0001512931mrcc:InvestmentOwnedAtFairValueMembermrcc:InvestmentPortfolioByIndustryConcentrationRiskMembermrcc:WholesaleSectorMember2024-01-012024-03-31
Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended September 30, 2017

OR

March 31, 2024
or
¨
oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 814-00866

MONROE CAPITAL CORPORATION

(Exact Name of Registrant as Specified in its Charter)

Maryland27-4895840

(State or Other Jurisdiction of


Incorporation or Organization)

(I.R.S. Employer


Identification No.)

311 South Wacker Drive, Suite 6400

Chicago, Illinois

60606
(Address of Principal Executive Office)(Zip Code)

(312) 258-8300

(Registrant’s Telephone Number, Including Area Code)

Not Applicable
(Former Name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, par value $0.001 per shareMRCCThe Nasdaq Global Select Market
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  x    No  ¨

o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files). Yes  x   No  ¨

o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”,filer,” “accelerated filer”,filer,” “smaller reporting company”company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (check one):

Large accelerated filer¨oAccelerated filerxo
Non-accelerated filer¨  (Do not check if a smaller reporting company)     xSmaller reporting company¨o
Emerging growth companyxo

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. x

o

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

As of NovemberMay 7, 2017,2024, the registrant had 20,239,95721,666,340 shares of common stock, $0.001 par value, outstanding.



Table of Contents
TABLE OF CONTENTS

Page
March 31, 2024 and 2023 (unaudited)

2

2


Part I. Financial Information

Item 1. Consolidated Financial Statements

MONROE CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(in thousands, except per share data)

  September 30, 2017  December 31, 2016 
  (unaudited)    
ASSETS        
Investments, at fair value:        
Non-controlled/non-affiliate company investments $368,634  $353,980 
Non-controlled affiliate company investments  53,595   50,041 
Controlled affiliate company investments  8,868   8,899 
Total investments, at fair value (amortized cost of: $439,922 and $413,242, respectively)  431,097   412,920 
Cash  3,721   5,958 
Restricted cash  5,689   2,373 
Interest receivable  4,220   2,643 
Other assets  535   651 
Total assets  445,262   424,545 
         
LIABILITIES        
Debt:        
Revolving credit facility  60,612   129,000 
SBA debentures payable  92,100   51,500 
Total debt  152,712   180,500 
Less:  Unamortized deferred financing costs  (4,524)  (3,945)
Total debt, less unamortized deferred financing costs  148,188   176,555 
Secured borrowings, at fair value (proceeds of: $0 and $1,320, respectively)  -   1,314 
Payable for open trades  7,425   - 
Interest payable  541   735 
Management fees payable  1,953   1,749 
Incentive fees payable  1,721   1,222 
Accounts payable and accrued expenses  1,855   2,120 
Directors' fees payable  37   - 
Total liabilities  161,720   183,695 
Net assets $283,542  $240,850 
         
Commitments and contingencies (See Note 10)        
         
ANALYSIS OF NET ASSETS        
Common stock, $0.001 par value, 100,000 shares authorized, 20,240 and 16,582 shares issued and outstanding, respectively $20  $17 
Capital in excess of par value  286,269   233,526 
Undistributed net investment income (accumulated distributions in excess of net investment income)  6,081   7,037 
Accumulated net realized gain (loss) on investments and secured borrowings  81   587 
Accumulated net unrealized gain (loss) on investments, secured borrowings and foreign currency borrowings  (8,909)  (317)
Total net assets $283,542  $240,850 
         
Net asset value per share $14.01  $14.52 

March 31, 2024December 31, 2023
(unaudited)
ASSETS
Investments, at fair value:
Non-controlled/non-affiliate company investments$384,266 $371,723 
Non-controlled affiliate company investments83,633 83,541 
Controlled affiliate company investments32,990 33,122 
Total investments, at fair value (amortized cost of: $525,658 and $510,876, respectively)500,889 488,386 
Cash and cash equivalents4,856 4,958 
Interest and dividend receivable20,885 19,349 
Other assets858 493 
Total assets527,488 513,186 
LIABILITIES
Debt:
Revolving credit facility191,700 174,100 
2026 Notes130,000 130,000 
Total debt321,700 304,100 
Less: Unamortized deferred financing costs(2,908)(3,235)
Total debt, less unamortized deferred financing costs318,792 300,865 
Interest payable1,621 3,078 
Management fees payable2,048 2,100 
Incentive fees payable1,368 1,319 
Accounts payable and accrued expenses2,081 2,100 
Directors’ fees payable76 — 
Total liabilities325,986 309,462 
Net assets$201,502 $203,724 
Commitments and contingencies (See Note 11)
ANALYSIS OF NET ASSETS
Common stock, $0.001 par value, 100,000 shares authorized, 21,666 and 21,666 shares issued and outstanding, respectively$22 $22 
Capital in excess of par value298,127 298,127 
Accumulated undistributed (overdistributed) earnings(96,647)(94,425)
Total net assets$201,502 $203,724 
Net asset value per share$9.30 $9.40 
See Notes to Consolidated Financial Statements.

3

3


Table of Contents
MONROE CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except per share data)

  Three months ended September 30,  Nine months ended September 30, 
  2017  2016  2017  2016 
Investment income:                
Interest income:                
Non-controlled/non-affiliate company investments $10,887  $8,387  $30,995  $25,109 
Non-controlled affiliate company investments  1,470   1,117   3,777   3,282 
Controlled affiliate company investments  200   20   594   30 
Total interest income  12,557   9,524   35,366   28,421 
Dividend income:                
Non-controlled/non-affiliate company investments  251   251   751   751 
Non-controlled affiliate company investments  -   1,133   -   3,546 
Total dividend income  251   1,384   751   4,297 
Fee income:                
Non-controlled/non-affiliate company investments  661   220   1,626   1,067 
Total fee income  661   220   1,626   1,067 
Total investment income  13,469   11,128   37,743   33,785 
                 
Operating expenses:                
Interest and other debt financing expenses  1,907   1,523   6,101   4,987 
Base management fees  1,953   1,594   5,661   4,598 
Incentive fees  1,721   1,223   4,471   4,282 
Professional fees  277   237   854   682 
Administrative service fees  295   324   926   956 
General and administrative expenses  292   265   760   611 
Excise taxes  100   342   100   429 
Directors' fees  37   37   111   111 
Expenses before incentive fee waiver  6,582   5,545   18,984   16,656 
Incentive fee waiver  -   -   (250)  - 
Total expenses, net of incentive fee waiver  6,582   5,545   18,734  16,656 
Net investment income  6,887   5,583   19,009   17,129 
                 
Net gain (loss) on investments, secured borrowings and foreign currency borrowings:                
Net realized gain (loss):                
Non-controlled/non-affiliate company investments  (2,900)  -   (572)  587 
Secured borrowings  -   -   66   - 
Net realized gain (loss)  (2,900)  -   (506)  587 
                 
Net change in unrealized gain (loss):                
Non-controlled/non-affiliate company investments  3,099   200   3,788   (920)
Non-controlled affiliate company investments  454   618   (8,902)  3,814 
Controlled affiliate company investments  (1,155)  (2,666)  (3,389)  (3,741)
Secured borrowings  -   (123)  (6)  (36)
Foreign currency borrowings  (67)  -   (83)  - 
Net change in unrealized gain (loss)  2,331   (1,971)  (8,592)  (883)
                 
Net gain (loss) on investments, secured borrowings and foreign currency borrowings  (569)  (1,971)  (9,098)  (296)
                 
Net increase (decrease) in net assets resulting from operations $6,318  $3,612  $9,911  $16,833 
                 
Per common share data:                
Net investment income per share - basic and diluted $0.34  $0.36  $1.05  $1.24 
Net increase in net assets resulting from operations per share - basic and diluted $0.31  $0.23  $0.55  $1.21 
Weighted average common shares outstanding - basic and diluted  20,240   15,559   18,081   13,864 

Three months ended March 31,
20242023
Investment income:
Non-controlled/non-affiliate company investments:
Interest income$10,830 $11,710 
Payment-in-kind interest income808 885 
Dividend income59 146 
Fee income37 310 
Total investment income from non-controlled/non-affiliate company investments11,734 13,051 
Non-controlled affiliate company investments:
Interest income1,188 1,417 
Payment-in-kind interest income1,307 1,387 
Dividend income53 49 
Total investment income from non-controlled affiliate company investments2,548 2,853 
Controlled affiliate company investments:
Dividend income900 900 
Total investment income from controlled affiliate company investments900 900 
Total investment income15,182 16,804 
Operating expenses:
Interest and other debt financing expenses5,507 5,514 
Base management fees2,048 2,200 
Incentive fees1,368 1,657 
Professional fees268 128 
Administrative service fees209 255 
General and administrative expenses218 155 
Directors’ fees76 35 
Total operating expenses9,694 9,944 
Net investment income before income taxes5,488 6,860 
Income taxes, including excise taxes18 233 
Net investment income5,470 6,627 
Net gain (loss):
Net realized gain (loss):
Non-controlled/non-affiliate company investments706 
Foreign currency forward contracts— 37 
Foreign currency and other transactions— (3)
Net realized gain (loss)740 
Net change in unrealized gain (loss):
Non-controlled/non-affiliate company investments(1,344)(3,417)
Non-controlled affiliate company investments(803)(1,025)
Controlled affiliate company investments(132)254 
Foreign currency forward contracts— 180 
Net change in unrealized gain (loss)(2,279)(4,008)
Net gain (loss)(2,275)(3,268)
Net increase (decrease) in net assets resulting from operations$3,195 $3,359 
Per common share data:
Net investment income per share - basic and diluted$0.25 $0.31 
Net increase (decrease) in net assets resulting from operations per share - basic and diluted$0.15 $0.16 
Weighted average common shares outstanding - basic and diluted21,66621,666
See Notes to Consolidated Financial Statements.

4

4


MONROE CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(unaudited)

(in thousands)

  Common Stock  Capital in excess  Undistributed net investment
income (accumulated distributions in excess of net
  Accumulated net
realized gain (loss) on investments and
  Accumulated net unrealized gain
(loss) on investments, secured borrowings and foreign
    
  Number of
shares
  Par
value
  of par
value
  

investment

income)

  secured
borrowings
  currency
borrowings
  Total
net assets
 
Balances at December 31, 2015  13,008  $13  $184,419  $1,692  $-  $(1,589) $184,535 
Net increase (decrease) in net assets resulting from operations  -   -   -   17,129   587   (883)  16,833 
Issuance of common stock, net of offering and underwriting costs  3,566   4   52,551   -   -   -   52,555 
Distributions to stockholders:                            
Stock issued in connection with dividend reinvestment plan  4   -   70   (70)  -   -   - 
Distributions from net investment income  -   -   -   (14,836)  -   -   (14,836)
Balances at September 30, 2016  16,578  $17  $237,040  $3,915  $587  $(2,472) $239,087 
                             
Balances at December 31, 2016  16,582  $17  $233,526  $7,037  $587  $(317) $240,850 
Net increase (decrease) in net assets resulting from operations  -   -   -   19,009  (506)  (8,592)  9,911 
Issuance of common stock, net of offering and underwriting costs  3,624   3   52,218   -   -   -   52,221 
Distributions to stockholders:                            
Stock issued in connection with dividend reinvestment plan  34   -   525   (525)  -   -   - 
Distributions from net investment income  -   -   -   (19,440)  -   -   (19,440)
Balances at September 30, 2017  20,240  $20  $286,269  $6,081  $81  $(8,909) $283,542 


Common StockAccumulated
undistributed
(overdistributed)
earnings
Number of sharesPar
value
Capital in excess of
par value
Total
net assets
Balances at December 31, 202221,666$22 $298,700 $(73,703)$225,019 
Net investment income— — 6,627 6,627 
Net realized gain (loss)— — 740 740 
Net change in unrealized gain (loss)— — (4,008)(4,008)
Distributions to stockholders— — (5,417)(5,417)
Balances at March 31, 202321,666$22 $298,700 $(75,761)$222,961 
Balances at December 31, 202321,666$22 $298,127 $(94,425)$203,724 
Net investment income— — 5,470 5,470 
Net realized gain (loss)— — 
Net change in unrealized gain (loss)— — (2,279)(2,279)
Distributions to stockholders— — (5,417)(5,417)
Balances at March 31, 202421,666$22 $298,127 $(96,647)$201,502 
See Notes to Consolidated Financial Statements.

5

5


MONROE CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)

  Nine months ended September 30, 
  2017  2016 
       
Cash flows from operating activities:        
Net increase (decrease) in net assets resulting from operations $9,911  $16,833 
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:        
Net change in unrealized (gain) loss on investments  8,503   847 
Net change in unrealized (gain) loss on secured borrowings  6   36 
Net change in unrealized (gain) loss on foreign currency borrowings  83   - 
Net realized (gain) loss on investments  572   (587)
Net realized (gain) loss on secured borrowings  (66)  - 
Payment-in-kind interest income  (1,363)  (1,430)
Net accretion of discounts and amortization of premiums  (1,278)  (1,137)
Proceeds from principal payments and sales of investments  144,445   62,459 
Purchases of investments  (169,056)  (95,717)
Amortization of deferred financing costs  760   603 
Changes in operating assets and liabilities:        
Interest receivable  (1,577)  (515)
Other assets  116   329 
Payable for open trades  7,425   (4,693)
Interest payable  (194)  (369)
Management fees payable  204   91 
Incentive fees payable  499   109 
Accounts payable and accrued expenses  (265)  827 
Directors' fees payable  37   (37)
Net cash provided by (used in) operating activities  (1,238)  (22,351)
         
Cash flows from financing activities:        
Borrowings on revolving credit facility  93,529   64,000 
Repayments of revolving credit facility  (162,000)  (83,200)
SBA debentures borrowings  40,600   - 
Payments of deferred financing costs  (1,339)  (917)
Repayments on secured borrowings  (1,254)  (902)
Proceeds from shares sold, net of offering and underwriting costs  52,221   52,555 
Stockholder distributions paid, net of stock issued under the dividend reinvestment plan of $525 and $70, respectively  (19,440)  (14,836)
Net cash provided by (used in) financing activities  2,317   16,700 
         
Net increase (decrease) in Cash and Restricted Cash  1,079   (5,651)
Cash and Restricted Cash, beginning of period(1)  8,331   13,866 
Cash and Restricted Cash, end of period(2) $9,410  $8,215 
         
Supplemental disclosure of cash flow information:        
Cash interest paid during the period $5,405  $4,545 
Cash paid for excise taxes during the period $495  $284 

(1)Represents cash and restricted cash of $5,958 and $2,373, respectively, from the consolidated statements of assets and liabilities as of December 31, 2016. Represents cash and restricted cash of $5,278 and $8,588, respectively, from the consolidated statements of assets and liabilities as of December 31, 2015.

(2)Represents cash and restricted cash of $3,721 and $5,689, respectively, from the consolidated statements of assets and liabilities as of September 30, 2017. Represents cash and restricted cash of $5,974 and $2,241, respectively, from the consolidated statements of assets and liabilities as of September 30, 2016.

Three months ended March 31,
20242023
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations$3,195 $3,359 
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(4)(706)
Net realized (gain) loss on foreign currency forward contracts— (37)
Net realized (gain) loss on foreign currency and other transactions— 
Net change in unrealized (gain) loss on investments2,279 4,188 
Net change in unrealized (gain) loss on foreign currency forward contracts— (180)
Payment-in-kind interest income(2,115)(2,272)
Net accretion of discounts and amortization of premiums(251)(360)
Purchases of investments(24,200)(22,314)
Proceeds from principal payments, sales of investments and settlement of forward contracts12,087 30,441 
Amortization of deferred financing costs327 321 
Changes in operating assets and liabilities:  
Interest and dividend receivable(1,536)(1,632)
Other assets(365)(119)
Interest payable(1,457)(1,372)
Management fees payable(52)(21)
Incentive fees payable49 277 
Accounts payable and accrued expenses(318)(887)
Directors’ fees payable76 35 
Net cash provided by (used in) operating activities(12,285)8,724 
Cash flows from financing activities:  
Borrowings on revolving credit facility28,600 33,500 
Repayments of revolving credit facility(11,000)(35,300)
Payments of deferred financing costs— (25)
Stockholder distributions paid(5,417)(5,417)
Net cash provided by (used in) financing activities12,183 (7,242)
Net increase (decrease) in Cash and cash equivalents(102)1,482 
Effect of foreign currency exchange rates— (3)
Cash and cash equivalents, beginning of period4,958 5,450 
Cash and cash equivalents, end of period$4,856 $6,929 
Supplemental disclosure of cash flow information:  
Cash interest paid during the period$6,601 $6,529 
Cash paid for income taxes, including excise taxes during the period$357 $318 
See Notes to Consolidated Financial Statements.

6

6


MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

(unaudited)

September 30, 2017

March 31, 2024
(in thousands, except for shares and units)

Portfolio Company(a) Spread
Above
Index(b)
 Interest
Rate
  Maturity Principal  Amortized
Cost
  Fair
Value(c)
  % of
Net Assets(d)
 
Non-Controlled/Non-Affiliate Company Investments                        
Senior Secured Loans                        
Banking, Finance, Insurance & Real Estate                        
Bartlett Reserve Durham, LLC(e) L+9.00%  10.23% 6/1/2018  6,468  $6,385  $6,346   2.2%
Echelon Funding I, LLC (Delayed Draw) (e) (f) (g) L+10.25%  11.49% 2/24/2021  15,000   13,159   13,350   4.7%
Liftforward SPV II, LLC(e) (f) L+10.75%  11.99% 11/10/2020  10,000   5,177   5,251   1.8%
           31,468   24,721   24,947   8.7%
Beverage, Food & Tobacco                        
All Holding Company, LLC(h) L+7.00%  8.24% 11/15/2021  5,363   5,275   5,416   1.9%
California Pizza Kitchen, Inc. L+6.00%  7.24% 8/23/2022  6,930   6,864   6,884   2.4%
           12,293   12,139   12,300   4.3%
Construction & Building                        
Cali Bamboo, LLC L+8.00%  9.24% 7/10/2020  5,332   5,274   5,332   1.9%
Cali Bamboo, LLC (Revolver)(f) L+8.00%  9.24% 7/10/2020  2,165   823   823   0.3%
Cornerstone Detention Products, Inc.(i) L+9.50%  

9.74% Cash/

1.00% PIK

  4/8/2019  3,566   3,541   3,530   1.2%
Cornerstone Detention Products, Inc. (Revolver)(f) L+8.50%  9.83% 4/8/2019  400   200   198   0.1%
L.A.R.K. Industries, Inc. L+8.50%  9.74% 9/3/2019  8,038   7,939   8,050   2.8%
           19,501   17,777   17,933   6.3%
Consumer Goods: Durable                        
Parterre Flooring & Surface Systems LLC(h) L+7.25%  8.49% 8/22/2022  12,000   11,762   11,952   4.2%
Parterre Flooring & Surface Systems LLC (Revolver)(f) L+7.25%  8.49% 8/22/2022  2,400   -   -   0.0%
           14,400   11,762   11,952   4.2%
Consumer Goods: Non-Durable                        
Bluestem Brands, Inc. L+7.50%  8.74% 11/6/2020  2,637   2,620   1,870   0.7%
Solaray, LLC L+6.50%  7.82% 9/9/2023  3,264   3,235   3,264   1.2%
Solaray, LLC  (Delayed Draw) L+6.50%  7.83% 9/9/2023  701   701   701   0.2%
           6,602   6,556   5,835   2.1%
Energy: Oil & Gas                        
Landpoint, LLC L+12.75%  

12.00% Cash/

2.25% PIK

(j) 12/20/2019  2,394   2,376   2,346   0.8%
Landpoint, LLC (Revolver)(f) L+10.50%  12.00% 12/20/2019  313   -   -   0.0%
           2,707   2,376   2,346   0.8%
Environmental Industries                        
Synergy Environmental Corporation(h) L+8.00%  9.24% 4/29/2021  3,051   2,993   3,082   1.1%
Synergy Environmental Corporation(h) L+8.00%  9.24% 4/29/2021  510   501   515   0.2%
Synergy Environmental Corporation (Delayed Draw) (f) (g) L+8.00%  9.24% 4/29/2018  1,342   -   -   0.0%
Synergy Environmental Corporation (Revolver)(f) L+8.00%  9.24% 4/29/2021  671   47   47   0.0%
           5,574   3,541   3,644   1.3%
Healthcare & Pharmaceuticals                        
American Optics Holdco, Inc.(e) (k) L+8.00%  9.24% 9/13/2022  4,144   4,062   4,061   1.4%
American Optics Holdco, Inc. (Revolver)(e) (f) (k) L+8.00%  9.24% 9/13/2022  440   -   -   0.0%
American Optics Holdco, Inc.(e) (k) L+8.00%  9.24% 9/13/2022  762   747   747   0.3%
American Optics Holdco, Inc. (Revolver)(e) (f) (k) L+8.00%  9.24% 9/13/2022  440   -   -   0.0%
Beaver-Visitec International Holdings, Inc. L+5.00%  6.33% 8/19/2023  4,950   4,907   4,975   1.7%
Edge Systems Holdings Corp. L+7.75%  8.99% 12/1/2021  3,406   3,347   3,465   1.2%

7

Portfolio Company (^)
Index (^^)
Spread (^^)
Interest Rate
Acquisition Date (^^^)
MaturityPrincipalAmortized Cost
Fair Value (^^^^)
% of Net Assets (^^^^^)
Non-Controlled/Non-Affiliate Company Investments
Senior Secured Loans
Automotive
Born To Run, LLCSF6.26 %
11.57% (***)
4/1/20214/1/20273,430 $3,387 $1,752 0.9 %
Born To Run, LLCSF6.26 %
11.57% (***)
4/1/20214/1/2027467 467 239 0.1 %
Hastings Manufacturing CompanySF7.60 %12.93 %4/24/201812/30/20251,843 1,843 1,843 0.9 %
Hastings Manufacturing CompanySF7.60 %12.93 %3/29/202312/30/2025662 662 662 0.3 %
Hastings Manufacturing CompanySF7.60 %12.93 %12/18/202312/30/20252,034 2,019 2,075 1.0 %
Hastings Manufacturing Company (Revolver) (*)
SF7.60 %12.93 %3/29/202312/30/2025691 — — 0.0 %
Lifted Trucks Holdings, LLCSF5.85 %11.18 %8/2/20218/2/20276,843 6,759 6,702 3.3 %
Lifted Trucks Holdings, LLC (Revolver) (*)
SF5.90 %11.25 %8/2/20218/2/20271,667 889 871 0.5 %
Panda Acquisition, LLCSF6.35 %11.66 %12/20/202210/18/20284,359 3,689 3,716 1.9 %
21,996 19,715 17,860 8.9 %
Banking
MV Receivables II, LLC (#)
SF9.75 %15.08 %7/29/20217/29/20268,100 7,737 7,477 3.7 %
StarCompliance MidCo, LLCSF6.35 %11.65 %1/12/20211/12/20272,000 1,979 1,998 1.0 %
StarCompliance MidCo, LLCSF6.35 %11.65 %10/12/20211/12/2027335 331 335 0.2 %
StarCompliance MidCo, LLCSF6.35 %11.65 %5/31/20231/12/2027256 251 256 0.1 %
StarCompliance MidCo, LLC (Revolver) (*)
SF6.35 %11.65 %1/12/20211/12/2027323 223 222 0.1 %
11,014 10,521 10,288 5.1 %
Beverage, Food & Tobacco
LVF Holdings, Inc.SF5.90 %11.21 %6/10/20216/10/20271,463 1,445 1,463 0.7 %
LVF Holdings, Inc.SF5.90 %11.21 %6/10/20216/10/20271,400 1,400 1,400 0.7 %
LVF Holdings, Inc. (Revolver) (*)
SF5.90 %11.21 %6/10/20216/10/2027238 — — 0.0 %
3,101 2,845 2,863 1.4 %
Capital Equipment
CGI Automated Manufacturing, LLCSF7.26 %12.56 %9/9/202212/17/20263,850 3,770 3,826 1.9 %
CGI Automated Manufacturing, LLCSF7.26 %12.56 %9/30/202212/17/20261,105 1,085 1,098 0.5 %
4,955 4,855 4,924 2.4 %
Chemicals, Plastics & Rubber
Valudor Products LLCSF7.61 %11.44% Cash/ 1.50% PIK6/18/201812/31/20241,587 1,587 1,822 0.9 %
Valudor Products LLC (a)
SF7.50 %12.94% PIK6/18/201812/31/2024305 305 291 0.1 %
Valudor Products LLCSF7.61 %12.94 %12/22/202112/31/2024502 502 1,358 0.7 %
Valudor Products LLC (Revolver) (*)
SF7.61 %12.94 %6/18/201812/31/20241,095 55 54 0.0 %
3,489 2,449 3,525 1.7 %

7

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2017

March 31, 2024
(in thousands, except for shares and units)

Portfolio Company(a) Spread
Above
Index(b)
 Interest
Rate
  Maturity Principal  Amortized
Cost
  Fair
Value(c)
  % of
Net Assets(d)
 
Edge Systems Holdings Corp. (Revolver)(f) P+6.75%  11.00% 12/1/2021  260  31  31   0.0%
Familia Dental Group Holdings, LLC(h) L+8.00%  9.24% 4/8/2021  5,294   5,229   5,336   1.9%
Familia Dental Group Holdings, LLC L+8.00%  9.24% 4/8/2021  509   509   513   0.2%
Familia Dental Group Holdings, LLC (Revolver)(f) L+8.00%  9.24% 4/8/2021  573   229   229   0.1%
           20,778   19,061   19,357   6.8%
High Tech Industries                        
Answers Finance, LLC L+5.00%  6.24% 4/15/2021  254   251   248   0.1%
BCC Software, LLC(h) L+8.00%  9.24% 6/20/2019  3,139   3,109   3,150   1.1%
BCC Software, LLC (Revolver)(f) L+8.00%  9.24% 6/20/2019  469   -   -   0.0%
Corbett Technology Solutions, Inc.(h) L+7.00%  8.24% 11/7/2021  4,331   4,276   4,375   1.5%
Corbett Technology Solutions, Inc. (Revolver)(f) L+7.00%  8.24% 11/7/2021  868   217   217   0.1%
Energy Services Group, LLC L+9.82%  11.16% 5/4/2022  4,620   4,564   4,657   1.6%
Energy Services Group, LLC(e) (l) L+9.82%  10.82% 5/4/2022  2,474   2,360   2,485   0.9%
Energy Services Group, LLC (Delayed Draw)(f) (g) L+9.82%  11.16% 5/4/2022  1,313   1,096   1,121   0.4%
Newforma, Inc.(h) L+7.50%  8.83% 6/30/2022  15,000   14,782   15,060   5.3%
Newforma, Inc. (Revolver)(f) L+7.50%  8.83% 6/30/2022  1,250   175   175   0.1%
           33,718   30,830   31,488   11.1%
Hotels, Gaming & Leisure                        
BC Equity Ventures LLC L+6.50%  7.74% 8/31/2022  2,592   2,548   2,631   0.9%
Miles Partnership LLC L+11.00%  

10.33% Cash/

2.00% PIK

  3/24/2021  5,925   5,884   5,964   2.1%
Miles Partnership LLC (Delayed Draw)(f) (g) L+11.00%  

10.33% Cash/

2.00% PIK

  3/24/2021  1,417   1,071   1,076   0.4%
Miles Partnership LLC (Revolver)(f) L+11.00%  

10.33% Cash/

2.00% PIK

  3/24/2021  320   160   160   0.1%
TRG, LLC L+12.41%  

8.74% Cash/

4.91% PIK

(m) 3/31/2021  17,079   16,982   17,173   6.1%
TRG, LLC (CapEx)(f) L+9.50%  

8.73% Cash/

2.00% PIK

  3/31/2021  1,592   958   967   0.3%
TRG, LLC (Revolver)(f) L+9.50%  10.74% 3/31/2021  262   131   131   0.0%
Vacation Innovations, LLC(n) L+9.66%  

8.24% Cash/

2.66% PIK

(o) 8/20/2020  9,477   9,353   10,414   3.7%
Vacation Innovations, LLC (Delayed Draw)(f) (g) L+7.00%  8.24% 8/20/2020  2,037   -   -   0.0%
Vacation Innovations, LLC (Revolver)(f) L+7.00%  8.24% 8/20/2020  342   -   -   0.0%
           41,043   37,087   38,516   13.6%
Media: Advertising, Printing & Publishing                  
AdTheorent, Inc. L+8.50%  9.74% 12/22/2021  4,938   4,851   4,965   1.8%
Destination Media, Inc.(h) L+6.50%  7.74% 4/7/2022  7,900   7,791   8,034   2.8%
Destination Media, Inc. (Revolver)(f) L+6.50%  7.74% 4/7/2022  542   -   -   0.0%
           13,380   12,642   12,999   4.6%
Media: Broadcasting & Subscription                  
Jerry Lee Radio, LLC L+9.50%  10.74% 12/17/2020  11,927   11,719   11,927   4.2%
           11,927   11,719   11,927   4.2%
Retail                        
Forman Mills, Inc.(h) L+7.50%  8.74% 10/4/2021  8,500   8,358   8,415   3.0%
LuLu's Fashion Lounge, LLC L+7.00%  8.24% 8/23/2022  5,000   4,852   5,010   1.8%
The Worth Collection, Ltd.(h) L+8.50%  9.74% 9/29/2021  10,588   10,411   9,095   3.2%
Yandy Holding, LLC L+9.00%  10.24% 9/30/2019  4,884   4,851   4,748   1.7%
Yandy Holding, LLC (Revolver)(f) L+9.00%  10.24% 9/30/2019  907   -   -   0.0%
           29,879   28,472   27,268   9.7%
Services: Business                        
APCO Worldwide, Inc. L+8.00%  9.24% 6/30/2022  5,000   4,904   4,990   1.8%
EB Employee Solutions, LLC (h) L+8.50%  10.00% 2/28/2019  3,219   3,188   3,127   1.1%
First Call Resolution, LLC(h) L+8.00%  9.24% 9/22/2022  5,000   4,913   4,913   1.7%
Madison Logic, Inc.(h) L+8.00%  9.24% 11/30/2021  10,303   10,124   10,355   3.6%
Madison Logic, Inc. (Delayed Draw)(f) (g) L+8.00%  9.24% 11/30/2021  4,818   -   -   0.0%
Madison Logic, Inc. (Revolver)(f) L+8.00%  9.24% 11/30/2021  988   -   -   0.0%

8

Portfolio Company (^)
Index (^^)
Spread (^^)
Interest Rate
Acquisition Date (^^^)
MaturityPrincipalAmortized Cost
Fair Value (^^^^)
% of Net Assets (^^^^^)
Construction & Building
MEI Buyer LLCSF6.50 %11.83 %6/30/20236/29/20291,990 $1,936 $2,010 1.0 %
MEI Buyer LLCSF5.25 %10.58 %1/9/20246/30/20291,114 1,104 1,114 0.6 %
MEI Buyer LLC (Delayed Draw) (*) (**)
SF6.50 %11.83 %6/30/20236/29/2029317 — — 0.0 %
MEI Buyer LLC (Revolver) (*)
SF6.50 %11.83 %6/30/20236/29/2029410 — — 0.0 %
TCFIII OWL Buyer LLCSF5.61 %10.94 %4/19/20214/17/20261,994 1,977 1,994 1.0 %
TCFIII OWL Buyer LLCSF5.61 %10.94 %4/19/20214/17/20262,434 2,434 2,434 1.2 %
TCFIII OWL Buyer LLCSF5.61 %10.94 %12/17/20214/17/20262,185 2,165 2,185 1.1 %
10,444 9,616 9,737 4.9 %
Consumer Goods: Durable
Independence Buyer, Inc.SF5.90 %11.21 %8/3/20218/3/20265,345 5,290 5,251 2.6 %
Independence Buyer, Inc. (Revolver) (*)
SF5.90 %11.21 %8/3/20218/3/20261,423 — — 0.0 %
Recycled Plastics Industries, LLCSF7.60 %12.18% Cash/ 0.75% PIK8/4/20218/4/20262,808 2,778 2,787 1.4 %
Recycled Plastics Industries, LLC (Revolver) (*)
SF7.60 %12.18% Cash/ 0.75% PIK8/4/20218/4/2026284 — — 0.0 %
9,860 8,068 8,038 4.0 %
Consumer Goods: Non-Durable
The Kyjen Company, LLCSF7.75 %12.06% Cash/ 1.00% PIK5/14/20214/3/2026988 982 982 0.5 %
The Kyjen Company, LLCSF7.50 %12.96% PIK9/13/20224/3/20260.0 %
The Kyjen Company, LLC (Revolver) (*)
SF7.75 %12.06% Cash/ 1.00% PIK5/14/20214/3/2026105 — — 0.0 %
Thrasio, LLCSF8.11 %
13.44% (***)
3/5/20247/1/2024348 132 135 0.1 %
1,442 1,115 1,118 0.6 %
Environmental Industries
Quest Resource Management Group, LLCSF7.11 %12.44 %10/19/202010/19/2026849 793 854 0.4 %
Quest Resource Management Group, LLCSF7.11 %12.44 %10/19/202010/19/2026933 933 938 0.5 %
Quest Resource Management Group, LLCSF7.11 %12.44 %12/7/202110/19/20263,316 3,285 3,316 1.6 %
Quest Resource Management Group, LLCSF7.11 %12.44 %12/7/202110/19/2026334 334 334 0.2 %
5,432 5,345 5,442 2.7 %
FIRE: Finance
Avalara, Inc.SF7.25 %12.56 %10/19/202210/19/20284,000 3,918 4,038 2.0 %
Avalara, Inc. (Revolver) (*)
SF7.25 %12.56 %10/19/202210/19/2028400 — — 0.0 %
GC Champion Acquisition LLCSF6.25 %11.71 %8/19/20228/18/20282,522 2,482 2,544 1.3 %
GC Champion Acquisition LLCSF6.25 %11.71 %8/19/20228/18/2028701 701 707 0.4 %
GC Champion Acquisition LLCSF6.50 %11.96 %8/1/20238/18/20282,102 2,044 2,136 1.1 %
J2 BWA Funding LLC (Revolver) (*) (#)
n/an/a10.00 %12/24/202012/24/20262,750 1,623 1,623 0.8 %
Liftforward SPV II, LLC (#)
SF10.86 %16.19% PIK11/10/20169/30/2024263 263 237 0.1 %
W3 Monroe RE Debt LLC (#)
n/an/a10.00% PIK2/5/20212/4/20283,631 3,631 3,713 1.8 %
W3 Monroe RE Debt LLC (Delayed Draw) (*) (**) (#)
n/an/a10.00% PIK3/31/20232/4/2028274 226 231 0.1 %
16,643 14,888 15,229 7.6 %

8

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2017

March 31, 2024
(in thousands, except for shares and units)

Portfolio Company(a) Spread
Above
Index(b)
 Interest
Rate
  Maturity Principal  Amortized
Cost
  Fair
Value(c)
  % of
Net Assets(d)
 
Q-Tragon Holdings, LLC(h) L+7.00%  8.24% 5/2/2022  3,908  3,854  3,879   1.4%
Q-Tragon Holdings, LLC (Revolver)(f) L+7.00%  8.24% 5/2/2022  307   -   -   0.0%
           33,543   26,983   27,264   9.6%
Services: Consumer                        
PeopleConnect Intermediate, LLC (formerly Intelius, Inc.) L+5.50%  6.80% 7/1/2020  4,560   4,499   4,571   1.6%
PeopleConnect Intermediate, LLC (formerly Intelius, Inc.) L+11.50%  12.80% 7/1/2020  4,780   4,712   4,758   1.7%
PeopleConnect Intermediate, LLC (formerly Intelius, Inc.) (Revolver)(f) L+8.50%  9.80% 8/11/2018  236   -   -   0.0%
           9,576   9,211   9,329   3.3%
Telecommunications                        
Peerless Network, Inc.(h) L+9.25%  

9.74% Cash/

0.75% PIK

(p) 12/11/2020  3,325   3,268   3,333   1.2%
           3,325   3,268   3,333   1.2%
Utilities: Electric                        
CRCI Holdings, Inc. L+5.50%  6.83% 8/31/2023  2,782   2,758   2,801   1.0%
           2,782   2,758   2,801   1.0%
Wholesale                        
Mid-West Wholesale Hardware Co.(h) L+8.00%  9.24% 2/9/2022  11,910   11,697   11,803   4.2%
Mid-West Wholesale Hardware Co. (Revolver)(f) L+8.00%  9.24% 2/9/2022  4,421   505   501   0.2%
           16,331   12,202   12,304   4.4%
Total Non-Controlled/Non-Affiliate Senior Secured Loans    308,827   273,105   275,543   97.2%
                         
Unitranche Loans                        
Chemicals, Plastics & Rubber                        
MFG Chemical, LLC(h) L+6.00%  7.24% 6/23/2022  8,855   8,729   8,864   3.1%
           8,855   8,729   8,864   3.1%
Consumer Goods: Non-Durable                        
Incipio Technologies, Inc.(q) L+7.75%  8.99% 12/26/2019  13,728   13,546   13,371   4.7%
           13,728   13,546   13,371   4.7%
Healthcare & Pharmaceuticals                        
Collaborative Neuroscience Network, LLC L+11.50%  13.00% 12/27/2017  6,120   6,071   5,955   2.1%
Collaborative Neuroscience Network, LLC L+15.00%  

12.00% Cash/

3.00% PIK

  12/26/2017  293   293   293   0.1%
Collaborative Neuroscience Network, LLC (Revolver) L+10.00%  11.24% 12/27/2017  200   191   195   0.1%
Priority Ambulance, LLC(h) L+6.50%  7.83% 4/12/2022  7,000   6,870   7,014   2.5%
           13,613   13,425   13,457   4.8%
Hotels, Gaming & Leisure                        
Playtime, LLC L+7.50%  9.00% 12/31/2021  4,409   4,405   4,189   1.5%
           4,409   4,405   4,189   1.5%
Wholesale                        
Gracelock Industries, LLC L+13.74%  

11.00% Cash/

4.24% PIK

(r) 5/7/2019  4,721   4,671   4,711   1.6%
           4,721   4,671   4,711   1.6%
Total Non-Controlled/Non-Affiliate Unitranche Loans    45,326   44,776   44,592   15.7%
                         
Junior Secured Loans                        
Aerospace & Defense                        
AIM Aerospace, Inc. L+9.00%  10.31% 8/2/2022  5,000   4,940   5,028   1.8%
           5,000   4,940   5,028   1.8%
Banking, Finance, Insurance & Real Estate                        
Confie Seguros Holdings II Co. L+9.75%  11.00% 5/8/2019  8,594   8,322   8,458   3.0%
           8,594   8,322   8,458   3.0%
Beverage, Food & Tobacco                        
CSM Bakery Supplies LLC L+7.75%  9.05% 7/3/2021  5,792   5,792   5,488   1.9%
           5,792   5,792   5,488   1.9%
Healthcare & Pharmaceuticals                        
Heartland Dental, LLC L+8.50%  9.82% 7/31/2024  3,000   2,956   3,034   1.1%
           3,000   2,956   3,034   1.1%

9

Portfolio Company (^)
Index (^^)
Spread (^^)
Interest Rate
Acquisition Date (^^^)
MaturityPrincipalAmortized Cost
Fair Value (^^^^)
% of Net Assets (^^^^^)
FIRE: Real Estate
Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC (#)
SF8.25 %13.57 %5/3/20224/30/20252,784 $2,761 $2,805 1.4 %
Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC (#)
SF8.25 %13.57 %5/3/20224/30/2025285 285 287 0.2 %
Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC (Delayed Draw) (*) (**) (#)
SF8.25 %13.57 %10/6/20234/30/2027837 474 478 0.2 %
Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC (Revolver) (*) (#)
SF8.25 %13.58 %5/3/20224/30/20251,395 656 656 0.3 %
5,301 4,176 4,226 2.1 %
Healthcare & Pharmaceuticals
Bluesight, Inc.SF7.25 %12.55 %7/17/20237/17/20292,000 1,945 1,998 1.0 %
Bluesight, Inc. (Revolver) (*)
SF7.25 %12.55 %7/17/20237/17/2029174 — — 0.0 %
Brickell Bay Acquisition Corp.SF6.65 %11.98 %2/12/20212/12/20261,856 1,833 1,856 0.9 %
Caravel Autism Health, LLCSF5.76 %11.09 %6/30/20216/30/20274,999 4,937 4,999 2.5 %
Caravel Autism Health, LLCSF5.76 %11.09 %6/30/20216/30/20271,389 1,389 1,389 0.7 %
Caravel Autism Health, LLC (Revolver) (*)
SF5.76 %11.09 %6/30/20216/30/20271,269 244 244 0.1 %
Dorado Acquisition, Inc.SF6.85 %12.18 %6/30/20216/30/20264,875 4,824 4,756 2.4 %
Dorado Acquisition, Inc.SF6.90 %12.23 %11/27/20226/30/20264,041 3,972 3,942 2.0 %
Dorado Acquisition, Inc. (Revolver) (*)
SF6.85 %12.18 %6/30/20216/30/2026596 — — 0.0 %
Forest Buyer, LLCSF5.75 %11.07 %3/15/20243/15/20304,000 3,866 3,900 1.9 %
Forest Buyer, LLC (Delayed Draw) (*) (**)
SF5.75 %11.07 %3/15/20243/15/20301,250 — — 0.0 %
Forest Buyer, LLC (Revolver) (*)
SF5.75 %11.07 %3/15/20243/15/2030750 — — 0.0 %
INH Buyer, Inc.SF7.00 %8.91% Cash/ 3.50% PIK6/30/20216/28/20283,026 3,006 2,309 1.1 %
KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC)SF7.00 %12.31 %2/1/20232/1/20294,963 4,838 4,963 2.5 %
KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC)SF7.00 %12.29 %2/6/20242/1/20292,128 2,066 2,128 1.1 %
KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC) (Delayed Draw) (*) (**)
SF7.00 %12.31 %2/1/20232/1/20291,702 989 989 0.5 %
KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC) (Revolver) (*)
SF7.00 %12.33 %2/1/20232/1/2029813 461 461 0.2 %
NationsBenefits, LLCSF7.10 %12.43 %8/20/20218/26/20273,910 3,867 3,949 2.0 %
NationsBenefits, LLCSF7.10 %12.43 %8/26/20228/26/20274,660 4,660 4,707 2.3 %
NationsBenefits, LLCSF7.10 %12.43 %8/26/20228/26/20275,052 5,052 5,103 2.5 %
NationsBenefits, LLC (Revolver) (*)
SF7.10 %12.43 %8/20/20218/26/20272,222 1,556 1,556 0.8 %
NQ PE Project Colosseum Midco Inc.SF5.65 %10.95 %10/4/202210/4/20283,456 3,401 3,491 1.7 %

9

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2017

March 31, 2024
(in thousands, except for shares and units)

Portfolio Company(a) Spread
Above
Index(b)
 Interest
Rate
  Maturity Principal  Amortized
Cost
  Fair
Value(c)
  % of
Net Assets(d)
 
High Tech Industries                        
Answers Finance, LLC P+7.90%  12.15% 9/15/2021  395  393  366   0.1%
Micro Holdings Corp.(s) L+7.50%  8.82% 8/18/2025  3,000   2,970   2,987   1.0%
           3,395   3,363   3,353   1.1%
Media: Broadcasting & Subscription                        
Mergermarket USA, Inc.(s) L+7.25%  8.49% 8/3/2025  4,500   4,455   4,539   1.6%
           4,500   4,455   4,539   1.6%
Media: Diversified & Production                        
SCP TPZ Acquisition, Inc. L+8.25%  9.57% 5/29/2022  5,000   4,945   5,006   1.8%
           5,000   4,945   5,006   1.8%
Services: Consumer                        
Education Corporation of America L+11.00%  12.33% 12/31/2018  625   618   625   0.2%
Pre-Paid Legal Services, Inc. (Legal Shield) L+9.00%  10.25% 7/1/2020  3,000   3,000   3,024   1.1%
           3,625   3,618   3,649   1.3%
Total Non-Controlled/Non-Affiliate Junior Secured Loans    38,906   38,391   38,555   13.6%
                         
Equity Securities(t)                        
Healthcare & Pharmaceuticals                        
Collaborative Neuroscience Network, LLC (warrant to purchase up to 4 LLC units) -  -(u) 12/27/2022  -   -   -   0.0%
               -   -   0.0%
High Tech Industries                        
Answers Finance, LLC (76,539 shares of common stock) -  -(u) -  -   2,413   1,244   0.4%
               2,413   1,244   0.4%
Hotels, Gaming & Leisure                        
Playtime, LLC - Preferred Units (8,665 units) -  -(u) -  -   200   33   0.0%
               200   33   0.0%
Media: Advertising, Printing & Publishing                        
AdTheorent, Inc. (128,866 units) -  -(u) -  -   129   142   0.1%
InMobi Pte, Ltd. (represents the right to purchase 2.80% of the equity)(e) (k) -  -(u) 9/18/2025  -   -   215   0.1%
               129   357   0.2%
Retail                        
The Tie Bar Operating Company, LLC - Class A Preferred Units (1,275 units) -  -  -  -   86   118   0.0%
The Tie Bar Operating Company, LLC - Class B Preferred Units (1,275 units) -  -  -  -   1   -   0.0%
               87   118   0.0%
Services: Consumer                        
Education Corporation of America - Series G Preferred Stock (8,333 shares)  n/a  12.00% -  -   8,125   8,192   2.9%
               8,125   8,192   2.9%
Total Non-Controlled/Non-Affiliate Equity Securities        10,954   9,944   3.5%
Total Non-Controlled/Non-Affiliate Company Investments       $367,226  $368,634   130.0%
                         
Non-Controlled Affiliate Company Investments(v)               
Senior Secured Loans                        
Banking, Finance, Insurance & Real Estate               
American Community Homes, Inc. L+8.00%  9.50% 7/22/2019  7,667  $7,581  $7,441   2.6%
American Community Homes, Inc. L+12.50%  

9.50% Cash/

4.50% PIK

  7/22/2019  4,363   4,320   4,269   1.5%
American Community Homes, Inc. L+12.50%  

9.50% Cash/

4.50% PIK

  n/a(w) 536   529   536   0.2%
American Community Homes, Inc. L+8.00%  9.50% 7/22/2019  444   433   430   0.2%
American Community Homes, Inc. L+12.50%  

9.50% Cash/

4.50% PIK

  7/22/2019  226   220   221   0.1%
American Community Homes, Inc. (Delayed Draw)(f) (g) L+8.00%  9.50% 7/22/2019  444   -   -   0.0%
American Community Homes, Inc. (Delayed Draw)(f) (g) L+12.50%  

9.50% Cash/

4.50% PIK

  7/22/2019  222   -   -   0.0%
           13,902   13,083   12,897   4.6%
Consumer Goods: Non-Durable                        
Rocket Dog Brands, LLC n/a  12.00% PIK(x) 8/29/2019  1,157   1,157   -   0.0%

10

Portfolio Company (^)
Index (^^)
Spread (^^)
Interest Rate
Acquisition Date (^^^)
MaturityPrincipalAmortized Cost
Fair Value (^^^^)
% of Net Assets (^^^^^)
NQ PE Project Colosseum Midco Inc. (Delayed Draw) (*) (**)
SF5.65 %10.95 %10/4/202210/4/2028778 $— $— 0.0 %
NQ PE Project Colosseum Midco Inc. (Revolver) (*)
SF5.65 %10.95 %10/4/202210/4/2028438 — — 0.0 %
Seran BioScience, LLCSF6.25 %11.58 %12/31/20207/8/20272,425 2,406 2,425 1.2 %
Seran BioScience, LLCSF6.25 %11.54 %7/8/20227/8/20272,751 2,751 2,751 1.3 %
Seran BioScience, LLCSF6.25 %11.49 %8/21/20237/8/20271,444 1,444 1,444 0.7 %
Seran BioScience, LLC (Revolver) (*)
SF6.25 %11.58 %12/31/20207/8/2027444 — — 0.0 %
TigerConnect, Inc.SF6.90 %12.21 %2/16/20222/16/20283,000 2,957 2,951 1.5 %
TigerConnect, Inc. (Delayed Draw) (*) (**)
SF6.90 %12.21 %2/16/20222/16/2028225 163 160 0.1 %
TigerConnect, Inc. (Revolver) (*)
SF6.90 %12.21 %2/16/20222/16/2028429 — — 0.0 %
Vero Biotech Inc.P3.75 %12.25 %12/29/20231/2/20292,500 2,476 2,500 1.2 %
Whistler Parent Holdings III, Inc.SF8.90 %9.46% Cash/ 4.75% PIK6/3/20226/2/20284,609 4,538 4,414 2.2 %
Whistler Parent Holdings III, Inc.SF8.90 %9.46% Cash/ 4.75% PIK6/3/20226/2/202858 58 55 0.0 %
Whistler Parent Holdings III, Inc. (Revolver)SF8.90 %9.46% Cash/ 4.75% PIK6/3/20226/2/2028576 576 552 0.3 %
78,808 70,275 69,992 34.7 %
High Tech Industries
Amelia Holding II, LLCSF10.26 %14.56% Cash/ 1.00% PIK12/21/202212/21/20272,026 1,978 2,036 1.0 %
Amelia Holding II, LLCSF10.26 %14.56% Cash/ 1.00% PIK12/21/202212/21/2027669 669 672 0.3 %
Amelia Holding II, LLC (Revolver) (*)
SF10.26 %14.56% Cash/ 1.00% PIK12/21/202212/21/2027133 — — 0.0 %
Arcserve Cayman Opco LP (fka Arcstor Midco, LLC) (Delayed Draw) (*) (**)
SF8.11 %
13.44% PIK (***)
1/2/20241/2/2027551 149 331 0.2 %
Drawbridge Partners, LLCSF6.75 %12.05 %9/1/20229/1/20283,000 2,952 3,029 1.5 %
Drawbridge Partners, LLC (Delayed Draw) (*) (**)
SF6.75 %12.05 %9/1/20229/1/2028874 496 501 0.2 %
Drawbridge Partners, LLC (Revolver) (*)
SF6.75 %12.05 %9/1/20229/1/2028522 — — 0.0 %
Medallia, Inc.SF6.60 %7.91% Cash/ 4.00% PIK8/15/202210/27/20282,161 2,130 2,165 1.1 %
Mindbody, Inc.SF7.15 %12.46 %2/15/20199/30/20256,536 6,514 6,536 3.2 %
Mindbody, Inc.SF7.15 %12.46 %9/22/20219/30/2025207 207 207 0.1 %
Mindbody, Inc. (Revolver) (*)
SF7.15 %12.46 %2/15/20199/30/2025667 — — 0.0 %
Planful, Inc.SF6.76 %12.09 %12/28/201812/28/20269,500 9,500 9,500 4.7 %
Planful, Inc.SF6.76 %12.09 %9/12/202212/28/2026530 526 530 0.3 %
Planful, Inc.SF6.76 %12.09 %1/11/202112/28/20261,326 1,326 1,326 0.7 %
Planful, Inc.SF6.76 %12.09 %2/11/202212/28/2026884 884 884 0.4 %
Planful, Inc.SF6.76 %12.09 %4/5/202312/28/2026707 691 707 0.4 %
Planful, Inc. (Revolver) (*)
SF6.50 %11.81 %12/28/201812/28/20261,105 119 119 0.1 %
Sparq Holdings, Inc.SF6.25 %11.43 %6/16/20236/15/2029993 965 1,002 0.5 %
Sparq Holdings, Inc. (Delayed Draw) (*) (**)
SF6.25 %11.56 %6/16/20236/15/2029222 56 56 0.0 %

