L+5.75%	6.75	%	6/30/2021	6/30/2027	5,999		299		277		0.1	%	SF+8.75%	6.75% Cash/ 3.00% PIK		6/30/2021	6/30/2027		5,998		298		272		0.0	%
Caravel Autism Health, LLC (Revolver) ^(g)	L+5.75%	6.75	%	6/30/2021	6/30/2027	2,000		1,000		929		0.2	%	SF+8.75%	6.75% Cash/ 3.00% PIK		6/30/2021	6/30/2027		2,000		1,000		914		0.2	%
Dorado Acquisition, Inc. ^(f)	L+6.25%	7.25	%	6/30/2021	6/30/2026	13,930		13,686		13,923		2.8	%
Dorado Acquisition, Inc. ^{(f) (x)}														L+6.25%	7.25	%	6/30/2021	6/30/2026		13,895		13,664		13,944		2.4	%
Dorado Acquisition, Inc. (Delayed Draw) ^{(g) (h)}	L+6.25%	7.25	%	6/30/2021	6/30/2026	606		—		—		0.0	%	L+6.25%	7.25	%	6/30/2021	6/30/2026		606		—		—		0.0	%
Dorado Acquisition, Inc. (Revolver) ^(g)	L+6.25%	7.25	%	6/30/2021	6/30/2026	1,670		—		—		0.0	%	L+6.25%	7.25	%	6/30/2021	6/30/2026		1,670		—		—		0.0	%
INH Buyer, Inc. ^(f)	L+6.00%	7.01	%	6/30/2021	6/28/2028	4,886		4,842		4,747		0.9	%	L+6.00%	8.25	%	6/30/2021	6/28/2028		4,874		4,831		4,603		0.8	%
NationsBenefits, LLC ^(f)	L+7.00%	8.00	%	8/20/2021	8/20/2026	12,219		12,002		12,464		2.5	%	SF+7.00%	8.15	%	8/20/2021	8/20/2026		12,189		11,982		12,311		2.2	%
NationsBenefits, LLC (Revolver) ^(g)	L+7.00%	8.00	%	8/20/2021	8/20/2026	1,361		—		—		0.0	%	SF+7.00%	8.15	%	8/20/2021	8/20/2026		1,361		—		—		0.0	%
QF Holdings, Inc. ^(f)	L+6.25%	7.54	%	9/19/2019	9/19/2024	4,550		4,502		4,539		0.9	%
QF Holdings, Inc. ^(f)	L+6.25%	7.25	%	12/15/2021	12/15/2027	4,368		4,306		4,357		0.9	%
QF Holdings, Inc. ^(f)	L+6.25%	7.54	%	9/19/2019	9/19/2024	910		910		908		0.2	%
QF Holdings, Inc. ^(x)														L+6.25%	7.54	%	9/19/2019	9/19/2024		4,550		4,506		4,555		0.8	%
QF Holdings, Inc. ^(x)														L+6.25%	8.76	%	12/15/2021	12/15/2027		4,368		4,308		4,372		0.8	%
QF Holdings, Inc. ^(x)														L+6.25%	7.54	%	9/19/2019	9/19/2024		910		910		911		0.2	%
QF Holdings, Inc. (Delayed Draw) ^{(g) (h)}	L+6.25%	7.54	%	8/21/2020	9/19/2024	910		—		—		0.0	%	L+6.25%	7.54	%	8/21/2020	9/19/2024		910		—		—		0.0	%
QF Holdings, Inc. (Revolver) ^(g)	L+6.25%	7.54	%	9/19/2019	9/19/2024	1,092		—		—		0.0	%	L+6.25%	7.54	%	9/19/2019	9/19/2024		1,092		—		—		0.0	%
Seran BioScience, LLC ^(f)	L+6.25%	7.25	%	12/31/2020	12/31/2025	1,980		1,950		1,982		0.4	%
Seran BioScience, LLC ^{(f) (x)}														L+6.25%	7.25	%	12/31/2020	7/8/2027		1,975		1,947		1,975		0.3	%

