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Corp, Senior Loans, Due 7/30/20282022-12-310001742313XanEdu Publishing, Inc. (Revolver), Senior Secured Loans, Due 2/14/20252022-12-310001742313NQ PE Project Colosseum Midco Inc, Senior Secured Loans, Due 10/4/20282022-01-012022-12-311/28/20252022-01-012022-12-310001742313mcip:DividendRecordDateOneMember2022-01-012022-09-30

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended JuneSeptember 30, 2023

OR

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

Commission file number: 814-01301

MONROE CAPITAL INCOME PLUS CORPORATION

(Exact Name of Registrant as Specified in its Charter)

Maryland

    

83-0711022

(State or Other Jurisdiction of
Incorporation or Organization)

 

(I.R.S. Employer
Identification No.)

 

 

 

311 South Wacker Drive, Suite 6400
ChicagoIllinois

 

60606

(Address of Principal Executive Office)

 

(Zip Code)

(312258-8300

(Registrant’s Telephone Number, Including Area Code)

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

Title of Each Class

    

Trading Symbol(s)

    

Name of Each Exchange on Which Registered

None

 

N/A

 

N/A

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and, (2) has been subject to such filing requirements for the past 90 days. Yes      No  ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes     No  ¨

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

Large accelerated filer

Accelerated filer

 

 

 

 

Non-accelerated filer

Smaller reporting company

 

 

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

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

As of AugustNovember 10, 2023, the registrant had 92,338,550110,418,299 shares of common stock, $0.001 par value, outstanding.

Table of Contents

TABLE OF CONTENTS

Page

PART I. FINANCIAL INFORMATION

Item 1.

Consolidated Financial Statements

3

Consolidated Statements of Assets and Liabilities as of JuneSeptember 30, 2023 (unaudited) and December 31,2022

3

Consolidated Statements of Operations for the three and sixnine months ended JuneSeptember 30, 2023 and 2022 (unaudited)

4

Consolidated Statements of Changes in Net Assets for the three and sixnine months ended JuneSeptember 30, 2023 and 2022 (unaudited)

5

Consolidated Statements of Cash Flows for the sixnine months ended JuneSeptember 30, 2023 and 2022 (unaudited)

6

Consolidated Schedules of Investments as of JuneSeptember 30, 2023 (unaudited) and December 31, 2022

7

Notes to Consolidated Financial Statements (unaudited)

32

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

6163

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

8488

Item 4.

Controls and Procedures

8589

PART II. OTHER INFORMATION

8690

Item 1.

Legal Proceedings

8690

Item 1A.

Risk Factors

8690

Item 2.

Unregistered Sales of Equity Securities, and Use of Proceeds and Issuer Purchases of Equity Securities

8892

Item 3.

Defaults Upon Senior Securities

8993

Item 4.

Mine Safety Disclosures

8993

Item 5.

Other Information

8993

Item 6.

Exhibits

9094

Signatures

9195

2

Table of Contents

Part I. Financial Information

Item 1. Consolidated Financial Statements

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(in thousands, except per share data)

    

June 30, 2023

    

December 31, 2022

(unaudited)

ASSETS

 

  

 

  

Investments, at fair value:

 

  

 

  

Non-controlled/non-affiliate company investments

$

1,721,423

$

1,429,808

Non-controlled affiliate company investments

 

43,351

 

39,188

Total investments, at fair value (amortized cost of: $1,759,333 and $1,465,352, respectively)

 

1,764,774

 

1,468,996

Cash

 

10,154

 

5,716

Restricted cash

 

58,333

 

46,488

Unrealized gain on foreign currency forward contracts

 

 

1,296

Interest and dividend receivable

 

19,721

 

12,656

Other assets

 

231

 

9,490

Total assets

 

1,853,213

 

1,544,642

LIABILITIES

 

  

 

  

Debt

 

885,548

 

763,400

Less: Unamortized deferred financing costs

 

(10,197)

 

(11,914)

Debt, less unamortized deferred financing costs

 

875,351

 

751,486

Interest payable

 

8,876

 

7,289

Unrealized loss on foreign currency forward contracts

1,863

Payable for unsettled trades

743

13,690

Management fees payable

 

5,382

 

4,252

Incentive fees payable

 

4,409

 

3,304

Accounts payable and accrued expenses

 

12,496

 

9,705

Total liabilities

 

909,120

 

789,726

Net assets

$

944,093

$

754,916

Commitments and contingencies (See Note 11)

 

  

 

  

ANALYSIS OF NET ASSETS

 

  

 

  

Common stock, $0.001 par value, 300,000 and 100,000 shares authorized, respectively, 92,339 and 74,533 shares issued and outstanding, respectively

$

92

$

75

Capital in excess of par value

 

925,785

 

744,404

Accumulated undistributed (overdistributed) earnings

 

18,216

 

10,437

Total net assets

$

944,093

$

754,916

Net asset value per share

$

10.22

$

10.13

    

September 30, 2023

    

December 31, 2022

(unaudited)

ASSETS

 

  

 

  

Investments, at fair value:

 

  

 

  

Non-controlled/non-affiliate company investments

$

1,928,640

$

1,429,808

Non-controlled affiliate company investments

 

45,493

 

39,188

Total investments, at fair value (amortized cost of: $1,971,360 and $1,465,352, respectively)

 

1,974,133

 

1,468,996

Cash

 

7,563

 

5,716

Restricted cash

 

72,354

 

46,488

Unrealized gain on foreign currency forward contracts

 

85

 

1,296

Interest and dividend receivable

 

28,555

 

12,656

Receivable for unsettled trades

3,341

Other assets

 

398

 

9,490

Total assets

 

2,086,429

 

1,544,642

LIABILITIES

 

  

 

  

Debt

 

931,469

 

763,400

Less: Unamortized deferred financing costs

 

(10,873)

 

(11,914)

Debt, less unamortized deferred financing costs

 

920,596

 

751,486

Interest payable

 

10,777

 

7,289

Payable for unsettled trades

13,690

Management fees payable

 

6,206

 

4,252

Incentive fees payable

 

4,937

 

3,304

Accounts payable and accrued expenses

 

12,139

 

9,705

Directors’ fees payable

22

Total liabilities

 

954,677

 

789,726

Net assets

$

1,131,752

$

754,916

Commitments and contingencies (See Note 11)

 

  

 

  

ANALYSIS OF NET ASSETS

 

  

 

  

Common stock, $0.001 par value, 300,000 and 100,000 shares authorized, respectively, 110,418 and 74,533 shares issued and outstanding, respectively

$

110

$

75

Capital in excess of par value

 

1,110,542

 

744,404

Accumulated undistributed (overdistributed) earnings

 

21,100

 

10,437

Total net assets

$

1,131,752

$

754,916

Net asset value per share

$

10.25

$

10.13

See Notes to Consolidated Financial Statements.

3

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except per share data)

Three months ended June 30,

Six months ended June 30,

2023

2022

2023

2022

Investment income:

    

  

    

  

    

  

    

  

Non-controlled/non-affiliate company investments:

 

  

 

  

 

  

 

  

Interest, fee and dividend income

$

48,325

$

16,060

$

91,482

$

31,605

Payment-in-kind interest income

 

1,621

 

956

 

3,733

 

1,634

Total investment income from non-controlled/non-affiliate company investments

 

49,946

 

17,016

 

95,215

 

33,239

Non-controlled affiliate company investments:

 

 

  

 

 

  

Interest income

 

614

 

187

 

1,197

 

351

Total investment income from non-controlled affiliate company investments

 

614

 

187

 

1,197

 

351

Total investment income

 

50,560

 

17,203

 

96,412

 

33,590

Operating expenses:

 

  

 

  

 

 

  

Interest and other debt financing expenses

 

13,066

 

4,702

 

25,155

 

7,982

Base management fees

 

5,382

 

2,678

 

10,229

 

5,474

Incentive fees

 

3,080

 

383

 

7,231

 

2,206

Professional fees

 

513

 

540

 

823

 

685

Administrative service fees

 

392

 

208

 

762

 

411

General and administrative expenses

 

557

 

304

 

1,062

 

514

Directors’ fees

 

23

 

22

 

46

 

37

Expenses before fee waivers

 

23,013

 

8,837

 

45,308

 

17,309

Base management fee waivers

 

 

(1,701)

 

 

(1,701)

Incentive fee waivers

 

 

(1,306)

 

 

(1,306)

Total operating expenses, net of fee waivers

 

23,013

 

5,830

 

45,308

 

14,302

Net investment income before income taxes

 

27,547

 

11,373

 

51,104

 

19,288

Income taxes, including excise taxes

 

189

 

1

 

384

 

1

Net investment income

 

27,358

 

11,372

 

50,720

 

19,287

Net gain (loss):

 

  

 

  

 

  

 

  

Net realized gain (loss):

 

  

 

  

 

  

 

  

Non-controlled/non-affiliate company investments

 

(1,604)

 

(42)

 

(660)

 

(17)

Foreign currency forward contracts

 

1,708

 

27

 

1,741

 

45

Foreign currency and other transactions

 

180

 

(13)

 

176

 

(13)

Net realized gain (loss)

 

284

 

(28)

 

1,257

 

15

Net change in unrealized gain (loss):

 

  

 

 

  

 

  

Non-controlled/non-affiliate company investments

 

(2,929)

 

(6,300)

 

1,075

 

(3,397)

Non-controlled/affiliate company investments

120

722

Foreign currency forward contracts

 

(3,272)

 

1,335

 

(3,159)

 

802

Foreign currency and other transactions

1

Net change in unrealized gain (loss)

 

(6,080)

 

(4,965)

 

(1,362)

 

(2,595)

Net gain (loss)

 

(5,796)

 

(4,993)

 

(105)

 

(2,580)

Net increase (decrease) in net assets resulting from operations

$

21,562

$

6,379

$

50,615

$

16,707

Per common share data:

 

  

 

 

  

 

  

Net investment income per share - basic and diluted

$

0.31

$

0.22

$

0.62

$

0.42

Net increase (decrease) in net assets resulting from operations per share - basic and diluted

$

0.25

$

0.12

$

0.62

$

0.37

Weighted average common shares outstanding - basic and diluted

 

87,873

 

52,248

 

82,020

 

45,526

Three months ended September 30,

Nine months ended September 30,

    

2023

    

2022

    

2023

    

2022

Investment income:

  

Non-controlled/non-affiliate company investments:

 

  

 

  

 

  

 

  

Interest, fee and dividend income

$

56,805

$

20,586

$

148,287

$

52,191

Payment-in-kind interest income

 

1,767

 

1,902

 

5,500

 

3,536

Total investment income from non-controlled/non-affiliate company investments

 

58,572

 

22,488

 

153,787

 

55,727

Non-controlled affiliate company investments:

 

 

  

 

 

Interest income

 

640

 

329

 

1,837

 

680

Total investment income from non-controlled affiliate company investments

 

640

 

329

 

1,837

 

680

Total investment income

 

59,212

 

22,817

 

155,624

 

56,407

Operating expenses:

 

  

 

  

 

 

  

Interest and other debt financing expenses

 

16,261

 

4,979

 

41,416

 

12,961

Base management fees

 

6,206

 

3,285

 

16,435

 

8,759

Incentive fees

 

4,332

 

1,647

 

11,563

 

3,853

Professional fees

 

495

 

334

 

1,318

 

1,019

Administrative service fees

 

450

 

352

 

1,212

 

763

General and administrative expenses

 

273

 

186

 

1,335

 

700

Directors’ fees

 

23

 

22

 

69

 

59

Expenses before fee waivers

 

28,040

 

10,805

 

73,348

 

28,114

Base management fee waivers

 

 

 

 

(1,701)

Incentive fee waivers

 

 

(162)

 

 

(1,468)

Total operating expenses, net of fee waivers

 

28,040

 

10,643

 

73,348

 

24,945

Net investment income before income taxes

 

31,172

 

12,174

 

82,276

 

31,462

Income taxes, including excise taxes

 

150

 

1

 

534

 

2

Net investment income

 

31,022

 

12,173

 

81,742

 

31,460

Net gain (loss):

 

  

 

  

 

  

 

  

Net realized gain (loss):

 

  

 

  

 

  

 

  

Non-controlled/non-affiliate company investments

 

38

 

 

(622)

 

(17)

Foreign currency forward contracts

 

(2)

 

39

 

1,739

 

84

Foreign currency and other transactions

 

(10)

 

(1)

 

166

 

(14)

Net realized gain (loss)

 

26

 

38

 

1,283

 

53

Net change in unrealized gain (loss):

 

  

 

 

  

 

  

Non-controlled/non-affiliate company investments

 

(3,977)

 

(2,140)

 

(2,902)

 

(5,537)

Non-controlled/affiliate company investments

1,309

83

2,031

83

Foreign currency forward contracts

 

1,948

 

1,541

 

(1,211)

 

2,343

Foreign currency and other transactions

1

1

Net change in unrealized gain (loss)

 

(720)

 

(515)

 

(2,082)

 

(3,110)

Net gain (loss)

 

(694)

 

(477)

 

(799)

 

(3,057)

Net increase (decrease) in net assets resulting from operations

$

30,328

$

11,696

$

80,943

$

28,403

Per common share data:

 

 

 

 

  

Net investment income per share - basic and diluted

$

0.31

$

0.20

$

0.92

$

0.62

Net increase (decrease) in net assets resulting from operations per share - basic and diluted

$

0.30

$

0.19

$

0.92

$

0.56

Weighted average common shares outstanding - basic and diluted

 

100,971

 

60,572

 

88,407

 

50,597

See Notes to Consolidated Financial Statements.

4

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(unaudited)

(in thousands)

Accumulated

Accumulated

Common Stock

undistributed

Common Stock

undistributed

Par

Capital in excess of

(overdistributed)

Total

Par

Capital in excess of

(overdistributed)

Total

Number of shares

value

par value

earnings

net assets

    

Number of shares

    

value

    

par value

    

earnings

    

net assets

Balances at March 31, 2022

    

48,956

    

$

49

    

$

486,091

    

$

11,471

    

$

497,611

Balances at June 30, 2022

    

56,348

$

56

$

561,229

$

7,675

$

568,960

Net investment income

 

 

 

 

11,372

 

11,372

 

 

 

 

12,173

 

12,173

Net realized gain (loss)

 

 

 

 

(28)

 

(28)

 

 

 

 

38

 

38

Net change in unrealized gain (loss)

 

 

 

 

(4,965)

 

(4,965)

 

 

 

 

(515)

 

(515)

Issuance of common stock

 

8,022

 

8

 

81,503

 

 

81,511

 

8,682

 

9

 

87,677

 

 

87,686

Repurchase of common stock

(975)

(1)

(9,868)

(9,869)

(139)

(1,406)

(1,406)

Distributions declared to stockholders

 

 

 

 

(10,175)

 

(10,175)

 

 

 

 

(11,839)

 

(11,839)

Stock issued in connection with dividend reinvestment plan

345

3,503

3,503

418

1

4,223

4,224

Balances at June 30, 2022

 

56,348

 

$

56

 

$

561,229

 

$

7,675

 

$

568,960

Balances at September 30, 2022

 

65,309

 

$

66

 

$

651,723

 

$

7,532

 

$

659,321

Balances at March 31, 2023

 

83,765

$

84

$

837,918

$

20,857

$

858,859

Balances at June 30, 2023

 

92,339

$

92

$

925,785

$

18,216

$

944,093

Net investment income

 

 

 

 

27,358

 

27,358

 

31,022

31,022

Net realized gain (loss)

 

 

 

 

284

 

284

 

26

26

Net change in unrealized gain (loss)

 

 

 

 

(6,080)

 

(6,080)

 

(720)

(720)

Issuance of common stock

 

8,321

 

8

 

85,283

 

 

85,291

 

17,653

18

180,404

180,422

Repurchase of common stock

(664)

(1)

(6,815)

(6,816)

(618)

(1)

(6,318)

(6,319)

Distributions declared to stockholders

 

 

 

 

(24,203)

 

(24,203)

 

(27,444)

(27,444)

Stock issued in connection with dividend reinvestment plan

917

1

9,399

9,400

1,044

1

10,671

10,672

Balances at June 30, 2023

 

92,339

$

92

$

925,785

$

18,216

$

944,093

Balances at September 30, 2023

 

110,418

$

110

$

1,110,542

$

21,100

$

1,131,752

Accumulated

Accumulated

Common Stock

undistributed

Common Stock

undistributed

Par

Capital in excess of

(overdistributed)

Total

Par

Capital in excess of

(overdistributed)

Total

Number of shares

value

par value

earnings

net assets

    

Number of shares

    

value

    

par value

    

earnings

    

net assets

Balances at December 31, 2021

    

36,565

    

$

37

    

$

360,955

    

$

8,456

    

$

369,448

36,565

$

37

$

360,955

$

8,456

$

369,448

Net investment income

 

 

 

 

19,287

 

19,287

 

 

 

 

31,460

 

31,460

Net realized gain (loss)

 

 

 

 

15

 

15

 

 

 

 

53

 

53

Net change in unrealized gain (loss)

 

 

 

 

(2,595)

 

(2,595)

 

 

 

 

(3,110)

 

(3,110)

Issuance of common stock

 

20,196

 

20

 

204,444

 

 

204,464

 

28,878

 

29

 

292,121

 

 

292,150

Repurchase of common stock

(975)

(1)

(9,868)

(9,869)

(1,114)

(1)

(11,274)

(11,275)

Distributions declared to stockholders

 

 

 

 

(17,488)

 

(17,488)

 

 

 

 

(29,327)

 

(29,327)

Stock issued in connection with dividend reinvestment plan

562

5,698

5,698

980

1

9,921

9,922

Balances at June 30, 2022

 

56,348

 

$

56

 

$

561,229

 

$

7,675

 

$

568,960

Balances at September 30, 2022

 

65,309

 

$

66

 

$

651,723

 

$

7,532

 

$

659,321

Balances at December 31, 2022

 

74,533

$

75

$

744,404

$

10,437

$

754,916

 

74,533

$

75

$

744,404

$

10,437

$

754,916

Net investment income

 

 

 

 

50,720

 

50,720

 

81,742

81,742

Net realized gain (loss)

 

 

 

 

1,257

 

1,257

 

1,283

1,283

Net change in unrealized gain (loss)

 

 

 

 

(1,362)

 

(1,362)

 

(2,082)

(2,082)

Issuance of common stock

 

17,796

 

17

 

181,251

 

 

181,268

 

35,449

35

361,655

361,690

Repurchase of common stock

(1,571)

(2)

(15,999)

(16,001)

(2,189)

(3)

(22,317)

(22,320)

Distributions declared to stockholders

(42,836)

(42,836)

(70,280)

(70,280)

Stock issued in connection with dividend reinvestment plan

 

1,581

 

2

 

16,129

 

 

16,131

 

2,625

3

26,800

26,803

Balances at June 30, 2023

 

92,339

$

92

$

925,785

$

18,216

$

944,093

Balances at September 30, 2023

 

110,418

$

110

$

1,110,542

$

21,100

$

1,131,752

See Notes to Consolidated Financial Statements.

5

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)

Six months ended June 30,

    

2023

    

2022

Cash flows from operating activities:

 

  

 

  

Net increase (decrease) in net assets resulting from operations

$

50,615

$

16,707

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

 

660

 

17

Net realized (gain) loss on foreign currency forward contracts

 

(1,741)

 

(45)

Net realized (gain) loss on foreign currency and other transactions

 

(176)

 

13

Net change in unrealized (gain) loss on investments

 

(1,797)

 

3,397

Net change in unrealized (gain) loss on foreign currency forward contracts

 

3,159

 

(802)

Payment-in-kind interest income

 

(3,733)

 

(1,634)

Net accretion of discounts and amortization of premiums

 

(2,884)

 

(1,191)

Purchases of investments

 

(368,219)

 

(214,931)

Proceeds from principal payments and sale of investments and settlement of forward contracts

 

81,936

 

49,218

Amortization of deferred financing costs

 

2,253

 

991

Changes in operating assets and liabilities:

 

 

Interest and dividend receivable

 

(7,065)

 

(1,361)

Other assets

 

9,259

 

(45)

Interest payable

 

1,587

 

1,908

Payable for unsettled trades

(12,947)

4,500

Management fees payable

 

1,130

 

(1,389)

Incentive fees payable

 

1,105

 

(936)

Accounts payable and accrued expenses

 

2,791

 

1,122

Net cash provided by (used in) operating activities

 

(244,067)

 

(144,461)

Cash flows from financing activities:

 

  

 

  

Borrowings on 2022 ABS

306,000

Borrowings on Term Loan

 

55,000

 

Repayments of Term Loan

(5,040)

Borrowings on Credit Facility

351,900

313,600

Repayments of Credit Facility

 

(362,800)

 

(609,344)

Proceeds from Short-Term Borrowings

83,088

Payments of deferred financing costs

 

(536)

 

(9,477)

Proceeds from issuance of common stock

 

181,268

 

204,464

Repurchase of common stock

(16,001)

(9,869)

Stockholder distributions paid, net of stock issued under the dividend reinvestment plan of $16,131 and $5,698, respectively

 

(26,705)

 

(11,790)

Net cash provided by (used in) financing activities

 

260,174

 

183,584

Net increase (decrease) in Cash and Restricted cash

 

16,107

 

39,123

Effect of foreign currency exchange rates

 

176

 

(13)

Cash and Restricted cash, beginning of period

 

52,204

 

13,971

Cash and Restricted cash, end of period

$

68,487

$

53,081

Supplemental disclosure of cash flow information:

 

 

  

Cash interest paid during the period

$

21,315

$

5,083

Cash paid for income taxes, including excise taxes, during the period

$

209

$

1

Nine months ended September 30,

    

2023

    

2022

Cash flows from operating activities:

 

  

 

  

Net increase (decrease) in net assets resulting from operations

$

80,943

$

28,403

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

 

622

 

17

Net realized (gain) loss on foreign currency forward contracts

 

(1,739)

 

(84)

Net realized (gain) loss on foreign currency and other transactions

 

(166)

 

14

Net change in unrealized (gain) loss on investments

 

871

 

5,454

Net change in unrealized (gain) loss on foreign currency forward contracts

 

1,211

 

(2,343)

Net change in unrealized (gain) loss on foreign currency and other transactions

 

 

(1)

Payment-in-kind interest income

 

(5,500)

 

(3,536)

Net accretion of discounts and amortization of premiums

 

(4,104)

 

(1,721)

Purchases of investments

 

(600,755)

 

(478,528)

Proceeds from principal payments and sale of investments and settlement of forward contracts

 

105,468

 

104,593

Amortization of deferred financing costs

 

3,831

 

1,621

Changes in operating assets and liabilities:

 

 

Interest and dividend receivable

 

(15,899)

 

(3,781)

Receivable for unsettled trades

(3,341)

Other assets

 

9,092

 

(1,639)

Interest payable

 

3,488

 

5,139

Payable for unsettled trades

(13,690)

43,915

Management fees payable

 

1,954

 

919

Incentive fees payable

 

1,633

 

550

Accounts payable and accrued expenses

 

2,434

 

3,334

Directors’ fees payable

22

22

Net cash provided by (used in) operating activities

 

(433,625)

 

(297,652)

Cash flows from financing activities:

 

  

 

  

Borrowings on 2022 ABS

306,000

Borrowings on 2023 ABS

185,850

Borrowings on Term Loan

 

55,000

 

Repayments of Term Loan

(9,691)

Borrowings on Credit Facility

610,000

492,400

Repayments of Credit Facility

 

(741,100)

 

(704,200)

Proceeds from Short-Term Borrowings

180,198

Repayments of Short-Term Borrowings

(112,188)

Payments of deferred financing costs

 

(2,790)

 

(9,477)

Proceeds from issuance of common stock

 

361,690

 

292,150

Repurchase of common stock

(22,320)

(11,275)

Stockholder distributions paid, net of stock issued under the dividend reinvestment plan of $26,803 and $9,922, respectively

 

(43,477)

 

(19,405)

Net cash provided by (used in) financing activities

 

461,172

 

346,193

Net increase (decrease) in Cash and Restricted cash

 

27,547

 

48,541

Effect of foreign currency exchange rates

 

166

 

(13)

Cash and Restricted cash, beginning of period

 

52,204

 

13,971

Cash and Restricted cash, end of period

$

79,917

$

62,499

Supplemental disclosure of cash flow information:

 

 

  

Cash interest paid during the period

$

34,097

$

6,201

Cash paid for income taxes, including excise taxes, during the period

$

209

$

68

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

    

June 30, 2023

    

December 31, 2022

    

September 30, 2023

    

December 31, 2022

Cash

$

10,154

$

5,716

$

7,563

$

5,716

Restricted cash

 

58,333

 

46,488

 

72,354

 

46,488

Total cash and restricted cash shown on the Consolidated Statements of Cash Flows

$

68,487

$

52,204

$

79,917

$

52,204

June 30, 2022

December 31, 2021

    

September 30, 2022

    

December 31, 2021

Cash

$

3,895

$

4,998

$

4,652

$

4,998

Restricted cash

 

49,186

 

8,973

 

57,847

 

8,973

Total cash and restricted cash shown on the Consolidated Statements of Cash Flows

$

53,081

$

13,971

$

62,499

$

13,971

See Notes to Consolidated Financial Statements.

6

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

(unaudited)

JuneSeptember 30, 2023

(in thousands, except for shares and units)

    

    

    

Interest

Acquisition 

    

    

    

Amortized 

    

    

% of 

Portfolio Company (˄)

    

Index (˄˄)

    

Spread (˄˄)

    

Rate

    

Date (˄˄˄)

Maturity

Principal

Cost

Fair Value (˄˄˄˄)

Net Assets (˄˄˄˄˄)

Non-Controlled/Non-Affiliate Company Investments

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Senior Secured Loans

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Aerospace & Defense

API Holdings III Corp. (~)

SF

4.51

%

9.75

%

5/2/2019

5/8/2026

1,632

$

1,629

$

1,137

0.1

%

SI Holdings, Inc. (Integrated Polymer Solutions) (~) (~~)

SF

6.00

%

10.96

%

7/25/2019

7/25/2025

1,925

1,909

1,911

0.2

%

SI Holdings, Inc. (Integrated Polymer Solutions) (~) (~~)

SF

6.00

%

10.96

%

12/24/2019

7/25/2025

1,005

997

997

0.1

%

SI Holdings, Inc. (Integrated Polymer Solutions) (~) (~~)

SF

6.00

%

10.96

%

2/17/2021

7/25/2025

1,738

1,737

1,725

0.2

%

SI Holdings, Inc. (Integrated Polymer Solutions) (~) (~~)

SF

6.00

%

10.96

%

6/15/2021

7/25/2025

1,019

1,004

1,011

0.1

%

SI Holdings, Inc. (Integrated Polymer Solutions) (~) (~~)

SF

6.00

%

10.96

%

8/10/2021

7/25/2025

995

984

987

0.1

%

SI Holdings, Inc. (Integrated Polymer Solutions) (Revolver) (*)

SF

6.00

%

10.96

%

7/25/2019

7/25/2025

316

210

210

0.0

%

8,630

8,470

7,978

0.8

%

Automotive

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Born To Run, LLC (~~) (~~~)

 

L

6.00

%  

11.19

%

4/1/2021

 

4/1/2027

 

8,820

 

8,701

 

7,867

 

0.8

%

Born To Run, LLC (~~)

 

L

6.00

%  

11.19

%

4/1/2021

 

4/1/2027

 

1,201

 

1,201

 

1,071

 

0.1

%

Burgess Point Purchaser Corporation (~)

SF

5.35

%

10.45

%

6/30/2022

7/25/2029

4,975

4,522

4,734

0.5

%

Lifted Trucks Holdings, LLC (~~) (~~~)

 

L

5.75

%  

10.93

%

8/2/2021

 

8/2/2027

 

9,850

 

9,706

 

9,732

 

1.0

%

Lifted Trucks Holdings, LLC (Revolver) (*)

 

L

5.75

%  

10.93

%

8/2/2021

 

8/2/2027

 

2,381

 

317

 

314

 

0.0

%

Panda Acquisition, LLC (~)

SF

6.35

%

11.59

%

12/20/2022

10/18/2028

9,875

8,200

8,270

0.9

%

Truck-Lite Co., LLC (~)

SF

6.25

%

11.69

%

7/8/2022

12/14/2026

127

125

127

0.0

%

Truck-Lite Co., LLC (~)

SF

6.25

%

11.69

%

3/11/2020

12/14/2026

3,365

3,346

3,358

0.3

%

Truck-Lite Co., LLC (~)

SF

6.25

%

11.69

%

11/23/2021

12/14/2026

625

625

624

0.1

%

Truck-Lite Co., LLC (~)

SF

6.25

%

11.69

%

3/11/2020

12/14/2026

499

499

498

0.1

%

Truck-Lite Co., LLC (~)

SF

6.25

%

11.69

%

11/23/2021

12/14/2026

554

554

553

0.1

%

Truck-Lite Co., LLC (~)

SF

6.25

%

11.69

%

11/23/2021

12/14/2026

711

711

709

0.1

%

 

42,983

 

38,507

 

37,857

 

4.0

%

Banking

 

  

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

MV Receivables II, LLC (<)

 

L

9.75

%  

14.92

%

7/29/2021

 

7/29/2026

 

10,163

 

9,709

 

12,412

 

1.3

%

StarCompliance MidCo, LLC (~)

 

SF

6.85

%  

11.95

%

5/31/2023

 

1/12/2027

 

385

 

375

 

380

 

0.0

%

StarCompliance MidCo, LLC (~~)

 

SF

6.85

%  

12.09

%

1/12/2021

 

1/12/2027

 

3,000

 

2,962

 

2,966

 

0.3

%

StarCompliance MidCo, LLC (~~)

SF

6.85

%

12.09

%

10/12/2021

1/12/2027

503

496

498

0.1

%

StarCompliance MidCo, LLC (Revolver) (*)

 

SF

6.85

%  

11.95

%

1/12/2021

 

1/12/2027

 

484

 

140

 

139

 

0.0

%

 

14,535

 

13,682

 

16,395

 

1.7

%

Beverage, Food & Tobacco

 

  

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

LVF Holdings, Inc. (~)

 

SF

6.40

%  

11.64

%

6/10/2021

 

6/10/2027

 

3,439

 

3,390

 

3,344

 

0.4

%

LVF Holdings, Inc. (~)

 

SF

6.40

%  

11.64

%

6/10/2021

 

6/10/2027

 

3,291

 

3,291

 

3,200

 

0.3

%

LVF Holdings, Inc. (Revolver) (*)

 

SF

6.40

%  

11.64

%

6/10/2021

 

6/10/2027

 

554

 

322

 

313

 

0.0

%

LX/JT Intermediate Holdings, Inc. (~~~)

 

SF

6.00

%  

11.20

%

3/11/2020

 

3/11/2025

 

3,251

 

3,226

 

3,228

 

0.4

%

LX/JT Intermediate Holdings, Inc. (Revolver) (*)

 

SF

6.00

%  

11.20

%

3/11/2020

 

3/11/2025

 

500

 

 

 

0.0

%

Project Cloud Holdings, LLC (*) (**) (d)

 

SF

6.50

%  

12.00

%

6/14/2023

 

3/31/2029

 

12,000

 

 

 

0.0

%

Sabrosura Foods, LLC et al (~) (~~)

SF

5.60

%

10.70

%

10/18/2019

10/18/2024

4,587

4,560

4,529

0.5

%

Sabrosura Foods, LLC et al (~)

SF

5.50

%

10.77

%

10/18/2019

10/18/2024

259

259

256

0.0

%

Sabrosura Foods, LLC et al (Revolver)

SF

5.60

%

10.70

%

10/18/2019

10/18/2024

1,286

1,286

1,270

0.1

%

29,167

 

16,334

 

16,140

 

1.7

%

    

    

    

Interest

Acquisition 

    

    

    

Amortized 

    

    

% of 

Portfolio Company (˄)

    

Index (˄˄)

    

Spread (˄˄)

    

Rate

    

Date (˄˄˄)

Maturity

Principal

Cost

Fair Value (˄˄˄˄)

Net Assets (˄˄˄˄˄)

Non-Controlled/Non-Affiliate Company Investments

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Senior Secured Loans

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Aerospace & Defense

API Holdings III Corp. (~)

P

3.25

%

11.75

%

5/2/2019

5/9/2026

1,632

$

1,629

$

1,029

0.1

%

SI Holdings, Inc. (Integrated Polymer Solutions) (~~) (~~~~)

SF

6.10

%

11.49

%

7/25/2019

7/25/2025

1,920

1,906

1,917

0.2

%

SI Holdings, Inc. (Integrated Polymer Solutions) (~~) (~~~~)

SF

6.10

%

11.49

%

12/24/2019

7/25/2025

1,002

995

1,001

0.1

%

SI Holdings, Inc. (Integrated Polymer Solutions) (~~) (~~~~)

SF

6.10

%

11.49

%

2/17/2021

7/25/2025

1,733

1,732

1,731

0.1

%

SI Holdings, Inc. (Integrated Polymer Solutions) (~~) (~~~~)

SF

6.10

%

11.49

%

6/15/2021

7/25/2025

1,016

1,002

1,015

0.1

%

SI Holdings, Inc. (Integrated Polymer Solutions) (~~) (~~~~)

SF

6.10

%

11.49

%

8/10/2021

7/25/2025

992

982

991

0.1

%

SI Holdings, Inc. (Integrated Polymer Solutions) (Revolver) (*)

SF

6.10

%

11.49

%

7/25/2019

7/25/2025

316

210

210

0.0

%

8,611

8,456

7,894

0.7

%

Automotive

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Born To Run, LLC (~~) (~~~)

 

SF

6.26

%  

11.63

%

4/1/2021

 

4/1/2027

 

8,820

 

8,705

 

6,845

 

0.6

%

Born To Run, LLC (~~)

 

SF

6.26

%  

11.63

%

4/1/2021

 

4/1/2027

 

1,201

 

1,201

 

932

 

0.1

%

Burgess Point Purchaser Corporation (~)

SF

5.35

%

10.67

%

6/30/2022

7/25/2029

4,963

4,522

4,697

0.4

%

Lifted Trucks Holdings, LLC (~~) (~~~)

 

SF

5.85

%  

11.10

%

8/2/2021

 

8/2/2027

 

9,825

 

9,689

 

9,629

 

0.9

%

Lifted Trucks Holdings, LLC (Revolver) (*)

 

SF

5.75

%  

11.14

%

8/2/2021

 

8/2/2027

 

2,381

 

794

 

778

 

0.1

%

Panda Acquisition, LLC (~)

SF

6.35

%

11.74

%

12/20/2022

10/18/2028

9,813

8,197

8,267

0.7

%

Truck-Lite Co., LLC (~)

SF

6.25

%

11.69

%

7/8/2022

12/14/2026

127

124

127

0.0

%

Truck-Lite Co., LLC (~)

SF

6.25

%

11.69

%

3/11/2020

12/14/2026

3,356

3,338

3,356

0.3

%

Truck-Lite Co., LLC (~)

SF

6.25

%

11.69

%

11/23/2021

12/14/2026

623

623

623

0.1

%

Truck-Lite Co., LLC (~)

SF

6.25

%

11.69

%

3/11/2020

12/14/2026

497

497

497

0.0

%

Truck-Lite Co., LLC (~)

SF

6.25

%

11.69

%

11/23/2021

12/14/2026

553

553

553

0.0

%

Truck-Lite Co., LLC (~)

SF

6.25

%

11.69

%

11/23/2021

12/14/2026

709

709

709

0.1

%

 

42,868

 

38,952

 

37,013

 

3.3

%

Banking

 

  

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

MV Receivables II, LLC (<)

 