10

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2017

March 31, 2024
(in thousands, except for shares and units)

Portfolio Company(a) Spread
Above
Index(b)
 Interest
Rate
  Maturity Principal  Amortized
Cost
  Fair
Value(c)
  % of
Net Assets(d)
 
Rocket Dog Brands, LLC n/a  15.00% PIK(x) 8/29/2019  422  $416  54   0.0%
Rocket Dog Brands, LLC n/a  17.00% PIK(x) 3/30/2018  235   235   202   0.1%
           1,814   1,808   256   0.1%
Containers, Packaging & Glass                        
Summit Container Corporation(h) L+12.00%  

12.00% Cash/

2.00% PIK

  1/6/2019  3,575   3,552   3,421   1.2%
Summit Container Corporation(h) L+12.00%  

12.00% Cash/

2.00% PIK

  9/27/2022  1,500   1,500   1,498   0.5%
           5,075   5,052   4,919   1.7%
Healthcare & Pharmaceuticals                        
Rockdale Blackhawk, LLC L+13.00%  14.24% 3/31/2020  10,922   10,302   10,797   3.8%
Rockdale Blackhawk, LLC (Capex) L+13.00%  14.24% 3/31/2020  549   549   542   0.2%
Rockdale Blackhawk, LLC (Revolver) L+13.00%  14.24% 3/31/2020  1,849   1,849   1,824   0.6%
Rockdale Blackhawk, LLC (Revolver) L+13.00%  14.24% 3/31/2020  3,236   3,236   3,192   1.1%
SHI Holdings, Inc.(h) L+9.75%  10.99% 7/10/2019  2,625   2,604   2,625   0.9%
SHI Holdings, Inc. (Revolver)(f) L+9.75%  10.99% 7/10/2019  2,046   2,024   2,035   0.7%
           21,227   20,564   21,015   7.3%
Retail                        
Luxury Optical Holdings Co. L+8.00%  9.24% PIK  9/12/2019  4,151   4,116   3,580   1.3%
Luxury Optical Holdings Co.  (Delayed Draw)(f)(g) L+11.50%  12.74% PIK  9/12/2019  1,176   741   741   0.3%
Luxury Optical Holdings Co. (Revolver) L+8.00%  9.24% PIK  9/12/2019  191   191   165   0.1%
           5,518   5,048   4,486   1.7%
Total Non-Controlled Affiliate Senior Secured Loans   47,536   45,555   43,573   15.4%
                         
Junior Secured Loans                        
Consumer Goods: Non-Durable                        
Rocket Dog Brands, LLC n/a  15.00% PIK(x) 5/1/2020  2,011   2,011   -   0.0%
           2,011   2,011   -   0.0%
Total Non-Controlled Affiliate Company Junior Secured Loans   2,011   2,011   -   0.0%
                         
Equity Securities                        
Banking, Finance, Insurance & Real Estate                 
American Community Homes, Inc. (warrant to purchase up to 9.0% of the equity) -  -(u) 10/9/2024  -   -   610   0.2%
               -   610   0.2%
Consumer Goods: Non-Durable                        
Rocket Dog Brands, LLC - Common Units (75,502 units) -  -(u) -  -   -   -   0.0%
Rocket Dog Brands, LLC - Preferred Units (10 units)  n/a  15.00% PIK(y) -  -   967   -   0.0%
               967   -   0.0%
Containers, Packaging & Glass                        
Summit Container Corporation (warrant to purchase up to 19.50% of the equity) -  -(u) 1/6/2024  -   -   -   0.0%
               -   -   0.0%
Healthcare & Pharmaceuticals                        
Rockdale Blackhawk, LLC - LLC Units (11.56% of the LLC interest) -  -  -  -   1,093   8,620   3.0%
SHI Holdings, Inc. (24 shares of common stock) -  -(u) -  -   27   792   0.3%
               1,120   9,412   3.3%
Retail                        
Luxury Optical Holdings Co. (86 shares of common stock) -  -(u) -  -   -   -   0.0%
               -   -   0.0%
Total Non-Controlled Affiliate Equity Securities       2,087   10,022   3.5%
Total Non-Controlled Affiliate Company Investments      $49,653  $53,595   18.9%
                         
Controlled Affiliate Company Investments(z)               
Senior Secured Loans                        
Retail                        
TPP Operating, Inc. L+6.00%  7.50% PIK(x) 11/8/2018  9,370  $9,330  $-   0.0%
TPP Operating, Inc. L+6.00%  7.50%(x) 11/8/2018  6,885   6,885   5,295   1.9%

11

Portfolio Company (^)
Index (^^)
Spread (^^)
Interest Rate
Acquisition Date (^^^)
MaturityPrincipalAmortized Cost
Fair Value (^^^^)
% of Net Assets (^^^^^)
Sparq Holdings, Inc. (Revolver) (*)
SF6.25 %11.56 %6/16/20236/15/2029205 $— $— 0.0 %
32,818 29,162 29,601 14.7 %
Media: Advertising, Printing & Publishing
Destination Media, Inc.SF7.25 %12.43 %6/21/20236/21/2028993 961 1,012 0.5 %
Destination Media, Inc. (Delayed Draw) (*) (**)
SF7.15 %12.45 %6/21/20236/21/2028500 61 62 0.0 %
Destination Media, Inc. (Revolver) (*)
SF7.15 %12.45 %6/21/20236/21/2028103 21 21 0.0 %
North Haven USHC Acquisition, Inc.SF6.60 %11.91 %10/30/202010/30/20252,419 2,401 2,419 1.2 %
North Haven USHC Acquisition, Inc.SF6.35 %11.67 %7/29/202210/30/20252,559 2,539 2,559 1.3 %
North Haven USHC Acquisition, Inc.SF6.60 %11.91 %3/12/202110/30/2025701 701 701 0.3 %
North Haven USHC Acquisition, Inc.SF6.60 %11.91 %9/3/202110/30/20251,416 1,416 1,416 0.7 %
North Haven USHC Acquisition, Inc. (Delayed Draw) (*) (**)
SF6.35 %11.68 %7/29/202210/30/20251,055 357 357 0.2 %
North Haven USHC Acquisition, Inc. (Revolver) (*)
SF6.60 %11.92 %10/30/202010/30/2025416 187 187 0.1 %
Relevate Health Group, LLCSF6.35 %11.68 %11/20/202011/20/20251,455 1,445 1,440 0.7 %
Relevate Health Group, LLCSF6.35 %11.68 %11/20/202011/20/2025651 651 644 0.3 %
Relevate Health Group, LLC (Revolver) (*)
SF6.35 %11.68 %11/20/202011/20/2025316 84 84 0.0 %
Spherix Global Inc.SF6.36 %11.69 %12/22/202112/22/2026946 936 916 0.5 %
Spherix Global Inc. (Revolver) (*)
SF6.36 %11.69 %12/22/202112/22/2026122 — — 0.0 %
XanEdu Publishing, Inc.SF6.61 %11.94 %1/28/20201/28/20254,441 4,420 4,441 2.2 %
XanEdu Publishing, Inc.SF6.61 %11.94 %8/31/20221/28/20251,765 1,749 1,769 0.9 %
XanEdu Publishing, Inc. (Revolver) (*)
SF6.61 %11.94 %1/28/20201/28/2025742 — — 0.0 %
20,600 17,929 18,028 8.9 %
Media: Broadcasting & Subscription
Vice Acquisition Holdco, LLCSF8.00 %
13.57% PIK (***)
2/15/20241/31/2028238 216 422 0.2 %
238 216 422 0.2 %
Media: Diversified & Production
Attom Intermediate Holdco, LLCSF6.86 %12.19 %1/4/20197/3/20251,895 1,886 1,863 0.9 %
Attom Intermediate Holdco, LLCSF6.86 %12.19 %6/25/20207/3/2025462 462 454 0.2 %
Attom Intermediate Holdco, LLCSF6.86 %12.19 %7/1/20217/3/2025273 269 268 0.1 %
Attom Intermediate Holdco, LLCSF6.86 %12.19 %8/4/20227/3/2025786 786 773 0.4 %
Attom Intermediate Holdco, LLCSF6.86 %12.19 %12/22/20227/3/2025397 391 390 0.2 %
Attom Intermediate Holdco, LLC (Revolver)
SF6.86 %12.19 %1/4/20197/3/2025320 320 315 0.2 %
Bonterra, LLCSF7.25 %12.55 %9/8/20219/8/202713,437 13,317 13,252 6.6 %
Bonterra, LLCSF8.00 %13.35% PIK9/28/20239/8/20272,034 2,009 2,052 1.0 %
Bonterra, LLC (Revolver) (*)
SF7.25 %12.58 %9/8/20219/8/20271,069 556 548 0.3 %
Chess.com, LLCSF6.60 %11.90 %12/31/202112/31/20275,880 5,799 5,865 2.9 %
Chess.com, LLC (Revolver) (*)
SF6.60 %11.90 %12/31/202112/31/2027652 — — 0.0 %
Crownpeak Technology, Inc.SF6.75 %12.06 %2/28/20192/28/20254,000 4,000 4,000 2.0 %
Crownpeak Technology, Inc.SF6.75 %12.22 %9/27/20222/28/20251,273 1,263 1,275 0.6 %
Crownpeak Technology, Inc.SF6.75 %12.06 %2/28/20192/28/202560 60 60 0.0 %
Crownpeak Technology, Inc.SF6.75 %11.90 %9/27/20222/28/20253,333 3,333 3,338 1.7 %

11

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2017

March 31, 2024
(in thousands, except for shares and units)

Portfolio Company(a) Spread
Above
Index(b)
 Interest
Rate
  Maturity Principal  Amortized
Cost
  Fair
Value(c)
  % of
Net Assets(d)
 
TPP Operating, Inc. L+9.61%  11.11%(x) 11/8/2018  3,573  3,573  3,573   1.2%
Total Controlled Affiliate Senior Secured Loans 19,828   19,788   8,868   3.1%
                
Equity Securities                        
Retail                        
TPP Acquisition, Inc. (829 shares of common stock) -  -(u) -  -   -   -   0.0%
TPP Operating, Inc. (40 shares of common stock) -  -(u) -  -   3,255   -   0.0%
Total Controlled Affiliate Equity Securities     3,255   -   0.0%
Total Controlled Affiliate Company Investments    $23,043  $8,868   3.1%
                         
TOTAL INVESTMENTS             $439,922  $431,097   152.0%

Portfolio Company (^)
Index (^^)
Spread (^^)
Interest Rate
Acquisition Date (^^^)
MaturityPrincipalAmortized Cost
Fair Value (^^^^)
% of Net Assets (^^^^^)
Crownpeak Technology, Inc. (Revolver) (*)
SF6.75 %12.07 %2/28/20192/28/2025500 $333 $333 0.2 %
Sports Operating Holdings II, LLCSF5.85 %11.18 %11/3/202211/3/20272,955 2,899 2,977 1.5 %
Sports Operating Holdings II, LLC (Delayed Draw) (*) (**)
SF5.85 %11.18 %11/3/202211/3/20272,398 241 242 0.1 %
Sports Operating Holdings II, LLC (Revolver) (*)
SF5.85 %11.18 %11/3/202211/3/2027519 — — 0.0 %
V10 Entertainment, Inc.SF7.10 %12.43 %1/12/20231/12/20283,970 3,874 4,035 2.0 %
V10 Entertainment, Inc. (Revolver) (*)
SF7.10 %12.43 %1/12/20231/12/2028458 — — 0.0 %
46,671 41,798 42,040 20.9 %
Retail
BLST Operating Company, LLCSF9.50 %1.00% Cash/ 12.94% PIK8/28/20208/28/2025682 445 627 0.3 %
682 445 627 0.3 %
Services: Business
Aras CorporationSF6.90 %8.98% Cash/ 3.25% PIK4/13/20214/13/20272,252 2,235 2,251 1.1 %
Aras Corporation (Revolver)SF6.65 %11.98 %4/13/20214/13/2027150 150 150 0.1 %
Burroughs, Inc.SF8.60 %12.93% Cash/ 1.00% PIK12/22/201712/20/20244,826 4,826 4,826 2.4 %
Burroughs, Inc. (Revolver)SF8.60 %12.93% Cash/ 1.00% PIK12/22/201712/20/20241,215 1,215 1,215 0.6 %
HS4 Acquisitionco, Inc.SF5.85 %11.18 %7/9/20197/9/20259,774 9,720 9,774 4.9 %
HS4 Acquisitionco, Inc. (Revolver) (*)
SF5.85 %11.18 %7/9/20197/9/2025817 549 549 0.3 %
iCIMS, Inc.SF7.25 %12.58 %10/24/20228/18/20282,500 2,464 2,522 1.3 %
Kingsley Gate Partners, LLCSF6.65 %11.98 %12/9/202212/11/2028594 584 589 0.3 %
Kingsley Gate Partners, LLCSF6.65 %11.98 %12/9/202212/11/2028191 191 189 0.1 %
Kingsley Gate Partners, LLC (Delayed Draw) (*) (**)
SF6.65 %11.98 %12/9/202212/11/2028600 131 130 0.1 %
Kingsley Gate Partners, LLC (Revolver) (*)
SF6.65 %11.98 %12/9/202212/11/2028240 — — 0.0 %
Prototek LLCSF7.85 %12.43% Cash/ 0.75% PIK12/8/202212/8/20272,481 2,421 2,241 1.1 %
Prototek LLC (Revolver) (*)SF7.85 %12.43% Cash/ 0.75% PIK12/8/202212/8/2027288 — — 0.0 %
Relativity ODA LLCSF6.60 %11.93 %5/12/20215/12/20272,107 2,076 2,107 1.0 %
Relativity ODA LLC (Revolver) (*)
SF6.60 %11.93 %5/12/20215/12/2027180 — — 0.0 %
Security Services Acquisition Sub Corp.SF6.10 %11.43 %2/15/20199/30/20263,336 3,324 3,336 1.6 %
Security Services Acquisition Sub Corp.SF6.10 %11.43 %2/15/20199/30/20262,399 2,399 2,399 1.2 %
Security Services Acquisition Sub Corp.SF6.10 %11.43 %9/30/20219/30/20267,800 7,731 7,800 3.9 %
Security Services Acquisition Sub Corp.SF6.10 %11.43 %2/15/20199/30/20262,108 2,108 2,108 1.0 %
Security Services Acquisition Sub Corp.SF6.10 %11.43 %2/15/20199/30/20261,516 1,516 1,516 0.8 %
Security Services Acquisition Sub Corp.SF6.10 %11.43 %3/1/20249/30/20262,793 2,739 2,800 1.4 %
Vhagar Purchaser, LLCSF6.75 %12.08 %6/9/20236/11/20293,000 2,920 3,000 1.5 %
Vhagar Purchaser, LLC (Delayed Draw) (*) (**)
SF6.75 %12.08 %6/9/20236/11/2029667 150 150 0.1 %
Vhagar Purchaser, LLC (Revolver) (*)
SF6.75 %12.08 %6/9/20236/11/2029333 — — 0.0 %
VPS Holdings, LLCSF7.11 %12.44 %10/5/201810/4/20242,303 2,298 2,315 1.1 %
12

MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2024
(in thousands, except for shares and units)
Portfolio Company (^)
Index (^^)
Spread (^^)
Interest Rate
Acquisition Date (^^^)
MaturityPrincipalAmortized Cost
Fair Value (^^^^)
% of Net Assets (^^^^^)
VPS Holdings, LLCSF7.11 %12.44 %10/5/201810/4/20241,896 $1,896 $1,906 0.9 %
VPS Holdings, LLC (Revolver)SF7.11 %12.44 %10/5/201810/4/20241,003 1,003 1,003 0.5 %
57,369 54,646 54,876 27.3 %
Services: Consumer
Express Wash Acquisition Company, LLCSF6.76 %12.09 %7/14/20227/14/20287,067 7,035 7,067 3.5 %
Express Wash Acquisition Company, LLCSF6.76 %12.09 %7/14/20227/14/20281,509 1,509 1,509 0.7 %
Express Wash Acquisition Company, LLC (Revolver) (*)
SF6.76 %12.09 %7/14/20227/14/2028379 209 209 0.1 %
Kar Wash Holdings, LLCSF6.26 %11.59 %2/28/20222/26/20271,572 1,551 1,572 0.8 %
Kar Wash Holdings, LLCSF6.26 %11.59 %2/28/20222/26/20271,126 1,126 1,126 0.6 %
Kar Wash Holdings, LLCSF6.26 %11.59 %8/3/20222/26/20272,644 2,644 2,644 1.3 %
Kar Wash Holdings, LLC (Revolver) (*)
SF6.26 %11.59 %2/28/20222/26/2027571 — — 0.0 %
14,868 14,074 14,127 7.0 %
Telecommunications
American Broadband and Telecommunications Company LLC (Delayed Draw) (*) (**)
P12.00 %18.50% Cash/ 2.00% PIK6/10/20226/10/20251,377 1,278 1,423 0.7 %
American Broadband and Telecommunications Company LLC (Revolver) (*)
P12.00 %18.50% Cash/ 2.00% PIK6/10/20226/10/2025500 124 124 0.1 %
Calabrio, Inc.SF7.13 %12.45 %4/16/20214/16/20273,400 3,350 3,400 1.7 %
Calabrio, Inc.SF7.13 %12.45 %12/19/20234/16/2027499 499 503 0.2 %
Calabrio, Inc. (Revolver) (*)
SF7.13 %12.45 %4/16/20214/16/2027409 — — 0.0 %
6,185 5,251 5,450 2.7 %
Transportation: Cargo
Epika Fleet Services, Inc.SF5.75 %11.08 %3/18/20243/18/20293,000 2,940 2,940 1.5 %
Epika Fleet Services, Inc.SF5.75 %11.08 %3/18/20243/18/20291,731 1,713 1,713 0.9 %
Epika Fleet Services, Inc. (Delayed Draw) (*) (**)
SF5.75 %11.08 %3/18/20243/18/2029865 — — 0.0 %
Epika Fleet Services, Inc. (Revolver) (*)
SF5.75 %11.08 %3/18/20243/18/2029652 44 64 0.0 %
6,248 4,697 4,717 2.4 %
Wholesale
Nearly Natural, Inc.SF11.50 %12.83% Cash/ 4.00% PIK12/15/201712/31/20246,626 6,626 6,377 3.2 %
Nearly Natural, Inc.SF11.50 %12.83% Cash/ 4.00% PIK9/22/202012/31/20241,718 1,718 1,654 0.8 %
Nearly Natural, Inc.SF11.50 %12.83% Cash/ 4.00% PIK2/16/202112/31/20243,126 3,126 3,009 1.5 %
Nearly Natural, Inc.SF11.50 %12.83% Cash/ 4.00% PIK8/28/201912/31/20241,871 1,871 1,801 0.9 %
Nearly Natural, Inc. (Revolver)SF11.50 %12.83% Cash/ 4.00% PIK12/15/201712/31/20242,709 2,709 2,607 1.3 %
16,050 16,050 15,448 7.7 %
Total Non-Controlled/Non-Affiliate Senior Secured Loans374,214 338,136 338,578 168.2 %
13

MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2024
(in thousands, except for shares and units)
Portfolio Company (^)
Index (^^)
Spread (^^)
Interest Rate
Acquisition Date (^^^)
MaturityPrincipalAmortized Cost
Fair Value (^^^^)
% of Net Assets (^^^^^)
Unitranche Secured Loans (~)
Services: Business
ASG II, LLCSF6.40 %11.71 %5/25/20225/25/20281,900 $1,871 $1,895 1.0 %
ASG II, LLC (Delayed Draw) (*) (**)
SF6.40 %11.71 %5/25/20225/25/2028285 267 266 0.1 %
Onit, Inc.SF7.50 %12.73 %12/20/20215/2/20251,680 1,669 1,680 0.8 %
3,865 3,807 3,841 1.9 %
Telecommunications
VB E1, LLCSF7.75 %13.05 %11/18/202011/18/20262,250 2,250 2,250 1.1 %
2,250 2,250 2,250 1.1 %
Total Non-Controlled/Non-Affiliate Unitranche Secured Loans6,115 6,057 6,091 3.0 %
Junior Secured Loans
Banking
MoneyLion, Inc. (#)
SF9.51 %14.82 %3/25/20223/24/20264,875 4,842 4,875 2.4 %
4,875 4,842 4,875 2.4 %
Consumer Goods: Non-Durable
Thrasio, LLCSF10.11 %
15.44% PIK (***)
3/1/20247/1/2024135 135 135 0.1 %
Thrasio, LLCP8.00 %
16.50% (***)
12/18/202012/18/20262,297 2,297 945 0.4 %
2,432 2,432 1,080 0.5 %
FIRE: Real Estate
Florida East Coast Industries, LLC (#)
n/an/a16.00% PIK8/9/20216/28/2024785 $784 $785 0.4 %
Witkoff/Monroe 700 JV LLC (#)
n/an/a8.00% Cash/ 4.00% PIK7/2/20217/2/20266,971 6,971 6,872 3.4 %
Witkoff/Monroe 700 JV LLC (#)
n/an/a8.00% Cash/ 4.00% PIK5/16/20237/2/20261,206 1,206 1,189 0.6 %
Witkoff/Monroe 700 JV LLC (Delayed Draw) (*) (**) (#)
n/an/a8.00% Cash/ 4.00% PIK9/25/20237/22/20262,164 2,155 2,125 1.1 %
11,126 11,116 10,971 5.5 %
High Tech Industries
Arcserve Cayman Opco LP (fka Arcstor Midco, LLC)n/a9.00 %
9.00% PIK (***)
8/29/20237/2/2029161 150 164 0.1 %
Arcserve Cayman Opco LP (fka Arcstor Midco, LLC)n/a9.00 %
9.00% PIK (***)
7/14/20237/2/2029165 150 167 0.1 %
Arcserve Cayman Opco LP (fka Arcstor Midco, LLC)n/an/a
n/a (***)
3/16/20213/16/2027370 363 — 0.0 %
696 663 331 0.2 %
14

MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2024
(in thousands, except for shares and units)
Portfolio Company (^)
Index (^^)
Spread (^^)
Interest Rate
Acquisition Date (^^^)
MaturityPrincipalAmortized Cost
Fair Value (^^^^)
% of Net Assets (^^^^^)
Media: Broadcasting & Subscription
Vice Acquisition Holdco, LLCn/an/a
n/a (***)
5/2/2019
n/a (c)
637 $637 $— 0.0 %
Vice Acquisition Holdco, LLCn/an/a
n/a (***)
11/4/2019
n/a (c)
122 122 — 0.0 %
Vice Acquisition Holdco, LLCn/an/a
n/a (***)
5/2/2019
n/a (c)
200 200 — 0.0 %
Vice Acquisition Holdco, LLCn/an/a
n/a (***)
5/2/2019
n/a (c)
76 76 — 0.0 %
Vice Acquisition Holdco, LLCSF8.26 %
13.57% PIK (***)
7/31/20231/31/2028528 528 402 0.2 %
Vice Acquisition Holdco, LLCSF8.26 %
13.57% PIK (***)
7/31/20231/31/2028671 671 628 0.3 %
Vice Acquisition Holdco, LLCSF8.26 %
13.57% PIK (***)
7/31/20231/31/2028203 203 190 0.1 %
Vice Acquisition Holdco, LLCSF8.26 %
13.57% PIK (***)
9/8/20231/31/2028359 353 331 0.2 %
2,796 2,790 1,551 0.8 %
Retail
Forman Mills, Inc.n/a3.90 %
3.90% PIK (***)
4/27/20236/20/20281,308 1,308 840 0.4 %
1,308 1,308 840 0.4 %
Services: Consumer
Education Corporation of AmericaP11.00 %
14.00% Cash/ 5.50% PIK (***)
9/3/2015
n/a (c)
833 831 2,246 1.1 %
833 831 2,246 1.1 %
Total Non-Controlled/Non-Affiliate Junior Secured Loans24,066 23,982 21,894 10.9 %
Equity Securities (<) (###)
Automotive
Born To Run, LLC (269,438 Class A units)— 
(***)
4/1/2021— — 269 — 0.0 %
Lifted Trucks Holdings, LLC (111,111 Class A units) (####)
— 
(##)
8/2/2021— — 111 64 0.0 %
380 64 0.0 %
Banking
MV Receivables II, LLC (1,458 common units) (#) (####)
— 
(##)
7/29/2021— — 600 — 0.0 %
MV Receivables II, LLC (warrant to purchase up to 0.8% of the equity) (#) (####)
— 
(##)
7/28/20217/28/2031— 363 — 0.0 %
963 — 0.0 %
Chemicals, Plastics & Rubber
Valudor Products LLC (501,014 Class A-1 units) (####)
n/an/a10.00% PIK6/18/2018— — 501 — 0.0 %
501 — 0.0 %
Consumer Goods: Durable
Independence Buyer, Inc. (81 Class A units)— 
(##)
8/3/2021— — 81 49 0.0 %
81 49 0.0 %
15

MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2024
(in thousands, except for shares and units)
Portfolio Company (^)
Index (^^)
Spread (^^)
Interest Rate
Acquisition Date (^^^)
MaturityPrincipalAmortized Cost
Fair Value (^^^^)
% of Net Assets (^^^^^)
Construction & Building
MEI Buyer LLC (155 shares of common stock)— 
(##)
6/30/2023— — $178 $200 0.1 %
178 200 0.1 %
Environmental Industries
Quest Resource Management Group, LLC (warrant to purchase up to 0.2% of the equity)— 
  — (##)
10/19/20203/17/2028— 67 252 0.1 %
Quest Resource Management Group, LLC (warrant to purchase up to 0.2% of the equity)— 
(##)
10/19/20213/17/2028— — 177 0.1 %
67 429 0.2 %
FIRE: Finance
Binah Capital Group, Inc. (fka PKS Holdings, LLC) (34,801 shares of common stock) (#) (d)
— 
(##)
3/15/2024— — 234 451 0.2 %
J2 BWA Funding LLC (0.3% profit sharing) (#) (####)
— 
(##)
12/24/2020— — — 38 0.0 %
234 489 0.2 %
FIRE: Real Estate
Residential Homes for Rent LLC (255,311 Series A preferred units) (#) (####)
— 
(##)
3/5/2024— — 1,114 1,114 0.6 %
Residential Homes for Rent LLC (warrant to purchase up to 0.7% of the equity) (#) (####)
— 
(##)
3/5/20243/5/2034— — — 0.0 %
Witkoff/Monroe 700 JV LLC (2,141 preferred units) (#) (####)
— 
(##)
7/2/2021— — 2,556 1.3 %
1,117 3,670 1.9 %
Healthcare & Pharmaceuticals
Bluesight, Inc. (21 Class A preferred units)n/an/a9.00% PIK7/17/2023— — 21 19 0.0 %
Bluesight, Inc. (11,087 Class B common units)— 
(##)
7/17/2023— — — — 0.0 %
Dorado Acquisition, Inc. (189,922 Class A-1 units)— 
(##)
6/30/2021— — 207 209 0.1 %
Dorado Acquisition, Inc. (189,922 Class A-2 units)— 
(##)
6/30/2021— — — 98 0.1 %
Forest Buyer, LLC (300 Class A units) (####)
n/a n/a8.00% PIK3/15/2024— — 300 300 0.1 %
Forest Buyer, LLC (300 Class B units) (####)
n/a n/a8.00% PIK3/15/2024— — — — 0.0 %
KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC) (0.1% shares of the equity)— 
(##)
1/31/2023— — 491 329 0.2 %
NationsBenefits, LLC (120,760 Series B units) (####)
n/an/a5.00% PIK8/20/2021— — 816 1,527 0.8 %
NationsBenefits, LLC (106,667 shares of common units) (####)
— 
(##)
8/20/2021— — 153 496 0.2 %
NQ PE Project Colosseum Midco Inc. (327,133 common units)— 
(##)
10/4/2022— — 327 260 0.1 %
Seran BioScience, LLC (33,333 common units) (####)
— 
(##)
12/31/2020— — 334 832 0.4 %
Vero Biotech Inc. (warrant to purchase up to 0.2% of the equity)— 
(##)
12/29/202312/29/2033— — 28 0.0 %
2,649 4,098 2.0 %
16

MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2024
(in thousands, except for shares and units)
Portfolio Company (^)
Index (^^)
Spread (^^)
Interest Rate
Acquisition Date (^^^)
MaturityPrincipalAmortized Cost
Fair Value (^^^^)
% of Net Assets (^^^^^)
High Tech Industries
Amelia Holding II, LLC (warrant to purchase up to 0.1% of the equity)— 
(##)
12/21/202212/21/2032— $— $28 0.0 %
Arcserve Cayman Opco LP (fka Arcstor Midco, LLC) (59,211 Class A common units)— 
(##)
3/16/2021— — 4,119 495 0.2 %
Arcserve Cayman Opco LP (fka Arcstor Midco, LLC) (110,294 Class B common units)— 
##)
1/2/2024— — — 922 0.5 %
Drawbridge Partners, LLC (130,433 Class A-1 units)— 
(##)
9/1/2022— — 130 154 0.1 %
Planful, Inc. (473,082 Class A units)n/an/a8.00% PIK12/28/2018— — 473 992 0.5 %
Planful, Inc. (35,791 Class B units)— 
(##)
5/3/2023— — — 24 0.0 %
Recorded Future, Inc. (80,486 Class A units) (e)
— 
(##)
7/3/2019— — 81 268 0.1 %
Sparq Holdings, Inc. (300,000 shares of common stock)— 
(##)
6/15/2023— — 300 317 0.2 %
5,103 3,200 1.6 %
Hotels, Gaming & Leisure
Equine Network, LLC (108 Class A units) (####)
— 
(##)
12/31/2020— — 111 140 0.1 %
111 140 0.1 %
Media: Advertising, Printing & Publishing
AdTheorent Holding Company, Inc. (177,362 shares of common stock) (#) (d)
— 
(##)
12/22/2016— — 114 569 0.3 %
InMobi Pte, Ltd. (warrant to purchase up to 2.8% of the equity) (#) (b)
— 
(##)
9/18/20159/18/2025— — 1,763 0.9 %
Relevate Health Group, LLC (40 preferred units)n/an/a12.00% PIK11/20/2020— — 40 17 0.0 %
Relevate Health Group, LLC (40 Class B common units)— 
(##)
11/20/2020— — — — 0.0 %
Spherix Global Inc. (81 Class A units)— 
(##)
12/22/2021— — 81 27 0.0 %
XanEdu Publishing, Inc. (49,479 Class A units)n/an/a8.00% PIK1/28/2020— — 49 266 0.1 %
284 2,642 1.3 %
Media: Broadcasting & Subscription
Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.) (1,480,000 Class A units)— 
(##)
7/31/2023— — 1,480 — 0.0 %
1,480 — 0.0 %
Media: Diversified & Production
Attom Intermediate Holdco, LLC (297,197 Class A units) (####)
— 
(##)
1/4/2019— — 297 352 0.2 %
Chess.com, LLC (2 Class A units) (####)
— 
(##)
12/31/2021— — 87 75 0.0 %
V10 Entertainment, Inc. (392,157 shares of common units) (f)
— 
(##)
1/12/2023— — 203 154 0.1 %
587 581 0.3 %
Retail
BLST Operating Company, LLC (139,883 Class A units) (####)
— 
(##)
8/28/2020— — 712 419 0.2 %
712 419 0.2 %
Services: Business
APCO Worldwide, Inc. (100 Class A voting common stock)— 
(##)
11/1/2017— — 395 988 0.5 %
395 988 0.5 %
17

MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2024
(in thousands, except for shares and units)
Portfolio Company (^)
Index (^^)
Spread (^^)
Interest Rate
Acquisition Date (^^^)
MaturityPrincipalAmortized Cost
Fair Value (^^^^)
% of Net Assets (^^^^^)
Services: Consumer
Education Corporation of America - Series G Preferred Stock (8,333 shares)n/an/a
12.00% PIK (***)
9/3/2015— — $7,492 $— 0.0 %
Express Wash Acquisition Company, LLC (31,200 Class A common units) (####)
— 
(##)
11/15/2023— — — — 0.0 %
Express Wash Acquisition Company, LLC (31 Class A preferred units) (####)
n/an/a8.00% PIK11/15/2023— — 31 28 0.0 %
Express Wash Acquisition Company, LLC (146,770 Class B common units) (####)
— 
  — (##)
11/15/2023— — — — 0.0 %
Express Wash Acquisition Company, LLC (147 Class B preferred units) (####)
— 
(##)
11/15/2023— — 151 — 0.0 %
IDIG Parent, LLC (245,958 shares of common stock) (####) (g)
— 
(##)
1/4/2021— — 250 306 0.2 %
Kar Wash Holdings, LLC (99,807 Class A units)— 
(##)
2/28/2022— — 103 102 0.1 %
Kar Wash Holdings, LLC - Series A Preferred Stock (8,619 shares)— 
(##)
6/27/2023— — 11 11 0.0 %
8,038 447 0.3 %
Telecommunications
American Broadband and Telecommunications Company LLC (warrant to purchase up to 0.2% of the equity)— 
(##)
6/10/20226/10/2032— 42 46 0.0 %
42 46 0.0 %
Transportation: Cargo
Epika Fleet Services, Inc. - Senior Preferred Stock (7,826 shares)— 
(##)
3/18/2024— — 196 196 0.1 %
196 196 0.1 %
Wholesale
Nearly Natural, Inc. (152,174 Class A units)— 
(##)
12/15/2017— — 153 — 0.0 %
Nearly Natural, Inc. (61,087 Class AA units)— 
(##)
8/27/2021— — 61 45 0.0 %
214 45 0.0 %
Total Non-Controlled/Non-Affiliate Equity Securities23,332 17,703 8.8 %
Total Non-Controlled/Non-Affiliate Company Investments391,507 384,266 190.9 %
Non-Controlled Affiliate Company Investments (<<)
Senior Secured Loans
Beverage, Food & Tobacco
TJ Management HoldCo LLC (Revolver) (*)
SF5.61 %10.94 %9/9/20206/28/2024477 — — 0.0 %
477 — — 0.0 %
18

MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2024
(in thousands, except for shares and units)
Portfolio Company (^)
Index (^^)
Spread (^^)
Interest Rate
Acquisition Date (^^^)
MaturityPrincipalAmortized Cost
Fair Value (^^^^)
% of Net Assets (^^^^^)
FIRE: Real Estate
American Community Homes, Inc.SF2.11 %7.44% PIK7/22/201412/31/202612,890 $12,890 $8,085 4.0 %
American Community Homes, Inc.SF2.11 %7.44% PIK7/22/201412/31/20266,343 6,343 3,978 2.0 %
American Community Homes, Inc.SF2.11 %7.44% PIK5/24/201712/31/2026781 781 490 0.2 %
American Community Homes, Inc.SF2.11 %7.44% PIK8/10/201812/31/20262,873 2,873 1,802 0.9 %
American Community Homes, Inc.SF2.11 %7.44% PIK3/29/201912/31/20265,319 5,319 3,336 1.7 %
American Community Homes, Inc.SF2.11 %7.44% PIK9/30/201912/31/202625 25 16 0.0 %
American Community Homes, Inc.SF2.11 %7.44% PIK12/30/201912/31/2026122 122 77 0.0 %
American Community Homes, Inc. (Revolver) (*)
SF2.11 %7.44% PIK3/30/202012/31/20262,500 — — 0.0 %
HFZ Capital Group LLC (#) (h)
P9.46 %17.96% PIK10/20/2017
n/a (c)
13,242 13,242 17,500 8.7 %
HFZ Capital Group LLC (#) (h)
P9.46 %17.96% PIK10/20/2017
n/a (c)
4,758 4,758 6,288 3.1 %
MC Asset Management (Corporate), LLC (#) (h)
SF15.00 %20.33% PIK1/26/20211/26/202910,771 10,771 10,771 5.3 %
MC Asset Management (Corporate), LLC (#) (h)
SF15.00 %20.33% PIK4/26/20211/26/20293,210 3,210 3,210 1.6 %
Second Avenue SFR Holdings II LLC (Revolver) (*) (#)
SF7.00 %12.33 %8/11/20218/9/20244,875 3,323 3,323 1.6 %
67,709 63,657 58,876 29.1 %
High Tech Industries
Mnine Holdings, Inc.SF8.26 %13.56% PIK11/2/201812/30/20246,346 6,346 6,119 3.1 %
Mnine Holdings, Inc.SF8.26 %13.56% PIK7/27/202312/30/202456 55 54 0.0 %
Mnine Holdings, Inc. (Revolver) (*)
SF7.26 %12.57 %8/9/202212/30/2024747 — — 0.0 %
7,149 6,401 6,173 3.1 %
Services: Consumer
NECB Collections, LLC (Revolver) (*)
L11.00 %
16.94% (***)
6/25/2019
n/a (c)
1,356 1,312 424 0.2 %
1,356 1,312 424 0.2 %
Total Non-Controlled Affiliate Senior Secured Loans76,691 71,370 65,473 32.4 %
Junior Secured Loans
FIRE: Real Estate
SFR Holdco, LLC (#)
n/an/a8.00 %8/6/20217/28/20285,850 5,850 5,533 2.7 %
5,850 5,850 5,533 2.7 %
Total Non-Controlled Affiliate Company Junior Secured Loans5,850 5,850 5,533 2.7 %
Equity Securities (<<) (###)
Beverage, Food & Tobacco
TJ Management HoldCo LLC (16 shares of common stock) (####)
— 
(##)
9/9/2020— — 1,631 3,324 1.6 %
1,631 3,324 1.6 %
FIRE: Real Estate
American Community Homes, Inc. (4,940 shares of common stock)— 
(##)
12/29/2022— — — — 0.0 %
MC Asset Management (Corporate), LLC (15.9% of interests) (#) (####) (h)
— 
(##)
6/11/2019— — 793 842 0.4 %
SFR Holdco, LLC (24.4% of interests) (#)
— 
(##)
8/6/2021— — 3,900 4,446 2.2 %
4,693 5,288 2.6 %
19

MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2024
(in thousands, except for shares and units)
Portfolio Company (^)
Index (^^)
Spread (^^)
Interest Rate
Acquisition Date (^^^)
MaturityPrincipalAmortized Cost
Fair Value (^^^^)
% of Net Assets (^^^^^)
Healthcare & Pharmaceuticals
Ascent Midco, LLC (2,032,258 Class A units) (####)
n/an/a8.00% PIK2/5/2020— — $2,032 $1,652 0.8 %
Familia Dental Group Holdings, LLC (1,304 Class A units) (####)
— 
(##)
4/8/2016— — 4,467 2,363 1.2 %
6,499 4,015 2.0 %
High Tech Industries
Mnine Holdings, Inc. (6,400 Class B units)— 
(##)
6/30/2020— — — — 0.0 %
— — 0.0 %
Services: Consumer
NECB Collections, LLC (20.8% of LLC units) (####)
— 
(##)
6/21/2019— — 1,458 — 0.0 %
1,458 — 0.0 %
Total Non-Controlled Affiliate Equity Securities$14,281 $12,627 6.2 %
Total Non-Controlled Affiliate Company Investments$91,501 $83,633 41.3 %
Controlled Affiliate Company Investments (<<<)
Equity Securities
Investment Funds & Vehicles
MRCC Senior Loan Fund I, LLC (50.0% of the equity interests) (#)
— — 10/31/2017— — 42,650 32,990 16.4 %
Total Controlled Affiliate Equity Securities$42,650 $32,990 16.4 %
Total Controlled Affiliate Company Investments$42,650 $32,990 16.4 %
TOTAL INVESTMENTS$525,658 $500,889 248.6 %
20

MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2024
(in thousands, except for shares and units)
Derivative Instruments
Foreign currency forward contracts
There were no foreign currency forward contracts held as of March 31, 2024.

(a)

(^)All of ourthe Company’s investments are issued by eligible portfolio companies, as defined in the Investment Company Act of 1940 (the “1940 Act”), unless otherwise noted. All of ourthe 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 London Interbank Offeredthe Secured Overnight Financing Rate (“LIBOR”SOFR” or “L”“SF”) or Prime Rate (“Prime”("Prime" or “P”"P") which reset daily, monthly, quarterly or semiannually. For each such investment, the Company has provided the spread over LIBORSOFR or Prime, as applicable, and the current contractual interest rate in effect at September 30, 2017.March 31, 2024. Certain investments may be subject to an interest rate floor or rate cap. Certain investments contain a payment-in-kind ("PIK") provision.
(^^^)Except as otherwise noted, all of the Company’s portfolio company investments, which as of March 31, 2024 represented 248.6% of the Company’s net assets or 95.0% of the Company’s total assets, are subject to a LIBOR or Prime interest rate floor.

(c) legal restrictions on sales.

(^^^^)Because there is no readily available market value for these investments, the fair value of these investments is determined in good faith using significant unobservable inputs by our board of directors as required by the Investment Company Act of 1940.Valuation Designee. (See Note 4 in the accompanying notes to the consolidated financial statements.statements).
(^^^^^)

(d) Percentages are based on net assets of $283,542$201,502 as of September 30, 2017.

(e) March 31, 2024.

(~)The Company structures its unitranche secured loans as senior secured loans. The Company obtains security interests in the assets of these portfolio companies that serve as collateral in support of the repayment of these loans. This collateral may take the form of first-priority liens on the assets of a portfolio company. Generally, the Company syndicates a “first out” portion of the loan to an investor and retains a “last out” portion of the loan, in which case the “first out” portion of the loan will generally receive priority with respect to payments of principal, interest and any other amounts due thereunder. Unitranche structures combine characteristics of traditional first lien senior secured as well as second lien and subordinated loans and the Company’s unitranche secured loans will expose the Company to the risks associated with second lien and subordinated loans and may limit the Company’s recourse or ability to recover collateral upon a portfolio company’s bankruptcy. Unitranche secured loans typically provide for moderate loan amortization in the initial years of the facility, with the majority of the amortization deferred until loan maturity. Unitranche secured loans generally allow the borrower to make a large lump sum payment of principal at the end of the loan term, and there is a risk of loss if the borrower is unable to pay the lump sum or refinance the amount owed at maturity. In many cases the Company, together with its affiliates, are the sole or majority lender of these unitranche secured loans, which can afford the Company additional influence with a borrower in terms of monitoring and, if necessary, remediation in the event of underperformance.
(<)Represents less than 5% ownership of the portfolio company’s voting securities.
(<<)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).
(<<<)As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” of and to “Control” this portfolio company as it owns more than 25% of the portfolio company’s voting securities. See Note 5 in the accompanying notes to the consolidated financial statements for additional information on transactions in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to Control.
(#)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 September 30, 2017,March 31, 2024, non-qualifying assets totaled 7.29%23.6% of the Company’s total assets.

(f)

(##)Represents a non-income producing security.
(###)Ownership of certain equity investments may occur through a holding company or partnership.
(####)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.
(*)All or a portion of this commitment was unfunded at September 30, 2017.March 31, 2024. As such, interest is earned only on the funded portion of this commitment.

(g)

(**)This delayed draw loan requires that certain financial covenants be met by the portfolio company prior to any fundings.

(h) All

(***)This position was on non-accrual status as of this loan is heldMarch 31, 2024, meaning that the Company has ceased accruing interest income on the position. See Note 2 in the Company’s wholly-owned subsidiary, Monroe Capital Corporation SBIC, LP and is therefore not collateralaccompanying notes to the Company’s revolving credit facility.

(i) A portion of this loan (principal of $2,139) is held inconsolidated financial statements for additional information on the Company’s wholly-owned subsidiary, Monroe Capital Corporation SBIC, LP and is therefore not collateralaccounting policies.

(a)This investment represents a note convertible to the Company’s revolving credit facility.

(j) The PIK portionpreferred shares of the interest rate for Landpoint, LLC is structured as a fee paid upon the termination of the commitment. The fee currently accrues at 2.25% per annum.

(k) borrower.

(b)This is an international company.