Portfolio Company ^(a)	Spread Above Index ^(b)	Interest Rate		Acquisition Date ^(c)	Maturity	Principal	Amortized Cost		Fair Value ^(d)		% of Net Assets ^(e)
Equity Securities ^{(o) (u)}
FIRE: Real Estate
SFR Holdco, LLC (13.9% of equity commitments) ⁽ⁱ⁾	—	—	^(p)	8/6/2021	—	—	$	3,900	$	3,900		0.8	%
SFR Holdco, LLC (10.5% of equity commitments) ^{(i) (v)}	—	—	^(p)	3/1/2022	—	—		131		131		0.0	%
								4,031		4,031		0.8	%
Total Non-Controlled/Affiliate Equity Securities								4,031		4,031		0.8	%
Total Non-Controlled/Affiliate Company Investments							$	12,668	$	12,668		2.6	%

TOTAL INVESTMENTS							$	754,817	$	766,694		154.1	%

Description	Notional Amount to be Purchased		Notional Amount to be Sold		Counterparty	Settlement Date	Unrealized Gain (Loss)			Notional Amount to be Purchased		Notional Amount to be Sold		Counterparty	Settlement Date	Unrealized Gain (Loss)
Foreign currency forward contract	$	57	CAD	74	Bannockburn Global Forex, LLC	4/19/2022	$	(2	)	$	58	CAD	75	Bannockburn Global Forex, LLC	7/19/2022	$	—
Foreign currency forward contract	$	57	CAD	75	Bannockburn Global Forex, LLC	5/18/2022		(2	)	$	60	CAD	77	Bannockburn Global Forex, LLC	8/17/2022		—
Foreign currency forward contract	$	56	CAD	72	Bannockburn Global Forex, LLC	6/17/2022		(2	)	$	60	CAD	77	Bannockburn Global Forex, LLC	9/19/2022		—
Foreign currency forward contract	$	56	CAD	72	Bannockburn Global Forex, LLC	7/19/2022		(2	)	$	62	CAD	80	Bannockburn Global Forex, LLC	10/19/2022		—
Foreign currency forward contract	$	58	CAD	74	Bannockburn Global Forex, LLC	8/17/2022		(2	)	$	56	CAD	73	Bannockburn Global Forex, LLC	11/17/2022		—
Foreign currency forward contract	$	58	CAD	74	Bannockburn Global Forex, LLC	9/19/2022		(2	)	$	9,651	CAD	12,467	Bannockburn Global Forex, LLC	12/19/2022		(34	)
Foreign currency forward contract	$	59	CAD	77	Bannockburn Global Forex, LLC	10/19/2022		(2	)	$	107	AUD	138	Bannockburn Global Forex, LLC	7/18/2022		11
Foreign currency forward contract	$	54	CAD	70	Bannockburn Global Forex, LLC	11/17/2022		(1	)	$	108	AUD	140	Bannockburn Global Forex, LLC	8/16/2022		11
Foreign currency forward contract	$	9,352	CAD	12,078	Bannockburn Global Forex, LLC	12/19/2022		(306	)	$	118	AUD	153	Bannockburn Global Forex, LLC	9/16/2022		13
Foreign currency forward contract	$	113	AUD	146	Bannockburn Global Forex, LLC	4/19/2022		4		$	117	AUD	152	Bannockburn Global Forex, LLC	10/19/2022		13
Foreign currency forward contract	$	107	AUD	138	Bannockburn Global Forex, LLC	5/17/2022		3		$	105	AUD	136	Bannockburn Global Forex, LLC	11/16/2022		11
Foreign currency forward contract	$	119	AUD	153	Bannockburn Global Forex, LLC	6/17/2022		4		$	109	AUD	142	Bannockburn Global Forex, LLC	12/16/2022		12
Foreign currency forward contract	$	107	AUD	138	Bannockburn Global Forex, LLC	7/18/2022		3		$	118	AUD	153	Bannockburn Global Forex, LLC	1/18/2023		12