SF

9.75

%  

15.08

%

7/29/2021

 

7/29/2026

 

10,125

 

9,672

 

10,021

 

0.9

%

StarCompliance MidCo, LLC (~~~~)

 

SF

6.85

%  

12.24

%

5/31/2023

 

1/12/2027

 

385

 

376

 

382

 

0.0

%

StarCompliance MidCo, LLC (~~)

 

SF

6.85

%  

12.24

%

1/12/2021

 

1/12/2027

 

3,000

 

2,964

 

2,981

 

0.3

%

StarCompliance MidCo, LLC (~~)

SF

6.85

%

12.24

%

10/12/2021

1/12/2027

503

496

500

0.0

%

StarCompliance MidCo, LLC (Revolver) (*)

 

SF

6.85

%  

12.24

%

1/12/2021

 

1/12/2027

 

484

 

285

 

284

 

0.0

%

 

14,497

 

13,793

 

14,168

 

1.2

%

Beverage, Food & Tobacco

 

  

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Alphia Inc. (~)

P

5.00

13.50

%

7/13/2023

3/16/2026

7,968

7,968

7,958

0.7

%

LVF Holdings, Inc. (~)

 

SF

6.15

%  

11.54

%

6/10/2021

 

6/10/2027

 

3,430

 

3,383

 

3,344

 

0.3

%

LVF Holdings, Inc. (~)

 

SF

6.15

%  

11.54

%

6/10/2021

 

6/10/2027

 

3,283

 

3,283

 

3,200

 

0.3

%

LVF Holdings, Inc. (Revolver) (*)

 

SF

6.15

%  

11.54

%

6/10/2021

 

6/10/2027

 

554

 

 

 

0.0

%

LX/JT Intermediate Holdings, Inc. (~~~)

 

SF

6.10

%  

11.42

%

3/11/2020

 

3/11/2025

 

3,236

 

3,213

 

3,220

 

0.3

%

LX/JT Intermediate Holdings, Inc. (Revolver) (*)

 

SF

6.10

%  

11.42

%

3/11/2020

 

3/11/2025

 

500

 

 

 

0.0

%

Project Cloud Holdings, LLC (~)

 

SF

6.60

%  

11.92

%

6/14/2023

 

3/31/2029

 

12,000

 

12,000

 

12,090

 

1.1

%

Sabrosura Foods, LLC et al (~) (~~)

SF

5.60

%

10.92

%

10/18/2019

10/18/2024

4,587

4,564

4,522

0.4

%

Sabrosura Foods, LLC et al (~)

SF

5.65

%

11.02

%

10/18/2019

10/18/2024

259

259

256

0.0

%

Sabrosura Foods, LLC et al (Revolver)

SF

5.60

%

10.92

%

10/18/2019

10/18/2024

1,286

1,286

1,268

0.1

%

37,103

 

35,956

 

35,858

 

3.2

%

7

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

JuneSeptember 30, 2023

(in thousands, except for shares and units)

    

Interest

Acquisition 

Amortized 

% of 

Portfolio Company (˄)

    

Index (˄˄)

    

Spread (˄˄)

    

Rate

    

Date (˄˄˄)

    

Maturity

    

Principal

    

Cost

    

Fair Value (˄˄˄˄)

    

Net Assets (˄˄˄˄˄)

 

Capital Equipment

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Adept AG Holdings, LLC (~~~)

SF

6.40

%

11.64

%

8/11/2022

8/11/2027

6,451

$

6,343

$

6,144

0.6

%

Adept AG Holdings, LLC (~) (<) (a)

 

SF

6.65

%

11.89

%

8/11/2022

8/11/2027

10,988

 

10,632

 

10,548

 

1.1

%

Adept AG Holdings, LLC (~~~)

 

SF

6.40

%

11.64

%

8/11/2022

8/11/2027

1,617

 

1,617

 

1,540

 

0.2

%

Adept AG Holdings, LLC (Revolver) (<) (*) (a)

 

SF

6.60

%

11.70

%

8/11/2022

8/11/2027

1,104

 

1,055

 

1,037

 

0.1

%

Adept AG Holdings, LLC (Revolver)

 

SF

6.35

%

11.45

%

8/11/2022

8/11/2027

1,300

 

1,300

 

1,238

 

0.1

%

CGI Automated Manufacturing, LLC (~)

 

SF

7.00

%

12.22

%

9/9/2022

12/17/2026

8,831

 

8,609

 

8,677

 

0.9

%

CGI Automated Manufacturing, LLC (~)

 

SF

7.00

%

12.22

%

9/30/2022

12/17/2026

5,619

 

5,500

 

5,521

 

0.6

%

CGI Automated Manufacturing, LLC (~)

SF

7.11

%

12.22

%

9/9/2022

12/17/2026

10,753

10,482

10,565

1.1

%

MCP Shaw Acquisitionco, LLC (~~) (~~~)

SF

6.26

%  

11.50

%  

2/28/2020

11/28/2025

7,699

7,630

7,718

0.8

%

MCP Shaw Acquisitionco, LLC (~~) (~~~)

SF

6.26

%  

11.36

%  

12/29/2021

11/28/2025

2,354

2,324

2,360

0.3

%

MCP Shaw Acquisitionco, LLC (~~~)

SF

6.26

%  

11.50

%  

12/29/2021

11/28/2025

774

774

776

0.1

%

MCP Shaw Acquisitionco, LLC (Revolver) (*)

 

SF

6.26

%

11.50

%

2/28/2020

11/28/2025

1,427

 

 

 

0.0

%

Specialty Manufacturing Buyer, LLC (~~~~)

SF

6.76

%

12.00

%

6/30/2023

6/30/2028

16,000

15,600

15,600

1.7

%

Specialty Manufacturing Buyer, LLC (Delayed Draw) (*) (**)

SF

6.76

%

12.00

%

6/30/2023

6/30/2028

6,004

0.0

%

Specialty Manufacturing Buyer, LLC (Revolver) (*)

SF

6.76

%

12.00

%

6/30/2023

6/30/2028

3,002

0.0

%

 

83,923

 

71,866

 

71,724

 

7.6

%

Chemicals, Plastics & Rubber

PHM Netherlands Midco B.V. (~) (<) (b)

L

4.50

%

9.77

%

4/4/2023

7/31/2026

758

740

705

0.1

%

758

740

705

0.1

%

Construction & Building

 

 

 

 

MEI Buyer LLC (~~~~)

SF

6.50

%

11.60

%

6/30/2023

6/29/2029

25,608

24,840

24,840

2.6

%

MEI Buyer LLC (Delayed Draw) (*) (**)

SF

6.50

%

11.60

%

6/30/2023

6/29/2029

4,054

0.0

%

MEI Buyer LLC (Revolver) (*)

SF

6.50

%

11.60

%

6/30/2023

6/29/2029

5,253

0.0

%

 

12.91

% Cash/

 

 

 

Premier Roofing L.L.C. (~)

 

SF

8.65

%

1.00

% PIK

8/31/2020

8/29/2025

3,074

 

3,046

 

3,041

 

0.3

%

 

12.91

% Cash/

 

 

 

Premier Roofing L.L.C. (Revolver) (*)

 

SF

8.65

%

1.00

% PIK

8/31/2020

8/29/2025

1,207

 

969

 

959

 

0.1

%

TCFIII Owl Buyer LLC (~~) (~~~)

 

SF

5.50

%

10.72

%

4/19/2021

4/17/2026

4,410

 

4,363

 

4,410

 

0.5

%

TCFIII Owl Buyer LLC (~~~)

 

SF

5.50

%

10.72

%

4/19/2021

4/17/2026

5,385

 

5,385

 

5,385

 

0.6

%

TCFIII Owl Buyer LLC (~~) (~~~)

SF

5.50

%

10.72

%

12/17/2021

4/17/2026

4,833

4,775

4,833

0.5

%

 

53,824

 

43,378

 

43,468

 

4.6

%

Consumer Goods: Durable

Independence Buyer, Inc. (~~) (~~~)

SF

5.75

%

10.94

%

8/3/2021

8/3/2026

11,515

11,366

11,328

1.2

%

Independence Buyer, Inc. (Revolver) (*)

SF

5.75

%

10.94

%

8/3/2021

8/3/2026

2,964

0.0

%

Recycled Plastics Industries, LLC (~~) (~~~)

 

L

6.75

%

11.92

%

8/4/2021

8/4/2026

5,212

 

5,143

 

4,925

 

0.6

%

Recycled Plastics Industries, LLC (Revolver) (*)

 

L

6.75

%

11.93

%

8/4/2021

8/4/2026

743

 

297

 

281

 

0.0

%

Snap One Holdings Corp. (~) (<)

SF

4.65

%

9.89

%

4/3/2023

12/8/2028

6,059

5,694

5,807

0.6

%

 

26,493

 

22,500

 

22,341

 

2.4

%

Consumer Goods: Non-Durable

 

 

 

 

Arizona Natural Resources, LLC (~) (~~~)

 

SF

6.36

%

11.52

%

5/18/2021

5/18/2026

13,755

 

13,582

 

13,617

 

1.4

%

Arizona Natural Resources, LLC (~)

 

SF

6.36

%

11.52

%

12/15/2021

5/18/2026

2,525

 

2,490

 

2,500

 

0.3

%

Arizona Natural Resources, LLC (~)

 

SF

6.36

%

11.52

%

8/12/2022

5/18/2026

6,850

 

6,741

 

6,781

 

0.7

%

Arizona Natural Resources, LLC (~~)

 

SF

6.36

%

11.52

%

8/12/2022

5/18/2026

2,958

 

2,958

 

2,928

 

0.3

%

Arizona Natural Resources, LLC (Revolver) (*)

 

SF

6.36

%

11.52

%

5/18/2021

5/18/2026

2,222

 

1,778

 

1,760

 

0.2

%

PetIQ, LLC (~) (<)

SF

4.25

%

9.46

%

5/10/2023

4/13/2028

9,530

9,092

8,911

1.0

%

 

12.14

% Cash/

 

 

 

The Kyjen Company, LLC (~) (~~)

SF

7.75

%

1.00

% PIK

5/14/2021

4/3/2026

2,963

 

2,945

 

2,929

0.3

%

The Kyjen Company, LLC

SF

7.50

%

12.65

% PIK

9/13/2022

4/3/2026

2

 

2

 

2

0.0

%

12.14

% Cash/

 

 

The Kyjen Company, LLC (Revolver) (*)

 

SF

7.10

%

0.50

% PIK

5/14/2021

4/3/2026

315

 

 

 

0.0

%

Thrasio, LLC (~) (~~)

 

SF

7.26

%

12.50

%

12/18/2020

12/18/2026

4,865

 

4,819

 

4,829

 

0.5

%

 

45,985

 

44,407

 

44,257

 

4.7

%

Containers, Packaging & Glass

 

 

 

 

B2B Industrial Products LLC (~) (~~~)

 

SF

6.85

%

11.95

%

12/6/2022

10/7/2026

9,950

 

9,734

 

9,910

 

1.1

%

B2B Industrial Products LLC (~)

P

5.75

%

14.00

%

4/4/2023

10/7/2026

2,303

2,248

2,293

0.2

%

Polychem Acquisition, LLC (~)

 

SF

5.11

%

10.22

%

4/8/2019

3/17/2025

1,915

 

1,913

 

1,915

 

0.2

%

14,168

13,895

14,118

1.5

%

Energy: Oil & Gas

Liquid Tech Solutions Holdings, LLC (~)

L

4.75

%

9.96

%

3/18/2021

3/17/2028

2,237

2,229

2,198

0.2

%

2,237

2,229

2,198

0.2

%

    

Interest

Acquisition 

Amortized 

% of 

Portfolio Company (˄)

    

Index (˄˄)

    

Spread (˄˄)

    

Rate

    

Date (˄˄˄)

    

Maturity

    

Principal

    

Cost

    

Fair Value (˄˄˄˄)

    

Net Assets (˄˄˄˄˄)

 

Capital Equipment

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

12.04

% Cash/

Adept AG Holdings, LLC (~~~)

SF

7.15

%

0.50

% PIK

8/11/2022

8/11/2027

6,438

$

6,333

$

6,191

0.5

%

12.29

% Cash/

Adept AG Holdings, LLC (~) (<) (a)

 

SF

7.40

%

0.50

% PIK

8/11/2022

8/11/2027

10,693

 

10,609

 

10,363

 

0.9

%

12.04

% Cash/

Adept AG Holdings, LLC (~~~)

 

SF

7.15

%

0.50

% PIK

8/11/2022

8/11/2027

1,613

 

1,613

 

1,552

 

0.1

%

12.17

% Cash/

Adept AG Holdings, LLC (Revolver) (<) (*) (a)

 

SF

7.35

%

0.50

% PIK

8/11/2022

8/11/2027

1,077

 

1,055

 

1,021

 

0.1

%

11.92

% Cash/

Adept AG Holdings, LLC (Revolver)

 

SF

7.10

%

0.50

% PIK

8/11/2022

8/11/2027

1,301

 

1,301

 

1,251

 

0.1

%

CGI Automated Manufacturing, LLC (~)

 

SF

7.11

%

12.43

%

9/9/2022

12/17/2026

8,775

 

8,565

 

8,654

 

0.8

%

CGI Automated Manufacturing, LLC (~)

 

SF

7.11

%

12.43

%

9/30/2022

12/17/2026

5,584

 

5,471

 

5,507

 

0.5

%

CGI Automated Manufacturing, LLC (~)

SF

7.11

%

12.43

%

9/9/2022

12/17/2026

10,684

10,428

10,537

0.9

%

MCP Shaw Acquisitionco, LLC (~~) (~~~)

SF

6.26

%

11.65

%

2/28/2020

11/28/2025

7,699

7,635

7,699

0.7

%

MCP Shaw Acquisitionco, LLC (~~) (~~~)

SF

6.26

%  

11.65

%  

12/29/2021

11/28/2025

2,354

2,326

2,366

0.2

%

MCP Shaw Acquisitionco, LLC (~~~)

SF

6.26

%  

11.65

%  

12/29/2021

11/28/2025

774

774

778

0.1

%

MCP Shaw Acquisitionco, LLC (Revolver) (*)

 

SF

6.26

%

11.65

%

2/28/2020

11/28/2025

1,427

 

 

 

0.0

%

Specialty Manufacturing Buyer, LLC (~~~~~)

SF

6.76

%

12.09

%

6/30/2023

6/30/2028

16,000

15,611

16,000

1.4

%

Specialty Manufacturing Buyer, LLC (Delayed Draw) (*) (**)

SF

6.76

%

12.09

%

6/30/2023

6/30/2028

6,004

0.0

%

Specialty Manufacturing Buyer, LLC (Revolver) (*)

SF

6.76

%

12.09

%

6/30/2023

6/30/2028

3,002

0.0

%

 

83,425

 

71,721

 

71,919

 

6.3

%

Chemicals, Plastics & Rubber

PHM Netherlands Midco B.V. (~) (<) (b)

SF

4.76

%

10.13

%

4/4/2023

7/31/2026

756

739

626

0.1

%

756

739

626

0.1

%

Construction & Building

 

 

 

 

MEI Buyer LLC (~~~~~)

SF

6.50

%

11.82

%

6/30/2023

6/29/2029

25,608

24,854

25,794

2.3

%

MEI Buyer LLC (Delayed Draw) (*) (**)

SF

6.50

%

11.82

%

6/30/2023

6/29/2029

4,054

0.0

%

MEI Buyer LLC (Revolver) (*)

SF

6.50

%

11.82

%

6/30/2023

6/29/2029

5,253

0.0

%

 

13.07

% Cash/

 

 

 

Premier Roofing L.L.C. (~)

 

SF

8.65

%

1.00

% PIK

8/31/2020

8/29/2025

3,073

 

3,048

 

3,051

 

0.3

%

 

13.07

% Cash/

 

 

 

Premier Roofing L.L.C. (Revolver) (*)

 

SF

8.65

%

1.00

% PIK

8/31/2020

8/29/2025

1,207

 

972

 

965

 

0.1

%

TCFIII Owl Buyer LLC (~~) (~~~)

 

SF

5.61

%

10.93

%

4/19/2021

4/17/2026

4,399

 

4,355

 

4,399

 

0.4

%

TCFIII Owl Buyer LLC (~~~)

 

SF

5.61

%

10.93

%

4/19/2021

4/17/2026

5,371

 

5,371

 

5,371

 

0.4

%

TCFIII Owl Buyer LLC (~~) (~~~)

SF

5.61

%

10.93

%

12/17/2021

4/17/2026

4,820

4,766

4,820

0.4

%

 

53,785

 

43,366

 

44,400

 

3.9

%

Consumer Goods: Durable

Independence Buyer, Inc. (~~) (~~~)

SF

5.90

%

11.27

%

8/3/2021

8/3/2026

11,486

11,345

11,285

1.0

%

Independence Buyer, Inc. (Revolver) (*)

SF

5.90

%

11.27

%

8/3/2021

8/3/2026

2,964

0.0

%

Recycled Plastics Industries, LLC (~~) (~~~)

 

SF

6.85

%

12.18

%

8/4/2021

8/4/2026

5,198

 

5,133

 

5,114

 

0.5

%

Recycled Plastics Industries, LLC (Revolver) (*)

 

SF

6.85

%

12.18

%

8/4/2021

8/4/2026

743

 

 

 

0.0

%

Snap One Holdings Corp. (~) (<)

SF

4.65

%

10.04

%

4/3/2023

12/8/2028

6,044

5,690

5,868

0.5

%

 

26,435

 

22,168

 

22,267

 

2.0

%

Consumer Goods: Non-Durable

 

 

 

 

Arizona Natural Resources, LLC (~) (~~~) (~~~~)

 

SF

6.36

%

11.69

%

5/18/2021

5/18/2026

13,720

 

13,557

 

13,631

 

1.2

%

Arizona Natural Resources, LLC (~~~~)

 

SF

6.36

%

11.69

%

12/15/2021

5/18/2026

2,519

 

2,486

 

2,502

 

0.2

%

Arizona Natural Resources, LLC (~)

 

SF

6.36

%

11.69

%

8/12/2022

5/18/2026

6,832

 

6,730

 

6,788

 

0.6

%

Arizona Natural Resources, LLC (~~)

 

SF

6.36

%

11.69

%

8/12/2022

5/18/2026

2,950

 

2,950

 

2,931

 

0.2

%

Arizona Natural Resources, LLC (Revolver) (*)

 

SF

6.36

%

11.69

%

5/18/2021

5/18/2026

2,222

 

1,778

 

1,766

 

0.2

%

PetIQ, LLC (~) (<)

SF

4.25

%

9.84

%

5/10/2023

4/13/2028

9,506

9,086

9,363

0.8

%

 

12.21

% Cash/

 

 

 

The Kyjen Company, LLC (~) (~~)

SF

7.75

%

1.00

% PIK

5/14/2021

4/3/2026

2,963

 

2,945

 

2,938

0.3

%

The Kyjen Company, LLC

SF

7.50

%

12.96

% PIK

9/13/2022

4/3/2026

3

 

3

 

3

0.0

%

12.21

% Cash/

 

 

The Kyjen Company, LLC (Revolver) (*)

 

SF

7.75

%

1.00

% PIK

5/14/2021

4/3/2026

315

 

 

 

0.0

%

Thrasio, LLC (~~) (~~~~)

 

SF

7.26

%

12.65

%

12/18/2020

12/18/2026

4,865

 

4,823

 

4,087

 

0.4

%

 

45,895

 

44,358

 

44,009

 

3.9

%

Containers, Packaging & Glass

 

 

 

 

B2B Industrial Products LLC (~) (~~~)

 

SF

6.90

%

12.27

%

12/6/2022

10/7/2026

9,925

 

9,721

 

9,796

 

0.8

%

B2B Industrial Products LLC (~)

P

5.75

%

14.25

%

4/4/2023

10/7/2026

2,297

2,245

2,267

0.2

%

Polychem Acquisition, LLC (~)

 

SF

5.11

%

10.43

%

4/8/2019

3/17/2025

1,910

 

1,908

 

1,910

 

0.2

%

14,132

13,874

13,973

1.2

%

Energy: Oil & Gas

Liquid Tech Solutions Holdings, LLC (~)

SF

4.75

%

10.26

%

3/18/2021

3/17/2028

2,231

2,223

2,205

0.2

%

2,231

2,223

2,205

0.2

%

8

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

JuneSeptember 30, 2023

(in thousands, except for shares and units)

    

    

Interest

Acquisition 

    

    

    

Amortized 

    

    

% of 

Portfolio Company (˄)

    

Index (˄˄)

    

Spread (˄˄)

    

Rate

    

Date (˄˄˄)

Maturity

Principal

Cost

Fair Value (˄˄˄˄)

Net Assets (˄˄˄˄˄)

Environmental Industries

Quest Resource Management Group, LLC (~~) (~~~)

 

SF

7.11

%  

12.27

%  

10/19/2020

 

10/20/2025

 

888

$

839

 

$

877

 

0.1

%

Quest Resource Management Group, LLC (~~~)

 

SF

7.11

%  

12.27

%  

10/19/2020

 

10/20/2025

 

976

 

976

 

963

 

0.1

%

Quest Resource Management Group, LLC (~~) (~~~)

 

SF

7.11

%  

12.27

%  

12/7/2021

 

10/20/2025

 

3,469

 

3,425

 

3,410

 

0.3

%

Quest Resource Management Group, LLC (~~)

 

SF

7.11

%  

12.27

%  

12/7/2021

 

10/20/2025

 

350

 

350

 

344

 

0.0

%

Trilon Group, LLC (~~~)

 

SF

6.25

%  

11.45

%  

10/28/2022

 

5/25/2029

 

5,486

 

5,347

 

5,456

 

0.6

%

Trilon Group, LLC (~) (~~)

 

SF

6.40

%  

11.64

%  

10/28/2022

5/25/2029

4,389

 

4,389

 

4,365

 

0.5

%

Volt Bidco, Inc. (~~)

 

SF

7.00

%  

12.24

%  

8/11/2021

 

8/11/2027

 

9,059

 

8,920

 

9,059

 

1.0

%

Volt Bidco, Inc. (Delayed Draw) (*) (**)

 

SF

7.00

%  

12.24

% PIK

8/11/2021

 

8/11/2027

 

1,614

 

1,472

 

1,472

 

0.1

%

Volt Bidco, Inc. (Revolver) (*)

 

SF

7.00

%  

12.24

%  

8/11/2021

 

8/11/2027

 

956

 

 

 

0.0

%

27,187

25,718

25,946

2.7

%

FIRE: Finance

 

 

 

 

 

 

Avalara, Inc. (~~)

SF

7.25

%  

12.49

%  

10/19/2022

10/19/2028

10,000

9,774

10,000

1.1

%

Avalara, Inc. (Revolver) (*)

 

SF

7.25

%  

12.49

%  

10/19/2022

 

10/19/2028

 

1,000

 

 

 

0.0

%

Bench Walk Lead, LLC (<)

SF

9.50

%  

14.74

%  

6/9/2023

6/14/2027

29,600

29,306

29,304

3.1

%

Bench Walk Lead, LLC (<)

SF

9.50

%  

14.74

%  

6/9/2023

6/14/2027

2,400

400

396

0.0

%

11.26

% Cash/

Exiger LLC (~~)

 

SF

8.00

%  

2.00

% PIK

9/30/2021

 

9/30/2027

 

14,263

 

14,052

 

14,270

 

1.5

%

11.26

% Cash/

Exiger LLC (~~)

 

SF

8.00

%  

2.00

% PIK

8/26/2022

 

9/30/2027

 

1,991

 

1,949

 

1,992

 

0.2

%

 

11.26

% Cash/

 

 

 

 

 

Exiger LLC (~~)

 

SF

8.00

%  

2.00

% PIK

9/30/2021

 

9/30/2027

 

4,266

 

4,266

 

4,268

 

0.5

%

 

11.26

% Cash/

 

 

 

 

 

Exiger LLC (Delayed Draw) (*) (**)

 

SF

8.10

%  

2.00

% PIK

8/26/2022

 

9/30/2027

 

7,001

 

2,073

 

2,074

 

0.2

%

 

11.16

% Cash/

 

 

 

 

 

Exiger LLC (Revolver) (*)

 

SF

8.00

%  

2.00

% PIK

9/30/2021

 

9/30/2027

 

1,400

 

 

 

0.0

%

GC Champion Acquisition LLC (~~)

 

SF

6.75

%  

11.78

%  

8/19/2022

 

8/18/2028

13,000

 

12,774

 

13,000

 

1.4

%

GC Champion Acquisition LLC (~)

 

SF

6.75

%  

11.78

%  

8/19/2022

 

8/18/2028

 

3,611

 

3,611

 

3,611

 

0.4

%

J2 BWA Funding III, LLC (Delayed Draw) (<) (*) (**)

 

n/a

n/a

9.00

%  

4/29/2022

 

4/28/2028

7,600

 

 

 

0.0

%

J2 BWA Funding LLC (Revolver) (<) (*)

 

n/a

n/a

10.00

%  

12/14/2020

 

12/24/2026

 

2,850

 

1,553

 

1,535

 

0.2

%

Oceana Australian Fixed Income Trust (~) (<) (b) (c)

 

SF

8.25

%  

13.39

%  

6/8/2023

 

4/1/2026

 

31,524

 

31,770

 

31,524

 

3.3

%

SCP Intermediate Holdings, LLC (~) (<)

SF

5.85

%  

10.95

%  

12/28/2022

12/28/2028

2,985

2,916

2,965

0.3

%

TEAM Public Choices, LLC (~)

 

SF

5.00

%  

10.41

%  

8/23/2022

 

12/17/2027

 

4,538

 

4,338

 

4,424

 

0.5

%

W3 Monroe RE Debt LLC (<)

 

n/a

n/a

10.00

% PIK

2/5/2021

 

2/4/2028

 

2,042

 

2,042

 

2,031

 

0.2

%

W3 Monroe RE Debt LLC (Delayed Draw) (<) (*) (**)

 

n/a

n/a

10.00

% PIK

3/31/2023

 

2/4/2028

 

40

 

13

 

13

 

0.0

%

YS WH4 LLC (Revolver) (<) (*)

 

SF

7.10

%  

12.25

%  

7/20/2022

 

11/20/2025

 

7,700

 

 

 

0.0

%

 

 

147,811

 

120,837

 

121,407

 

12.9

%

FIRE: Insurance

 

 

 

 

 

Simplicity Financial Marketing Group Holdings Inc. (~) (~~~)

 

SF

6.15

%  

11.39

%  

9/23/2022

12/2/2026

9,941

 

9,690

 

9,737

 

1.0

%

Simplicity Financial Marketing Group Holdings Inc. (Delayed Draw) (*) (**)

SF

6.15

%  

11.39

%  

9/23/2022

12/2/2026

14,188

9,000

8,816

1.0

%

Simplicity Financial Marketing Group Holdings Inc. (Revolver) (*)

L

6.15

%  

11.39

%  

9/23/2022

12/2/2026

761

0.0

%

24,890

18,690

18,553

2.0

%

FIRE: Real Estate

300 N. Michigan Mezz, LLC (Delayed Draw) (~) (<) (*) (**)

SF

14.57

%  

19.63

% PIK

7/15/2020

7/15/2024

1,000

997

997

0.1

%

Avison Young (USA) Inc. (~~~) (<) (b)

SF

6.76

%  

12.00

%  

4/26/2019

1/30/2026

1,915

1,907

1,178

0.1

%

Avison Young (USA) Inc. (~~~) (<) (b)

SF

7.11

%  

12.22

%  

9/1/2022

1/30/2026

4,143

3,945

2,589

0.3

%

Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC (<)

SF

8.25

%  

13.42

%  

5/3/2022

4/30/2025

13,500

13,323

13,568

1.5

%

Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC (<)

SF

8.25

%  

13.42

%  

5/3/2022

4/30/2025

1,380

1,380

1,387

0.1

%

Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC (Revolver) (<) (*)

SF

8.25

%  

13.33

%  

5/3/2022

4/30/2025

6,763

2,197

2,197

0.2

%

InsideRE, LLC (~~) (~~~)

SF

5.50

%  

10.74

%  

12/22/2021

12/22/2027

7,390

7,275

7,464

0.8

%

InsideRE, LLC (~)

SF

5.50

%  

10.74

%  

12/22/2021

12/22/2027

2,871

2,871

2,900

0.3

%

InsideRE, LLC (Revolver) (*)

SF

5.50

%  

10.74

%  

12/22/2021

12/22/2027

965

64

64

0.0

%

Lessen Inc.

SF

8.50

%  

13.74

%  

1/5/2023

1/5/2028

8,000

7,700

7,930

0.9

%

47,927

41,659

40,274

4.3

%

    

    

Interest

Acquisition 

    

    

    

Amortized 

    

    

% of 

Portfolio Company (˄)

    

Index (˄˄)

    

Spread (˄˄)

    

Rate

    

Date (˄˄˄)

Maturity

Principal

Cost

Fair Value (˄˄˄˄)

Net Assets (˄˄˄˄˄)

Environmental Industries

Quest Resource Management Group, LLC (~~) (~~~)

 

SF

6.61

%  

11.94

%  

10/19/2020

 

10/20/2025

 

854

$

808

 

$

854

 

0.1

%

Quest Resource Management Group, LLC (~~~)

 

SF

6.61

%  

11.94

%  

10/19/2020

 

10/20/2025

 

938

 

938

 

938

 

0.1

%

Quest Resource Management Group, LLC (~~) (~~~)

 

SF

6.61

%  

11.94

%  

12/7/2021

 

10/20/2025

 

3,335

 

3,296

 

3,319

 

0.3

%

Quest Resource Management Group, LLC (~~)

 

SF

6.61

%  

11.94

%  

12/7/2021

 

10/20/2025

 

336

 

336

 

335

 

0.0

%

Trilon Group, LLC (~~~)

 

SF

6.25

%  

11.77

%  

10/28/2022

 

5/25/2029

 

5,473

 

5,337

 

5,451

 

0.5

%

Trilon Group, LLC (~~) (~~~~)

 

SF

6.40

%  

11.67

%  

10/28/2022

5/25/2029

4,378

 

4,378

 

4,360

 

0.4

%

Trilon Group, LLC

SF

6.40

%

11.80

%

9/12/2023

5/25/2029

1,088

1,055

1,084

0.1

%

Trilon Group, LLC (Delayed Draw) (*) (**)

SF

6.40

%

11.67

%

9/12/2023

5/25/2029

1,253

0.0

%

Trilon Group, LLC (Revolver) (*)

SF

6.40

%

11.67

%

9/12/2023

5/25/2029

413

0.0

%

Volt Bidco, Inc. (~~)

 

SF

7.00

%  

12.39

%  

8/11/2021

 

8/11/2027

 

9,136

 

9,003

 

9,136

 

0.8

%

Volt Bidco, Inc.

 

SF

7.00

%  

12.39

% PIK

8/11/2021

 

8/11/2027

 

1,721

 

1,721

 

1,721

 

0.1

%

Volt Bidco, Inc. (Revolver) (*)

 

SF

7.00

%  

12.39

%  

8/11/2021

 

8/11/2027

 

956

 

 

 

0.0

%

29,881

26,872

27,198

2.4

%

FIRE: Finance

 

 

 

 

 

 

Avalara, Inc. (~~)

SF

7.25

%  

12.64

%  

10/19/2022

10/19/2028

10,000

9,780

10,100

0.9

%

Avalara, Inc. (Revolver) (*)

 

SF

7.25

%  

12.64

%  

10/19/2022

 

10/19/2028

 

1,000

 

 

 

0.0

%

Bench Walk Lead, LLC (<)

SF

9.50

%  

14.89

%  

6/9/2023

6/14/2027

29,600

29,333

29,600

2.6

%

Bench Walk Lead, LLC (Delayed Draw) (<) (*) (**)

SF

9.50

%  

14.89

%  

6/9/2023

6/14/2027

2,400

400

400

0.0

%

11.43

% Cash/

Exiger LLC (~~)

 

SF

8.10

%  

2.00

% PIK

9/30/2021

 

9/30/2027

 

14,336

 

14,132

 

14,336

 

1.3

%

11.43

% Cash/

Exiger LLC (~~)

 

SF

8.10

%  

2.00

% PIK

8/26/2022

 

9/30/2027

 

2,001

 

1,960

 

2,001

 

0.2

%

 

11.43

% Cash/

 

 

 

 

 

Exiger LLC (~~)

 

SF

8.10

%  

2.00

% PIK

9/30/2021

 

9/30/2027

 

4,287

 

4,287

 

4,287

 

0.4

%

 

11.43

% Cash/

 

 

 

 

 

Exiger LLC (Delayed Draw) (*) (**)

 

SF

8.10

%  

2.00

% PIK

8/26/2022

 

9/30/2027

 

7,012

 

2,084

 

2,084

 

0.2

%

 

11.43

% Cash/

 

 

 

 

 

Exiger LLC (Revolver) (*)

 

SF

8.10

%  

2.00

% PIK

9/30/2021

 

9/30/2027

 

1,400

 

 

 

0.0

%

GC Champion Acquisition LLC (~~)

 

SF

6.75

%  

11.78

%  

8/19/2022

 

8/18/2028

13,000

 

12,780

 

12,886

 

1.1

%

GC Champion Acquisition LLC (~)

SF

6.25

%

11.28

%

8/19/2022

8/18/2028

3,611

3,611

3,580

0.3

%

GC Champion Acquisition LLC (Revolver) (~)

 

SF

6.50

%  

11.87

%  

8/1/2023

 

8/18/2028

 

10,833

 

10,512

 

10,833

 

1.0

%

J2 BWA Funding III, LLC (Delayed Draw) (<) (*) (**)

 

n/a

n/a

10.00

%  

4/29/2022

 

4/28/2028

7,600

 

456

 

456

 

0.0

%

J2 BWA Funding LLC (Revolver) (<) (*)

 

n/a

n/a

10.00

%  

12/14/2020

 

12/24/2026

 

2,850

 

1,627

 

1,606

 

0.1

%

Oceana Australian Fixed Income Trust (~) (<) (b) (c)

 

SF

8.25

%  

13.58

%  

6/8/2023

 

4/1/2026

 

30,440

 

31,770

 

30,593

 

2.7

%

SCP Intermediate Holdings, LLC (~) (<)

SF

5.85

%  

11.17

%  

12/28/2022

12/28/2028

2,978

2,910

2,974

0.3

%

TEAM Public Choices, LLC (~)

 

SF

5.25

%  

10.75

%  

8/23/2022

 

12/17/2027

 

4,526

 

4,335

 

4,461

 

0.4

%

W3 Monroe RE Debt LLC (<)

 

n/a

n/a

10.00

% PIK

2/5/2021

 

2/4/2028

 

2,093

 

2,093

 

2,081

 

0.2

%

W3 Monroe RE Debt LLC (Delayed Draw) (<) (*) (**)

 

n/a

n/a

10.00

% PIK

3/31/2023

 

2/4/2028

 

81

 

49

 

49

 

0.0

%

 

 

150,048

 

132,119

 

132,327

 

11.7

%

FIRE: Insurance

 

 

 

 

 

Simplicity Financial Marketing Group Holdings Inc. (~) (~~~)

 

SF

6.15

%  

11.54

%  

9/23/2022

12/2/2026

9,916

 

9,679

 

9,752

 

0.9

%

Simplicity Financial Marketing Group Holdings Inc.