(l)

(c)This termis a demand note with no stated maturity.
(d)The fair value of this investment was valued using Level 1 inputs. See Note 4 in the accompanying notes to the consolidated financial statements.
(e)As of March 31, 2024, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $16.
(f)As of March 31, 2024, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $189.
(g)As of March 31, 2024, the Company was party to a subscription agreement with a commitment to fund an equity investment of $43.
(h)The Company restructured its investments in HFZ Capital Group LLC (“HFZ”) and HFZ Member RB portfolio, LLC (“Member RB”) during 2020. As part of the restructuring of HFZ, the Company obtained a 15.9% equity interest in MC Asset Management (Corporate), LLC (“Corporate”). As part of the Member RB restructuring, the Company exchanged its loan is denominated in Great Britain poundsMember RB for a promissory note in MC Asset Management (Industrial), LLC (“Industrial”). Corporate owns 100% of the equity of Industrial. In conjunction with these restructurings, the Company participated $4,758 of principal of its loan to HFZ as an equity contribution to Industrial. This participation did not qualify for sale accounting under ASC Topic 860–Transfers and is translatedServicing because the sale did not meet the definition of a “participating interest”, as defined in the guidance, in order for sale treatment to be allowed. As a result, the Company continues to reflect its full investment in HFZ but has split the loan into U.S. dollarstwo investments.
n/a - not applicable






See Notes to Consolidated Financial Statements.
21



MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2023
(in thousands, except for shares and units)

Portfolio Company (^)
Index (^^)
Spread (^^)
Interest
Rate
Acquisition
Date (^^^)
MaturityPrincipalAmortized Cost
Fair Value (^^^^)
% of Net Assets (^^^^^)
Non-Controlled/Non-Affiliate Company Investments
Senior Secured Loans
Automotive
Born To Run, LLCSF6.26 %11.64 %4/1/20214/1/20273,430 $3,387 $2,565 1.3 %
Born To Run, LLCSF6.26 %11.64 %4/1/20214/1/2027467 467 349 0.2 %
Hastings Manufacturing CompanySF7.60 %12.96 %4/24/201812/31/20251,850 1,850 1,850 0.9 %
Hastings Manufacturing CompanySF7.60 %12.96 %3/29/202312/31/2025664 664 664 0.3 %
Hastings Manufacturing CompanySF7.60 %12.96 %12/18/202312/31/20252,039 2,019 2,080 1.0 %
Hastings Manufacturing Company (Revolver) (*)
SF7.60 %12.96 %3/29/202312/31/2025691 — — 0.0 %
Lifted Trucks Holdings, LLCSF5.85 %11.16 %8/2/20218/2/20276,860 6,770 6,682 3.3 %
Lifted Trucks Holdings, LLC (Revolver) (*)
SF5.90 %11.29 %8/2/20218/2/20271,667 556 541 0.3 %
Panda Acquisition, LLCSF6.35 %11.70 %12/20/202210/18/20284,388 3,688 3,707 1.8 %
22,056 19,401 18,438 9.1 %
Banking
MV Receivables II, LLC (#)
SF9.75 %15.09 %7/29/20217/29/20268,100 7,737 7,695 3.8 %
StarCompliance MidCo, LLCSF6.85 %12.20 %1/12/20211/12/20272,000 1,977 1,993 1.0 %
StarCompliance MidCo, LLCSF6.85 %12.20 %10/12/20211/12/2027335 331 334 0.2 %
StarCompliance MidCo, LLCSF6.85 %12.20 %5/31/20231/12/2027256 251 255 0.1 %
StarCompliance MidCo, LLC (Revolver) (*)
SF6.85 %12.20 %1/12/20211/12/2027323 190 190 0.1 %
11,014 10,486 10,467 5.2 %
Beverage, Food & Tobacco
LVF Holdings, Inc.SF5.90 %11.25 %6/10/20216/10/20271,466 1,447 1,466 0.7 %
LVF Holdings, Inc.SF5.90 %11.25 %6/10/20216/10/20271,403 1,403 1,403 0.7 %
LVF Holdings, Inc. (Revolver) (*)
SF5.90 %11.25 %6/10/20216/10/2027238 — — 0.0 %
3,107 2,850 2,869 1.4 %
Capital Equipment
CGI Automated Manufacturing, LLCSF7.26 %12.61 %9/9/202212/17/20263,875 3,789 3,802 1.9 %
CGI Automated Manufacturing, LLCSF7.26 %12.61 %9/30/202212/17/20261,112 1,091 1,091 0.5 %
4,987 4,880 4,893 2.4 %
Chemicals, Plastics & Rubber
Valudor Products LLCSF7.61 %11.47% Cash/ 1.50% PIK6/18/201812/31/20241,581 1,581 1,875 0.9 %
Valudor Products LLC (a)
SF7.50 %12.97% PIK6/18/201812/31/2024295 295 287 0.1 %
Valudor Products LLCSF7.61 %12.97 %12/22/202112/31/2024502 502 1,464 0.7 %
Valudor Products LLC (Revolver) (*)
SF7.61 %12.97 %6/18/201812/31/20241,095 55 54 0.0 %
3,473 2,433 3,680 1.7 %
Construction & Building
MEI Buyer LLCSF6.50 %11.86 %6/30/20236/29/20291,995 1,938 2,035 1.0 %
MEI Buyer LLC (Delayed Draw) (*) (**)
SF6.50 %11.86 %6/30/20236/29/2029317 — — 0.0 %
MEI Buyer LLC (Revolver) (*)
SF6.50 %11.84 %6/30/20236/29/2029410 0.0 %
TCFIII OWL Buyer LLCSF5.61 %10.97 %4/19/20214/17/20261,999 1,980 1,994 1.0 %
TCFIII OWL Buyer LLCSF5.61 %10.97 %4/19/20214/17/20262,441 2,441 2,434 1.2 %
TCFIII OWL Buyer LLCSF5.61 %10.97 %12/17/20214/17/20262,190 2,168 2,185 1.1 %
9,352 8,534 8,655 4.3 %
22

MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2023
(in thousands, except for shares and units)
Portfolio Company (^)
Index (^^)
Spread (^^)
Interest
Rate
Acquisition
Date (^^^)
MaturityPrincipalAmortized Cost
Fair Value (^^^^)
% of Net Assets (^^^^^)
Consumer Goods: Durable
Independence Buyer, Inc.SF5.90 %11.28 %8/3/20218/3/20265,499 $5,436 $5,410 2.6 %
Independence Buyer, Inc. (Revolver) (*)
SF5.90 %11.28 %8/3/20218/3/20261,423 — — 0.0 %
Recycled Plastics Industries, LLCSF7.60 %12.19% Cash/ 0.75% PIK8/4/20218/4/20262,811 2,778 2,776 1.4 %
Recycled Plastics Industries, LLC (Revolver) (*)
SF7.60 %12.19% Cash/ 0.75% PIK8/4/20218/4/2026284 — — 0.0 %
10,017 8,214 8,186 4.0 %
Consumer Goods: Non-Durable
The Kyjen Company, LLCSF7.75 %12.13% Cash/ 1.00% PIK5/14/20214/3/2026988 982 978 0.5 %
The Kyjen Company, LLCSF7.50 %12.96% PIK9/13/20224/3/20260.0 %
The Kyjen Company, LLC (Revolver) (*)
SF7.75 %12.13% Cash/ 1.00% PIK5/14/20214/3/2026105 — — 0.0 %
Thrasio, LLCSF7.26 %
12.61% (***)
12/18/202012/18/20262,433 2,432 1,408 0.7 %
3,527 3,415 2,387 1.2 %
Environmental Industries
Quest Resource Management Group, LLCSF6.61 %11.96 %10/19/202010/20/2025852 795 857 0.4 %
Quest Resource Management Group, LLCSF6.61 %11.96 %10/19/202010/20/2025935 935 941 0.5 %
Quest Resource Management Group, LLCSF6.61 %11.96 %12/7/202110/20/20253,326 3,289 3,326 1.6 %
Quest Resource Management Group, LLCSF6.61 %11.96 %12/7/202110/20/2025335 335 335 0.2 %
5,448 5,354 5,459 2.7 %
FIRE: Finance
Avalara, Inc.SF7.25 %12.60 %10/19/202210/19/20284,000 3,915 4,040 2.0 %
Avalara, Inc. (Revolver) (*)
SF7.25 %12.60 %10/19/202210/19/2028400 — — 0.0 %
GC Champion Acquisition LLCSF6.25 %11.71 %8/19/20228/18/20282,528 2,486 2,528 1.2 %
GC Champion Acquisition LLCSF6.25 %11.71 %8/19/20228/18/2028702 702 702 0.3 %
GC Champion Acquisition LLCSF6.50 %11.96 %8/1/20238/18/20282,107 2,046 2,125 1.0 %
J2 BWA Funding LLC (Revolver) (*) (#)
n/an/a10.00 %12/24/202012/24/20262,750 1,578 1,578 0.8 %
Liftforward SPV II, LLC (#)
SF10.86 %16.22% PIK11/10/20163/31/2024253 253 233 0.1 %
W3 Monroe RE Debt LLC (#)
n/an/a10.00% PIK2/5/20212/4/20283,542 3,542 3,631 1.8 %
W3 Monroe RE Debt LLC (Delayed Draw) (*) (**) (#)
n/an/a10.00% PIK3/31/20232/4/2028270 172 176 0.1 %
16,552 14,694 15,013 7.3 %
FIRE: Real Estate
Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC (#)
SF8.25 %13.60 %5/3/20224/30/20252,784 2,755 2,812 1.4 %
Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC (#)
SF8.25 %13.60 %5/3/20224/30/2025285 285 287 0.1 %
Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC (Delayed Draw) (*) (**) (#)
SF8.25 %13.61 %10/6/20234/30/2027837 317 322 0.1 %
Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC (Revolver) (*) (#)
SF8.25 %13.60 %5/3/20224/30/20251,395 546 546 0.3 %
5,301 3,903 3,967 1.9 %
Healthcare & Pharmaceuticals
Bluesight, Inc.SF7.25 %12.61 %7/17/20237/17/20292,000 1,942 1,996 1.0 %
Bluesight, Inc. (Revolver) (*)
SF7.25 %12.61 %7/17/20237/17/2029174 — — 0.0 %
Brickell Bay Acquisition Corp.SF6.65 %12.04 %2/12/20212/12/20261,861 1,836 1,861 0.9 %
Caravel Autism Health, LLCSF5.76 %11.16 %6/30/20216/30/20275,012 4,946 4,969 2.4 %
Caravel Autism Health, LLCSF5.76 %11.16 %6/30/20216/30/20271,392 1,392 1,380 0.7 %
Caravel Autism Health, LLC (Revolver) (*)
SF5.76 %11.16 %6/30/20216/30/20271,269 244 244 0.1 %
Dorado Acquisition, Inc.SF6.85 %12.19 %6/30/20216/30/20264,888 4,831 4,743 2.3 %
Dorado Acquisition, Inc.SF6.90 %12.29 %11/27/20226/30/20264,051 3,975 3,932 1.9 %
Dorado Acquisition, Inc. (Revolver) (*)
SF6.85 %12.19 %6/30/20216/30/2026596 — — 0.0 %
23

MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2023
(in thousands, except for shares and units)
Portfolio Company (^)
Index (^^)
Spread (^^)
Interest
Rate
Acquisition
Date (^^^)
MaturityPrincipalAmortized Cost
Fair Value (^^^^)
% of Net Assets (^^^^^)
INH Buyer, Inc.SF7.00 %8.95% Cash/ 3.50% PIK6/30/20216/28/20283,026 $3,005 $2,936 1.4 %
KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC)SF6.75 %12.13 %2/1/20232/1/20294,975 4,843 4,975 2.4 %
KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC) (Delayed Draw) (*) (**)
SF6.75 %12.14 %2/1/20232/1/20291,702 989 989 0.5 %
KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC) (Revolver) (*)
SF6.75 %12.13 %2/1/20232/1/2029813 352 352 0.2 %
NationsBenefits, LLCSF7.10 %12.44 %8/20/20218/26/20273,920 3,873 3,951 1.9 %
NationsBenefits, LLCSF7.10 %12.44 %8/26/20228/26/20274,672 4,672 4,708 2.3 %
NationsBenefits, LLCSF7.10 %12.44 %8/26/20228/26/20275,065 5,065 5,104 2.5 %
NationsBenefits, LLC (Revolver) (*)
SF7.10 %12.44 %8/20/20218/26/20272,222 889 889 0.5 %
NQ PE Project Colosseum Midco Inc.SF5.65 %11.00 %10/4/202210/4/20283,465 3,407 3,500 1.7 %
NQ PE Project Colosseum Midco Inc. (Delayed Draw) (*) (**)
SF5.65 %11.00 %10/4/202210/4/2028778 — — 0.0 %
NQ PE Project Colosseum Midco Inc. (Revolver) (*)
SF5.65 %11.00 %10/4/202210/4/2028438 — — 0.0 %
Seran BioScience, LLCSF6.25 %11.64 %12/31/20207/8/20272,431 2,409 2,431 1.2 %
Seran BioScience, LLCSF6.25 %11.66 %7/8/20227/8/20272,757 2,757 2,757 1.4 %
Seran BioScience, LLC (Delayed Draw) (*) (**)
SF6.25 %11.66 %8/21/20237/8/20271,444 333 333 0.2 %
Seran BioScience, LLC (Revolver) (*)
SF6.25 %11.64 %12/31/20207/8/2027444 — — 0.0 %
TigerConnect, Inc.SF6.90 %12.28 %2/16/20222/16/20283,000 2,955 2,940 1.4 %
TigerConnect, Inc. (Delayed Draw) (*) (**)
SF6.90 %12.28 %2/16/20222/16/2028225 136 133 0.1 %
TigerConnect, Inc. (Revolver) (*)
SF6.90 %12.28 %2/16/20222/16/2028429 — — 0.0 %
Vero Biotech Inc.P3.75 %12.25 %12/29/202312/28/20292,500 2,475 2,475 1.2 %
Whistler Parent Holdings III, Inc.SF8.90 %9.53% Cash/ 4.75% PIK6/3/20226/2/20284,554 4,481 4,509 2.2 %
Whistler Parent Holdings III, Inc.SF8.90 %9.53% Cash/ 4.75% PIK6/3/20226/2/202857 57 56 0.0 %
Whistler Parent Holdings III, Inc. (Revolver)SF8.90 %9.53% Cash/ 4.75% PIK6/3/20226/2/2028569 569 564 0.3 %
70,729 62,433 62,727 30.7 %
High Tech Industries
Amelia Holding II, LLCSF10.26 %14.61% Cash/ 1.00% PIK12/21/202212/21/20272,021 1,970 2,028 1.0 %
Amelia Holding II, LLC (Delayed Draw) (*) (**)
SF10.26 %14.61% Cash/ 1.00% PIK12/21/202212/21/2027668 508 510 0.3 %
Amelia Holding II, LLC (Revolver) (*)
SF10.00 %14.36% Cash/ 1.00% PIK12/21/202212/21/2027133 27 27 0.0 %
Arcstor Midco, LLCSF8.10 %
13.46% PIK (***)
8/29/20233/16/2027155 150 155 0.1 %
Drawbridge Partners, LLCSF6.75 %12.10 %9/1/20229/1/20283,000 2,950 3,001 1.5 %
Drawbridge Partners, LLC (Delayed Draw) (*) (**)
SF6.75 %12.10 %9/1/20229/1/2028874 496 496 0.2 %
Drawbridge Partners, LLC (Revolver) (*)
SF6.75 %12.10 %9/1/20229/1/2028522 — — 0.0 %
Medallia, Inc.SF6.60 %7.95% Cash/ 4.00% PIK8/15/202210/27/20282,140 2,107 2,141 1.1 %
Mindbody, Inc.SF7.15 %12.53 %2/15/20192/14/20256,536 6,507 6,536 3.2 %
Mindbody, Inc.SF7.15 %12.53 %9/22/20212/14/2025474 474 474 0.2 %
Mindbody, Inc. (Revolver) (*)
SF7.15 %12.53 %2/15/20192/14/2025667 — — 0.0 %
Planful, Inc.SF6.76 %12.16 %12/28/201812/28/20269,500 9,500 9,500 4.7 %
Planful, Inc.SF6.76 %12.16 %9/12/202212/28/2026530 524 530 0.3 %
Planful, Inc.SF6.76 %12.16 %1/11/202112/28/20261,326 1,326 1,326 0.7 %
Planful, Inc.SF6.76 %12.16 %2/11/202212/28/2026884 884 884 0.4 %
Planful, Inc.SF6.76 %12.16 %4/5/202312/28/2026707 688 708 0.3 %
Planful, Inc. (Revolver)SF6.76 %12.16 %12/28/201812/28/2026442 442 442 0.2 %
Sparq Holdings, Inc.SF6.25 %11.43 %6/16/20236/15/2029995 967 1,011 0.5 %
24

MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2023
(in thousands, except for shares and units)
Portfolio Company (^)
Index (^^)
Spread (^^)
Interest
Rate
Acquisition
Date (^^^)
MaturityPrincipalAmortized Cost
Fair Value (^^^^)
% of Net Assets (^^^^^)
Sparq Holdings, Inc. (Delayed Draw) (*) (**)
SF6.25 %11.43 %6/16/20236/15/2029222 $— $— 0.0 %
Sparq Holdings, Inc. (Revolver) (*)
SF6.25 %11.43 %6/16/20236/15/2029205 — — 0.0 %
32,001 29,520 29,769 14.7 %
Media: Advertising, Printing & Publishing
Destination Media, Inc.SF7.25 %12.43 %6/21/20236/21/2028995 963 1,010 0.5 %
Destination Media, Inc. (Delayed Draw) (*) (**)
SF7.00 %12.35 %6/21/20236/21/2028500 61 62 0.0 %
Destination Media, Inc. (Revolver) (*)
SF7.00 %12.35 %6/21/20236/21/2028103 21 21 0.0 %
North Haven USHC Acquisition, Inc.SF6.60 %11.95 %10/30/202010/30/20252,425 2,404 2,399 1.2 %
North Haven USHC Acquisition, Inc.SF6.35 %11.73 %7/29/202210/30/20252,566 2,542 2,528 1.2 %
North Haven USHC Acquisition, Inc.SF6.60 %11.95 %3/12/202110/30/2025703 703 695 0.3 %
North Haven USHC Acquisition, Inc.SF6.60 %11.95 %9/3/202110/30/20251,419 1,419 1,404 0.7 %
North Haven USHC Acquisition, Inc. (Delayed Draw) (*) (**)
SF6.35 %11.76 %7/29/202210/30/20251,056 358 353 0.2 %
North Haven USHC Acquisition, Inc. (Revolver) (*)
SF6.60 %12.00 %10/30/202010/30/2025416 104 103 0.1 %
Relevate Health Group, LLCSF6.10 %11.44 %11/20/202011/20/20251,459 1,446 1,445 0.7 %
Relevate Health Group, LLCSF6.10 %11.44 %11/20/202011/20/2025653 653 647 0.3 %
Relevate Health Group, LLC (Revolver) (*)
SF6.10 %11.43 %11/20/202011/20/2025316 84 84 0.0 %
Spherix Global Inc.SF6.36 %11.71 %12/22/202112/22/20261,081 1,068 1,048 0.5 %
Spherix Global Inc. (Revolver) (*)
SF6.36 %11.71 %12/22/202112/22/2026122 — — 0.0 %
XanEdu Publishing, Inc.SF6.50 %11.97 %1/28/20201/28/20254,441 4,413 4,441 2.2 %
XanEdu Publishing, Inc.SF6.50 %11.97 %8/31/20221/28/20251,765 1,744 1,768 0.9 %
XanEdu Publishing, Inc. (Revolver) (*)
SF6.50 %11.97 %1/28/20201/28/2025742 — — 0.0 %
20,762 17,983 18,008 8.8 %
Media: Broadcasting & Subscription
Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.) (c)
SF8.26 %13.64% PIK7/31/20231/31/2028671 671 658 0.3 %
Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.) (c)
SF8.26 %13.64% PIK7/31/20231/31/2028203 203 199 0.1 %
Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.) (Delayed Draw) (*) (**) (c)
SF8.00 %13.65% PIK9/8/20231/31/2028353 297 292 0.2 %
1,227 1,171 1,149 0.6 %
Media: Diversified & Production
Attom Intermediate Holdco, LLCSF6.86 %12.22 %1/4/20197/3/20251,900 1,900 1,870 0.9 %
Attom Intermediate Holdco, LLCSF6.86 %12.22 %6/25/20207/3/2025463 463 456 0.2 %
Attom Intermediate Holdco, LLCSF6.86 %12.22 %7/1/20217/3/2025273 270 269 0.1 %
Attom Intermediate Holdco, LLCSF6.86 %12.22 %8/4/20227/3/2025788 788 775 0.4 %
Attom Intermediate Holdco, LLCSF6.86 %12.22 %12/22/20227/3/2025398 390 392 0.2 %
Attom Intermediate Holdco, LLC (Revolver) (*)
SF6.86 %12.22 %1/4/20197/3/2025320 216 213 0.1 %
Bonterra, LLCSF7.25 %12.60 %9/8/20219/8/202713,437 13,310 13,185 6.5 %
Bonterra, LLCSF8.00 %13.35% PIK9/28/20239/8/20271,968 1,941 1,975 1.0 %
Bonterra, LLC (Revolver) (*)
SF7.25 %12.60 %9/8/20219/8/20271,069 321 315 0.2 %
Chess.com, LLCSF6.60 %11.95 %12/31/202112/31/20275,895 5,809 5,873 2.9 %
Chess.com, LLC (Revolver) (*)
SF6.60 %11.95 %12/31/202112/31/2027652 — — 0.0 %
Crownpeak Technology, Inc.SF7.35 %12.69 %2/28/20192/28/20254,000 3,998 4,000 2.0 %
Crownpeak Technology, Inc.SF7.50 %12.97 %9/27/20222/28/20251,273 1,260 1,274 0.6 %
Crownpeak Technology, Inc.SF7.35 %12.69 %2/28/20192/28/202560 60 60 0.0 %
Crownpeak Technology, Inc.SF7.35 %12.69 %9/27/20222/28/20253,333 3,333 3,334 1.6 %
Crownpeak Technology, Inc. (Revolver) (*)
SF7.35 %12.69 %2/28/20192/28/2025500 67 67 0.0 %
Sports Operating Holdings II, LLCSF5.85 %11.21 %11/3/202211/3/20272,963 2,902 2,963 1.6 %
Sports Operating Holdings II, LLC (Delayed Draw) (*) (**)
SF5.85 %11.21 %11/3/202211/3/20272,398 241 241 0.1 %
Sports Operating Holdings II, LLC (Revolver) (*)
SF5.85 %11.21 %11/3/202211/3/2027519 — — 0.0 %
V10 Entertainment, Inc.SF7.10 %12.49 %1/12/20231/12/20283,980 3,878 4,013 2.0 %
V10 Entertainment, Inc. (Revolver) (*)
SF7.10 %12.49 %1/12/20231/12/2028458 — — 0.0 %
46,647 41,147 41,275 20.4 %
25

MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2023
(in thousands, except for shares and units)
Portfolio Company (^)
Index (^^)
Spread (^^)
Interest
Rate
Acquisition
Date (^^^)
MaturityPrincipalAmortized Cost
Fair Value (^^^^)
% of Net Assets (^^^^^)
Retail
BLST Operating Company, LLCSF9.50 %1.00% Cash/ 12.96% PIK8/28/20208/28/2025660 $423 $620 0.3 %
660 423 620 0.3 %
Services: Business
Aras CorporationSF6.90 %9.04% Cash/ 3.25% PIK4/13/20214/13/20272,233 2,214 2,250 1.1 %
Aras Corporation (Revolver) (*)
P5.50 %14.00 %4/13/20214/13/2027150 130 130 0.1 %
Burroughs, Inc.SF7.60 %12.94 %12/22/201712/20/20244,901 4,901 4,901 2.4 %
Burroughs, Inc. (Revolver)SF7.60 %12.94 %12/22/201712/20/20241,215 1,215 1,215 0.6 %
HS4 Acquisitionco, Inc.SF6.85 %12.21 %7/9/20197/9/20259,799 9,735 9,769 4.8 %
HS4 Acquisitionco, Inc. (Revolver) (*)
SF6.85 %12.21 %7/9/20197/9/2025817 549 548 0.3 %
iCIMS, Inc.SF7.25 %12.62 %10/24/20228/18/20282,500 2,462 2,509 1.2 %
Kingsley Gate Partners, LLCSF6.65 %12.04 %12/9/202212/11/2028596 585 588 0.3 %
Kingsley Gate Partners, LLCSF6.65 %12.04 %12/9/202212/11/2028191 191 189 0.1 %
Kingsley Gate Partners, LLC (Delayed Draw) (*) (**)
SF6.65 %12.04 %12/9/202212/11/2028600 132 130 0.1 %
Kingsley Gate Partners, LLC (Revolver) (*)
SF6.65 %12.04 %12/9/202212/11/2028240 — — 0.0 %
Prototek LLCSF7.85 %12.44% Cash/ 0.75% PIK12/8/202212/8/20272,482 2,419 2,380 1.2 %
Prototek LLC (Revolver) (*)SF7.85 %12.44% Cash/ 0.75% PIK12/8/202212/8/2027288 — — 0.0 %
Relativity ODA LLCSF6.60 %11.96% PIK5/12/20215/12/20272,107 2,075 2,105 1.0 %
Relativity ODA LLC (Revolver) (*)
SF6.60 %11.96% PIK5/12/20215/12/2027180 — — 0.0 %
Security Services Acquisition Sub Corp.SF6.10 %11.46 %2/15/20199/30/20263,344 3,331 3,341 1.6 %
Security Services Acquisition Sub Corp.SF6.10 %11.46 %2/15/20199/30/20262,406 2,406 2,403 1.2 %
Security Services Acquisition Sub Corp.SF6.10 %11.46 %9/30/20219/30/20267,820 7,744 7,812 3.8 %
Security Services Acquisition Sub Corp.SF6.10 %11.46 %2/15/20199/30/20262,113 2,113 2,111 1.0 %
Security Services Acquisition Sub Corp.SF6.10 %11.46 %2/15/20199/30/20261,520 1,520 1,518 0.7 %
Vhagar Purchaser, LLCSF7.00 %12.39 %6/9/20236/8/20293,000 2,917 3,000 1.5 %
Vhagar Purchaser, LLC (Delayed Draw) (*) (**)
SF7.00 %12.39 %6/9/20236/8/2029667 150 150 0.1 %
Vhagar Purchaser, LLC (Revolver) (*)
SF7.00 %12.39 %6/9/20236/8/2029333 — — 0.0 %
VPS Holdings, LLCSF7.11 %12.47 %10/5/201810/4/20242,397 2,388 2,405 1.2 %
VPS Holdings, LLCSF7.11 %12.47 %10/5/201810/4/20241,971 1,971 1,978 1.0 %
VPS Holdings, LLC (Revolver) (*)
SF7.11 %12.47 %10/5/201810/4/20241,003 603 603 0.3 %
54,873 51,751 52,035 25.6 %
Services: Consumer       
Express Wash Acquisition Company, LLCSF6.76 %12.16 %7/14/20227/14/20287,067 7,033 7,067 3.5 %
Express Wash Acquisition Company, LLCSF6.76 %12.16 %7/14/20227/14/20281,513 1,513 1,513 0.7 %
Express Wash Acquisition Company, LLC (Revolver) (*)
SF6.76 %12.16 %7/14/20227/14/2028379 209 209 0.1 %
Kar Wash Holdings, LLCSF6.76 %12.16 %2/28/20222/26/20271,576 1,554 1,576 0.8 %
Kar Wash Holdings, LLCSF6.76 %12.16 %2/28/20222/26/20271,129 1,129 1,129 0.6 %
Kar Wash Holdings, LLC (Delayed Draw) (*) (**)
SF6.76 %12.16 %8/3/20222/26/20272,649 2,230 2,230 1.1 %
Kar Wash Holdings, LLC (Revolver) (*)
SF6.76 %12.16 %2/28/20222/26/2027571 — — 0.0 %
 14,884 13,668 13,724 6.8 %
Telecommunications
American Broadband and Telecommunications Company LLC (Delayed Draw) (*) (**)
P12.00 %18.50% Cash/ 2.00% PIK6/10/20226/10/20251,377 1,266 1,430 0.7 %
American Broadband and Telecommunications Company LLC (Revolver) (*)
P12.00 %18.50% Cash/ 2.00% PIK6/10/20226/10/2025500 124 124 0.1 %
Calabrio, Inc.SF7.13 %12.48 %4/16/20214/16/20273,400 3,346 3,421 1.7 %
Calabrio, Inc. (Delayed Draw) (*) (**)
SF7.13 %12.48 %12/19/20234/16/2027499 — — 0.0 %
Calabrio, Inc. (Revolver) (*)
SF7.13 %12.48 %4/16/20214/16/2027409 234 234 0.1 %
26

MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2023
(in thousands, except for shares and units)
Portfolio Company (^)
Index (^^)
Spread (^^)
Interest
Rate
Acquisition
Date (^^^)
MaturityPrincipalAmortized Cost
Fair Value (^^^^)
% of Net Assets (^^^^^)
 6,185 $4,970 $5,209 2.6 %
Wholesale       
Nearly Natural, Inc.SF11.50 %12.85% Cash/ 4.00% PIK12/15/20173/29/20246,523 6,523 6,270 3.1 %
Nearly Natural, Inc.SF11.50 %12.85% Cash/ 4.00% PIK9/22/20203/29/20241,691 1,691 1,625 0.8 %
Nearly Natural, Inc.SF11.50 %12.85% Cash/ 4.00% PIK2/16/20213/29/20243,076 3,075 2,957 1.5 %
Nearly Natural, Inc.SF11.50 %12.85% Cash/ 4.00% PIK8/28/20193/29/20241,841 1,841 1,770 0.9 %
Nearly Natural, Inc. (Revolver)SF11.50 %12.85% Cash/ 4.00% PIK12/15/20173/29/20242,634 2,634 2,532 1.2 %
 15,765 15,764 15,154 7.5 %
Total Non-Controlled/Non-Affiliate Senior Secured Loans 358,567 322,994 323,684 159.2 %
Unitranche Secured Loans (~)
       
Aerospace & Defense       
Cassavant Holdings, LLCSF7.61 %12.96 %9/8/20219/8/20267,876 7,784 7,876 3.9 %
 7,876 7,784 7,876 3.9 %
Services: Business
ASG II, LLCSF6.40 %11.78 %5/25/20225/25/20281,900 1,869 1,900 0.9 %
ASG II, LLC (Delayed Draw) (*) (**)
SF6.40 %11.78 %5/25/20225/25/2028285 171 171 0.1 %
Onit, Inc.SF7.50 %12.97 %12/20/20215/2/20251,680 1,666 1,680 0.8 %
 3,865 3,706 3,751 1.8 %
Telecommunications
VB E1, LLCSF7.75 %13.10 %11/18/202011/18/20262,250 2,250 2,250 1.1 %
 2,250 2,250 2,250 1.1 %
Total Non-Controlled/Non-Affiliate Unitranche Secured Loans 13,991 13,740 13,877 6.8 %
Junior Secured Loans
Banking
MoneyLion, Inc. (#)
SF9.51 %14.86 %3/25/20223/24/20264,875 4,841 4,918 2.4 %
 4,875 4,841 4,918 2.4 %
FIRE: Real Estate
Florida East Coast Industries, LLC (#)
n/an/a16.00% PIK8/9/20216/28/2024879 874 879 0.4 %
Witkoff/Monroe 700 JV LLC (#)
n/an/a8.00% Cash/ 4.00% PIK7/2/20217/2/20266,901 6,901 6,794 3.3 %
Witkoff/Monroe 700 JV LLC (#)
n/an/a8.00% Cash/ 4.00% PIK5/16/20237/2/20261,194 1,194 1,175 0.6 %
Witkoff/Monroe 700 JV LLC (Delayed Draw) (*) (**) (#)
n/an/a8.00% Cash/ 4.00% PIK9/25/20237/22/20262,147 1,378 1,356 0.7 %
 11,121 10,347 10,204 5.0 %
High Tech Industries
Arcstor Midco, LLCSF7.85 %
13.21% PIK (***)
3/16/20213/16/20274,572 4,482 2,185 1.1 %
Arcstor Midco, LLCSF8.10 %
13.46% PIK (***)
7/14/20233/16/2027155 150 155 0.1 %
4,727 4,632 2,340 1.2 %
Media: Broadcasting & Subscription
Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.) (c)
n/an/a
n/a (##)
5/2/2019
n/a (d)
637 637 — 0.0 %
Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.) (c)
n/an/a
n/a (##)
11/4/2019
n/a (d)
122 122 — 0.0 %
Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.) (c)
n/an/a
n/a (##)
5/2/2019
n/a (d)
200 200 — 0.0 %
Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.) (c)
n/an/a
n/a (##)
5/2/2019
n/a (d)
76 76 — 0.0 %
27

MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2023
(in thousands, except for shares and units)
Portfolio Company (^)
Index (^^)
Spread (^^)
Interest
Rate
Acquisition
Date (^^^)
MaturityPrincipalAmortized Cost
Fair Value (^^^^)
% of Net Assets (^^^^^)
Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.) (c)
SF8.26 %13.64% PIK7/31/20231/31/2028528 $528 $464 0.2 %
1,563 1,563 464 0.2 %
Retail
Forman Mills, Inc.n/a3.90 %
3.90% PIK (***)
4/27/20236/20/20281,308 1,308 955 0.5 %
1,308 1,308 955 0.5 %
Services: Consumer
Education Corporation of AmericaP11.00 %
14.00% Cash/ 5.50% PIK (***)
9/3/2015
n/a (d)
833 831 2,174 1.1 %
 833 831 2,174 1.1 %
Total Non-Controlled/Non-Affiliate Junior Secured Loans 24,427 23,522 21,055 10.4 %
Equity Securities (<) (###)
    
Automotive    
Born To Run, LLC (269,438 Class A units)— 
(##)
4/1/2021— — 269 — 0.0 %
Lifted Trucks Holdings, LLC (111,111 Class A units) (####)
— 
(##)
8/2/2021— — 111 57 0.0 %
 380 57 0.0 %
Banking       
MV Receivables II, LLC (1,458 common units) (#) (####)
— 
(##)
7/29/2021— — 600 — 0.0 %
MV Receivables II, LLC (warrant to purchase up to 0.8% of the equity) (#) (####)
— 
(##)
7/28/20217/28/2031— 363 — 0.0 %
 963 — 0.0 %
Chemicals, Plastics & Rubber       
Valudor Products LLC (501,014 Class A-1 units) (####)
n/a n/a10.00% PIK6/18/2018— — 501 307 0.2 %
501 307 0.2 %
Consumer Goods: Durable
Independence Buyer, Inc. (81 Class A units)— 
(##)
8/3/2021— — 81 56 0.0 %
81 56 0.0 %
Construction & Building
MEI Buyer LLC (155 shares of common stock)— 
(##)
6/30/2023— — 155 158 0.1 %
155 158 0.1 %
Environmental Industries       
Quest Resource Management Group, LLC (warrant to purchase up to 0.2% of the equity)— 
(##)
10/19/20203/17/2028— 67 257 0.1 %
Quest Resource Management Group, LLC (warrant to purchase up to 0.2% of the equity)— 
(##)
10/19/20213/17/2028— — 180 0.1 %
67 437 0.2 %
FIRE: Finance       
J2 BWA Funding LLC (0.3% profit sharing) (#) (####)
— 
(##)
12/24/2020— — — 40 0.0 %
PKS Holdings, LLC (5,680 preferred units) (#)
n/a n/a12.00% PIK11/30/2017— — 58 251 0.1 %
PKS Holdings, LLC (5,714 preferred units) (#)
n/a n/a12.00% PIK11/30/2017— — 39 0.0 %
PKS Holdings, LLC (132 preferred units) (#)
n/a n/a12.00% PIK11/30/2017— — 0.0 %
PKS Holdings, LLC (916 preferred units) (#)
n/a n/a12.00% PIK11/30/2017— — 39 0.0 %
77 375 0.1 %
FIRE: Real Estate       
Witkoff/Monroe 700 JV LLC (2,141 preferred units) (#) (####)
n/a n/a8.00% Cash/ 4.00% PIK7/2/2021— — 2,152 1.1 %
2,152 1.1 %
Healthcare & Pharmaceuticals       
Bluesight, Inc. (21 Class A preferred units) n/a n/a9.00% PIK7/17/2023— — 21 19 0.0 %
Bluesight, Inc. (11,087 Class B common units)— 
(##)
7/17/2023— — — — 0.0 %
Dorado Acquisition, Inc. (189,922 Class A-1 units)— 
(##)
6/30/2021— — 207 209 0.1 %
Dorado Acquisition, Inc. (189,922 Class A-2 units)— 
(##)
6/30/2021— — — 32 0.0 %
28

MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2023
(in thousands, except for shares and units)
Portfolio Company (^)
Index (^^)
Spread (^^)
Interest
Rate
Acquisition
Date (^^^)
MaturityPrincipalAmortized Cost
Fair Value (^^^^)
% of Net Assets (^^^^^)
KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC) (0.1% shares of the equity)— 
(##)
1/31/2023— — $491 $422 0.2 %
NationsBenefits, LLC (116,460 Series B units) (####)
n/a n/a5.00% PIK8/20/2021— — 781 706 0.3 %
NationsBenefits, LLC (106,667 shares of common units) (####)
— 
(##)
8/20/2021— — 153 — 0.0 %
NQ PE Project Colosseum Midco Inc. (327,133 common units)— 
(##)
10/4/2022— — 327 326 0.2 %
Seran BioScience, LLC (33,333 common units) (####)
— 
(##)
12/31/2020— — 334 755 0.4 %
Vero Biotech Inc. (warrant to purchase up to 0.19% of the equity)— 
(##)
12/29/202312/29/2033— — — 0.0 %
2,314 2,469 1.2 %
High Tech Industries       
Amelia Holding II, LLC (warrant to purchase up to 0.1% of the equity)— 
(##)
12/21/202212/21/2032— — 29 0.0 %
Drawbridge Partners, LLC (130,433 Class A-1 units)— 
(##)
9/1/2022— — 130 147 0.1 %
Planful, Inc. (473,082 Class A units)n/a n/a8.00% PIK12/28/2018— — 473 942 0.5 %
Planful, Inc. (35,791 Class B units)— 
(##)
5/3/2023— — — 23 0.0 %
Recorded Future, Inc. (80,486 Class A units) (e)
— 
(##)
7/3/2019— — 81 261 0.1 %
Sparq Holdings, Inc. (300,000 shares of common stock)— 
(##)
6/15/2023— — 300 312 0.2 %
984 1,714 0.9 %
Hotels, Gaming & Leisure       
Equine Network, LLC (108 Class A units) (####)
— 
(##)
12/31/2020— — 111 110 0.1 %
111 110 0.1 %
Media: Advertising, Printing & Publishing
AdTheorent Holding Company, Inc. (177,362 shares of common stock) (#) (f)
— 
(##)
12/22/2016— — 114 257 0.1 %
InMobi Pte, Ltd. (warrant to purchase up to 2.8% of the equity) (#) (b)
— 
(##)
9/18/20159/18/2025— — 1,695 0.8 %
Relevate Health Group, LLC (40 preferred units)n/a n/a12.00% PIK11/20/2020— — 40 19 0.0 %
Relevate Health Group, LLC (40 Class B common units)— 
(##)
11/20/2020— — — — 0.0 %
Spherix Global Inc. (81 Class A units)— 
(##)
12/22/2021— — 81 34 0.0 %
XanEdu Publishing, Inc. (49,479 Class A units)n/a n/a8.00% PIK1/28/2020— — 49 225 0.1 %
284 2,230 1.0 %
Media: Broadcasting & Subscription
Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.) (1,480,000 Class A units) (c)
— 
(##)
7/31/2023— — 1,480 604 0.3 %
1,480 604 0.3 %
Media: Diversified & Production
Attom Intermediate Holdco, LLC (297,197 Class A units) (####)— 
(##)
1/4/2019— — 297 362 0.2 %
Chess.com, LLC (2 Class A units) (####)
— 
(##)
12/31/2021— — 87 75 0.0 %
V10 Entertainment, Inc. (392,157 shares of common units) (g)
— 
(##)
1/12/2023— — 203 185 0.1 %
587 622 0.3 %
Retail
BLST Operating Company, LLC (139,883 Class A units) (####)
— 
(##)
8/28/2020— — 712 420 0.2 %
712 420 0.2 %
Services: Business
APCO Worldwide, Inc. (100 Class A voting common stock)— 
(##)
11/1/2017— — 395 869 0.4 %
395 869 0.4 %
Services: Consumer
Education Corporation of America - Series G Preferred Stock (8,333 shares)n/a n/a
12.00% PIK (***)
9/3/2015— — 7,492 — 0.0 %
29

MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2023
(in thousands, except for shares and units)
Portfolio Company (^)
Index (^^)
Spread (^^)
Interest
Rate
Acquisition
Date (^^^)
MaturityPrincipalAmortized Cost
Fair Value (^^^^)
% of Net Assets (^^^^^)
Express Wash Acquisition Company, LLC (31,200 Class A common units) (####)
— 
(##)
11/15/2023— — $— $— 0.0 %
Express Wash Acquisition Company, LLC (31 Class A preferred units) (####)
n/a n/a8.00% PIK11/15/2023— — 31 32 0.0 %
Express Wash Acquisition Company, LLC (146,770 Class B common units) (####)
— 
(##)
11/15/2023— — — — 0.0 %
Express Wash Acquisition Company, LLC (147 Class B preferred units) (####)
n/an/a8.00% PIK11/15/2023— — 127 26 0.0 %
IDIG Parent, LLC (245,958 shares of common stock) (####) (h)
— 
(##)
1/4/2021— — 250 306 0.2 %
Kar Wash Holdings, LLC (99,807 Class A units)— 
(##)
2/28/2022— — 103 75 0.0 %
Kar Wash Holdings, LLC - Series A Preferred Stock (8,619 shares)— 
(##)
6/27/2023— — 11 11 0.0 %
8,014 450 0.2 %
Telecommunications
American Broadband and Telecommunications Company LLC (warrant to purchase up to 0.2% of the equity)— 
(##)
6/10/20226/10/2032— 42 49 0.0 %
42 49 0.0 %
Wholesale       
Nearly Natural, Inc. (152,174 Class A units)— 
(##)
12/15/2017— — 153 — 0.0 %
Nearly Natural, Inc. (61,087 Class AA units)— 
(##)
8/27/2021— — 61 28 0.0 %
214 28 0.0 %
Total Non-Controlled/Non-Affiliate Equity Securities  17,364 13,107 6.3 %
Total Non-Controlled/Non-Affiliate Company Investments  377,620 371,723 182.7 %
Non-Controlled Affiliate Company Investments (<<)
Senior Secured Loans
Beverage, Food & Tobacco
TJ Management HoldCo LLC (Revolver) (*)
SF5.61 %10.94 %9/9/20206/28/2024477 — — 0.0 %
 477 — — 0.0 %
FIRE: Real Estate
American Community Homes, Inc.SF2.11 %7.47% PIK7/22/201412/31/202612,648 12,647 8,110 4.0 %
American Community Homes, Inc.SF2.11 %7.47% PIK7/22/201412/31/20266,223 6,223 3,990 2.0 %
American Community Homes, Inc.SF2.11 %7.47% PIK5/24/201712/31/2026767 766 491 0.2 %
American Community Homes, Inc.SF2.11 %7.47% PIK8/10/201812/31/20262,819 2,819 1,808 0.9 %
American Community Homes, Inc.SF2.11 %7.47% PIK3/29/201912/31/20265,219 5,219 3,347 1.6 %
American Community Homes, Inc.SF2.11 %7.47% PIK9/30/201912/31/202625 25 16 0.0 %
American Community Homes, Inc.SF2.11 %7.47% PIK12/30/201912/31/2026120 120 77 0.0 %
American Community Homes, Inc. (Revolver) (*)
SF2.11 %7.47% PIK3/30/202012/31/20262,500 — — 0.0 %
HFZ Capital Group LLC (#) (i)
P9.46 %17.96% PIK10/20/2017
n/a (d)
13,242 13,242 17,233 8.5 %
HFZ Capital Group LLC (#) (i)
P9.46 %17.96% PIK10/20/2017
n/a (d)
4,758 4,758 6,191 3.0 %
MC Asset Management (Corporate), LLC (#) (i)
SF15.00 %20.39% PIK1/26/20211/26/202410,237 10,237 10,237 5.0 %
MC Asset Management (Corporate), LLC (#) (i)
SF15.00 %20.39% PIK4/26/20211/26/20243,051 3,051 3,051 1.5 %
Second Avenue SFR Holdings II LLC (Revolver) (*) (#)
SF7.00 %12.34 %8/11/20218/9/20244,875 3,323 3,323 1.6 %
 66,484 62,430 57,874 28.3 %
High Tech Industries
Mnine Holdings, Inc.SF8.26 %13.61% PIK11/2/201812/30/20246,266 6,266 6,187 3.0 %
Mnine Holdings, Inc.SF8.26 %13.61% PIK7/27/202312/30/202455 55 55 0.0 %
Mnine Holdings, Inc. (Revolver) (*)
SF7.26 %12.61 %8/9/202212/30/2024747 666 658 0.3 %
 7,068 6,987 6,900 3.3 %
30

MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2023
(in thousands, except for shares and units)
Portfolio Company (^)
Index (^^)
Spread (^^)
Interest
Rate
Acquisition
Date (^^^)
MaturityPrincipalAmortized Cost
Fair Value (^^^^)
% of Net Assets (^^^^^)
Services: Consumer
NECB Collections, LLC (Revolver) (*)
L11.00 %
16.94% (***)
6/25/2019
n/a (d)
1,356 $1,312 $424 0.2 %
 1,356 1,312 424 0.2 %
Total Non-Controlled Affiliate Senior Secured Loans 75,385 70,729 65,198 31.8 %
Junior Secured Loans
FIRE: Real Estate
SFR Holdco, LLC (#)
n/an/a8.00 %8/6/20217/28/20285,850 5,850 5,539 2.7 %
 5,850 5,850 5,539 2.7 %
Total Non-Controlled Affiliate Company Junior Secured Loans 5,850 5,850 5,539 2.7 %
Equity Securities (<<) (###)
Beverage, Food & Tobacco
TJ Management HoldCo LLC (16 shares of common stock) (####)
— 
(##)
9/9/2020— — 1,631 3,229 1.6 %
1,631 3,229 1.6 %
FIRE: Real Estate
American Community Homes, Inc. (4,940 shares of common stock)— 
(##)
12/29/2022— — — — 0.0 %
MC Asset Management (Corporate), LLC (15.9% of interests) (#) (####) (i)
— 
(##)
6/11/2019— — 793 1,045 0.5 %
SFR Holdco, LLC (24.4% of interests) (#)
— 
(##)
8/6/2021— — 3,900 4,372 2.1 %
4,693 5,417 2.6 %
Healthcare & Pharmaceuticals
Ascent Midco, LLC (2,032,258 Class A units) (####)
n/a n/a8.00% PIK2/5/2020— — 2,032 1,932 0.9 %
Familia Dental Group Holdings, LLC (1,230 Class A units) (####)
— 
(##)
4/8/2016— — 4,213 2,226 1.1 %
6,245 4,158 2.0 %
High Tech Industries
Mnine Holdings, Inc. (6,400 Class B units)— 
(##)
6/30/2020— — — — 0.0 %
— — 0.0 %
Services: Consumer
NECB Collections, LLC (20.8% of LLC units) (####)
— 
(##)
6/21/2019— — 1,458 — 0.0 %
1,458 — 0.0 %
Total Non-Controlled Affiliate Equity Securities$14,027 $12,804 6.2 %
Total Non-Controlled Affiliate Company Investments$90,606 $83,541 40.7 %
Controlled Affiliate Company Investments (<<<)
Equity Securities
Investment Funds & Vehicles
MRCC Senior Loan Fund I, LLC (50.0% of the equity interests) (#)
— — 10/31/2017— — $42,650 $33,122 16.3 %
Total Controlled Affiliate Equity Securities  $42,650 $33,122 16.3 %
Total Controlled Affiliate Company Investments  $42,650 $33,122 16.3 %
TOTAL INVESTMENTS  $510,876 $488,386 239.7 %

31

MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2023
(in thousands, except for shares and units)
Derivative Instruments
Foreign currency forward contracts
There were no foreign currency forward contracts held as of December 31, 2023.

(˄)    All of the valuation date.

(m) ACompany's investments are issued by eligible portfolio companies, as defined in the Investment Company Act of 1940 (the “1940 Act”), unless otherwise noted. All of the Company's investments are issued by U.S. portfolio companies unless otherwise noted.

(˄˄)    The majority of the investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate ("SOFR" or "SF") or Prime Rate ("Prime" or "P"), which reset daily, monthly, quarterly or semiannually. For each such investment, the Company has provided the spread over SOFR or Prime, as applicable, and the current contractual interest rate at December 31, 2023. Certain investments may be subject to an interest rate floor or rate cap. Certain investments contain a payment-in-kind ("PIK") provision.
(˄˄˄)    Except as otherwise noted, all of the Company’s portfolio company investments, which as of December 31, 2023 represented 239.7% of the Company’s net assets or 95.2% of the Company’s total assets, are subject to legal restrictions on sales.
(˄˄˄˄)    Because there is no readily available market value for these investments, the fair value of these investments is determined in good faith using significant unobservable inputs by the Valuation Designee. (See Note 4 in the accompanying notes to the consolidated financial statements.)
(˄˄˄˄˄)     Percentages are based on net assets of $203,724 as of December 31, 2023.
(~)     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 PIK interest rate for TRG, LLC is structured asloan to an investor and retains a fee paid upon the termination of the commitment. The fee currently accrues at 2.91% per annum.

(n) A portion of this loan (principal of $4,185) is held in the Company’s wholly-owned subsidiary, Monroe Capital Corporation SBIC, LP and is therefore not collateral to the Company’s revolving credit facility.

(o) A"last out” portion of the PIK interest rate for Vacation Innovations, LLC is structured as a fee paid uponloan, in which case the termination of the commitment. The fee currently accrues at 2.16% per annum.

(p) The PIK“first out” portion of the loan will generally receive priority with respect to payments of principal, interest rateand 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 Peerless Network, Inc. is structured as a fee paid uponmoderate loan amortization in the terminationinitial years of the commitment. The fee currently accruesfacility, 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 0.75% per annum.

(q) A portionthe end of thisthe loan (principalterm, and there is a risk of $5,034)loss if the borrower is heldunable to pay the lump sum or refinance the amount owed at maturity. In many cases the Company, together with its affiliates, are the sole or majority lender of these unitranche secured loans, which can afford the Company additional influence with a borrower in terms of monitoring and, if necessary, remediation in the Company’s wholly-owned subsidiary, Monroe Capital Corporation SBIC, LP and is therefore not collateral to the Company’s revolving credit facility.

(r) The PIK portionevent of the interest rate for Gracelock Industries, LLC is structured as a fee paid upon the termination of the commitment. The fee currently accrues at 4.24% per annum.

(s) Investment position or portion thereof unsettled as of September 30, 2017.

(t)underperformance.

(<)    Represents less than 5% ownership of the portfolio company’s voting securities.

(u) Represents a non-income producing security.

(v)

(<<)    As defined in the 1940 Act, the Company is deemed to be an “Affiliated Person” of the portfolio company as it owns five percent5% 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).

(w) This is a demand note with no stated maturity.

(x) This position was on non-accrual status as of September 30, 2017, meaning that the Company has ceased accruing interest income on the position. See Note 2 in the accompanying notes to the consolidated financial statements for additional information on the Company's accounting policies.

(y) This position includes a PIK dividend and is currently on non-accrual status.

(z)

(<<<)    As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” of and to “Control” this portfolio company as it owns more than 25% inof the portfolio company’s voting securities. See Note 5 in the accompanying notes to the consolidated financial statements for additional information on transactions in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to Control.

n/a - not applicable

See Notes to Consolidated Financial Statements.