Foreign currency forward contract	$	108	AUD	140	Bannockburn Global Forex, LLC	8/16/2022		3		$	108	AUD	140	Bannockburn Global Forex, LLC	2/16/2023		11
Foreign currency forward contract	$	118	AUD	153	Bannockburn Global Forex, LLC	9/16/2022		4		$	102	AUD	132	Bannockburn Global Forex, LLC	3/16/2023		11
Foreign currency forward contract	$	117	AUD	152	Bannockburn Global Forex, LLC	10/19/2022		4		$	123	AUD	160	Bannockburn Global Forex, LLC	4/20/2023		13
Foreign currency forward contract	$	105	AUD	136	Bannockburn Global Forex, LLC	11/16/2022		3		$	93	AUD	121	Bannockburn Global Forex, LLC	5/16/2023		9
Foreign currency forward contract	$	109	AUD	142	Bannockburn Global Forex, LLC	12/16/2022		3		$	121	AUD	156	Bannockburn Global Forex, LLC	6/19/2023		13
Foreign currency forward contract	$	118	AUD	153	Bannockburn Global Forex, LLC	1/18/2023		4		$	106	AUD	138	Bannockburn Global Forex, LLC	7/18/2023		11
Foreign currency forward contract	$	108	AUD	140	Bannockburn Global Forex, LLC	2/16/2023		3		$	113	AUD	146	Bannockburn Global Forex, LLC	8/16/2023		12
Foreign currency forward contract	$	102	AUD	132	Bannockburn Global Forex, LLC	3/16/2023		3		$	113	AUD	146	Bannockburn Global Forex, LLC	9/18/2023		11
Foreign currency forward contract	$	123	AUD	160	Bannockburn Global Forex, LLC	4/20/2023		4		$	114	AUD	148	Bannockburn Global Forex, LLC	10/18/2023		12
Foreign currency forward contract	$	93	AUD	121	Bannockburn Global Forex, LLC	5/16/2023		2		$	107	AUD	140	Bannockburn Global Forex, LLC	11/16/2023		11
Foreign currency forward contract	$	121	AUD	156	Bannockburn Global Forex, LLC	6/19/2023		4		$	109	AUD	142	Bannockburn Global Forex, LLC	12/18/2023		11
Foreign currency forward contract	$	106	AUD	138	Bannockburn Global Forex, LLC	7/18/2023		3		$	115	AUD	150	Bannockburn Global Forex, LLC	1/17/2024		12
Foreign currency forward contract	$	113	AUD	146	Bannockburn Global Forex, LLC	8/16/2023		3		$	110	AUD	143	Bannockburn Global Forex, LLC	2/16/2024		11
Foreign currency forward contract	$	113	AUD	146	Bannockburn Global Forex, LLC	9/18/2023		3		$	11,827	AUD	15,410	Bannockburn Global Forex, LLC	3/18/2024		1,190
Foreign currency forward contract	$	114	AUD	148	Bannockburn Global Forex, LLC	10/18/2023		3
Foreign currency forward contract	$	107	AUD	140	Bannockburn Global Forex, LLC	11/16/2023		3
Foreign currency forward contract	$	109	AUD	142	Bannockburn Global Forex, LLC	12/18/2023		3
Foreign currency forward contract	$	115	AUD	150	Bannockburn Global Forex, LLC	1/17/2024		3
Foreign currency forward contract	$	110	AUD	143	Bannockburn Global Forex, LLC	2/16/2024		3
Foreign currency forward contract	$	11,827	AUD	15,410	Bannockburn Global Forex, LLC	3/18/2024		298
							$	52								$	1,387