SF

6.15

%  

11.54

%  

9/23/2022

12/2/2026

14,153

14,153

13,919

1.2

%

Simplicity Financial Marketing Group Holdings Inc. (Revolver) (*)

SF

6.15

%  

11.54

%  

9/23/2022

12/2/2026

761

0.0

%

24,830

23,832

23,671

2.1

%

FIRE: Real Estate

300 N. Michigan Mezz, LLC (Delayed Draw) (~) (<) (*) (**)

SF

14.50

%  

19.83

% PIK

7/15/2020

7/15/2024

1,000

997

997

0.1

%

Avison Young (USA) Inc. (~~~) (<) (***) (b)

SF

6.76

%  

12.15

%  

4/26/2019

1/30/2026

1,915

1,908

759

0.1

%

Avison Young (USA) Inc. (~~~) (<) (***) (b)

SF

7.00

%  

12.63

%  

9/1/2022

1/30/2026

4,143

3,921

1,642

0.1

%

Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC (<)

SF

8.25

%  

13.58

%  

5/3/2022

4/30/2025

13,500

13,341

13,568

1.2

%

Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC (<)

SF

8.25

%  

13.58

%  

5/3/2022

4/30/2025

1,380

1,380

1,387

0.1

%

Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC (Revolver) (<) (*)

SF

8.25

%  

13.57

%  

5/3/2022

4/30/2025

6,763

4,216

4,216

0.4

%

InsideRE, LLC (~~) (~~~)

SF

5.65

%  

11.04

%  

12/22/2021

12/22/2027

7,371

7,260

7,371

0.6

%

InsideRE, LLC (~~~~)

SF

5.65

%  

11.04

%  

12/22/2021

12/22/2027

2,864

2,864

2,864

0.3

%

InsideRE, LLC (Revolver) (*)

SF

5.65

%  

11.04

%  

12/22/2021

12/22/2027

965

0.0

%

Lessen Inc.

SF

8.50

%  

13.89

%  

1/5/2023

1/5/2028

8,000

7,707

7,850

0.7

%

47,901

43,594

40,654

3.6

%

9

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

JuneSeptember 30, 2023

(in thousands, except for shares and units)

    

Interest

Acquisition

Amortized 

% of 

Portfolio Company (˄)

    

Index (˄˄)

    

Spread (˄˄)

    

Rate

Date (˄˄˄)

Maturity

Principal

Cost

Fair Value (˄˄˄˄)

Net Assets (˄˄˄˄˄)

Healthcare & Pharmaceuticals

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Animal Dermatology Group, Inc. (~)

SF

6.25

%  

11.50

%  

6/7/2023

6/7/2029

10,000

$

9,752

$

9,750

1.0

%

Animal Dermatology Group, Inc. (Delayed Draw) (*) (**)

SF

6.25

%  

11.50

%  

6/7/2023

6/7/2029

3,750

0.0

%

Animal Dermatology Group, Inc. (Revolver) (*)

SF

6.25

%  

11.50

%  

6/7/2023

6/7/2029

2,500

0.0

%

Appriss Health, LLC (~~)

 

SF

6.75

%  

11.90

%  

5/6/2021

5/6/2027

6,468

6,376

6,461

0.7

%

Appriss Health, LLC (Revolver) (*)

 

L

6.75

%  

11.90

%  

5/6/2021

5/6/2027

433

0.0

%

Brickell Bay Acquisition Corp. (~~) (~~~)

 

L

6.50

%  

11.68

%  

2/12/2021

2/12/2026

2,805

2,766

2,802

0.3

%

Caravel Autism Health, LLC (~)

SF

6.01

%  

10.90

%

6/30/2021

6/30/2027

8,059

7,946

7,692

0.8

%

Caravel Autism Health, LLC (Delayed Draw) (*) (**)

SF

6.01

%  

10.90

%  

6/30/2021

6/30/2027

5,998

2,239

2,137

0.2

%

Caravel Autism Health, LLC (Revolver) (*)

SF

6.01

%  

10.90

%  

6/30/2021

6/30/2027

2,030

790

754

0.1

%

Dorado Acquisition, Inc. (~) (~~)

 

SF

6.60

%  

11.76

%  

6/30/2021

6/30/2026

13,755

13,576

13,494

1.4

%

Dorado Acquisition, Inc. (~) (~~~)

SF

6.65

%  

11.54

%  

11/27/2022

6/30/2026

11,400

11,157

11,183

1.2

%

Dorado Acquisition, Inc. (Revolver) (*)

 

SF

6.60

%  

11.76

%  

6/30/2021

6/30/2026

1,670

0.0

%

Golden State Buyer, Inc. (~) (~~~)

 

SF

4.75

%  

9.95

%  

8/25/2022

6/19/2026

9,894

9,571

9,326

1.0

%

HAH Group Holding Company LLC (~)

SF

5.00

%  

10.21

%  

5/19/2023

10/29/2027

2,890

2,817

2,818

0.3

%

HAH Group Holding Company LLC (~) (d)

SF

5.00

%  

10.21

%  

5/19/2023

10/29/2027

764

743

747

0.1

%

HAH Group Holding Company LLC (~)

SF

5.00

%  

10.21

%  

5/19/2023

10/29/2027

366

366

357

0.0

%

 

8.84

% Cash/

INH Buyer, Inc. (~)

 

SF

7.00

%  

3.50

% PIK

6/30/2021

6/28/2028

4,979

4,942

4,830

0.5

%

KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC) (~)

 

SF

6.75

%  

11.79

%  

2/1/2023

2/1/2029

10,000

9,720

10,000

1.1

%

KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC) (Delayed Draw) (*) (**)

 

SF

6.75

%  

11.80

%  

2/1/2023

2/1/2029

3,404

0.0

%

KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC) (Revolver) (*)

 

SF

6.75

%  

11.80

%  

2/1/2023

2/1/2029

1,626

488

488

0.1

%

LSCS Holdings, Inc. (~)

L

4.50

%  

9.69

%  

5/24/2023

12/15/2028

2,992

2,903

2,929

0.3

%

MPH Acquisition Holdings LLC (~) (<)

 

L

4.25

%  

9.73

%  

9/20/2022

9/1/2028

3,535

3,341

3,169

0.3

%

NationsBenefits, LLC (~)

 

SF

7.00

%  

12.26

%  

8/20/2021

8/26/2027

12,066

11,904

12,187

1.3

%

NationsBenefits, LLC (~)

 

SF

7.00

%  

12.26

%  

8/26/2022

8/26/2027

14,379

14,379

14,523

1.5

%

NationsBenefits, LLC

 

SF

7.00

%  

12.18

%  

8/26/2022

8/26/2027

15,570

15,570

15,726

1.7

%

NationsBenefits, LLC (Revolver) (*)

 

SF

7.00

%  

12.26

%  

8/20/2021

8/26/2027

6,805

2,722

2,722

0.3

%

NQ PE Project Colosseum Midco Inc. (~) (~~~)

 

SF

5.65

%  

10.89

%  

10/4/2022

10/4/2028

14,527

14,268

14,662

1.6

%

NQ PE Project Colosseum Midco Inc. (Delayed Draw) (*) (**)

 

SF

5.65

%  

10.89

%  

10/4/2022

10/4/2028

3,244

0.0

%

NQ PE Project Colosseum Midco Inc. (Revolver) (*)

 

SF

5.65

%  

10.89

%  

10/4/2022

10/4/2028

1,825

0.0

%

OIS Management Services, LLC (~)

 

SF

5.85

%  

11.09

%  

12/14/2022

11/16/2028

9,975

9,748

10,047

1.1

%

OIS Management Services, LLC (Delayed Draw) (*) (**)

 

SF

5.85

%  

11.09

%  

12/14/2022

11/16/2028

3,843

1,396

1,407

0.1

%

OIS Management Services, LLC (Revolver) (*)

 

SF

5.85

%  

11.09

%  

12/14/2022

11/16/2028

1,154

0.0

%

QF Holdings, Inc. (~~)

 

SF

6.35

%  

11.45

%  

9/19/2019

12/15/2027

4,550

4,526

4,564

0.5

%

QF Holdings, Inc. (~~)

 

SF

6.35

%  

11.45

%  

12/15/2021

12/15/2027

4,368

4,317

4,381

0.5

%

QF Holdings, Inc. (~~)

 

SF

6.35

%  

11.45

%  

9/19/2019

12/15/2027

910

910

913

0.1

%

QF Holdings, Inc. (~~)

 

SF

6.35

%  

11.45

%  

8/21/2020

12/15/2027

910

910

913

0.1

%

QF Holdings, Inc. (Revolver) (*)

 

SF

6.25

%  

11.44

%  

9/19/2019

12/15/2027

1,092

291

291

0.0

%

SCP Eye Care Holdco, LLC (~)

 

SF

5.75

%  

11.00

%  

10/7/2022

10/5/2029

9,208

8,955

8,840

0.9

%

SCP Eye Care Holdco, LLC (Delayed Draw) (*) (**)

 

SF

5.75

%  

10.95

%  

10/7/2022

10/5/2029

8,050

1,317

1,265

0.1

%

SCP Eye Care Holdco, LLC (Revolver) (*)

 

SF

5.75

%  

10.93

%  

10/7/2022

10/5/2029

1,442

745

692

0.1

%

Seran BioScience, LLC (~~) (~~~)

 

SF

6.75

%  

11.79

%  

12/31/2020

7/8/2027

1,955

1,934

1,940

0.2

%

Seran BioScience, LLC (Delayed Draw) (*) (**)

SF

6.75

%  

11.98

%  

7/8/2022

7/8/2027

2,214

1,592

1,580

0.2

%

Seran BioScience, LLC (Revolver) (*)

SF

6.75

%  

11.79

%  

12/31/2020

7/8/2027

356

0.0

%

SIP Care Services, LLC (~) (~~)

L

5.75

%  

10.92

%  

12/30/2021

12/30/2026

3,753

3,697

3,527

0.4

%

SIP Care Services, LLC (Delayed Draw) (*) (**)

L

5.75

%  

10.92

%  

12/30/2021

12/30/2026

3,040

0.0

%

SIP Care Services, LLC (Revolver) (*)

L

5.75

%  

10.92

%  

12/30/2021

12/30/2026

760

152

143

0.0

%

Sound Inpatient Physicians, Inc. (~)

L

3.00

%  

8.27

%  

10/12/2022

6/27/2025

2,807

2,316

1,672

0.2

%

TigerConnect, Inc. (~~)

SF

6.75

%  

11.79

%

2/16/2022

2/16/2028

10,000

9,840

9,788

1.0

%

TigerConnect, Inc. (Delayed Draw) (*) (**)

SF

6.75

%  

11.79

%

2/16/2022

2/16/2028

750

275

270

0.0

%

TigerConnect, Inc. (Revolver) (*)

SF

6.75

%  

11.79

%  

2/16/2022

2/16/2028

1,429

0.0

%

WebPT, Inc. (~~)

SF

6.85

%  

12.11

%  

8/28/2019

1/18/2028

5,000

4,974

4,998

0.5

%

WebPT, Inc. (Revolver) (*)

P

5.75

%  

14.00

%  

8/28/2019

1/18/2028

521

149

149

0.0

%

Whistler Parent Holdings III, Inc. (~~)

SF

6.75

%  

11.95

%  

6/3/2022

6/2/2028

21,000

20,628

20,706

2.2

%

Whistler Parent Holdings III, Inc. (Delayed Draw) (*) (**)

SF

6.75

%  

11.95

%  

6/3/2022

6/2/2028

6,563

262

259

0.0

%

Whistler Parent Holdings III, Inc. (Revolver)

SF

6.75

%  

11.95

%  

6/3/2022

6/2/2028

2,625

2,625

2,588

0.3

%

286,009

229,895

229,690

24.3

%

    

Interest

Acquisition

Amortized 

% of 

Portfolio Company (˄)

    

Index (˄˄)

    

Spread (˄˄)

    

Rate

Date (˄˄˄)

Maturity

Principal

Cost

Fair Value (˄˄˄˄)

Net Assets (˄˄˄˄˄)

Healthcare & Pharmaceuticals

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Animal Dermatology Group, Inc. (~) (~~~~)

SF

6.25

%  

11.64

%  

6/7/2023

6/7/2029

9,975

$

9,734

$

9,955

0.9

%

Animal Dermatology Group, Inc. (Delayed Draw) (*) (**)

SF

6.25

%  

11.64

%  

6/7/2023

6/7/2029

3,750

0.0

%

Animal Dermatology Group, Inc. (Revolver) (*)

SF

6.25

%  

11.64

%  

6/7/2023

6/7/2029

2,500

0.0

%

Appriss Health, LLC (~~)

 

SF

6.90

%  

12.15

%  

5/6/2021

5/6/2027

6,451

6,364

6,451

0.6

%

Appriss Health, LLC (Revolver) (*)

 

SF

6.90

%  

12.15

%  

5/6/2021

5/6/2027

433

0.0

%

Avalign Technologies, Inc. (~)

SF

4.60

%

9.92

%

7/10/2023

12/22/2025

9,830

9,405

9,215

0.8

%

Bluesight, Inc. (~~~~) (~~~~~)

SF

7.25

%

12.57

%

7/17/2023

7/17/2029

30,000

29,110

29,100

2.6

%

Bluesight, Inc. (Revolver) (*)

SF

7.25

%

12.57

%

7/17/2023

7/17/2029

2,609

0.0

%

Brickell Bay Acquisition Corp. (~~) (~~~)

 

SF

6.65

%  

11.90

%  

2/12/2021

2/12/2026

2,798

2,760

2,798

0.2

%

Caravel Autism Health, LLC (~)

SF

5.76

%  

11.01

%

6/30/2021

6/30/2027

8,039

7,930

7,877

0.7

%

Caravel Autism Health, LLC (~)

SF

5.76

%  

11.01

%  

6/30/2021

6/30/2027

2,233

2,233

2,188

0.2

%

Caravel Autism Health, LLC (Revolver) (*)

SF

5.76

%  

11.01

%  

6/30/2021

6/30/2027

2,030

790

774

0.1

%

Dorado Acquisition, Inc. (~) (~~) (~~~~)

 

SF

6.60

%  

11.93

%  

6/30/2021

6/30/2026

13,720

13,551

13,377

1.2

%

Dorado Acquisition, Inc. (~) (~~~)

SF

6.65

%  

11.90

%  

11/27/2022

6/30/2026

11,371

11,143

11,087

1.0

%

Dorado Acquisition, Inc. (Revolver) (*)

 

SF

6.60

%  

11.93

%  

6/30/2021

6/30/2026

1,670

0.0

%

Golden State Buyer, Inc. (~) (~~~)

 

SF

4.75

%  

10.18

%  

8/25/2022

6/19/2026

9,894

9,592

9,622

0.9

%

HAH Group Holding Company LLC (~)

SF

5.00

%

10.42

%

5/19/2023

10/29/2027

2,883

2,813

2,855

0.2

%

HAH Group Holding Company LLC (~)

SF

5.00

%  

10.42

%  

5/19/2023

10/29/2027

760

740

753

0.1

%

HAH Group Holding Company LLC (~)

SF

5.00

%  

10.42

%  

5/19/2023

10/29/2027

365

365

361

0.0

%

 

8.99

% Cash/

INH Buyer, Inc. (~)

 

SF

7.00

%  

3.50

% PIK

6/30/2021

6/28/2028

5,011

4,975

4,875

0.4

%

KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC) (~)

 

SF

7.00

%  

12.37

%  

2/1/2023

2/1/2029

9,975

9,703

9,975

0.9

%

KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC) (Delayed Draw) (*) (**)

 

SF

7.00

%  

12.37

%  

2/1/2023

2/1/2029

3,404

0.0

%

KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC) (Revolver) (*)

 

SF

7.00

%  

12.37

%  

2/1/2023

2/1/2029

1,626

488

488

0.0

%

LSCS Holdings, Inc. (~)

SF

4.61

%  

9.93

%  

5/24/2023

12/15/2028

2,985

2,898

2,948

0.3

%

NationsBenefits, LLC (~)

 

SF

7.00

%  

12.43

%  

8/20/2021

8/26/2027

12,036

11,881

12,133

1.1

%

NationsBenefits, LLC (~)

 

SF

7.00

%  

12.43

%  

8/26/2022

8/26/2027

14,343

14,343

14,459

1.3

%

NationsBenefits, LLC

 

SF

7.00

%  

12.43

%  

8/26/2022

8/26/2027

15,550

15,550

15,676

1.4

%

NationsBenefits, LLC (Revolver) (*)

 

SF

7.00

%  

12.43

%  

8/20/2021

8/26/2027

6,805

2,722

2,722

0.2

%

NQ PE Project Colosseum Midco Inc. (~) (~~~) (~~~~)

 

SF

5.65

%  

11.04

%  

10/4/2022

10/4/2028

14,491

14,238

14,635

1.3

%

NQ PE Project Colosseum Midco Inc. (Delayed Draw) (*) (**)

 

SF

5.65

%  

11.04

%  

10/4/2022

10/4/2028

3,244

0.0

%

NQ PE Project Colosseum Midco Inc. (Revolver) (*)

 

SF

5.65

%  

11.04

%  

10/4/2022

10/4/2028

1,825

0.0

%

OIS Management Services, LLC (~) (~~~~)

 

SF

5.85

%  

11.24

%  

12/14/2022

11/16/2028

9,950

9,729

10,050

0.9

%

OIS Management Services, LLC (Delayed Draw) (*) (**)

 

SF

5.85

%  

11.24

%  

12/14/2022

11/16/2028

3,839

1,393

1,407

0.1

%

OIS Management Services, LLC (Revolver) (*)

 

SF

5.85

%  

11.24

%  

12/14/2022

11/16/2028

1,154

0.0

%

QF Holdings, Inc. (~~)

 

SF

6.35

%  

11.72

%  

9/19/2019

12/15/2027

4,550

4,531

4,550

0.4

%

QF Holdings, Inc. (~~)

 

SF

6.35

%  

11.72

%  

12/15/2021

12/15/2027

4,368

4,319

4,368

0.4

%

QF Holdings, Inc. (~~)

 

SF

6.35

%  

11.72

%  

9/19/2019

12/15/2027

910

910

910

0.1

%

QF Holdings, Inc. (~~)

 

SF

6.35

%  

11.72

%  

8/21/2020

12/15/2027

910

910

910

0.1

%

QF Holdings, Inc. (Revolver) (*)

 

SF

6.35

%  

11.72

%  

9/19/2019

12/15/2027

1,092

400

400

0.0

%

SCP Eye Care Holdco, LLC (~) (~~~~)

 

SF

5.75

%  

11.18

%  

10/7/2022

10/5/2029

9,185

8,937

8,818

0.8

%

SCP Eye Care Holdco, LLC (Delayed Draw) (*) (**)

 

SF

5.85

%  

11.17

%  

10/7/2022

10/5/2029

8,040

3,807

3,655

0.3

%

SCP Eye Care Holdco, LLC (Revolver) (*)

 

SF

5.75

%  

11.17

%  

10/7/2022

10/5/2029

1,442

745

692

0.1

%

Seran BioScience, LLC (~~) (~~~)

 

SF

6.25

%  

11.50

%  

12/31/2020

7/8/2027

1,950

1,931

1,940

0.2

%

Seran BioScience, LLC (Delayed Draw) (*) (**)

SF

6.25

%

11.70

%

8/21/2023

7/8/2027

1,156

0.0

%

Seran BioScience, LLC (Delayed Draw) (*) (**)

SF

6.25

%  

11.70

%  

7/8/2022

7/8/2027

2,210

2,032

2,022

0.2

%

Seran BioScience, LLC (Revolver) (*)

SF

6.25

%  

11.50

%  

12/31/2020

7/8/2027

356

0.0

%

SIP Care Services, LLC (~)

SF

5.60

%

10.93

%

7/21/2023

12/30/2026

152

152

143

0.0

%

SIP Care Services, LLC (~) (~~)

SF

5.60

%  

10.93

%  

12/30/2021

12/30/2026

3,743

3,690

3,514

0.3

%

SIP Care Services, LLC (Delayed Draw) (*) (**)

SF

5.60

%  

10.93

%  

12/30/2021

12/30/2026

3,040

0.0

%

SIP Care Services, LLC (Revolver) (*)

SF

5.60

%  

10.93

%  

12/30/2021

12/30/2026

760

228

214

0.0

%

Sound Inpatient Physicians, Inc. (~)

SF

3.26

%  

8.63

%  

10/12/2022

6/27/2025

2,792

2,354

1,291

0.1

%

TigerConnect, Inc. (~~)

SF

6.75

%  

12.27

%

2/16/2022

2/16/2028

10,000

9,845

9,800

0.9

%

TigerConnect, Inc. (Delayed Draw) (*) (**)

SF

6.75

%  

12.27

%

2/16/2022

2/16/2028

750

364

357

0.0

%

TigerConnect, Inc. (Revolver) (*)

SF

6.75

%  

12.27

%  

2/16/2022

2/16/2028

1,429

0.0

%

WebPT, Inc. (~~)

SF

6.85

%  

12.27

%  

8/28/2019

1/18/2028

5,000

4,979

5,013

0.4

%

WebPT, Inc. (Revolver) (*)

SF

6.85

%  

12.30

%  

8/28/2019

1/18/2028

521

89

89

0.0

%

9.52

% Cash/

Whistler Parent Holdings III, Inc. (~~)

SF

8.90

%  

4.75

% PIK

6/3/2022

6/2/2028

21,000

20,639

20,801

1.8

%

9.52

% Cash/

Whistler Parent Holdings III, Inc.

SF

8.90

%  

4.75

% PIK

6/3/2022

6/2/2028

263

262

260

0.0

%

9.52

% Cash/

Whistler Parent Holdings III, Inc. (Revolver)

SF

8.90

%  

4.75

% PIK

6/3/2022

6/2/2028

2,625

2,625

2,600

0.2

%

315,793

268,199

268,128

23.7

%

10

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

JuneSeptember 30, 2023

(in thousands, except for shares and units)

    

Interest

Acquisition

Amortized 

% of 

Portfolio Company (˄)

    

Index (˄˄)

    

Spread (˄˄)

    

Rate

    

Date (˄˄˄)

    

Maturity

    

Principal

    

Cost

    

Fair Value (˄˄˄˄)

    

Net Assets (˄˄˄˄˄)

 

High Tech Industries

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Acquia Inc. (~~)

L

7.00

%  

12.34

%  

11/1/2019

10/31/2025

15,429

$

15,275

$

15,429

1.4

%

Acquia Inc. (Revolver) (*)

 

SF

7.25

%  

12.72

%  

11/1/2019

10/31/2025

 

588

289

 

289

 

0.0

%

14.65

% Cash/

Amelia Holding II, LLC (~~~~)

SF

10.26

%  

1.00

% PIK

12/21/2022

12/21/2027

 

10,062

 

9,796

 

10,062

 

0.9

%

Amelia Holding II, LLC (Delayed Draw) (*) (**)

 

SF

9.26

%  

14.65

%

12/21/2022

12/21/2027

 

3,333

 

1,467

 

1,467

 

0.1

%

14.65

% Cash/

Amelia Holding II, LLC (Revolver) (*)

 

SF

10.26

%  

1.00

% PIK

12/21/2022

12/21/2027

 

667

 

 

 

0.0

%

Arcstor Midco, LLC (Delayed Draw) (*) (**) (***)

SF

8.10

%  

13.42

% PIK

8/29/2023

3/16/2027

413

277

285

0.0

%

BTRS Holdings Inc. (~~~~)

 

SF

8.00

%  

13.41

%  

12/16/2022

12/15/2028

 

10,000

 

9,727

 

10,000

 

0.9

%

BTRS Holdings Inc. (Delayed Draw) (*) (**)

 

SF

8.00

%  

13.41

%  

12/16/2022

12/15/2028

845

 

310

 

310

 

0.0

%

BTRS Holdings Inc. (Revolver) (*)

 

SF

8.00

%  

13.41

%  

12/16/2022

12/15/2028

 

1,067

 

 

 

0.0

%

Drawbridge Partners, LLC (~~)

 

SF

7.00

%  

12.39

%

9/1/2022

9/1/2028

 

15,000

 

14,742

 

14,891

 

1.3

%

Drawbridge Partners, LLC (Delayed Draw) (*) (**)

 

SF

7.00

%  

12.39

%

9/1/2022

9/1/2028

 

4,370

 

1,962

 

1,947

 

0.2

%

Drawbridge Partners, LLC (Revolver) (*)

 

SF

7.00

%  

12.39

%  

9/1/2022

9/1/2028

 

2,609

 

 

 

0.0

%

Fueled Digital Media, LLC (~~~)

 

SF

6.11

%  

11.44

%  

11/1/2022

11/1/2027

 

5,724

 

5,602

 

5,781

 

0.5

%

Fueled Digital Media, LLC (~)

 

SF

6.11

%  

11.43

%  

11/1/2022

11/1/2027

 

504

 

504

 

509

 

0.0

%

Fueled Digital Media, LLC (Revolver) (*)

 

SF

6.11

%  

11.43

%  

11/1/2022

11/1/2027

 

807

 

303

 

303

 

0.0

%

Matrix Parent, Inc. (~) (~~~)

 

SF

5.00

%  

10.54

%  

11/2/2022

3/1/2029

 

2,475

 

2,274

 

1,706

 

0.2

%

Medallia, Inc. (~~)

 

SF

6.10

%  

11.42

% PIK

8/15/2022

10/27/2028

 

11,770

 

11,582

 

11,823

 

1.0

%

Mindbody, Inc. (~~)

 

SF

7.15

%  

12.52

%  

2/15/2019

2/14/2025

 

1,867

 

1,857

 

1,865

 

0.2

%

Mindbody, Inc. (~~)

 

SF

7.15

%  

12.52

%  

9/22/2021

2/14/2025

 

5,194

 

5,194

 

5,186

 

0.4

%

Mindbody, Inc. (Revolver) (*)

 

SF

7.15

%  

12.52

%  

2/15/2019

2/14/2025

 

190

 

 

 

0.0

%

Oranje Holdco, Inc. (~) (~~~~)

 

SF

7.75

%  

13.12

%  

2/1/2023

2/1/2029

 

14,000

 

13,681

 

14,000

 

1.2

%

Oranje Holdco, Inc. (Revolver) (*)

 

SF

7.75

%  

13.12

%  

2/1/2023

2/1/2029

 

1,750

 

 

 

0.0

%

Optomi, LLC (~) (~~~~)

 

SF

8.25

%  

13.60

%  

12/13/2022

12/16/2027

 

5,640

 

5,495

 

5,640

 

0.5

%

Optomi, LLC (~~) (~~~~)

 

SF

5.50

%  

10.85

%  

12/16/2021

12/16/2027

13,298

 

13,099

 

12,998

 

1.1

%

Optomi, LLC (Revolver) (*)

 

SF

5.50

%  

10.85

%  

12/16/2021

12/16/2027

 

3,189

 

 

 

0.0

%

Securly, Inc. (~~)

SF

7.10

%  

12.47

%  

4/20/2022

4/22/2027

3,702

3,645

3,675

0.3

%

Securly, Inc. (~~)

 

SF

7.10

%  

12.49

%  

4/22/2021

4/22/2027

8,400

8,288

8,337

0.7

%

Securly, Inc. (~~)

SF

7.10

%  

12.52

%  

4/22/2021

4/22/2027

1,938

1,938

1,924

0.2

%

Securly, Inc. (Delayed Draw) (*) (**)

 

SF

7.10

%  

12.52

%  

4/20/2022

4/22/2027

2,585

1,984

1,969

0.2

%

Securly, Inc. (Revolver)

SF

7.10

%  

12.52

%  

4/22/2021

4/22/2027

969

969

962

0.1

%

Sparq Holdings, Inc. (~~)

SF

6.25

%  

11.64

%  

6/16/2023

6/15/2029

1,995

1,937

1,995

0.2

%

Sparq Holdings, Inc. (Delayed Draw) (*) (**)

SF

6.25

%  

11.64

%  

6/16/2023

6/15/2029

444

0.0

%

Sparq Holdings, Inc. (Revolver) (*)

SF

6.25

%  

11.64

%  

6/16/2023

6/15/2029

409

0.0

%

Transact Holdings Inc. (~)

SF

4.25

%  

9.68

%  

4/18/2019

4/30/2026

712

707

714

0.1

%

Unanet, Inc. (~~) (~~~~)

SF

6.00

%  

11.35

%  

12/9/2022

12/8/2028

22,000

21,604

22,110

2.0

%

Unanet, Inc. (Delayed Draw) (*) (**)

SF

6.00

%  

11.35

%  

12/9/2022

12/8/2028

6,947

0.0

%

Unanet, Inc. (Revolver) (*)

 

SF

6.00

%  

11.35

%  

12/9/2022

12/8/2028

2,316

0.0

%

Watchguard Technologies, Inc. (~)

 

SF

5.25

%  

10.57

%  

8/17/2022

6/29/2029

20,942

19,712

19,849

1.8

%

204,150

174,220

176,026

15.5

%

Media: Advertising, Printing & Publishing

 

95 Percent Buyer, LLC (~~) (~~~) (~~~~)

 

SF

5.60

%  

10.93

%  

11/24/2021

11/24/2026

17,730

17,490

17,730

1.6

%

95 Percent Buyer, LLC (Revolver) (*)

 

SF

5.60

%  

10.93

%  

11/24/2021

11/24/2026

808

0.0

%

Calienger Holdings, L.L.C. (~~~)

 

SF

5.85

%  

11.18

%  

10/21/2022

10/20/2028

4,975

4,865

4,944

0.4

%

Calienger Holdings, L.L.C. (Delayed Draw) (*) (**)

 

SF

5.85

%  

11.18

%  

10/21/2022

10/20/2028

667

0.0

%

Calienger Holdings, L.L.C. (Revolver) (*)

 

SF

5.85

%  

11.18

%  

10/21/2022

10/20/2028

909

0.0

%

CE Intermediate, LLC (~) (~~)

 

SF

5.60

%  

10.99

%  

10/11/2022

7/1/2027

29,250

28,642

29,031

2.6

%

Destination Media, Inc.

SF

7.25

%  

12.54

%  

6/21/2023

6/21/2028

6,484

6,265

6,505

0.6

%

Destination Media, Inc. (Delayed Draw) (*) (**)

SF

7.15

%  

12.56

%  

6/21/2023

6/21/2028

3,250

186

186

0.0

%

Destination Media, Inc. (Revolver) (*)

SF

7.15

%  

12.56

%  

6/21/2023

6/21/2028

670

0.0

%

Madison Logic Holdings, Inc. (~)

 

SF

7.00

%  

12.39

%  

12/30/2022

12/29/2028

13,930

13,549

13,958

1.2

%

Madison Logic Holdings, Inc. (Revolver) (*)

 

SF

7.00

%  

12.39

%  

12/30/2022

12/30/2027

1,207

0.0

%

North Haven USHC Acquisition, Inc. (~~) (~~~~)

SF

6.60

%  

11.99

%  

10/30/2020

10/30/2025

2,431

2,408

2,390

0.2

%

North Haven USHC Acquisition, Inc. (~~) (~~~~)

 

SF

6.60

%  

11.99

%  

3/12/2021

10/30/2025

704

704

692

0.1

%

North Haven USHC Acquisition, Inc. (~~~~)

SF

6.60

%  

11.99

%  

9/3/2021

10/30/2025

1,423

1,423

1,399

0.1

%

North Haven USHC Acquisition, Inc. (~~~~)

 

SF

6.25

%  

11.44

%  

7/29/2022

10/30/2025

2,572

2,546

2,518

0.2

%

North Haven USHC Acquisition, Inc. (Delayed Draw) (*) (**)

SF

6.25

%  

11.44

%  

7/29/2022

10/30/2025

1,056

0.0

%

North Haven USHC Acquisition, Inc. (Revolver)

 

SF

6.60

%  

12.00

%  

10/30/2020

10/30/2025

416

416

409

0.0

%

 

11.79

% Cash/

NTM Acquisition Corp. (~~~)

SF

7.40

%  

1.00

% PIK

4/18/2019

6/7/2024

4,219

4,219

4,050

0.4

%

Really Great Reading Company, Inc. (~) (~~~~)

 

SF

5.75

%  

11.20

%  

12/9/2022

12/9/2028

11,940

11,670

12,059

1.1

%

Really Great Reading Company, Inc. (Delayed Draw) (*) (**)

SF

5.75

%  

11.20

%  

12/9/2022

12/8/2028

2,526

0.0

%

Really Great Reading Company, Inc. (Revolver) (*)

 

SF

5.75

%  

11.20

%  

12/9/2022

12/8/2028

3,200

0.0

%

Relevate Health Group, LLC (~~) (~~~~)

SF

6.00

%  

11.43

%  

11/20/2020

11/20/2025

1,950

1,932

1,944

0.2

%

Relevate Health Group, LLC (~~~) (~~~~)

 

SF

6.00

%  

11.43

%  

3/28/2022

11/20/2025

5,197

5,131

5,182

0.5

%

Relevate Health Group, LLC (~~~)

 

SF

6.00

%  

11.43

%  

11/20/2020

11/20/2025

872

872

870

0.1

%

Relevate Health Group, LLC (Revolver) (*)

SF

6.00

%  

11.43

%  

11/20/2020

11/20/2025

789

0.0

%

Renaissance Holding Corp. (~)

SF

4.75

%  

10.07

%  

3/16/2023

4/5/2030

7,500

7,286

7,453

0.6

%

Spherix Global Inc. (~) (~~)

SF

8.36

%  

13.69

%  

12/22/2021

12/22/2026

4,433

4,379

4,327

0.4

%

Spherix Global Inc. (Revolver) (*)

SF

8.36

%  

13.69

%  

12/22/2021

12/22/2026

500

0.0

%

XanEdu Publishing, Inc. (~~) (~~~)

SF

6.00

%  

11.43

%  

1/28/2020

1/28/2025

5,985

5,939

5,985

0.5

%

XanEdu Publishing, Inc. (~~~)

SF

6.00

%  

11.43

%  

8/31/2022

1/28/2025

2,379

2,344

2,385

0.2

%

XanEdu Publishing, Inc. (Revolver) (*)

SF

6.00

%  

11.43

%  

1/28/2020

1/28/2025

977

0.0

%

140,949

122,266

124,017

11.0

%

11

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2023

(in thousands, except for shares and units)

    

Interest

Acquisition

Amortized 

% of 

Portfolio Company (˄)

    

Index (˄˄)

    

Spread (˄˄)

    

Rate

    

Date (˄˄˄)

    

Maturity

    

Principal

    

Cost

    

Fair Value (˄˄˄˄)

    

Net Assets (˄˄˄˄˄)

 

High Tech Industries

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Acquia Inc. (~~)

SF

7.00

%  

12.34

%  

11/1/2019

10/31/2025

15,429

$

15,262

$

15,429

1.6

%

Acquia Inc. (Revolver) (*)

 

SF

7.25

%  

12.59

%  

11/1/2019

10/31/2025

 

588

459

 

459

 

0.0

%

14.50

% Cash/

Amelia Holding II, LLC (~)

SF

10.26

%  

1.00

% PIK

12/21/2022

12/21/2027

 

10,053

 

9,779

 

10,015

 

1.1

%

14.50

% Cash/

Amelia Holding II, LLC (Delayed Draw) (*) (**)

 

SF

10.26

%  

1.00

% PIK

12/21/2022

12/21/2027

 

3,333

 

 

 

0.0

%

14.50

% Cash/

Amelia Holding II, LLC (Revolver) (*)

 

SF

10.26

%  

1.00

% PIK

12/21/2022

12/21/2027

 

667

 

 

 

0.0

%

8.95

% Cash/

Arcstor Midco, LLC (~) (~~) (***)

SF

7.60

%  

3.75

% PIK

3/16/2021

3/16/2027

12,190

11,950

9,156

1.0

%

BTRS Holdings Inc. (~)

 

SF

8.00

%  

13.22

%  

12/16/2022

12/15/2028

 

10,000

 

9,720

 

10,000

 