12

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2016

(in thousands, except for shares and units)

Portfolio Company(a) Spread
Above
Index(b)
 Interest
Rate
  Maturity Principal  Amortized
Cost
  Fair
Value(c)
  % of
Net Assets(d)
 
Non-Controlled/Non-Affiliate Company Investments               
Senior Secured Loans                        
Aerospace & Defense                        
Cyalume Technologies Holdings, Inc.(e) L+9.00%  10.00% 5/18/2020  4,291  $4,204  $4,462   1.9%
Cyalume Technologies Holdings, Inc. (Delayed Draw) L+9.00%  10.00% 5/18/2020  387   387   402   0.2%
Cyalume Technologies Holdings, Inc. (Revolver)(f) L+9.00%  10.00% 5/18/2020  1,528   -   -   0.0%
           6,206   4,591   4,864   2.1%
Automotive                        
Inteva Products, LLC L+8.50%  9.75% 9/8/2021  1,978   1,967   1,998   0.8%
Tectum Holdings, Inc. L+4.75%  5.75% 8/24/2023  1,995   1,976   2,025   0.8%
           3,973   3,943   4,023   1.6%
Banking, Finance, Insurance & Real Estate                        
Liftforward SPV II, LLC(f) (g) L+10.75%  11.51% 11/10/2020  10,000   254   254   0.1%
Repay Holdings, LLC L+9.00%  9.76% 9/1/2021  12,000   11,802   11,934   5.0%
Repay Holdings, LLC (Revolver)(f) L+9.00%  9.76% 9/1/2021  1,200   -   -   0.0%
Shields Land Company of Georgia, LLC(g) L+9.50%  10.15% 12/28/2017  2,450   2,425   2,445   1.0%
           25,650   14,481   14,633   6.1%
Beverage, Food & Tobacco                        
All Holding Company, LLC(e) L+7.00%  7.76% 11/15/2021  5,466   5,363   5,493   2.3%
California Pizza Kitchen, Inc. L+6.00%  7.00% 8/23/2022  6,983   6,913   6,966   2.9%
           12,449   12,276   12,459   5.2%
Construction & Building                        
Cali Bamboo, LLC L+8.50%  9.26% 7/10/2020  5,423   5,350   5,531   2.3%
Cali Bamboo, LLC (Revolver)(f) L+8.50%  9.26% 7/10/2020  1,624   65   65   0.0%
Cornerstone Detention Products, Inc.(h) L+10.50%  

10.50% Cash/

1.00% PIK

  4/8/2019  3,784   3,747   3,599   1.5%
Cornerstone Detention Products, Inc. (Revolver)(f) L+9.50%  10.50% 4/8/2019  400   -   -   0.0%
G&M Opco LLC(e) L+7.50%  8.26% 6/23/2020  3,006   2,951   3,066   1.3%
L.A.R.K. Industries, Inc. L+7.00%  8.00% 9/3/2019  6,257   6,169   6,341   2.6%
           20,494   18,282   18,602   7.7%
Consumer Goods: Non-Durable                        
360 Holdings III Corp. L+9.00%  10.00% 10/1/2021  5,925   5,718   5,718   2.4%
Bluestem Brands, Inc. L+7.50%  8.50% 11/6/2020  2,758   2,737   2,404   1.0%
Solaray, LLC L+6.50%  7.50% 9/9/2023  3,297   3,265   3,280   1.4%
Solaray, LLC  (Delayed Draw)(f) (i) L+6.50%  7.50% 9/9/2023  703   -   -   0.0%
           12,683   11,720   11,402   4.8%
Energy: Oil & Gas                        
Diesel Direct Holdings, Inc.(e) L+7.00%  7.76% 2/17/2020  5,225   5,217   5,277   2.2%
Landpoint, LLC L+12.75%  

12.00% Cash/

2.25% PIK

(j)  12/20/2019  2,632   2,602   2,526   1.1%
Landpoint, LLC (Revolver)(f) L+10.50%  12.00% 12/20/2019  313   -   -   0.0%
           8,170   7,819   7,803   3.3%
Environmental Industries                        
Synergy Environmental Corporation(e) L+8.00%  8.76% 4/29/2021  3,130   3,068   3,148   1.3%
Synergy Environmental Corporation(e) L+8.00%  8.76% 4/29/2021  523   513   526   0.2%
Synergy Environmental Corporation (Delayed Draw)(f) (i) L+8.00%  8.76% 4/29/2018  1,342   -   -   0.0%
Synergy Environmental Corporation (Revolver)(f) L+8.00%  8.76% 4/29/2021  671   94   94   0.0%
           5,666   3,675   3,768   1.5%
Healthcare & Pharmaceuticals                        
Beaver-Visitec International Holdings, Inc. L+5.00%  6.00% 8/19/2023  4,988   4,939   4,988   2.1%
Edge Systems Holdings Corp. L+8.00%  9.00% 11/29/2021  3,740   3,667   3,665   1.5%
Edge Systems Holdings Corp. (Revolver)(f) L+8.00%  9.00% 11/29/2021  260   -   -   0.0%
Familia Dental Group Holdings, LLC(e) L+8.00%  8.76% 4/8/2021  5,397   5,327   5,480   2.3%
Familia Dental Group Holdings, LLC (Delayed Draw) L+8.00%  8.76% 4/8/2021  519   519   527   0.2%
Familia Dental Group Holdings, LLC (Revolver)(f) L+8.00%  8.76% 4/8/2021  573   57   57   0.0%
Precision Toxicology, LLC(e) L+11.50%  

10.26% Cash/

2.00% PIK

  3/24/2020  4,242   4,186   4,244   1.8%
           19,719   18,695   18,961   7.9%

13

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
December 31, 2016
(in thousands, except for shares and units)

Portfolio Company(a) Spread
Above
Index(b)
 Interest
Rate
  Maturity Principal  Amortized
Cost
  Fair
Value(c)
  % of
Net Assets(d)
 
High Tech Industries                        
Answers Corporation P+6.25%  10.00%(k) 10/1/2021  2,903  2,819  1,495   0.6%
BCC Software, LLC(e) L+8.00%  9.00% 6/20/2019  2,204   2,186   2,203   0.9%
BCC Software, LLC (Revolver)(f) L+8.00%  9.00% 6/20/2019  469   -   -   0.0%
Corbett Technology Solutions, Inc.(e) L+7.00%  7.76% 11/7/2021  4,500   4,434   4,511   1.9%
Corbett Technology Solutions, Inc. (Revolver) (f) L+7.00%  7.76% 11/7/2021  867   -   -   0.0%
           10,943   9,439   8,209   3.4%
Hotels, Gaming & Leisure                        
BC Equity Ventures LLC L+6.50%  7.50% 8/31/2022  2,612   2,562   2,635   1.1%
BC Equity Ventures LLC L+6.50%  7.50% 8/31/2022  375   372   373   0.2%
Miles Media Group LLC L+11.00%  

10.00% Cash/

2.00% PIK

  3/24/2021  6,110   6,052   6,119   2.5%
Miles Media Group LLC (Delayed Draw) (f) (i) L+11.00%  

10.00% Cash/

2.00% PIK

  3/24/2021  1,455   -   -   0.0%
Miles Media Group LLC (Revolver) (f) L+11.00%  

10.00% Cash/

2.00% PIK

  3/24/2021  320   -   -   0.0%
TRG, LLC L+13.80%  

8.12% Cash/

6.30% PIK

(l)  3/31/2021  11,876   11,837   11,960   5.0%
TRG, LLC (Revolver) L+9.50%  10.12% 3/31/2021  131   131   131   0.1%
TRG, LLC (CapEx) (f) L+9.50%  

8.12% Cash/

2.00% PIK

  3/31/2021  1,609   943   946   0.4%
Vacation Innovations, LLC (m) L+9.40%  

7.76% Cash/

2.42% PIK

(n)  8/20/2020  10,553   10,382   10,848   4.5%
Vacation Innovations, LLC (Revolver) (f) L+8.50%  

7.76% Cash/

1.50% PIK

  8/20/2020  342   -   -   0.0%
Vacation Innovations, LLC (Delayed Draw) (f) (i) L+8.50%  

7.76% Cash/

1.50% PIK

  8/20/2020  2,037   -   -   0.0%
           37,420   32,279   33,012   13.8%
Media: Advertising, Printing & Publishing                        
AdTheorent, Inc. L+8.50%  9.26% 12/22/2021  5,000   4,908   4,900   2.0%
AdTheorent, Inc. (Revolver) (f) L+8.50%  9.26% 12/22/2021  515   77   77   0.0%
InMobi Pte, Ltd. (Delayed Draw) (f) (g) (i) L+10.17%  10.98% 9/1/2018  10,000   6,667   6,587   2.7%
           15,515   11,652   11,564   4.7%
Media: Broadcasting & Subscription                        
Jerry Lee Radio, LLC L+9.50%  10.26% 12/17/2020  13,407   13,127   13,675   5.7%
           13,407   13,127   13,675   5.7%
Metals & Mining                        
O'Brien Industrial Holdings, LLC L+7.75%  8.75% 5/13/2019  5,286   5,219   5,268   2.2%
           5,286   5,219   5,268   2.2%
Retail                        
Forman Mills, Inc. (e) L+7.50%  8.50% 10/4/2021  8,500   8,337   8,470   3.5%
Luxury Optical Holdings Co. L+11.50%  

9.00% Cash/

3.50% PIK

  9/12/2019  4,012   3,965   3,948   1.6%
Luxury Optical Holdings Co. (Revolver) (f) L+8.00%  9.00 9/12/2019  273   -   -   0.0%
The Worth Collection, Ltd. (e) L+8.50%  9.26% 9/29/2021  11,000   10,789   11,132   4.6%
Yandy Holding, LLC L+9.00%  10.00% 9/30/2019  5,677   5,625   5,581   2.3%
Yandy Holding, LLC (Revolver) (f) L+9.00%  10.00% 9/30/2019  907   -   -   0.0%
           30,369   28,716   29,131   12.0%
Services: Business                        
EB Employee Solutions, LLC (e) L+8.50%  10.00% 2/28/2019  3,370   3,324   3,263   1.4%
Madison Logic, Inc. (e) L+8.00%  8.76% 11/30/2021  10,500   10,291   10,610   4.4%
Madison Logic, Inc. (Delayed Draw) (f) (i) L+8.00%  8.76% 11/30/2021  4,818   -   -   0.0%
Madison Logic, Inc. (Revolver) (f) L+8.00%  8.76% 11/30/2021  988   -   -   0.0%
SNI Companies (o) L+8.00%  9.00% 12/31/2018  5,357   5,299   5,378   2.2%
SNI Companies (Revolver) (f) L+8.00%  9.00% 12/31/2018  1,250   313   313   0.1%
           26,283   19,227   19,564   8.1%
Services: Consumer                        
PeopleConnect Intermediate, LLC (formerly Intelius, Inc.) L+5.50%  6.50% 7/1/2020  4,698   4,619   4,693   1.9%
PeopleConnect Intermediate, LLC (formerly Intelius, Inc.) L+11.50%  12.50% 7/1/2020  4,849   4,765   4,805   2.0%
PeopleConnect Intermediate, LLC (formerly Intelius, Inc.) (Revolver) (f) L+8.50%  9.50% 8/11/2017  236   -   -   0.0%
           9,783   9,384   9,498   3.9%
Telecommunications                        
Peerless Network, Inc. (e) L+8.50%  

9.18% Cash/

0.75% PIK

(p)  12/11/2020  3,500   3,431   3,430   1.4%
           3,500   3,431   3,430   1.4%
Utilities: Electric                   ��    
CRCI Holdings, Inc. L+5.50%  6.50% 8/31/2023  2,993   2,964   2,999   1.3%
           2,993   2,964   2,999   1.3%
Total Non-Controlled/Non-Affiliate Senior Secured Loans   270,509   230,920   232,865   96.7%
                         
Unitranche Loans                        
Automotive                        
Fabco Automotive Corporation L+11.25%  

8.00% Cash/

4.25% PIK

  4/3/2019  8,587   8,553   3,491   1.4%
           8,587   8,553   3,491   1.4%
Consumer Goods: Durable                        
MooreCo, Inc. L+14.50%  

13.50% Cash/

2.50% PIK

  12/27/2017  3,620   3,600   3,620   1.5%
           3,620   3,600   3,620   1.5%

14

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
December 31, 2016
(in thousands, except for shares and units)

Portfolio Company (a) Spread
Above
Index (b)
 Interest
Rate
  Maturity Principal  Amortized
Cost
  Fair
Value (c)
  % of
Net Assets (d)
 
Consumer Goods: Non-Durable                        
Incipio Technologies, Inc. (q) L+6.00%  7.00% 12/26/2019  14,291  14,045  14,219   5.9%
           14,291   14,045   14,219   5.9%
Healthcare & Pharmaceuticals                        
Collaborative Neuroscience Network, LLC (r) L+11.50%  13.00% 12/27/2017  6,120   6,059   5,814   2.4%
Collaborative Neuroscience Network, LLC n/a  

12.00% Cash/

3.00% PIK

  12/27/2017  286   286   286   0.1%
           6,406   6,345   6,100   2.5%
Hotels, Gaming & Leisure                        
Playtime, LLC L+8.50%  

9.00% Cash/

1.00% PIK

  12/31/2021  5,405   5,381   4,797   2.0%
           5,405   5,381   4,797   2.0%
Services: Business                        
Output Services Group, Inc. L+9.00%  

9.50% Cash/

1.00% PIK

  12/17/2020  6,500   6,432   6,520   2.7%
Output Services Group, Inc. L+9.00%  

9.50% Cash/

1.00% PIK

  12/17/2020  8,296   8,189   8,391   3.5%
           14,796   14,621   14,911   6.2%
Wholesale                        
Gracelock Industries, LLC L+13.74%  

11.00% Cash/

4.24% PIK

(s)  5/7/2019  4,888   4,816   4,500   1.9%
           4,888   4,816   4,500   1.9%
Total Non-Controlled/Non-Affiliate Unitranche Loans   57,993   57,361   51,638   21.4%
                         
Junior Secured Loans                        
Aerospace & Defense                        
AIM Aerospace, Inc. L+9.00%  10.00% 8/2/2022  5,000   4,933   5,040   2.1%
           5,000   4,933   5,040   2.1%
Banking, Finance, Insurance & Real Estate                        
Confie Seguros Holdings II Co. L+9.00%  10.25% 5/8/2019  8,594   8,215   8,547   3.5%
           8,594   8,215   8,547   3.5%
Beverage, Food & Tobacco                        
CSM Bakery Supplies LLC L+7.75%  8.75% 7/3/2021  5,792   5,792   4,335   1.8%
           5,792   5,792   4,335   1.8%
Chemicals, Plastics & Rubber                        
New NSI Holdings, Inc. L+8.25%  9.25% 7/28/2022  4,000   3,949   4,040   1.7%
           4,000   3,949   4,040   1.7%
Consumer Goods: Non-Durable                        
Mud Pie, LLC n/a  

10.00% Cash/

1.50% PIK

  11/4/2020  5,221   5,145   5,325   2.2%
           5,221   5,145   5,325   2.2%
High Tech Industries                        
Hyland Software Inc. L+7.25%  8.25% 7/1/2023  5,000   4,832   5,100   2.1%
Micro Holdings Corp. L+7.50%  8.50% 7/8/2022  5,590   5,475   5,590   2.3%
           10,590   10,307   10,690   4.4%
Media: Broadcasting & Subscription                        
Mergermarket USA, Inc. L+6.50%  7.50% 12/19/2021  4,500   4,400   4,371   1.8%
           4,500   4,400   4,371   1.8%
Media: Diversified & Production                        
SCP TPZ Acquisition, Inc. L+8.25%  9.25% 5/29/2022  5,000   4,938   4,938   2.1%
           5,000   4,938   4,938   2.1%
Services: Business                        
Sterling Merger Sub Corp. L+7.75%  8.75% 6/19/2023  5,000   4,958   4,892   2.0%
           5,000   4,958   4,892   2.0%
Services: Consumer                        
Education Corporation of America L+11.00%  12.00% 12/31/2018  4,167   4,099   4,167   1.7%
Pre-Paid Legal Services, Inc. (Legal Shield) L+9.00%  10.25% 7/1/2020  3,000   3,000   3,021   1.3%
           7,167   7,099   7,188   3.0%
Total Non-Controlled/Non-Affiliate Junior Secured Loans   60,864   59,736   59,366   24.6%
                         
Equity Securities (t)                        
Aerospace & Defense                        
Cyalume Technologies Holdings, Inc. - Series D Preferred Stock (3.06 shares) -  -(u) -  -   -   697   0.3%
               -   697   0.3%
Automotive                        
Fabco Automotive Corporation (warrant to purchase up to 1.87% of the equity) -  -(u) -  -   -   -   0.0%
               -   -   0.0%
Healthcare & Pharmaceuticals                        
Collaborative Neuroscience Network, LLC (warrant to purchase up to 4 LLC units) -  -(u) 12/27/2022  -   -   -   0.0%
               -   -   0.0%

15

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
December 31, 2016
(in thousands, except for shares and units)

Portfolio Company (a) Spread
Above
Index (b)
 Interest
Rate
  Maturity Principal  Amortized
Cost
  Fair
Value (c)
  % of
Net Assets (d)
 
Hotels, Gaming & Leisure                        
BookIt Operating LLC (warrant to purchase up to 3.0% of the equity) -  -(u) 12/21/2023  -  -  201   0.1%
Playtime, LLC - Preferred Units (8,665 units) -  -(u) -  -   200   -   0.0%
               200   201   0.1%
Media: Advertising, Printing & Publishing                 
InMobi Pte, Ltd. (represents the right to purchase 0.42% of the equity) (g) -  -(u) 9/18/2025  -   -   49   0.0%
AdTheorent, Inc. (128,866 shares of common stock) -  -(u) -  -   129   129   0.1%
               129   178   0.1%
Metals & Mining                        
O'Brien Industrial Holdings, LLC (warrants to purchase up to 2.44% of certain affiliated entities of the company) -  -(u) 5/13/2024  -   -   -   0.0%
               -   -   0.0%
Retail                        
The Tie Bar Operating Company, LLC - Class A Preferred Units (1,275 units) -  -  -  -   86   117   0.0%
The Tie Bar Operating Company, LLC - Class B Preferred Units (1,275 units) -  -  -  -   1   -   0.0%
               87   117   0.0%
Services: Business                        
Output Services Group, Inc. (warrant to purchase up to 3.89% of the common stock) -  -(u) 12/17/2022  -   -   797   0.3%
               -   797   0.3%
Services: Consumer                        
Education Corporation of America - Series G Preferred Stock (8,333 shares)  n/a  12.00% -  -   8,125   8,121   3.4%
               8,125   8,121   3.4%
Total Non-Controlled/Non-Affiliate Equity Securities       8,541   10,111   4.2%
Total Non-Controlled/Non-Affiliate Company Investments      $356,558  $353,980   146.9%
                         
Non-Controlled Affiliate Company Investments (v)                 
Senior Secured Loans                        
Banking, Finance, Insurance & Real Estate                 
American Community Homes, Inc. L+8.00%  9.50% 7/22/2019  7,667  $7,550  $7,816   3.3%
American Community Homes, Inc. L+12.50%  

9.50% Cash/

4.50% PIK

  7/22/2019  4,217   4,158   4,301   1.8%
American Community Homes, Inc. L+12.50%  

9.50% Cash/

4.50% PIK

  n/a(w)  518   508   518   0.2%
           12,402   12,216   12,635   5.3%
Consumer Goods: Non-Durable                        
Rocket Dog Brands, LLC n/a  12.00% PIK  8/29/2019  1,124   1,125   464   0.2%
Rocket Dog Brands, LLC n/a  15.00% PIK  8/29/2019  407   402   365   0.2%
Rocket Dog Brands, LLC n/a  17.00% PIK  3/31/2017  225   225   225   0.1%
           1,756   1,752   1,054   0.5%
Containers, Packaging & Glass                        
Summit Container Corporation (e) L+12.00%  

12.00% Cash/

2.00% PIK

  1/6/2019  3,624   3,582   3,550   1.5%
           3,624   3,582   3,550   1.5%
Healthcare & Pharmaceuticals                        
Rockdale Blackhawk, LLC L+11.00%  12.00% 3/31/2020  10,923   10,155   10,933   4.5%
Rockdale Blackhawk, LLC (Revolver) (f) L+11.00%  12.00% 3/31/2020  1,849   924   924   0.4%
Rockdale Blackhawk, LLC (Capex) L+11.00%  12.00% 3/31/2020  565   565   565   0.2%
SHI Holdings, Inc. (e) L+9.25%  10.01% 7/10/2019  2,625   2,592   2,625   1.1%
SHI Holdings, Inc. (Revolver) (f) L+9.25%  10.01% 7/10/2019  1,773   1,188   1,203   0.5%
           17,735   15,424   16,250   6.7%
Total Non-Controlled Affiliate Senior Secured Loans   35,517   32,974   33,489   14.0%
                         
Junior Secured Loans                        
Consumer Goods: Non-Durable                        
Rocket Dog Brands, LLC n/a  15.00% PIK  5/1/2020  1,938   1,938   -   0.0%
           1,938   1,938   -   0.0%
Total Non-Controlled Affiliate Junior Secured Loans 1,938   1,938   -   0.0%
                         
Equity Securities                        
Banking, Finance, Insurance & Real Estate                 
American Community Homes, Inc. (warrant to purchase up to 9.0% of the equity) -  -(u) 10/9/2024  -   -   1,315   0.6%
               -   1,315   0.6%

16

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
December 31, 2016
(in thousands, except for shares and units)

Portfolio Company (a) Spread
Above
Index (b)
 Interest
Rate
  Maturity Principal  Amortized
Cost
  Fair
Value (c)
  % of
Net Assets (d)
 
Consumer Goods: Non-Durable                        
Rocket Dog Brands, LLC - Common Units (75,502 units) -  -(u) -  -  -  -   0.0%
Rocket Dog Brands, LLC - Preferred Units (10 units) -  15.00% PIK(x)  -  -   967   -   0.0%
               967   -   0.0%
Containers, Packaging & Glass                        
Summit Container Corporation (warrant to purchase up to 19.50% of the equity) -  -(u) 1/6/2024  -   -   113   0.0%
               -   113   0.0%
Healthcare & Pharmaceuticals                        
Rockdale Blackhawk, LLC - LLC Units (11.56% of the LLC interest) -  -  -  -   1,093   14,655   6.1%
SHI Holdings, Inc. (24 shares of common stock) -  -(u) -  -   27   469   0.2%
               1,120   15,124   6.3%
Total Non-Controlled Affiliate Equity Securities       2,087   16,552   6.9%
Total Non-Controlled Affiliate Company Investments      $36,999  $50,041   20.9%
                         
Controlled Affiliate Company Investments (y)                 
Senior Secured Loans                        
Retail                        
TPP Operating, Inc. L+6.00%  7.50%(k) 11/8/2018  9,370  $9,330  $1,799   0.7%
TPP Operating, Inc. L+6.00%  7.50%(k) 11/8/2018  4,344   4,344   4,344   1.8%
TPP Operating, Inc. L+9.61%  11.11%(k) 11/8/2018  2,756   2,756   2,756   1.1%
           16,470   16,430   8,899   3.6%
Total Controlled Affiliate Senior Secured Loans   16,470   16,430   8,899   3.6%
                         
Equity Securities                        
Retail                        
TPP Acquisition, Inc. (829 shares of common stock) -  -(u) -  -   -   -   0.0%
TPP Operating, Inc. (40 shares of common stock) -  -(u) -  -   3,255   -   0.0%
Total Controlled Affiliate Equity Securities       3,255   -   0.0%
Total Controlled Affiliate Company Investments      $19,685  $8,899   3.6%
                         
TOTAL INVESTMENTS             $413,242  $412,920   171.4%

(a) All of our investments are issued by eligible U.S. portfolio companies, as defined in the Investment Company Act of 1940 (the “1940 Act”), unless otherwise noted. All of our investments are issued by U.S. portfolio companies except for InMobi Pte, Ltd. which is an international company headquartered in California.

(b) The majority of the investments bear interest at a rate that may be determined by reference to London Interbank Offered Rate (“LIBOR” or “L”) 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 or Prime and the current contractual interest rate in effect at December 31, 2016. Certain investments are subject to a LIBOR or Prime interest rate floor.

(c) Because there is no readily available market value for these investments, the fair value of these investments is determined in good faith using significant unobservable inputs by our board of directors as required by the Investment Company Act of 1940. (See Note 4 in the accompanying notes to the consolidated financial statements.)

(d) Percentages are based on net assets of $240,850 as of December 31, 2016.

(e) All of this loan is held in the Company’s wholly-owned subsidiary, Monroe Capital Corporation SBIC, LP and is therefore not collateral to the Company’s revolving credit facility.

(f) All or a portion of this commitment was unfunded at December 31, 2016. As such, interest is earned only on the funded portion of this commitment.

(g) (#)    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, 2016,2023, non-qualifying assets totaled 2.20%23.6% of the Company’s total assets.

(h) A

(##)    Represents a non-income producing security.
(###)    Ownership of certain equity investments may occur through a holding company or partnership.
(####)    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.
(*)    All or a portion of this loan (principalcommitment was unfunded at December 31, 2023. As such, interest is earned only on the funded portion of $2,271) is held in the Company’s wholly-owned subsidiary, Monroe Capital Corporation SBIC, LP and is therefore not collateral to the Company’s revolving credit facility.

(i)this commitment.

(**)    This delayed draw loan requires that certain financial covenants be met by the portfolio company prior to any fundings.

(j) The PIK portion of the interest rate for Landpoint, LLC is structured as a fee paid upon the termination of the commitment. The fee currently accrues at 2.25% per annum.

(k)

(***)    This position was on non-accrual status as of December 31, 2016,2023, meaning that the Company has ceased recognizingaccruing interest income on the position. See Note 2 in the accompanying notes to the consolidated financial statements for additional information on the Company'sCompany’s accounting policies.

(l) A

(a)    This investment represents a note convertible to preferred shares of the borrower.
(b)    This is an international company.
(c)    During the year ended December 31, 2023, the senior secured lender group of Vice Group Inc. ("Vice OldCo") established Vice Acquisition Holdco, LLC ("Vice NewCo") in order to acquire a substantial portion of the PIK interest rate for TRG, LLC is structuredassets of Vice OldCo as a fee paid upon the terminationpart of the commitment. The fee currently accrues at 4.30% per annum.

(m) A portion of this loan (principal of $4,660) is held in the Company’s wholly-owned subsidiary, Monroe Capital Corporation SBIC, LP and is therefore not collateral to the Company’s revolvinga bankruptcy restructuring. Vice NewCo credit facility.

(n) Abid a portion of the PIK interest rate for Vacation Innovations, LLC is structured as a fee paid uponsenior secured debt in Vice OldCo to acquire certain assets of Vice OldCo which constitute the terminationongoing operations of the commitment.portfolio company. The fee currently accruesCompany's outstanding senior secured debt investment in Vice OldCo was reduced and rolled into new secured debt investments and the remaining amount of the credit bid established the cost basis of its new equity investment. While the Company still has loans outstanding at 0.92% per annum.

(o) A portionVice OldCo, the Company has valued these positions at zero as end of the period.

(d)    This is a demand note with no stated maturity.
(e)    As of December 31, 2023, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $16.
(f)    The fair value of this loan (principal of $3,435) is heldinvestment was valued using Level 1 inputs. See Note 4 in the Company’s wholly-owned subsidiary, Monroe Capital Corporation SBIC, LP and is therefore not collateralaccompanying notes to the Company’s revolving credit facility.

(p)consolidated financial statements.

(g)    As of December 31, 2023, the company was party to a subscription agreement with a commitment to fund an additional equity investment of $189.
(h)    As of December 31, 2023, the Company was party to a subscription agreement with a commitment to fund an equity investment of $43.
(i)    The PIK portionCompany restructured its investments in HFZ Capital Group LLC (“HFZ”) and HFZ Member RB portfolio, LLC (“Member RB”) during 2020. As part of the restructuring of HFZ, the Company obtained a 15.9% equity interest rate for Peerless Network, Inc. is structured as a fee paid upon the terminationin MC Asset Management (Corporate), LLC (“Corporate”). As part of the commitment. The fee currently accrues at 0.75% per annum.

(q) A portionMember RB restructuring, the Company exchanged its loan in Member RB for a promissory note in MC Asset Management (Industrial), LLC (“Industrial”). Corporate owns 100% of thisthe equity of Industrial. In conjunction with these restructurings, the Company participated $4,758 of principal of its loan (principal of $5,240) is held in the Company’s wholly-owned subsidiary, Monroe Capital Corporation SBIC, LP and is therefore not collateral to the Company’s revolving credit facility.

(r) The sale of a portion of this loan doesHFZ as an equity contribution to Industrial. This participation did not qualify for sale accounting under ASC Topic 860 — 860–Transfers and Servicing and therefore,because the entire unitranche loan asset remains insale did not meet the Consolidated Scheduledefinition of Investments.

(s) The PIK portion of the interest rate for Gracelock Industries, LLC is structureda “participating interest”, as a fee paid upon the termination of the commitment. The fee currently accrues at 4.24% per annum.

(t) Represents less than 5% ownership of the portfolio company’s voting securities.

(u) Represents a non-income producing security.

(v) As defined in the 1940 Act,guidance, in order for sale treatment to be allowed. As a result, the Company is deemedcontinues to be an “Affiliated Person” ofreflect its full investment in HFZ but has split the portfolio company as it owns five percent 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).

(w) This is a demand note with no stated maturity.

(x) This position includes a PIK dividend and is currently on non-accrual status.

(y) As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” of and to “Control” this portfolio company as it owns more than 25% in company’s voting securities. See Note 5 in the accompanying notes to the consolidated financial statements for additional information on transactions in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to Control.

loan into two investments.


n/a - not applicable



See Notes to Consolidated Financial Statements.

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32


MONROE CAPITAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(in thousands, except share and per share data)

Note 1. Organization and Principal Business

Monroe Capital Corporation (“Monroe Capital” and together(together with its subsidiaries, the “Company”) was formed in February 2011 to act asis an externally managed, non-diversified, closed-end management investment company and has elected to be treatedregulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). The Company had no substantive operating activities prior to October 24, 2012, the date of its initial public offering. Monroe Capital’sCompany’s investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured (a combination of senior secured and junior secured debt in the same facility in which the Company syndicates a “first out” portion of the loan to an investor and retains a “last out” portion of the loan) debt and, to a lesser extent, unsecured subordinated debt and equity investments. Monroe Capitalco-investments in preferred and common stock and warrants. The Company is managed by Monroe Capital BDC Advisors, LLC (“MC Advisors”), a registered investment adviser under the Investment Advisers Act of 1940, as amended. In addition, for U.S. federal income tax purposes, Monroe Capitalthe Company has elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

On February 28, 2014, the Company’s wholly-owned subsidiary, Monroe Capital Corporation SBIC, LP (“MRCC SBIC”), a Delaware limited partnership, received a license from the Small Business Administration (“SBA”) The Company currently qualifies and intends to operatequalify annually to be treated as a Small Business Investment Company (“SBIC”) under Section 301(c) of the Small Business Investment Act of 1958, as amended. MRCC SBIC commenced operations on September 16, 2013. As of September 30, 2017, MRCC SBIC had $57,624 in leverageable capital and $92,100 in SBA-guaranteed debentures outstanding. See Note 7RIC for additional information.

On June 9, 2017, the Company closed a public offering of 3,000,000 shares of its common stock at a public offering price of $15.00 per share, raising approximately $45,000 in gross proceeds. On June 14, 2017, pursuant to the underwriters’ exercise of the over-allotment option, the Company sold an additional 450,000 shares of its common stock, at a public offering price of $15.00 per share, and additional $6,750 in gross proceeds for a total of $51,750. Aggregate underwriters’ discounts and commissions were $2,070 and offering costs were $127, resulting in net proceeds of approximately $49,553.

U.S. federal income tax purposes.

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 orand 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.

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 Regulation S-X and ASC Topic 946, the Company will generally not consolidate its investment in a portfolio company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the results of its wholly-owned subsidiaries, including the Company’s wholly-owned taxable subsidiaries MRCC SBIC and its wholly-owned general partner MCC SBIC GP, LLC, MC Forest Park Lender, LLC, and MC Reserve Lender, LLC,(the “Taxable Subsidiaries”) in its consolidated financial statements. The purpose of the Taxable Subsidiaries is to permit the Company to hold equity investments in portfolio companies that are taxed as partnerships for U.S. federal income tax purposes while complying with the “source of income” requirements contained in the RIC tax provisions of the Code. The Taxable Subsidiaries are not consolidated with the Company for U.S. federal corporate income tax purposes, and each Taxable Subsidiary is subject to U.S. federal corporate income tax on its taxable income. All intercompany balances and transactions have been eliminated.

The Company does not consolidate its non-controlling interest in MRCC Senior Loan Fund I, LLC (“SLF”). See further description of the Company’s investment in SLF in Note 3.

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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 to the consolidated financial statements for further discussion regarding the fair value measurements and hierarchy.

18

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 areis 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. All other income is recorded into income when earned. The Company records prepayment fees and amendment 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 earned.

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 months ended March 31, 2024 and 2023, the Company did not receive return of capital distributions from its equity investments.

The Company has certain investments in its portfolio that contain a payment-in-kind (“PIK”) provision, which represents contractual interest or dividends that are added to the principal balance and recorded as income. The Company stops accruing PIK interest or PIK dividends when it is determined that PIK interest or PIK dividends are no longer collectible. To maintain RIC tax treatment, and to avoid incurring corporate U.S. federal income tax, substantially all income accrued from PIK provisions must be paid out to stockholders in the form of distributions, even though the Company has not yet collected the cash.
Loan origination fees, original issue discount and market discount or premiums are capitalized, and 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 $5,571$3,767 and $6,192$3,806 as of September 30, 2017March 31, 2024 and December 31, 2016,2023, respectively. Upfront loan origination and closing fees received for the three and nine months ended September 30, 2017March 31, 2024 and 2023 totaled $755$412 and $2,732, respectively. For the three and nine months ended September 30, 2016, upfront loan origination and closing fees received totaled $694 and $2,190, respectively. For the three and nine months ended September 30, 2017, interest income included $532 and $1,278 of accretion of loan origination fees, original issue discounts and market discounts or premiums, respectively. For the three and nine months ended September 30, 2016, interest income included $383 and $1,137 of accretion of loan origination fees, original issue discounts and market discounts or premiums,$426, respectively. Upon the prepayment of a loan or debt security, any unamortized premium or discount or loan origination fees are recorded as interest income. For
34

The components of the Company’s investment income were as follows:
Three months ended March 31,
20242023
Interest income$11,662 $12,524 
PIK interest income2,115 2,272 
Dividend income (1)
1,012 1,095 
Fee income37 310 
Prepayment gain (loss)105 243 
Accretion of discounts and amortization of premiums251 360 
Total investment income$15,182 $16,804 

(1)During the three and nine months ended September 30, 2017, interestMarch 31, 2024 and 2023, dividend income included $514includes PIK dividends of $113 and $1,488 of unamortized discount or loan origination fees recorded as interest income upon prepayment of a loan or debt security,$128, respectively. For the three and nine months ended September 30, 2016, interest income included $227 and $836 of unamortized discount or loan origination fees recorded as interest income upon prepayment of a loan or debt security, respectively.

The Company has certain investments in its portfolio that contain a payment-in-kind (“PIK”) interest provision, which represents contractual interest or dividends that are added to the principal balance and recorded as income. For the three and nine months ended September 30, 2017, interest income included $345 and $1,363 of PIK interest, respectively. For the three and nine months ended September 30, 2016, interest income included $600 and $1,430 of PIK interest, respectively. The Company stops accruing PIK interest when it is determined that PIK interest is no longer collectible. To maintain RIC tax treatment, and to avoid corporate 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.

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 andor losses previously recognized. Realized gains and losses are recorded within net realized gain (loss) on investments inon the consolidated statements of operations. Changes in the fair value of investments from the prior period, as determined by the Company’s board of directors (the “Board”) through the application of the Company’s valuation policy, are included within net change in unrealized gain (loss) on investments inon 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. The Company generally reverses accrued interest when a loan is placed on non-accrual status. 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 March 31, 2024 and December 31, 2023, there were seven and five borrowers, respectively, with a loan or preferred equity securities on non-accrual status. The fair value of the Company’s investments on non-accrual status totaled $9,124$10,768 and $10,394$7,456 at September 30, 2017March 31, 2024 and December 31, 2016,2023, respectively.

Partial loan sales: The Company follows the guidance in ASC Topic 860 — Transfers and Servicing (“ASC Topic 860”), when accounting for loan participations and other partial loan sales. Such guidance requires a participation or other partial loan sale to meet the definition of a “participating interest,” as defined in the guidance, in order for sale treatment to be allowed. Participations or other partial loan sales which do not meet the definition of a participating interest remain on the Company’s consolidated statements of assets and liabilities and the proceeds are recorded as a secured borrowing until the definition is met. For these partial loan sales, the interest earned on the entire loan balance is recorded within “interest income” and the interest earned by the buyer in the partial loan sale is recorded within “interest and other debt financing expenses” in the accompanying consolidated statements of operations. Changes in the fair value of secured borrowings from the prior period, as determined by the Board through the application of the Company’s valuation policy, are included as changes in unrealized gain (loss) on secured borrowings in the consolidated statements of operations. See Note 7 “Secured Borrowings” for additional information.

19

Distributions

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 each quarterat 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, although the Company may decide to retain such capital gains for investment.

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

In October 2012, the Company has adopted a dividend reinvestment plan (“DRIP”) that provides for the reinvestment of dividends and other distributions on behalf of its stockholders unless a stockholder has electedthat elect to receive dividendsparticipate in cash. As a result, ifsuch plan. When the Company declares a cash dividend or distribution, the Company’s stockholders who have not “opted out” of the DRIP at least three days prior to the dividend payment date will have their cash dividend automatically reinvested intoin additional shares of the Company’s common stock. The Company has the option to satisfy the share requirements of the DRIP through the issuance of new shares of common stock or through open market purchases of common stock by the DRIP plan administrator. Newly issued shares are valued based upon the final closing price of the Company’s common stock on a date determined by the Board. Shares purchased in the open market to satisfy the DRIP requirements will be valued based upon the average price of the applicable shares purchased by the DRIP plan administrator, before any associated brokerage or other costs. See Note 8 regarding distributions for additional information.

Earnings per Share

In accordance with the provisions of ASC Topic 260 —Earnings per Share (“ASC Topic 260”), basic earnings per share is computed by dividing earnings available to common stockholders by the weighted average number of shares outstanding during the period. The weighted average shares outstanding utilized in the calculation of earnings per share take into account share issues on the issuance date and the Company’s repurchases of its common stock on the repurchase date. See Note 9 for additional information on the Company’s share activity. For the periods presented in these consolidated financial statements, there were no potentially dilutive common shares issued.

distributions.

35

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

and Cash Equivalents

Cash, including cash denominated in foreign currencies, primarily consists of cash, money market funds and short-term, highly liquid investments with original maturities of three months or less. The Company deposits its cash and cash equivalents in a financial institution and, at times, such balances may be in excess of the Federal Deposit Insurance Corporation (“FDIC”) insurance limits.

Restricted Cash

Restricted cash includes amountslimit. The Company's deposits are held within MRCC SBIC. Cash held within an SBIC is generally restricted to the originations of new loans from the SBIC and the payment of SBA debentures and related interest expense.

in high-quality financial institutions.

Unamortized Deferred Financing Costs

Deferred financing costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. As of September 30, 2017March 31, 2024 and December 31, 2016,2023, the Company had unamortized deferred financing costs of $4,524$2,908 and $3,945,$3,235 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 expense inand 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 nine months ended September 30, 2017March 31, 2024 and 2023 was $274$327 and $760,$321, respectively. Amortization of deferred financing costs for the three and nine months ended September 30, 2016 was $222 and $603, respectively.

Offering Costs

Offering costs include, among other things, fees paid in relation to legal, accounting, regulatory and printing work completed in preparation of debt and equity offerings. Offering costs from equity offerings are charged against the proceeds from equity offeringsthe offering within the consolidated statements of changes in net assets. Offering costs from debt offerings are reclassified to unamortized deferred financing costs on the consolidated statements of assets and liabilities as noted above. As of September 30, 2017both March 31, 2024 and December 31, 2016,2023, other assets on the consolidated statements of assets and liabilities included $308 and $281, respectively,$262 of deferred offering costs, which will be charged against the proceeds from future debt or equity offerings when received.

20
completed.

Investments Denominated in Foreign Currency

As of September 30, 2017,both March 31, 2024 and December 31, 2023, the Company held an investment in one portfolio company that wasno investments denominated in Great Britain pounds.

a foreign currency.

At each balance sheet date, portfolio company investments denominated in foreign currencies are translated into U.S. dollars using the spot exchange rate on the last business day of the period. Purchases and sales of foreign portfolio company investments, and any income from such investments, are translated into U.S. dollars using the rates of exchange prevailing on the respective dates of such transactions.

Although the fair values of foreign portfolio company investments and the fluctuation in such fair values are translated into U.S. dollars using the applicable foreign exchange rates described above, the Company does not isolate thatthe portion of the change in fair valuesvalue resulting from foreign currency exchange rates fluctuations from the change in fair valuesvalue of the underlying investment. All fluctuations in fair value are included in net change in unrealized gain (loss) ofon investments inon 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.

36

Derivative Instruments
The Company may enter into foreign currency forward contracts to reduce the Company’s exposure to foreign currency exchange rate fluctuations. In a foreign currency forward contract, the Company agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. Foreign currency forward contracts are marked-to-market based on the difference between the forward rate and the exchange rate at the current period end. Unrealized gain (loss) on foreign currency forward contracts is recorded on the Company’s consolidated statements of assets and liabilities by counterparty on a net basis.
The Company does not utilize hedge accounting and as such values its foreign currency forward contracts at fair value with the change in unrealized gain or loss recorded in net change in unrealized gain (loss) on foreign currency forward contracts and the realized gain or loss recorded in net realized gain (loss) on foreign currency forward contracts on the Company’s consolidated statements of operations.
Income Taxes

The Company has elected to be treated as a RIC under Subchapter M of the Code and operates in a manner so as to qualify for the tax treatment available to RICs. To maintain qualificationAs long as the Company maintains its status as a RIC, it generally will not be subject to 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 andrequirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its stockholders, for each taxable year, at least 90% of the Company’sits “investment company taxable income,”income” for that year, which is generally the Company’s netits ordinary income plus the excess if any, of its realized net short-term capital gains over its realized net long-term capital losses. IfIn order for the Company qualifies as a RIC and satisfies the annual distribution requirement, the Company will not have to pay corporate-level federal income taxes on any income that the Company distributes to its stockholders. The Company intends to make distributions in an amount sufficient to maintain RIC status each year and to avoid any federal income taxes on income. The Company will also be subject to nondeductibleU.S. federal excise taxes, if the Company does notit 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 gain netgains in excess of capital losses for the preceding years that were not distributed during such years. The Company, at its discretion, may carry forward taxable income if any,in excess of calendar year dividends and any recognized and undistributed income from prior years for which it paid nopay U.S. federal income taxes. To the extent that the Company determines that its estimated current year annual taxable income may exceed estimated current year dividend distributions, the Company accruestax and a 4% nondeductible U.S. federal excise tax if any, calculated as 4% of the estimated excess taxable income as taxable income is earned.on this income. For the three and nine months ended September 30, 2017, $100March 31, 2024 and $100,2023, the Company recorded a net expense (benefit) on the consolidated statements of operations of $11 and $155 for U.S. federal excise tax, respectively. As of March 31, 2024 and December 31, 2023, the Company recorded an accrual for U.S. federal excise taxes of $91 and $247, respectively, 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 the three months ended March 31, 2024 and 2023, the Company recorded a net tax expense of $7 and $78, respectively, on the consolidated statements of operations for U.S. federal excisethese subsidiaries. As of both March 31, 2024 and December 31, 2023, there were no payables for corporate-level income taxes. For the three and nine months ended September 30, 2016, $342 and $429, respectively, were recorded on the consolidated statements of operations for U.S. federal excise taxes.

The Company accounts for income taxes in conformity with ASC Topic 740 Income Taxes (“ASC Topic 740”). ASC Topic 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in the consolidated financial statements. ASC Topic 740 requires the evaluation of tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense in the current year. It is the Company’s policy to recognize accrued interest and penalties related to uncertain tax benefits in income tax expense. There were noThe Company did not take any material uncertain income tax positions through September 30, 2017.March 31, 2024. The 20132020 through 20162023 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 and such disclosure is included in Note 12. Other than what was disclosed in Note 12, thereissued. 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 ninethree months ended September 30, 2017.

March 31, 2024.

37

Recent Accounting Pronouncements

In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09,Revenue from Contracts with Customers (ASC Topic 606) (“ASU 2014-09”). The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: Step 1: Identify the contract(s) with a customer. Step 2: Identify the performance obligations in the contract. Step 3: Determine the transaction price. Step 4: Allocate the transaction price to the performance obligations in the contract. Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation.

ASU 2014-09 also specified the accounting for some costs to obtain or fulfill a contract with a customer. In addition, ASU 2014-09 requires that an entity disclose sufficient information to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The initial effective date of ASU 2014-09 was for fiscal periods beginning after December 15, 2016. However, in August 2015,March 2020, the FASB issued ASU 2015-14,Revenue from Contracts with Customers (ASC Topic 606): Deferral of the Effective Date, which deferred the effective date2020-04, Reference Rate Reform (“ASU 2020-04”). The amendments in ASU 2020-04 provide optional expedients and exceptions for applying GAAP to fiscal periods beginning after December 15, 2017. Management is currently evaluating the impact these changes will have on the Company’s consolidated financial statementscontracts, hedging relationships, and disclosures.

21

In January 2016, the FASB issued ASU 2016-01,Financial Instruments — Overall (Subtopic 825-10):Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). ASU 2016-01 retains many current requirements for the classification and measurement of financial instruments; however, it significantly revises an entity’s accounting related to (1) the classification and measurement of investments in equity securities and (2) the presentation ofother transactions affected by reference rate reform if certain fair value changes for financial liabilities measured at fair value. ASU 2016-01 also amends certain disclosure requirements associated with the fair value of financial instruments. This guidancecriteria are met. The standard is effective for annual and interim periods beginning afteras of March 12, 2020 through December 15, 2017, and early adoption is not permitted for public business entities. Management is currently evaluating the impact these changes will have on the Company’s consolidated financial statements and disclosures.

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and amended rules (together “final rules”) intended to modernize the reporting and disclosures of information by registered investment companies. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X was August 1, 2017.31, 2024. The Company has adopteddid not utilize the final rules, as applicable,optional expedients and the revised presentation is reflected in the Company’s consolidated financial statements for the periods presented.

In November 2016, the FASB issuedexceptions provided by ASU 2016-18,Statement of Cash Flows (Topic 230): Restricted Cash (“ASU 2016-18”). ASU 2016-18 requires that the statements of cash flows explain the change2020-04 during the period in the total of cash, cash equivalents,three months ended March 31, 2024 and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statements of cash flows. The new guidance is effective for annual and interim periods, beginning after December 15, 2017, and early adoption is permitted and is to be applied on a retrospective basis. The Company has adopted ASU 2016-18 and the revised presentation is reflected in the Company’s consolidated financial statements for the periods presented.

2023.