	March 31, 2022				December 31, 2021				June 30, 2022				December 31, 2021
Amortized Cost:
Senior secured loans	$	648,260	85.9	%	$	631,665	90.8	%	$	716,752	82.9	%	$	631,665	90.8	%
Unitranche secured loans		50,554	6.7			29,886	4.3			88,264	10.2			29,886	4.3
Junior secured loans		37,186	4.9			18,107	2.6			38,631	4.5			18,107	2.6
Equity securities		18,817	2.5			16,258	2.3			20,835	2.4			16,258	2.3
Total	$	754,817	100.0	%	$	695,916	100.0	%	$	864,482	100.0	%	$	695,916	100.0	%

	•	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.

	•	the quarterly valuation process begins with each portfolio company or investment being initially evaluated and rated by the investment professionals of MC Advisors responsible for the credit monitoring of the portfolio investment;

	•	the Board engages one or more independent valuation firm(s) to conduct independent appraisals of a selection of investments for which market quotations are not readily available. The Company will consult with independent valuation firm(s) relative to each portfolio company at least once in every calendar year, but the independent appraisals are generally received quarterly for each investment;

	•	the audit committee of the Board reviews the preliminary valuations of MC Advisors and of the independent valuation firm(s) and MC Advisors adjusts or further supplements the valuation recommendations to reflect any comments provided by the audit committee; and

	•	the Board discusses these valuations and determines the fair value of each investment in the portfolio in good faith, based on the input of MC Advisors, the independent valuation firm(s) and the audit committee.

	Fair Value Measurements								Fair Value Measurements
March 31, 2022	Level 1		Level 2		Level 3		Total
June 30, 2022									Level 1		Level 2		Level 3		Total
Senior secured loans	$	—	$	—	$	655,949	$	655,949	$	—	$	—	$	718,154	$	718,154
Unitranche secured loans		—		—		51,314		51,314		—		—		88,896		88,896
Junior secured loans		—		—		37,403		37,403		—		—		38,547		38,547
Equity securities		158		—		21,870		22,028		92		—		24,370		24,462
Total investments	$	158	$	—	$	766,536	$	766,694	$	92	$	—	$	869,967	$	870,059
Foreign currency forward contracts asset (liability)	$	—	$	52	$	—	$	52	$	—	$	1,387	$	—	$	1,387

	Investments														Investments
	Senior secured loans			Unitranche secured loans			Junior secured loans			Equity securities		Total investments			Senior secured loans			Unitranche secured loans			Junior secured loans			Equity securities			Total investments
Balance as of December 31, 2021	$	638,120		$	30,161		$	18,580		$	17,790	$	704,651
Balance as of March 31, 2022															$	655,949		$	51,314		$	37,403		$	21,870		$	766,536
Net realized gain (loss) on investments		25			—			—			—		25			(42	)		—			—			—			(42	)
Net change in unrealized gain (loss) on investments		1,091			627			(255	)		1,521		2,984			(6,286	)		(129	)		(300	)		481			(6,234	)
Purchases of investments and other adjustments to cost ⁽¹⁾		56,166			3,345			19,078			2,559		81,148			94,921			37,789			1,444			2,454			136,608
Proceeds from principal payments and sales of investments ⁽²⁾		(22,238	)		(34	)		—			—		(22,272	)		(26,388	)		(78	)		—			(435	)		(26,901	)
Reclassifications ⁽³⁾		(17,215	)		17,215			—			—		—			—			—			—			—			—
Balance as of March 31, 2022	$	655,949		$	51,314		$	37,403		$	21,870	$	766,536
Balance as of June 30, 2022															$	718,154		$	88,896		$	38,547		$	24,370		$	869,967

⁽¹⁾	Includes purchases of new investments, effects of refinancing and restructurings, premium and discount accretion and amortization and PIK interest.
⁽²⁾	Represents net proceeds from investments sold and principal paydowns received.
⁽³⁾	Represents non-cash reclassification of investment type due to a restructuring.

						Weighted
	Fair			Valuation	Unobservable	Average			Range
	Value			Technique	Input	Mean			Minimum			Maximum
Assets:
Senior secured loans	$	445,152		Discounted cash flow	EBITDA multiples		10.0	x		4.0	x		20.5	x
					Market yields		9.7	%		4.4	%		18.4	%
Senior secured loans		229,863		Discounted cash flow	Revenue multiples		7.9	x		0.6	x		21.0	x
					Market yields		10.3	%		7.9	%		16.8	%
Senior secured loans		23,228		Enterprise value	EBITDA multiples		10.9	x		3.5	x		11.0	x
Unitranche secured loans		57,522		Discounted cash flow	EBITDA multiples		9.6	x		9.0	x		10.5	x
					Market yields		9.9	%		9.7	%		11.4	%
Unitranche secured loans		31,374		Discounted cash flow	Revenue multiples		9.4	x		5.8	x		12.5	x
					Market yields		9.1	%		7.6	%		10.5	%
Junior secured loans		38,547		Discounted cash flow	Market yields		15.1	%		10.5	%		27.6	%
Equity securities		19,052		Enterprise value	EBITDA multiples		9.3	x		4.0	x		17.5	x
Equity securities		4,452		Enterprise value	Revenue multiples		10.3	x		4.5	x		21.0	x
Equity securities		334		Option pricing model	Volatility		66.3	%		46.8	%		99.0	%
Total Level 3 Assets	$	849,524	⁽¹⁾