1.1

%

BTRS Holdings Inc. (Delayed Draw) (*) (**)

 

SF

8.00

%  

13.22

%  

12/16/2022

12/15/2028

845

 

203

 

203

 

0.0

%

BTRS Holdings Inc. (Revolver) (*)

 

SF

7.25

%  

12.36

%  

12/16/2022

12/15/2028

 

1,067

 

373

 

373

 

0.0

%

Drawbridge Partners, LLC (~~)

 

SF

7.00

%  

12.24

%

9/1/2022

9/1/2028

 

15,000

 

14,735

 

14,865

 

1.6

%

Drawbridge Partners, LLC (Delayed Draw) (*) (**)

 

SF

7.00

%  

12.24

9/1/2022

9/1/2028

 

1,649

 

1,453

 

1,439

 

0.2

%

Drawbridge Partners, LLC (Revolver) (*)

 

SF

7.00

%  

12.24

%  

9/1/2022

9/1/2028

 

2,609

 

 

 

0.0

%

Fueled Digital Media, LLC (~~~)

 

SF

6.11

%  

11.27

%  

11/1/2022

11/1/2027

 

5,738

 

5,612

 

5,767

 

0.6

%

Fueled Digital Media, LLC (Delayed Draw) (*) (**)

 

SF

6.11

%  

11.27

%  

11/1/2022

11/1/2027

 

504

 

 

 

0.0

%

Fueled Digital Media, LLC (Revolver) (*)

 

SF

6.11

%  

11.27

%  

11/1/2022

11/1/2027

 

807

 

 

 

0.0

%

Matrix Parent, Inc. (~) (~~~)

 

SF

5.00

%  

10.39

%  

11/2/2022

3/1/2029

 

2,481

 

2,274

 

1,681

 

0.2

%

Medallia, Inc. (~~)

 

L

6.50

%  

11.69

% PIK

8/15/2022

10/27/2028

 

11,595

 

11,401

 

11,618

 

1.2

%

Mindbody, Inc. (~~)

 

L

7.00

%  

12.19

%  

2/15/2019

2/14/2025

 

1,867

 

1,856

 

1,867

 

0.2

%

Mindbody, Inc. (~~)

 

L

7.00

%  

12.19

%  

9/22/2021

2/14/2025

 

7,387

 

7,387

 

7,383

 

0.8

%

Mindbody, Inc. (Revolver) (*)

 

L

7.00

%  

12.19

%  

2/15/2019

2/14/2025

 

190

 

 

 

0.0

%

Oranje Holdco, Inc. (~)

 

SF

7.75

%  

12.79

%  

2/1/2023

2/1/2029

 

14,000

 

13,675

 

14,000

 

1.5

%

Oranje Holdco, Inc. (Revolver) (*)

 

SF

7.75

%  

12.79

%  

2/1/2023

2/1/2029

 

1,750

 

 

 

0.0

%

Optomi, LLC (~)

 

SF

8.25

%  

13.14

%  

12/13/2022

12/16/2027

 

5,654

 

5,504

 

5,654

 

0.6

%

Optomi, LLC (~) (~~)

 

SF

5.50

%  

10.39

%  

12/16/2021

12/16/2027

13,331

 

13,126

 

12,948

 

1.4

%

Optomi, LLC (Revolver) (*)

 

SF

5.50

%  

10.39

%  

12/16/2021

12/16/2027

 

3,189

 

638

 

619

 

0.1

%

Securly, Inc. (~~)

L

7.00

%  

12.27

%  

4/20/2022

4/22/2027

3,702

3,643

3,675

0.4

%

Securly, Inc. (~~)

 

SF

7.10

%  

12.35

%  

4/22/2021

4/22/2027

8,400

8,284

8,337

0.9

%

Securly, Inc. (~~)

L

7.00

%  

12.48

%  

4/22/2021

4/22/2027

1,938

1,938

1,924

0.2

%

Securly, Inc. (Delayed Draw) (*) (**)

 

L

7.00

%  

12.48

%  

4/20/2022

4/22/2027

2,585

1,984

1,969

0.2

%

Securly, Inc. (Revolver)

L

7.00

%  

12.48

%  

4/22/2021

4/22/2027

969

969

962

0.1

%

Sparq Holdings, Inc. (~~)

SF

6.25

%  

11.52

%  

6/16/2023

6/15/2029

2,000

1,940

1,940

0.2

%

Sparq Holdings, Inc. (Delayed Draw) (*) (**)

SF

6.25

%  

11.52

%  

6/16/2023

6/15/2029

444

0.0

%

Sparq Holdings, Inc. (Revolver) (*)

SF

6.25

%  

11.52

%  

6/16/2023

6/15/2029

409

0.0

%

Transact Holdings Inc. (~)

L

4.25

%  

9.44

%  

4/18/2019

4/30/2026

714

708

714

0.1

%

Unanet, Inc. (~) (~~)

SF

6.25

%  

10.97

%  

12/9/2022

12/8/2028

22,000

21,594

22,000

2.3

%

Unanet, Inc. (Delayed Draw) (*) (**)

SF

6.25

%  

10.97

%  

12/9/2022

12/8/2028

6,947

0.0

%

Unanet, Inc. (Revolver) (*)

 

SF

6.25

%  

10.97

%  

12/9/2022

12/8/2028

2,316

0.0

%

Watchguard Technologies, Inc. (~)

 

SF

5.25

%  

10.49

%  

8/17/2022

6/29/2029

20,995

19,729

20,099

2.1

%

215,342

186,196

185,096

19.7

%

Media: Advertising, Printing & Publishing

 

95 Percent Buyer, LLC (~) (~~) (~~~)

 

SF

5.60

%  

10.76

%  

11/24/2021

11/24/2026

17,775

17,523

17,571

1.9

%

95 Percent Buyer, LLC (Revolver) (*)

 

SF

5.60

%  

10.76

%  

11/24/2021

11/24/2026

808

0.0

%

Calienger Holdings, L.L.C. (~~~)

 

SF

5.85

%  

11.01

%  

10/21/2022

10/20/2028

4,988

4,875

4,988

0.5

%

Calienger Holdings, L.L.C. (Delayed Draw) (*) (**)

 

SF

5.85

%  

11.01

%  

10/21/2022

10/20/2028

667

0.0

%

Calienger Holdings, L.L.C. (Revolver) (*)

 

SF

5.75

%  

10.91

%  

10/21/2022

10/20/2028

909

0.0

%

CE Intermediate, LLC (~) (~~)

 

SF

5.60

%  

10.84

%  

10/11/2022

7/1/2027

29,438

28,800

29,438

3.1

%

Destination Media, Inc. (~~~~)

SF

7.25

%  

12.54

%  

6/21/2023

6/21/2028

6,500

6,273

6,273

0.7

%

Destination Media, Inc. (Delayed Draw) (*) (**)

SF

7.25

%  

12.54

%  

6/21/2023

6/21/2028

3,250

0.0

%

Destination Media, Inc. (Revolver) (*)

SF

7.25

%  

12.54

%  

6/21/2023

6/21/2028

670

0.0

%

Madison Logic Holdings, Inc. (~)

 

SF

7.00

%  

12.24

%  

12/30/2022

12/29/2028

13,965

13,574

14,035

1.5

%

Madison Logic Holdings, Inc. (Revolver) (*)

 

SF

7.00

%  

12.24

%  

12/30/2022

12/30/2027

1,207

0.0

%

North Haven USHC Acquisition, Inc. (~) (~~)

SF

6.50

%  

11.46

%  

10/30/2020

10/30/2025

2,438

2,412

2,379

0.2

%

North Haven USHC Acquisition, Inc. (~) (~~)

 

SF

6.50

%  

11.46

%  

3/12/2021

10/30/2025

706

706

689

0.1

%

North Haven USHC Acquisition, Inc. (~)

SF

6.50

%  

11.69

%  

9/3/2021

10/30/2025

1,427

1,427

1,392

0.1

%

North Haven USHC Acquisition, Inc. (~)

 

SF

6.25

%  

11.44

%  

7/29/2022

10/30/2025

2,579

2,550

2,505

0.3

%

North Haven USHC Acquisition, Inc. (Delayed Draw) (*) (**)

SF

6.50

%  

11.69

%  

7/29/2022

10/30/2025

1,056

0.0

%

North Haven USHC Acquisition, Inc. (Revolver) (*)

 

SF

6.50

%  

11.67

%  

10/30/2020

10/30/2025

416

312

305

0.0

%

 

12.64

% Cash/

NTM Acquisition Corp. (~~~)

SF

8.40

%  

1.00

% PIK

4/18/2019

6/7/2024

4,280

4,280

4,109

0.4

%

Really Great Reading Company, Inc. (~)

 

SF

6.00

%  

10.89

%  

12/9/2022

12/8/2028

11,970

11,692

11,910

1.3

%

Really Great Reading Company, Inc. (Delayed Draw) (*) (**)

SF

6.00

%  

10.89

%  

12/9/2022

12/8/2028

2,526

0.0

%

Really Great Reading Company, Inc. (Revolver) (*)

 

SF

6.00

%  

10.89

%  

12/9/2022

12/8/2028

3,200

0.0

%

Relevate Health Group, LLC (~) (~~)

SF

6.00

%  

11.26

%  

11/20/2020

11/20/2025

1,955

1,935

1,932

0.2

%

Relevate Health Group, LLC (~) (~~~)

 

SF

6.00

%  

11.26

%  

3/28/2022

11/20/2025

5,210

5,139

5,148

0.5

%

Relevate Health Group, LLC (~~~)

 

SF

6.00

%  

11.26

%  

11/20/2020

11/20/2025

875

875

864

0.1

%

Relevate Health Group, LLC (Revolver) (*)

SF

6.00

%  

11.26

%  

11/20/2020

11/20/2025

789

0.0

%

Renaissance Holding Corp. (~)

SF

4.75

%  

9.99

%  

3/16/2023

4/5/2030

7,500

7,279

7,422

0.8

%

Spherix Global Inc. (~) (~~)

SF

6.36

%  

11.52

%  

12/22/2021

12/22/2026

4,444

4,388

4,305

0.5

%

Spherix Global Inc. (Revolver) (*)

SF

6.36

%  

11.52

%  

12/22/2021

12/22/2026

500

0.0

%

XanEdu Publishing, Inc. (~~) (~~~)

SF

6.00

%  

11.22

%  

1/28/2020

1/28/2025

6,001

5,948

6,001

0.6

%

XanEdu Publishing, Inc. (~~~)

SF

6.00

%  

11.22

%  

8/31/2022

1/28/2025

2,385

2,344

2,388

0.3

%

XanEdu Publishing, Inc. (Revolver) (*)

SF

6.00

%  

11.22

%  

1/28/2020

1/28/2025

977

0.0

%

141,411

122,332

123,654

13.1

%

    

Interest

Acquisition

Amortized 

% of 

Portfolio Company (˄)

    

Index (˄˄)

    

Spread (˄˄)

    

Rate

    

Date (˄˄˄)

    

Maturity

    

Principal

    

Cost

    

Fair Value (˄˄˄˄)

    

Net Assets (˄˄˄˄˄)

Media: Broadcasting & Subscription

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.) (i)

 

SF

8.26

%  

13.66

%

9/8/2023

1/31/2028

 

86

 

$

86

 

$

86

 

0.0

%

Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.) (i)

SF

8.26

%  

13.63

%

7/31/2023

1/31/2028

147

147

147

0.0

%

Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.) (i)

 

SF

8.26

%  

13.63

%

7/31/2023

1/31/2028

 

486

 

486

 

486

 

0.1

%

 

 

719

 

719

 

719

 

0.1

%

Media: Diversified & Production

 

 

 

 

 

Bonterra LLC (~~) (~~~~)

 

SF

7.25

%  

12.64

%  

9/8/2021

9/8/2027

 

19,042

 

18,848

 

18,614

 

1.6

%

Bonterra LLC

 

SF

8.00

%  

13.39

% PIK

9/28/2023

9/8/2027

 

2,603

 

2,564

 

2,603

 

0.2

%

Bonterra LLC (Revolver) (*)

SF

7.25

%  

12.64

%  

9/8/2021

9/8/2027

1,814

0.0

%

Chess.com, LLC (~~) (~~~)

 

SF

6.60

%  

11.99

%  

12/31/2021

12/31/2027

 

12,805

 

12,611

 

12,709

 

1.1

%

Chess.com, LLC (Revolver) (*)

 

SF

6.60

%  

11.99

%  

12/31/2021

12/31/2027

 

1,413

 

 

 

0.0

%

Crownpeak Technology, Inc. (~~)

 

SF

7.25

%  

12.68

%  

2/28/2019

2/28/2025

 

1,000

 

998

 

1,000

 

0.1

%

Crownpeak Technology, Inc. (~~)

 

SF

7.25

%  

12.68

%  

2/28/2019

2/28/2025

 

15

 

15

 

15

 

0.0

%

Crownpeak Technology, Inc. (~~)

 

SF

7.25

%  

12.37

%  

9/27/2022

2/28/2025

 

318

 

314

 

318

 

0.0

%

Crownpeak Technology, Inc. (~~~~)

 

SF

7.25

%  

12.68

%  

9/27/2022

2/28/2025

 

833

 

833

 

833

 

0.1

%

Crownpeak Technology, Inc. (Revolver) (*)

 

SF

7.35

%  

12.67

%  

2/28/2019

2/28/2025

 

125

 

17

 

17

 

0.0

%

Research Now Group, Inc. and Survey Sampling International, LLC (~)

 

SF

5.76

%  

11.13

%  

11/28/2022

12/20/2024

2,723

 

2,497

 

1,991

 

0.2

%

Sports Operating Holdings II, LLC (~)

 

SF

5.85

%  

11.17

%  

11/3/2022

11/3/2027

 

4,950

 

4,844

 

4,975

 

0.4

%

Sports Operating Holdings II, LLC (Delayed Draw) (*) (**)

 

SF

5.85

%  

11.17

%  

11/3/2022

11/3/2027

 

3,998

 

403

 

405

 

0.0

%

Sports Operating Holdings II, LLC (Revolver) (*)

 

SF

5.85

%  

11.17

%  

11/3/2022

11/3/2027

 

865

 

 

 

0.0

%

12.38

% Cash/

Streamland Media MidCo LLC (~) (~~)

 

SF

7.25

%  

0.50

% PIK

8/26/2019

12/31/2024

 

1,959

 

1,952

 

1,952

 

0.2

%

12.38

% Cash/

Streamland Media MidCo LLC (~)

 

SF

7.25

%  

0.50

% PIK

3/7/2022

12/31/2024

 

531

 

524

 

528

 

0.1

%

 

 

54,994

 

46,420

 

45,960

 

4.0

%

Services: Business

 

 

 

 

 

Aduro Advisors, LLC (~) (~~~~)

SF

6.25

%

11.57

%

5/26/2023

5/26/2028

8,479

8,275

8,542

0.7

%

Aduro Advisors, LLC (Revolver)

SF

6.25

%

11.57

%

5/26/2023

5/26/2028

944

944

944

0.1

%

Aduro Advisors, LLC (Revolver)

SF

6.25

%

11.57

%

5/26/2023

5/26/2028

1,889

1,889

1,889

0.2

%

Aperture Companies, LLC (~~) (~~~)

SF

6.35

%  

11.68

%  

12/31/2021

12/31/2026

14,775

14,569

14,316

1.3

%

Aperture Companies, LLC (~~)

 

SF

6.35

%  

11.68

%  

12/31/2021

12/31/2026

 

4,294

 

4,294

 

4,160

 

0.4

%

Aperture Companies, LLC (Revolver) (*)

SF

6.35

%  

11.68

%  

12/31/2021

12/31/2026

1,347

0.0

%

 

8.95

% Cash/

 

 

 

 

Aras Corporation (~) (~~~~)

SF

6.90

%  

3.25

% PIK

4/13/2021

4/13/2027

4,797

4,745

4,833

0.4

%

Aras Corporation (Revolver) (*)

 

P

5.50

%  

14.00

%  

4/13/2021

4/13/2027

 

325

 

238

 

238

 

0.0

%

Argano, LLC (~)

SF

6.60

%  

11.93

%  

4/18/2023

4/14/2025

1,203

1,187

1,212

0.1

%

Argano, LLC (~~) (~~~)

 

SF

5.60

%  

10.93

%  

6/10/2021

6/10/2026

 

8,918

 

8,812

 

8,784

 

0.8

%

Argano, LLC (~) (~~~)

SF

5.60

%  

10.93

%  

6/10/2021

6/10/2026

3,949

3,949

3,889

0.3

%

Argano, LLC (~) (~~~~)

 

SF

5.60

%  

10.93

%  

10/7/2022

6/10/2026

 

686

 

670

 

676

 

0.1

%

Argano, LLC (~~~~)

SF

5.60

%

10.93

%

3/16/2022

6/10/2026

4,721

4,721

4,650

0.4

%

Argano, LLC (Revolver)

 

SF

5.60

%  

10.93

%  

6/10/2021

6/10/2026

965

 

965

 

950

 

0.1

%

Cosmos Bidco, Inc. (~~~~)

 

SF

6.75

%  

12.16

%

9/15/2023

9/14/2029

36,000

 

35,105

 

35,100

 

3.1

%

Cosmos Bidco, Inc. (Delayed Draw) (*) (**)

SF

6.75

%  

12.16

%

9/15/2023

9/14/2029

6,750

0.0

%

Cosmos Bidco, Inc. (Revolver) (*)

 

SF

6.75

%  

12.16

%  

9/15/2023

9/14/2029

 

5,625

 

 

 

0.0

%

E-Discovery Acquireco, LLC (Revolver) (~) (~~~~)

SF

6.50

%

11.90

%

8/29/2023

8/29/2029

20,000

19,505

19,500

1.7

%

E-Discovery Acquireco, LLC (Revolver) (*)

 

SF

6.50

%  

11.90

%  

8/29/2023

8/29/2029

 

1,818

 

 

 

0.0

%

ecMarket Inc. and Conexiom US Inc. (~~) (<) (b)

 

SF

6.85

%  

12.24

%  

9/21/2021

9/21/2027

 

16,535

 

16,311

 

16,535

 

1.4

%

ecMarket Inc. and Conexiom US Inc. (~~) (<) (b)

 

SF

6.85

%  

12.24

%  

9/21/2021

9/21/2027

1,291

 

1,291

 

1,291

 

0.1

%

ecMarket Inc. and Conexiom US Inc. (Delayed Draw) (<) (*) (**) (b)

SF

6.85

%  

12.24

%  

5/4/2023

9/21/2027

2,063

1,098

1,098

0.1

%

ecMarket Inc. and Conexiom US Inc. (Revolver) (<) (*) (b)

SF

6.85

%  

12.24

%  

9/21/2021

9/21/2027

2,067

0.0

%

Edustaff, LLC (~) (~~~~)

SF

6.10

%  

11.42

%  

12/8/2022

12/8/2027

12,903

12,594

13,031

1.2

%

Edustaff, LLC (Revolver) (*)

SF

6.10

%  

11.42

%  

12/8/2022

12/8/2027

2,364

0.0

%

FusionSite MidCo LLC (~) (~~~~)

SF

5.76

%  

11.01

%  

10/4/2022

10/4/2027

15,978

15,709

16,034

1.4

%

FusionSite MidCo LLC (Delayed Draw) (*) (**)

SF

5.76

%  

11.15

%  

10/4/2022

10/4/2027

7,551

7,380

7,406

0.7

%

FusionSite MidCo LLC (Revolver) (*)

SF

5.76

%  

11.15

%  

10/4/2022

10/4/2027

1,326

0.0

%

HS4 Acquisitionco, Inc. (~~)

SF

6.85

%  

12.17

%  

7/9/2019

7/9/2025

3,910

3,882

3,902

0.3

%

HS4 Acquisitionco, Inc. (~~)

SF

6.85

%  

12.17

%  

10/6/2021

7/9/2025

4,248

4,248

4,239

0.4

%

HS4 Acquisitionco, Inc. (Revolver) (*)

SF

6.85

%  

12.17

%  

7/9/2019

7/9/2025

325

211

211

0.0

%

iCIMS, Inc. (~~)

SF

7.25

%  

12.63

%  

10/24/2022

8/18/2028

8,000

7,877

8,000

0.7

%

Kingsley Gate Partners, LLC (~)

SF

6.15

%  

11.40

%  

12/9/2022

12/11/2028

2,985

2,932

2,957

0.3

%

Kingsley Gate Partners, LLC

SF

6.15

%  

11.40

%  

12/9/2022

12/11/2028

958

958

948

0.1

%

Kingsley Gate Partners, LLC (Delayed Draw) (*) (**)

SF

6.15

%  

11.48

%  

12/9/2022

12/11/2028

3,000

660

654

0.1

%

Kingsley Gate Partners, LLC (Revolver) (*)

SF

6.15

%  

11.48

%  

12/9/2022

12/11/2028

1,200

0.0

%

Milrose Consultants, LLC (~)

SF

7.15

%  

12.57

%

8/31/2023

8/31/2028

45,000

43,770

43,763

3.9

%

Milrose Consultants, LLC (Delayed Draw) (*) (**)

SF

7.15

%  

12.57

%

8/31/2023

8/31/2028

2,009

0.0

%

Milrose Consultants, LLC (Revolver) (*)

SF

7.15

%  

12.57

%

8/31/2023

8/31/2028

2,308

0.0

%

Moonraker Acquisitionco LLC (~)

SF

5.75

%  

11.14

%

9/30/2022

8/4/2028

6,948

6,827

6,982

0.6

%

Moonraker Acquisitionco LLC (Delayed Draw) (*) (**)

SF

5.75

%  

11.14

%

9/30/2022

8/4/2028

2,333

0.0

%

Moonraker Acquisitionco LLC (Revolver) (*)

SF

6.00

%  

11.15

%

9/30/2022

8/4/2028

933

93

94

0.0

%

Prototek LLC (~~~)

SF

7.10

%  

12.43

%

12/8/2022

12/8/2027

7,960

7,751

7,781

0.7

%

Prototek LLC (Delayed Draw) (*) (**)

SF

7.00

%  

12.32

%  

12/8/2022

12/8/2027

2,457

0.0

%

Prototek LLC (Revolver) (*)

SF

7.00

%  

12.32

%  

12/8/2022

12/8/2027

1,843

295

288

0.0

%

Relativity ODA LLC (~) (~~~~)

SF

6.60

%  

11.92

% PIK

5/12/2021

5/12/2027

5,267

5,184

5,275

0.4

%

Relativity ODA LLC (Revolver) (*)

SF

6.60

%  

11.92

% PIK

5/12/2021

5/12/2027

450

0.0

%

Sundance Group Holdings, Inc. (~~)

SF

6.25

%  

11.72

%  

7/2/2021

7/2/2027

4,148

4,090

4,125

0.4

%

Sundance Group Holdings, Inc. (~~~~)

SF

6.25

%  

11.77

%  

11/30/2022

7/2/2027

166

162

165

0.0

%

Sundance Group Holdings, Inc. (~~~~)

SF

6.25

%  

11.73

%  

7/2/2021

7/2/2027

1,244

1,244

1,238

0.1

%

Sundance Group Holdings, Inc. (Revolver) (*)

SF

6.25

%  

11.75

%  

7/2/2021

7/2/2027

498

265

264

0.0

%

Teneo Holdings LLC (~)

SF

5.35

%

10.67

%

5/25/2023

7/11/2025

2,984

2,984

2,990

0.3

%

The GEO Group, Inc. (~) (<)

SF

7.13

%  

12.44

%  

4/5/2023

3/23/2027

9,824

9,984

10,021

0.9

%

Thryv, Inc. (~) (<)

SF

8.61

%  

13.93

%  

9/7/2022

2/27/2026

7,125

7,068

7,149

0.6

%

Verdantas LLC (~)

SF

7.60

%  

12.93

%

2/28/2023

7/1/2025

3,980

3,885

3,980

0.4

%

Verdantas LLC (Delayed Draw) (*) (**)

SF

7.60

%  

12.93

%

2/28/2023

7/1/2025

2,000

0.0

%

Vhagar Purchaser, LLC (~~~~)

SF

7.00

%

12.24

%

6/9/2023

6/8/2029

10,000

9,715

10,000

0.9

%

Vhagar Purchaser, LLC (Delayed Draw) (*) (**)

SF

7.00

%

12.37

%

6/9/2023

6/8/2029

2,222

500

500

0.0

%

Vhagar Purchaser, LLC (Revolver) (*)

SF

7.00

%

12.24

%

6/9/2023

6/8/2029

1,111

0.0

%

WPEngine, Inc. (~~) (~~~~)

SF

6.50

%

11.92

%

8/14/2023

8/14/2029

16,500

16,010

16,005

1.4

%

WPEngine, Inc. (Revolver) (*)

SF

6.50

%

11.92

%

8/14/2023

8/14/2029

1,650

0.0

%

355,149

304,846

306,609

27.1

%

1112

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2023

(in thousands, except for shares and units)

    

Interest

Acquisition

Amortized 

% of 

Portfolio Company (˄)

    

Index (˄˄)

    

Spread (˄˄)

    

Rate

    

Date (˄˄˄)

    

Maturity

    

Principal

    

Cost

    

Fair Value (˄˄˄˄)

    

Net Assets (˄˄˄˄˄)

 

Services: Consumer

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Clydesdale Holdings, LLC (~) (~~)

SF

6.40

%

11.79

%

7/19/2023

6/23/2028

5,000

$

4,878

$

5,025

0.4

%

Clydesdale Holdings, LLC (~) (~~~)

 

SF

5.65

%  

11.04

%  

6/24/2022

6/23/2028

 

14,850

 

14,603

 

14,583

 

1.3

%

Clydesdale Holdings, LLC (Delayed Draw) (*) (**)

 

SF

5.65

%  

11.04

%  

6/24/2022

6/23/2028

 

21,101

 

17,276

 

16,965

 

1.5

%

Clydesdale Holdings, LLC (Revolver) (*)

 

SF

5.65

%  

11.04

%  

6/24/2022

6/23/2028

 

4,523

 

 

 

0.0

%

Denali Midco 2, LLC

 

SF

6.60

%  

11.92

%  

9/13/2022

12/22/2027

 

12,375

 

12,058

 

12,375

 

1.1

%

Denali Midco 2, LLC (Delayed Draw) (*) (**)

 

SF

6.60

%  

11.92

%  

9/13/2022

12/22/2027

12,467

 

8,634

 

8,634

 

0.8

%

Express Wash Acquisition Company, LLC (~)

 

SF

6.76

%  

12.01

%  

7/14/2022

7/14/2028

 

9,985

 

9,937

 

9,985

 

0.9

%

Express Wash Acquisition Company, LLC

 

SF

6.76

%  

12.01

%  

7/14/2022

7/14/2028

 

2,143

 

2,143

 

2,143

 

0.2

%

Express Wash Acquisition Company, LLC (Revolver) (*)

 

SF

6.76

%  

12.01

%  

7/14/2022

7/14/2028

 

536

 

295

 

295

 

0.0

%

Light Wave Dental Management, LLC (~~~~) (~~~~~)

 

SF

7.00

%  

12.39

%  

6/30/2023

6/30/2029

 

27,431

 

26,622

 

27,541

 

2.4

%

Light Wave Dental Management, LLC (Revolver) (*)

 

SF

7.00

%  

12.39

%  

6/30/2023

6/30/2029

3,802

 

1,996

 

1,996

 

0.2

%

Pacific Bells, LLC (~~~)

 

SF

4.50

%  

10.15

%  

11/2/2022

11/10/2028

 

2,916

 

2,751

 

2,888

 

0.3

%

Viad Corp (~) (<)

 

SF

5.11

%  

10.43

%

9/12/2022

7/28/2028

 

4,937

 

4,839

 

4,855

 

0.4

%

 

 

122,066

 

106,032

 

107,285

 

9.5

%

Telecommunications

 

 

 

 

 

American Broadband and Telecommunications

 

18.50

% Cash/

 

 

 

Company LLC (Delayed Draw) (~) (*) (**)

 

P

12.00

%  

2.00

% PIK

6/10/2022

6/10/2025

 

2,754

 

2,511

 

2,587

 

0.2

%

American Broadband and Telecommunications

 

18.50

% Cash/

 

 

 

 

Company LLC (Revolver) (*)

 

P

12.00

%  

2.00

% PIK

6/10/2022

6/10/2025

1,000

 

246

 

247

 

0.0

%

Calabrio, Inc. (~~)

 

SF

7.13

%  

12.44

%  

4/16/2021

4/16/2027

8,000

 

7,866

 

8,000

 

0.7

%

Calabrio, Inc. (Revolver) (*)

SF

7.13

%  

12.45

%  

4/16/2021

4/16/2027

963

551

551

0.0

%

DataOnline Corp. (~~) (~~~~)

 

SF

5.65

%  

11.07

%  

11/13/2019

11/13/2025

 

6,256

 

6,203

 

6,232

 

0.6

%

DataOnline Corp. (Revolver)

 

SF

5.65

%  

11.04

%  

11/13/2019

11/13/2025

 

844

 

844

 

844

 

0.1

%

EOS Finco S.A.R.L. (~) (~~~) (<) (b)

 

SF

6.00

%  

11.27

%  

8/3/2022

8/20/2027

 

7,358

 

7,255

 

7,174

 

0.6

%

Patagonia Holdco LLC (~) (<) (b)

 

SF

5.75

%  

11.12

%  

8/5/2022

8/1/2029

 

14,850

 

12,456

 

13,142

 

1.2

%

Sandvine Corporation (~)

 

SF

4.50

%  

9.82

%  

3/8/2021

10/31/2025

 

1,143

 

1,143

 

985

 

0.1

%

 

43,168

 

39,075

 

39,762

 

3.5

%

Transportation: Cargo

 

 

 

 

 

AIT Worldwide Logistics Holdings, Inc. (~)

SF

4.85

%

10.18

%

5/26/2023

4/26/2028

6,300

6,045

6,266

0.5

%

Complete Innovations Inc. (~) (<) (a) (b)

 

C

6.00

%  

11.37

%  

12/16/2020

12/16/2025

 

8,102

 

8,542

 

8,102

 

0.7

%

Complete Innovations Inc. (~) (<) (a) (b)

C

6.00

%  

11.37

%  

12/16/2020

12/16/2025

1,028

1,101

1,028

0.1

%

Fiasco Enterprises, LLC (~~~)

 

SF

5.86

%  

11.19

%  

5/6/2022

5/6/2027

 

6,930

 

6,836

 

6,854

 

0.6

%

Fiasco Enterprises, LLC (~)

 

SF

6.61

%  

11.94

%  

12/15/2022

5/6/2027

8,358

 

8,144

 

8,287

 

0.7

%

Fiasco Enterprises, LLC (Revolver) (*)

 

SF

6.61

%  

11.94

%  

5/6/2022

5/6/2027

 

1,750

 

 

 

0.0

%

Kenco PPC Buyer LLC (~) (~~~) (~~~~)

SF

5.00

%  

10.42

%  

11/17/2022

11/15/2029

21,777

21,286

21,799

1.9

%

Kenco PPC Buyer LLC (Delayed Draw) (*) (**)

 

SF

5.00

%  

10.42

%  

11/17/2022

11/15/2029

3,870

 

 

 

0.0

%

Kenco PPC Buyer LLC (Revolver) (*)

 

SF

5.00

%  

10.42

%  

11/17/2022

11/15/2029

4,787

 

 

 

0.0

%

Randys Holdings, Inc. (~) (~~) (~~~~)

 

SF

6.50

%  

11.89

%  

11/1/2022

11/1/2028

16,918

 

16,461

 

16,926

 

1.5

%

Randys Holdings, Inc. (Delayed Draw) (*) (**)

SF

6.50

%  

11.89

%  

11/1/2022

11/1/2028

5,682

0.0

%

Randys Holdings, Inc. (Revolver) (*)

 

SF

6.50

%  

11.89

%  

11/1/2022

11/1/2028

 

2,273

 

656

 

657

 

0.1

%

RS Acquisition, LLC (~~) (~~~)

 

SF

5.85

%  

11.18

%  

12/13/2021

12/14/2026

 

10,835

 

10,686

 

10,788

 

1.0

%

RS Acquisition, LLC (~) (~~~~)

 

SF

5.85

%  

11.18

%  

12/13/2021

12/14/2026

 

10,011

 

10,011

9,967

 

0.9

%

RS Acquisition, LLC (Revolver) (*)

 

SF

5.85

%  

11.18

%  

12/13/2021

12/14/2026

 

1,264

 

632

 

632

 

0.1

%

 

109,885

90,400

 

91,306

 

8.1

%

13

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

JuneSeptember 30, 2023

(in thousands, except for shares and units)

Interest

Acquisition

Amortized

% of 

Portfolio Company (˄)

    

Index (˄˄)

    

Spread (˄˄)

    

Rate

    

Date (˄˄˄)

    

Maturity

    

Principal

    

Cost

    

Fair Value (˄˄˄˄)

    

Net Assets (˄˄˄˄˄)

 

Wholesale

 

 

  

 

  

 

  

 

  

 

  

 

  

 

  

IF & P Holdings Company, LLC (~) (~~~)

 

SF

5.63

%  

11.07

%  

10/6/2022

10/3/2028

 

23,688

 

$

23,174

 

$

23,541

 

2.1

%

IF & P Holdings Company, LLC (~)

 

SF

6.00

%  

11.45

%  

5/25/2023

10/3/2028

 

6,650

 

6,456

 

6,650

 

0.6

%

IF & P Holdings Company, LLC (Revolver) (*)

SF

5.63

%  

11.05

%  

10/6/2022

10/3/2028

2,800

1,456

1,456

0.1

%  

S&S Holdings LLC (~)

 

SF

5.10

%  

10.41

%  

3/10/2021

3/10/2028

2,925

2,862

 

2,811

 

0.2

%

 

 

36,063

 

33,948

 

34,458

 

3.0

%

Total Non-Controlled/Non-Affiliate Senior Secured Loans

 

 

1,965,334

 

1,708,148

 

1,712,452

 

151.3

%

 

 

 

Unitranche Secured Loans (<<)

 

 

 

 

 

Aerospace & Defense

 

 

 

 

 

Cassavant Holdings, LLC (~) (~~)

 

SF

8.36

%  

13.69

% PIK

9/8/2021

9/8/2026

13,470

13,300

 

13,261

 

1.2

%

 

 

13,470

 

13,300

 

13,261

 

1.2

%

Construction & Building

 

 

 

 

 

Inversiones DP6 (BVI) Numero Dos, Ltd. (Delayed

9.00

% Cash/

Draw) (<) (*) (**) (b)

 

n/a

n/a

4.75

% PIK

10/14/2022

10/14/2026

25,688

16,563

 

16,544

 

1.5

%

 

 

25,688

 

16,563

 

16,544

 

1.5

%

Consumer Goods: Durable

 

 

 

 

 

Jumpstart Holdco, Inc. (~)

SF

5.75

%  

10.77

%  

4/19/2022

4/19/2028

23,265

22,892

 

22,028

 

1.9

%

23,265

22,892

22,028

1.9

%

Environmental Industries

 

 

 

 

 

StormTrap, LLC (~~~)

 

SF

5.00

%  

10.12

%  

3/25/2022

3/24/2028

 

6,437

 

6,344

 

6,437

 

0.6

%

StormTrap, LLC (Delayed Draw) (*) (**)

 

SF

5.00

%  

10.12

%  

3/25/2022

3/24/2028

2,222

 

 

0.0

%

 

 

8,659

 

6,344

 

6,437

 

0.6

%

Healthcare & Pharmaceuticals

 

 

 

 

 

 

10.66

% Cash/

 

 

 

 

Evolve Biologics Inc. (~) (<)

 

SF

16.00

%  

10.66

% PIK

12/20/2022

12/18/2026

 

18,588

 

18,276

 

18,495

 

1.6

%

 

10.66

% Cash/

 

 

 

 

Evolve Biologics Inc. (Delayed Draw) (<) (*) (**)

 

SF

16.00

%  

10.66

% PIK

12/20/2022

12/18/2026

 

19,410

 

 

 

0.0

%

 

37,998

18,276

 

18,495

 

1.6

%

Media: Advertising, Printing & Publishing

 

 

 

 

 

New Engen, Inc. (~~) (~~~)

SF

5.11

%  

10.44

%  

12/3/2021

12/3/2026

9,358

9,246

9,308

0.8

%

New Engen, Inc. (~~) (~~~)

 

SF

5.11

%  

10.44

%  

12/27/2021

12/3/2026

 

7,902

 

7,902

 

7,860

 

0.7

%

 

17,260

17,148

 

17,168

 

1.5

%

Services: Business

 

 

 

 

 

ASG II, LLC (~)

 

SF

6.40

%  

11.77

%  

5/25/2022

5/25/2028

 

15,000

 

14,750

 

15,000

 

1.3

%

ASG II, LLC (Delayed Draw) (*) (**)

 

SF

6.40

%  

11.77

%  

5/25/2022

5/25/2028

 

2,250

 

1,107

 

1,107

 

0.1

%

Onit, Inc. (~)

 

SF

7.50

%  

12.84

%  

12/20/2021

5/2/2025

 

16,800

 

16,639

 

16,800

 

1.5

%

 

 

34,050

 

32,496

 

32,907

 

2.9

%

Telecommunications

 

 

 

 

 

VB E1, LLC (~)

 

SF

7.75

%  

13.14

%  

11/18/2020

11/18/2026

3,000

3,000

 

3,000

 

0.3

%

 

3,000

3,000

 

3,000

 

0.3

%

Total Non-Controlled/Non-Affiliate Unitranche Secured Loans

 

163,390

130,019

 

129,840

 

11.5

%

 

 

 

Junior Secured Loans

 

 

 

Banking

 

 

 

MoneyLion, Inc. (~) (<)

 

SF

9.51

%  

14.90

%  

3/25/2022

3/24/2026

18,750

18,608

 

18,844

 

1.7

%

MoneyLion, Inc. (~) (<)

 

P

5.75

%  

14.25

%  

8/27/2021

10/16/2023

625

622

 

631

 

0.1

%

 

19,375

19,230

 

19,475

 

1.8

%

FIRE: Real Estate

 

 

 

Florida East Coast Industries, LLC (<)

 

n/a

n/a

16.00

% PIK

8/9/2021

6/28/2024

1,859

1,845

 

1,859

 

0.2

%

8.00

% Cash/

Witkoff/Monroe 700 JV LLC (<)

n/a

n/a

4.00

% PIK

7/2/2021

7/2/2026

9,546

9,546

9,385

0.8

%

 

8.00

% Cash/

 

 

Witkoff/Monroe 700 JV LLC (<)

n/a

n/a

4.00

% PIK

5/16/2023

7/2/2026

1,652

1,652

1,624

0.1

%

 

8.00

% Cash/

 

 

Witkoff/Monroe 700 JV LLC (Delayed Draw) (<) (*) (**)

 

n/a

n/a

4.00

% PIK

9/25/2023

7/22/2026

2,992

857

 

843

 

0.1

%

 

16,049

13,900

 

13,711

 

1.2

%

High Tech Industries

 

 

 

Arcstor Midco, LLC (~) (***)

SF

7.85

%

13.17

% PIK

3/16/2021

3/16/2027

12,192

11,950

6,450

0.6

%

Arcstor Midco, LLC (~) (***)

 

SF

8.10

%

13.42

% PIK

7/14/2023

3/16/2027

413

401

 

413

 

0.0

%

 

12,605

12,351

 

6,863

 

0.6

%

Media: Broadcasting & Subscription

Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.) (i)

n/a

n/a

n/a

(###)

5/2/2019

n/a

(d)

477

477

0.0

%

Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.) (i)

n/a

n/a

n/a

(###)

5/2/2019

n/a

(d)

150

150

0.0

%

Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.) (i)

n/a

n/a

n/a

(###)

5/2/2019

n/a

(d)

57

57

0.0

%

Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.) (i)

n/a

n/a

n/a

(###)

11/4/2019

n/a

(d)

92

92

0.0

%

Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.) (i)

SF

8.26

%

13.63

%

7/31/2023

1/31/2028

383

383

346

0.0

%

 

1,159

1,159

 

346

 

0.0

%

Total Non-Controlled/Non-Affiliate Junior Secured Loans

 

49,188

46,640

 

40,395

 

3.6

%

14

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2023

(in thousands, except for shares and units)

    

Interest

Acquisition

Amortized 

% of 

Portfolio Company (˄)

    

Index (˄˄)

    

Spread (˄˄)

    

Rate

    

Date (˄˄˄)

    

Maturity

    

Principal

    

Cost

    

Fair Value (˄˄˄˄)

    

Net Assets (˄˄˄˄˄)

Media: Broadcasting & Subscription

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

5.25

% Cash/

Vice Group Holding Inc.