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):

  September 30, 2017  December 31, 2016 
Amortized Cost:                
Senior secured loans $338,448   76.9% $280,324   67.8%
Unitranche loans  44,776   10.2   57,361   13.9 
Junior secured loans  40,402   9.2   61,674   14.9 
Equity securities  16,296   3.7   13,883   3.4 
Total $439,922   100.0% $413,242   100.0%

  September 30, 2017  December 31, 2016 
Fair Value:                
Senior secured loans $327,984   76.1% $275,253   66.7%
Unitranche loans  44,592   10.4   51,638   12.5 
Junior secured loans  38,555   8.9   59,366   14.4 
Equity securities  19,966   4.6   26,663   6.4 
Total $431,097   100.0% $412,920   100.0%

March 31, 2024December 31, 2023
Amortized Cost:
Senior secured loans$409,506 77.9 %$393,723 77.1 %
Unitranche secured loans6,057 1.1 13,740 2.7 
Junior secured loans29,832 5.7 29,372 5.8 
LLC equity interest in SLF42,650 8.1 42,650 8.3 
Equity securities37,613 7.2 31,391 6.1 
Total$525,658 100.0 %$510,876 100.0 %
March 31, 2024December 31, 2023
Fair Value:
Senior secured loans$404,051 80.7 %$388,882 79.6 %
Unitranche secured loans6,091 1.2 13,877 2.8 
Junior secured loans27,427 5.5 26,594 5.5 
LLC equity interest in SLF32,990 6.6 33,122 6.8 
Equity securities30,330 6.0 25,911 5.3 
Total$500,889 100.0 %$488,386 100.0 %
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:

  September 30, 2017  December 31, 2016 
Amortized Cost:                
International $4,809   1.1% $6,667   1.6%
Midwest  61,311   14.0   59,710   14.5 
Northeast  123,686   28.1   105,482   25.5 
South        2,425   0.6 
Southeast  69,641   15.8   60,719   14.7 
Southwest  50,681   11.5   50,562   12.2 
West  129,794   29.5   127,677   30.9 
Total $439,922   100.0% $413,242   100.0%

22

March 31, 2024December 31, 2023
Amortized Cost:
Midwest$165,246 31.4 %$158,383 31.0 %
Northeast112,794 21.4 108,707 21.3 
Southeast143,960 27.4 134,899 26.4 
Southwest17,690 3.4 25,163 4.9 
West (1)
85,968 16.4 83,724 16.4 
Total$525,658 100.0 %$510,876 100.0 %
___________________________________________________

  September 30, 2017  December 31, 2016 
Fair Value:                
International $5,023   1.2% $6,636   1.6%
Midwest  60,373   14.0   60,579   14.7 
Northeast  124,326   28.8   108,188   26.2 
South        2,445   0.6 
Southeast  70,959   16.5   61,128   14.8 
Southwest  44,416   10.3   54,263   13.1 
West  126,000   29.2   119,681   29.0 
Total $431,097   100.0% $412,920   100.0%

(1)Includes one international portfolio investment with no cost as of March 31, 2024 and December 31, 2023, respectively.
38

March 31, 2024December 31, 2023
Fair Value:
Midwest$140,869 28.1 %$135,352 27.7 %
Northeast113,827 22.7 110,180 22.6 
Southeast140,731 28.1 130,595 26.8 
Southwest18,092 3.6 25,610 5.2 
West (1)
87,370 17.5 86,649 17.7 
Total$500,889 100.0 %$488,386 100.0 %
_______________________________________________________
(1)Includes one international portfolio investment with $1,763 and $1,695 of fair value as of March 31, 2024 and December 31, 2023, respectively.
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):

  September 30, 2017  December 31, 2016 
Amortized Cost:                
Aerospace & Defense $4,940   1.1% $9,524   2.3%
Automotive        12,496   3.0 
Banking, Finance, Insurance & Real Estate  46,126   10.5   34,912   8.4 
Beverage, Food & Tobacco  17,931   4.1   18,068   4.4 
Chemicals, Plastics & Rubber  8,729   2.0   3,949   1.0 
Construction & Building  17,777   4.0   18,282   4.4 
Consumer Goods: Durable  11,762   2.7   3,600   0.9 
Consumer Goods: Non-Durable  24,888   5.7   35,567   8.6 
Containers, Packaging & Glass  5,052   1.2   3,582   0.9 
Energy: Oil & Gas  2,376   0.5   7,819   1.9 
Environmental Industries  3,541   0.8   3,675   0.9 
Healthcare & Pharmaceuticals  57,126   13.0   41,584   10.1 
High Tech Industries  36,606   8.3   19,746   4.8 
Hotels, Gaming & Leisure  41,692   9.5   37,860   9.2 
Media: Advertising, Printing & Publishing  12,771   2.9   11,781   2.8 
Media: Broadcasting & Subscription  16,174   3.7   17,527   4.2 
Media: Diversified & Production  4,945   1.1   4,938   1.2 
Metals & Mining        5,219   1.3 
Retail  56,650   12.9   48,488   11.7 
Services: Business  26,983   6.1   38,806   9.4 
Services: Consumer  20,954   4.8   24,608   5.9 
Telecommunications  3,268   0.7   3,431   0.8 
Utilities: Electric  2,758   0.6   2,964   0.7 
Wholesale  16,873   3.8   4,816   1.2 
 Total $439,922   100.0% $413,242   100.0%

  September 30, 2017  December 31, 2016 
Fair Value:                
Aerospace & Defense $5,028   1.2% $10,601   2.6%
Automotive        7,514   1.8 
Banking, Finance, Insurance & Real Estate  46,912   10.9   37,130   9.0 
Beverage, Food & Tobacco  17,788   4.1   16,794   4.1 
Chemicals, Plastics & Rubber  8,864   2.1   4,040   1.0 
Construction & Building  17,933   4.2   18,602   4.5 
Consumer Goods: Durable  11,952   2.8   3,620   0.9 
Consumer Goods: Non-Durable  19,462   4.5   32,000   7.7 
Containers, Packaging & Glass  4,919   1.1   3,663   0.9 
Energy: Oil & Gas  2,346   0.5   7,803   1.9 
Environmental Industries  3,644   0.8   3,768   0.9 
Healthcare & Pharmaceuticals  66,275   15.4   56,435   13.7 
High Tech Industries  36,085   8.4   18,899   4.6 
Hotels, Gaming & Leisure  42,738   9.9   38,010   9.2 
Media: Advertising, Printing & Publishing  13,356   3.1   11,742   2.8 
Media: Broadcasting & Subscription  16,466   3.8   18,046   4.4 
Media: Diversified & Production  5,006   1.2   4,938   1.2 
Metals & Mining        5,268   1.3 
Retail  40,740   9.5   38,147   9.2 
Services: Business  27,264   6.3   40,164   9.7 
Services: Consumer  21,170   4.9   24,807   6.0 
Telecommunications  3,333   0.8   3,430   0.8 
Utilities: Electric  2,801   0.6   2,999   0.7 
Wholesale  17,015   3.9   4,500   1.1 
Total $431,097   100.0% $412,920   100.0%

March 31, 2024December 31, 2023
Amortized Cost
Aerospace & Defense$— — %$7,784 1.5 %
Automotive20,095 3.8 19,781 3.9 
Banking16,326 3.1 16,290 3.2 
Beverage, Food & Tobacco4,476 0.9 4,481 0.9 
Capital Equipment4,855 0.9 4,880 1.0 
Chemicals, Plastics & Rubber2,950 0.6 2,934 0.6 
Construction & Building9,794 1.8 8,689 1.7 
Consumer Goods: Durable8,149 1.5 8,295 1.6 
Consumer Goods: Non-Durable3,547 0.7 3,415 0.7 
Environmental Industries5,412 1.0 5,421 1.1 
FIRE: Finance15,122 2.9 14,771 2.9 
FIRE: Real Estate90,609 17.2 87,226 17.1 
Healthcare & Pharmaceuticals79,423 15.1 70,992 13.9 
High Tech Industries41,329 7.9 42,123 8.2 
Hotels, Gaming & Leisure111 0.0 111 0.0 
Investment Funds & Vehicles42,650 8.1 42,650 8.3 
Media: Advertising, Printing & Publishing18,213 3.5 18,267 3.6 
Media: Broadcasting & Subscription4,486 0.9 4,214 0.8 
Media: Diversified & Production42,385 8.1 41,734 8.2 
Retail2,465 0.5 2,443 0.5 
Services: Business58,848 11.2 55,852 10.9 
Services: Consumer25,713 4.9 25,283 4.9 
Telecommunications7,543 1.4 7,262 1.4 
Transportation: Cargo4,893 0.9 — — 
Wholesale16,264 3.1 15,978 3.1 
Total$525,658 100.0 %$510,876 100.0 %
39

March 31, 2024December 31, 2023
Fair Value:
Aerospace & Defense$— — %$7,876 1.6 %
Automotive17,924 3.6 18,495 3.8 
Banking15,163 3.0 15,385 3.2 
Beverage, Food & Tobacco6,187 1.2 6,098 1.2 
Capital Equipment4,924 1.0 4,893 1.0 
Chemicals, Plastics & Rubber3,525 0.7 3,987 0.8 
Construction & Building9,937 2.0 8,813 1.8 
Consumer Goods: Durable8,087 1.6 8,242 1.7 
Consumer Goods: Non-Durable2,198 0.5 2,387 0.5 
Environmental Industries5,871 1.2 5,896 1.2 
FIRE: Finance15,718 3.1 15,388 3.3 
FIRE: Real Estate88,564 17.7 85,153 17.4 
Healthcare & Pharmaceuticals78,105 15.6 69,354 14.2 
High Tech Industries39,305 7.8 40,723 8.3 
Hotels, Gaming & Leisure140 0.0 110 0.0 
Investment Funds & Vehicles32,990 6.6 33,122 6.8 
Media: Advertising, Printing & Publishing20,670 4.1 20,238 4.1 
Media: Broadcasting & Subscription1,973 0.4 2,217 0.5 
Media: Diversified & Production42,621 8.5 41,897 8.6 
Retail1,886 0.4 1,995 0.4 
Services: Business59,705 11.9 56,655 11.6 
Services: Consumer17,244 3.5 16,772 3.4 
Telecommunications7,746 1.5 7,508 1.5 
Transportation: Cargo4,913 1.0 — — 
Wholesale15,493 3.1 15,182 3.1 
Total$500,889 100.0 %$488,386 100.0 %
MRCC Senior Loan Fund I, LLC
The Company co-invests with Life Insurance Company of the Southwest (“LSW”) in senior secured loans through SLF, an unconsolidated Delaware LLC. SLF is capitalized as underlying investment transactions are completed, taking into account available debt and equity commitments available for funding these investments. All portfolio and investment decisions in respect to SLF must be approved by the SLF investment committee, consisting of one representative from the Company and one representative from LSW. SLF may cease making new investments upon notification of either member but operations will continue until all investments have been sold or paid-off in the normal course of business. Investments held by SLF are measured at fair value using the same valuation methodologies as described in Note 4. The Company’s investment is illiquid in nature as SLF does not allow for withdrawal from the LLC or the sale of a member’s interest unless approved by the board members of SLF. The full withdrawal of a member would result in an orderly wind-down of SLF.
SLF’s profits and losses are allocated to the Company and LSW in accordance with their respective ownership interests. As of March 31, 2024 and December 31, 2023, the Company and LSW each owned 50.0% of the LLC equity interests of SLF. As of March 31, 2024 and December 31, 2023, SLF had $100,000 in equity commitments from its members (in the aggregate), of which $85,300 was funded.
As of March 31, 2024 and December 31, 2023, the Company had committed to fund $50,000 of LLC equity interest subscriptions to SLF. As of March 31, 2024 and December 31, 2023, $42,650 of the Company’s LLC equity interest subscriptions to SLF had been called and contributed, net of return of capital distributions subject to recall. As of March 31, 2024 and December 31, 2023, SLF had a fair value of $33.0 million and $33.1 million.
40

For both the three months ended March 31, 2024 and 2023, the Company received $900 of dividend income from its LLC equity interest in SLF.
SLF has a senior secured revolving credit facility (as amended, the “SLF Credit Facility”) with Capital One, N.A., through its wholly-owned subsidiary MRCC Senior Loan Fund I Financing SPV, LLC (“SLF SPV”). The SLF Credit Facility allows SLF SPV to borrow up to $110,000 (reduced from $175,000 on June 9, 2023), subject to leverage and borrowing base restrictions. Borrowings on the SLF Credit Facility bear interest at an annual rate of SOFR (three-month) plus 2.10% and the SLF Credit Facility has a maturity date of November 23, 2031.
SLF does not pay any fees to MC Advisors or its affiliates; however, SLF has entered into an administration agreement with Monroe Capital Management Advisors, LLC (“MC Management”), pursuant to which certain loan servicing and administrative functions are delegated to MC Management. SLF may reimburse MC Management for its allocable share of overhead and other expenses incurred by MC Management. For the three months ended March 31, 2024 and 2023, SLF incurred $44 and $63 of allocable expenses, respectively. There are no agreements or understandings by which the Company guarantees any SLF obligations.
As of March 31, 2024 and December 31, 2023, SLF had total assets at fair value of $124,865 and $148,449, respectively. As of March 31, 2024 and December 31, 2023, SLF had four portfolio company investments on non-accrual status with a fair value of $5,034 and $4,260, respectively. The portfolio companies in SLF are in industries and geographies similar to those in which the Company may invest directly. Additionally, as of March 31, 2024 and December 31, 2023, SLF had $1,796 and $3,332, respectively, in outstanding commitments to fund investments under undrawn revolvers and delayed draw commitments.
Below is a summary of SLF’s portfolio, followed by a listing of the individual investments in SLF’s portfolio as of March 31, 2024 and December 31, 2023:
March 31, 2024December 31, 2023
Secured loans (1)
124,816 150,674 
Weighted average current interest rate on secured loans (2)
10.2%10.2%
Number of portfolio company investments in SLF4149
Largest portfolio company investment (1)
6,580 6,580 
Total of five largest portfolio company investments (1)
26,366 26,415 

23
(1)Represents outstanding principal amount, excluding unfunded commitments.

(2)Computed as the (a) annual stated interest rate on accruing secured loans divided by (b) total secured loans at outstanding principal amount.
41

MRCC SENIOR LOAN FUND I, LLC
CONSOLIDATED SCHEDULE OF INVESTMENTS
(unaudited)
March 31, 2024
Portfolio Company (a)
Index (b)
Spread (b)
Interest Rate (b)
MaturityPrincipalFair Value
Non-Controlled/Non-Affiliate Company Investments
Senior Secured Loans
Aerospace & Defense
Trident Maritime Systems, Inc.SF5.65 %10.96 %2/26/20272,406 $2,388 
Trident Maritime Systems, Inc.SF5.65 %10.96 %2/26/2027746 741 
Trident Maritime Systems, Inc.SF5.65 %10.96 %2/26/2027188 186 
Trident Maritime Systems, Inc. (Revolver)SF5.60 %10.93 %2/26/2027319 317 
3,659 3,632 
Automotive
Accelerate Auto Works Intermediate, LLCSF4.90 %10.24 %12/1/20271,354 1,337 
Accelerate Auto Works Intermediate, LLCSF4.90 %10.22 %12/1/2027387 382 
Accelerate Auto Works Intermediate, LLC (Revolver) (d)
SF4.90 %10.24 %12/1/2027132 21 
1,873 1,740 
Beverage, Food & Tobacco
SW Ingredients Holdings, LLCSF5.50 %10.93 %7/3/20253,534 3,534 
3,534 3,534 
Capital Equipment
MacQueen Equipment, LLCSF5.51 %10.81 %1/7/20282,070 2,069 
MacQueen Equipment, LLC (Delayed Draw) (d)
SF5.51 %10.81 %1/7/2028590 334 
MacQueen Equipment, LLC (Revolver) (d)
SF5.51 %10.81 %1/7/2028296 — 
2,956 2,403 
Chemicals, Plastics & Rubber
Phoenix Chemical Holding Company LLCSF7.11 %12.44 %8/2/20241,129 964 
TJC Spartech Acquisition Corp.SF4.75 %10.07 %5/5/20284,200 3,507 
5,329 4,471 
Consumer Goods: Durable
Elevate Textiles, Inc. (fka International Textile Group, Inc.)SF6.65 %
11.98% (e)
9/30/2027796 585 
Runner Buyer INC.SF5.61 %10.96 %10/23/20282,940 2,245 
3,736 2,830 
Consumer Goods: Non-Durable
PH Beauty Holdings III, INC.SF5.00 %10.72 %9/26/20252,361 2,338 
2,361 2,338 
Containers, Packaging & Glass
Polychem Acquisition, LLCSF5.11 %10.44 %3/17/20252,850 2,836 
PVHC Holding CorpSF5.65 %10.96% Cash/ 0.75% PIK2/17/20271,894 1,894 
4,744 4,730 
Energy: Oil & Gas
Offen, Inc.SF5.11 %10.44 %6/22/20262,249 2,248 
Offen, Inc.SF5.11 %10.44 %6/22/2026856 856 
3,105 3,104 
FIRE: Finance
Harbour Benefit Holdings, Inc.SF5.15 %10.45 %12/13/20242,842 2,842 
Harbour Benefit Holdings, Inc.SF5.10 %10.43 %12/13/202461 61 
Minotaur Acquisition, Inc.SF4.85 %10.18 %3/27/20264,794 4,805 
TEAM Public Choices, LLCSF5.00 %10.58 %12/17/20272,917 2,921 
10,614 10,629 
FIRE: Real Estate
Avison Young (USA) Inc. (f)
SF6.50 %
11.84% (e)
3/12/2028606 599 
606 599 
Healthcare & Pharmaceuticals
Cano Health, LLCSF4.00 %
9.33% (e)
11/23/20271,950 590 
HAH Group Holding Company LLCSF5.00 %10.44 %10/29/20272,943 2,936 
LSCS Holdings, Inc.SF4.61 %9.94 %12/15/20281,805 1,781 
42

MRCC SENIOR LOAN FUND I, LLC
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2024
Portfolio Company (a)
Index (b)
Spread (b)
Interest Rate (b)
MaturityPrincipalFair Value
Natus Medical IncorporatedSF5.65 %10.96 %7/20/20294,937 4,666 
11,635 9,973 
High Tech Industries
Corel Inc. (c)
SF5.10 %10.44 %7/2/20263,350 3,303 
Lightbox Intermediate, L.P.SF5.26 %10.56 %5/11/20264,763 4,620 
TGG TS Acquisition CompanySF6.61 %11.94 %12/12/20252,885 2,880 
10,998 10,803 
Hotels, Gaming & Leisure
Excel Fitness Holdings, Inc.SF5.40 %10.70 %4/27/20294,309 4,309 
Excel Fitness Holdings, Inc. (Revolver) (d)
SF5.40 %10.70 %4/28/2028625 — 
North Haven Spartan US Holdco, LLCSF6.25 %11.57 %6/5/20262,244 2,244 
7,178 6,553 
Media: Diversified & Production
Research Now Group, Inc. and Survey Sampling International, LLCSF5.76 %11.07 %12/20/20246,580 3,971 
STATS Intermediate Holdings, LLCSF5.51 %10.83 %7/10/20264,788 4,746 
TA TT Buyer, LLCSF5.00 %10.30 %3/30/20293,283 3,301 
14,651 12,018 
Services: Business
Eliassen Group, LLCSF5.50 %10.81 %4/14/20283,209 3,177 
Eliassen Group, LLC (Delayed Draw) (d)
SF5.50 %10.82 %4/14/2028738 229 
Engage2Excel, Inc.SF6.60 %11.78 %7/1/20243,907 3,912 
Engage2Excel, Inc.SF6.60 %11.78 %7/1/2024705 706 
Engage2Excel, Inc.SF6.60 %11.78 %7/1/2024550 550 
Output Services Group, Inc.SF6.68 %
12.07% (e)
11/30/20281,042 1,040 
Secretariat Advisors LLCSF5.01 %10.32 %12/29/20281,672 1,663 
Secretariat Advisors LLCSF5.01 %10.32 %12/29/2028267 265 
SIRVA Worldwide Inc.SF5.76 %11.10 %8/4/20251,738 1,267 
13,828 12,809 
Services: Consumer
Laseraway Intermediate Holdings II, LLCSF5.75 %11.33 %10/14/20272,172 2,167 
McKissock Investment Holdings, LLCSF5.00 %10.46 %3/9/20292,450 2,461 
4,622 4,628 
Telecommunications
Intermedia Holdings, Inc.SF6.11 %11.43 %7/21/20251,737 1,720 
Mavenir Systems, Inc.SF5.01 %10.34 %8/18/20281,633 1,169 
Sandvine CorporationSF4.93 %10.15 %10/31/20251,973 1,473 
5,343 4,362 
Transportation: Cargo
Keystone Purchaser, LLCSF6.18 %11.51 %5/7/20274,892 4,874 
4,892 4,874 
Wholesale
HALO Buyer, Inc.SF4.60 %9.93 %6/30/20254,710 3,452 
4,710 3,452 
Total Non-Controlled/Non-Affiliate Senior Secured Loans120,374 109,482 
Junior Secured Loans
Healthcare & Pharmaceuticals
Radiology Partners, Inc. SF3.76 %9.09% Cash/ 1.50% PIK1/31/20294,236 4,102 
4,236 4,102 
FIRE: Real Estate
Avison Young (USA) Inc. SF8.26 %
13.58% (e)
3/12/20291,492 1,193 
Avison Young (USA) Inc. SF8.26 %
13.58% (e)
3/12/2029510 305 
2,002 1,498 
Total Non-Controlled/Non-Affiliate Junior Secured Loans6,238 5,600 
43

MRCC SENIOR LOAN FUND I, LLC
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2024
Portfolio Company (a)
Index (b)
Spread (b)
Interest Rate (b)
MaturityPrincipalFair Value
Equity Securities (g) (h)
Consumer Goods: Durable
Elevate Textiles, Inc. (fka International Textile Group, Inc.) (25,524 shares of common units)
(i)
26 83 
26 83 
Chemicals, Plastics & Rubber
Polyventive Lender Holding Company LLC (0.84% of the equity)
(i)
—  
— — 
FIRE: Real Estate
Avison Young (USA) Inc. (1,605,312 Class A preferred shares)n/an/a
12.50% PIK (e)
n/a1,605 722 
Avison Young (USA) Inc. (1,199 Class F common shares)
(i)
— 
1,606 722 
Services: Business
Output Services Group, Inc. (51,370 Class A units)
(i)
51 552 
51 552 
Total Non-Controlled/Non-Affiliate Equities1,683 1,357 
TOTAL INVESTMENTS$116,439 

(a)All investments are U.S. companies unless otherwise noted.
(b)The majority of investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “SF”) or Prime (“P”) which reset daily, monthly, quarterly or semiannually. We have provided the spread over SOFR or Prime and the current contractual rate of interest in effect at March 31, 2024. Certain investments may be subject to an interest rate floor or cap. Certain investments contain a PIK provision.
(c)This is an international company.
(d)All or a portion of this commitment was unfunded as of March 31, 2024. As such, interest is earned only on the funded portion of this commitment. Principal reflects the commitment outstanding.
(e)This position was on non-accrual status as of March 31, 2024, meaning that we have ceased accruing interest income on the position.
(f)Investment position or portion thereof unsettled at March 31, 2024.
(g)Represents less than 5% ownership of the portfolio company’s voting securities.
(h)Ownership of certain equity investments may occur through a holding company partnership.
(i)Represents a non-income producing security.

44

MRCC SENIOR LOAN FUND I, LLC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2023
Portfolio Company (a)
Index (b)
Spread(b)
Interest Rate (b)
MaturityPrincipalFair Value
Non-Controlled/Non-Affiliate Company Investments
Senior Secured Loans
Aerospace & Defense
Trident Maritime Systems, Inc.SF5.60 %10.95 %2/26/20272,414 $2,385 
Trident Maritime Systems, Inc.SF5.60 %10.95 %2/26/2027746 737 
Trident Maritime Systems, Inc.SF5.60 %10.96 %2/26/2027188 186 
Trident Maritime Systems, Inc. (Revolver)SF5.60 %10.96 %2/26/2027319 315 
3,667 3,623 
Automotive
Accelerate Auto Works Intermediate, LLCSF4.90 %10.29 %12/1/20271,358 1,342 
Accelerate Auto Works Intermediate, LLCSF4.90 %10.30 %12/1/2027388 383 
Accelerate Auto Works Intermediate, LLC (Revolver) (d)
SF4.90 %10.29 %12/1/2027132 — 
Truck-Lite Co., LLCSF6.35 %11.71 %12/14/20261,674 1,670 
Truck-Lite Co., LLCSF6.35 %11.71 %12/14/2026248 248 
Truck-Lite Co., LLCSF6.35 %11.71 %12/14/202642 42 
3,842 3,685 
Beverage, Food & Tobacco
SW Ingredients Holdings, LLCSF4.75 %10.21 %7/3/20253,544 3,539 
3,544 3,539 
Capital Equipment
DS Parent, Inc.SF5.75 %11.21 %12/8/20282,700 2,706 
MacQueen Equipment, LLCSF5.51 %10.86 %1/7/20282,075 2,075 
MacQueen Equipment, LLC (Delayed Draw) (d)
SF5.51 %10.86 %1/7/2028591 78 
MacQueen Equipment, LLC (Revolver) (d)
SF5.51 %10.86 %1/7/2028296 — 
5,662 4,859 
Chemicals, Plastics & Rubber
Phoenix Chemical Holding Company LLCSF7.11 %12.47 %8/2/20241,131 1,020 
TJC Spartech Acquisition Corp.SF4.75 %10.16 %5/5/20284,210 4,063 
5,341 5,083 
Consumer Goods: Durable
Elevate Textiles, Inc. (fka International Textile Group, Inc.)SF6.65 %
12.04% (e)
9/30/2027798 798 
Runner Buyer INC.SF5.61 %11.00 %10/23/20282,948 2,333 
3,746 3,131 
Consumer Goods: Non-Durable
PH Beauty Holdings III, INC.SF5.00 %10.35 %9/26/20252,368 2,253 
2,368 2,253 
Containers, Packaging & Glass
Polychem Acquisition, LLCSF5.11 %10.47 %3/17/20252,858 2,855 
PVHC Holding CorpSF5.65 %11.00% Cash/ 0.75% PIK2/17/20271,895 1,895 
4,753 4,750 
Energy: Oil & Gas
Offen, Inc.SF5.11 %10.47 %6/22/20262,249 2,249 
Offen, Inc.SF5.11 %10.47 %6/22/2026858 858 
3,107 3,107 
FIRE: Finance
Harbour Benefit Holdings, Inc.SF5.15 %10.50 %12/13/20242,854 2,852 
Harbour Benefit Holdings, Inc.SF5.10 %10.46 %12/13/202461 61 
Minotaur Acquisition, Inc.SF4.85 %10.21 %3/27/20264,806 4,814 
TEAM Public Choices, LLCSF5.43 %10.88 %12/17/20272,925 2,908 
10,646 10,635 
FIRE: Real Estate
Avison Young (USA) Inc. (c)
SF6.50 %
11.97% (e)
1/30/20264,775 1,564 
4,775 1,564 
Healthcare & Pharmaceuticals
Cano Health, LLC (e)
SF4.10 %
9.42% (e)
11/23/20271,950 857 
HAH Group Holding Company LLCSF5.00 %10.46 %10/29/20272,950 2,942 
LSCS Holdings, Inc.SF4.61 %9.97 %12/15/20281,809 1,786 
45

MRCC SENIOR LOAN FUND I, LLC
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2023
Portfolio Company (a)
Index (b)
Spread(b)
Interest Rate (b)
MaturityPrincipalFair Value
Natus Medical IncorporatedSF5.50 %10.85 %7/20/20294,950 $4,604 
Paragon Healthcare, Inc.SF5.85 %11.25 %1/19/20272,105 2,083 
Paragon Healthcare, Inc.SF5.75 %11.22 %1/19/2027363 359 
Paragon Healthcare, Inc. (Revolver) (d)
SF5.75 %11.22 %1/19/2027490 — 
Radiology Partners, Inc.SF4.68 %10.18 %7/9/20254,737 3,844 
19,354 16,475 
High Tech Industries
Corel Inc. (c)
SF5.10 %10.49 %7/2/20263,400 3,323 
Lightbox Intermediate, L.P.SF5.26 %10.61 %5/11/20264,775 4,632 
TGG TS Acquisition CompanySF6.61 %11.97 %12/12/20252,885 2,791 
11,060 10,746 
Hotels, Gaming & Leisure
Excel Fitness Holdings, Inc.SF5.40 %10.75 %4/27/20294,320 4,308 
Excel Fitness Holdings, Inc. (Revolver) (d)
SF5.40 %10.75 %4/28/2028625 — 
North Haven Spartan US Holdco, LLCSF6.25 %11.63 %6/6/20252,250 2,241 
Tait LLCSF4.50 %10.00 %3/28/20254,040 4,026 
Tait LLC (Revolver) (d)
SF4.50 %10.00 %3/28/2025769 — 
12,004 10,575 
Media: Diversified & Production
Research Now Group, Inc. and Survey Sampling International, LLCSF5.76 %11.14 %12/20/20246,580 4,914 
STATS Intermediate Holdings, LLCSF5.51 %10.88 %7/10/20264,800 4,684 
TA TT Buyer, LLCSF5.00 %10.35 %3/30/20293,292 3,275 
14,672 12,873 
Services: Business
CHA Holdings, IncSF4.61 %9.97 %4/10/20251,939 1,908 
CHA Holdings, IncSF4.61 %9.97 %4/10/2025409 402 
Eliassen Group, LLCSF5.50 %10.85 %4/14/20283,218 3,152 
Eliassen Group, LLC (Delayed Draw) (d)
SF5.50 %10.86 %4/14/2028739 227 
Engage2Excel, Inc.SF7.35 %12.53 %7/1/20243,918 3,918 
Engage2Excel, Inc.SF7.35 %12.53 %7/1/2024707 707 
Engage2Excel, Inc. (Revolver)SF7.35 %12.53 %7/1/2024550 550 
Output Services Group, Inc.SF6.68 %
12.07% (e)
11/30/20281,042 1,041 
Secretariat Advisors LLCSF5.01 %10.36 %12/29/20281,676 1,676 
Secretariat Advisors LLCSF5.01 %10.36 %12/29/2028267 267 
SIRVA Worldwide Inc.SF5.76 %11.15 %8/4/20251,750 1,556 
Teneo Holdings LLCSF5.35 %10.71 %7/11/20254,787 4,791 
21,002 20,195 
Services: Consumer
360Holdco, Inc.SF5.60 %10.96 %8/1/20252,124 2,124 
360Holdco, Inc.SF5.60 %10.96 %8/1/2025821 821 
Laseraway Intermediate Holdings II, LLCSF5.75 %11.41 %10/14/20272,178 2,153 
McKissock Investment Holdings, LLCSF5.00 %10.54 %3/9/20292,456 2,459 
7,579 7,557 
Telecommunications
Intermedia Holdings, Inc.SF6.11 %11.47 %7/21/20251,742 1,687 
Mavenir Systems, Inc.SF5.01 %10.39 %8/18/20281,638 1,159 
Sandvine CorporationSF4.50 %9.97 %10/31/20251,973 1,598 
5,353 4,444 
Transportation: Cargo
Keystone Purchaser, LLCSF6.18 %11.53 %5/7/20274,905 4,868 
4,905 4,868 
Utilities: Oil & Gas
Dresser Utility Solutions, LLCSF4.10 %9.46 %10/1/20251,660 1,602 
Dresser Utility Solutions, LLCSF5.35 %10.71 %10/1/2025243 239 
1,903 1,841 
Wholesale
HALO Buyer, Inc.SF4.60 %9.96 %6/30/20254,723 3,570 
46

MRCC SENIOR LOAN FUND I, LLC
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2023
Portfolio Company (a)
Index (b)
Spread(b)
Interest Rate (b)
MaturityPrincipalFair Value
4,723 $3,570 
Total Non-Controlled/Non-Affiliate Senior Secured Loans154,006 139,373 
Equity Securities (f) (g)
Consumer Goods: Durable
Elevate Textiles, Inc. (fka International Textile Group, Inc.) (25,524 shares of common units)
(h)
26 103 
26 103 
Chemicals, Plastics & Rubber
Polyventive Lender Holding Company LLC (0.84% of the equity)
(h)
—  
— — 
Services: Business
Output Services Group, Inc. (51,370 Class A units)
(h)
51 438 
51 438 
Total Non-Controlled/Non-Affiliate Equities77 541 
TOTAL INVESTMENTS$139,914 

(a)All investments are U.S. companies unless otherwise noted.
(b)The majority of investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “SF”) or Prime (“P”) which reset daily, monthly, quarterly or semiannually. The Company has provided the spread over SOFR or Prime and the current contractual rate of interest in effect at December 31, 2023. Certain investments may be subject to an interest rate floor or cap. Certain investments contain PIK provision.
(c)This is an international company.
(d)All or a portion of this commitment was unfunded as of December 31, 2023. As such, interest is earned only on the funded portion of this commitment. Principal reflects the commitment outstanding.
(e)This position was on non-accrual status as of December 31, 2023, meaning that we have ceased accruing interest income on the position.
(f)Represents less than 5% ownership of the portfolio company’s voting securities.
(g)Ownership of certain equity investments may occur through a holding company partnership.
(h)Represents a non-income producing security.

47

Below is certain summarized financial information for SLF as of March 31, 2024 and December 31, 2023 and for the three months ended March 31, 2024 and 2023:
March 31, 2024December 31, 2023
(unaudited)
Assets
Investments, at fair value$116,439 $139,914 
Cash and cash equivalents2,335 1,884 
Restricted cash and cash equivalents4,842 5,265 
Interest receivable1,248 1,380 
Other assets— 
Total assets$124,864 $148,449 
Liabilities
Revolving credit facility$58,014 $82,014 
Less: Unamortized deferred financing costs(518)(717)
Total debt, less unamortized deferred financing costs57,496 81,297 
Interest payable446 590 
Payable for open trades592 — 
Accounts payable and accrued expenses349 320 
Total liabilities58,883 82,207 
Members’ capital65,981 66,242 
Total liabilities and members’ capital$124,864 $148,449 
Three months ended March 31,
20242023
(unaudited)
Investment income:
Interest income$4,038 $5,143 
Total investment income4,038 5,143 
Expenses:
Interest and other debt financing expenses1,690 2,352 
Professional fees and other expenses227 206 
Total expenses1,917 2,558 
Net investment income2,121 2,585 
Net gain (loss):
Net realized gain (loss)36 (540)
Net change in unrealized gain (loss)(618)264 
Net gain (loss)(582)(276)
Net increase (decrease) in members’ capital$1,539 $2,309 
48

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 hierarchalhierarchical 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.

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. All investments as of
For periods prior to September 30, 20172022, the Board determined the fair value of the Company’s investments. On September 30, 2022, pursuant to SEC Rule 2a-5 of the 1940 Act, the Board designated MC Advisors as the Company’s valuation designee (the “Valuation Designee”). The Board is responsible for oversight of the Valuation Designee. The Valuation Designee has established a valuation committee to determine in good faith the fair value of the Company’s investments, based on input of the Valuation Designee’s management and December 31, 2016 were categorized as Level 3 investments.

personnel and independent valuation firms which are engaged at the direction of the valuation committee to assist in the valuation of certain portfolio investments lacking a readily available market quotation. The valuation committee determines fair values pursuant to a valuation policy approved by the Board and pursuant to a consistently applied valuation process.

With respect to investments for which market quotations are not readily available, the Company’s BoardValuation Designee undertakes a multi-step valuation process each quarter, as described below:

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

·preliminary valuation conclusions are then documented and discussed with the investment committee of the Company;

·the Board also 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 are generally received quarterly;

·the audit committee of the Board reviews the preliminary valuations of MC Advisors and of the independent valuation firm(s) and responds and supplements the valuation recommendations to reflect any comments; 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 quarterly valuation process begins with each portfolio company or investment being initially evaluated and rated by the investment professionals of the Valuation Designee responsible for the credit monitoring of the portfolio investment;
49

the Valuation Designee engages an independent valuation firm to conduct independent appraisals of a selection of investments for which market quotations are not readily available. The Company will consult with an independent valuation firm relative to each portfolio company at least once in every calendar year, but the independent appraisals are generally received quarterly for each investment;
to the extent an independent valuation firm is not engaged to conduct an investment appraisal on an investment for which market quotations are not readily available, the investment will be valued by the Valuation Designee;
preliminary valuation conclusions are then documented and discussed with the valuation committee of the Valuation Designee;
the valuation conclusions are approved by the valuation committee of the Valuation Designee; and
a report prepared by the Valuation Designee is presented to the Board quarterly to allow the Board to perform its oversight duties of the valuation process and the Valuation Designee.
The accompanying consolidated schedules of investments held by the Company consist primarily of private debt instruments (“Level 3 debt”). The CompanyValuation Designee generally uses the yieldincome 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 CompanyValuation Designee may consider other factors in determining the fair value, including the value attributable to the debt investment from the enterprise value of the portfolio company or the proceeds that would be received in a liquidation analysis. This liquidation analysis may include probability weighting of alternative outcomes. The CompanyValuation Designee generally considers itsthe Company’s Level 3 debt to be performing loans 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 CompanyValuation Designee considers fluctuations in current interest rates, the trends in yields of debt instruments with similar credit ratings, financial condition of the borrower, economic conditions and other relevant factors, both qualitative and quantitative. In the event that a Level 3 debt instrument is not performing, as defined above, the CompanyValuation Designee will evaluate the value of the collateral utilizing the same framework described above for a performing loan to determine the value of the Level 3 debt instrument.

24

Under the yieldincome approach, the Company uses 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 yieldincome approach, the CompanyValuation Designee also considers the following factors: applicable market yields and leverage levels, recent transactions, credit quality, prepayment penalties, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, and changes in the interest rate environment and the credit markets that generally may affect the price at which similar investments may be made.

Under the market approach, the Company typically uses 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 CompanyValuation Designee derives a single estimate of enterprise value. In estimating the enterprise value of a portfolio company, the CompanyValuation Designee analyzes various factors consistent with industry practice, including but not limited to original transaction multiples, the portfolio company’s historical and projected financial results, applicable market trading and transaction comparables, applicable market yields and leverage levels, the nature and realizable value of any collateral, the markets in which the portfolio company does business, and comparisons of financial ratios of peer companies that are public. Typically, the enterprise values of private companies are based on multiples of earnings before interest, income taxes, depreciation and amortization (“EBITDA”), cash flows, net income, revenues, or in limited cases, book value.

Secured Borrowings

In addition, for certain debt investments, the Valuation Designee may base its valuation on indicative bid and ask prices provided by an independent third-party pricing service. Bid prices reflect the highest price that the Company and others may be willing to pay. Ask prices represent the lowest price that the Company and others may be willing to accept. The Company has electedValuation Designee generally uses the midpoint of the bid/ask range as its best estimate of fair value of such investment.
50

As of March 31, 2024, the Valuation Designee determined, in good faith, the fair value option under ASC Topic 825 —Financial Instruments (“ASC Topic 825”) relatingof 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 accountingbe known at that time.
Foreign Currency Forward Contracts
The valuation for debt obligationsthe 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 their fair value for its secured borrowings which arose due to partial loan sales which did not meet the criteria for sale treatment under ASC Topic 860. The Company reports changescurrent period end. Foreign currency forward contracts are categorized as Level 2 in the fair value hierarchy. As of its secured borrowings within net change in unrealized gain (loss) on secured borrowings in the consolidated statements of operations. The net gain or loss reflects the difference between the fair valueboth March 31, 2024 and the principal amount due on maturity.

Due to the absence of a liquid trading market for these secured borrowings, they are valued by calculating the net present value of the future expected cash flow streams using an appropriate risk-adjusted discount rate model. The discount rate considers projected performance of the related loan investment, applicable market yields and leverage levels, credit quality, prepayment penalties and comparable company analysis. The Company consults with an independent valuation firm relative to the fair value of its secured borrowings at least once in every calendar year.

December 31, 2023 there were no foreign currency forward contracts outstanding.

Fair Value Disclosures

The following table presentstables present fair value measurements of investments and secured borrowings,foreign currency forward contracts, by major class as of September 30, 2017, according to the fair value hierarchy:
Fair Value Measurements
March 31, 2024Level 1Level 2Level 3Total
Investments:
Senior secured loans$— $— $404,051 $404,051 
Unitranche secured loans— — 6,091 6,091 
Junior secured loans— — 27,427 27,427 
Equity securities1,020 — 29,310 30,330 
Investments measured at NAV (1) (2)
— — — 32,990 
Total investments$1,020 $— $466,879 $500,889 
Fair Value Measurements
December 31, 2023Level 1Level 2Level 3Total
Investments:
Senior secured loans$— $— $388,882 $388,882 
Unitranche secured loans— — 13,877 13,877 
Junior secured loans— — 26,594 26,594 
Equity securities257 — 25,654 25,911 
Investments measured at NAV (1) (2)
— — — 33,122 
Total investments$257 $— $455,007 $488,386 

  Fair Value Measurements 
  Level 1  Level 2  Level 3  Total 
Investments:                
Senior secured loans $  $  $327,984  $327,984 
Unitranche loans        44,592   44,592 
Junior secured loans        38,555   38,555 
Equity securities        19,966   19,966 
Total Investments $  $  $431,097  $431,097 
                 
Secured borrowings $  $  $  $ 

The following table presents

(1)Certain investments that are measured at fair value measurements of investments and secured borrowings, by major class, as of December 31, 2016, according tousing the NAV have not been categorized in the fair value hierarchy:

  Fair Value Measurements 
  Level 1  Level 2  Level 3  Total 
Investments:                
Senior secured loans $  $  $275,253  $275,253 
Unitranche loans        51,638   51,638 
Junior secured loans        59,366   59,366 
Equity securities        26,663   26,663 
Total Investments $  $  $412,920  $412,920 
                 
Secured borrowings $  $  $1,314  $1,314 

25
hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented on the consolidated statements of assets and liabilities.

(2)Represents the Company’s investment in LLC equity interests in SLF. The fair value of this investment has been determined using the NAV of the Company’s ownership interest in SLF’s members’ capital.

Senior secured loans, unitranche secured loans and junior secured loans are collateralized by tangible and intangible assets of the borrowers. These investments include loans to entities that have some level of challenge in obtaining financing from other, more conventional institutions, such as a bank. Interest rates on these loans are either fixed or floating, and are based on current market conditions and credit ratings of the borrower. TheExcluding loans on non-accrual, the contractual interest rates on the loans ranged between 6.24%from 7.44% to 15.24%20.50% at September 30, 2017March 31, 2024 and 5.75%7.47% to 17.00%20.50% at December 31, 2016.2023. The maturity dates on the loans outstanding at September 30, 2017March 31, 2024 range between December 2017 and August 2025.

June 2024 to March 2030.

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The following tables provide a reconciliation of the beginning and ending balances for investments and secured borrowingsat fair value that use Level 3 inputs for the three and nine months ended September 30, 2017:

  Investments    
  Senior
secured loans
  

Unitranche

loans

  

Junior

secured loans

  

Equity

securities

  

Total

investments

  

Secured

borrowings

 
Balance as of June 30, 2017 $351,491  $37,302  $37,709  $19,047  $445,549  $ 
Reclassifications(1)  (15,747)  15,747             
Net change in unrealized gain (loss) on investments  (3,380  4,554   305   919   2,398    
Net realized gain (loss) on investments     (3,399  7   492   (2,900   
Purchases of investments and other adjustments to cost(2)  44,119   225   10,691      55,035    
Proceeds from principal payments and sales on investments (3)  (48,499)  (9,837)  (10,157)  (492)  (68,985)   
Net change in unrealized gain (loss) on secured borrowings                  
Repayments on secured borrowings                  
Net realized (gain) loss on secured borrowings                  
Balance as of September 30, 2017 $327,984  $44,592  $38,555  $19,966  $431,097  $ 

  Investments    
  Senior
secured loans
  

Unitranche

loans

  

Junior

secured loans

  

Equity

securities

  

Total

investments

  

Secured

borrowings

 
Balance as of December 31, 2016 $275,253  $51,638  $59,366  $26,663  $412,920  $1,314 
Reclassifications(1)  (18,542)  15,747   382   2,413       
Net change in unrealized gain (loss) on investments  (5,237)   5,382   462   (9,110  (8,503)   
Net realized gain (loss) on investments  41   (3,399  7   2,779   (572   
Purchases of investments and other adjustments to cost(2)  155,915   4,889   10,893      171,697    
Proceeds from principal payments and sales on investments (3)  (79,446)  (29,665)  (32,555)  (2,779)  (144,445)   
Net change in unrealized gain (loss) on secured borrowings                 6 
Repayments on secured borrowings                 (1,254
Net realized (gain) loss on secured borrowings                 (66)
Balance as of September 30, 2017 $327,984  $44,592  $38,555  $19,966  $431,097  $ 

March 31, 2024 and 2023:
Investments
Senior
Secured Loans
Unitranche
Secured Loans
Junior
Secured Loans
Equity
Securities
Total Level 3
Investments
Balance as of December 31, 2023$388,882 $13,877 $26,594 $25,654 $455,007 
Net realized gain (loss) on investments— — — 
Net change in unrealized gain (loss) on investments(1,657)(101)1,413 (2,073)(2,418)
Purchases of investments and other adjustments to cost (1)
23,576 100 1,087 1,945 26,708 
Proceeds from principal payments and sales of investments (2)
(4,038)(7,785)(260)(4)(12,087)
Reclassifications (3)
(2,712)— (1,407)4,119 — 
Transfers in (out) of Level 3 (4)
— — — (335)(335)
Balance as of March 31, 2024$404,051 $6,091 $27,427 $29,310 $466,879 
Investments
Senior
Secured Loans
Unitranche
Secured Loans
Junior
Secured Loans
Equity
Securities
Total Level 3
Investments
Balance as of December 31, 2022$434,023 $20,633 $22,193 $28,388 $505,237 
Net realized gain (loss) on investments— — — 706 706 
Net change in unrealized gain (loss) on investments(4,269)143 (324)(4,447)
Purchases of investments and other adjustments to cost (1)
23,577 45 569 755 24,946 
Proceeds from principal payments and sales of investments (2)
(21,451)(7,320)(927)(706)(30,404)
Balance as of March 31, 2023$431,880 $13,361 $21,978 $28,819 $496,038 

(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.

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

The following tables provide a reconciliation of the beginning and ending balances for investments and secured borrowings that use Level 3 inputs for the three and nine months ended September 30, 2016:

26
restructuring.

(4)Represents non-cash transfers between fair value categories.

  Investments    
  Senior
secured loans
  

Unitranche

loans

  

Junior

secured loans

  

Equity

securities

  

Total

investments

  

Secured

borrowings

 
Balance as of June 30, 2016 $201,002  $53,920  $64,955  $22,931  $342,808  $2,112 
Reclassifications                  
Net change in unrealized gain (loss) on investments  (2,739  (635  873   653   (1,848)   
Net realized gain (loss) on investments                  
Purchases of investments and other adjustments to cost(2)  50,384   197   191      50,772    
Proceeds from principal payments and sales on investments (3)  (8,127)  (1,624)  (5,325)     (15,076)   
Net change in unrealized gain (loss) on secured borrowings                 123 
Proceeds from secured borrowings                  
Repayments on secured borrowings                 (625)
Balance as of September 30, 2016 $240,520  $51,858  $60,694  $23,584  $376,656  $1,610 

  Investments    
  Senior
secured loans
  

Unitranche

loans

  

Junior

secured loans

  

Equity

securities

  

Total

investments

  

Secured

borrowings

 
Balance as of December 31, 2015 $190,559  $68,090  $63,388  $19,054  $341,091  $2,476 
Reclassifications(1)  6,525   (6,525            
Net change in unrealized gain (loss) on investments  (3,360)   (2,349  332   4,530   (847)   
Net realized gain (loss) on investments           587   587    
Purchases of investments and other adjustments to cost(2)  88,497   1,719   8,068      98,284    
Proceeds from principal payments and sales on investments (3)  (41,701)  (9,077)  (11,094)  (587)  (62,459)   
Net change in unrealized gain (loss) on secured borrowings                 36 
Proceeds from secured borrowings                  
Repayments on secured borrowings                 (902)
Balance as of September 30, 2016 $240,520  $51,858  $60,694  $23,584  $376,656  $1,610 

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

The total change in unrealized gain (loss) included in the consolidated statements of operations within net change in unrealized gain (loss) on investments included on the consolidated statements of operations for the three and nine months ended September 30, 2017,March 31, 2024 and 2023, attributable to Level 3 investments still held at September 30, 2017,March 31, 2024 and 2023, was ($254)2,451) and ($11,637), respectively. The total change in unrealized gain (loss) included in the consolidated statements of operations within net change in unrealized gain (loss) on investments for the three and nine months ended September 30, 2016, attributable to Level 3 investments still held at September 30, 2016, was ($1,821) and ($377), respectively. The total change in unrealized gain (loss) included in the consolidated statements of operations within net change in unrealized gain (loss) on secured borrowings for the three and nine months ended September 30, 2016, attributable to Level 3 secured borrowings still held at September 30, 2016, was($123) and ($36)3,645), respectively. Reclassifications impacting Level 3 of the fair value hierarchy are reported as transfers in or out of Level 3 as of the beginning of the period in which the reclassifications occur. During the threemonths ended March 31, 2024, oneinvestment transferred from Level 3 to Level 1 as a result of a restructuring. There were no transfers among Levels 1, 2 and 3 during the three and nine months ended September 30, 2017 and 2016.

March 31, 2023.

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.

27
Valuation Designee.

52


The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets and liabilities as of September 30, 2017March 31, 2024 were as follows:

         Weighted  Range 
  Fair
Value
  Valuation Technique Unobservable
Input
 Average
Mean
  Minimum  Maximum 
Assets:                    
Senior secured loans $257,683  Discounted cash flow EBITDA multiples  6.9x   1.3x   14.0x 
        Market yields  11.5%  6.8%  22.0%
Senior secured loans  13,350  Waterfall Delinquency ratio  0.0%  0.0%  0.0%
Senior secured loans  12,897  Discounted cash flow Tangible book value multiples  1.4x   1.3x   1.4x 
        Market yields  13.8%  9.8%  19.2%
Senior secured loans  9,124  Enterprise value Revenue multiples  0.3x   0.3x   0.6x 
Senior secured loans  8,405  Enterprise value EBITDA multiples  7.1x   5.5x   9.0x 
Unitranche loans  44,299  Discounted cash flow EBITDA multiples  7.2x   4.5x   8.5x 
        Market yields  13.6%  6.5%  20.9%
Unitranche loans  293  Enterprise value EBITDA multiples  5.0x   4.5x   5.5x 
Junior secured loans  5,653  Discounted cash flow EBITDA multiples  8.9x   3.8x   10.0x 
        Market yields  11.5%  10.6%  13.5%
Equity securities  9,705  Enterprise value EBITDA multiples  5.2x   4.5x   9.5x 
Equity securities  8,192  Discounted cash flow EBITDA multiples  4.0x   3.8x   4.3x 
        Market yields  19.0%  18.0%  20.0%
Equity securities  610  Enterprise value Tangible book value multiples  1.4x   1.3x   1.4x 
Equity securities  215  Enterprise value Revenue multiples  2.5x   2.4x   2.6x 
Total Level 3 Assets $370,426(1)                
                     
Liabilities:                    
Secured Borrowings $                 

Fair ValueValuation TechniqueUnobservable
Input
Weighted Average Mean
Range
Minimum
Maximum
Assets: 
Senior secured loans$254,006 Discounted cash flowEBITDA multiples10.4x4.8x22.4x
 Market yields13.1%8.9%24.5%
Senior secured loans112,692 Discounted cash flowRevenue multiples5.6x1.0x12.0x
 Market yields11.7%9.2%17.3%
Senior secured loans17,784 Enterprise valueBook value multiples1.3x1.3x1.3x
Senior secured loans8,813 Enterprise valueRevenue multiples1.9x0.5x2.4x
Senior secured loans8,138 LiquidationProbability weighting of alternative outcomes89.1%32.4%92.3%
Senior secured loans1,991 Enterprise valueEBITDA multiples9.5x9.5x9.5x
Unitranche secured loans3,841 Discounted cash flowRevenue multiples9.0x6.0x12.8x
 Market yields13.1%12.1%13.8%
Unitranche secured loans2,250 Discounted cash flowMarket yields11.9%11.9%11.9%
Junior secured loans21,514 Discounted cash flowMarket yields13.1%12.7%15.4%
Junior secured loans2,391 Discounted cash flowRevenue multiples0.7x0.2x1.0x
Market yields17.6%16.0%22.5%
Junior secured loans2,246 LiquidationProbability weighting of alternative outcomes269.8%0.0%269.8%
Junior secured loans331 Enterprise valueRevenue multiples1.7x1.7x1.7x
Equity securities20,905 Enterprise valueEBITDA multiples8.7x5.4x20.0x
Equity securities4,895 Enterprise valueRevenue multiples3.2x1.7x12.0x
Equity securities2,248 Option pricing modelVolatility57.9%25.0%72.5%
Equity securities842 Discounted cash flowMarket yields16.3%16.3%16.3%
Total Level 3 Assets$464,887 (1)

(1)Excludes investments of $1,992 at fair value where valuation (unadjusted) is obtained from a third-party pricing service or broker quote for which such disclosure is not required.

53

(1)Excludes loans of $57,521 at fair value where valuation (unadjusted) is obtained from a third-party pricing service for which such disclosure is not required. Also excludes loans of $3,150 at fair value which were fully repaid subsequent to September 30, 2017 where valuation represents the repayment price.