						Weighted Average			Range														Range
	Fair Value			Valuation Technique	Unobservable Input	Mean			Minimum			Maximum			Fair Value			Valuation Technique	Unobservable Input	Weighted Average Mean			Minimum			Maximum
Assets:
Senior secured loans	$	380,090		Discounted cash flow	EBITDA multiples		10.5	x		6.3	x		20.0	x	$	380,090		Discounted cash flow	EBITDA multiples		10.5	x		6.3	x		20.0	x
					Market yields		7.6	%		6.1	%		10.7	%					Market yields		7.6	%		6.1	%		10.7	%
Senior secured loans		203,681		Discounted cash flow	Revenue multiples		9.6	x		0.5	x		26.5	x		203,681		Discounted cash flow	Revenue multiples		9.6	x		0.5	x		26.5	x
					Market yields		8.3	%		6.6	%		13.1	%					Market yields		8.3	%		6.6	%		13.1	%
Senior secured loans		38,102		Discounted cash flow	Market yields		10.2	%		7.5	%		15.3	%		38,102		Discounted cash flow	Market yields		10.2	%		7.5	%		15.3	%
Senior secured loans		84		Enterprise value	EBITDA multiples		5.0	x		5.0	x		5.0	x		84		Enterprise value	EBITDA multiples		5.0	x		5.0	x		5.0	x
Unitranche secured loans		14,719		Discounted cash flow	Revenue multiples		14.0	x		14.0	x		14.0	x		14,719		Discounted cash flow	Revenue multiples		14.0	x		14.0	x		14.0	x
					Market yields		8.3	%		8.3	%		8.3	%					Market yields		8.3	%		8.3	%		8.3	%
Unitranche secured loans		13,951		Discounted cash flow	EBITDA multiples		8.5	x		8.5	x		8.5	x		13,951		Discounted cash flow	EBITDA multiples		8.5	x		8.5	x		8.5	x
					Market yields		8.3	%		8.3	%		8.3	%					Market yields		8.3	%		8.3	%		8.3	%
Unitranche secured loans		1,491		Discounted cash flow	Market yields		8.9	%		8.9	%		8.9	%		1,491		Discounted cash flow	Market yields		8.9	%		8.9	%		8.9	%
Junior secured loans		16,043		Discounted cash flow	Market yields		16.9	%		8.0	%		25.1	%		16,043		Discounted cash flow	Market yields		16.9	%		8.0	%		25.1	%
Junior secured loans		2,537		Discounted cash flow	Revenue multiples		15.0	x		15.0	x		15.0	x		2,537		Discounted cash flow	Revenue multiples		15.0	x		15.0	x		15.0	x
					Market yields		2.0	%		2.0	%		2.0	%					Market yields		2.0	%		2.0	%		2.0	%
Equity securities		11,208		Enterprise value	EBITDA multiples		6.8	x		6.3	x		18.5	x		11,208		Enterprise value	EBITDA multiples		6.8	x		6.3	x		18.5	x
Equity securities		2,186		Discounted cash flow	EBITDA multiples		13.3	x		13.3	x		13.3	x		2,186		Discounted cash flow	EBITDA multiples		13.3	x		13.3	x		13.3	x
					Market yields		12.3	%		12.3	%		12.3	%					Market yields		12.3	%		12.3	%		12.3	%
Equity securities		3,519		Enterprise value	Revenue multiples		14.8	x		9.7	x		26.5	x		3,519		Enterprise value	Revenue multiples		14.8	x		9.7	x		26.5	x
Equity securities		463		Option pricing model	Volatility		42.5	%		42.5	%		42.5	%		463		Option pricing model	Volatility		42.5	%		42.5	%		42.5	%
Total Level 3 Assets	$	688,074	⁽¹⁾												$	688,074	⁽¹⁾