 

SF

12.00

%  

12.00

% PIK

5/17/2023

11/17/2023

 

66

 

$

66

 

$

66

 

0.0

%

5.25

% Cash/

Vice Group Holding Inc.

 

SF

12.00

%  

12.00

% PIK

5/30/2023

11/17/2023

 

300

 

300

 

300

 

0.0

%

 

 

366

 

366

 

366

 

0.0

%

Media: Diversified & Production

 

 

 

 

 

Bonterra LLC (~~)

 

L

6.25

%  

11.79

%  

9/8/2021

9/8/2027

 

19,030

 

18,829

 

18,649

 

2.0

%

Bonterra LLC (Delayed Draw) (*) (**)

 

L

6.25

%  

11.79

%  

9/8/2021

9/8/2027

 

1,284

 

 

 

0.0

%

Bonterra LLC (Revolver) (*)

L

6.25

%  

11.79

%  

9/8/2021

9/8/2027

1,814

1,785

1,749

0.2

%

Chess.com, LLC (~~) (~~~)

 

SF

6.60

%  

12.14

%  

12/31/2021

12/31/2027

 

12,838

 

12,638

 

12,677

 

1.4

%

Chess.com, LLC (Revolver) (*)

 

SF

6.50

%  

12.04

%  

12/31/2021

12/31/2027

 

1,413

 

 

 

0.0

%

Crownpeak Technology, Inc. (~~)

 

SF

7.25

%  

12.51

%  

2/28/2019

2/28/2025

 

1,000

 

997

 

1,000

 

0.1

%

Crownpeak Technology, Inc. (~~)

 

SF

7.25

%  

12.51

%  

2/28/2019

2/28/2025

 

15

 

15

 

15

 

0.0

%

Crownpeak Technology, Inc. (~~)

 

SF

7.25

%  

12.37

%  

9/27/2022

2/28/2025

 

318

 

314

 

318

 

0.0

%

Crownpeak Technology, Inc. (~)

 

SF

7.25

%  

12.51

%  

9/27/2022

2/28/2025

 

833

 

833

 

833

 

0.1

%

Crownpeak Technology, Inc. (Revolver) (*)

 

SF

7.25

%  

12.51

%  

2/28/2019

2/28/2025

 

125

 

 

 

0.0

%

Research Now Group, Inc. and Survey Sampling International, LLC (~)

 

L

5.50

%  

10.80

%  

11/28/2022

12/20/2024

2,480

 

2,294

 

1,778

 

0.2

%

Sports Operating Holdings II, LLC (~)

 

SF

5.85

%  

10.95

%  

11/3/2022

11/3/2027

 

4,963

 

4,853

 

4,987

 

0.5

%

Sports Operating Holdings II, LLC (Delayed Draw) (*) (**)

 

SF

5.75

%  

10.95

%  

11/3/2022

11/3/2027

 

3,999

 

404

 

406

 

0.0

%

Sports Operating Holdings II, LLC (Revolver) (*)

 

SF

5.85

%  

11.05

%  

11/3/2022

11/3/2027

 

865

 

 

 

0.0

%

Streamland Media MidCo LLC (~) (~~)

 

SF

6.75

%  

12.06

%  

8/26/2019

8/31/2023

 

1,964

 

1,956

 

1,954

 

0.2

%

Streamland Media MidCo LLC (~)

 

SF

6.75

%  

12.06

%  

3/7/2022

8/31/2023

 

532

 

525

 

529

 

0.1

%

 

 

53,473

 

45,443

 

44,895

 

4.8

%

Retail

 

 

 

 

 

Carrols Restaurant Group Inc. (~)

 

SF

3.35

%  

8.45

%  

3/30/2023

4/30/2026

 

987

 

922

954

 

0.1

%

 

987

 

922

 

954

 

0.1

%

Services: Business

 

 

 

 

 

Aduro Advisors, LLC (~)

SF

6.35

%

11.45

%

5/26/2023

5/26/2028

8,500

8,290

8,288

0.9

%

Aduro Advisors, LLC (Revolver)

SF

6.35

%

11.45

%

5/26/2023

5/26/2028

944

944

921

0.1

%

Aduro Advisors, LLC (Revolver)

SF

6.35

%

11.45

%

5/26/2023

5/26/2028

1,889

1,889

1,875

0.2

%

Aperture Companies, LLC (~~) (~~~)

L

6.25

%  

11.42

%  

12/31/2021

12/31/2026

14,812

14,597

14,201

1.5

%

Aperture Companies, LLC (~~)

 

L

6.25

%  

11.42

%  

12/31/2021

12/31/2026

 

4,304

 

4,304

 

4,127

 

0.5

%

Aperture Companies, LLC (Revolver) (*)

L

6.25

%  

11.42

%  

12/31/2021

12/31/2026

1,347

0.0

%

 

8.49

% Cash/

 

 

 

 

Aras Corporation (~)

L

6.50

%  

3.25

% PIK

4/13/2021

4/13/2027

4,758

4,703

4,770

0.5

%

Aras Corporation (Revolver) (*)

 

L

6.50

%  

11.74

%  

4/13/2021

4/13/2027

 

325

 

217

 

217

 

0.0

%

Argano, LLC (~)

SF

6.60

%  

11.76

%  

4/18/2023

4/14/2025

1,203

1,186

1,207

0.1

%

Argano, LLC (~~) (~~~)

 

SF

5.50

%  

10.76

%  

6/10/2021

6/10/2026

 

8,941

 

8,828

 

8,740

 

0.9

%

Argano, LLC (~) (~~~)

SF

5.50

%  

10.76

%  

6/10/2021

6/10/2026

3,959

3,959

3,870

0.4

%

Argano, LLC (~)

 

SF

5.50

%  

10.76

%  

10/7/2022

6/10/2026

 

688

 

671

 

672

 

0.1

%

Argano, LLC (~)

SF

5.50

%

10.76

%

3/16/2022

6/10/2026

4,733

4,733

4,627

0.5

%

Argano, LLC (Revolver)

 

SF

5.50

%  

10.76

%  

6/10/2021

6/10/2026

965

 

965

 

943

 

0.1

%

ecMarket Inc. and Conexiom US Inc. (~~) (<) (b)

 

SF

6.85

%  

12.09

9/21/2021

9/21/2027

16,535

 

16,303

 

16,432

 

1.7

%

ecMarket Inc. and Conexiom US Inc. (~~) (<) (b)

SF

6.85

%  

12.09

9/21/2021

9/21/2027

1,291

1,291

1,283

0.1

%

ecMarket Inc. and Conexiom US Inc. (Delayed Draw) (<) (*) (**) (b)

 

SF

6.85

%  

12.09

%  

5/4/2023

9/21/2027

 

2,063

 

537

 

533

 

0.1

%

ecMarket Inc. and Conexiom US Inc. (Revolver) (<) (*) (b)

SF

6.85

%

12.09

%

9/21/2021

9/21/2027

2,067

0.0

%

Edustaff, LLC (~)

 

SF

6.10

%  

11.20

%  

12/8/2022

12/8/2027

 

12,935

 

12,616

 

13,064

 

1.4

%

Edustaff, LLC (Revolver) (*)

 

SF

6.10

%  

11.20

%  

12/8/2022

12/8/2027

 

2,364

 

 

 

0.0

%

FusionSite MidCo LLC (~)

 

SF

5.50

%  

10.54

%  

10/4/2022

10/4/2027

16,018

 

15,739

 

16,050

 

1.7

%

FusionSite MidCo LLC (Delayed Draw) (*) (**)

SF

5.65

%  

10.88

%  

10/4/2022

10/4/2027

7,563

4,836

4,845

0.5

%

FusionSite MidCo LLC (Revolver) (*)

SF

5.65

%  

10.88

%  

10/4/2022

10/4/2027

1,326

0.0

%

HS4 Acquisitionco, Inc. (~~)

SF

6.85

%  

11.95

%  

7/9/2019

7/9/2025

3,920

3,889

3,900

0.4

%

HS4 Acquisitionco, Inc. (~~)

SF

6.85

%  

11.95

%  

10/6/2021

7/9/2025

4,258

4,258

4,237

0.5

%

HS4 Acquisitionco, Inc. (Revolver) (*)

SF

6.85

%  

11.95

%  

7/9/2019

7/9/2025

325

223

222

0.0

%

iCIMS, Inc. (~~)

SF

7.25

%  

12.38

%  

10/24/2022

8/18/2028

8,000

7,874

8,000

0.9

%

Kingsley Gate Partners, LLC (~)

SF

6.15

%  

11.04

%  

12/9/2022

12/11/2028

2,993

2,938

2,982

0.3

%

Kingsley Gate Partners, LLC (Delayed Draw) (*) (**)

SF

6.15

%  

11.11

%  

12/9/2022

12/11/2028

3,600

960

957

0.1

%

Kingsley Gate Partners, LLC (Delayed Draw) (*) (**)

SF

6.15

%  

11.11

%  

12/9/2022

12/11/2028

3,000

0.0

%

Kingsley Gate Partners, LLC (Revolver) (*)

SF

6.15

%  

11.11

%  

12/9/2022

12/11/2028

1,200

0.0

%

Moonraker Acquisitionco LLC (~)

SF

5.75

%  

11.02

%  

9/30/2022

8/4/2028

6,965

6,842

6,965

0.7

%

Moonraker Acquisitionco LLC (Delayed Draw) (*) (**)

SF

5.75

%  

11.02

%  

9/30/2022

8/4/2028

2,333

0.0

%

Moonraker Acquisitionco LLC (Delayed Draw) (*) (**)

SF

5.75

%  

11.02

%  

9/30/2022

8/4/2028

2,333

0.0

%

Moonraker Acquisitionco LLC (Revolver) (*)

SF

5.75

%  

11.02

%  

9/30/2022

8/4/2028

933

0.0

%

Prototek LLC (~~~)

SF

7.10

%  

12.26

%  

12/8/2022

12/8/2027

7,980

7,763

7,880

0.8

%

Prototek LLC (Delayed Draw) (*) (**)

SF

7.10

%  

12.26

%  

12/8/2022

12/8/2027

2,457

0.0

%

Prototek LLC (Revolver) (*)

SF

7.10

%  

12.26

%  

12/8/2022

12/8/2027

1,843

0.0

%

Relativity ODA LLC (~)

SF

6.60

%  

11.70

% PIK

5/12/2021

5/12/2027

5,267

5,182

5,267

0.6

%

Relativity ODA LLC (Revolver) (*)

SF

6.60

%  

11.70

% PIK

5/12/2021

5/12/2027

450

0.0

%

Sundance Group Holdings, Inc. (~~)

SF

6.25

%  

11.41

%  

7/2/2021

7/2/2027

4,148

4,087

4,129

0.5

%

Sundance Group Holdings, Inc. (~)

SF

6.25

%  

11.61

%  

11/30/2022

7/2/2027

166

161

165

0.0

%

Sundance Group Holdings, Inc. (~)

SF

6.25

%  

11.44

%  

7/2/2021

7/2/2027

1,244

1,244

1,239

0.1

%

Sundance Group Holdings, Inc. (Revolver) (*)

SF

6.35

%  

11.44

%  

7/2/2021

7/2/2027

498

116

116

0.0

%

Teneo Holdings LLC (~)

SF

5.35

%

10.45

%

5/25/2023

7/11/2025

2,992

2,992

2,996

0.3

%

The GEO Group, Inc. (~) (<)

SF

7.13

%  

12.23

%  

4/5/2023

3/23/2027

9,974

10,148

10,161

1.1

%

Thryv, Inc. (~) (<)

L

8.50

%  

13.69

%  

9/7/2022

2/27/2026

8,031

7,964

7,973

0.9

%

Verdantas LLC (~)

SF

7.60

%  

12.77

%

2/28/2023

7/1/2025

3,990

3,885

3,982

0.4

%

Verdantas LLC (Delayed Draw) (*) (**)

SF

7.60

%  

12.77

%

2/28/2023

7/1/2025

2,000

0.0

%

Vhagar Purchaser, LLC (~~~~)

SF

7.00

%

12.24

%

6/9/2023

6/8/2029

10,000

9,703

9,700

1.0

%

Vhagar Purchaser, LLC (Delayed Draw) (*) (**)

SF

7.00

%

12.24

%

6/9/2023

6/8/2029

2,222

0.0

%

Vhagar Purchaser, LLC (Revolver) (*)

SF

7.00

%

12.24

%

6/9/2023

6/8/2029

1,111

0.0

%

223,763

186,837

187,536

19.9

%

Interest

Acquisition

Amortized

% of 

 

Portfolio Company (˄)

    

Index (˄˄)

    

Spread (˄˄)

    

Rate

    

Date (˄˄˄)

    

Maturity

    

Principal

    

Cost

    

Fair Value (˄˄˄˄)

    

Net Assets (˄˄˄˄˄)

 

Equity Securities (#) (##)

 

 

 

 

  

 

 

 

 

 

 

Automotive

Born To Run, LLC (692,841 Class A units)

 

 

 

(###)

4/1/2021

 

 

 

$

693

 

$

 

0.0

%

Lifted Trucks Holdings, LLC (158,730 Class A shares) (####)

 

 

 

(###)

 

8/2/2021

 

 

 

159

 

106

 

0.0

%

 

 

 

 

 

 

852

 

106

 

0.0

%

Banking

 

 

 

MV Receivables II, LLC (1,822 shares of common stock) (<) (####)

 

 

 

(###)

 

7/29/2021

 

 

 

750

 

 

0.0

%

MV Receivables II, LLC (warrant to purchase up to 1.0% of the equity) (<) (####)

 

 

 

(###)

7/28/2021

 

7/28/2031

 

 

453

 

 

0.0

%

 

1,203

 

 

0.0

%

Beverage, Food & Tobacco

Sabrosura Foods, LLC et al (171,429 Class A interests)

 

 

 

(###)

10/18/2019

 

 

 

171

 

 

0.0

%

Sabrosura Foods, LLC et al (7,022 Class AA units)

 

 

 

(###)

11/22/2022

 

 

 

10

 

 

0.0

%

Sabrosura Foods, LLC et al (8,322 Class AAA units)

 

 

 

(###)

 

3/17/2023

 

 

 

8

 

 

0.0

%

 

 

 

 

 

 

189

 

 

0.0

%

Capital Equipment

 

 

 

 

 

 

 

 

Adept AG Holdings, LLC (314,584 Class A preferred units) (####)

 

 

 

(###)

 

8/11/2022

 

 

 

650

 

250

 

0.0

%

Adept AG Holdings, LLC (45,874 Series B units) (####)

(###)

8/1/2023

46

46

0.0

%

MCP Shaw Acquisitionco, LLC (95,125 Class A-2 units) (####)

 

(###)

2/28/2020

95

 

346

 

0.1

%

 

 

 

 

 

 

 

791

 

642

 

0.1

%

Construction & Building

MEI Buyer LLC (1,982 units)

(###)

6/29/2023

1,982

1,769

0.2

%

1,982

1,769

0.2

%

Consumer Goods: Durable

 

 

 

 

 

 

 

Independence Buyer, Inc. (169 Class A units)

 

 

 

(###)

8/3/2021

 

 

169

 

142

 

0.0

%

Jumpstart Holdco, Inc. (1,566,667 Class A units)

 

(###)

4/19/2022

1,566

 

1,016

 

0.1

%

 

 

 

 

 

 

1,735

 

1,158

 

0.1

%

Energy: Oil & Gas

 

 

 

 

 

 

 

QuarterNorth Energy Inc. (4,376 shares of common stock) (~)

 

 

 

(###)

1/11/2020

 

 

748

 

582

 

0.1

%

 

 

 

 

 

748

 

582

 

0.1

%

Environmental Industries

 

 

 

Quest Resource Management Group, LLC (warrant to purchase up to 0.2% of the equity)

 

 

 

(###)

10/19/2020

 

3/19/2028

 

 

67

 

264

 

0.0

%

Quest Resource Management Group, LLC (warrant to purchase up to 0.2% of the equity)

 

 

 

(###)

10/19/2021

 

3/19/2028

 

 

 

185

 

0.0

%

StormTrap, LLC (640,000 Class A preferred units) (####)

 

n/a

n/a

8.00

% PIK

3/25/2022

640

 

640

 

0.1

%

StormTrap, LLC (640,000 Class A common units) (####)

 

 

 

(###)

3/25/2022

 

 

 

 

154

 

0.0

%

Volt Bidco, Inc. (878 shares of common stock)

 

 

 

(###)

8/11/2021

 

 

 

892

 

1,048

 

0.1

%

 

 

 

 

 

 

 

1,599

 

2,291

 

0.2

%

FIRE: Finance

 

 

 

 

 

 

 

 

Bench Walk Lead, LLC (commitment to purchase up to 3.2% of the equity) (<) (####)

 

 

(###)

6/12/2023

1,600

1,604

0.1

%

J2 BWA Funding LLC (0.7% profit sharing) (<) (####)

 

 

 

(###)

12/24/2020

 

 

 

 

28

 

0.0

%

J2 BWA Funding III, LLC (commitment to purchase up to 3.8% of the equity) (<) (####) (e)

 

 

 

(###)

4/29/2022

 

 

 

443

 

443

 

0.0

%

 

 

 

 

 

 

2,043

 

2,075

 

0.1

%

FIRE: Real Estate

 

 

 

InsideRE, LLC (284,853 Class A common units) (####)

 

 

 

(###)

9/9/2019

 

 

 

420

 

651

 

0.1

%

Lessen Inc. (128,737 preferred units)

 

 

 

(###)

1/5/2023

 

 

 

1,667

 

1,667

 

0.1

%

8.00

% Cash/

Witkoff/Monroe 700 JV LLC (2,992 preferred units) (<) (####)

 

n/a

n/a

4.00

% PIK

7/2/2021

3

 

2,523

 

0.2

%

 

 

2,090

 

4,841

 

0.4

%

Healthcare & Pharmaceuticals

Ascent Midco, LLC (725,806 Class A units) (####)

n/a

n/a

8.00

% PIK

2/5/2020

726

684

0.1

%

Bluesight, Inc. (311 Class A preferred units)

n/a

n/a

9.00

% PIK

7/17/2023

311

311

0.0

%

Bluesight, Inc. (166,310 Class B common units)

(###)

7/17/2023

0.0

%

Dorado Acquisition, Inc. (531,783 Class A-1 units)

(###)

6/30/2021

578

584

0.1

%

Dorado Acquisition, Inc. (531,783 Class A-2 units)

(###)

6/30/2021

580

0.0

%

Evolve Biologics Inc. (0.1% of equity commitments) (<)

(###)

12/20/2022

0.0

%

Evolve Biologics Inc. (warrant to purchase up to 1.5% of the equity) (<)

(###)

12/20/2022

12/20/2032

192

0.0

%

KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC) (0.3% of the equity)

(###)

1/31/2023

981

1,001

0.1

%

NationsBenefits, LLC (356,658 Series B units) (####)

n/a

n/a

5.00

% PIK

8/20/2021

2,393

2,236

0.2

%

NationsBenefits, LLC (326,667 common units) (####)

(###)

8/20/2021

468

0.0

%

NQ PE Project Colosseum Midco Inc. (1,364,614 common units)

(###)

10/4/2022

1,365

1,544

0.1

%

Seran BioScience, LLC (26,666 common units) (####)

(###)

12/31/2020

267

589

0.1

%

7,089

7,721

0.7

%

1215

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

June 30, 2023

(in thousands, except for shares and units)

    

Interest

Acquisition

Amortized 

% of 

Portfolio Company (˄)

    

Index (˄˄)

    

Spread (˄˄)

    

Rate

    

Date (˄˄˄)

    

Maturity

    

Principal

    

Cost

    

Fair Value (˄˄˄˄)

    

Net Assets (˄˄˄˄˄)

 

Services: Consumer

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Clydesdale Holdings, LLC (~) (~~~)

 

SF

5.65

%  

10.89

%  

6/24/2022

6/23/2028

 

14,888

 

$

14,633

 

$

14,917

 

1.6

%

Clydesdale Holdings, LLC (Delayed Draw) (*) (**)

 

SF

5.65

%  

10.89

%  

6/24/2022

6/23/2028

 

21,144

 

17,319

 

17,354

 

1.9

%

Clydesdale Holdings, LLC (Revolver) (*)

 

SF

5.65

%  

10.89

%  

6/24/2022

6/23/2028

 

4,523

 

2,563

 

2,563

 

0.3

%

Denali Midco 2, LLC

 

SF

6.50

%  

11.70

%  

9/13/2022

12/22/2027

 

12,406

 

12,079

 

12,388

 

1.3

%

Denali Midco 2, LLC (Delayed Draw) (*) (**)

 

SF

6.50

%  

11.70

%  

9/13/2022

12/22/2027

12,480

 

5,314

 

5,306

 

0.6

%

Express Wash Acquisition Company, LLC (~)

 

SF

6.50

%  

11.65

%  

7/14/2022

7/14/2028

 

11,471

 

11,415

 

11,471

 

1.2

%

Express Wash Acquisition Company, LLC

 

SF

6.50

%  

11.65

%  

7/14/2022

7/14/2028

 

2,149

 

2,149

 

2,149

 

0.2

%

Express Wash Acquisition Company, LLC (Revolver) (*)

 

SF

6.50

%  

11.65

%  

7/14/2022

7/14/2028

 

536

 

295

 

295

 

0.0

%

Light Wave Dental Management, LLC (~~~~)

 

SF

7.00

%  

12.10

%  

6/30/2023

1/2/2024

 

27,500

 

26,675

 

26,675

 

2.8

%

Light Wave Dental Management, LLC (Revolver) (*)

 

SF

7.00

%  

12.10

%  

6/30/2023

1/2/2024

3,802

 

856

 

830

 

0.1

%

Pacific Bells, LLC (~~~)

 

SF

4.50

%  

10.00

%  

11/2/2022

11/10/2028

 

2,923

 

2,752

 

2,870

 

0.3

%

Viad Corp (~) (<)

 

SF

5.11

%  

10.22

%

9/12/2022

7/28/2028

 

4,949

 

4,849

 

4,826

 

0.5

%

 

 

118,771

 

100,899

 

101,644

 

10.8

%

Telecommunications

 

 

 

 

 

American Broadband and Telecommunications

 

18.25

% Cash/

 

 

 

Company LLC (Delayed Draw) (~) (*) (**)

 

P

12.00

%  

2.00

% PIK

6/10/2022

6/10/2025

 

3,065

 

2,792

 

2,873

 

0.3

%

American Broadband and Telecommunications

 

18.25

% Cash/

 

 

 

 

Company LLC (Revolver) (*)

 

P

12.00

%  

2.00

% PIK

6/10/2022

6/10/2025

1,000

 

245

 

244

 

0.0

%

Calabrio, Inc. (~~)

 

SF

7.13

%  

12.23

%  

4/16/2021

4/16/2027

8,000

 

7,862

 

7,960

 

0.8

%

Calabrio, Inc. (Revolver) (*)

SF

7.00

%  

12.15

%  

4/16/2021

4/16/2027

963

551

548

0.1

%

DataOnline Corp. (~) (~~)

 

SF

5.50

%  

10.98

%  

11/13/2019

11/13/2025

 

6,273

 

6,214

 

6,205

 

0.7

%

DataOnline Corp. (Revolver)

 

SF

5.65

%  

10.89

%  

11/13/2019

11/13/2025

 

844

 

844

 

844

 

0.1

%

EOS Finco S.A.R.L. (~~~) (<) (b)

 

SF

6.00

%  

10.91

%  

8/3/2022

8/20/2027

 

1,242

 

1,150

 

1,235

 

0.1

%

Patagonia Holdco LLC (~) (<) (b)

 

SF

5.75

%  

10.79

%  

8/5/2022

8/1/2029

 

14,888

 

12,425

 

12,729

 

1.4

%

Sandvine Corporation (~)

 

L

4.50

%  

9.69

%  

3/8/2021

10/31/2025

 

1,143

 

1,143

 

1,083

 

0.1

%

 

37,418

 

33,226

 

33,721

 

3.6

%

Transportation: Cargo

 

 

 

 

 

AIT Worldwide Logistics Holdings, Inc. (~)

SF

4.75

%

9.93

%

5/26/2023

4/26/2028

6,316

6,051

6,136

0.7

%

Complete Innovations Inc. (~) (<) (a) (b)

 

C

6.25

%  

11.38

%  

12/16/2020

12/16/2025

 

8,307

 

8,537

 

8,377

 

0.9

%

Complete Innovations Inc. (~) (<) (a) (b)

C

6.25

%  

11.38

%  

12/16/2020

12/16/2025

1,054

1,101

1,062

0.1

%

Fiasco Enterprises, LLC (~~~)

 

SF

5.61

%  

10.77

%  

5/6/2022

5/6/2027

 

6,948

 

6,849

 

6,895

 

0.7

%

Fiasco Enterprises, LLC (~)

 

SF

6.61

%  

11.77

%  

12/15/2022

5/6/2027

8,379

 

8,155

 

8,341

 

0.9

%

Fiasco Enterprises, LLC (Revolver) (*)

 

SF

6.61

%  

11.77

%  

5/6/2022

5/6/2027

 

1,750

 

 

 

0.0

%

Kenco PPC Buyer LLC (~) (~~~)

SF

5.00

%  

10.26

%  

11/17/2022

11/15/2029

21,832

21,328

21,843

2.3

%

Kenco PPC Buyer LLC (Delayed Draw) (*) (**)

 

SF

5.00

%  

10.26

%  

11/17/2022

11/15/2029

3,870

 

 

 

0.0

%

Kenco PPC Buyer LLC (Revolver) (*)

 

SF

5.00

%  

10.26

%  

11/17/2022

11/15/2029

4,787

 

 

 

0.0

%

Randys Holdings, Inc. (~) (~~)

 

SF

6.50

%  

11.74

%  

11/1/2022

11/1/2028

16,960

 

16,490

 

16,952

 

1.8

%

Randys Holdings, Inc. (Delayed Draw) (*) (**)

SF

6.50

%  

11.74

%  

11/1/2022

11/1/2028

5,682

0.0

%

Randys Holdings, Inc. (Revolver) (*)

 

SF

6.50

%  

11.74

%  

11/1/2022

11/1/2028

 

2,273

 

429

 

429

 

0.0

%

RS Acquisition, LLC (~~) (~~~)

 

SF

6.10

%  

11.26

%  

12/13/2021

12/14/2026

 

10,863

 

10,706

 

10,695

 

1.1

%

RS Acquisition, LLC (~)

 

SF

6.10

%  

11.26

%  

12/13/2021

12/14/2026

 

10,031

 

10,031

9,877

 

1.0

%

RS Acquisition, LLC (Revolver) (*)

 

SF

6.10

%  

11.26

%  

12/13/2021

12/14/2026

 

1,264

 

379

 

379

 

0.0

%

 

110,316

90,056

 

90,986

 

9.5

%

13

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

June 30, 2023

(in thousands, except for shares and units)

Interest

Acquisition

Amortized

% of 

Portfolio Company (˄)

    

Index (˄˄)

    

Spread (˄˄)

    

Rate

    

Date (˄˄˄)

    

Maturity

    

Principal

    

Cost

    

Fair Value (˄˄˄˄)

    

Net Assets (˄˄˄˄˄)

 

Wholesale

 

 

  

 

  

 

  

 

  

 

  

 

  

 

  

IF & P Holdings Company, LLC (~) (~~~)

 

SF

5.63

%  

10.51

%  

10/6/2022

10/3/2028

 

23,747

 

$

23,219

 

$

23,493

 

2.4

%

IF & P Holdings Company, LLC (~)

 

SF

6.00

%  

11.23

%  

5/25/2023

10/3/2028

 

6,667

 

6,469

 

6,693

 

0.7

%

IF & P Holdings Company, LLC (Revolver) (*)

SF

5.63

%  

10.85

%  

10/6/2022

10/3/2028

2,800

1,456

1,456

0.2

%  

S&S Holdings LLC (~)

 

SF

5.10

%  

10.09

%  

3/10/2021

3/10/2028

2,933

2,867

 

2,573

 

0.3

%

 

 

36,147

 

34,011

 

34,215

 

3.6

%

Total Non-Controlled/Non-Affiliate Senior Secured Loans

 

 

1,794,521

 

1,513,095

 

1,516,118

 

160.6

%

 

 

 

Unitranche Secured Loans (<<)

 

 

 

 

 

Aerospace & Defense

 

 

 

 

 

Cassavant Holdings, LLC (~) (~~)

 

SF

7.61

%  

12.77

%  

9/8/2021

9/8/2026

13,198

13,020

 

13,033

 

1.4

%

 

 

13,198

 

13,020

 

13,033

 

1.4

%

Construction & Building

 

 

 

 

 

Inversiones DP6 (BVI) Numero Dos, Ltd. (Delayed

9.00

% Cash/

Draw) (<) (*) (**) (b)

 

n/a

n/a

4.75

% PIK

10/14/2022

10/14/2026

25,488

16,364

 

16,321

 

1.7

%

 

 

25,488

 

16,364

 

16,321

 

1.7

%

Consumer Goods: Durable

 

 

 

 

 

Jumpstart Holdco, Inc. (~)

SF

5.75

%  

10.77

%  

4/19/2022

4/19/2028

23,324

22,936

 

21,889

 

2.3

%

23,324

22,936

21,889

2.3

%

Environmental Industries

 

 

 

 

 

StormTrap, LLC (~~~)

 

SF

5.00

%  

10.26

%  

3/25/2022

3/24/2028

 

7,345

 

7,235

 

7,345

 

0.8

%

StormTrap, LLC (Delayed Draw) (*) (**)

 

SF

5.00

%  

10.26

%  

3/25/2022

3/24/2028

2,222

 

 

0.0

%

 

 

9,567

 

7,235

 

7,345

 

0.8

%

Healthcare & Pharmaceuticals

 

 

 

 

 

 

10.58

% Cash/

 

 

 

 

Evolve Biologics Inc. (~) (<)

 

SF

16.00

%  

10.58

% PIK

12/20/2022

12/18/2026

 

18,093

 

17,774

 

18,003

 

1.9

%

 

10.58

% Cash/

 

 

 

 

Evolve Biologics Inc. (Delayed Draw) (<) (*) (**)

 

SF

16.00

%  

10.58

% PIK

12/20/2022

12/18/2026

 

19,410

 

 

 

0.0

%

 

37,503

17,774

 

18,003

 

1.9

%

Media: Advertising, Printing & Publishing

 

 

 

 

 

New Engen, Inc. (~~) (~~~)

SF

5.11

%  

10.27

%  

12/3/2021

12/3/2026

9,381

9,264

9,291

1.0

%

New Engen, Inc. (~~) (~~~)