The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets and liabilities as of December 31, 20162023 were as follows:

         Weighted  Range 
  Fair
Value
  Valuation Technique Unobservable
Input
 Average
Mean
  Minimum  Maximum 
Assets:                    
Senior secured loans $214,267  Discounted cash flow EBITDA multiples  7.0x   3.2x   13.3x 
        Market yields  11.7%  7.0%  22.0%
Senior secured loans  1,054  Enterprise value Revenue multiples  0.6x   0.5x   0.6x 
Senior secured loans  12,727  Enterprise value EBITDA multiples  4.1x   3.3x   5.5x 
Unitranche loans  47,861  Discounted cash flow EBITDA multiples  6.1x   4.8x   8.0x 
        Market yields  13.4%  9.5%  22.1%
Unitranche loans  3,491  Combination of discounted cash flow and enterprise value Revenue multiples  0.5x   0.5x   0.6x 
        Market yields  29.2%  29.2%  29.2%
Unitranche loans  286  Enterprise value EBITDA multiples  6.0x   5.5x   6.5x 
Junior secured loans  18,572  Discounted cash flow EBITDA multiples  7.5x   3.5x   9.5x 
        Market yields  11.5%  7.0%  13.5%
Junior secured loans    Enterprise value Revenue multiples  0.6x   0.5x   0.6x 
Equity securities  8,121  Discounted cash flow EBITDA multiples  3.8x   3.5x   4.0x 
        Market yields  17.0%  16.0%  18.0%
Equity securities  18,164  Enterprise value EBITDA multiples  4.6x   3.3x   13.3x 
Equity securities  249  Enterprise value Revenue multiples  0.8x   0.1x   3.8x 
Total Level 3 Assets $324,792(1)                
                     
Liabilities:                    
Secured Borrowings $1,314  Discounted cash flow Market yields  7.7%  7.1%  8.2%

follows
:
Fair ValueValuation TechniqueUnobservable
Input
Weighted Average Mean
Range
Minimum
Maximum
Assets:
Senior secured loans$238,481 Discounted cash flowEBITDA multiples10.5x5.0x22.2x
Market yields13.2%9.0%24.5%
Senior secured loans112,213 Discounted cash flowRevenue multiples5.6x0.9x11.8x
Market yields11.9%9.0%16.6%
Senior secured loans17,839 Enterprise valueBook value multiples1.3x1.3x1.3x
Senior secured loans8,352 LiquidationProbability weighting of alternative outcomes91.7%32.4%95.0%
Senior secured loans7,054 Enterprise valueRevenue multiples2.5x1.6x2.5x
Senior secured loans4,322 Enterprise valueEBITDA multiples7.3x5.3x8.3x
Unitranche secured loans10,126 Discounted cash flowMarket yields11.9%11.9%11.9%
Unitranche secured loans3,751 Discounted cash flowRevenue multiples9.0x6.0x12.8x
Market yields12.4%11.9%12.7%
Junior secured loans20,661 Discounted cash flowMarket yields13.1%12.4%15.6%
Junior secured loans2,340 Enterprise valueRevenue multiples1.6x1.6x1.6x
Junior secured loans2,174 LiquidationProbability weighting of alternative outcomes260.8%—%260.8%
Junior secured loans1,419 Discounted cash flowRevenue multiples0.4x0.2x0.9x
Market yields14.2%13.3%16.2%
Equity securities18,994 Enterprise valueEBITDA multiples8.8x4.9x20.5x
Equity securities2,701 Enterprise valueRevenue multiples3.7x0.9x11.8x
Equity securities2,160 Option pricing modelVolatility59.0%35.0%70.0%
Equity securities1,380 Discounted cash flowEBITDA multiples6.0x6.0x6.0x
Market yields19.0%16.3%27.5%
Total Level 3 Assets$453,967 (1)

28
(1)Excludes investments of $1,040 at fair value where valuation (unadjusted) is obtained from a third-party pricing service or broker quote for which such disclosure is not required.

54

(1)Excludes loans of $88,128 at fair value where valuation (unadjusted) is obtained from a third-party pricing service for which such disclosure is not required.


The significant unobservable inputsinput 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 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 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.

The significant unobservable inputs used in the yieldincome 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 Valuation Designee selects a population of public companies for each investment with similar operations and attributes of the portfolio company. Using these guideline public companies’ data, a range of multiples of enterprise value to EBITDA or revenue is calculated. The Valuation Designee selects percentages from the range of multiples for purposes of determining the portfolio company’s estimated enterprise value based on said multiple and generally the latest twelve months EBITDA or revenue of the portfolio company (or other meaningful measure). Increases (decreases) in the multiple will result in an increase (decrease) in enterprise value, resulting in an increase (decrease) in the fair value estimate of the investment.
Other Financial Assets and Liabilities

ASC Topic 820 requires disclosure of the fair value of financial instruments for which it is practical to estimate such value. The Company believes that the carrying amounts of its other financial instruments such as cash and cash equivalents, receivables and payables approximate the fair value of such items due to the short maturity of such instruments. Fair value of the Company’s revolving credit facility is estimated by discounting remaining payments using applicable market rates or market quotes for similar instruments at the measurement date, if applicable. TheAs of both March 31, 2024 and December 31, 2023, the Company believes that the carrying value of its revolving credit facility approximates fair value. SBA-guaranteed debenturesThe senior unsecured notes (“2026 Notes”) are carried at cost and with their longer maturity dates, fair value is estimated by discounting remaining payments using current market rates for similar instruments and considering such factors as the legal maturity date and the ability of market participants to prepay the debentures.notes. As of September 30, 2017March 31, 2024 and December 31, 2016,2023, the estimated fair value of the Company’s SBA debentures using Level 3 inputs were estimated at $92,1002026 Notes was $120,792 and $51,500, respectively, which is the same as the Company’s carrying value$121,145, respectively.
55

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 ninethree months ended September 30, 2017March 31, 2024 and 20162023 were as follows:

Portfolio Company Fair value
at
December
31,
2016
  

 

Transfers in
(out)

  Purchases
(cost)
  Sales and
paydowns
(cost)
  PIK
interest
(cost)
  Discount
accretion
  Net
realized
gains (losses)
  Net
unrealized
gains
(losses)
  

Fair value
at
September
30,

2017

 
Non-controlled affiliate company investments(1) :                                    
American Community Homes, Inc. $13,950  $  $647  $  $168  $52  $  $(1,310) $13,507 
Luxury Optical Holdings Co.(2)     3,970   808      68   4      (364)  4,486 
Rockdale Blackhawk, LLC(3)  27,077      4,161   (16)     147      (6,394)  24,975 
Rocket Dog Brands, LLC  1,054            130   (1)     (927)  256 
SHI Holdings, Inc.  4,297      833         15       307   5,452 
Summit Container Corporation  3,663      1,499   (102)  55   18      (214)  4,919 
Total non-controlled affiliate company investments $50,041  $3,970  $7,948  $(118) $421  $235  $  $(8,902) $53,595 
Controlled affiliate company investments(1) :                                    
TPP Acquisition, Inc.(4) $  $  $  $  $  $  $  $  $ 
TPP Operating, Inc.(4)  8,899      4,330   (972)           (3,389)  8,868 
Total controlled affiliate company investments $8,899  $  $4,330  $(972) $  $  $  $(3,389) $8,868 

29

Portfolio CompanyFair value at
December 31, 2023
Transfers
 in (out)
Purchases
 (cost)
Sales and
paydowns
(cost)
PIK
interest
(cost)
Discount
accretion
Net realized
gain (loss)
Net
unrealized
gain (loss)
Fair value at
March 31, 2024
Non-Controlled affiliate company investments:
American Community Homes, Inc.$8,110 $— $— $— $243 $— $— $(268)$8,085 
American Community Homes, Inc.3,990 — — — 120 — — (132)3,978 
American Community Homes, Inc.491 — — — 15 — — (16)490 
American Community Homes, Inc.1,808 — — — 54 — — (60)1,802 
American Community Homes, Inc.3,347 — — — 100 — — (111)3,336 
American Community Homes, Inc.16 — — — — — — — 16 
American Community Homes, Inc.77 — — — — — (2)77 
American Community Homes, Inc. (Revolver)— — — — — — — — — 
American Community Homes, Inc. (4,940 shares of common stock) (1)
— — — — — — — — — 
17,839 — — — 534 — — (589)17,784 
Ascent Midco, LLC (2,032,258 Class A units)1,932 — — — — — — (280)1,652 
1,932 — — — — — — (280)1,652 
Familia Dental Group Holdings, LLC (1,304 Class A units)2,226 — 254 — — — — (117)2,363 
2,226 — 254 — — — — (117)2,363 
HFZ Capital Group, LLC17,233 — — — — — — 267 17,500 
HFZ Capital Group, LLC6,191 — — — — — — 97 6,288 
MC Asset Management (Corporate), LLC10,237 — — — 534 — — — 10,771 
MC Asset Management (Corporate), LLC3,051 — — — 159 — — — 3,210 
MC Asset Management (Corporate), LLC (15.9% of interests)1,045 — — — — — — (203)842 
37,757 — — — 693 — — 161 38,611 
Mnine Holdings, Inc.55 — — — — — — (1)54 
Mnine Holdings, Inc.6,187 — — — 80 — — (148)6,119 
Mnine Holdings, Inc. (Revolver)658 — 37 (703)— — — — 
Mnine Holdings, Inc. (6,400 Class B units)— — — — — — — — — 
6,900 — 37 (703)80 — — (141)6,173 
NECB Collections, LLC (Revolver)424 — — — — — — — 424 
NECB Collections, LLC, LLC (20.8% of LLC units)— — — — — — — — — 
424 — — — — — — — 424 
Second Avenue SFR Holdings II LLC (Revolver) (2)
3,323 — — — — — — — 3,323 
3,323 — — — — — — — 3,323 
SFR Holdco, LLC (Junior secured loan)5,539 — — — — — — (6)5,533 
SFR Holdco, LLC (24.4% of interests)4,372 — — — — — — 74 4,446 
9,911 — — — — — — 68 9,979 
TJ Management HoldCo, LLC (Revolver)— — — — — — — — — 
TJ Management HoldCo, LLC (16 shares of common stock)3,229 — — — — — — 95 3,324 
3,229 — — — — — — 95 3,324 
Total non-controlled affiliate company investments$83,541 $ $291 $(703)$1,307 $ $ $(803)$83,633 
Controlled affiliate company investments:
MRCC Senior Loan Fund I, LLC$33,122 $— $— $— $— $— $— $(132)$32,990 
33,122 — — — — — — (132)32,990 
Total controlled affiliate company investments$33,122 $ $ $ $ $ $ $(132)$32,990 

 Portfolio Company Fair value
at
December
31,
2015
  

 

 

Transfers in
(out)

  Purchases
(cost)
  Sales and
paydowns
(cost)
  PIK
interest
(cost)
  Discount
accretion
  Net
realized
gains
(losses)
  Net
unrealized
gains
(losses)
  

Fair value
at
September
30,

2016

 
Non-controlled affiliate company investments(1) :                                    
American Community Homes, Inc. $11,692  $  $488  $  $153  $44  $  $1,045  $13,422 
Rockdale Blackhawk, LLC  21,903      462   (2,187)     140      3,945   24,263 
Rocket Dog Brands, LLC  1,752      384   (12)  319   7      (1,293)  1,157 
Summit Container Corporation  3,400      137   (141)  48   20      117   3,581 
Total non-controlled affiliate company investments $38,747  $  $1,471  $(2,340) $520  $211  $  $3,814  $42,423 
Controlled affiliate company investments(1) :                                    
TPP Acquisition, Inc. $6,525  $  $4,769  $(1,304) $  $  $  $(3,741) $6,249 
Total controlled affiliate company investments $6,525  $  $4,769  $(1,304) $  $  $  $(3,741) $6,249 

  For the nine months ended September 30, 
  2017  2016 
Portfolio Company Interest
income
  Dividend
income
  Fee
income
  Interest
income
  Dividend
income
  Fee
income
 
Non-controlled affiliate company investments (1) :                        
American Community Homes, Inc. $1,142  $  $  $1,073  $  $ 
Luxury Optical Holdings Co.  142                
Rockdale Blackhawk, LLC  1,518         1,373   3,546    
Rocket Dog Brands, LLC  126         351       
SHI Holdings, Inc.  367                
Summit Container Corporation  482         485       
Total non-controlled affiliate company investments $3,777  $  $  $3,282  $3,546  $ 
Controlled affiliate company investments(1):                        
TPP Acquisition, Inc. $  $  $  $30  $  $ 
TPP Operating, Inc.  594                
Total controlled affiliate company investments $594  $  $  $30  $  $ 

56


Portfolio CompanyFair value at
December 31, 2022
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, 2023
Non-Controlled affiliate company investments:
American Community Homes, Inc.$8,953 $— $— $— $366 $— $— $(679)$8,640 
American Community Homes, Inc.4,258 — — — 237 — — (339)4,156 
American Community Homes, Inc.543 — — — 22 — — (41)524 
American Community Homes, Inc.1,996 — — — 81 — — (151)1,926 
American Community Homes, Inc.3,694 — — — 152 — — (280)3,566 
American Community Homes, Inc.17 — — — — — (1)17 
American Community Homes, Inc.85 — — — — — (7)82 
American Community Homes, Inc. (Revolver)— — — — — — — — — 
American Community Homes, Inc. (4,940 shares of common stock) (1)
— — — — — — — — — 
19,546 — — — 863 — — (1,498)18,911 
Ascent Midco, LLC6,217 — — (44)— 10 — (52)6,131 
Ascent Midco, LLC (Revolver)— — — — — — — — — 
Ascent Midco, LLC (2,032,258 Class A units)1,969 — — — — — — (74)1,895 
8,186 — — (44)— 10 — (126)8,026 
C Parent Holdings, LLC.146 — — — — — — — 146 
C Parent Holdings, LLC. (58,779 shares of common stock) (3)
— — — — — — — — — 
146 — — — — — — — 146 
Familia Dental Group Holdings, LLC (1,194 Class A units)2,625 — 60 — — — — (256)2,429 
2,625 — 60 — — — — (256)2,429 
HFZ Capital Group, LLC16,159 — — — — — — 264 16,423 
HFZ Capital Group, LLC5,805 — — — — — — 96 5,901 
MC Asset Management (Corporate), LLC8,421 — — — 403 — — — 8,824 
MC Asset Management (Corporate), LLC (Delayed Draw)1,000 — 1,586 — 48 — — — 2,634 
MC Asset Management (Corporate), LLC (15.9% of interest)1,291 — — — — — — 387 1,678 
32,676 — 1,586 — 451 — — 747 35,460 
Mnine Holdings, Inc.5,492 — — — 69 — (7)5,561 
Mnine Holdings, Inc. (Revolver)214 — 293 — — — — 511 
Mnine Holdings, Inc. (6,400 Class B units)— — — — — — — — — 
5,706 — 293 — 73 — (7)6,072 
NECB Collections, LLC (Revolver)382 — — — — — — — 382 
NECB Collections, LLC, LLC (20.8% of LLC units)— — — — — — — — — 
382 — — — — — — — 382 
Second Avenue SFR Holdings II LLC (Revolver) (2)
4,755 — — — — — — (12)4,743 
4,755 — — — — — — (12)4,743 
SFR Holdco, LLC (Junior secured loan)5,850 — — — — — — — 5,850 
SFR Holdco, LLC (24.4% of interests)3,900 — — — — — — — 3,900 
9,750 — — — — — — — 9,750 
TJ Management HoldCo, LLC (Revolver)80 — — — — — — — 80 
TJ Management HoldCo, LLC (16 shares of common stock)2,766 — — — — — — 127 2,893 
2,846 — — — — — — 127 2,973 
Total non-controlled affiliate company investments$86,618 $ $1,939 $(44)$1,387 $17 $ $(1,025)$88,892 
Controlled affiliate company investments:
MRCC Senior Loan Fund I, LLC$35,509 $— $— $— $— $— $— $254 $35,763 
35,509 — — — — — — 254 35,763 
Total controlled affiliate company investments$35,509 $ $ $ $ $ $ $254 $35,763 
57

(1)Includes both loan and equity security investment transactions for these portfolio companies.
(2)The Company provided a follow-on investment to Luxury Optical Holdings Co. (“LOH”) as a part of a restructuring during the three months ended September 30, 2017. As part of the restructuring, the Company also received 9.6% of the equity of LOH. For the purpose of this schedule, transfers in represents the fair value at June 30, 2017.
(3)The Company provided a follow-on investment to Rockdale Blackhawk, LLC (“Rockdale”) during the three months ended September 30, 2017. In conjunction with the follow-on investment, the Company also received an additional 6.4% of the equity of Rockdale, increasing total equity ownership to 18.0%.
(4)On September 2, 2016, TPP Acquisition, Inc. filed for bankruptcy as part of a restructuring process. The existing lenders, including the Company, submitted a credit bid to purchase certain assets of TPP Acquisition, Inc., which was approved by the bankruptcy court. The sale closed on November 8, 2016. A new operating company, TPP Operating, Inc., was formed to acquire certain of the assets of TPP Acquisition, Inc. and continue business operations. These new operations are no longer encumbered by significant lease liabilities. The Company owns 40% of the equity interests in both the former operating company, TPP Acquisition, Inc. (which is in wind-down) and the new operating company, TPP Operating, Inc. During the bankruptcy period, the Company and the other existing lenders provided additional financing through a debtor-in-possession financing (“DIP”) facility. Upon the purchase of TPP Acquisition, Inc.’s assets, TPP Operating, Inc. entered into a new credit facility with the existing lenders, including the Company. The principal amount of the new facility with TPP Operating, Inc. represented the amount owed to the lenders under the pre-petition facilities plus the amount funded under the DIP facility, less the amount of the credit bid. The cost basis of the Company’s equity investment in TPP Operating, Inc. represents the credit bid and equates to the reduction of principal outstanding on the debt facilities when the new facility was issued to TPP Operating, Inc. As of September 30, 2017, the Company valued its positions in TPP Operating, Inc. utilizing an enterprise value waterfall model. The key inputs to the model were an estimated 2017 revenue forecast and revenue multiple developed using comparable public and private company data.

(1)On December 29, 2022, the Company exercised the American Community Homes, Inc. (“ACH”) warrants held by the Company. The Company acquired 4,940 shares of ACH’s common stock, or 22.3% of the equity, in exchange for a nominal exercise price in accordance with the terms of the warrant.
(2)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.
(3)During the year ended December 31, 2022, C Parent Holdings, LLC (fka Curion Holdings, LLC) (“Curion”) sold the underlying operating company and repaid the Company’s debt investment. The remaining fair value at December 31, 2022, represented the remaining expected escrow proceeds associated with the sale. During 2023, all expected proceeds associated with the sale were received. The Company no longer holds an equity investment in Curion.
58

For the three months ended March 31,
20242023
Portfolio CompanyInterest
Income
Dividend
Income
Fee IncomeInterest
Income
Dividend
Income
Fee Income
Non-controlled affiliate company investments:
American Community Homes, Inc.$240 $— $— $359 $— $— 
American Community Homes, Inc.118 — — 233 — — 
American Community Homes, Inc.15 — — 22 — — 
American Community Homes, Inc.54 — — 80 — — 
American Community Homes, Inc.99 — — 148 — — 
American Community Homes, Inc.— — — — 
American Community Homes, Inc.— — — — 
American Community Homes, Inc. (Revolver)— — — — — — 
American Community Homes, Inc. (Common stock)— — — — — — 
529 — — 846 — — 
Ascent Midco, LLC— — — 169 — — 
Ascent Midco, LLC (Revolver)— — — — — 
Ascent Midco, LLC (Class A units)— 53 — — 49 — 
— 53 — 170 49 — 
Familia Dental Group Holdings, LLC (Class A units)— — — — — — 
— — — — — — 
HFZ Capital Group, LLC588 — — 564 — — 
HFZ Capital Group, LLC212 — — 203 — — 
MC Asset Management (Corporate), LLC553 — — 435 — — 
MC Asset Management (Corporate), LLC (Delayed Draw)165 — — 126 — — 
MC Asset Management (Corporate), LLC (LLC interest)— — — — — — 
1,518 — — 1,328 — — 
Mnine Holdings, Inc.— — — 190 — — 
Mnine Holdings, Inc.— — 11 — — 
Mnine Holdings, Inc. (Revolver)— — — — — 
Mnine Holdings, Inc. (Class B units)216 — — — — — 
226 — — 201 — — 
NECB Collections, LLC (Revolver)— — — — — — 
NECB Collections, LLC (LLC units)— — — — — — 
— — — — — — 
Second Avenue SFR Holdings II LLC (Revolver)104 — — 138 — — 
104 — — 138 — — 
SFR Holdco, LLC (Junior secured loan)117 — — 117 — — 
SFR Holdco, LLC (LLC interest)— — — — — — 
117 — — 117 — — 
TJ Management HoldCo, LLC (Revolver)— — — — 
TJ Management HoldCo, LLC (Common stock)— — — — — — 
— — — — 
Total non-controlled affiliate company investments$2,495 $53 $ $2,804 $49 $ 
Controlled affiliate company investments:
MRCC Senior Loan Fund I, LLC$— $900 $— $— $900 $— 
— 900 — — 900 — 
Total controlled affiliate company investments$ $900 $ $ $900 $ 
59

Note 6. Transactions with Related Parties

The Company has entered into an Investmentinvestment advisory and management agreement with MC Advisors (the “Investment Advisory and Management Agreement with MC Advisors,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 and Management Agreement consisting of two components—components — a base management fee and an incentive fee. The cost of both the base management fee and the incentive fee are borne by the Company’s stockholders, unless such fees are waived by MC Advisors.
The base management fee is calculated initially at an annual rate equal to 1.75% of average invested assets (calculated as total assets excluding cash, which includes assets financed using leverage); provided, however, the base management fee is calculated at an annual rate equal to 1.75%1.00% of the Company’s average invested assets (calculated as total assets excluding cash)cash, which includes assets financed using leverage) that exceeds the product of (i) 200% and (ii) the Company’s average net assets. For the avoidance of doubt, the 200% is calculated in accordance with the asset coverage limitation as defined in the 1940 Act. This has the effect of reducing the Company’s base management fee rate on assets in excess of regulatory leverage of 1:1 debt to equity to 1.00% per annum. The base management fee is payable quarterly in arrears.
Base management fees for the three and nine months ended September 30, 2017March 31, 2024 and 2023 were $1,953$2,048 and $5,661,$2,200, respectively. Base management fees for the three and nine months ended September 30, 2016 were $1,594 and $4,598, respectively.

30

The incentive fee consists of two parts. The first part is calculated and payable quarterly in arrears and equals 20% of “pre-incentive fee net investment income” for the immediately preceding quarter, subject to a 2% (8% annualized) preferred return, or “hurdle,” and a “catch up” feature. The foregoing incentive fee is subject to a total return requirement, which provides that no incentive fee in respect of pre-incentive fee net investment income will be payable except to the extent that 20% of the cumulative net increase in net assets resulting from operations over the then current and 11 preceding calendar quarters exceeds the cumulative incentive fees accrued and/or paid for the 11 preceding calendar quarters.quarters (the “Incentive Fee Limitation”). Therefore, any ordinary income incentive fee that is payable in a calendar quarter will be limited to the lesser of (1) 20% of the amount by which pre-incentive fee net investment income for such calendar quarter exceeds the 2% hurdle, subject to the “catch-up” provision, and (2) (x) 20% of the cumulative net increase in net assets resulting from operations for the then current and 11 preceding calendar quarters minus (y) the cumulative incentive fees accrued and/or paid for the 11 preceding calendar quarters. For the foregoing purpose, the “cumulative net increase in net assets resulting from operations” is the sum of pre-incentive fee net investment income, realized gains and losses and unrealized gains and losses for the then current and 11 preceding calendar quarters. The second part of the incentive fee is determined and payable in arrears as of the end of each fiscal year in an amount equal to 20% of realized capital gains, if any, on a cumulative basis from inception through the end of the year, computed net of all realized capital losses on a cumulative basis and unrealized depreciation, less the aggregate amount of any previously paid capital gain incentive fees.

Incentive fees, excluding the impact

The composition of the incentive fee waiver, for the three and nine months ended September 30, 2017 were $1,721 and $4,471, respectively. Incentive fees for the three months ended September 30, 2017 consisted solely of part oneCompany’s incentive fees (basedwas as follows:
Three months ended March 31,
20242023
Part one incentive fees (1)
$1,368 $1,657 
Part two incentive fees (2)
— — 
Total incentive fees$1,368 $1,657 

(1)Based on pre-incentive fee net investment income) of $1,721. Incentive fees for the nine months ended September 30, 2017, consisted of part one incentive fees of $4,646 and part two incentive fees (basedincome.
(2)Based upon net realized and unrealized gains and losses, or capital gains) of ($175). Part two incentive fees reduced total incentive fees for the nine months ended September 30, 2017, primarily as a result of net unrealized losses during the period. Incentive fees for the threegains and nine months ended September 30, 2016 were $1,223 and $4,282, respectively. Incentive fees for the three months ended September 30, 2016, consisted of part one incentive fees of $1,361 and part two incentive fees of ($138). Part two incentive fees reduced the total incentive fees for the three months ended September 30, 2016, primarily as a result of net unrealized losses during the period. Incentive fees for the nine months ended September 30, 2016, consisted solely of part one incentive fees of $4,282. For the three and nine months ended September 30, 2017, MC Advisors waived part one incentive fees of zero and $250, respectively. For the three and nine months ended September 30, 2016 no incentive fees were waived.losses. The Company accrues, but does not pay, a capital gains incentive fee in connection with any unrealized capital appreciation, as appropriate. If, on a cumulative basis, the sum of net realized gain (loss) plus net unrealized gain (loss) decreases during a period, the Company will reverse any excess capital gains incentive fee previously accrued such that the amount of capital gains incentive fee accrued is no more than 20% of the sum of net realized gain (loss) plus net unrealized gain (loss).

60

The Company has entered into an Administration Agreementadministration agreement with Monroe CapitalMC Management Advisors, LLC (“MC Management”(the “Administration Agreement”), under which the Company reimburses MC Management, (subjectsubject to the review and approval of the Board)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 nine months ended September 30, 2017,March 31, 2024 and 2023, the Company incurred $864$695 and $2,540,$538, 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 $295$209 and $926, respectively, was related to MC Management overhead and salary allocation and paid directly to MC Management. For the three and nine months ended September 30, 2016, the Company incurred $826 and $2,249, 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 $324 and $956,$255, respectively, was related to MC Management overhead and salary allocation and paid directly to MC Management. As of September 30, 2017March 31, 2024 and December 31, 2016, $2952023, $240 and $330,$255, respectively, of expenses were due to MC Management under this agreement and are included in accounts payable and accrued expenses on the consolidated statements of assets and liabilities.

The Company has entered into a license agreement with Monroe Capital LLC under which Monroe Capital LLC has agreed to grant the Company a non-exclusive, royalty-free license to use the name “Monroe Capital” for specified purposes in its business. Under this agreement, the Company will have ahas the right to use the “Monroe Capital” name at no cost, subject to certain conditions, for so long as the AdvisorMC Advisors or one of its affiliates remains its investment advisor.adviser. Other than with respect to this limited license, the Company has no legal right to the “Monroe Capital” name.

name or logo.

As of September 30, 2017March 31, 2024 and December 31, 2016,2023, the Company had accounts payable to members of the Board of $37$76 and zero, respectively, representing accrued and unpaid fees for their services.

31

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, 2024 and December 31, 2023, the Company’s asset coverage ratio based on aggregate borrowings outstanding was 163% and 167%, respectively.
Revolving Credit Facility: As of September 30, 2017, theFacility: The Company had U.S. dollar borrowings of $58,200 and non-U.S. dollar borrowings denominated in Great Britain pounds of £1,800 ($2,412 in U.S. dollars) under itshas a $255,000 revolving credit facility with ING Capital LLC, as agent, to finance the purchase of the Company’s assets. The borrowings denominated in Great Britain pounds are translated into U.S. dollars based on the spot rate at each balance sheet date. The impact resulting from changes in foreign currency borrowings is included in change in unrealized gain (loss) on foreign currency borrowings in the Company’s consolidated statements of operations. The borrowings denominated in Great Britain pounds may be positively or negatively affected by movements in the rate of exchange between the U.S. dollar and the Great Britain pound. These movements are beyond the control of the Company and cannot be predicted. As of December 31, 2016, the Company had U.S. dollar borrowings of $129,000 outstanding under the revolving credit facility. As of September 30, 2017, the maximum amount the Company was able to borrow was $200,000 and this borrowing can be increased to $300,000 pursuant to an accordion feature (subject to maintaining 200% asset coverage, as defined by the 1940 Act). On February 22, 2017, the Company closed a $40,000 upsize to the revolving credit facility, bringing the maximum amount the Company is able to borrow from $160,000 to the now current maximum amount of $200,000, in accordance with the facility’s accordion feature. The maturity date on the facility is December 14, 2020.

agent. The revolving credit facility is secured by a lien on allhas an accordion feature which permits the Company, under certain circumstances to increase the size of the Company’s assets, including cash on hand, but excluding the assets of the Company’s wholly-owned subsidiary, MRCC SBIC. The Company’s abilityfacility up to borrow under the revolving credit facility is subject to availability under a defined borrowing base, which varies based on portfolio characteristics and certain eligibility criteria and concentration limits, as well as required valuation methodologies.$400,000. The Company may make draws under the revolving credit facility to make or purchase additional investments through December 201927, 2026 and for general working capital purposes until December 27, 2027, the maturity date of the revolving credit facility. Borrowings under the revolving credit facility bear interest, at the Company’s election, at an annual rate of LIBOR (one-month, two-month, three-month or six-month at our discretion based on the term of the borrowing) plus 2.75% or at a daily rate equal to 2.00% per annum plus the greater of the prime interest rate, the federal funds rate plus 0.5% or LIBOR plus 1.0%. The LIBOR rate on the revolving credit facility was reduced to LIBOR plus 2.75% from LIBOR plus 3.00% in conjunction with the Company’s capital raise on June 9, 2017, as net worth (excluding investments in MRCC SBIC) exceeded $225,000. In addition to the stated interest rate on borrowings under the revolving credit facility, the Company is required to pay a fee of 0.5% per annum on any unused portion of the revolving credit facility if the unused portion of the facility is less than 65% of the then available maximum borrowing or a fee of 1.0% per annum on any unused portion of the revolving credit facility if the unused portion of the facility is greater than or equal to 65% of the then available maximum borrowing. As of September 30, 2017 and December 31, 2016, the outstanding borrowings were accruing at a weighted average interest rate of 4.0% and 3.8%, respectively. The weighted average interest rate of the revolving credit facility borrowings (excluding debt issuance costs) for the three and nine months ended September 30, 2017 was 4.1% and 4.1%, respectively. The weighted average fee rate on the unused portion of the revolving credit facility for the three and nine months ended September 30, 2017 was 0.5% and 0.5%, respectively. The weighted average interest rate of the revolving credit facility borrowings (excluding debt issuance costs) for the three and nine months ended September 30, 2016 was 3.7% and 3.6%, respectively. The weighted average fee rate on the unused portion of the revolving credit facility for the three and nine months ended September 30, 2016 was 0.5% and 0.5%, respectively.

The Company’s ability to borrow under the revolving credit facility is subject to availability under the borrowing base, which permits the Company to borrow up to 70%72.5% of the fair market value of its portfolio company investments depending on the type of the investment the Company holds and whether the investment is quoted. The Company’s ability to borrow is also subject to certain concentration limits, and continued compliance with the representations, warranties and covenants given by the Company under the facility. The revolving credit facility contains certain financial and restrictive covenants, including, but not limited to, the Company’s maintenance of: (1) a minimum consolidated total net assets at least equal to the greater of (a) 40% of the consolidated total assets on the last day of each quarter or (b) $120,000$150,000 plus 65% of the net proceeds to the Company from sales of its equity securities after December 14, 2015;March 1, 2019; (2) a ratio of total assets (less total liabilities other than indebtedness) to total indebtedness of not less than 2.1 times;1.5 to 1; and (3) a senior debt coverage ratio of earnings before interest and taxes to interest expense of at least 2.5 times.2 to 1. The revolving credit facility also requires the Company to undertake customary indemnification obligations with respect to ING Capital LLC and other members of the lending group and to reimburse the lenders for expenses associated with entering into the credit facility. The revolving credit facility also has customary provisions regarding events of default, including events of default for nonpayment, change in control transactions at both Monroe Capital Corporation and MC Advisors, failure to comply with financial and negative covenants, and failure to maintain ourthe Company’s relationship with MC Advisors. If the Company incurs an event of default under the revolving credit facility and fails to remedy such default under any applicable grace period, if any, then the entire revolving credit facility could become immediately due and payable, which would materially and adversely affect the Company’s liquidity, financial condition, results of operations and cash flows.

The Company’s revolving credit facility also imposes certain conditions that may limit the amount of the Company’s distributions to stockholders. Distributions payable in the Company’s common stock under the DRIP are not limited by the revolving credit facility. Distributions in cash or property other than common stock are generally limited to 115% of the amount of distributions required to maintain the Company’s status as a RIC.

SBA Debentures: On February 28, 2014,

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As of March 31, 2024 and December 31, 2023, the Company’s wholly-owned subsidiary, MRCC SBIC receivedCompany had U.S. dollar borrowings of $191,700 and $174,100, respectively, and no borrowings denominated in a license fromforeign currency as of either date. Any borrowings denominated in a foreign currency may be positively or negatively affected by movements in the SBA to operate as a SBIC under Section 301(c)rate of exchange between the U.S. dollar and the respective foreign currency. These movements are beyond the control of the Small Business Investment Act of 1958, as amended. MRCC SBIC commenced operationsCompany and cannot be predicted. Borrowings denominated in a foreign currency are translated into U.S. dollars based on September 16, 2013.

the spot rate at each balance sheet date. The SBIC license allows MRCC SBIC to obtain leverage by issuing SBA-guaranteed debentures, subject to the issuance of a leverage commitment by the SBAimpact resulting from changes in foreign currency borrowings is included in net change in unrealized gain (loss) on foreign currency and other customary procedures. SBA-guaranteed debentures are non-recourse, interest only debentures with interest payable semi-annually and have a ten year maturity. The principal amount of SBA-guaranteed debentures is not required to be paid prior to maturity but may be prepaid at any time without penalty. The interest rate of SBA-guaranteed debentures is fixed on a semi-annual basis (pooling date) at a market-driven spread over U.S. Treasury Notes with 10-year maturities. The SBA, as a creditor, has a superior claim to MRCC SBIC’s assets over the Company’s stockholders in the event the Company liquidates MRCC SBIC or the SBA exercises its remedies upon an event of default.

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SBA regulations currently limit the amount that an individual SBIC may borrow to a maximum of $150,000 when it has at least $75,000 in regulatory capital, receives a leverage commitment from the SBA and has been through an audit examination by the SBA subsequent to licensing. The SBA also historically limited a related group of SBICs (commonly referred to as a “family of funds”) to a maximum of $225,000 in total borrowings. On December 18, 2015, this family of funds limitation was raised to $350,000 in total borrowings. As the Company has other affiliated SBICs already in operation, MRCC SBIC was historically limited to a maximum of $40,000 in borrowings. Pursuant to the increase in the family of funds limitation, the Company submitted a commitment application to the SBA and on April 13, 2016, MRCC SBIC was approved by the SBA for an additional $75,000 in SBA-guaranteed debentures, for a total of $115,000 in available debentures.

As of September 30, 2017, MRCC SBIC had $57,624 in leverageable capital and $92,100 in SBA-guaranteed debentures outstanding. As of December 31, 2016, MRCC SBIC had $41,000 in leverageable capital and $51,500 in SBA-guaranteed debentures outstanding. As of September 30, 2017, the Company has made all required leverageable capital contributions to MRCC SBIC in order to access the remaining $22,900 in available SBA-guaranteed debentures.

As of September 30, 2017, MRCC SBIC had the following SBA-guaranteed debentures outstanding (dollars in thousands):

Maturity Date Interest Rate  Amount 
September 2024  3.4% $12,920 
March 2025  3.3%  14,800 
March 2025  2.9%  7,080 
September 2025  3.6%  5,200 
March 2027  3.5%  20,000 
September 2027  3.2%  32,100 
Total     $92,100 

As of December 31, 2016, MRCC SBIC had the following SBA-guaranteed debentures outstanding (dollars in thousands):

Maturity Date Interest Rate  Amount 
September 2024  3.4% $12,920 
March 2025  3.3%  14,800 
March 2025  2.9%  7,080 
September 2025  3.6%  5,200 
March 2027  2.1%(1)  9,200 
March 2027  2.0%(1)  2,300 
Total     $51,500 

(1)Represents an interim rate of interest as the SBA-guaranteed debentures had not yet pooled.

On October 2, 2014, the Company was granted exemptive relief from the SEC for permission to exclude the debt of MRCC SBIC guaranteed by the SBA from the 200% asset coverage test under the 1940 Act. The receipt of this exemption for this SBA-guaranteed debt increases flexibility under the 200% asset coverage test.

Secured Borrowings: Certain partial loan sales do not qualify for sale accounting under ASC Topic 860 because these sales do not meet the definition of a “participating interest,” as defined in the guidance, in order for sale treatment to be allowed. Participations or other partial loan sales which do not meet the definition of a participating interest remain as an investmenttransactions on the accompanyingCompany’s consolidated statements of assets and liabilities andoperations.

Borrowings under the portion sold is recorded as a secured borrowing inrevolving credit facility bear interest, at the liabilities sectionCompany’s election, at an annual rate of SOFR (one-month, or three-month at the Company’s discretion based on the term of the consolidated statementsborrowing) plus 2.625% or at a daily rate equal to 1.625% per annum plus the greater of assets1.5%, the prime interest rate, the federal funds rate plus 0.5% or SOFR plus 1.0%, with a SOFR floor of 0.5%. In addition to the stated interest rate on borrowings under the revolving credit facility, the Company is required to pay a commitment fee and liabilities. For these partial loan sales,certain conditional fees based on usage of the interest earnedexpanded borrowing base and usage of the asset coverage ratio flexibility. A commitment fee of 0.5% per annum on any unused portion of the entire loan balancerevolving credit facility if the utilized portion of the facility is recorded within “interest income” andgreater than 35% of the interest earned bythen available maximum borrowing or a commitment fee of 1.0% per annum on any unused portion of the buyer inrevolving credit facility if the partial loan saleutilized portion of the facility is recorded within “interest and other debt financing expenses” inless than or equal to 35% of the accompanying consolidated statements of operations.

then available maximum borrowing. As of September 30, 2017, there were no secured borrowings. As ofboth March 31, 2024 and December 31, 2016, secured borrowings at fair value totaled $1,314 and2023, the fair value of the loans that are associated with these secured borrowings was $5,814. These securedoutstanding borrowings were created asaccruing at a result of the Company’s completion of partial loan sales of certain unitranche loan assets during the year ended December 31, 2013 that did not meet the definition of a “participating interest.” As a result, sale treatment was not allowed and these partial loan sales were treated as secured borrowings. No such partial loan sales occurred during the year ended December 31, 2016 and the nine months ended September 30, 2017. During the three and nine months ended September 30, 2017, repayments on secured borrowings totaled zero and $1,254, respectively. During the three and nine months ended September 30, 2016 repayments on secured borrowings totaled $625 and $902, respectively. The weighted average interest rate on the Company’s secured borrowings was approximately zero and 6.3% as of September 30, 20178.1%.

2026 Notes: As of both March 31, 2024 and December 31, 2016, respectively.

2023, the Company had $130,000 in aggregate principal amount of senior unsecured notes outstanding that mature on February 15, 2026. The 2026 Notes bear interest at an annual rate of 4.75% payable semi-annually on February 15 and August 15. The Company may redeem the 2026 Notes in whole or in part at any time or from time to time at the Company’s option at par plus a “make-whole” premium, if applicable. The 2026 Notes are general, unsecured obligations and rank equal in right of payment with all of the Company’s existing and future unsecured indebtedness.

Components of interest expense:Interest Expense: The components of the Company’s interest expense and other debt financing expenses, areaverage debt outstanding balances and average stated interest rates (i.e. the rate in effect plus spread) were as follows:

  Three months ended September 30, 
  2017  2016 
Interest expense – revolving credit facility $944  $935 
Interest expense – SBA debentures  683   329 
Amortization of deferred financing costs  274   222 
Interest expense – secured borrowings     27 
Other  6   10 
Total interest and other debt financing expenses $1,907  $1,523 

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Three months ended March 31,
20242023
Interest expense - revolving credit facility$3,625 $3,638 
Interest expense - 2026 Notes1,555 1,555 
Amortization of deferred financing costs327 321 
Total interest and other debt financing expenses$5,507 $5,514 
Average debt outstanding$301,043 $324,082 
Average stated interest rate6.9 %6.5 %

  Nine months ended September 30, 
  2017  2016 
Interest expense – revolving credit facility $3,674  $3,251 
Interest expense – SBA debentures  1,607   981 
Amortization of deferred financing costs  760   603 
Interest expense – secured borrowings  34   99 
Other  26   53 
Total interest and other debt financing expenses $6,101  $4,987 

Note 8. Derivative Instruments
The Company enters into foreign currency forward contracts from time to time to help mitigate the impact that an adverse change in foreign exchange rates would have on future principal and interest cash flows from the Company’s investments denominated in foreign currencies. As of both March 31, 2024 and December 31, 2023, the Company held no foreign currency forward contracts. Net unrealized gain or loss on foreign currency forward contracts are included in net change in unrealized gain (loss) on foreign currency forward contracts and net realized gain or loss on forward currency forward contracts are included in net realized gain (loss) on foreign currency forward contracts on the accompanying consolidated statements of operations.
For the three months ended March 31, 2024 and 2023, the Company recognized net change in unrealized gain (loss) on foreign currency forward contracts of zero and $180, respectively. For the three months ended March 31, 2024 and 2023, the Company recognized net realized gain (loss) on foreign currency forward contracts of zero and $37, respectively.
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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 ninethree months ended September 30, 2017March 31, 2024 and 2016:

Date

Declared

 

Record

Date

 

Payment

Date

 Amount
Per Share
  Cash
Distribution
  DRIP
Shares
Issued
  DRIP
Shares
Value
  DRIP Shares
Repurchased
in the Open
Market
  Cost of
DRIP Shares
Repurchased
 
Nine months ended September 30, 2017:                        
March 7, 2017 March 17, 2017 March 31, 2017 $0.35  $5,549   16,217  $254     $ 
May 31, 2017 June 15, 2017 June 30, 2017  0.35   6,807   17,932   271       
August 31, 2017 September 15, 2017 September 29, 2017  0.35   7,084         6,508   93 
Total distributions declared  $1.05  $19,440   34,149  $525   6,508  $93 
                             
Nine months ended September 30, 2016:                        
March 4, 2016 March 15, 2016 March 31, 2016 $0.35  $4,553     $   20,144  $277 
June 1, 2016 June 15, 2016 June 30, 2016  0.35   4,553         18,518   275 
August 30, 2016 September 15, 2016 September 30, 2016  0.35   5,730   4,493   70       
Total distributions declared $1.05  $14,836   4,493  $70   38,662  $552 

2023:

Date
Declared
Record
Date
Payment
Date
Amount
Per
Share
Cash
Distribution
DRIP
Shares
Issued
DRIP
Shares
Value
DRIP Shares
Repurchased
in the Open
Market
Cost of
DRIP Shares
Repurchased
Three months ended March 31, 2024:
March 5, 2024March 15, 2024March 29, 2024$0.25$5,417$18,219$134
Total distributions declared$0.25$5,417$18,219$134
Three months ended March 31, 2023:
March 1, 2023March 15, 2023March 31, 2023$0.25$5,417$10,380$81
Total distributions declared$0.25$5,417$10,380$81
Note 9.10. Stock Activity

Issuances and Repurchases

Stock Issuances: On July 1, 2016, the Company amended the ATM securities offering program with MLV & Co, LLC (“MLV”) and JMP Securities LLC to replace MLV with FBR Capital Markets & Co. (“FBR”), an affiliate of MLV (the “Prior ATM Program”). On May 12, 2017, the Company entered into newat-the-market (“ATM”) equity distribution agreements with each of JMP Securities LLC (“JMP”) and FBR and JMP that reference the Company’s current registration statementCapital Markets & Co. (“FBR”) (the “ATM Program”). through which the Company could sell, by means of ATM offerings, from time to time, up to $50,000 of the Company’s common stock. On May 8, 2020, the Company entered into an amendment to the ATM Program to extend its term. All other material terms of the Prior ATM Program remain unchanged under the ATM Program. During the nine months ended September 30, 2017, the Company sold 173,939 shares at an average price of $15.71 per share for gross proceeds of $2,732 under the Prior ATM Program and no shares were sold under the ATM Program. Aggregate underwriters’ discounts and commissions were $41 and offering costs were $23, resulting in net proceeds of approximately $2,668.unchanged. There were no stock issuances underthrough the Prior ATM Program during the ninethree months ended September 30, 2016.

On June 9, 2017, the Company closed a public offering of 3,000,000 shares of its common stock at a public offering price of $15.00 per share, raising approximately $45,000 in gross proceeds. On June 14, 2017, pursuant to the underwriters’ exercise of the over-allotment option, the Company sold an additional 450,000 shares of its common stock, at a public offering price of $15.00 per share,March 31, 2024 and additional $6,750 in gross proceeds for a total of $51,750. Aggregate underwriters’ discounts and commissions were $2,070 and offering costs were $127, resulting in net proceeds of approximately $49,553.

On July 25, 2016, the Company closed a public offering of 3,100,000 shares of common stock at a public offering price of $15.50 per share, raising approximately $48,050 in gross proceeds. On August 3, 2016, the Company sold an additional 465,000 shares of common stock at a public offering price of $15.50 per share, raising approximately $7,208 in gross proceeds pursuant to the underwriters’ exercise of the over-allotment option. Aggregate underwriters’ discounts and commissions were $2,210 and offering costs were $528, resulting in net proceeds of $52,520.

2023.

Note 10.11. Commitments and Contingencies

Commitments: As of September 30, 2017March 31, 2024 and December 31, 2016,2023, the Company had $33,110$37,348 and $37,716,$37,182, respectively, in outstanding commitments to fund investments under undrawn revolvers, capital expenditure loans and delayed draw commitments.

Indemnifications:commitments and subscription agreements, excluding unfunded commitments in SLF. As described in Note 3, the Company had unfunded commitments of $7,350, to SLF as of both March 31, 2024 and December 31, 2023, that may be contributed primarily for the purpose of funding new investments approved by the SLF investment committee. Drawdowns of the commitments to SLF require authorization from one of the Company’s representatives on SLF’s board of managers. Management believes that the Company’s available cash balances and/or ability to draw on the revolving credit facility provide sufficient funds to cover its unfunded commitments as of March 31, 2024.

Indemnification: In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties that provide general indemnifications.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 indemnificationsindemnification provisions to be remote.

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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.

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Note 11.12. Financial Highlights

The following is a schedule of financial highlights for the ninethree months ended September 30, 2017March 31, 2024 and 2016:

  September 30, 2017  September 30, 2016 
Per share data:        
Net asset value at beginning of period $14.52  $14.19 
Net investment income(1)  1.05   1.24 
Net gain (loss) on investments, secured borrowings and foreign currency borrowings(1)  (0.50)  (0.03)
Net increase in net assets from operations(1)  0.55   1.21 
Stockholder distributions(2)  (1.05)  (1.05)
Other(3)  (0.01)  0.07 
Net asset value at end of period $14.01  $14.42 
         
Net assets at end of period $283,542  $239,087 
Shares outstanding at end of period  20,239,957   16,577,500 
Per share market value at end of period $14.31  $15.73 
Total return based on market value(4)  (0.29)%  28.98%
Total return based on average net asset value(5)  3.78%  8.41%
Ratio/Supplemental data:        
Ratio of net investment income to average net assets(6)  10.24%  12.15%
Ratio of total expenses to average net assets(6) (7)  9.01%  10.40%
Average debt outstanding $177,739  $153,163 
Average debt outstanding per share $9.83  $11.05 
Portfolio turnover(8)  33.83%  17.79%

2023:
March 31, 2024March 31, 2023
Per share data:
Net asset value at beginning of period$9.40 $10.39 
Net investment income (1)
0.25 0.31 
Net gain (loss) (1)
(0.10)(0.16)
Net increase (decrease) in net assets resulting from operations (1)
0.15 0.15 
Stockholder distributions - income (2)
(0.25)(0.25)
Net asset value at end of period$9.30 $10.29 
Net assets at end of period$201,502 $222,961 
Shares outstanding at end of period21,666,340 21,666,340 
Per share market value at end of period$7.20 $7.65 
Total return based on market value (3)
5.30 %(7.55)%
Total return based on average net asset value (4)
1.58 %1.50 %
Ratio/Supplemental data:  
Ratio of net investment income to average net assets (5)
12.90 %14.26 %
Ratio of total expenses to average net assets (5) (6)
17.24 %16.17 %
Portfolio turnover (7)
2.44 %4.15 %

(1)Calculated using the weighted average shares outstanding during the period.

(2)
(1)The per share data was derived by using the weighted average shares outstanding during the periods presented.
(2)Management monitors available taxable earnings, including net investment income and realized capital gains, to determine if a tax return of capital may occur for the year. To the extent the Company’s taxable earnings fall below the total amount of the Company’s distributions for that fiscal year, a portion of those distributions may be deemed a tax return of capital to the Company’s stockholders. The tax character of distributions will be determined at the end of the fiscal year. However, if the character of such distributions were determined as of September 30, 2017 and 2016, 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 market value is calculated assuming a purchase of common shares at the market value on the first day and a sale at the market value on the last day of the periods reported. Distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Company’s DRIP. Total return based on market value does not reflect brokerage commissions. Return calculations are not annualized.

(5)Total return based on average net asset value is calculated by dividing the net increase in net assets from operations by the average net asset value. Return calculations are not annualized.

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(6)Ratios are annualized. Incentive fees included within the ratio are not annualized.

(7)The following is a schedule of supplemental ratios for the nine months ended September 30, 2017 and 2016. These ratios have been annualized unless otherwise noted.

  September 30,
2017
  September 30,
2016
 
Ratio of interest and other debt financing expenses to average net assets  3.11%  3.33%
Ratio of total expenses (without incentive fees) to average net assets  7.40%  8.26%
Ratio of incentive fees, net of incentive fee waiver, to average net assets (not annualized)(9)  1.61%  2.14%

(8)Ratios are not annualized.

(9)The ratio of waived incentive fees to average net assets was 0.10% and zero for nine months ended September 30, 2017 and 2016, respectively.