Portfolio Company	Fair value at December 31, 2021		Transfers in (out)		Purchases (cost)		Sales and paydowns (cost)		PIK interest (cost)		Discount accretion		Net realized gain (loss)		Net unrealized gain (loss)		Fair value at March 31, 2022
Non-controlled affiliate company investment:
Second Avenue SFR Holdings II LLC (Revolver) ⁽¹⁾	$	2,104	$	—	$	487	$	—	$	—	$	—	$	—	$	—	$	2,591
		2,104		—		487		—		—		—		—		—		2,591

SFR Holdco, LLC (Junior secured loan)		5,850		—		—		—		—		—		—		—		5,850
SFR Holdco, LLC (Junior secured loan)		—		—		196		—		—		—		—		—		196
SFR Holdco, LLC (13.9% of equity commitments)		3,900		—		—		—		—		—		—		—		3,900
SFR Holdco, LLC (10.5% of equity commitments)		—		—		131		—		—		—		—		—		131
		9,750		—		327		—		—		—		—		—		10,077
Total non-controlled affiliate company investments	$	11,854	$	—	$	814	$	—	$	—	$	—	$	—	$	—	$	12,668

Portfolio Company	Fair value at December 31, 2021		Transfers in (out)		Purchases (cost)		Sales and paydowns (cost)		PIK interest (cost)		Discount accretion		Net realized gain (loss)		Net unrealized gain (loss)		Fair value at June 30, 2022
Non-controlled affiliate company investment:
J2 BWA Funding III, LLC (Delayed Draw)	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
J2 BWA Funding III, LLC (commitment to purchase up to 7.6% of the equity)		—		—		—		—		—		—		—		—		—
		—		—		—		—		—		—		—		—		—

Second Avenue SFR Holdings II LLC (Revolver) ⁽¹⁾		2,104		—		487		—		—		—		—		—		2,591
		2,104		—		487		—		—		—		—		—		2,591

SFR Holdco, LLC (Junior secured loan)		5,850		—		—		—		—		—		—		—		5,850
SFR Holdco, LLC (Junior secured loan)		—		—		1,146		—		—		—		—		—		1,146
SFR Holdco, LLC (13.9% of interests)		3,900		—		—		—		—		—		—		—		3,900
SFR Holdco, LLC (10.5% of interests)		—		—		765		—		—		—		—		—		765
		9,750		—		1,911		—		—		—		—		—		11,661
Total non-controlled affiliate company investments	$	11,854	$	—	$	2,398	$	—	$	—	$	—	$	—	$	—	$	14,252

	For the three months ended March 31,
	2022						2021
Portfolio Company		Interest Income		Dividend Income		Fee Income		Interest Income	Dividend Income	Fee Income
Non-controlled affiliate company investments:
Second Avenue SFR Holdings II LLC (Revolver)	$	46	$	—	$	—		n/a	n/a	n/a
		46		—		—		n/a	n/a	n/a

SFR Holdco, LLC (Junior secured loan)		117		—		—		n/a	n/a	n/a
SFR Holdco, LLC (Junior secured loan)		1		—		—		n/a	n/a	n/a
SFR Holdco, LLC (LLC interest)		—		—		—		n/a	n/a	n/a
SFR Holdco, LLC (LLC interest)		—		—		—		n/a	n/a	n/a
		118		—		—		n/a	n/a	n/a
Total non-controlled affiliate company investments	$	164	$	—	$	—		n/a	n/a	n/a

	For the six months ended June 30,
	2022						2021
Portfolio Company	Interest Income		Dividend Income		Fee Income		Interest Income		Dividend Income	Fee Income
Non-controlled affiliate company investments:
J2 BWA Funding III, LLC (Delayed Draw)	$	—	$	—	$	—		n/a	n/a	n/a
J2 BWA Funding III, LLC (Equity commitment)		—		—		—		n/a	n/a	n/a
		—		—		—		n/a	n/a	n/a

Second Avenue SFR Holdings II LLC (Revolver)		97		—		—		n/a	n/a	n/a
		97		—		—		n/a	n/a	n/a

SFR Holdco, LLC (Junior secured loan)		234		—		—		n/a	n/a	n/a
SFR Holdco, LLC (Junior secured loan)		20		—		—		n/a	n/a	n/a
SFR Holdco, LLC (LLC interest)		—		—		—		n/a	n/a	n/a
SFR Holdco, LLC (LLC interest)		—		—		—		n/a	n/a	n/a
		254		—		—		n/a	n/a	n/a
Total non-controlled affiliate company investments	$	351	$	—	$	—		n/a	n/a	n/a