 

SF

5.11

%  

10.27

%  

12/27/2021

12/3/2026

 

7,922

 

7,922

 

7,846

 

0.8

%

 

17,303

17,186

 

17,137

 

1.8

%

Services: Business

 

 

 

 

 

ASG II, LLC (~)

 

SF

6.40

%  

11.45

%  

5/25/2022

5/25/2028

 

15,000

 

14,742

 

15,000

 

1.6

%

ASG II, LLC (Delayed Draw) (*) (**)

 

SF

6.40

%  

11.45

%  

5/25/2022

5/25/2028

 

2,250

 

873

 

873

 

0.1

%

Onit, Inc. (~)

 

SF

7.50

%  

12.84

%  

12/20/2021

5/2/2025

 

16,800

 

16,628

 

16,779

 

1.8

%

 

 

34,050

 

32,243

 

32,652

 

3.5

%

Telecommunications

 

 

 

 

 

VB E1, LLC (~)

 

L

7.65

%  

13.19

%  

11/18/2020

11/18/2026

3,000

3,000

 

3,019

 

0.3

%

 

3,000

3,000

 

3,019

 

0.3

%

Total Non-Controlled/Non-Affiliate Unitranche Secured Loans

 

163,433

129,758

 

129,399

 

13.7

%

 

 

 

Junior Secured Loans

 

 

 

Banking

 

 

 

MoneyLion, Inc. (~) (<)

 

SF

9.25

%  

14.75

%  

3/25/2022

3/24/2026

18,750

18,608

 

18,774

 

2.0

%

MoneyLion, Inc. (~) (<)

 

P

5.75

%  

14.00

%  

8/27/2021

10/16/2023

1,875

1,864

 

1,877

 

0.2

%

 

20,625

20,472

 

20,651

 

2.2

%

FIRE: Real Estate

 

 

 

Florida East Coast Industries, LLC (<)

 

n/a

n/a

16.00

% PIK

8/9/2021

6/28/2024

1,788

1,772

 

1,788

 

0.2

%

8.00

% Cash/

Witkoff/Monroe 700 JV LLC (<)

n/a

n/a

4.00

% PIK

7/2/2021

7/2/2026

9,449

9,449

9,439

1.0

%

 

8.00

% Cash/

 

 

Witkoff/Monroe 700 JV LLC (Delayed Draw) (<) (*) (**)

 

n/a

n/a

4.00

% PIK

5/16/2023

7/2/2026

1,646

431

 

430

 

0.1

%

 

12,883

11,652

 

11,657

 

1.3

%

Media: Broadcasting & Subscription

Vice Group Holding Inc.

n/a

n/a

n/a

(###)

5/2/2019

n/a

(i)

1,233

1,233

854

0.1

%

Vice Group Holding Inc.

n/a

n/a

n/a

(###)

5/2/2019

n/a

(i)

388

388

269

0.0

%

Vice Group Holding Inc.

n/a

n/a

n/a

(###)

5/2/2019

n/a

(i)

147

147

102

0.0

%

Vice Group Holding Inc.

n/a

n/a

n/a

(###)

11/4/2019

n/a

(i)

237

237

164

0.0

%

Vice Group Holding Inc.

n/a

n/a

n/a

(###)

1/27/2023

n/a

(i)

370

370

256

0.0

%

 

2,375

2,375

 

1,645

 

0.1

%

Total Non-Controlled/Non-Affiliate Junior Secured Loans

 

35,883

34,499

 

33,953

 

3.6

%

14

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

JuneSeptember 30, 2023

(in thousands, except for shares and units)

Interest

Acquisition

Amortized 

% of 

 

Portfolio Company (˄)

    

Index (˄˄)

    

Spread (˄˄)

    

Rate

    

Date (˄˄˄)

    

Maturity

    

Principal

    

Cost

    

Fair Value (˄˄˄˄)

    

Net Assets (˄˄˄˄˄)

 

High Tech Industries

 

 

  

 

 

 

Amelia Holding II, LLC (warrant to purchase up to 0.1% of the equity)

(###)

12/21/2022

 

12/21/2032

 

 

$

 

$

140

 

0.0

%

ClearlyRated Capital, LLC (5,500,000 Class A units) (####)

(###)

6/1/2023

5,500

5,500

0.4

%

Drawbridge Partners, LLC (652,174 Class A-1 units)

(###)

9/1/2022

 

 

 

652

 

662

 

0.1

%

Optomi, LLC (278 Class A units) (####)

(###)

12/16/2021

 

278

 

408

 

0.0

%

Recorded Future, Inc. (40,243 Class A units) (f)

(###)

7/3/2019

 

 

 

40

 

140

 

0.0

%

Sparq Holdings, Inc. (600,000 common units)

(###)

6/15/2023

600

611

0.1

%

Unanet, Inc. (1,621,053 shares of common stock)

(###)

12/5/2022

 

 

 

1,622

 

2,107

 

0.2

%

 

 

 

8,692

 

9,568

 

0.8

%

Hotels, Gaming & Leisure

 

 

 

 

 

Equine Network, LLC (92 Class A units) (####)

(###)

12/31/2020

 

 

 

95

 

99

 

0.0

%

 

 

 

95

 

99

 

0.0

%

Media: Advertising, Printing & Publishing

 

 

 

 

 

95 Percent Buyer, LLC (385,027 Class A units) (####)

n/a

n/a

8.00

% PIK

11/24/2021

 

 

 

385

 

830

 

0.1

%

Calienger Holdings, L.L.C. (568,181 Class A units) (####)

(###)

10/21/2022

 

 

568

 

568

 

0.1

%

New Engen, Inc. (417 preferred units)

n/a

n/a

8.00

% PIK

12/27/2021

 

 

417

 

316

 

0.0

%

New Engen, Inc. (5,067 Class B common units)

(###)

12/27/2021

 

 

5

 

 

0.0

%

Really Great Reading Company, Inc. (369 Series A units)

(###)

12/9/2022

 

 

369

 

526

 

0.0

%

Relevate Health Group, LLC (96 preferred units)

n/a

n/a

12.00

% PIK

11/20/2020

 

 

96

 

93

 

0.0

%

Relevate Health Group, LLC (96 Class B common units)

(###)

11/20/2020

 

 

 

0.0

%

Spherix Global Inc. (333 Class A units)

(###)

12/22/2021

 

 

333

 

220

 

0.0

%

XanEdu Publishing, Inc. (65,104 Class A units)

n/a

n/a

8.00

% PIK

1/28/2020

 

 

65

 

320

 

0.0

%

 

 

2,238

 

2,873

 

0.2

%

Media: Broadcasting & Subscription

Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.) (1,110,000 Class A units) (i)

(###)

7/31/2023

1,110

1,008

0.1

%

1,110

1,008

0.1

%

Media: Diversified & Production

 

 

 

Chess.com, LLC (5 Class A units) (####)

(###)

12/31/2021

 

 

189

 

121

 

0.0

%

189

121

0.0

%

Services: Business

 

 

 

 

Argano, LLC (62,574 common units) (####)

(###)

6/10/2021

317

621

0.1

%

Cosmos Bidco, Inc. (2,250,000 Class A Membership Interest)

(###)

9/15/2023

2,250

2,250

0.2

%

ecMarket Inc. and Conexiom US Inc. (96,603 preferred shares) (<) (b)

(###)

9/21/2021

 

723

 

749

 

0.1

%

Edustaff, LLC (591 shares of common stock) (####)

(###)

12/8/2022

 

 

591

 

703

 

0.1

%

Skillsoft Corp. (26,168 Class A shares) (~) (<) (g)

(###)

6/11/2021

 

 

508

 

24

 

0.0

%

 

 

4,389

 

4,347

 

0.5

%

Services: Consumer

 

 

 

Express Wash Acquisition Company, LLC (135,869 Class A units) (####)

n/a

n/a

8.00

% PIK

12/28/2020

 

 

140

 

84

 

0.0

%

IDIG Parent, LLC (192,908 shares of common stock) (####) (h)

(###)

1/4/2021

 

 

196

 

225

 

0.0

%

Light Wave Dental Management, LLC (300,218 Class A units) (####)

(###)

6/30/2023

3,002

3,075

0.3

%

 

3,338

 

3,384

 

0.3

%

Telecommunications

 

 

 

American Broadband and Telecommunications Company LLC (warrant to purchase up to 0.4% of the equity)

(###)

6/10/2022

6/10/2032

84

111

0.0

%

 

 

 

84

 

111

 

0.0

%

Transportation: Cargo

 

 

 

 

 

RS Acquisition, LLC (838,077 common units) (####)

(###)

1/12/2022

 

 

 

1,439

 

1,531

 

0.1

%

 

1,439

 

1,531

 

0.1

%

Wholesale

 

 

 

 

 

IF & P Holdings Company, LLC (1,500 Class A preferred units)

(###)

10/3/2022

 

 

 

1,500

 

1,632

 

0.1

%

IF & P Holdings Company, LLC (1,500 Class B common units)

(###)

10/3/2022

 

 

 

 

94

 

0.0

%

 

1,500

 

1,726

 

0.1

%

Total Non-Controlled/Non-Affiliate Equity Securities

 

43,395

 

45,953

 

4.0

%

Total Non-Controlled/Non-Affiliate Company Investments

$

1,928,202

$

1,928,640

170.4

%

16

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2023

(in thousands, except for shares and units)

Interest

Acquisition

Amortized

% of 

 

Portfolio Company (˄)

    

Index (˄˄)

    

Spread (˄˄)

    

Rate

    

Date (˄˄˄)

    

Maturity

    

Principal

    

Cost

    

Fair Value (˄˄˄˄)

    

Net Assets (˄˄˄˄˄)

 

Equity Securities (#) (##)

 

 

 

 

  

 

 

 

 

 

 

Automotive

Born To Run, LLC (692,841 Class A units)

 

 

 

(###)

4/1/2021

 

 

 

$

693

 

$

141

 

0.0

%

Lifted Trucks Holdings, LLC (158,730 Class A shares) (####)

 

 

 

(###)

 

8/2/2021

 

 

 

159

 

131

 

0.0

%

 

 

 

 

 

 

852

 

272

 

0.0

%

Banking

 

 

 

MV Receivables II, LLC (1,822 shares of common stock) (<) (####)

 

 

 

(###)

 

7/29/2021

 

 

 

750

 

 

0.0

%

MV Receivables II, LLC (warrant to purchase up to 1.0% of the equity) (<) (####)

 

 

 

(###)

7/28/2021

 

7/28/2031

 

 

453

 

 

0.0

%

 

1,203

 

 

0.0

%

Beverage, Food & Tobacco

Sabrosura Foods, LLC et al (171,429 Class A interests)

 

 

 

(###)

10/18/2019

 

 

 

171

 

 

0.0

%

Sabrosura Foods, LLC et al (7,022 Class AA units)

 

 

 

(###)

11/22/2022

 

 

 

10

 

 

0.0

%

Sabrosura Foods, LLC et al (8,322 Class AAA units)

 

 

 

(###)

 

3/17/2023

 

 

 

8

 

 

0.0

%

 

 

 

 

 

 

189

 

 

0.0

%

Capital Equipment

 

 

 

 

 

 

 

 

Adept AG Holdings, LLC (314,584 preferred units) (####)

 

 

 

(###)

 

8/11/2022

 

 

 

650

 

307

 

0.0

%

MCP Shaw Acquisitionco, LLC (95,125 Class A-2 units) (####)

 

(###)

2/28/2020

95

 

311

 

0.0

%

 

 

 

 

 

 

 

745

 

618

 

0.0

%

Construction & Building

MEI Buyer LLC (1,982 units)

(###)

6/29/2023

1,982

1,982

0.2

%

1,982

1,982

0.2

%

Consumer Goods: Durable

 

 

 

 

 

 

 

Independence Buyer, Inc. (169 Class A units)

 

 

 

(###)

8/3/2021

 

 

169

 

165

 

0.0

%

Jumpstart Holdco, Inc. (1,566,667 Class A units)

 

(###)

4/19/2022

1,566

 

852

 

0.1

%

 

 

 

 

 

 

1,735

 

1,017

 

0.1

%

Energy: Oil & Gas

 

 

 

 

 

 

 

QuarterNorth Energy Inc. (4,376 shares of common stock) (~)

 

 

 

(###)

1/11/2020

 

 

748

 

492

 

0.1

%

 

 

 

 

 

748

 

492

 

0.1

%

Environmental Industries

 

 

 

Quest Resource Management Group, LLC (warrant to purchase up to 0.2% of the equity)

 

 

 

(###)

10/19/2020

 

3/19/2028

 

 

67

 

211

 

0.0

%

Quest Resource Management Group, LLC (warrant to purchase up to 0.2% of the equity)

 

 

 

(###)

10/19/2021

 

3/19/2028

 

 

 

148

 

0.0

%

StormTrap, LLC (640,000 Class A preferred units) (####)

 

n/a

n/a

8.00

% PIK

3/25/2022

640

 

640

 

0.1

%

StormTrap, LLC (640,000 Class A common units) (####)

 

 

 

(###)

3/25/2022

 

 

 

 

161

 

0.0

%

Volt Bidco, Inc. (878 shares of common stock)

 

 

 

(###)

8/11/2021

 

 

 

891

 

1,205

 

0.1

%

 

 

 

 

 

 

 

1,598

 

2,365

 

0.2

%

FIRE: Finance

 

 

 

 

 

 

 

 

Bench Walk Lead, LLC (3.2% of the equity) (<) (####)

 

 

(###)

6/12/2023

1,600

1,600

0.2

%

J2 BWA Funding LLC (0.7% profit sharing) (<) (####)

 

 

 

(###)

12/24/2020

 

 

 

 

22

 

0.0

%

J2 BWA Funding III, LLC (commitment to purchase up to 3.8% of the equity) (<) (####) (e)

 

(###)

4/29/2022

 

 

0.0

%

J2 BWA Funding III, LLC (commitment to purchase up to 1.2% of the equity) (<) (####) (e)

 

 

 

(###)

4/29/2022

 

 

 

422

 

422

 

0.0

%

 

 

 

 

 

 

2,022

 

2,044

 

0.2

%

FIRE: Real Estate

 

 

 

InsideRE, LLC (284,853 Class A common units) (####)

 

 

 

(###)

9/9/2019

 

 

 

420

 

667

 

0.1

%

Lessen Inc. (128,737 preferred units)

 

 

 

(###)

1/5/2023

 

 

 

1,667

 

1,835

 

0.2

%

8.00

% Cash/

Witkoff/Monroe 700 JV LLC (2,992 preferred units) (<) (####)

 

n/a

n/a

4.00

% PIK

7/2/2021

3

 

2,325

 

0.2

%

 

 

2,090

 

4,827

 

0.5

%

Healthcare & Pharmaceuticals

Ascent Midco, LLC (725,806 Class A units) (####)

n/a

n/a

8.00

% PIK

2/5/2020

726

688

0.1

%

Dorado Acquisition, Inc. (531,783 Class A-1 units)

(###)

6/30/2021

578

584

0.1

%

Dorado Acquisition, Inc. (531,783 Class A-2 units)

(###)

6/30/2021

853

0.1

%

Evolve Biologics Inc. (0.1% of equity commitments) (<)

(###)

12/20/2022

0.0

%

Evolve Biologics Inc. (warrant to purchase up to 1.5% of the equity) (<)

(###)

12/20/2022

12/20/2032

182

0.0

%

KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC) (0.3% of the equity)

(###)

1/31/2023

981

1,089

0.1

%

NationsBenefits, LLC (356,658 Series B units) (####)

n/a

n/a

5.00

% PIK

8/20/2021

2,393

2,178

0.2

%

NationsBenefits, LLC (326,667 common units) (####)

(###)

8/20/2021

468

0.0

%

NQ PE Project Colosseum Midco Inc. (1,364,614 common units)

(###)

10/4/2022

1,365

1,519

0.2

%

Seran BioScience, LLC (26,666 common units) (####)

(###)

12/31/2020

267

587

0.1

%

6,778

7,680

0.9

%

Interest

Acquisition

Amortized 

% of 

 

Portfolio Company (˄)

    

Index (˄˄)

    

Spread (˄˄)

    

Rate

    

Date (˄˄˄)

    

Maturity

    

Principal

    

Cost

    

Fair Value (˄˄˄˄)

    

Net Assets (˄˄˄˄˄)

 

Non-Controlled Affiliate Company Investments (#####)

 

 

 

 

 

 

 

 

 

Senior Secured Loans

 

 

 

 

 

 

 

 

FIRE: Real Estate

 

 

 

 

 

 

Second Avenue SFR Holdings II LLC (Revolver) (<) (*)

SF

7.00

%

12.33

%

8/11/2021

8/9/2024

4,875

$

4,785

 

$

4,761

 

0.4

%

 

 

 

 

4,875

 

4,785

 

4,761

 

0.4

%

Services: Business

 

 

 

 

 

 

 

Nastel Technologies, LLC (~~)

SF

 

6.61

%

11.94

%

9/21/2022

 

9/21/2027

 

3,500

 

3,440

 

3,518

 

0.3

%

Nastel Technologies, LLC (Revolver) (*)

SF

 

6.61

%

11.94

%

9/21/2022

 

9/21/2027

 

368

 

 

 

0.0

%

3,868

3,440

 

3,518

 

0.3

%

Transportation: Cargo

 

 

 

 

 

 

 

SheerTrans Solutions, LLC (~)

SF

 

7.61

%

12.93

%

7/29/2022

 

7/29/2027

 

5,063

 

4,978

 

5,063

 

0.5

%

SheerTrans Solutions, LLC (Revolver) (*)

SF

 

7.61

%

12.93

%

7/29/2022

 

7/29/2027

 

1,465

 

293

 

293

 

0.0

%

6,528

5,271

 

5,356

 

0.5

%

Total Non-Controlled/Affiliate Senior Secured Loans

 

 

 

 

15,271

 

13,496

 

13,635

 

1.2

%

 

 

 

 

 

 

 

Junior Secured Loans

 

 

FIRE: Real Estate

 

 

 

 

 

 

 

SFR Holdco, LLC (<)

n/a

 

n/a

 

8.00

%

8/6/2021

 

7/28/2028

 

5,850

 

5,850

 

6,358

 

0.6

%

SFR Holdco, LLC (<)

n/a

n/a

8.00

%

3/1/2022

7/28/2028

4,388

4,387

 

4,768

 

0.4

%

 

 

 

 

10,238

 

10,237

 

11,126

 

1.0

%

Total Non-Controlled/Affiliate Junior Secured Loans

 

 

 

 

10,238

 

10,237

 

11,126

 

1.0

%

 

 

Equity Securities (##) (#####)

 

 

 

 

FIRE: Real Estate

 

 

 

 

SFR Holdco, LLC (13.9% of equity commitments) (<)

(###)

8/6/2021

3,900

4,238

0.4

%

SFR Holdco, LLC (10.5% of equity commitments) (<)

 

 

(###)

3/1/2022

 

 

 

2,925

 

3,178

 

0.2

%

 

 

 

 

 

6,825

 

7,416

 

0.6

%

Services: Business

 

 

 

 

 

 

 

Nastel Technologies, LLC (3,408 Class A units) (####)

 

 

(###)

9/21/2022

 

 

 

3,408

 

4,124

 

0.4

%

 

 

3,408

 

4,124

 

0.4

%

Transportation: Cargo

 

 

 

 

SheerTrans Solutions, LLC (9,191,624 preferred interests) (####)

(###)

7/29/2022

9,192

9,192

0.8

%

9,192

 

9,192

 

0.8

%

Total Non-Controlled/Affiliate Equity Securities

19,425

20,732

1.8

%

Total Non-Controlled/Affiliate Company Investments

$

43,158

$

45,493

4.0

%

TOTAL INVESTMENTS

$

1,971,360

$

1,974,133

174.4

%

1517

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

JuneSeptember 30, 2023

(in thousands, except for shares and units)

Derivative Instruments

Foreign currency forward contracts

Interest

Acquisition

Amortized 

% of 

 

Portfolio Company (˄)

    

Index (˄˄)

    

Spread (˄˄)

    

Rate

    

Date (˄˄˄)

    

Maturity

    

Principal

    

Cost

    

Fair Value (˄˄˄˄)

    

Net Assets (˄˄˄˄˄)

 

High Tech Industries

 

 

  

 

 

 

Amelia Holding II, LLC (warrant to purchase up to 0.1% of the equity)

(###)

12/21/2022

 

12/21/2032

 

 

$

 

$

142

 

0.0

%

ClearlyRated Capital, LLC (5,500,000 Class A units) (####)

(###)

6/1/2023

5,500

5,500

0.6

%

Drawbridge Partners, LLC (652,174 Class A-1 units)

(###)

9/1/2022

 

 

 

652

 

615

 

0.1

%

Optomi, LLC (278 Class A units) (####)

(###)

12/16/2021

 

278

 

429

 

0.0

%

Recorded Future, Inc. (40,243 Class A units) (f)

(###)

7/3/2019

 

 

 

40

 

134

 

0.0

%

Sparq Holdings, Inc. (600,000 common units)

(###)

6/15/2023

600

600

0.1

%

Unanet, Inc. (1,621,053 shares of common stock)

(###)

12/5/2022

 

 

 

1,622

 

1,965

 

0.2

%

 

 

 

8,692

 

9,385

 

1.0

%

Hotels, Gaming & Leisure

 

 

 

 

 

Equine Network, LLC (92 Class A units) (####)

(###)

12/31/2020

 

 

 

95

 

62

 

0.0

%

 

 

 

95

 

62

 

0.0

%

Media: Advertising, Printing & Publishing

 

 

 

 

 

95 Percent Buyer, LLC (385,027 Class A units) (####)

n/a

n/a

8.00

% PIK

11/24/2021

 

 

 

385

 

469

 

0.1

%

Calienger Holdings, L.L.C. (568,181 Class A units) (####)

(###)

10/21/2022

 

 

568

 

568

 

0.1

%

New Engen, Inc. (417 preferred units)

n/a

n/a

8.00

% PIK

12/27/2021

 

 

417

 

358

 

0.0

%

New Engen, Inc. (5,067 Class B common units)

(###)

12/27/2021

 

 

5

 

 

0.0

%

Really Great Reading Company, Inc. (369 Series A units)

(###)

12/9/2022

 

 

369

 

375

 

0.1

%

Relevate Health Group, LLC (96 preferred units)

n/a

n/a

12.00

% PIK

11/20/2020

 

 

96

 

87

 

0.0

%

Relevate Health Group, LLC (96 Class B common units)

(###)

11/20/2020

 

 

 

0.0

%

Spherix Global Inc. (333 Class A units)

(###)

12/22/2021

 

 

333

 

220

 

0.0

%

XanEdu Publishing, Inc. (65,104 Class A units)

n/a

n/a

8.00

% PIK

1/28/2020

 

 

65

 

284

 

0.0

%

 

 

2,238

 

2,361

 

0.3

%

Media: Diversified & Production

 

 

 

Chess.com, LLC (5 Class A units) (####)

(###)

12/31/2021

 

 

189

 

107

 

0.0

%

189

107

0.0

%

Services: Business

 

 

 

 

Argano, LLC (62,574 common units) (####)

(###)

6/10/2021

317

626

0.0

%

ecMarket Inc. and Conexiom US Inc. (96,603 preferred shares) (<) (b)

(###)

9/21/2021

 

723

 

745

 

0.1

%

Edustaff, LLC (591 shares of common stock) (####)

(###)

12/8/2022

 

 

591

 

735

 

0.1

%

Skillsoft Corp. (26,168 Class A shares) (~) (<) (g)

(###)

6/11/2021

 

 

508

 

32

 

0.0

%

 

 

2,139

 

2,138

 

0.2

%

Services: Consumer

 

 

 

Express Wash Acquisition Company, LLC (135,869 Class A units) (####)

n/a

n/a

8.00

% PIK

12/28/2020

 

 

140

 

119

 

0.0

%

IDIG Parent, LLC (192,908 shares of common stock) (####) (h)

(###)

1/4/2021

 

 

196

 

230

 

0.0

%

Light Wave Dental Management, LLC (300,218 Class A units) (####)

(###)

6/30/2023

3,002

3,002

0.4

%

 

3,338

 

3,351

 

0.4

%

Telecommunications

 

 

 

American Broadband and Telecommunications Company LLC (warrant to purchase up to 0.4% of the equity)

(###)

6/10/2022

6/10/2032

84

108

0.0

%

 

 

 

84

 

108

 

0.0

%

Transportation: Cargo

 

 

 

 

 

RS Acquisition, LLC (838,077 common units) (####)

(###)

1/12/2022

 

 

 

1,439

 

1,370

 

0.1

%

 

1,439

 

1,370

 

0.1

%

Wholesale

 

 

 

 

 

IF & P Holdings Company, LLC (1,500 Class A preferred units)

(###)

10/3/2022

 

 

 

 

1,610

 

0.2

%

IF & P Holdings Company, LLC (1,500 Class B common units)

(###)

10/3/2022

 

 

 

1,500

 

164

 

0.0

%

 

1,500

 

1,774

 

0.2

%

Total Non-Controlled/Non-Affiliate Equity Securities

 

39,656

 

41,953

 

4.4

%

Total Non-Controlled/Non-Affiliate Company Investments

$

1,717,008

$

1,721,423

182.3

%

16

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

June 30, 2023

(in thousands, except for shares and units)

Interest

Acquisition

Amortized 

% of 

 

Portfolio Company (˄)

    

Index (˄˄)

    

Spread (˄˄)

    

Rate

    

Date (˄˄˄)

    

Maturity

    

Principal

    

Cost

    

Fair Value (˄˄˄˄)

    

Net Assets (˄˄˄˄˄)

 

Non-Controlled Affiliate Company Investments (#####)

 

 

 

 

 

 

 

 

 

Senior Secured Loans

 

 

 

 

 

 

 

 

FIRE: Real Estate

 

 

 

 

 

 

Second Avenue SFR Holdings II LLC (Revolver) (<) (*)

L

7.00

%

12.17

%

8/11/2021

8/9/2024

4,875

$

4,785

 

$

4,761

 

0.5

%

 

 

 

 

4,875

 

4,785

 

4,761

 

0.5

%

Services: Business

 

 

 

 

 

 

 

Nastel Technologies, LLC (~~)

SF

 

6.61

%

11.77

%

9/21/2022

 

9/21/2027

 

3,500

 

3,438

 

3,500

 

0.4

%

Nastel Technologies, LLC (Revolver) (*)

SF

 

6.61

%

11.77

%

9/21/2022

 

9/21/2027

 

368

 

 

 

0.0

%

3,868

3,438

 

3,500

 

0.4

%

Transportation: Cargo

 

 

 

 

 

 

 

SheerTrans Solutions, LLC (~)

SF

 

7.61

%

12.72

%

7/29/2022

 

7/29/2027

 

5,076

 

4,989

 

5,057

 

0.5

%

SheerTrans Solutions, LLC (Revolver) (*)

SF

 

7.61

%

12.72

%

7/29/2022

 

7/29/2027

 

1,465

 

 

 

0.0

%

6,541

4,989

 

5,057

 

0.5

%

Total Non-Controlled/Affiliate Senior Secured Loans

 

 

 

 

15,284

 

13,212

 

13,318

 

1.4

%

 

 

 

 

 

 

 

Junior Secured Loans

 

 

FIRE: Real Estate

 

 

 

 

 

 

 

SFR Holdco, LLC (<)

n/a

 

n/a

 

8.00

%

8/6/2021

 

7/28/2028

 

5,850

 

5,850

 

5,850

 

0.6

%

SFR Holdco, LLC (<)

n/a

n/a

8.00

%

3/1/2022

7/28/2028

4,388

4,387

 

4,387

 

0.5

%

 

 

 

 

10,238

 

10,237

 

10,237

 

1.1

%

Total Non-Controlled/Affiliate Junior Secured Loans

 

 

 

 

10,238

 

10,237

 

10,237

 

1.1

%

 

 

Equity Securities (##) (#####)

 

 

 

 

FIRE: Real Estate

 

 

 

 

SFR Holdco, LLC (13.9% of equity commitments) (<)

(###)

8/6/2021

3,900

3,900

0.4

%

SFR Holdco, LLC (10.5% of equity commitments) (<)

 

 

(###)

3/1/2022

 

 

 

2,925

 

2,925

 

0.3

%

 

 

 

 

 

6,825

 

6,825

 

0.7

%

Services: Business

 

 

 

 

 

 

 

Nastel Technologies, LLC (3,408 Class A units) (####)

 

 

(###)

9/21/2022

 

 

 

3,408

 

4,328

 

0.5

%

 

 

3,408

 

4,328

 

0.5

%

Transportation: Cargo

 

 

 

 

SheerTrans Solutions, LLC (8,642,579 preferred interests) (####)

(###)

7/29/2022

8,643

8,643

0.9

%

8,643

 

8,643

 

0.9

%

Total Non-Controlled/Affiliate Equity Securities

18,876

19,796

2.1

%

Total Non-Controlled/Affiliate Company Investments

$

42,325

$

43,351

4.6

%

TOTAL INVESTMENTS

$

1,759,333

$

1,764,774

186.9

%

17

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

June 30, 2023

(in thousands, except for shares and units)

Derivative Instruments

Foreign currency forward contract

    

Notional Amount 

    

Notional Amount 

    

    

Settlement 

    

Unrealized Gain 

    

Notional Amount

    

Notional Amount

    

    

Settlement

    

Unrealized Gain

Description

    

to be Purchased

    

to be Sold

    

Counterparty

    

Date

    

(Loss)

    

to be Purchased

    

to be Sold

    

Counterparty

    

Date

    

(Loss)

Foreign currency forward contract

$

316

 

CAD

428

 

Bannockburn Global Forex, LLC

 

7/5/2023

 

(7)

$

318

 

CAD

431

 

Bannockburn Global Forex, LLC

 

10/3/2023

$

1

Foreign currency forward contract

$

90

 

CAD

124

 

Bannockburn Global Forex, LLC

 

7/19/2023

 

(4)

$

84

 

CAD

116

 

Bannockburn Global Forex, LLC

 

10/19/2023

 

(1)

Foreign currency forward contract

$

81

 

CAD

112

 

Bannockburn Global Forex, LLC

 

8/17/2023

 

(3)

$

75

 

CAD

103

 

Bannockburn Global Forex, LLC

 

11/17/2023

 

(1)

Foreign currency forward contract

$

87

 

CAD

120

 

Bannockburn Global Forex, LLC

 

9/19/2023

 

(4)

$

77

 

CAD

106

 

Bannockburn Global Forex, LLC

 

12/19/2023

 

(1)

Foreign currency forward contract

$

318

 

CAD

431

 

Bannockburn Global Forex, LLC

 

10/3/2023

 

(8)

$

316

 

CAD

429

 

Bannockburn Global Forex, LLC

 

1/4/2024

 

1

Foreign currency forward contract

$

84

 

CAD

116

 

Bannockburn Global Forex, LLC

 

10/19/2023

 

(4)

$

104

 

CAD

143

 

Bannockburn Global Forex, LLC

 

1/17/2024

 

(2)

Foreign currency forward contract

$

75

 

CAD

103

 

Bannockburn Global Forex, LLC

 

11/17/2023

 

(3)

$

81

 

CAD

112

 

Bannockburn Global Forex, LLC

 

2/19/2024

 

(1)

Foreign currency forward contract

$

77

 

CAD

106

 

Bannockburn Global Forex, LLC

 

12/19/2023

 

(3)

$

76

 

CAD

105

 

Bannockburn Global Forex, LLC

 

3/19/2024

 

(1)

Foreign currency forward contract

$

316

 

CAD

429

 

Bannockburn Global Forex, LLC

 

1/4/2024

 

(7)

$

313

 

CAD

424

 

Bannockburn Global Forex, LLC

 

4/3/2024

 

1

Foreign currency forward contract

$

104

 

CAD

143

 

Bannockburn Global Forex, LLC

 

1/17/2024

 

(4)

$

103

 

CAD

143

 

Bannockburn Global Forex, LLC

 

4/17/2024

 

(2)

Foreign currency forward contract

$

81

 

CAD

112

 

Bannockburn Global Forex, LLC

 

2/19/2024

 

(3)

$

78

CAD

108

Bannockburn Global Forex, LLC

5/17/2024

(1)

Foreign currency forward contract

$

76

 

CAD

105

 

Bannockburn Global Forex, LLC

 

3/19/2024

 

(3)

$

86

CAD

118

Bannockburn Global Forex, LLC

6/19/2024

(2)

Foreign currency forward contract

$

313

 

CAD

424

 

Bannockburn Global Forex, LLC

 

4/3/2024

 

(7)

$

308

CAD

417

Bannockburn Global Forex, LLC

7/3/2024

1

Foreign currency forward contract

$

103

 

CAD

143

 

Bannockburn Global Forex, LLC

 

4/17/2024

 

(4)

$

95

CAD

131

Bannockburn Global Forex, LLC

7/17/2024

(2)

Foreign currency forward contract

$

78

CAD

108

Bannockburn Global Forex, LLC

5/17/2024

(3)

$

80

CAD

111

Bannockburn Global Forex, LLC

8/19/2024

(1)

Foreign currency forward contract

$

86

CAD

118

Bannockburn Global Forex, LLC

6/19/2024

(4)

$

83

CAD

114

Bannockburn Global Forex, LLC

9/18/2024

(1)

Foreign currency forward contract

$

308

CAD

417

Bannockburn Global Forex, LLC

7/3/2024

(7)

$

312

CAD

423

Bannockburn Global Forex, LLC

10/2/2024

1

Foreign currency forward contract

$

95

CAD

131

Bannockburn Global Forex, LLC

7/17/2024

(4)

$

97

CAD

134

Bannockburn Global Forex, LLC

10/17/2024

(2)

Foreign currency forward contract

$

80

CAD

111

Bannockburn Global Forex, LLC

8/19/2024

(3)

$

80

CAD

110

Bannockburn Global Forex, LLC

11/19/2024

(1)

Foreign currency forward contract

$

83

CAD

114

Bannockburn Global Forex, LLC

9/18/2024

(4)

$

80

CAD

110

Bannockburn Global Forex, LLC

12/18/2024

(1)

Foreign currency forward contract

$

312

CAD

423

Bannockburn Global Forex, LLC

10/2/2024

(7)

$

302

CAD

409

Bannockburn Global Forex, LLC

1/2/2025

1

Foreign currency forward contract

$

97

CAD

134

Bannockburn Global Forex, LLC

10/17/2024

(4)

$

96

CAD

133

Bannockburn Global Forex, LLC

1/17/2025

(2)

Foreign currency forward contract

$

80

CAD

110

Bannockburn Global Forex, LLC

11/19/2024

(3)

$

83

CAD

115

Bannockburn Global Forex, LLC

2/20/2025

(1)

Foreign currency forward contract

$

80

CAD

110

Bannockburn Global Forex, LLC

12/18/2024

(3)

$

66

CAD

91

Bannockburn Global Forex, LLC

3/19/2025

(1)

Foreign currency forward contract

$

302

CAD

409

Bannockburn Global Forex, LLC

1/2/2025

(7)

$

10,811

CAD

14,653

Bannockburn Global Forex, LLC

4/2/2025

18

Foreign currency forward contract

$

96

CAD

133

Bannockburn Global Forex, LLC

1/17/2025

(4)

$

93

CAD

128

Bannockburn Global Forex, LLC

4/17/2025

(2)

Foreign currency forward contract

$

83

CAD

115

Bannockburn Global Forex, LLC

2/20/2025

(4)

$

73

CAD

101

Bannockburn Global Forex, LLC

5/19/2025

(1)

Foreign currency forward contract

$

66

CAD

91

Bannockburn Global Forex, LLC

3/19/2025

(3)