Note 12. Subsequent Events

On November 1, 2017, the Company announced the formation of a joint venture with NLV Financial Corporation (“NLV”), the parent of National Life Insurance Company, to create MRCC Senior Loan Fund I, LLC (the “Senior Loan Fund”). The Senior Loan Fund is expected to invest primarily in senior secured loans to middle market companies in the United States. The Company and NLV have each initially committed $50,000 of capital to the joint venture. In addition,Company’s stockholders. The tax character of distributions will be determined at the Senior Loan Fund intendsend of the fiscal year. However, if the character of such distributions were determined as of March 31, 2024 and 2023, none of the distributions would have been characterized as a tax return of capital to obtain third party financing thatthe Company’s stockholders; this tax return of capital may differ from the return of capital calculated with reference to net investment income for financial reporting purposes.

(3)Total return based on market value is expectedcalculated assuming a purchase of common shares at the market value on the first day and a sale at the market value on the last day of the periods reported. Distributions, if any, are assumed for purposes of this calculation to allowbe reinvested at prices obtained under the joint venture to accessCompany’s DRIP. Total return based on market levelsvalue does not reflect brokerage commissions. Return calculations are not annualized.
(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)Ratios are annualized. Incentive fees included within the ratio are not annualized.
(6)The following is a schedule of leverage.supplemental ratios for the three months ended March 31, 2024 and 2023. These ratios have been annualized unless otherwise noted.
March 31, 2024March 31, 2023
Ratio of total investment income to average net assets30.14 %30.43 %
Ratio of interest and other debt financing expenses to average net assets10.93 %9.98 %
Ratio of total expenses to average net assets16.56 %15.43 %
Ratio of incentive fees to average net assets (7)
0.68 %0.74 %

(7)Ratios are not annualized.
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Except as otherwise specified, references to “we,” “us” and “our” refer to Monroe Capital Corporation and its consolidated subsidiaries.subsidiaries; MC Advisors refers to Monroe Capital BDC Advisors, LLC, our investment adviser and a Delaware limited liability company; MC Management refers to Monroe Capital Management Advisors, LLC, our administrator and a Delaware limited liability company; Monroe Capital refers to Monroe Capital LLC, a Delaware limited liability company, and its subsidiaries and affiliates; and SLF refers to MRCC Senior Loan Fund I, LLC, an unconsolidated Delaware limited liability company, in which we co-invest with Life Insurance Company of the Southwest (“LSW”) primarily in senior secured loans. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes appearing in our annual report on Form 10-K (the “Annual Report”) for the year ended December 31, 2016,2023, filed with the U.S. Securities and Exchange Commission (“SEC”) on March 7, 2017.11, 2024. 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 prospective 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 a protracted decline in the liquidity of credit markets on our business;

·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;

·the ability of our prospective portfolio companies to achieve their objectives;

·our expected financings and investments;

·the adequacy of our cash resources and working capital;

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our future operating results;

·the ability of our Monroe Capital BDC Advisors, LLC (“MC Advisors”) to locate suitable investments for us and to monitor our investments; and

·the impact of future legislation and regulation on our business and our portfolio companies.

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 the ongoing military conflict in the Middle East and Europe and general uncertainty surrounding the financial and political stability of the United States, the United Kingdom, the European Union and China;
the impact of a protracted decline in the liquidity of credit markets on our business;
the impact of increased competition;
the impact of higher interest rates and inflation rates and the risk of recession on our business prospects and the prospects of our portfolio companies;
our contractual arrangements and relationships with third parties;
the valuation of our investments in portfolio companies, particularly those having no liquid trading market;
actual and potential conflicts of interest with MC Advisors, MC Management and other affiliates of Monroe Capital;
the ability of our portfolio companies to achieve their objectives;
the use of borrowed money to finance a portion of our investments;
the adequacy of our financing sources and working capital;
the timing of cash flows, if any, from the operations of our portfolio companies;
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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,” “expects”“targets” and similar expressions to identify forward-looking statements. The forward lookingforward-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—ItemI-Item 1A. Risk Factors” in our Annual Report and “Part II—ItemII-Item 1A. Risk FactorsFactors” 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 statementstatements 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 may file with the SEC,Securities and Exchange Commission (the “SEC”), including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and current reportsCurrent Reports on Form 8-K.

Overview

Monroe Capital Corporation is an externally managed, closed-end, non-diversified management investment company that has elected to be treatedregulated 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 subchapter M of the U.S. Internal Revenue Code of 1986, as amended (the “Code”). We were incorporated under the Maryland General Corporation Law on February 9, 2011. currently qualify and intend to continue to qualify annually to be treated as a RIC for U.S. federal income tax purposes.
We are a specialty finance company that is focused on providing financing solutions primarily to lower middle-market companies in the United States and Canada. We provide customized financing solutions focused primarily on senior secured, junior secured and unitranche secured (a combination of senior secured and junior secured debt in the same facility in which we syndicate a “first out” portion of the loan to an investor and retain a “last out” portion of the loan) debt and, to a lesser extent, unsecured subordinated debt and equity, including equity co-investments in preferred and common stock, and warrants.

Our shares are currently listed on the NASDAQ Global Select Market under the symbol “MRCC”.

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Our investment objective is to maximize the total return to our stockholders in the form of current income and capital appreciation through investment in senior secured, unitranche secured and junior secured debt and, to a lesser extent, unsecured subordinated debt and equity investments. We seek to use our extensive leveraged finance origination infrastructure and broad expertise in sourcing loans to invest in primarily senior secured, unitranche secured and junior secured debt of middle-market companies. Our investments in senior, unitranche, junior secured debt and other investmentswill generally will range between $2.0 million and $18.0$25.0 million each, although this investment size may vary proportionately with the size of our capital base. As of September 30, 2017,March 31, 2024, our portfolio included approximately 76.1%80.7% senior secured debt, 10.4%loans, 1.2% unitranche debt, 8.9%secured loans, 5.5% junior secured debtloans and 4.6%12.6% equity securities, compared to December 31, 2016,2023, when our portfolio included approximately 66.7%79.6% senior secured debt, 12.5%loans, 2.8% unitranche debt, 14.4%secured loans, 5.5% junior secured debtloans and 6.4%12.1% 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.

While our primary focus is to maximize current income and capital appreciation through debt investments in thinly traded or private U.S. companies, we may invest a portion of the portfolio in opportunistic investments in order to seek to enhance returns to stockholders. Such investments may include investments in real estate, specialty finance, litigation finance, fund finance, high-yield bonds, distressed debt, private equity or securities of public companies that are not thinly traded and securities of middle-market companies located outside of the United States. We expect that these public companies generally will have debt securities that are non-investment grade.

On February 28, 2014, our wholly-owned subsidiary, Monroe Capital Corporation SBIC, LP (“MRCC SBIC”), a Delaware limited partnership, received a license from the Small Business Administration (“SBA”) to operate as a Small Business Investment Company (“SBIC”) under Section 301(c) of the Small Business Investment Act of 1958. MRCC SBIC commenced operations on September 16, 2013. As of September 30, 2017, MRCC SBIC had $57.6 million in leverageable capital and $92.1 million in SBA-guaranteed debentures outstanding. See “SBA Debentures” below for more information.

On June 9, 2017, we closed a public offering of 3,000,000 shares of our common stock at a public offering price of $15.00 per share, raising approximately $45.0 million in gross proceeds. On June 14, 2017, pursuant to the underwriters’ exercise of the over-allotment option, we sold an additional 450,000 shares of our common stock, at a public offering price of $15.00 per share, and additional $6.8 million in gross proceeds for a total of $51.8 million. Aggregate underwriters’ discounts and commissions were $2.1 and offering costs were $0.1 million, resulting in net proceeds of approximately $49.6 million.

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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 juniorsecured, unitranche secured or unitranchejunior 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 investmentinvestments 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. In addition, we also generate dividendInterest 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 interests in accordance with our revenue recognition policies.

and LP investments may fluctuate significantly from period to period.

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Expenses

Our primary operating expenses include the payment of base management and incentive fees to MC Advisors, under the Investmentinvestment advisory and management agreement (the “Investment Advisory and Management Agreement (management and incentive fees)Agreement”), and the payment of fees to Monroe CapitalMC Management Advisors, LLC (“MC Management”) for our allocable portion of overhead and other expenses under the Administration Agreementadministration agreement (the “Administration Agreement”) and other operating costs. See Note 6 to our consolidated financial statements and “Related Party Transactions” below for additional information on our Investment Advisory and Management Agreement and Administration agreement.Agreement. Our expenses also include interest expense on our revolving credit facility, our SBA-guaranteed debentures and our secured borrowings.indebtedness. We bear all other out-of-pocket costs and expenses of our operations and transactions.

Net gain (loss) on investments, secured borrowings and foreign currency borrowings

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 of the investment without regard to unrealized gains or losses previously recognized.recognized within net realized gain (loss) on the consolidated statements of operations. We record current period changes in fair value of investments, secured borrowings, and foreign currency borrowingsforward contracts, foreign currency and other transactions within net change in unrealized gain (loss) on investments, secured borrowings, and foreign currency borrowings in the consolidated statements of operations.

Portfolio and Investment Activity

During the three months ended September 30, 2017,March 31, 2024, we invested $29.7$10.2 million in sixthree new portfolio companies and $24.5$14.0 million in 2029 existing portfolio companies and had $69.0$12.1 million in aggregate amount of sales and principal repayments, resulting in net repaymentsincrease in investments of $14.8$12.1 million for the period.

During the ninethree months ended September 30, 2017,March 31, 2023, we invested $125.0$9.6 million in 16two new portfolio companies and $44.1$12.7 million in 2629 existing portfolio companies and had $144.4$30.4 million in aggregate amount of sales and principal repayments, resulting in net reduction in investments of $24.7$8.1 million for the period.

During the three months ended September 30, 2016, we invested $44.3 million in eight new portfolio companies and $5.5 million in seven existing portfolio companies and had $15.1 million in aggregate amount

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The following tables showtable shows portfolio yield by security type:
March 31, 2024December 31, 2023
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 loans12.4 %12.4 %12.6 %12.6 %
Unitranche secured loans12.5 13.8 12.8 14.1 
Junior secured loans8.5 8.5 8.6 8.6 
Preferred equity securities2.8 2.8 2.8 2.8 
Total11.9 %11.9 %12.1 %12.1 %

(1)The weighted average annualized contractual coupon yield at period end is computed by dividing (a) the compositioninterest income on our debt investments and preferred equity investments (with a stated coupon rate) at the period end contractual coupon rate for each investment by (b) the par value of our debt investments (excluding debt investments acquired for no cost in a restructuring on non-accrual status) and the investment portfolio (in thousands)cost basis of our preferred equity investments. We exclude loans acquired for no cost in a restructuring on non-accrual status within this metric as management believes this disclosure provides a better indication of return on invested capital. As of March 31, 2024 and associated yield data:

  September 30, 2017 
  Fair Value  

Percentage

of
Total Portfolio

  Weighted Average
Annualized
Contractual 
Coupon Yield(1)
  Weighted Average
Annualized
Effective Yield(2)
 
Senior secured loans $327,984   76.1%  9.5%  9.5%
Unitranche loans  44,592   10.4   9.7   11.1 
Junior secured loans  38,555   8.9   9.4   9.4 
Equity securities  19,966   4.6   10.8   10.8 
Total $431,097   100.0%  9.8%  9.9%

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  December 31, 2016 
  Fair Value  

Percentage

of
Total Portfolio

  Weighted Average
Annualized
Contractual 
Coupon Yield(1)
  Weighted Average
Annualized
Effective Yield(2)
 
Senior secured loans $275,253   66.7%  9.2%  9.2%
Unitranche loans  51,638   12.5   10.9   11.4 
Junior secured loans  59,366   14.4   9.7   9.7 
Equity securities  26,663   6.4   10.8   10.8 
Total $412,920   100.0%  9.5%  9.6%

(1)The weighted average contractual coupon yield at period end is computed by dividing (a)December 31, 2023, there were no loans excluded from the interest income on 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 investment 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 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 portfolio or sales load that may be paid by investors.

The portfolio weighted average contractual coupon yield.

(2)The weighted average annualized effective yield on portfolio investments at period end is computed by dividing (a) interest income on our debt investments and preferred equity investments (with a stated coupon rate) at the period end effective rate for each investment by (b) the par value of our debt investments (excluding debt investments acquired for no cost in a restructuring on non-accrual status) and the cost basis of our preferred equity investments. We exclude loans acquired for no cost in a restructuring on non-accrual status within this metric as management believes this disclosure provides a better indication of return on invested capital. As of both March 31, 2024 and December 31, 2023, there were no loans excluded from the weighted average effective yield. The weighted average annualized effective yield increased slightly duringon portfolio investments is a metric on the threeinvestment portfolio alone and nine months ended September 30, 2017does not represent a return to stockholders. This metric is not inclusive of our fees and expenses, the impact of leverage on the portfolio mix continued to shift toward senior secured loans.

or sales load that may be paid by stockholders.

The following table shows the composition of our investment portfolio at fair value as a percentage of our total investments at fair value (in thousands):
March 31, 2024December 31, 2023
Fair Value:
Senior secured loans$404,051 80.7 %$388,882 79.6 %
Unitranche secured loans6,091 1.2 13,877 2.8 
Junior secured loans27,427 5.5 26,594 5.5 
LLC equity interest in SLF32,990 6.6 33,122 6.8 
Equity securities30,330 6.0 25,911 5.3 
Total$500,889 100.0 %$488,386 100.0 %
Our portfolio composition remained relatively consistent with our portfolio at December 31, 2023. Our effective yields at March 31, 2024 decreased from December 31, 2023, driven primarily by the increase in the number of portfolio companies on non-accrual status.
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The following table shows our portfolio composition by industry grouping at fair value (dollars inand as a percentage of our total investments at fair value (in thousands):

  September 30, 2017  December 31, 2016 
  Investments at
Fair Value
  Percentage of
Total Portfolio
  

Investments at

Fair Value

  

Percentage of

Total Portfolio

 
Aerospace & Defense $5,028   1.2% $10,601   2.6%
Automotive        7,514   1.8 
Banking, Finance, Insurance & Real Estate  46,912   10.9   37,130   9.0 
Beverage, Food & Tobacco  17,788   4.1   16,794   4.1 
Chemicals, Plastics & Rubber  8,864   2.1   4,040   1.0 
Construction & Building  17,933   4.2   18,602   4.5 
Consumer Goods: Durable  11,952   2.8   3,620   0.9 
Consumer Goods: Non-Durable  19,462   4.5   32,000   7.7 
Containers, Packaging & Glass  4,919   1.1   3,663   0.9 
Energy: Oil & Gas  2,346   0.5   7,803   1.9 
Environmental Industries  3,644   0.8   3,768   0.9 
Healthcare & Pharmaceuticals  66,275   15.4   56,435   13.7 
High Tech Industries  36,085   8.4   18,899   4.6 
Hotels, Gaming & Leisure  42,738   9.9   38,010   9.2 
Media: Advertising, Printing & Publishing  13,356   3.1   11,742   2.8 
Media: Broadcasting & Subscription  16,466   3.8   18,046   4.4 
Media: Diversified & Production  5,006   1.2   4,938   1.2 
Metals & Mining        5,268   1.3 
Retail  40,740   9.5   38,147   9.2 
Services: Business  27,264   6.3   40,164   9.7 
Services: Consumer  21,170   4.9   24,807   6.0 
Telecommunications  3,333   0.8   3,430   0.8 
Utilities: Electric  2,801   0.6   2,999   0.7 
Wholesale  17,015   3.9   4,500   1.1 
Total $431,097   100.0% $412,920   100.0%

March 31, 2024December 31, 2023
Fair Value:
Aerospace & Defense$— — %$7,876 1.6 %
Automotive17,924 3.6 18,495 3.8 
Banking15,163 3.0 15,385 3.2 
Beverage, Food & Tobacco6,187 1.2 6,098 1.2 
Capital Equipment4,924 1.0 4,893 1.0 
Chemicals, Plastics & Rubber3,525 0.7 3,987 0.8 
Construction & Building9,937 2.0 8,813 1.8 
Consumer Goods: Durable8,087 1.6 8,242 1.7 
Consumer Goods: Non-Durable2,198 0.5 2,387 0.5 
Environmental Industries5,871 1.2 5,896 1.2 
FIRE: Finance15,718 3.1 15,388 3.3 
FIRE: Real Estate88,564 17.7 85,153 17.4 
Healthcare & Pharmaceuticals78,105 15.6 69,354 14.2 
High Tech Industries39,305 7.8 40,723 8.3 
Hotels, Gaming & Leisure140 0.0 110 0.0 
Investment Funds & Vehicles32,990 6.6 33,122 6.8 
Media: Advertising, Printing & Publishing20,670 4.1 20,238 4.1 
Media: Broadcasting & Subscription1,973 0.4 2,217 0.5 
Media: Diversified & Production42,621 8.5 41,897 8.6 
Retail1,886 0.4 1,995 0.4 
Services: Business59,705 11.9 56,655 11.6 
Services: Consumer17,244 3.5 16,772 3.4 
Telecommunications7,746 1.5 7,508 1.5 
Transportation: Cargo4,913 1.0 — — 
Wholesale15,493 3.1 15,182 3.1 
Total$500,889 100.0 %$488,386 100.0 %
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. MC Advisors also monitors our investment exposure using a proprietary trend analysis tool. When necessary, MC Advisors will update our internal risk ratings, borrowing base criteria and covenant compliance reports.

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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 gradesGrades 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, and our board of directors (the “Board”) reviews and affirms such ratings. A definition of thebasis. The investment performance risk rating system is described as follows:

Investment

Performance

Risk Rating

Summary Description
Grade 1Includes investments exhibiting the least amount of risk in our portfolio. The issuer is performing above expectations or the issuer’s operating trends and risk factors are generally positive.
Grade 2Includes investments exhibiting an acceptable level of risk that is similar to the risk at the time of origination. The issuer is generally performing as expected or the risk factors are neutral to positive.
Grade 3Includes investments performing below expectations and indicates that the investment’s risk has increased somewhat since origination. The issuer may be out of compliance with debt covenants; however, scheduled loan payments are generally not past due.
Grade 4Includes an issuer performing materially below expectations and indicates that the issuer’s risk has increased materially since origination. In addition to the issuer being generally out of compliance with debt covenants, scheduled loan payments may be past due (but generally not more than six months past due). For grade 4 investments, we intend to increase monitoring of the issuer.
Grade 5Indicates that the issuer is performing substantially below expectations and the investment risk has substantially increased since origination. Most or all of the debt covenants are out of compliance or payments are substantially delinquent. Investments graded 5 are not anticipated to be repaid in full and we will reduce the fair market value of the loan to the amount we expect to recover.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 gradeGrade 4 or gradeGrade 5, the applicable analyst,PMG, in consultation with a member of 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 required amendments and waivers that may be required. In the event of a dramatic deterioration of a credit, MC Advisors intends toand the PMG will form a team or engage outside advisors to analyze, evaluate and take further steps to preserve itsour 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. Several of Monroe Capital’s professionals are experiencedThe PMG and the investment committee have extensive experience in running debt work-out transactions and bankruptcies.

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The following table shows the distribution of our investments on the 1 to 5 investment performance risk rating scale as of September 30, 2017 (dollars inMarch 31, 2024 (in thousands):

Investment Performance Rating Investments at
Fair Value
  Percentage of
Total Investments
 
1 $   %
2  350,064   81.2 
3  62,504   14.5 
4  18,529   4.3 
5      
Total $431,097   100.0%

Investment Performance Risk RatingInvestments at
Fair Value
Percentage of
Total Investments
1$— — %
2423,325 84.5 
364,433 12.9 
47,648 1.5 
55,483 1.1 
Total$500,889 100.0 %
The following table shows the distribution of our investments on the 1 to 5 investment performance risk rating scale as of December 31, 2016 (dollars in2023 (in thousands):

Investment Performance Rating Investments at
Fair Value
  Percentage of
Total Investments
 
1 $   %
2  360,338   87.3 
3  40,192   9.7 
4  12,390   3.0 
5      
Total $412,920   100.0%

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Investment Performance Risk RatingInvestments at
Fair Value
Percentage of
Total Investments
1$— %
2405,88883.1 
374,22415.2 
44,7211.0 
53,5530.7 
Total$488,386100.0 %

As of March 31, 2024, there were seven borrowers with loans or preferred equity securities on non-accrual status (Arcserve Cayman Opco LP (fka Arcstor Midco, LLC) (“Arcserve"), Born to Run, LLC, Education Corporation of America (“ECA”), Forman Mills, Inc. ("Forman Mills"), NECB Collections, LLC (“NECB”),Thrasio, LLC ("Thrasio"), and Vice Acquisition Holdco, LLC), and these investments totaled $10.8 million at fair value, or 2.1% of our total investments at fair value at March 31, 2024. As of December 31, 2023, we had five borrowers with loans or preferred equity securities on non-accrual status (Arcserve, ECA, Forman Mills, NECB and Thrasio), and these investments totaled $7.5 million at fair value, or 1.5% of our total investments at fair value at December 31, 2023.
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Results of Operations

Operating results were as follows (dollars in(in thousands):

  Three months ended September 30, 
  2017  2016 
Total investment income $13,469  $11,128 
Total expenses  6,582   5,545 
Net investment income  6,887   5,583 
Net realized gain (loss) on investments  (2,900)   
Net realized gain (loss) on secured borrowings      
Net change in unrealized gain (loss) on investments  2,398   (1,848)
Net change in unrealized gain (loss) on secured borrowings     (123)
Net change in unrealized gain (loss) on foreign currency borrowings  (67)   
Net increase (decrease) in net assets resulting from operations $6,318  $3,612 

  Nine months ended September 30, 
  2017  2016 
Total investment income $37,743  $33,785 
Total expenses, net of incentive fee waiver  18,734   16,656 
Net investment income  19,009   17,129 
Net realized gain (loss) on investments  (572)  587 
Net realized gain (loss) on secured borrowings  66    
Net change in unrealized gain (loss) on investments  (8,503)  (847)
Net change in unrealized gain (loss) on secured borrowings  (6)  (36)
Net change in unrealized gain (loss) on foreign currency borrowings  (83)   
Net increase (decrease) in net assets resulting from operations $9,911  $16,833 

Three months ended March 31,
20242023
Total investment income$15,182 $16,804 
Total operating expenses9,694 9,944 
Net investment income before income taxes5,488 6,860 
Income taxes, including excise taxes18 233 
Net investment income5,470 6,627 
Net realized gain (loss) on investments706 
Net realized gain (loss) on foreign currency forward contracts— 37 
Net realized gain (loss) on foreign currency and other transactions— (3)
Net realized gain (loss)740 
Net change in unrealized gain (loss) on investments(2,279)(4,188)
Net change in unrealized gain (loss) on foreign currency forward contracts— 180 
Net change in unrealized gain (loss)(2,279)(4,008)
Net increase (decrease) in net assets resulting from operations$3,195 $3,359 
Investment Income

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

  Three months ended September 30, 
  2017  2016 
Interest income $11,511  $8,914 
Dividend income  251   1,384 
Fee income  661   220 
Prepayment gain (loss)  514   227 
Accretion of discounts and amortization of premium  532   383 
Total investment income $13,469  $11,128 

  Nine months ended September 30, 
  2017  2016 
Interest income $32,600  $26,448 
Dividend income  751   4,297 
Fee income  1,626   1,067 
Prepayment gain (loss)  1,488   836 
Accretion of discounts and amortization of premium  1,278   1,137 
Total investment income $37,743  $33,785 

The increase in

Three months ended March 31,
20242023
Interest income$11,662 $12,524 
PIK interest income2,115 2,272 
Dividend income (1)
1,012 1,095 
Fee income37 310 
Prepayment gain (loss)105 243 
Accretion of discounts and amortization of premiums251 360 
Total investment income$15,182 $16,804 
________________________________________________________
(1)During the three months ended March 31, 2024 and 2023, the dividend income includes PIK dividends of $113 and $128, respectively.
During the three months ended March 31, 2024 investment income of $2.3decreased by $1.6 million, and $4.0 million during the three and nine months ended September 30, 2017, as compared to the three and nine months ended September 30, 2016, isMarch 31, 2023, primarily due to increasesa decrease in average outstanding loan balancesinterest income and increases in prepayment loan activity, partially offset by decreases in dividendfee income. The decrease in dividendinterest income is primarily resulting from a reduction in the average investment portfolio. This decrease was partially offset by an increase in base rates as a result of higher base interest rates during the three and nine months ended September 30, 2017, as compared to the prior year periods, is driven by decreases in dividend income from our investment in Rockdale Blackhawk, LLC (“Rockdale”)current period.



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Operating Expenses

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

  Three months ended September 30, 
  2017  2016 
Interest and other debt financing expenses $1,907  $1,523 
Base management fees  1,953   1,594 
Incentive fees  1,721   1,223 
Professional fees  277   237 
Administrative service fees  295   324 
General and administrative expenses  292   265 
Excise taxes  100   342 
Directors’ fees  37   37 
Total expenses $6,582  $5,545 

  Nine months ended September 30, 
  2017  2016 
Interest and other debt financing expenses $6,101  $4,987 
Base management fees  5,661   4,598 
Incentive fees, net of incentive fee waiver  4,221   4,282 
Professional fees  854   682 
Administrative service fees  926   956 
General and administrative expenses  760   611 
Excise taxes  100   429 
Directors’ fees  111   111 
Total expenses, net of incentive fee waiver $18,734  $16,656 

Three months ended March 31,
20242023
Interest and other debt financing expenses$5,507$5,514
Base management fees2,0482,200
Incentive fees1,3681,657
Professional fees268128
Administrative service fees209255
General and administrative expenses218155
Directors’ fees7635
Total operating expenses$9,694$9,944

The composition of our interest and other debt financing expenses, wasaverage outstanding balances and average stated interest rates (i.e. the rate in effect plus spread) were as follows (dollars in(in thousands):

  Three months ended September 30, 
  2017  2016 
Interest expense – revolving credit facility $944  $935 
Interest expense – SBA debentures  683   329 
Amortization of deferred financing costs  274   222 
Interest expense – secured borrowings     27 
Other  6   10 
Total interest and other debt financing expenses $1,907  $1,523 

  Nine months ended September 30, 
  2017  2016 
Interest expense – revolving credit facility $3,674  $3,251 
Interest expense – SBA debentures  1,607   981 
Amortization of deferred financing costs  760   603 
Interest expense – secured borrowings  34   99 
Other  26   53 
Total interest and other debt financing expenses $6,101  $4,987 

The increase in expenses of $1.0 million during

Three months ended March 31,
20242023
Interest expense - revolving credit facility$3,625 $3,638 
Interest expense - 2026 Notes1,555 1,555 
Amortization of deferred financing costs327 321 
Total interest and other debt financing expenses$5,507 $5,514 
Average debt outstanding$301,043 $324,082 
Average stated interest rate6.9 %6.5 %
During the three months ended September 30, 2017,March 31, 2024 operating expenses decreased by $0.3 million, as compared to the three months ended September 30, 2016, isMarch 31, 2023, primarily due to an increasea decrease in incentive fees, resulting from lower net investment income, and base management fees, resulting from lower average invested assets.
Income Taxes, Including Excise Taxes
We have elected to be treated, currently qualify, and part one incentive fees (based on net investment income) dueintend to the growth in invested assets and an increase in interest expense primarilycontinue to qualify annually as a result of additional SBA-guaranteed debenture borrowings required to support the growthRIC under Subchapter M of the portfolio. These increases were partially offset byCode and operate in a decline in the accrual for excise taxesmanner so as to qualify for the three months ended September 30, 2017tax treatment available to RICs. To maintain qualification as compareda 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 three months ended September 30, 2016.excess, if any, of realized net short-term capital gains over realized net long-term capital losses.
Depending on the level of taxable income earned in a tax year, we may choose to carry forward such taxable income in excess of current year dividend distributions from such current year taxable income into the next year and pay U.S. federal income tax at corporate rates and a 4% excise tax on such income, as required. To the extent that we determine that our estimated current year annual taxable income may exceed estimated current year dividend distributions, we accrue excise tax, if any, on estimated excess taxable income as such taxable income is earned. For the three months ended September 30, 2017March 31, 2024 and 2016, no incentive fees were waived.

The increase in expenses2023, we recorded a net expense (benefit) on the consolidated statements of $2.1operations of $11 thousand and $0.2 million duringfor U.S. federal excise tax, respectively.

Certain of our consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes. For the ninethree months ended September 30, 2017, as compared toMarch 31, 2024 and 2023, we recorded a net tax expense of $7 thousand and $0.1 million on the nine months ended September 30, 2016, is primarily due to an increase in base management fees due to the growth in invested assets and an increase in interest expense as a resultconsolidated statements of additional borrowings (including SBA-guaranteed debentures) required to support the growthoperations for these subsidiaries, respectively.
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Net Realized Gain (Loss) on Investments and Secured Borrowings

During the three months ended September 30, 2017March 31, 2024 and 2016,2023, we had sales or dispositions of investments of $12.5 million and zero resulting in ($2.9) million$4 thousand and zero of net realized gains (losses), respectively. The net realized losses on the portfolio were primarily driven by the exit of our investment in Fabco Automotive Corporation (“Fabco”). During the nine months ended September 30, 2017 and 2016, we had sales of investments of $16.7 million and $0.6 million resulting in ($0.6) million and $0.6$0.7 million of net realized gains (losses),gain (loss) on investments, respectively.

We may enter into foreign currency forward contracts to reduce our exposure to foreign currency exchange rate fluctuations. During the three months ended September 30, 2017 and 2016,March 31, 2024 we had no sales of secured borrowings.net realized gain (loss) on foreign currency forward contracts. During the ninethree months ended September 30, 2017 and 2016,March 31, 2023 we had sales of secured borrowings of $1.3 million and zero resulting in $66$37 thousand and zero of net realized gains,gain (loss) on foreign currency forward contracts and ($3) thousand of net realized gain (loss) on foreign currency and other transactions, respectively.

Net Change in Unrealized Gain (Loss) on Investments, Secured Borrowings and Foreign Currency Borrowings

For the three months ended September 30, 2017March 31, 2024 and 2016,2023, our investments had $2.4($2.3) million and ($1.8) million of net change in unrealized gain (loss), respectively. During the three months ended September 30, 2017, the net change in unrealized gains on the portfolio included the reversal of a mark-to-market loss on Fabco. The sale of our investment in Fabco during the three months ended September 30, 2017 occurred at a value above the most recent fair market value. For the three months ended September 30, 2017 and 2016, our secured borrowings had zero and ($0.1) million of net change in unrealized gain (loss), respectively. For the three months ended September 30, 2017 and 2016, our foreign currency borrowings had ($67) thousand and zero of net change in unrealized gain (loss), respectively.

  For the nine months ended September 30, 2017 and 2016, our investments had ($8.5) million and ($0.8)4.2) 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 nineperiods.

During the three months ended September 30, 2017March 31, 2024, the net change in unrealized gain (loss) on investments was primarily attributable to unrealized mark-to-market losses of portfolio companies that have underlying credit performance concerns resulting in a risk rating of Grade 3, 4 or 5 on our common equity investment in Rockdale and our debt investment in TPP Operating Inc. Forperformance risk rating scale that were still held as of March 31, 2024, partially offset by net unrealized gains on the nineremainder of the portfolio.
During the three months ended September 30, 2017March 31, 2023, the net change in unrealized loss on investments was primarily attributable to fundamental performance of a couple specific portfolio companies that saw declining financial performance resulting from larger economic factors, including the rising interest rate environment and 2016, our secured borrowingsinflationary impacts on consumer spending.
During the three months ended March 31, 2024 we had ($6) thousand and ($36) thousandno net change in unrealized gain (loss) on foreign currency forward contracts. During the three months ended March 31, 2023 we had $0.2 million of net change in unrealized gain (loss), respectively. on foreign currency forward contracts. For both the ninethree months ended September 30, 2017March 31, 2024 and 2016,2023, our foreign currency borrowings and cash denominated in foreign currencies had ($83) thousand and zero of net change in unrealized gain (loss), respectively.

.

Net Increase (Decrease) in Net Assets Resulting from Operations

For the three months ended September 30, 2017March 31, 2024 and 2016,2023, the net increase (decrease) in net assets resulting from operations was $6.3$3.2 million and $3.6$3.4 million, respectively. Based on the weighted average shares of common stock outstanding for the three months ended September 30, 2017March 31, 2024 and 2016,2023, our per share net increase (decrease) in net assets resulting from operations was $0.31$0.15 and $0.23,$0.16, respectively. The $2.7 million increase during the three months ended September 30, 2017, as compared to three months ended September 30, 2016, is primarily the result of an increasedecrease in net investment income and unrealized mark-to-market gains on investments in the portfolio during the three months ended September 30, 2017 as compared to the three months ended September 30, 2016. These increases were partially offset by an increase in realized losses on the portfolio during the three months ended September 30, 2017. 

For the nine months ended September 30, 2017 and 2016, the net increase in net assets from operations was $9.9 million and $16.8 million, respectively. Based on the weighted average shares of common stock outstanding for the nine months ended September 30, 2017 and 2016, our per share net increase(decrease) in net assets resulting from operations was $0.55 and $1.21, respectively. The $6.9 millionprimarily due to lower investment income, offset by a decrease during the nine months ended September 30, 2017, as compared to nine months ended September 30, 2016, is primarily the result of an increase in net unrealized mark-to-market losses on investments in the portfolio duringnet loss for the nine months ended September 30, 2017 as compared to the nine months ended September 30, 2016, partially offset by an increase in net investment income over the same period.


Liquidity and Capital Resources

As of September 30, 2017,March 31, 2024, we had $3.7$4.9 million in cash, $5.7 million in cash at MRCC SBIC, $60.6$191.7 million of total debt outstanding on our revolving credit facility and $92.1$130.0 million in outstanding SBA-guaranteed debentures.2026 Notes. We had $139.4$63.3 million available for additional borrowings on our revolving credit facility, and $22.9 million in available SBA-guaranteed debentures.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, 2024 and December 31, 2023, our asset coverage ratio based on aggregate borrowings outstanding was 163% and 167%, respectively.
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Cash Flows

For the ninethree months ended September 30, 2017March 31, 2024 and 2016,2023, we experienced a net increase (decrease) in cash and restricted cash equivalents of $1.1 million($102) thousand and ($5.7)$1.5 million, respectively. ForDuring the ninethree months ended September 30, 2017,March 31, 2024, we used $12.3 million in operating activities, used $1.2 million, primarily as a result of purchases of portfolio investments, partially offset by sales of and principal repayments on portfolio investments. Forinvestments and net investment income. During the ninethree months ended September 30, 2016,March 31, 2023, operating activities used $22.4provided $8.7 million, primarily as a result of purchasesprincipal repayments on and sales of portfolio investments and net investment income, partially offset by salespurchases of and principal repayments on portfolio investments. During the ninethree months ended September 30, 2017,March 31, 2024, financing activities provided $12.2 million, primarily as a result of net borrowings on our revolving credit facility, partially offset by distributions to stockholders. During the three months ended March 31, 2023, we generated $2.3used $7.2 million fromin financing activities, primarily as a result of net proceeds from capital raisesdistributions to stockholders and SBA debenture borrowings during the period, partially offset by net repayments on our revolving credit facility and distributions to stockholders. During the nine months ended September 30, 2016, we generated $16.7 million for financing activities primarily as a result of proceeds from our capital raise during the period, partially offset by net repayments on our revolving credit facility and distributions to stockholders.

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facility.

Capital Resources

As a BDC, we distribute substantially all of our net income to our stockholders and have an ongoing need to raise additional capital for investment purposes. We intend to generate additional cash primarily from future offerings of securities, future borrowings and cash flows from operations, including income earned from investments in our portfolio companies. On both a short-term and long-term basis, our primary use of funds will be to invest in portfolio companies and make cash distributions to our stockholders.

We may also use available funds to repay outstanding borrowings.

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 net asset valueNAV per share of our common stock if our Board,board of directors (“Board”), including our independent directors, determines that such sale is in the best interests of us and our stockholders, and if our stockholders have approved such sales. On July 14, 2016, our stockholders voted to allow us to sell or otherwise issue common stock at a price below net asset value per share for a period of one year, subject to certain limitations. On July 21, 2017June 15, 2023, our stockholders once again voted to allow us to sell or otherwise issue common stock at a price below net asset value per share for a period of one year, subject to certain limitations. As of September 30, 2017both March 31, 2024 and December 31, 2016,2023, we had 20,239,957 and 16,581,86921,666,340 shares outstanding, respectively.

outstanding.

On June 24, 2015, our stockholders approved a proposal to authorize us to issue warrants, options or rights to subscribe to, convert to, or purchase our common stock in one or more offerings. This is a standing authorization and does not require annual re-approval by our stockholders.

Stock Issuances:On July 1, 2016,May 12, 2017, we amended the ATM securities offering programentered into at-the-market (“ATM”) equity distribution agreements with MLV & Co, LLC (“MLV”) andeach of JMP Securities LLC to replace MLV with(“JMP”) and FBR Capital Markets & Co. (“FBR”), an affiliate (the “ATM Program”) through which we can sell, by means of MLV (the “Prior ATM Program”).offerings, from time to time, up to $50.0 million of our common stock. On May 12, 2017,8, 2020, we entered into new equity distribution agreements with each of FBR and JMP that reference our current registration statement (the “ATM Program”).an amendment to the ATM Program to extend its term. All other material terms of the Prior ATM Program remain unchanged under the ATM Program. During the nine months ended September 30, 2017, we sold 173,939 shares at an average price of $15.71 per share for gross proceeds of $2.7 million under the Prior ATM Program and no shares were sold under the ATM Program. Aggregate underwriters’ discounts and commissions were $41 thousand and offering costs were $23 thousand, resulting in net proceeds of approximately $2.7 million.unchanged. There were no stock issuances underthrough the Prior ATM Program during both the ninethree months ended September 30, 2016.

 On June 9, 2017, we closed a public offering of 3,000,000 shares of our common stock at a public offering price of $15.00 per share, raising approximately $45.0 million in gross proceeds. On June 14, 2017, pursuant to the underwriters’ exercise of the over-allotment option, we sold an additional 450,000 shares of our common stock, at a public offering price of $15.00 per share,March 31, 2024 and additional $6.8 million in gross proceeds for a total of $51.8 million. Aggregate underwriters’ discounts and commissions were $2.1 and offering costs were $0.1 million, resulting in net proceeds of approximately $49.6 million.

On July 25, 2016, we closed a public offering of 3,100,000 shares of our common stock at a public offering price of $15.50 per share, raising approximately $48.1 million in gross proceeds. On August 3, 2016, we sold an additional 465,000 shares of our common stock, at a public offering price of $15.50 per share, raising approximately $7.2 million in gross proceeds pursuant to the underwriters’ exercise of the over-allotment option. Aggregate underwriters’ discounts and commissions were $2.2 million and offering costs were $0.5 million, resulting in net proceeds of $52.5 million.

2023, respectively.

Borrowings

Revolving Credit Facility: As of September 30, 2017, we had U.S. dollar borrowings of $58.2Facility: We have a $255.0 million and non-U.S. dollar borrowings denominated in Great Britain pounds of £1.8 million ($2.4 million in U.S. dollars) under our revolving credit facility with ING Capital LLC, as agent, to finance the purchase of our assets.agent. The borrowings denominated in Great Britain pounds are translated into U.S. dollars based on the spot rate at each balance sheet date. The impact resulting from changes in foreign currency borrowings is included in change in unrealized gain (loss) on foreign currency borrowings in our consolidated statements of operations. The borrowings denominated in Great Britain pounds may be positively or negatively affected by movements in the rate of exchange between the U.S. dollar and the Great Britain pound. These movements are beyond our control and cannot be predicted. As of December 31, 2016, we had U.S. dollar borrowings of $129.0 million outstanding under the revolving credit facility. As of September 30, 2017, the maximum amount we were able to borrow was $200.0 million and this borrowing can be increased to $300.0 million pursuant tofacility has an accordion feature (subjectwhich permits us, under certain circumstances to maintaining 200% asset coverage, as defined byincrease the 1940 Act). On February 22, 2017, we closed a $40.0 million upsize to the revolving credit facility, bringing the maximum amount we are able to borrow from $160.0 million to the now current maximum amountsize of $200.0 million, in accordance with the facility’s accordion feature. The maturity date on the facility is December 14, 2020.

up to $400.0 million. The revolving credit facility is secured by a lien on all of our assets, including cash on hand, but excluding the assets of our wholly-owned subsidiary, MRCC SBIC. Our ability to borrow under the revolving credit facility is subject to availability under a defined borrowing base, which varies based on portfolio characteristics and certain eligibility criteria and concentration limits, as well as required valuation methodologies.hand. We may make draws under the revolving credit facility to make or purchase additional investments through December 201927, 2026 and for general working capital purposes until December 27, 2027, the maturity date of the revolving credit facility. Borrowings under the revolving credit facility bear interest, at our election, at an annual rate

76

Table of LIBOR (one-month, two-month, three-month or six-month at our discretion based on the term of the borrowing) plus 2.75% or at a daily rate equal to 2.00% per annum plus the greater of the prime interest rate, the federal funds rate plus 0.5% or LIBOR plus 1.0%. The LIBOR rate on the revolving credit facility was reduced to LIBOR plus 2.75% from LIBOR plus 3.00% in conjunction with our capital raise on June 9, 2017, as net worth (excluding investments in MRCC SBIC) exceeded $225.0 million. In addition to the stated interest rate on borrowings under the revolving credit facility, we are required to pay a fee of 0.5% per annum on any unused portion of the revolving credit facility if the unused portion of the facility is less than 65% of the then available maximum borrowing or a fee of 1.0% per annum on any unused portion of the revolving credit facility if the unused portion of the facility is greater than or equal to 65% of the then available maximum borrowing. As of September 30, 2017 and December 31, 2016, the outstanding borrowings were accruing at a weighted average interest rate of 4.0% and 3.8%, respectively. The weighted average interest rate of the revolving credit facility borrowings (excluding debt issuance costs) for the three and nine months ended September 30, 2017 was 4.1% and 4.1%, respectively. The weighted average fee rate on the unused portion of the revolving credit facility for the three and nine months ended September 30, 2017 was 0.5% and 0.5%, respectively. The weighted average interest rate of the revolving credit facility borrowings (excluding debt issuance costs) for the three and nine months ended September 30, 2016 was 3.7% and 3.6%, respectively. The weighted average fee rate on the unused portion of the revolving credit facility for the three and nine months ended September 30, 2016 was 0.5% and 0.5%, respectively.


Our ability to borrow under the revolving credit facility is subject to availability under the borrowing base, which permits us to borrow up to 70%72.5% of the fair market value of our portfolio company investments depending on the type of the investment we hold and whether the investment is quoted. Our ability to borrow is also subject to certain concentration limits, and our continued compliance with the representations, warranties and covenants given by us under the facility. The revolving credit facility contains certain financial and restrictive covenants, including, but not limited to, our maintenance of: (1) a minimum consolidated total net assets at least equal to the greater of (a) 40% of the consolidated total assets on the last day of each quarter or (b) $120.0$150.0 million plus 65% of the net proceeds to us from sales of our equity securities after December 14, 2015;March 1, 2019; (2) a ratio of total assets (less total liabilities other than indebtedness) to total indebtedness of not less than 2.1 times;1.5 to 1; and (3) a senior debt coverage ratio of earnings before interest and taxes to interest expense of at least 2.5 times.2 to 1. The revolving credit facility also requires us to undertake customary indemnification obligations with respect to ING Capital LLC and other members of the lending group and to reimburse the lenders for expenses associated with entering into the credit facility. The revolving credit facility also has customary provisions regarding events of default, including events of default for nonpayment, change in control transactions at both Monroe Capital Corporation and MC Advisors, failure to comply with financial and negative covenants, and failure to maintain our relationship with MC Advisors. If we incur an event of default under the revolving credit facility and fail to remedy such default under any applicable grace period, if any, then the entire revolving credit facility could become immediately due and payable, which would materially and adversely affect our liquidity, financial condition, results of operations and cash flows.

Our revolving credit facility also imposes certain conditions that may limit the amount of our distributions to stockholders. Distributions payable in our common stock under the DRIPdividend reinvestment plan (“DRIP”) are not limited by the revolving credit facility. Distributions in cash or property other than common stock are generally limited to 115% of the amount of distributions required to maintain our status as a RIC.

SBA Debentures: On February 28, 2014,

As of March 31, 2024 and December 31, 2023, we had U.S. dollar borrowings of $191.7 million and $174.1 million, respectively, and no borrowings denominated in a foreign currency as of either date. Any borrowings denominated in a foreign currency may be positively or negatively affected by movements in the rate of exchange between the U.S. dollar and the respective foreign currency. These movements are beyond our wholly-owned subsidiary, MRCC SBIC, receivedcontrol and cannot be predicted. Borrowings denominated in a licenseforeign currency are translated into U.S. dollars based on the spot rate at each balance sheet date. The impact resulting from the SBA to operate as a SBIC under Section 301(c) of the Small Business Investment Act of 1958, as amended. MRCC SBIC commenced operationschanges in foreign currency borrowings is included in net change in unrealized gain (loss) on September 16, 2013.

The SBIC license allows MRCC SBIC to obtain leverage by issuing SBA-guaranteed debentures, subject to the issuance of a leverage commitment by the SBAforeign currency and other customary procedures. SBA-guaranteed debentures are non-recourse, interest only debentures with interest payable semi-annually and have a ten year maturity. The principal amount of SBA-guaranteed debentures is not required to be paid prior to maturity but may be prepaid at any time without penalty. The interest rate of SBA-guaranteed debentures is fixedtransactions on a semi-annual basis (pooling date) at a market-driven spread over U.S. Treasury Notes with 10-year maturities. The SBA, as a creditor, has a superior claim to MRCC SBIC’s assets over our stockholders in the event we liquidate MRCC SBIC or the SBA exercises its remedies upon an event of default.

SBA regulations currently limit the amount that an individual SBIC may borrow to a maximum of $150.0 million when it has at least $75.0 million in regulatory capital, receives a leverage commitment from the SBA and has been through an audit examination by the SBA subsequent to licensing. The SBA also historically limited a related group of SBICs (commonly referred to as a “family of funds”) to a maximum of $225.0 million in total borrowings. On December 18, 2015, this family of funds limitation was raised to $350.0 million in total borrowings. As we have other affiliated SBICs already in operation, MRCC SBIC was historically limited to a maximum of $40.0 million in borrowings. Pursuant to the increase in the family of funds limitation, we submitted a commitment application to the SBA and on April 13, 2016 we were approved for $75.0 million in additional SBA-guaranteed debentures for MRCC SBIC for a total of $115.0 million in available debentures.

As of September 30, 2017, MRCC SBIC had $57.6 million in leverageable capital and $92.1 million in SBA-guaranteed debentures outstanding. As of December 31, 2016, MRCC SBIC had $41.0 million in leverageable capital and $51.5 million in SBA-guaranteed debentures outstanding. As of September 30, 2017, we have made all required leverageable capital contributions to MRCC SBIC in order to access the remaining $22.9 million in available SBA-guaranteed debentures.

As of September 30, 2017, MRCC SBIC had the following SBA-guaranteed debentures outstanding (dollars in thousands):

Maturity Date Interest Rate  Amount 
September 2024  3.4% $12,920 
March 2025  3.3%  14,800 
March 2025  2.9%  7,080 
September 2025  3.6%  5,200 
March 2027  3.5%  20,000 
September 2027  3.2%  32,100 
Total     $92,100 

As of December 31, 2016, MRCC SBIC had the following SBA-guaranteed debentures outstanding (dollars in thousands):

45

Maturity Date Interest Rate  Amount 
September 2024  3.4% $12,920 
March 2025  3.3%  14,800 
March 2025  2.9%  7,080 
September 2025  3.6%  5,200 
March 2027  2.1%(1)  9,200 
March 2027  2.0%(1)  2,300 
Total     $51,500 

(1)Represents an interim rate of interest as the SBA-guaranteed debentures had not yet pooled.

On October 2, 2014, the Company was granted exemptive relief from the SEC for permission to exclude the debt of MRCC SBIC guaranteed by the SBA from the 200% asset coverage test under the 1940 Act. The receipt of this exemption for this SBA-guaranteed debt increases flexibility under the 200% asset coverage test.

Secured Borrowings: Certain partial loan sales do not qualify for sale accounting under Accounting Standards Codification (“ASC”) Topic 860 —Transfers and Servicing (“ASC Topic 860”) because these sales do not meet the definition of a “participating interest,” as defined in the guidance, in order for sale treatment to be allowed. Participations or other partial loan sales which do not meet the definition of a participating interest remain as an investment on the accompanying consolidated statements of assets and liabilities andoperations.

Borrowings under the portion sold is recorded as a secured borrowing inrevolving credit facility bear interest, at our election, at an annual rate of SOFR (one-month or three-month at our discretion based on the liabilities sectionterm of the consolidated statementsborrowing) plus 2.625% or at a daily rate equal to 1.625% per annum plus the greater of assets1.5%, the prime interest rate, the federal funds rate plus 0.5% or SOFR plus 1.0%, with a SOFR floor of 0.5%. In addition to the stated interest rate on borrowings under the revolving credit facility, we are required to pay a commitment fee and liabilities. For these partial loan sales,certain conditional fees based on usage of the interest earnedexpanded borrowing base and usage of the asset coverage ratio flexibility. A commitment fee of 0.5% per annum on any unused portion of the entire loan balancerevolving credit facility if the utilized portion of the facility is recorded within “interest income” andgreater than 35% of the interest earned bythen available maximum borrowing or a commitment fee of 1.0% per annum on any unused portion of the buyer inrevolving credit facility if the partial loan saleutilized portion of the facility is recorded within “interest and other debt financing expenses” inless than or equal to 35% of the accompanying consolidated statements of operations.

then available maximum borrowing. As of September 30, 2017, we did not have secured borrowings. As ofboth March 31, 2024 and December 31, 2016, secured borrowings at fair value totaled $1.3 million and2023, the fair value of the loans that are associated with these secured borrowings was $5.8 million. These securedoutstanding borrowings were created asaccruing at a result of our completion of partial loan sales of certain unitranche loan assets during the year ended December 31, 2013, that did not meet the definition of a “participating interest.” As a result, sale treatment was not allowed and these partial loan sales were treated as secured borrowings. No such partial loan sales occurred during the year ended December 31, 2016 and the nine months ended September 30, 2017. During the three and nine months ended September 30, 2017, repayments on secured borrowings totaled zero and $1.3 million, respectively. During the three and nine months ended September 30, 2016 repayments on secured borrowings totaled $0.6 million and $0.9 million, respectively. The weighted average interest rate of 8.1%.