	·	no incentive fee in any calendar quarter in which the pre-incentive fee net investment income does not exceed the hurdle rate of 1.50% (6% annually);

	·	100% of the Company’s pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 1.7143% (reduced from 1.76%) in any calendar quarter prior to an Exchange Listing or 1.88% in any calendar quarter following an Exchange Listing. The Company refers to this portion of the Company’s pre-incentive fee net investment income as the “catch-up” provision. Prior to an Exchange Listing, the catch-up is meant to provide MC Advisors with 15% of the pre-incentive fee net investment income as if a hurdle rate did not apply if this net investment income exceeds 1.76% in any calendar quarter,Listing; and following an Exchange Listing, the catch-up is meant to provide MC Advisors with 20% of the pre-incentive fee net investment income as if a hurdle rate did not apply if this net investment income exceeds 1.88% in any calendar quarter; and


	·	prior to an Exchange Listing, ~~15%~~12.5% of the amount of the Company’s pre-incentive fee net investment income (a reduction from 15.0% of the amount of the Company’s pre-incentive fee net income), if any, that exceeds 1.7143% (reduced from 1.76%) in any calendar quarter, and following an Exchange Listing, 20% of the amount of the Company’s pre-incentive fee net investment income, if any, that exceeds 1.88% in any calendar quarter.

	Three months ended March 31,
	2022		2021
Part one incentive fees ⁽¹⁾	$	1,461	$	543
Part two incentive fees ⁽²⁾		362		418
Incentive fees, excluding the impact of incentive fee waivers		1,823		961
Incentive fee waivers ⁽³⁾		—		(543	)
Total incentive fees, net of incentive fee waivers	$	1,823	$	418

⁽¹⁾		Based on pre-incentive fee net investment income.
⁽²⁾		Based upon net realized and unrealized gains and losses, or capital gains. 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 ~~15%~~12.5% of the sum of net realized gain (loss) plus net unrealized gain (loss).
⁽³⁾		Represents part one incentive fees voluntarily waived by MC Advisors.