$

78

CAD

107

Bannockburn Global Forex, LLC

6/18/2025

(1)

Foreign currency forward contract

$

10,811

CAD

14,653

Bannockburn Global Forex, LLC

4/2/2025

(255)

$

93

CAD

128

Bannockburn Global Forex, LLC

7/17/2025

(2)

Foreign currency forward contract

$

93

CAD

128

Bannockburn Global Forex, LLC

4/17/2025

(4)

$

75

CAD

103

Bannockburn Global Forex, LLC

8/19/2025

(1)

Foreign currency forward contract

$

73

CAD

101

Bannockburn Global Forex, LLC

5/19/2025

(3)

$

75

CAD

103

Bannockburn Global Forex, LLC

9/17/2025

(1)

Foreign currency forward contract

$

78

CAD

107

Bannockburn Global Forex, LLC

6/18/2025

(3)

$

94

CAD

130

Bannockburn Global Forex, LLC

10/17/2025

(2)

Foreign currency forward contract

$

93

CAD

128

Bannockburn Global Forex, LLC

7/17/2025

(4)

$

79

CAD

109

Bannockburn Global Forex, LLC

11/19/2025

(1)

Foreign currency forward contract

$

75

CAD

103

Bannockburn Global Forex, LLC

8/19/2025

(3)

$

8,874

CAD

12,243

Bannockburn Global Forex, LLC

12/18/2025

(144)

Foreign currency forward contract

$

75

CAD

103

Bannockburn Global Forex, LLC

9/17/2025

(3)

$

350

AUD

530

Bannockburn Global Forex, LLC

10/18/2023

9

Foreign currency forward contract

$

94

CAD

130

Bannockburn Global Forex, LLC

10/17/2025

(4)

$

361

AUD

546

Bannockburn Global Forex, LLC

11/16/2023

9

Foreign currency forward contract

$

79

CAD

109

Bannockburn Global Forex, LLC

11/19/2025

(3)

$

345

AUD

523

Bannockburn Global Forex, LLC

12/18/2023

8

Foreign currency forward contract

$

8,874

CAD

12,243

Bannockburn Global Forex, LLC

12/18/2025

(372)

$

353

AUD

536

Bannockburn Global Forex, LLC

1/17/2024

8

Foreign currency forward contract

$

267

AUD

403

Bannockburn Global Forex, LLC

7/18/2023

(2)

$

351

AUD

533

Bannockburn Global Forex, LLC

2/16/2024

8

Foreign currency forward contract

$

361

AUD

546

Bannockburn Global Forex, LLC

8/16/2023

(3)

$

324

AUD

492

Bannockburn Global Forex, LLC

3/18/2024

7

Foreign currency forward contract

$

363

AUD

549

Bannockburn Global Forex, LLC

9/18/2023

(3)

$

343

AUD

521

Bannockburn Global Forex, LLC

4/17/2024

7

Foreign currency forward contract

$

350

AUD

530

Bannockburn Global Forex, LLC

10/18/2023

(3)

$

328

AUD

499

Bannockburn Global Forex, LLC

5/16/2024

7

Foreign currency forward contract

$

361

AUD

546

Bannockburn Global Forex, LLC

11/16/2023

(3)

$

332

AUD

506

Bannockburn Global Forex, LLC

6/19/2024

7

Foreign currency forward contract

$

345

AUD

523

Bannockburn Global Forex, LLC

12/18/2023

(3)

$

310

AUD

473

Bannockburn Global Forex, LLC

7/16/2024

6

Foreign currency forward contract

$

353

AUD

536

Bannockburn Global Forex, LLC

1/17/2024

(4)

$

318

AUD

486

Bannockburn Global Forex, LLC

8/16/2024

5

Foreign currency forward contract

$

351

AUD

533

Bannockburn Global Forex, LLC

2/16/2024

(4)

$

318

AUD

486

Bannockburn Global Forex, LLC

9/17/2024

5

Foreign currency forward contract

$

324

AUD

492

Bannockburn Global Forex, LLC

3/18/2024

(4)

$

307

AUD

470

Bannockburn Global Forex, LLC

10/17/2024

5

Foreign currency forward contract

$

343

AUD

521

Bannockburn Global Forex, LLC

4/17/2024

(4)

$

317

AUD

485

Bannockburn Global Forex, LLC

11/18/2024

4

Foreign currency forward contract

$

328

AUD

499

Bannockburn Global Forex, LLC

5/16/2024

(5)

$

306

AUD

470

Bannockburn Global Forex, LLC

12/17/2024

4

Foreign currency forward contract

$

332

AUD

506

Bannockburn Global Forex, LLC

6/19/2024

(5)

$

303

AUD

465

Bannockburn Global Forex, LLC

1/17/2025

3

Foreign currency forward contract

$

310

AUD

473

Bannockburn Global Forex, LLC

7/16/2024

(5)

$

299

AUD

461

Bannockburn Global Forex, LLC

2/18/2025

3

Foreign currency forward contract

$

318

AUD

486

Bannockburn Global Forex, LLC

8/16/2024

(6)

$

270

AUD

417

Bannockburn Global Forex, LLC

3/18/2025

2

Foreign currency forward contract

$

318

AUD

486

Bannockburn Global Forex, LLC

9/17/2024

(6)

$

299

AUD

461

Bannockburn Global Forex, LLC

4/16/2025

2

Foreign currency forward contract

$

307

AUD

470

Bannockburn Global Forex, LLC

10/17/2024

(6)

$

288

AUD

446

Bannockburn Global Forex, LLC

5/16/2025

2

Foreign currency forward contract

$

317

AUD

485

Bannockburn Global Forex, LLC

11/18/2024

(7)

$

30,866

AUD

47,765

Bannockburn Global Forex, LLC

6/18/2025

129

Foreign currency forward contract

$

306

AUD

470

Bannockburn Global Forex, LLC

12/17/2024

(7)

Foreign currency forward contract

$

302

AUD

465

Bannockburn Global Forex, LLC

1/17/2025

(7)

Foreign currency forward contract

$

299

AUD

461

Bannockburn Global Forex, LLC

2/18/2025

(8)

Foreign currency forward contract

$

270

AUD

416

Bannockburn Global Forex, LLC

3/18/2025

(7)

Foreign currency forward contract

$

299

AUD

461

Bannockburn Global Forex, LLC

4/16/2025

(9)

Foreign currency forward contract

$

288

AUD

446

Bannockburn Global Forex, LLC

5/16/2025

(9)

Foreign currency forward contract

$

30,866

AUD

47,765

Bannockburn Global Forex, LLC

6/18/2025

(965)

$

(1,863)

$

85

18

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

JuneSeptember 30, 2023

(in thousands, except for shares and units)

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

(˄˄) The majority of the investments bear interest at a rate that may be determined by reference to the London Interbank Offered Rate (“LIBOR” or “L”), Secured Overnight Financing Rate (“SOFR” or “SF”), Canadian Dollar Offered Rate (“CDOR” or “C”) or Prime Rate (“Prime” or “P”), which reset daily, monthly, quarterly, or semiannually. For each such investment, the Company has provided the spread over LIBOR, SOFR, CDOR, or Prime, as applicable, and the current contractual interest rate in effect at JuneSeptember 30, 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 JuneSeptember 30, 2023 represented 186.9%174.4% of the Company’s net assets or 95.2%94.6% of the Company’s total assets, are subject to legal restrictions on sales.

(˄˄˄˄) Except as otherwise noted, because there is no readily available market value for these investments, the fair value of each of these investments is determined in good faith using significant unobservable inputs by the Valuation Designee. (See Note 4 in the accompanying notes to the consolidated financial statements).

(˄˄˄˄˄) Percentages are based on net assets of $944,093$1,131,752 as of JuneSeptember 30, 2023.

(~) All or a portion of this security was held in MC Income Plus Financing SPV LLC (the “SPV”) as collateral for the Company’s secured revolving credit facility (the “Credit Facility”) with KeyBank National Association. (See Note 7 in the accompanying notes to the consolidated financial statements).

(~~) All or a portion of this security was held in Monroe Capital Income Plus ABS Funding, LLC (the “2022 Issuer”) as collateral for the Company’s $425,000 asset-backed securitization (the “2022 ABS”). (See Note 7 in the accompanying notes to the consolidated financial statements).

(~~~) All or a portion of this security was held in MC Income Plus Financing SPV II LLC (the “SPV II”) as collateral for the Company’s secured term loan credit facility (the “Term Loan”) with KeyBank National Association. (See Note 7 in the accompanying notes to the consolidated financial statements).

(~~~~) All or a portion of this security was held in Monroe Capital Income Plus ABS Funding II, LLC (the “2023 Issuer”) as collateral for the Company’s $251,169 asset-backed securitization (the “2023 ABS”). (See Note 7 in the accompanying notes to the consolidated financial statements).

(~~~~~) To finance the purchase of certain investments, the Company may enter into participation agreements for par/near par trades with a third-party counterparty, whereby the Company simultaneously agrees to sell an investment and re-purchase the same investment back at a premium within a specified period of time, generally not to exceed 60-days from the date it was sold (each such transaction a “Short-Term Borrowing”). This investment isAll or a portion of this security was subject to a repurchase agreement and as such is collateral for Short-Term Borrowings as described in Note 7.

(<) 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 JuneSeptember 30, 2023, non-qualifying assets totaled 15.7%14.1% of the Company’s total assets.

(<<) The Company structures its unitranche secured loans as senior secured loans. The Company obtains security interests in the assets of these portfolio companies that serve as collateral in support of the repayment of these loans. This collateral may take the form of first-priority liens on the assets of a portfolio company. Generally, the Company syndicates a “first out” portion of the loan to an investor and retains a “last out” portion of the loan, in which case the “first out” portion of the loan will generally receive priority with respect to payments of principal, interest and any other amounts due thereunder. Unitranche structures combine characteristics of traditional first lien senior secured as well as second lien and subordinated loans and the Company’s unitranche secured loans will expose the Company to the risks associated with second lien and subordinated loans and may limit the Company’s recourse or ability to recover collateral upon a portfolio company’s bankruptcy. Unitranche secured loans typically provide for moderate loan amortization in the initial years of the facility, with the majority of the amortization deferred until loan maturity. Unitranche secured loans generally allow the borrower to make a large lump sum payment of principal at the end of the loan term, and there is a risk of loss if the borrower is unable to pay the lump sum or refinance the amount owed at maturity. In many cases the Company, together with its affiliates, is the sole or majority lender of these unitranche secured loans, which can afford the Company additional influence with a borrower in terms of monitoring and, if necessary, remediation in the event of underperformance.

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

(##) Ownership of certain equity investments may occur through a holding company or partnership.

(###) Represents a non-income producing security.

(####) 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.

(#####) 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).

(*) All or a portion of this commitment was unfunded at JuneSeptember 30, 2023. As such, interest is earned only on the funded portion of this commitment.

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

(***) This position was on non-accrual status as of JuneSeptember 30, 2023, 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.

(a) This loan is denominated in Canadian dollars and is translated into U.S. dollars as of the valuation date.

(b) This is an international company.

(c) This loan is denominated in Australian dollars and is translated into U.S. dollars as of the valuation date.

(d) Investment position or portion thereof unsettled as of June 30, 2023. This is a demand note with no stated maturity.

(e) As of JuneSeptember 30, 2023, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $718.$697.

(f) As of JuneSeptember 30, 2023, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $8.

(g) The fair value of this investment was valued using Level 1 inputs. See Note 4 in the accompanying notes to the consolidated financial statements.

(h) As of JuneSeptember 30, 2023, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $34.

(i) This is During the three months ended September 30, 2023, the senior secured lender group of Vice Group Inc. (“Vice OldCo”) established Vice Acquisition Holdco, LLC (“Vice NewCo”) in order to acquire a demand note with no stated maturity.substantial portion of the assets of Vice OldCo as part of a bankruptcy restructuring. Vice NewCo credit bid a portion of the senior secured debt in Vice OldCo to acquire certain assets of Vice OldCo which constitute the ongoing operations of the portfolio company. The Company’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 Vice OldCo, the Company has valued these positions at zero as of the end of the period.

n/a - not applicable

See Notes to Consolidated Financial Statements.

19

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2022

(in thousands, except for shares and units)

Interest

Acquisition

% of

Interest

Acquisition

% of

Portfolio Company (˄)

    

Index (˄˄)

    

Spread (˄˄)

    

Rate

   

Date (˄˄˄)

    

Maturity

    

Principal

    

Amortized Cost

    

Fair Value (˄˄˄˄)

    

Net Assets (˄˄˄˄˄)

    

Index (˄˄)

    

Spread (˄˄)

    

Rate

    

Date (˄˄˄)

    

Maturity

    

Principal

    

Amortized Cost

    

Fair Value (˄˄˄˄)

    

Net Assets (˄˄˄˄˄)

Non-Controlled/Non-Affiliate Company Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Secured Loans

Aerospace & Defense

API Holdings III Corp. (~)

L

4.25

%

8.98

%

5/2/2019

5/8/2026

1,641

$

1,636

$

1,308

0.2

%

L

4.25

%

8.98

%

5/2/2019

5/8/2026

1,641

$

1,636

$

1,308

0.2

%

SI Holdings, Inc. (Integrated Polymer Solutions) (~) (~~)

L

6.00

%

10.38

%

7/25/2019

7/25/2025

1,935

1,915

1,918

0.3

%

L

6.00

%

10.38

%

7/25/2019

7/25/2025

1,935

1,915

1,918

0.3

%

SI Holdings, Inc. (Integrated Polymer Solutions) (~) (~~)

L

6.00

%

10.38

%

12/24/2019

7/25/2025

1,010

999

1,001

0.1

%

L

6.00

%

10.38

%

12/24/2019

7/25/2025

1,010

999

1,001

0.1

%

SI Holdings, Inc. (Integrated Polymer Solutions) (~) (~~)

L

6.00

%

10.38

%

2/17/2021

7/25/2025

1,747

1,745

1,732

0.2

%

L

6.00

%

10.38

%

2/17/2021

7/25/2025

1,747

1,745

1,732

0.2

%

SI Holdings, Inc. (Integrated Polymer Solutions) (~) (~~)

L

6.00

%

10.38

%

6/15/2021

7/25/2025

1,024

1,008

1,015

0.2

%

L

6.00

%

10.38

%

6/15/2021

7/25/2025

1,024

1,008

1,015

0.2

%

SI Holdings, Inc. (Integrated Polymer Solutions) (~) (~~)

L

6.00

%

10.38

%

8/10/2021

7/25/2025

1,000

986

991

0.1

%

L

6.00

%

10.38

%

8/10/2021

7/25/2025

1,000

986

991

0.1

%

SI Holdings, Inc. (Integrated Polymer Solutions) (Revolver) (*)

L

6.00

%

10.38

%

7/25/2019

7/25/2024

316

71

71

0.0

%

L

6.00

%

10.38

%

7/25/2019

7/25/2024

316

71

71

0.0

%

 

 

 

 

8,673

 

8,360

 

8,036

 

1.1

%

 

 

 

 

8,673

 

8,360

 

8,036

 

1.1

%

Automotive

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Born To Run, LLC (~~) (~~~)

 

L

 

6.00

%

10.73

%

4/1/2021

 

4/1/2027

 

8,865

8,729

8,531

 

1.1

%

 

L

 

6.00

%

10.73

%

4/1/2021

 

4/1/2027

 

8,865

8,729

8,531

 

1.1

%

Born To Run, LLC (~~)

 

L

 

6.00

%

10.73

%

4/1/2021

 

4/1/2027

 

1,207

 

1,207

 

1,162

 

0.2

%

 

L

 

6.00

%

10.73

%

4/1/2021

 

4/1/2027

 

1,207

 

1,207

 

1,162

 

0.2

%

Burgess Point Purchaser Corporation (fka BBB Industries LLC) (~)

 

SF

 

5.35

%

9.67

%

6/30/2022

 

7/25/2029

 

5,000

 

4,519

 

4,563

 

0.6

%

 

SF

 

5.35

%

9.67

%

6/30/2022

 

7/25/2029

 

5,000

 

4,519

 

4,563

 

0.6

%

Lifted Trucks Holdings, LLC (~~) (~~~)

 

L

 

5.75

%

9.49

%

8/2/2021

 

8/2/2027

 

9,900

 

9,737

 

9,771

 

1.3

%

 

L

 

5.75

%

9.49

%

8/2/2021

 

8/2/2027

 

9,900

 

9,737

 

9,771

 

1.3

%

Lifted Trucks Holdings, LLC (Delayed Draw) (*) (**)

 

L

 

5.75

%

9.49

%

8/2/2021

 

8/2/2027

 

2,000

 

 

 

0.0

%

 

L

 

5.75

%

9.49

%

8/2/2021

 

8/2/2027

 

2,000

 

 

 

0.0

%

Lifted Trucks Holdings, LLC (Revolver) (*)

 

L

 

5.75

%

9.49

%

8/2/2021

 

8/2/2027

 

2,381

 

 

 

0.0

%

 

L

 

5.75

%

9.49

%

8/2/2021

 

8/2/2027

 

2,381

 

 

 

0.0

%

Panda Acquisition, LLC (~)

 

SF

 

6.35

%

10.28

%

12/20/2022

 

10/18/2028

 

10,000

 

8,201

 

8,200

 

1.1

%

 

SF

 

6.35

%

10.28

%

12/20/2022

 

10/18/2028

 

10,000

 

8,201

 

8,200

 

1.1

%

Truck-Lite Co., LLC (~)

 

SF

 

6.25

%

11.14

%

7/8/2022

 

12/14/2026

 

128

 

125

 

128

 

0.0

%

 

SF

 

6.25

%

11.14

%

7/8/2022

 

12/14/2026

 

128

 

125

 

128

 

0.0

%

Truck-Lite Co., LLC (~)

 

SF

 

6.25

%

11.14

%

3/11/2020

 

12/14/2026

 

3,383

 

3,361

 

3,379

 

0.4

%

 

SF

 

6.25

%

11.14

%

3/11/2020

 

12/14/2026

 

3,383

 

3,361

 

3,379

 

0.4

%

Truck-Lite Co., LLC (~)

SF

6.25

%

11.14

%

11/23/2021

12/14/2026

628

628

627

0.1

%

SF

6.25

%

11.14

%

11/23/2021

12/14/2026

628

628

627

0.1

%

Truck-Lite Co., LLC (~)

SF

6.25

%

11.14

%

3/11/2020

12/14/2026

501

501

501

0.1

%

SF

6.25

%

11.14

%

3/11/2020

12/14/2026

501

501

501

0.1

%

Truck-Lite Co., LLC (~)

SF

6.25

%

11.14

%

11/23/2021

12/14/2026

557

557

556

0.1

%

SF

6.25

%

11.14

%

11/23/2021

12/14/2026

557

557

556

0.1

%

Truck-Lite Co., LLC (~)

 

SF

 

6.25

%

11.14

%

11/23/2021

 

12/14/2026

 

714

 

714

 

714

 

0.1

%

 

SF

 

6.25

%

11.14

%

11/23/2021

 

12/14/2026

 

714

 

714

 

714

 

0.1

%

 

 

 

45,264

38,279

38,132

5.1

%

 

 

 

45,264

38,279

38,132

5.1

%

Banking

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MV Receivables II, LLC (<)

 

L

 

9.75

%

13.87

%

7/29/2021

 

7/29/2026

 

10,144

 

9,691

 

9,960

 

1.3

%

 

L

 

9.75

%

13.87

%

7/29/2021

 

7/29/2026

 

10,144

 

9,691

 

9,960

 

1.3

%

StarCompliance MidCo, LLC (~~)

 

L

 

6.75

%

11.48

%

1/12/2021

 

1/12/2027

 

3,000

 

2,957

 

2,951

 

0.4

%

 

L

 

6.75

%

11.48

%

1/12/2021

 

1/12/2027

 

3,000

 

2,957

 

2,951

 

0.4

%

StarCompliance MidCo, LLC (~~)

 

L

 

6.75

%

11.48

%

10/12/2021

 

1/12/2027

 

503

 

495

 

495

 

0.1

%

 

L

 

6.75

%

11.48

%

10/12/2021

 

1/12/2027

 

503

 

495

 

495

 

0.1

%

StarCompliance MidCo, LLC (Revolver) (*)

 

L

 

6.75

%

11.14

%

1/12/2021

 

1/12/2027

 

484

 

121

 

119

 

0.0

%

 

L

 

6.75

%

11.14

%

1/12/2021

 

1/12/2027

 

484

 

121

 

119

 

0.0

%

 

 

14,131

13,264

 

13,525

1.8

%

 

 

14,131

13,264

 

13,525

1.8

%

Beverage, Food & Tobacco

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sabrosura Foods, LLC et al (fka Huff Hispanic Food Holdings, LLC) (~) (~~)

 

L

 

5.50

%

9.89

%

10/18/2019

 

10/18/2024

 

5,037

 

4,997

 

4,984

 

0.7

%

 

L

 

5.50

%

9.89

%

10/18/2019

 

10/18/2024

 

5,037

 

4,997

 

4,984

 

0.7

%

Sabrosura Foods, LLC et al (fka Huff Hispanic Food Holdings, LLC) (~)

 

L

 

5.50

%

9.91

%

10/18/2019

 

10/18/2024

 

285

 

285

 

282

 

0.0

%

 

L

 

5.50

%

9.91

%

10/18/2019

 

10/18/2024

 

285

 

285

 

282

 

0.0

%

Sabrosura Foods, LLC et al (fka Huff Hispanic Food Holdings, LLC) (Revolver) (*)

 

L

 

5.50

%

10.23

%

10/18/2019

 

10/18/2024

 

1,286

 

1,020

 

1,009

 

0.1

%

 

L

 

5.50

%

10.23

%

10/18/2019

 

10/18/2024

 

1,286

 

1,020

 

1,009

 

0.1

%

LVF Holdings, Inc. (~)

 

L

 

6.25

%

8.45

%

6/10/2021

 

6/10/2027

 

3,456

 

3,402

 

3,353

 

0.5

%

 

L

 

6.25

%

8.45

%

6/10/2021

 

6/10/2027

 

3,456

 

3,402

 

3,353

 

0.5

%

LVF Holdings, Inc. (~)

 

L

 

6.25

%

8.45

%

6/10/2021

 

6/10/2027

 

3,308

 

3,308

 

3,208

 

0.4

%

 

L

 

6.25

%

8.45

%

6/10/2021

 

6/10/2027

 

3,308

 

3,308

 

3,208

 

0.4

%

LVF Holdings, Inc. (Delayed Draw) (*) (**)

 

L

 

6.25

%

8.45

%

6/10/2021

 

6/10/2027

 

802

 

 

 

0.0

%

 

L

 

6.25

%

8.45

%

6/10/2021

 

6/10/2027

 

802

 

 

 

0.0

%

LVF Holdings, Inc. (Revolver) (*)

 

L

 

6.25

%

10.98

%

6/10/2021

 

6/10/2027

 

554

 

366

 

355

 

0.1

%

 

L

 

6.25

%

10.98

%

6/10/2021

 

6/10/2027

 

554

 

366

 

355

 

0.1

%

LX/JT Intermediate Holdings, Inc. (~)

 

SF

 

6.00

%

10.42

%

3/11/2020

 

3/11/2025

 

3,281

 

3,248

 

3,237

 

0.4

%

 

SF

 

6.00

%

10.42

%

3/11/2020

 

3/11/2025

 

3,281

 

3,248

 

3,237

 

0.4

%

LX/JT Intermediate Holdings, Inc. (Revolver) (*)

 

SF

 

6.00

%

10.42

%

3/11/2020

 

3/11/2025

 

500

 

 

 

0.0

%

 

SF

 

6.00

%

10.42

%

3/11/2020

 

3/11/2025

 

500

 

 

 

0.0

%

 

 

 

18,509

16,626

16,428

2.2

%

 

 

 

18,509

16,626

16,428

2.2

%

20

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2022

(in thousands, except for shares and units)

Interest

Acquisition

% of

 

Interest

Acquisition

% of

 

Portfolio Company (˄)

    

Index (˄˄)

    

Spread (˄˄)

    

Rate

    

Date (˄˄˄)

    

Maturity

    

Principal

    

Amortized Cost

    

Fair Value (˄˄˄˄)

    

Net Assets (˄˄˄˄˄)

 

    

Index (˄˄)

    

Spread (˄˄)

    

Rate

    

Date (˄˄˄)

    

Maturity

    

Principal

    

Amortized Cost

    

Fair Value (˄˄˄˄)

    

Net Assets (˄˄˄˄˄)

 

Capital Equipment

Adept AG Holdings, LLC (~~~)

 

SF

 

5.50

%

10.21

%

8/11/2022

 

8/11/2027

 

6,484

$

6,362

$

6,445

 

0.9

%

 

SF

 

5.50

%

10.21

%

8/11/2022

 

8/11/2027

 

6,484

$

6,362

$

6,445

 

0.9

%

Adept AG Holdings, LLC (<) (a)

 

SF

 

5.75

%

10.46

%

8/11/2022

 

8/11/2027

 

10,788

 

10,685

 

10,724

 

1.4

%

 

SF

 

5.75

%

10.46

%

8/11/2022

 

8/11/2027

 

10,788

 

10,685

 

10,724

 

1.4

%

Adept AG Holdings, LLC

 

SF

 

5.50

%

9.92

%

8/11/2022

 

8/11/2027

 

1,625

 

1,625

 

1,615

 

0.2

%

 

SF

 

5.50

%

9.92

%

8/11/2022

 

8/11/2027

 

1,625

 

1,625

 

1,615

 

0.2

%

Adept AG Holdings, LLC (Revolver) (<) (*) (a)

SF

5.75

%

10.46

%

8/11/2022

8/11/2027

1,079

0.0

%

SF

5.75

%

10.46

%

8/11/2022

8/11/2027

1,079

0.0

%

Adept AG Holdings, LLC (Revolver) (*)

SF

5.50

%

10.21

%

8/11/2022

8/11/2027

1,300

0.0

%

SF

5.50

%

10.21

%

8/11/2022

8/11/2027

1,300

0.0

%

CGI Automated Manufacturing, LLC (~)

SF

6.50

%

11.34

%

9/9/2022

12/17/2026

8,944

8,692

8,944

1.2

%

SF

6.50

%

11.34

%

9/9/2022

12/17/2026

8,944

8,692

8,944

1.2

%

CGI Automated Manufacturing, LLC (~)

SF

6.50

%

11.34

%

9/30/2022

12/17/2026

5,691

5,556

5,691

0.8

%

SF

6.50

%

11.34

%

9/30/2022

12/17/2026

5,691

5,556

5,691

0.8

%

CGI Automated Manufacturing, LLC (~)

SF

6.50

%

11.34

%

9/9/2022

12/17/2026

10,890

10,583

10,890

1.4

%

SF

6.50

%

11.34

%

9/9/2022

12/17/2026

10,890

10,583

10,890

1.4

%

MCP Shaw Acquisitionco, LLC (~~) (~~~)

SF

6.50

%

11.06

%

2/28/2020

11/28/2025

7,777

7,691

7,789

1.0

%

SF

6.50

%

11.06

%

2/28/2020

11/28/2025

7,777

7,691

7,789

1.0

%

MCP Shaw Acquisitionco, LLC (~~) (~~~)

SF

6.50

%

11.06

%

12/29/2021

11/28/2025

2,378

2,341

2,381

0.3

%

SF

6.50

%

11.06

%

12/29/2021

11/28/2025

2,378

2,341

2,381

0.3

%

MCP Shaw Acquisitionco, LLC (~~~)

SF

6.50

%

11.06

%

12/29/2021

11/28/2025

782

782

783

0.1

%

SF

6.50

%

11.06

%

12/29/2021

11/28/2025

782

782

783

0.1

%

MCP Shaw Acquisitionco, LLC (Revolver) (*)

SF

6.50

%

11.06

%

2/28/2020

11/28/2025

1,427

0.0

%

SF

6.50

%

11.06

%

2/28/2020

11/28/2025

1,427

0.0

%

 

 

 

 

59,165

54,317

55,262

7.3

%

 

 

 

 

59,165

54,317

55,262

7.3

%

Construction & Building

12.23

% Cash/

12.23

% Cash/

Premier Roofing L.L.C. (~)

 

L

 

8.50

%

1.00

% PIK

8/31/2020

 

8/29/2025

 

3,450

 

3,411

 

3,392

 

0.5

%

 

L

 

8.50

%

1.00

% PIK

8/31/2020

 

8/29/2025

 

3,450

 

3,411

 

3,392

 

0.5

%

12.23

% Cash/

12.23

% Cash/

Premier Roofing L.L.C. (Revolver) (*)

 

L

 

8.50

%

1.00

% PIK

8/31/2020

 

8/29/2025

 

1,204

 

965

 

948

 

0.1

%

 

L

 

8.50

%

1.00

% PIK

8/31/2020

 

8/29/2025

 

1,204

 

965

 

948

 

0.1

%

TCFIII Owl Buyer LLC (~~) (~~~)

 

SF

 

5.50

%

9.94

%

4/19/2021

 

4/17/2026

 

4,433

 

4,378

 

4,438

 

0.6

%

 

SF

 

5.50

%

9.94

%

4/19/2021

 

4/17/2026

 

4,433

 

4,378

 

4,438

 

0.6

%

TCFIII Owl Buyer LLC (~~~)

 

SF

 

5.50

%

9.94

%

4/19/2021

 

4/17/2026

 

5,412

 

5,412

 

5,419

 

0.7

%

 

SF

 

5.50

%

9.94

%

4/19/2021

 

4/17/2026

 

5,412

 

5,412

 

5,419

 

0.7

%

TCFIII Owl Buyer LLC (~~) (~~~)

 

SF

 

5.50

%

9.94

%

12/17/2021

 

4/17/2026

 

4,857

 

4,789

 

4,863

 

0.6

%

 

SF

 

5.50

%

9.94

%

12/17/2021

 

4/17/2026

 

4,857

 

4,789

 

4,863

 

0.6

%

 

 

 

19,356

18,955

19,060

2.5

%

 

 

 

19,356

18,955

19,060

2.5

%

Consumer Goods: Durable

Independence Buyer, Inc. (~~) (~~~)

 

SF

 

5.50

%

9.74

%

8/3/2021

 

8/3/2026

 

12,375

 

12,186

 

12,220

 

1.6

%

 

SF

 

5.50

%

9.74

%

8/3/2021

 

8/3/2026

 

12,375

 

12,186

 

12,220

 

1.6

%

Independence Buyer, Inc. (Revolver) (*)

 

SF

 

5.50

%

9.74

%

8/3/2021

 

8/3/2026

 

2,964

 

 

 

0.0

%

 

SF

 

5.50

%

9.74

%

8/3/2021

 

8/3/2026

 

2,964

 

 

 

0.0

%

Recycled Plastics Industries, LLC (~~) (~~~)

 

L

 

6.75

%

10.87

%

8/4/2021

 

8/4/2026

 

5,431

 

5,347

 

5,295

 

0.7

%

 

L

 

6.75

%

10.87

%

8/4/2021

 

8/4/2026

 

5,431

 

5,347

 

5,295

 

0.7

%

Recycled Plastics Industries, LLC (Revolver) (*)

 

L

 

6.75

%

10.87

%

8/4/2021

 

8/4/2026

 

743

 

 

 

0.0

%

 

L

 

6.75

%

10.87

%

8/4/2021

 

8/4/2026

 

743

 

 

 

0.0

%

 

 

 

21,513

17,533

17,515

2.3

%

 

 

 

21,513

17,533

17,515

2.3

%

Consumer Goods: Non-Durable

Arizona Natural Resources, LLC (~)

 

SF

 

6.50

%

10.74

%

5/18/2021

 

5/18/2026

 

13,825

 

13,622

 

13,680

 

1.8

%

 

SF

 

6.50

%

10.74

%

5/18/2021

 

5/18/2026

 

13,825

 

13,622

 

13,680

 

1.8

%

Arizona Natural Resources, LLC (~)

 

SF

 

6.50

%

10.74

%

12/15/2021

 

5/18/2026

 

2,538

 

2,497

 

2,511

 

0.4

%

 

SF

 

6.50

%

10.74

%

12/15/2021

 

5/18/2026

 

2,538

 

2,497

 

2,511

 

0.4

%

Arizona Natural Resources, LLC (~)

SF

6.50

%

10.74

%

8/12/2022

5/18/2026

6,884

6,757

6,812

0.9

%

SF

6.50

%

10.74

%

8/12/2022

5/18/2026

6,884

6,757

6,812

0.9

%

Arizona Natural Resources, LLC (Delayed Draw) (*) (**)

SF

6.50

%

10.74

%

8/12/2022

5/18/2026

2,958

0.0

%

SF

6.50

%

10.74

%

8/12/2022

5/18/2026

2,958

0.0

%

Arizona Natural Resources, LLC (Revolver) (*)

SF

6.50

%

10.74

%

5/18/2021

5/18/2026

2,222

1,778

1,759

0.2

%

SF

6.50

%

10.74

%

5/18/2021

5/18/2026

2,222

1,778

1,759

0.2

%

11.15

% Cash/

11.15

% Cash/

The Kyjen Company, LLC (~) (~~)

SF

7.15

%

0.50

% PIK

5/14/2021

4/3/2026

2,959

2,936

2,925

0.4

%

SF

7.15

%

0.50

% PIK

5/14/2021

4/3/2026

2,959

2,936

2,925

0.4

%

The Kyjen Company, LLC

SF

7.00

%

11.42

% PIK

9/13/2022

4/3/2026

1

1

1

0.0

%

SF

7.00

%

11.42

% PIK

9/13/2022

4/3/2026

1

1

1

0.0

%

10.92

% Cash/

10.92

% Cash/

The Kyjen Company, LLC (Revolver) (*)

SF

7.10

%

0.50

% PIK

5/14/2021

4/3/2026

315

268

265

0.0

%

SF

7.10

%

0.50

% PIK

5/14/2021

4/3/2026

315

268

265

0.0

%

Thrasio, LLC (~) (~~)

L

7.00

%

11.73

%

12/18/2020

12/18/2026

4,890

4,838

4,890

0.7

%

L

7.00

%

11.73

%

12/18/2020

12/18/2026

4,890

4,838

4,890

0.7

%

36,592

32,697

32,843

4.4

%

36,592

32,697

32,843

4.4

%

Containers, Packaging & Glass

B2B Industrial Products LLC (~)

SF

6.75

%

11.41

%

12/6/2022

10/7/2026

10,000

9,753

9,750

1.3

%

SF

6.75

%

11.41

%

12/6/2022

10/7/2026

10,000

9,753

9,750

1.3

%

Polychem Acquisition, LLC (~)

L

5.00

%

9.38

%

4/8/2019

3/17/2025

1,925

1,921

1,925

0.2

%

L

5.00

%

9.38

%

4/8/2019

3/17/2025

1,925

1,921

1,925

0.2

%

11,925

11,674

11,675

1.5

%

11,925

11,674

11,675

1.5

%

Energy: Oil & Gas

Liquid Tech Solutions Holdings, LLC (~)

L

4.75

%

8.92

%

3/18/2021

3/17/2028

2,248

2,240

2,147

0.3

%

L

4.75

%

8.92

%

3/18/2021

3/17/2028

2,248

2,240

2,147

0.3

%

Par Petroleum, LLC (~)

L

6.75

%

10.58

%

1/27/2020

1/12/2026

855

859

844

0.1

%

L

6.75

%

10.58

%

1/27/2020

1/12/2026

855

859

844

0.1

%

 

 

 

3,103

3,099

2,991

0.4

%

 

 

 

3,103

3,099

2,991

0.4

%

Environmental Industries

Quest Resource Management Group, LLC (~~) (~~~)