2026 Notes: On January 25, 2021, we closed a private offering of $130.0 million in aggregate principal amount of senior unsecured notes (the “2026 Notes”) that mature on February 15, 2026. The 2026 Notes bear interest at an annual rate of 4.75% payable semi-annually on February 15 and August 15. We may redeem the 2026 Notes in whole or in part at any time or from time to time at our secured borrowings was approximately zerooption at par plus a “make-whole” premium, if applicable. The 2026 Notes are general, unsecured obligations and 6.3% asrank equal in right of September 30, 2017payment with all of our existing and December 31, 2016, respectively.

Distribution Policy

future unsecured indebtedness.

77

Distributions
Our Board will determine the timing and amount, if any, of our distributions. We intend to pay distributions on a quarterly basis. In order to avoid corporate-level tax on the income we distribute as a RIC, we must distribute to our stockholders at least 90% of our ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any, on an annual basis out of the assets legally available for such distributions. In addition, we also intend to distribute any realized net capital gains (i.e., realized net long-term capital gains in excess of realized net short-term capital losses) at least annually out of the assets legally available for such distributions. Distributions to stockholders for both the three and nine months ended September 30, 2017,March 31, 2024 and 2023 totaled $7.1$5.4 million ($0.350.25 per share) and $20.0 million ($1.05 per share), respectively. Distributions to stockholders for the three and nine months ended September 30, 2016 totaled $5.8 million ($0.35 per share) and $14.8 million ($1.05 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 September 30, 2017March 31, 2024 and 2016,2023, no portion of these distributions would have been characterized as a tax return of capital to stockholders.

We have

In October 2012, we adopted an “opt out” dividend reinvestment plan (“DRIP”)DRIP for our common stockholders. As a result, ifWhen we declare a distribution, our stockholders’ cash distributions will automatically be automatically reinvested in additional shares of our common stock unless a stockholder specifically “opts out” of our DRIP. If a stockholder opts out, that stockholder will receive cash distributions. Although distributions paid in the form of additional shares of our common stock will generally be subject to U.S. federal, state and local taxes in the same manner as cash distributions, stockholders participating in our DRIP will not receive any corresponding cash distributions with which to pay any such applicable taxes.
MRCC Senior Loan Fund I, LLC
We co-invest with Life Insurance Company of the Southwest (“LSW”) in senior secured loans through SLF, an unconsolidated Delaware LLC. SLF is capitalized as underlying investment transactions are completed, taking into account available debt and equity commitments available for funding these investments. All portfolio and investment decisions in respect to SLF must be approved by the SLF investment committee, consisting of one representative of each of us and LSW. SLF may cease making new investments upon notification of either member but operations will continue until all investments have been sold or paid-off in the normal course of business. Investments held by SLF are measured at fair value using the same valuation methodologies as described below. Our investment is illiquid in nature as SLF does not allow for withdrawal from the LLC or the sale of a member’s interest unless approved by the board members of SLF. The full withdrawal of a member would result in an orderly wind-down of SLF.
SLF’s profits and losses are allocated to us and LSW in accordance with the respective ownership interests. As of March 31, 2024 and December 31, 2023, we and LSW each owned 50.0% of the LLC equity interests of SLF. As of March 31, 2024 and December 31, 2023, SLF had $100.0 million in equity commitments from its members (in the aggregate), of which $85.3 million was funded.
As of March 31, 2024 and December 31, 2023, we have committed to fund $50.0 million of LLC equity interest subscriptions to SLF. As of March 31, 2024 and December 31, 2023, $42.7 million of our LLC equity interest subscriptions to SLF had been called and contributed, net of return of capital distributions subject to recall. As of March 31, 2024 and December 31, 2023, SLF had a fair value of $33.0 million and $33.1 million.
For both the three months ended March 31, 2024 and 2023, we received $0.9 million of dividend income from our LLC equity interest in SLF.
SLF has a senior secured revolving credit facility (as amended, the “SLF Credit Facility”) with Capital One, N.A., through its wholly-owned subsidiary MRCC Senior Loan Fund I Financing SPV, LLC (“SLF SPV”), The SLF Credit Facility allows SLF SPV to borrow up to $110.0 million (reduced from $175.0 million on June 9, 2023), subject to leverage and borrowing base restrictions. Borrowings on the SLF Credit Facility bear interest at an annual rate of SOFR (three-month) plus 2.10% and the SLF Credit Facility has a maturity date of November 23, 2031.
SLF does not pay any fees to MC Advisors or its affiliates; however, SLF has entered into an administration agreement with Monroe Capital Management Advisors, LLC (“MC Management”), pursuant to which certain loan servicing and administrative functions are delegated to MC Management. SLF may reimburse MC Management for its allocable share of overhead and other expenses incurred by MC Management. For the three months ended March 31, 2024 and 2023, SLF incurred $44 thousand and $63 thousand of allocable expenses, respectively. There are no agreements or understandings by which we guarantee any SLF obligations.
78

As of March 31, 2024 and December 31, 2023, SLF had total assets at fair value of $124.9 million and $148.4 million, respectively. As of both March 31, 2024 and December 31, 2023, SLF had four portfolio company investments on non-accrual status with fair values of $5.0 million and $4.3 million, respectively. The portfolio companies in SLF are in industries and geographies similar to those in which we may invest directly. Additionally, as of March 31, 2024 and December 31, 2023, SLF had $1.8 million and $3.3 million, respectively, in outstanding commitments to fund investments under undrawn revolvers and delayed draw commitments.
Below is a summary of SLF’s portfolio, followed by a listing of the individual investments in SLF’s portfolio as of March 31, 2024 and December 31, 2023:
March 31, 2024December 31, 2023
Secured loans (1)
124,816 150,674 
Weighted average current interest rate on secured loans (2)
10.2%10.2%
Number of portfolio company investments in SLF41 49 
Largest portfolio company investment (1)
6,580 6,580 
Total of five largest portfolio company investments (1)
26,366 26,415 

(1)Represents outstanding principal amount, excluding unfunded commitments. Principal amounts in thousands.
(2)Computed as the (a) annual stated interest rate on accruing secured loans divided by (b) total secured loans at outstanding principal amount.
79

MRCC SENIOR LOAN FUND I, LLC
CONSOLIDATED SCHEDULE OF INVESTMENTS
(unaudited)
March 31, 2024
(in thousands)

Portfolio Company (a)
Index (b)
Spread (b)
Interest Rate (b)
MaturityPrincipalFair Value
Non-Controlled/Non-Affiliate Company Investments
Senior Secured Loans
Aerospace & Defense
Trident Maritime Systems, Inc.SF5.65 %10.96 %2/26/20272,406 $2,388 
Trident Maritime Systems, Inc.SF5.65 %10.96 %2/26/2027746 741 
Trident Maritime Systems, Inc.SF5.65 %10.96 %2/26/2027188 186 
Trident Maritime Systems, Inc. (Revolver)SF5.60 %10.93 %2/26/2027319 317 
3,659 3,632 
Automotive
Accelerate Auto Works Intermediate, LLCSF4.90 %10.24 %12/1/20271,354 1,337 
Accelerate Auto Works Intermediate, LLCSF4.90 %10.22 %12/1/2027387 382 
Accelerate Auto Works Intermediate, LLC (Revolver) (d)
SF4.90 %10.24 %12/1/2027132 21 
1,873 1,740 
Beverage, Food & Tobacco
SW Ingredients Holdings, LLCSF5.50 %10.93 %7/3/20253,534 3,534 
3,534 3,534 
Capital Equipment
MacQueen Equipment, LLCSF5.51 %10.81 %1/7/20282,070 2,069 
MacQueen Equipment, LLC (Delayed Draw) (d)
SF5.51 %10.81 %1/7/2028590 334 
MacQueen Equipment, LLC (Revolver) (d)
SF5.51 %10.81 %1/7/2028296 — 
2,956 2,403 
Chemicals, Plastics & Rubber
Phoenix Chemical Holding Company LLCSF7.11 %12.44 %8/2/20241,129 964 
TJC Spartech Acquisition Corp.SF4.75 %10.07 %5/5/20284,200 3,507 
5,329 4,471 
Consumer Goods: Durable
Elevate Textiles, Inc. (fka International Textile Group, Inc.)SF6.65 %
11.98% (e)
9/30/2027796 585 
Runner Buyer INC.SF5.61 %10.96 %10/23/20282,940 2,245 
3,736 2,830 
Consumer Goods: Non-Durable
PH Beauty Holdings III, INC.SF5.00 %10.72 %9/26/20252,361 2,338 
2,361 2,338 
Containers, Packaging & Glass
Polychem Acquisition, LLCSF5.11 %10.44 %3/17/20252,850 2,836 
PVHC Holding CorpSF5.65 %10.96% Cash/ 0.75% PIK2/17/20271,894 1,894 
4,744 4,730 
Energy: Oil & Gas
Offen, Inc.SF5.11 %10.44 %6/22/20262,249 2,248 
Offen, Inc.SF5.11 %10.44 %6/22/2026856 856 
3,105 3,104 
FIRE: Finance
Harbour Benefit Holdings, Inc.SF5.15 %10.45 %12/13/20242,842 2,842 
Harbour Benefit Holdings, Inc.SF5.10 %10.43 %12/13/202461 61 
Minotaur Acquisition, Inc.SF4.85 %10.18 %3/27/20264,794 4,805 
TEAM Public Choices, LLCSF5.00 %10.58 %12/17/20272,917 2,921 
10,614 10,629 
FIRE: Real Estate
Avison Young (USA) Inc. (f)
SF6.50 %
11.84% (e)
3/12/2028606 599 
606 599 
Healthcare & Pharmaceuticals
Cano Health, LLCSF4.00 %
9.33% (e)
11/23/20271,950 590 
HAH Group Holding Company LLCSF5.00 %10.44 %10/29/20272,943 2,936 
LSCS Holdings, Inc.SF4.61 %9.94 %12/15/20281,805 1,781 
Natus Medical IncorporatedSF5.65 %10.96 %7/20/20294,937 4,666 
80

MRCC SENIOR LOAN FUND I, LLC
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2024
(in thousands)
Portfolio Company (a)
Index (b)
Spread (b)
Interest Rate (b)
MaturityPrincipalFair Value
11,635 $9,973 
High Tech Industries
Corel Inc. (c)
SF5.10 %10.44 %7/2/20263,350 3,303 
Lightbox Intermediate, L.P.SF5.26 %10.56 %5/11/20264,763 4,620 
TGG TS Acquisition CompanySF6.61 %11.94 %12/12/20252,885 2,880 
10,998 10,803 
Hotels, Gaming & Leisure
Excel Fitness Holdings, Inc.SF5.40 %10.70 %4/27/20294,309 4,309 
Excel Fitness Holdings, Inc. (Revolver) (d)
SF5.40 %10.70 %4/28/2028625 — 
North Haven Spartan US Holdco, LLCSF6.25 %11.57 %6/5/20262,244 2,244 
7,178 6,553 
Media: Diversified & Production
Research Now Group, Inc. and Survey Sampling International, LLCSF5.76 %11.07 %12/20/20246,580 3,971 
STATS Intermediate Holdings, LLCSF5.51 %10.83 %7/10/20264,788 4,746 
TA TT Buyer, LLCSF5.00 %10.30 %3/30/20293,283 3,301 
14,651 12,018 
Services: Business
Eliassen Group, LLCSF5.50 %10.81 %4/14/20283,209 3,177 
Eliassen Group, LLC (Delayed Draw) (d)
SF5.50 %10.82 %4/14/2028738 229 
Engage2Excel, Inc.SF6.60 %11.78 %7/1/20243,907 3,912 
Engage2Excel, Inc.SF6.60 %11.78 %7/1/2024705 706 
Engage2Excel, Inc.SF6.60 %11.78 %7/1/2024550 550 
Output Services Group, Inc.SF6.68 %
12.07% (e)
11/30/20281,042 1,040 
Secretariat Advisors LLCSF5.01 %10.32 %12/29/20281,672 1,663 
Secretariat Advisors LLCSF5.01 %10.32 %12/29/2028267 265 
SIRVA Worldwide Inc.SF5.76 %11.10 %8/4/20251,738 1,267 
13,828 12,809 
Services: Consumer
Laseraway Intermediate Holdings II, LLCSF5.75 %11.33 %10/14/20272,172 2,167 
McKissock Investment Holdings, LLCSF5.00 %10.46 %3/9/20292,450 2,461 
4,622 4,628 
Telecommunications
Intermedia Holdings, Inc.SF6.11 %11.43 %7/21/20251,737 1,720 
Mavenir Systems, Inc.SF5.01 %10.34 %8/18/20281,633 1,169 
Sandvine CorporationSF4.93 %10.15 %10/31/20251,973 1,473 
5,343 4,362 
Transportation: Cargo
Keystone Purchaser, LLCSF6.18 %11.51 %5/7/20274,892 4,874 
4,892 4,874 
Wholesale
HALO Buyer, Inc.SF4.60 %9.93 %6/30/20254,710 3,452 
4,710 3,452 
Total Non-Controlled/Non-Affiliate Senior Secured Loans120,374 109,482 
Junior Secured Loans
Healthcare & Pharmaceuticals
Radiology Partners, Inc. SF3.76 %9.09% Cash/ 1.50% PIK1/31/20294,236 4,102 
4,236 4,102 
FIRE: Real Estate
Avison Young (USA) Inc. SF8.26 %
13.58% (e)
3/12/20291,492 1,193 
Avison Young (USA) Inc. SF8.26 %
13.58% (e)
3/12/2029510 305 
2,002 1,498 
Total Non-Controlled/Non-Affiliate Junior Secured Loans6,238 5,600 
81

MRCC SENIOR LOAN FUND I, LLC
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2024
(in thousands)
Portfolio Company (a)
Index (b)
Spread (b)
Interest Rate (b)
MaturityPrincipalFair Value
Equity Securities (g) (h)
Consumer Goods: Durable
Elevate Textiles, Inc. (fka International Textile Group, Inc.) (25,524 shares of common units)
(i)
26 $83 
26 83 
Chemicals, Plastics & Rubber
Polyventive Lender Holding Company LLC (0.84% of the equity)
(i)
—  
— — 
FIRE: Real Estate
Avison Young (USA) Inc. (1,605,312 Class A preferred shares)n/an/a
12.50% PIK (e)
n/a1,605 722 
Avison Young (USA) Inc. (1,199 Class F common shares)
(i)
— 
1,606 722 
Services: Business
Output Services Group, Inc. (51,370 Class A units)
(i)
51 552 
51 552 
Total Non-Controlled/Non-Affiliate Equities1,683 1,357 
TOTAL INVESTMENTS$116,439 

(a)All investments are U.S. companies unless otherwise noted.
(b)The majority of investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “SF”) or Prime (“P”) which reset daily, monthly, quarterly or semiannually. We have provided the spread over SOFR or Prime and the current contractual rate of interest in effect at March 31, 2024. Certain investments may be subject to an interest rate floor or cap. Certain investments contain a PIK provision.
(c)This is an international company.
(d)All or a portion of this commitment was unfunded as of March 31, 2024. As such, interest is earned only on the funded portion of this commitment. Principal reflects the commitment outstanding.
(e)This position was on non-accrual status as of March 31, 2024, meaning that we have ceased accruing interest income on the position.
(f)Investment position or portion thereof unsettled at March 31, 2024.
(g)Represents less than 5% ownership of the portfolio company’s voting securities.
(h)Ownership of certain equity investments may occur through a holding company partnership.
(i)Represents a non-income producing security.


82

MRCC SENIOR LOAN FUND I, LLC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2023
(in thousands)
Portfolio Company (a)
Index (b)
Spread(b)
Interest Rate (b)
MaturityPrincipalFair Value
Non-Controlled/Non-Affiliate Company Investments
Senior Secured Loans
Aerospace & Defense
Trident Maritime Systems, Inc.SF5.60 %10.95 %2/26/20272,414 $2,385 
Trident Maritime Systems, Inc.SF5.60 %10.95 %2/26/2027746 737 
Trident Maritime Systems, Inc.SF5.60 %10.96 %2/26/2027188 186 
Trident Maritime Systems, Inc. (Revolver)SF5.60 %10.96 %2/26/2027319 315 
3,667 3,623 
Automotive
Accelerate Auto Works Intermediate, LLCSF4.90 %10.29 %12/1/20271,358 1,342 
Accelerate Auto Works Intermediate, LLCSF4.90 %10.30 %12/1/2027388 383 
Accelerate Auto Works Intermediate, LLC (Revolver) (d)
SF4.90 %10.29 %12/1/2027132 — 
Truck-Lite Co., LLCSF6.35 %11.71 %12/14/20261,674 1,670 
Truck-Lite Co., LLCSF6.35 %11.71 %12/14/2026248 248 
Truck-Lite Co., LLCSF6.35 %11.71 %12/14/202642 42 
3,842 3,685 
Beverage, Food & Tobacco
SW Ingredients Holdings, LLCSF4.75 %10.21 %7/3/20253,544 3,539 
3,544 3,539 
Capital Equipment
DS Parent, Inc.SF5.75 %11.21 %12/8/20282,700 2,706 
MacQueen Equipment, LLCSF5.51 %10.86 %1/7/20282,075 2,075 
MacQueen Equipment, LLC (Delayed Draw) (d)
SF5.51 %10.86 %1/7/2028591 78 
MacQueen Equipment, LLC (Revolver) (d)
SF5.51 %10.86 %1/7/2028296 — 
5,662 4,859 
Chemicals, Plastics & Rubber
Phoenix Chemical Holding Company LLCSF7.11 %12.47 %8/2/20241,131 1,020 
TJC Spartech Acquisition Corp.SF4.75 %10.16 %5/5/20284,210 4,063 
5,341 5,083 
Consumer Goods: Durable
Elevate Textiles, Inc. (fka International Textile Group, Inc.)SF6.65 %
12.04% (e)
9/30/2027798 798 
Runner Buyer INC.SF5.61 %11.00 %10/23/20282,948 2,333 
3,746 3,131 
Consumer Goods: Non-Durable
PH Beauty Holdings III, INC.SF5.00 %10.35 %9/26/20252,368 2,253 
2,368 2,253 
Containers, Packaging & Glass
Polychem Acquisition, LLCSF5.11 %10.47 %3/17/20252,858 2,855 
PVHC Holding CorpSF5.65 %11.00% Cash/ 0.75% PIK2/17/20271,895 1,895 
4,753 4,750 
Energy: Oil & Gas
Offen, Inc.SF5.11 %10.47 %6/22/20262,249 2,249 
Offen, Inc.SF5.11 %10.47 %6/22/2026858 858 
3,107 3,107 
FIRE: Finance
Harbour Benefit Holdings, Inc.SF5.15 %10.50 %12/13/20242,854 2,852 
Harbour Benefit Holdings, Inc.SF5.10 %10.46 %12/13/202461 61 
Minotaur Acquisition, Inc.SF4.85 %10.21 %3/27/20264,806 4,814 
TEAM Public Choices, LLCSF5.43 %10.88 %12/17/20272,925 2,908 
10,646 10,635 
FIRE: Real Estate
Avison Young (USA) Inc. (c)
SF6.50 %
11.97% (e)
1/30/20264,775 1,564 
4,775 1,564 
Healthcare & Pharmaceuticals
Cano Health, LLC (e)
SF4.10 %
9.42% (e)
11/23/20271,950 857 
HAH Group Holding Company LLCSF5.00 %10.46 %10/29/20272,950 2,942 
83

MRCC SENIOR LOAN FUND I, LLC
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2023
(in thousands)
Portfolio Company (a)
Index (b)
Spread(b)
Interest Rate (b)
MaturityPrincipalFair Value
LSCS Holdings, Inc.SF4.61 %9.97 %12/15/20281,809 $1,786 
Natus Medical IncorporatedSF5.50 %10.85 %7/20/20294,950 4,604 
Paragon Healthcare, Inc.SF5.85 %11.25 %1/19/20272,105 2,083 
Paragon Healthcare, Inc.SF5.75 %11.22 %1/19/2027363 359 
Paragon Healthcare, Inc. (Revolver) (d)
SF5.75 %11.22 %1/19/2027490 — 
Radiology Partners, Inc.SF4.68 %10.18 %7/9/20254,737 3,844 
19,354 16,475 
High Tech Industries
Corel Inc. (c)
SF5.10 %10.49 %7/2/20263,400 3,323 
Lightbox Intermediate, L.P.SF5.26 %10.61 %5/11/20264,775 4,632 
TGG TS Acquisition CompanySF6.61 %11.97 %12/12/20252,885 2,791 
11,060 10,746 
Hotels, Gaming & Leisure
Excel Fitness Holdings, Inc.SF5.40 %10.75 %4/27/20294,320 4,308 
Excel Fitness Holdings, Inc. (Revolver) (d)
SF5.40 %10.75 %4/28/2028625 — 
North Haven Spartan US Holdco, LLCSF6.25 %11.63 %6/6/20252,250 2,241 
Tait LLCSF4.50 %10.00 %3/28/20254,040 4,026 
Tait LLC (Revolver) (d)
SF4.50 %10.00 %3/28/2025769 — 
12,004 10,575 
Media: Diversified & Production
Research Now Group, Inc. and Survey Sampling International, LLCSF5.76 %11.14 %12/20/20246,580 4,914 
STATS Intermediate Holdings, LLCSF5.51 %10.88 %7/10/20264,800 4,684 
TA TT Buyer, LLCSF5.00 %10.35 %3/30/20293,292 3,275 
14,672 12,873 
Services: Business
CHA Holdings, IncSF4.61 %9.97 %4/10/20251,939 1,908 
CHA Holdings, IncSF4.61 %9.97 %4/10/2025409 402 
Eliassen Group, LLCSF5.50 %10.85 %4/14/20283,218 3,152 
Eliassen Group, LLC (Delayed Draw) (d)
SF5.50 %10.86 %4/14/2028739 227 
Engage2Excel, Inc.SF7.35 %12.53 %7/1/20243,918 3,918 
Engage2Excel, Inc.SF7.35 %12.53 %7/1/2024707 707 
Engage2Excel, Inc. (Revolver)SF7.35 %12.53 %7/1/2024550 550 
Output Services Group, Inc.SF6.68 %
12.07% (e)
11/30/20281,042 1,041 
Secretariat Advisors LLCSF5.01 %10.36 %12/29/20281,676 1,676 
Secretariat Advisors LLCSF5.01 %10.36 %12/29/2028267 267 
SIRVA Worldwide Inc.SF5.76 %11.15 %8/4/20251,750 1,556 
Teneo Holdings LLCSF5.35 %10.71 %7/11/20254,787 4,791 
21,002 20,195 
Services: Consumer
360Holdco, Inc.SF5.60 %10.96 %8/1/20252,124 2,124 
360Holdco, Inc.SF5.60 %10.96 %8/1/2025821 821 
Laseraway Intermediate Holdings II, LLCSF5.75 %11.41 %10/14/20272,178 2,153 
McKissock Investment Holdings, LLCSF5.00 %10.54 %3/9/20292,456 2,459 
7,579 7,557 
Telecommunications
Intermedia Holdings, Inc.SF6.11 %11.47 %7/21/20251,742 1,687 
Mavenir Systems, Inc.SF5.01 %10.39 %8/18/20281,638 1,159 
Sandvine CorporationSF4.50 %9.97 %10/31/20251,973 1,598 
5,353 4,444 
Transportation: Cargo
Keystone Purchaser, LLCSF6.18 %11.53 %5/7/20274,905 4,868 
4,905 4,868 
Utilities: Oil & Gas
Dresser Utility Solutions, LLCSF4.10 %9.46 %10/1/20251,660 1,602 
Dresser Utility Solutions, LLCSF5.35 %10.71 %10/1/2025243 239 
1,903 1,841 
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MRCC SENIOR LOAN FUND I, LLC
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2023
(in thousands)
Portfolio Company (a)
Index (b)
Spread(b)
Interest Rate (b)
MaturityPrincipalFair Value
Wholesale
HALO Buyer, Inc.SF4.60 %9.96 %6/30/20254,723 $3,570 
4,723 3,570 
Total Non-Controlled/Non-Affiliate Senior Secured Loans154,006 139,373 
Equity Securities (f) (g)
Consumer Goods: Durable
Elevate Textiles, Inc. (fka International Textile Group, Inc.) (25,524 shares of common units)
(h)
26 103 
26 103 
Chemicals, Plastics & Rubber
Polyventive Lender Holding Company LLC (0.84% of the equity)
(h)
—  
— — 
Services: Business
Output Services Group, Inc. (51,370 Class A units)
(h)
51 438 
51 438 
Total Non-Controlled/Non-Affiliate Equities77 541 
TOTAL INVESTMENTS$139,914 

(a)All investments are U.S. companies unless otherwise noted.
(b)The majority of investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “SF”) or Prime (“P”) which reset daily, monthly, quarterly or semiannually. We have provided the spread over SOFR or Prime and the current contractual rate of interest in effect at December 31, 2023. Certain investments may be subject to an interest rate floor or cap. Certain investments contain a PIK provision.
(c)This is an international company.
(d)All or a portion of this commitment was unfunded as of December 31, 2023. As such, interest is earned only on the funded portion of this commitment. Principal reflects the commitment outstanding.
(e)This position was on non-accrual status as of December 31, 2023, meaning that we have ceased accruing interest income on the position.
(f)Represents less than 5% ownership of the portfolio company’s voting securities.
(g)Ownership of certain equity investments may occur through a holding company partnership.
(h)Represents a non-income producing security.

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Below is certain summarized financial information for SLF as of March 31, 2024 and December 31, 2023, and for the three months ended March 31, 2024 and 2023 (in thousands):
March 31, 2024December 31, 2023
(unaudited)
Assets
Investments, at fair value$116,439 $139,914 
Cash and cash equivalents2,335 1,884 
Restricted cash and cash equivalents4,842 5,265 
Interest receivable1,248 1,380 
Other assets— 
Total assets$124,864 $148,449 
Liabilities
Revolving credit facility$58,014 $82,014 
Less: Unamortized deferred financing costs(518)(717)
Total debt, less unamortized deferred financing costs57,496 81,297 
Interest payable446 590 
Payable for open trades592 — 
Accounts payable and accrued expenses349 320 
Total liabilities58,883 82,207 
Members’ capital65,981 66,242 
Total liabilities and members’ capital$124,864 $148,449 
Three months ended March 31,
20242023
(unaudited)
Investment income:
Interest income$4,038 $5,143 
Total investment income4,038 5,143 
Expenses:
Interest and other debt financing expenses1,690 2,352 
Professional fees and other expenses227 206 
Total expenses1,917 2,558 
Net investment income2,121 2,585 
Net gain (loss):
Net realized gain (loss)36 (540)
Net change in unrealized gain (loss)(618)264 
Net gain (loss)(582)(276)
Net increase (decrease) in members’ capital$1,539 $2,309 
Related Party Transactions

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

·We have an Investment Advisory and Management Agreement with MC Advisors, an investment advisor registered with the SEC, to manage our day-to-day operating and investing activities. We pay MC Advisors a fee for its services under the Investment Advisory and Management 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.

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We have an Investment Advisory and Management 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 and Management 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.

·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. Aaron D. Peck, our Chief Financial Officer and Chief Investment Officer, serves as a director on our Board and 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.

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We have an Administration Agreement with MC Management to provide us with the office facilities and administrative services necessary to conduct our day-to-day operations. See Note 6 to our consolidated financial statements for additional information.
SLF has an administration agreement with MC Management to provide SLF with certain loan servicing and administrative functions. SLF may reimburse MC Management for its allocable share of overhead and other expenses incurred by MC Management. See Note 3 to our consolidated financial statements and “Liquidity and Capital Resources - MRCC Senior Loan Fund I, LLC” for additional information.
Theodore L. Koenig, our Chief Executive Officer and Chairman of our Board is also a manager of MC Advisors and the Chief Executive Officer of MC Management. Lewis W. Solimene, Jr., our Chief Financial Officer and Chief Investment Officer, is also a managing director of MC Management.
We have a license agreement with Monroe Capital LLC, under which Monroe Capital LLC has agreed to grant us a non-exclusive, royalty-free license to use the name “Monroe Capital” for specified purposes in our business.
In addition, we have adopted a formal code of ethics that governs the conduct of MC Advisors’ officers, directors and employees. Our officers and directors also remain subject to the duties imposed by both the 1940 Act and Maryland General Corporation Law.

Commitments and Contingencies and Off-Balance Sheet Arrangements

Commitments and Contingencies

As of September 30, 2017March 31, 2024 and December 31, 2016,2023, we had $33.1 million and $37.7 million, respectively, in outstanding commitments to fund investments under undrawn revolvers, capital expenditure loans and delayed draw commitments.commitments and subscription agreements, excluding unfunded commitments in SLF, totaling $37.3 million and $37.2 million, respectively. As of March 31, 2024 and December 31, 2023, we had unfunded commitments to SLF of $7.3 million, that may be contributed primarily for the purpose of funding new investments approved by the SLF investment committee. Drawdowns of the commitments to SLF require authorization from one of our representatives on SLF’s board of managers. Additionally, we have entered into certain contracts with other parties that contain a variety of indemnifications. Our maximum exposure under these arrangements is unknown. However, we have not experienced claims or losses pursuant to these contracts and believe the risk of loss related to such indemnifications to be remote.

Off-Balance Sheet Arrangements

We

Other than contractual commitments and other legal contingencies incurred in the normal course of our business, we do not have noany off-balance sheet arrangements that havefinancings or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

liabilities.

Market Trends

We have identified the following general trends that may affect our business:

Target Market: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: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.

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Demand for Debt Capital: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: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 ishas 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 increasingly riskiernew assets.

Pricing and Deal Structures:Structures: We believe that the volatility in global markets over the last several years and current macroeconomic issues such as a weakened U.S. economyincluding 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. RecentSizable recent capital raises in the BDC and investment companyprivate debt marketplace have created significantly increased competition;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.

Recent Developments

On November 1, 2017, we announced the formation of a joint venture with NLV Financial Corporation (“NLV”), the parent of National Life Insurance Company, to create MRCC Senior Loan Fund I, LLC (the “Senior Loan Fund”). The Senior Loan Fund is expected to invest primarily in senior secured loans to

Market Environment: We believe middle market companiesinvestments are attractive in the United States. Monroe Capital Corporationuncertain market environments such as the current market environment where inflationary pressure and NLVinterest rates remain elevated. Directly originated middle market loans have each initially committed $50.0 milliondemonstrated the ability to outperform competing markets through varying economic cycles including downturns and prior periods of monetary policy tightening. Through the global financial crisis, the higher interest rate environment in 2005-2006, market bottom in 2008 and the subsequent recovery period, as well as throughout the COVID-19 pandemic, these investments have historically generated considerable yield premium with more favorable capital structures for lenders, resulting in higher returns when compared to the joint venture. In addition,market for U.S. high yield bonds and U.S. traded loans.(1) Middle market direct lending also offers a natural hedge to higher interest rates with floating rate structures that benefit from higher interest rates, while providing broad diversification in an environment where there is a risk of increased default rate activity. We believe that direct lending volumes will continue outpacing syndicated loan transaction volumes due to capital requirements and liquidity constraints faced by banks. Since the Senior Loan Fund intendsfourth quarter of 2022, the middle market saw a consistent trend toward lower leverage and loan-to-value structures coupled with increased spreads. However, as M&A activity began to obtain third party financingincrease as the year progressed, spreads began to stabilize in certain pockets of the market.(2) That said, we note that is expecteda softening macroeconomic environment and elevated interest rates could result in increased default rates. If default rates become more prevalent, we would expect to experience decreased net interest income, lower yields and increased risk of credit loss. However, we believe that Monroe Capital’s scale, product suite, diversification, and strong historical recovery rate track record will continue to allow the joint ventureus to accessfind attractive investment opportunities and navigate this uncertain market levels of leverage. 

environment while generating attractive risk-adjusted returns.

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(1)As of September 30, 2023. Credit Suisse for US Traded Loans represented by the Credit Suisse Leveraged Loan Index.

Bloomberg Indices for US Credit. Cliffwater for Direct Lending by the Cliffwater Direct Lending Index (CDLI). ICE,     Bank of America for US High Yield represented by the ICE BofA High Yield Index.

(2)Refinitiv LPC’s 4Q23 Sponsored Middle Market Private Deals Analysis – January 2024.
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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 isare capitalized, and then we then 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 limited liability company (“LLC”)LLC and limited partnership (“LP”)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

For periods prior to September 30, 2022, the Board determined the fair value of our investments in good faith on a BDC, we generally investquarterly basis. On September 30, 2022, pursuant to SEC Rule 2a-5 under the 1940 Act, the Board designated MC Advisors as our valuation designee (the “Valuation Designee”). The Board is responsible for oversight of the Valuation Designee. The Valuation Designee has established a valuation committee to determine in illiquid securities including debtgood faith the fair value of our investments, based on input of the Valuation Designee’s management and personnel and independent valuation firms which are engaged at the direction of the valuation committee to assist in the valuation of certain portfolio investments lacking a readily available market quotation. The valuation committee determines fair values pursuant to a lesser extent, equity securities of middle-market companies. valuation policy approved by the Board and pursuant to a consistently applied valuation process.
Under procedures established by our Board, we valuethe valuation policy, the Valuation Designee values investments for which market quotations are readily available and within a recent date at such market quotations. We obtain these market values from an independent pricing service or at the mean between the bid and ask prices obtained from at least two brokers or dealers (if available, otherwise by a principal market maker or a primary market dealer). When doing so, we determinethe the Valuation Designee determines whether the quote obtained is sufficient in accordance with generally accepted accounting principles in the United States of America (“GAAP”) to determine the fair value of the security. Debt and equity 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 any other situation where portfolio investments require a fair value determination.Valuation Designee. Because we expect that there will not be a readily available market for many of the investments in our portfolio, we expect to value many of our portfolio investments at fair value as determined in good faith by our BoardValuation Designee using a documented valuation policy and a consistently applied valuation process. Such determination of fair values may involve subjective judgments and estimates. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material.

If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize amounts that are different from the amounts presented and such differences could be material.

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With respect to investments for which market quotations are not readily available, our Boardthe Valuation Designee undertakes a multi-step valuation process each quarter, as described below:

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

·preliminary valuation conclusions are then documented and discussed with the investment committee;

·our Board engages one or more independent valuation firm(s) to conduct fair value appraisals of material investments for which market quotations are not readily available. These fair value appraisals for material investments are received at least once in every calendar year for each portfolio company investment, but are generally received quarterly;

·our audit committee of the Board reviews the preliminary valuations of MC Advisors and of the independent valuation firm(s) and responds and supplements the valuation recommendations to reflect any comments; 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.

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The Board, togetherthe quarterly valuation process begins with each portfolio company or investment being initially evaluated and rated by the investment professionals of the Valuation Designee responsible for the credit monitoring of the portfolio investment;

our Valuation Designee engages an independent valuation firms,firm to conduct independent appraisals of a selection of investments for which market quotations are not readily available. We will consult with an independent valuation firm relative to each portfolio company at least once in every calendar year, but the independent appraisals are generally received quarterly for each investment;
to the extent an independent valuation firm is not engaged to conduct an investment appraisal on an investment for which market quotations are not readily available, the investment will be valued by the Valuation Designee;
preliminary valuation conclusions are then documented and discussed with the valuation committee of the Valuation Designee;
the valuation conclusions are approved by the valuation committee of the Valuation Designee; and
a report prepared by the Valuation Designee is presented to the Board quarterly to allow the Board to perform its oversight duties of the valuation process and the Valuation Designee.
The Valuation Designee generally uses the yieldincome 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, wethe Valuation Designee may consider other factors in determining the fair value, including the value attributable to the debt investment from the enterprise value of the portfolio company under the market approach or the proceeds that would be received in a liquidation analysis. WeThis liquidation analysis may also include probability weighting of alternative outcomes. The Valuation Designee generally considerconsiders our debt to be performing if the borrower is not in default, the borrower is remitting payments in a timely manner;manner, the loan is in covenant compliance orand the loan is otherwise not deemed to be impaired. In determining the fair value of the performing debt, the CompanyValuation Designee considers fluctuations in current interest rates, the trends in yields of debt instruments with similar credit ratings, financial condition of the borrower, economic conditions and other relevant factors, both qualitative and quantitative. In the event that a debt instrument is not performing, as defined above, wethe Valuation Designee will evaluate the value of the collateral utilizing the same framework described above for a performing loan to determine the value of the loan.

debt instrument.

Under the yieldincome approach, we utilize 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 yieldincome approach, wethe Valuation Designee also considerconsiders the following factors: applicable market yields and leverage levels, recent transactions, credit quality, prepayment penalties, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, and changes in the interest rate environment and the credit markets that generally may affect the price at which similar investments may be made.

Under the market approach, we typically use 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 derivethe Valuation Designee derives a single estimate of enterprise value. In estimating the enterprise value of a portfolio company, wethe Valuation Designee analyzes various factors consistent with industry practice, including but not limited to original transaction multiples, the portfolio company’s historical and projected financial results, applicable market trading and transaction comparables, applicable market yields and leverage levels, the nature and realizable value of any collateral, the markets in which the portfolio company does business, and comparisons of financial ratios of peer companies that are public. Typically, the enterprise values of private companies are based on multiples of earnings before interest, income taxes, depreciation and amortization (“EBITDA”), cash flows, net income, revenues, or in limited cases, book value.

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In addition, for certain debt investments, the Valuation Designee may base its valuation on indicative bid and ask prices provided by an independent third-party pricing service. Bid prices reflect the highest price that we and others may be willing to pay. Ask prices represent the lowest price that we and others may be willing to accept. The Valuation Designee generally use the midpoint of the bid/ask range as our best estimate of fair value of such investment.
As of March 31, 2024, our Valuation Designee determined, in good faith, the fair value of our investment portfolio in accordance with GAAP and our valuation procedures based on the facts and circumstances known by us at that time, or reasonably expected to be known at that time.
Net Realized GainsGain or LossesLoss and Net Change in Unrealized Gain or Loss

We measure realized gainsgain or lossesloss 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 gainsgain or losses areloss is realized. Additionally, we do not isolate the portion of 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 in fair value on our consolidated statements of operations. We report changes in the fair value of secured borrowings that are measured at fair value as a component of the net change in unrealized gain (loss) on secured borrowings in the consolidated statements of operations. The impact resulting from changes in foreign exchange rates on the revolving credit facility borrowings is included in change in unrealized gain (loss) on foreign currency borrowings.

Capital Gains Incentive Fee

Pursuant to the terms of the Investment Advisory and Management 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 advisoryInvestment Advisory and administrative services agreement)Management Agreement). This fee equals 20% of our incentive fee capital gains (i.e., our realized capital gains on a cumulative basis from inception, calculated as of the end of the applicable period, net of all realized capital losses and unrealized capital depreciation on a cumulative basis), less the aggregate amount of any previously paid capital gains incentive fees. On a quarterly basis, we accrue for the capital gains incentive fee by calculating such fee as if it were due and payable as of the end of such period.

While the Investment Advisory and Management Agreement with MC Advisors neither includes nor contemplates the inclusion of unrealized gains in the calculation of the capital gains incentive fee, pursuant to an interpretation of an American Institute for Certified Public Accountants Technical Practice Aid for investment companies, we include unrealized gains in the calculation of the capital gains incentive fee expense and related accrued capital gains incentive fee. This accrual reflects the incentive fees that would be payable to MC Advisors if our entire portfolio was liquidated at its fair value as of the balance sheet date even though MC Advisors is not entitled to an incentive fee with respect to unrealized gains unless and until such gains are actually realized.

During both the three months ended September 30, 2017,March 31, 2024 and 2023, we did not accrue capital gains incentive fees. During the nine months ended September 30, 2017, we had a reductionhave any further reductions in accrued capital gains incentive fees of $0.2 million,as they were already at zero, primarily as a result of net declines in portfolio valuations during the period. During the three months ended September 30, 2016, we had a reduction in accrued capital gains incentive fees of $0.1 million, as a result of net declines in portfolio valuations during the period. During the nine months ended September 30, 2016, we did not accrue any capital gains incentive fees basedaccumulated realized and unrealized losses on the performance of our portfolio.

New Accounting Pronouncements

In May 2014,March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09,Revenue from Contracts with Customers(ASC Topic 606) (“ASU 2014-09”2020-04, Reference Rate Reform (“ASU 2020-04”). The core principle ofamendments in ASU 2014-09 is that an entity should recognize revenue2020-04 provide optional expedients and exceptions for applying GAAP to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: Step 1: Identify the contract(s) with a customer. Step 2: Identify the performance obligations in the contract. Step 3: Determine the transaction price. Step 4: Allocate the transaction price to the performance obligations in the contract. Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation.

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ASU 2014-09 also specified the accounting for some costs to obtain or fulfill a contract with a customer. In addition, ASU 2014-09 requires that an entity disclose sufficient information to enable users of financial statements to understand the nature, amount, timingcontracts, hedging relationships, and uncertainty of revenue and cash flows arising from contracts with customers.other transactions affected by reference rate reform if certain criteria are met. The initial effective date of ASU 2014-09 was for fiscal periods beginning after December 15, 2016. However, in August 2015, the FASB issued ASU 2015-14,Revenue from Contracts with Customers (ASC Topic 606): Deferral of the Effective Date, which deferred the effective date to fiscal periods beginning after December 15, 2017. Management is currently evaluating the impact these changes will have on our consolidated financial statements and disclosures.

In January 2016, the FASB issued ASU 2016-01, Financial Instruments — Overall (Subtopic 825-10):Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). ASU 2016-01 retains many current requirements for the classification and measurement of financial instruments; however, it significantly revises an entity’s accounting related to (1) the classification and measurement of investments in equity securities and (2) the presentation of certain fair value changes for financial liabilities measured at fair value. ASU 2016-01 also amends certain disclosure requirements associated with the fair value of financial instruments. This guidancestandard is effective for annualas of March 12, 2020 through December 31, 2024. We did not utilize the optional expedients and interim periods beginning after December 15, 2017, and early adoption is not permitted for public business entities. Management is currently evaluating the impact these changes will have on our consolidated financial statements and disclosures.

In October 2016, the SEC adopted new rules and amended rules (together “final rules”) intended to modernize the reporting and disclosures of informationexceptions provided by registered investment companies. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X was August 1, 2017. We have adopted the final rules, as applicable, and the revised presentation is reflected in our consolidated financial statements for the periods presented.

In November 2016, the FASB issued ASU 2016-18,Statement of Cash Flows (Topic 230):Restricted Cash (“ASU 2016-18”). ASU 2016-18 requires that the statements of cash flows explain the change2020-04 during the period in the total of cash, cash equivalents,three months ended March 31, 2024 and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statements of cash flows. The new guidance is effective for annual and interim periods, beginning after December 15, 2017, and early adoption is permitted and is to be applied on a retrospective basis. We have adopted ASU 2016-18 and the revised presentation is reflected in our consolidated financial statements for the periods presented.

2023.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are subject to financial market risks, including changesvaluation risk, interest rate risk, currency risk and inflation and supply chain risk. The prices of securities held by us may decline in response to certain events, including those directly involving the companies we invest in; conditions affecting the general economy; overall market changes; legislative reform; local, regional, national or global political, social or economic instability, including related to the elevated inflation; and interest rates. rate fluctuations.
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Valuation Risk
Our investments may not have readily available market quotations (as such term is defined in Rule 2a-5, under the 1940 Act), and those investments which do not have readily available market quotations are valued at fair value as determined in good faith by our Valuation Designee in accordance with our valuation policy. There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Because of the inherent uncertainty of valuation, these estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and it is possible that the difference could be material.
In accordance with Rule 2a-5, under the 1940 Act, our Board periodically assesses and manages material risks associated with the determination of the fair value of our investments.
Interest Rate Risk
The majority of the loans in our portfolio have floating interest rates, and we expect that our loans in the future may also have floating interest rates. These loans are usually based on a floating LIBORSOFR 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 which havethat will effectively convertedconvert the loans to fixed rate loans in the currentevent interest rate environment.rates decrease. In addition, our revolving credit facility has a floating interest rate provision, and wewhereas our 2026 Notes have fixed interest rates until maturity. We expect that other credit facilities into which we may enter in the future may also have floating interest rate provisions.

Assuming that the consolidated statement of financial conditionassets and liabilities as of September 30, 2017 wereMarch 31, 2024 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.rates (in thousands):
Change in Interest RatesIncrease
(decrease) in
interest income
Increase
(decrease) in
interest expense
Net increase
(decrease) in net
investment income (1)
Down 25 basis points$(1,028)$(479)$(549)
Up 100 basis points4,170 1,923 2,247 
Up 200 basis points8,306 3,840 4,466 
Up 300 basis points12,442 5,757 6,685 

  Increase (decrease) in  Increase (decrease) in  Net increase (decrease) in 
Change in Interest Rates interest income  interest expense  net investment income 
  (in thousands)
Down 25 basis points $(863) $(152) $(711)
Up 100 basis points  3,851   606   3,245 
Up 200 basis points  7,907   1,212   6,695 
Up 300 basis points  11,964   1,818   10,146 

(1)Excludes the impact of income-based incentive fees. See Note 6 for more information on income-based incentive fees.
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.

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Currency Risk
We may also have exposure to foreign currencies (currently the Great Britain pound) related to certain investments. Such investments are translated into U.S. dollars based on the spot rate at each balance sheet date, exposing us to movements in the exchange rate. In order to reduce our exposure to fluctuations in exchange rates, we generallymay borrow in Great Britain poundsforeign currency under our revolving credit facility to finance such investments.investments or we may enter into foreign currency forward contracts. As of September 30, 2017,March 31, 2024, we have non-U.S. dollar borrowings denominatedheld no investments in Great Britain poundsforeign currencies or foreign currency forward contracts.
Inflation and Supply Chain Risk
Economic activity has continued to accelerate across sectors and regions. Nevertheless, due to global supply chain issues, geopolitical events, a rise in energy prices and strong consumer demand as economies continue to reopen, inflation is showing signs of £1.8 million ($2.4 millionacceleration in the U.S. dollars) outstanding underand globally. Inflation is likely to continue in the revolving credit facility.

near to medium-term, particularly in the U.S., with the possibility that monetary policy may tighten in response. Persistent inflationary pressures could affect our portfolio companies’ profit margins.

ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures
In accordance with Rules 13a-15(b) and 15d-15(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), we, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act). Based on that evaluation, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that, at the end of the period covered by 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.

Changes in Internal Control Over Financial Reporting
No change occurred in our internal control over financial reporting (as defined in RuleRules 13a-15(f) and 15d-15(f) of the Exchange Act) during the ninethree months ended September 30, 2017March 31, 2024 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II

OTHER INFORMATION

Item 1. Legal Proceedings

Neither

We are subject to certain legal proceedings, from time to time, in the ordinary course of business. From time to time, we, our executive officers, directors and our investment adviser may, in the ordinary course of business, be named as defendants in litigation arising from our investments in our portfolio companies and may, as a result, incur significant costs and expenses in connection with such litigation. We and our investment adviser are also subject to extensive regulation, which may result in regulatory proceedings or investigations against us or our investment adviser, respectively. While the outcome of any such future legal or regulatory proceedings cannot be predicted with certainty, neither us nor our investment adviser are currently subject toexpect that any such future proceedings will have a material legal proceedings.

effect upon our financial condition or results of operations.

Item 1A. Risk Factors

None.

You should carefully consider information contained in this quarterly report on Form 10-Q, including our interim consolidated financial statements and the related notes thereto, before making a decision to purchase our securities. There have been no material changes known to us during the quarter ended March 31, 2024 to the risk factors discussed in “Risk Factors” in Part I, Item 1A of our annual report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 11, 2024. The risks and uncertainties described in our annual report on Form 10-K are not the only ones we may face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results. If any of the risks listed in our annual report on Form 10-K actually occur, our business, financial condition or results of operations could be materially adversely affected. If that happens, you may lose all or part of your investment.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

None.

Not applicable.
Item 5. Other Information

None.

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Rule 10b5-1 Trading Plans

During the quarter ended March 31, 2024, no director or officer of the Company has entered into any (i) contract, instruction or written plan for the purchase or sale of securities of the registrant intended to satisfy the alternative defense conditions of Rule 10b5-1(c) under the Exchange Act or (ii) any non-Rule 10b5-1 trading arrangement. The Company has adopted insider trading policies and procedures governing the purchase, sale, and disposition of the Company’s securities by officers and directors of the Company that are reasonably designed to promote compliance with insider trading laws, rules and regulations.
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Item 6. Exhibits

Exhibit
Exhibit
Number
Description of Document
3.1
31.1
3.2
31.1
31.2
32.1

101.INS52Inline XBRL Instance Document
101.SCHInline XBRL Taxonomy Extension Schema Document
101.CALInline XBRL Taxonomy Calculation Linkbase Document
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document
101.LABInline XBRL Taxonomy Extension Labels Linkbase Document
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document
104Cover Page Interactive Data File (Embedded within the Inline XBRL document and included in Exhibit)

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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: November 7, 2017May 8, 2024By/s/ Theodore L. Koenig

Theodore L. Koenig

Chairman, Chief Executive Officer and Director

(Principal Executive Officer)

Monroe Capital Corporation
Date: November 7, 2017May 8, 2024By/s/ Aaron D. Peck Lewis W. Solimene, Jr.
Lewis W. Solimene, Jr.

Aaron D. Peck

Chief Financial Officer and Chief Investment Officer and Director

(Principal Financial and Accounting Officer)

Monroe Capital Corporation

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