	As of March 31, 2022									As of June 30, 2022
Description	Notional Amount to be Sold		Settlement Date	Gross Amount of Unrealized Gain		Gross Amount of Unrealized Loss			Balance Sheet location of Net Amounts	Notional Amount to be Sold		Settlement Date	Gross Amount of Unrealized Gain		Gross Amount of Unrealized Loss			Balance Sheet location of Net Amounts
Foreign currency forward contract	CAD	74	4/19/2022	$	—	$	(2	)	Unrealized gain on foreign currency forward contracts	CAD	75	7/19/2022	$	—	$	—		Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	75	5/18/2022		—		(2	)	Unrealized gain on foreign currency forward contracts	CAD	77	8/17/2022		—		—		Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	72	6/17/2022		—		(2	)	Unrealized gain on foreign currency forward contracts	CAD	77	9/19/2022		—		—		Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	72	7/19/2022		—		(2	)	Unrealized gain on foreign currency forward contracts	CAD	80	10/19/2022		—		—		Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	74	8/17/2022		—		(2	)	Unrealized gain on foreign currency forward contracts	CAD	73	11/17/2022		—		—		Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	74	9/19/2022		—		(2	)	Unrealized gain on foreign currency forward contracts	CAD	12,467	12/19/2022		—		(34	)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	77	10/19/2022		—		(2	)	Unrealized gain on foreign currency forward contracts	AUD	138	7/18/2022		11		—		Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	70	11/17/2022		—		(1	)	Unrealized gain on foreign currency forward contracts	AUD	140	8/16/2022		11		—		Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	12,078	12/19/2022		—		(306	)	Unrealized gain on foreign currency forward contracts	AUD	153	9/16/2022		13		—		Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	146	4/19/2022		4		—		Unrealized gain on foreign currency forward contracts	AUD	152	10/19/2022		13		—		Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	138	5/17/2022		3		—		Unrealized gain on foreign currency forward contracts	AUD	136	11/16/2022		11		—		Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	153	6/17/2022		4		—		Unrealized gain on foreign currency forward contracts	AUD	142	12/16/2022		12		—		Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	138	7/18/2022		3		—		Unrealized gain on foreign currency forward contracts	AUD	153	1/18/2023		12		—		Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	140	8/16/2022		3		—		Unrealized gain on foreign currency forward contracts	AUD	140	2/16/2023		11		—		Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	153	9/16/2022		4		—		Unrealized gain on foreign currency forward contracts	AUD	132	3/16/2023		11		—		Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	152	10/19/2022		4		—		Unrealized gain on foreign currency forward contracts	AUD	160	4/20/2023		13		—		Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	136	11/16/2022		3		—		Unrealized gain on foreign currency forward contracts	AUD	121	5/16/2023		9		—		Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	142	12/16/2022		3		—		Unrealized gain on foreign currency forward contracts	AUD	156	6/19/2023		13		—		Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	153	1/18/2023		4		—		Unrealized gain on foreign currency forward contracts	AUD	138	7/18/2023		11		—		Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	140	2/16/2023		3		—		Unrealized gain on foreign currency forward contracts	AUD	146	8/16/2023		12		—		Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	132	3/16/2023		3		—		Unrealized gain on foreign currency forward contracts	AUD	146	9/18/2023		11		—		Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	160	4/20/2023		4		—		Unrealized gain on foreign currency forward contracts	AUD	148	10/18/2023		12		—		Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	121	5/16/2023		2		—		Unrealized gain on foreign currency forward contracts	AUD	140	11/16/2023		11		—		Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	156	6/19/2023		4		—		Unrealized gain on foreign currency forward contracts	AUD	142	12/18/2023		11		—		Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	138	7/18/2023		3		—		Unrealized gain on foreign currency forward contracts	AUD	150	1/17/2024		12		—		Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	146	8/16/2023		3		—		Unrealized gain on foreign currency forward contracts	AUD	143	2/16/2024		11		—		Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	146	9/18/2023		3		—		Unrealized gain on foreign currency forward contracts	AUD	15,410	3/18/2024		1,190		—		Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	148	10/18/2023		3		—		Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	140	11/16/2023		3		—		Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	142	12/18/2023		3		—		Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	150	1/17/2024		3		—		Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	143	2/16/2024		3		—		Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	15,410	3/18/2024		298		—		Unrealized gain on foreign currency forward contracts
				$	373	$	(321	)	Unrealized gain on foreign currency forward contracts				$	1,421	$	(34	)

	As of December 31, 2021
Description	Notional Amount to be Sold		Settlement Date	Gross Amount of Unrealized Gain		Gross Amount of Unrealized Loss			Balance Sheet location of Net Amounts
Foreign currency forward contract	CAD	72	1/18/2022	$	—	$	(1	)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	77	2/17/2022		—		(1	)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	67	3/17/2022		—		(1	)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	74	4/19/2022		—		(1	)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	75	5/18/2022		—		(1	)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	72	6/17/2022		—		(1	)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	72	7/19/2022		—		(1	)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	74	8/17/2022		—		(1	)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	74	9/19/2022		—		(1	)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	77	10/19/2022		—		(1	)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	70	11/17/2022		—		(1	)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	12,078	12/19/2022		—		(206	)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	156	1/19/2022		8		—		Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	136	2/16/2022		6		—		Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	132	3/16/2022		6		—		Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	146	4/19/2022		7		—		Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	138	5/17/2022		7		—		Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	153	6/17/2022		7		—		Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	138	7/18/2022		6		—		Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	140	8/16/2022		6		—		Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	153	9/16/2022		7		—		Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	152	10/19/2022		7		—		Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	136	11/16/2022		6		—		Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	142	12/16/2022		7		—		Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	153	1/18/2023		7		—		Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	140	2/16/2023		6		—		Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	132	3/16/2023		6		—		Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	160	4/20/2023		7		—		Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	121	5/16/2023		5		—		Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	156	6/19/2023		7		—		Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	138	7/18/2023		6		—		Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	146	8/16/2023		6		—		Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	146	9/18/2023		6		—		Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	148	10/18/2023		7		—		Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	140	11/16/2023		6		—		Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	142	12/18/2023		6		—		Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	150	1/17/2024		6		—		Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	143	2/16/2024		6		—		Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	15,410	3/18/2024		635		—		Unrealized gain on foreign currency forward contracts
Total				$	802	$	(217	)