 

L

 

6.50

%

10.62

%

10/19/2020

 

10/20/2025

 

972

 

913

 

972

 

0.1

%

 

L

 

6.50

%

10.62

%

10/19/2020

 

10/20/2025

 

972

 

913

 

972

 

0.1

%

Quest Resource Management Group, LLC (~~~)

 

L

 

6.50

%

10.62

%

10/19/2020

 

10/20/2025

 

1,068

 

1,068

 

1,067

 

0.1

%

 

L

 

6.50

%

10.62

%

10/19/2020

 

10/20/2025

 

1,068

 

1,068

 

1,067

 

0.1

%

Quest Resource Management Group, LLC (~~) (~~~)

 

L

 

6.50

%

10.62

%

12/7/2021

 

10/20/2025

 

3,796

 

3,738

 

3,781

 

0.5

%

 

L

 

6.50

%

10.62

%

12/7/2021

 

10/20/2025

 

3,796

 

3,738

 

3,781

 

0.5

%

Quest Resource Management Group, LLC (Delayed Draw) (*) (**)

 

L

 

6.50

%

10.62

%

12/7/2021

 

10/20/2025

 

1,772

 

383

 

381

 

0.1

%

 

L

 

6.50

%

10.62

%

12/7/2021

 

10/20/2025

 

1,772

 

383

 

381

 

0.1

%

Trilon Group, LLC (~)

 

SF

 

6.25

%

10.48

%

10/28/2022

 

5/25/2029

 

5,500

 

5,337

 

5,335

 

0.7

%

 

SF

 

6.25

%

10.48

%

10/28/2022

 

5/25/2029

 

5,500

 

5,337

 

5,335

 

0.7

%

Trilon Group, LLC (Delayed Draw) (*) (**)

 

SF

 

6.25

%

10.90

%

10/28/2022

 

5/25/2029

 

4,400

 

405

 

393

 

0.1

%

 

SF

 

6.25

%

10.90

%

10/28/2022

 

5/25/2029

 

4,400

 

405

 

393

 

0.1

%

Volt Bidco, Inc. (~~)

 

SF

 

6.50

%

11.08

%

8/11/2021

 

8/11/2027

 

9,059

 

8,904

 

9,048

 

1.2

%

 

SF

 

6.50

%

11.08

%

8/11/2021

 

8/11/2027

 

9,059

 

8,904

 

9,048

 

1.2

%

Volt Bidco, Inc. (Delayed Draw) (*) (**)

 

SF

 

6.50

%

11.08

% PIK

8/11/2021

 

8/11/2027

 

1,614

 

869

 

868

 

0.1

%

 

SF

 

6.50

%

11.08

% PIK

8/11/2021

 

8/11/2027

 

1,614

 

869

 

868

 

0.1

%

Volt Bidco, Inc. (Revolver) (*)

 

SF

 

6.50

%

11.08

%

8/11/2021

 

8/11/2027

 

956

 

 

 

0.0

%

 

SF

 

6.50

%

11.08

%

8/11/2021

 

8/11/2027

 

956

 

 

 

0.0

%

29,137

21,617

21,845

2.9

%

29,137

21,617

21,845

2.9

%

21

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2022

(in thousands, except for shares and units)

Interest

Acquisition

% of

Interest

Acquisition

% of

Portfolio Company (˄)

    

Index (˄˄)

    

Spread (˄˄)

    

Rate

    

Date (˄˄˄)

    

Maturity

    

Principal

    

Amortized Cost

    

Fair Value (˄˄˄˄)

    

Net Assets (˄˄˄˄˄)

    

Index (˄˄)

    

Spread (˄˄)

    

Rate

    

Date (˄˄˄)

    

Maturity

    

Principal

    

Amortized Cost

    

Fair Value (˄˄˄˄)

    

Net Assets (˄˄˄˄˄)

FIRE: Finance

Avalara, Inc. (~~)

SF

7.25

%

11.83

%

10/19/2022

 

10/19/2028

 

10,000

$

9,756

$

9,750

 

1.3

%

SF

7.25

%

11.83

%

10/19/2022

 

10/19/2028

 

10,000

$

9,756

$

9,750

 

1.3

%

Avalara, Inc. (Revolver) (*)

SF

7.25

%  

11.83

%

10/19/2022

 

10/19/2028

 

1,000

 

 

 

0.0

%

SF

7.25

%  

11.83

%

10/19/2022

 

10/19/2028

 

1,000

 

 

 

0.0

%

10.22

% Cash/

10.22

% Cash/

Exiger LLC (~~)

SF

8.00

%

2.00

% PIK

9/30/2021

 

9/30/2027

 

14,119

 

13,883

 

14,162

 

1.9

%

SF

8.00

%

2.00

% PIK

9/30/2021

 

9/30/2027

 

14,119

 

13,883

 

14,162

 

1.9

%

10.22

% Cash/

10.22

% Cash/

Exiger LLC (~~)

SF

8.00

%

2.00

% PIK

8/26/2022

 

9/30/2027

 

1,971

 

1,924

 

1,977

 

0.3

%

SF

8.00

%

2.00

% PIK

8/26/2022

 

9/30/2027

 

1,971

 

1,924

 

1,977

 

0.3

%

Exiger LLC (~~)

SF

8.00

%

10.22

% Cash/

9/30/2021

 

9/30/2027

 

4,223

 

4,223

 

4,235

 

0.5

%

SF

8.00

%

10.22

% Cash/

9/30/2021

 

9/30/2027

 

4,223

 

4,223

 

4,235

 

0.5

%

2.00

% PIK

2.00

% PIK

10.22

% Cash/

10.22

% Cash/

Exiger LLC (Delayed Draw) (*) (**)

SF

8.00

%

2.00

% PIK

8/26/2022

9/30/2027

7,000

0.0

%

SF

8.00

%

2.00

% PIK

8/26/2022

9/30/2027

7,000

0.0

%

10.22

% Cash/

10.22

% Cash/

Exiger LLC (Revolver) (*)

SF

8.00

%

2.00

% PIK

9/30/2021

9/30/2027

1,400

0.0

%

SF

8.00

%

2.00

% PIK

9/30/2021

9/30/2027

1,400

0.0

%

GC Champion Acquisition LLC (~~)

SF

6.75

%

11.15

%

8/19/2022

8/18/2028

12,967

12,719

12,838

1.7

%

SF

6.75

%

11.15

%

8/19/2022

8/18/2028

12,967

12,719

12,838

1.7

%

GC Champion Acquisition LLC (Delayed Draw) (*) (**)

SF

6.75

%

11.15

%

8/19/2022

8/18/2028

3,611

0.0

%

SF

6.75

%

11.15

%

8/19/2022

8/18/2028

3,611

0.0

%

J2 BWA Funding LLC (Delayed Draw) (<) (*) (**)

n/a

n/a

9.00

%

12/24/2020

12/24/2026

2,850

1,350

1,345

0.2

%

n/a

n/a

9.00

%

12/24/2020

12/24/2026

2,850

1,350

1,345

0.2

%

J2 BWA Funding III, LLC (Delayed Draw) (<) (*) (**)

n/a

n/a

9.00

%

4/29/2022

4/28/2028

7,600

0.0

%

n/a

n/a

9.00

%

4/29/2022

4/28/2028

7,600

0.0

%

Oceana Australian Fixed Income Trust (~) (<) (b) (c)

n/a

n/a

11.50

%

2/25/2021

2/25/2026

7,321

8,460

7,321

1.0

%

n/a

n/a

11.50

%

2/25/2021

2/25/2026

7,321

8,460

7,321

1.0

%

Oceana Australian Fixed Income Trust (~) (<) (b) (c)

n/a

n/a

10.75

%

6/29/2021

6/29/2026

3,084

3,400

3,084

0.4

%

n/a

n/a

10.75

%

6/29/2021

6/29/2026

3,084

3,400

3,084

0.4

%

SCP Intermediate Holdings, LLC (~) (<)

SF

5.75

%

10.17

%

12/28/2022

12/28/2028

3,000

2,925

2,925

0.4

%

SF

5.75

%

10.17

%

12/28/2022

12/28/2028

3,000

2,925

2,925

0.4

%

TEAM Public Choices, LLC (~)

SF

5.00

%

9.95

%

8/23/2022

12/17/2027

4,560

4,344

4,378

0.6

%

SF

5.00

%

9.95

%

8/23/2022

12/17/2027

4,560

4,344

4,378

0.6

%

W3 Monroe RE Debt LLC (<)

n/a

n/a

10.00

% PIK

2/5/2021

2/4/2028

1,944

1,944

1,944

0.2

%

n/a

n/a

10.00

% PIK

2/5/2021

2/4/2028

1,944

1,944

1,944

0.2

%

YS WH4 LLC (Revolver) (<) (*)

SF

7.00

%

11.44

%

7/20/2022

11/20/2025

7,700

2,604

2,604

0.3

%

SF

7.00

%

11.44

%

7/20/2022

11/20/2025

7,700

2,604

2,604

0.3

%

94,350

67,532

66,563

8.8

%

94,350

67,532

66,563

8.8

%

FIRE: Insurance

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Simplicity Financial Marketing Group Holdings Inc. (~) (~~~)

L

5.75

%

10.48

%

9/23/2022

 

12/2/2026

 

9,991

 

9,709

 

9,641

 

1.3

%

L

5.75

%

10.48

%

9/23/2022

 

12/2/2026

 

9,991

 

9,709

 

9,641

 

1.3

%

Simplicity Financial Marketing Group Holdings Inc. (Delayed Draw) (*) (**)

L

5.75

%

10.48

%

9/23/2022

 

12/2/2026

 

14,223

 

 

 

0.0

%

L

5.75

%

10.48

%

9/23/2022

 

12/2/2026

 

14,223

 

 

 

0.0

%

Simplicity Financial Marketing Group Holdings Inc. (Revolver) (*)

L

5.75

%

10.48

%

9/23/2022

 

12/2/2026

761

0.0

%

L

5.75

%

10.48

%

9/23/2022

 

12/2/2026

761

0.0

%

 

24,975

 

9,709

 

9,641

 

1.3

%

 

24,975

 

9,709

 

9,641

 

1.3

%

FIRE: Real Estate

300 N. Michigan Mezz, LLC (Delayed Draw) (~) (<) (*) (**)

L

14.50

%

18.62

% PIK

7/15/2020

7/15/2024

1,000

974

974

0.1

%

L

14.50

%

18.62

% PIK

7/15/2020

7/15/2024

1,000

974

974

0.1

%

Avison Young (USA) Inc. (~~~) (<) (b)

SF

5.75

%

10.19

%

4/26/2019

1/30/2026

1,925

1,915

1,612

0.2

%

SF

5.75

%

10.19

%

4/26/2019

1/30/2026

1,925

1,915

1,612

0.2

%

Avison Young (USA) Inc. (~~~) (<) (b)

SF

7.00

%

11.44

%

9/1/2022

1/30/2026

4,163

3,933

3,726

0.5

%

SF

7.00

%

11.44

%

9/1/2022

1/30/2026

4,163

3,933

3,726

0.5

%

Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC (<)

SF

8.25

%

12.43

%

5/3/2022

4/30/2025

16,000

15,734

15,980

2.1

%

SF

8.25

%

12.43

%

5/3/2022

4/30/2025

16,000

15,734

15,980

2.1

%

Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC (<)

SF

8.25

%

12.43

%

5/3/2022

4/30/2025

1,635

1,635

1,633

0.2

%

SF

8.25

%

12.43

%

5/3/2022

4/30/2025

1,635

1,635

1,633

0.2

%

Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC (Revolver) (<) (*)

SF

8.25

%

12.43

%

5/3/2022

4/30/2025

8,016

3,492

3,488

0.5

%

SF

8.25

%

12.43

%

5/3/2022

4/30/2025

8,016

3,492

3,488

0.5

%

Florida East Coast Industries, LLC (~) (<)

n/a

n/a

10.50

%

8/9/2021

6/28/2024

1,356

1,334

1,362

0.2

%

n/a

n/a

10.50

%

8/9/2021

6/28/2024

1,356

1,334

1,362

0.2

%

InsideRE, LLC (~~) (~~~)

L

5.75

%

10.48

%

12/22/2021

12/22/2027

7,427

7,300

7,305

1.0

%

L

5.75

%

10.48

%

12/22/2021

12/22/2027

7,427

7,300

7,305

1.0

%

InsideRE, LLC (Delayed Draw) (*) (**)

L

5.75

%

10.48

%

12/22/2021

12/22/2027

2,886

0.0

%

L

5.75

%

10.48

%

12/22/2021

12/22/2027

2,886

0.0

%

InsideRE, LLC (Revolver) (*)

L

5.75

%

10.48

%

12/22/2021

12/22/2027

965

64

64

0.0

%

L

5.75

%

10.48

%

12/22/2021

12/22/2027

965

64

64

0.0

%

NCBP Property, LLC (<)

L

9.50

%

13.62

%

12/18/2020

6/16/2023

2,500

2,494

2,507

0.3

%

L

9.50

%

13.62

%

12/18/2020

6/16/2023

2,500

2,494

2,507

0.3

%

47,873

38,875

38,651

5.1

%

47,873

38,875

38,651

5.1

%

Healthcare & Pharmaceuticals

Appriss Health, LLC (~~)

L

7.25

%  

11.54

%

5/6/2021

 

5/6/2027

 

6,484

6,380

6,497

 

0.9

%

L

7.25

%  

11.54

%

5/6/2021

 

5/6/2027

 

6,484

6,380

6,497

 

0.9

%

Appriss Health, LLC (Revolver) (*)

L

7.25

%  

11.54

%

5/6/2021

5/6/2027

433

0.0

%

L

7.25

%  

11.54

%

5/6/2021

5/6/2027

433

0.0

%

Ascent Midco, LLC (~~) (~~~)

L

5.75

%  

10.14

%

2/5/2020

 

2/5/2025

 

2,220

 

2,200

 

2,220

 

0.3

%

L

5.75

%  

10.14

%

2/5/2020

 

2/5/2025

 

2,220

 

2,200

 

2,220

 

0.3

%

Ascent Midco, LLC (Revolver) (*)

L

5.75

%  

10.14

%

2/5/2020

2/5/2025

403

0.0

%

L

5.75

%  

10.14

%

2/5/2020

2/5/2025

403

0.0

%

Brickell Bay Acquisition Corp. (~~) (~~~)

L

6.50

%  

10.24

%

2/12/2021

 

2/12/2026

 

2,820

 

2,776

 

2,771

 

0.4

%

L

6.50

%  

10.24

%

2/12/2021

 

2/12/2026

 

2,820

 

2,776

 

2,771

 

0.4

%

8.97

% Cash/

8.97

% Cash/

Caravel Autism Health, LLC (~)

SF

8.75

%  

3.00

% PIK

6/30/2021

 

6/30/2027

 

8,025

 

7,897

 

7,409

 

1.0

%

SF

8.75

%  

3.00

% PIK

6/30/2021

 

6/30/2027

 

8,025

 

7,897

 

7,409

 

1.0

%

8.97

% Cash/

8.97

% Cash/

Caravel Autism Health, LLC (Delayed Draw) (*) (**)

SF

8.75

%  

3.00

% PIK

6/30/2021

 

6/30/2027

 

6,000

 

300

 

277

 

0.0

%

SF

8.75

%  

3.00

% PIK

6/30/2021

 

6/30/2027

 

6,000

 

300

 

277

 

0.0

%

8.97

% Cash/

8.97

% Cash/

Caravel Autism Health, LLC (Revolver) (*)

SF

8.75

%  

3.00

% PIK

6/30/2021

 

6/30/2027

 

2,016

 

1,816

 

1,677

 

0.2

%

SF

8.75

%  

3.00

% PIK

6/30/2021

 

6/30/2027

 

2,016

 

1,816

 

1,677

 

0.2

%

Dorado Acquisition, Inc. (~) (~~)

SF

6.50

%  

10.72

%

6/30/2021

6/30/2026

13,825

13,614

13,797

1.8

%

SF

6.50

%  

10.72

%

6/30/2021

6/30/2026

13,825

13,614

13,797

1.8

%

Dorado Acquisition, Inc. (~)

SF

6.76

%  

11.34

%

11/27/2022

 

6/30/2026

 

11,429

 

11,143

 

11,406

 

1.5

%

SF

6.76

%  

11.34

%

11/27/2022

 

6/30/2026

 

11,429

 

11,143

 

11,406

 

1.5

%

Dorado Acquisition, Inc. (Delayed Draw) (*) (**)

SF

6.50

%  

10.72

%

6/30/2021

 

6/30/2026

 

606

 

 

 

0.0

%

SF

6.50

%  

10.72

%

6/30/2021

 

6/30/2026

 

606

 

 

 

0.0

%

Dorado Acquisition, Inc. (Revolver)

SF

6.50

%  

10.92

%

6/30/2021

 

6/30/2026

 

1,670

 

1,670

 

1,670

 

0.2

%

SF

6.50

%  

10.92

%

6/30/2021

 

6/30/2026

 

1,670

 

1,670

 

1,670

 

0.2

%

Golden State Buyer, Inc. (~) (~~~)

L

4.75

%  

8.92

%

8/25/2022

6/21/2026

9,974

9,600

9,525

1.2

%

L

4.75

%  

8.92

%

8/25/2022

6/21/2026

9,974

9,600

9,525

1.2

%

8.08

% Cash/

8.08

% Cash/

INH Buyer, Inc. (~)

SF

7.00

%  

3.50

% PIK

6/30/2021

 

6/28/2028

 

4,916

 

4,876

 

4,720

 

0.6

%

SF

7.00

%  

3.50

% PIK

6/30/2021

 

6/28/2028

 

4,916

 

4,876

 

4,720

 

0.6

%

MPH Acquisition Holdings LLC (~) (<)

L

4.25

%  

8.98

%

9/20/2022

9/1/2028

3,553

3,343

3,052

0.4

%

L

4.25

%  

8.98

%

9/20/2022

9/1/2028

3,553

3,343

3,052

0.4

%

NationsBenefits, LLC (~)

SF

7.00

%  

11.22

%

8/20/2021

 

8/26/2027

 

12,128

 

11,939

 

12,370

 

1.6

%

SF

7.00

%  

11.22

%

8/20/2021

 

8/26/2027

 

12,128

 

11,939

 

12,370

 

1.6

%

NationsBenefits, LLC (~)

SF

7.00

%  

11.22

%

8/26/2022

 

8/26/2027

 

14,452

 

14,452

 

14,741

 

2.0

%

SF

7.00

%  

11.22

%

8/26/2022

 

8/26/2027

 

14,452

 

14,452

 

14,741

 

2.0

%

NationsBenefits, LLC (Delayed Draw) (*) (**)

SF

7.00

%  

11.22

%

8/26/2022

 

8/26/2027

15,585

 

2,886

 

2,943

 

0.4

%

SF

7.00

%  

11.22

%

8/26/2022

 

8/26/2027

15,585

 

2,886

 

2,943

 

0.4

%

NationsBenefits, LLC (Revolver) (*)

SF

7.00

%  

11.42

%

8/20/2021

8/26/2027

6,806

2,722

2,722

0.4

%

SF

7.00

%  

11.42

%

8/20/2021

8/26/2027

6,806

2,722

2,722

0.4

%

NQ PE Project Colosseum Midco Inc. (~) (~~~)

SF

6.00

%  

10.59

%

10/4/2022

10/4/2028

14,600

14,316

14,308

1.9

%

SF

6.00

%  

10.59

%

10/4/2022

10/4/2028

14,600

14,316

14,308

1.9

%

NQ PE Project Colosseum Midco Inc. (Delayed Draw) (*) (**)

SF

6.00

%  

10.59

%

10/4/2022

10/4/2028

3,244

0.0

%

SF

6.00

%  

10.59

%

10/4/2022

10/4/2028

3,244

0.0

%

NQ PE Project Colosseum Midco Inc. (Revolver) (*)

SF

6.00

%  

10.59

%

10/4/2022

10/4/2028

1,825

0.0

%

SF

6.00

%  

10.59

%

10/4/2022

10/4/2028

1,825

0.0

%

OIS Management Services, LLC (~)

SF

6.00

%  

10.33

%

12/14/2022

11/16/2028

10,000

9,751

9,750

1.3

%

SF

6.00

%  

10.33

%

12/14/2022

11/16/2028

10,000

9,751

9,750

1.3

%

OIS Management Services, LLC (Delayed Draw) (*) (**)

SF

6.00

%  

10.33

%

12/14/2022

11/16/2028

3,846

0.0

%

SF

6.00

%  

10.33

%

12/14/2022

11/16/2028

3,846

0.0

%

OIS Management Services, LLC (Revolver) (*)

SF

6.00

%  

10.33

%

12/14/2022

11/16/2028

1,154

0.0

%

SF

6.00

%  

10.33

%

12/14/2022

11/16/2028

1,154

0.0

%

QF Holdings, Inc. (~~)

L

6.25

%  

10.98

%

9/19/2019

12/15/2027

4,550

4,516

4,555

0.6

%

L

6.25

%  

10.98

%

9/19/2019

12/15/2027

4,550

4,516

4,555

0.6

%

QF Holdings, Inc. (~~)

L

6.25

%  

11.02

%

12/15/2021

12/15/2027

4,368

4,312

4,372

0.6

%

L

6.25

%  

11.02

%

12/15/2021

12/15/2027

4,368

4,312

4,372

0.6

%

QF Holdings, Inc. (~~)

L

6.25

%  

10.98

%

9/19/2019

12/15/2027

910

910

911

0.1

%

L

6.25

%  

10.98

%

9/19/2019

12/15/2027

910

910

911

0.1

%

QF Holdings, Inc. (Delayed Draw) (*) (**)

L

6.25

%  

10.64

%

8/21/2020

12/15/2027

910

692

692

0.1

%

L

6.25

%  

10.64

%

8/21/2020

12/15/2027

910

692

692

0.1

%

QF Holdings, Inc. (Revolver) (*)

L

6.25

%  

10.98

%

9/19/2019

12/15/2027

1,092

0.0

%

L

6.25

%  

10.98

%

9/19/2019

12/15/2027

1,092

0.0

%

SCP Eye Care Holdco, LLC (~)

SF

5.75

%  

9.46

%

10/7/2022

10/5/2029

9,255

8,982

8,977

1.2

%

SF

5.75

%  

9.46

%

10/7/2022

10/5/2029

9,255

8,982

8,977

1.2

%

SCP Eye Care Holdco, LLC (Delayed Draw) (*) (**)

SF

5.75

%  

9.46

%

10/7/2022

10/5/2029

8,053

0.0

%

SF

5.75

%  

9.46

%

10/7/2022

10/5/2029

8,053

0.0

%

SCP Eye Care Holdco, LLC (Revolver) (*)

SF

5.75

%  

10.18

%

10/7/2022

10/5/2029

1,442

120

117

0.0

%

SF

5.75

%  

10.18

%

10/7/2022

10/5/2029

1,442

120

117

0.0

%

Seran BioScience, LLC (~) (~~)

SF

6.25

%  

9.96

%

12/31/2020

7/8/2027

1,965

1,940

1,948

0.3

%

SF

6.25

%  

9.96

%

12/31/2020

7/8/2027

1,965

1,940

1,948

0.3

%

Seran BioScience, LLC (Delayed Draw) (*) (**)

SF

6.25

%  

10.67

%

7/8/2022

7/8/2027

2,221

1,065

1,056

0.1

%

SF

6.25

%  

10.67

%

7/8/2022

7/8/2027

2,221

1,065

1,056

0.1

%

Seran BioScience, LLC (Revolver) (*)

SF

6.25

%  

9.96

%

12/31/2020

7/8/2027

356

0.0

%

SF

6.25

%  

9.96

%

12/31/2020

7/8/2027

356

0.0

%

SIP Care Services, LLC (~) (~~)

L

5.75

%  

9.99

%

12/30/2021

12/30/2026

3,772

3,709

3,583

0.5

%

L

5.75

%  

9.99

%

12/30/2021

12/30/2026

3,772

3,709

3,583

0.5

%

SIP Care Services, LLC (Delayed Draw) (*) (**)

L

5.75

%  

9.99

%

12/30/2021

12/30/2026

3,040

0.0

%

L

5.75

%  

9.99

%

12/30/2021

12/30/2026

3,040

0.0

%

SIP Care Services, LLC (Revolver) (*)

L

5.75

%  

10.07

%

12/30/2021

12/30/2026

760

152

144

0.0

%

L

5.75

%  

10.07

%

12/30/2021

12/30/2026

760

152

144

0.0

%

Sound Inpatient Physicians, Inc. (~) (d)

L

2.75

%  

7.14

%

10/12/2022

6/28/2025

2,821

2,321

2,309

0.3

%

L

2.75

%  

7.14

%

10/12/2022

6/28/2025

2,821

2,321

2,309

0.3

%

7.86

% Cash/

7.86

% Cash/

TigerConnect, Inc. (~~)

SF

7.25

%  

3.63

% PIK

2/16/2022

2/16/2028

10,000

9,823

9,875

1.3

%

SF

7.25

%  

3.63

% PIK

2/16/2022

2/16/2028

10,000

9,823

9,875

1.3

%

7.86

% Cash/

7.86

% Cash/

TigerConnect, Inc. (Delayed Draw) (*) (**)

SF

7.25

%  

3.63

% PIK

2/16/2022

2/16/2028

413

93

91

0.0

%

SF

7.25

%  

3.63

% PIK

2/16/2022

2/16/2028

413

93

91

0.0

%

TigerConnect, Inc. (Revolver) (*)

SF

7.25

%  

11.49

%

2/16/2022

2/16/2028

1,429

0.0

%

SF

7.25

%  

11.49

%

2/16/2022

2/16/2028

1,429

0.0

%

WebPT, Inc. (~~)

L

6.75

%  

11.48

%

8/28/2019

1/18/2028

5,000

4,961

4,980

0.7

%

L

6.75

%  

11.48

%

8/28/2019

1/18/2028

5,000

4,961

4,980

0.7

%

WebPT, Inc. (Revolver) (*)

L

6.75

%  

11.91

%

8/28/2019

1/18/2028

521

201

201

0.0

%

L

6.75

%  

11.91

%

8/28/2019

1/18/2028

521

201

201

0.0

%

Whistler Parent Holdings III, Inc. (~~)

SF

6.75

%  

11.17

%

6/3/2022

 

6/2/2028

 

21,000

 

20,604

 

20,801

 

2.8

%

SF

6.75

%  

11.17

%

6/3/2022

 

6/2/2028

 

21,000

 

20,604

 

20,801

 

2.8

%

Whistler Parent Holdings III, Inc. (Delayed Draw) (*) (**)

SF

6.75

%  

11.17

%

6/3/2022

6/2/2028

6,563

262

260

0.0

%

SF

6.75

%  

11.17

%

6/3/2022

6/2/2028

6,563

262

260

0.0

%

Whistler Parent Holdings III, Inc. (Revolver) (*)

SF

6.75

%  

11.17

%

6/3/2022

 

6/2/2028

 

2,625

 

394

 

390

 

0.1

%

SF

6.75

%  

11.17

%

6/3/2022

 

6/2/2028

 

2,625

 

394

 

390

 

0.1

%

 

 

 

251,080

186,738

187,117

24.8

%

 

 

 

251,080

186,738

187,117

24.8

%

22

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2022

(in thousands, except for shares and units)

Interest

Acquisition

    

% of

Interest

Acquisition

    

% of

Portfolio Company (˄)

    

Index (˄˄)

    

Spread (˄˄)

    

Rate

    

Date (˄˄˄)

Maturity

    

Principal

    

Amortized Cost

    

Fair Value (˄˄˄˄)

    

Net Assets (˄˄˄˄˄)

    

Index (˄˄)

    

Spread (˄˄)

    

Rate

    

Date (˄˄˄)

Maturity

Principal

Amortized Cost

Fair Value (˄˄˄˄)

Net Assets (˄˄˄˄˄)

High Tech Industries

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Acquia Inc. (~~)

L

7.00

%  

10.74

%

11/1/2019

 

10/31/2025

 

15,429

$

15,224

$

15,429

 

2.0

%

L

7.00

%  

10.74

%

11/1/2019

 

10/31/2025

 

15,429

$

15,224

$

15,429

 

2.0

%

Acquia Inc. (Revolver) (*)

L

7.00

%  

12.15

%

11/1/2019

10/31/2025

588

346

346

0.0

%

L

7.00

%  

12.15

%

11/1/2019

10/31/2025

588

346

346

0.0

%

13.77

% Cash/

13.77

% Cash/

Amelia Holding II, LLC (~)

SF

10.26

%  

1.00

% PIK

12/21/2022

12/21/2027

10,000

9,702

9,700

1.3

%

SF

10.26

%  

1.00

% PIK

12/21/2022

12/21/2027

10,000

9,702

9,700

1.3

%

13.77

% Cash/

13.77

% Cash/

Amelia Holding II, LLC (Delayed Draw) (*) (**)

SF

10.26

%  

1.00

% PIK

12/21/2022

12/21/2027

3,333

0.0

%

SF

10.26

%  

1.00

% PIK

12/21/2022

12/21/2027

3,333

0.0

%

13.77

% Cash/

13.77

% Cash/

Amelia Holding II, LLC (Revolver) (*)

SF

10.26

%  

1.00

% PIK

12/21/2022

12/21/2027

667

0.0

%

SF

10.26

%  

1.00

% PIK

12/21/2022

12/21/2027

667

0.0

%

8.17

% Cash/

8.17

% Cash/

Arcstor Midco, LLC (~) (~~)

SF

7.60

%  

3.75

% PIK

3/16/2021

3/16/2027

12,075

11,897

10,992

1.5

%

SF

7.60

%  

3.75

% PIK

3/16/2021

3/16/2027

12,075

11,897

10,992

1.5

%

BTRS Holdings Inc (~)

SF

8.00

%  

12.50

%

12/16/2022

12/15/2028

10,000

9,702

9,700

1.3

%

SF

8.00

%  

12.50

%

12/16/2022

12/15/2028

10,000

9,702

9,700

1.3

%

BTRS Holdings Inc (Delayed Draw) (*) (**)

SF

8.00

%  

12.50

%

12/16/2022

12/15/2028

845

0.0

%

SF

8.00

%  

12.50

%

12/16/2022

12/15/2028

845

0.0

%

BTRS Holdings Inc (Revolver) (*)

SF

8.00

%  

12.50

%

12/16/2022

12/15/2028

1,067

0.0

%

SF

8.00

%  

12.50

%

12/16/2022

12/15/2028

1,067

0.0

%

Drawbridge Partners, LLC (~~)

SF

7.00

%  

11.56

% PIK

9/1/2022

9/1/2028

15,000

14,714

14,854

2.0

%

SF

7.00

%  

11.56

% PIK

9/1/2022

9/1/2028

15,000

14,714

14,854

2.0

%

Drawbridge Partners, LLC (Delayed Draw) (*) (**)

SF

7.00

%  

11.56

% PIK

9/1/2022

9/1/2028

1,649

514

509

0.1

%

SF

7.00

%  

11.56

% PIK

9/1/2022

9/1/2028

1,649

514

509

0.1

%

Drawbridge Partners, LLC (Revolver) (*)

SF

7.00

%  

11.56

%

9/1/2022

9/1/2028

2,609

0.0

%

SF

7.00

%  

11.56

%

9/1/2022

9/1/2028

2,609

0.0

%

Fueled Digital Media, LLC (~~~)

SF

6.11

%  

10.24

%

11/1/2022

11/1/2027

5,753

5,612

5,609

0.7

%

SF

6.11

%  

10.24

%

11/1/2022

11/1/2027

5,753

5,612

5,609

0.7

%

Fueled Digital Media, LLC (Delayed Draw) (*) (**)

SF

6.11

%  

10.24

%

11/1/2022

11/1/2027

504

0.0

%

SF

6.11

%  

10.24

%

11/1/2022

11/1/2027

504

0.0

%

Fueled Digital Media, LLC (Revolver) (*)

SF

6.11

%  

10.24

%

11/1/2022

11/1/2027

807

0.0

%

SF

6.11

%  

10.24

%

11/1/2022

11/1/2027

807

0.0

%

MarkLogic Corporation (~)

SF

6.50

%  

10.85

%  

5/10/2022

10/20/2025

4,003

3,935

3,985

0.5

%

SF

6.50

%  

10.85

%  

5/10/2022

10/20/2025

4,003

3,935

3,985

0.5

%

MarkLogic Corporation (~) (~~)

SF

6.50

%  

10.85

%

10/20/2020

 

10/20/2025

 

5,145

 

5,066

 

5,121

 

0.7

%

SF

6.50

%  

10.85

%

10/20/2020

 

10/20/2025

 

5,145

 

5,066

 

5,121

 

0.7

%

MarkLogic Corporation (~) (~~)

SF

6.50

%  

10.85

%

11/23/2021

 

10/20/2025

 

480

 

473

 

478

 

0.1

%

SF

6.50

%  

10.85

%

11/23/2021

 

10/20/2025

 

480

 

473

 

478

 

0.1

%

MarkLogic Corporation (~)

SF

6.50

%  

10.85

%

11/23/2021

 

10/20/2025

 

321

 

321

 

320

 

0.0

%

SF

6.50

%  

10.85

%

11/23/2021

 

10/20/2025

 

321

 

321

 

320

 

0.0

%

MarkLogic Corporation (Revolver) (*)

SF

6.50

%  

10.85

%

10/20/2020

 

10/20/2025

 

404

 

 

 

0.0

%

SF

6.50

%  

10.85

%

10/20/2020

 

10/20/2025

 

404

 

 

 

0.0

%

Matrix Parent, Inc. (~)

SF

5.00

%  

9.55

%

11/2/2022

3/1/2029

2,494

2,272

2,057

0.3

%

SF

5.00

%  

9.55

%

11/2/2022

3/1/2029

2,494

2,272

2,057

0.3

%

Medallia, Inc. (~~)

L

6.50

%  

10.88

% PIK

8/15/2022

 

10/27/2028

 

11,270

 

11,059

 

11,225

 

1.5

%

L

6.50

%  

10.88

% PIK

8/15/2022

 

10/27/2028

 

11,270

 

11,059

 

11,225

 

1.5

%

Mindbody, Inc. (~~)

L

7.00

%  

11.73

%

2/15/2019

2/14/2025

1,867

1,852

1,865

0.2

%

L

7.00

%  

11.73

%

2/15/2019

2/14/2025

1,867

1,852

1,865

0.2

%

Mindbody, Inc. (~~)

L

7.00

%  

11.73

%

9/22/2021

 

2/14/2025

 

7,387

 

7,387

 

7,375

 

1.0

%

L

7.00

%  

11.73

%

9/22/2021

 

2/14/2025

 

7,387

 

7,387

 

7,375

 

1.0

%

Mindbody, Inc. (Revolver) (*)

L

7.00

%  

11.73

%

2/15/2019

 

2/14/2025

 

190

 

 

 

0.0

%

L

7.00

%  

11.73

%

2/15/2019

 

2/14/2025

 

190

 

 

 

0.0

%

Optomi, LLC (~)

SF

8.25

%  

12.65

%

12/13/2022

12/16/2027

5,668

5,499

5,668

0.8

%

SF

8.25

%  

12.65

%

12/13/2022

12/16/2027

5,668

5,499

5,668

0.8

%

Optomi, LLC (~) (~~)

L

5.50

%  

9.24

%

12/16/2021

12/16/2027

13,399

13,168

12,980

1.7

%

L

5.50

%  

9.24

%

12/16/2021

12/16/2027

13,399

13,168

12,980

1.7

%

Optomi, LLC (Revolver) (*)

L

5.50

%  

9.24

%

12/16/2021

12/16/2027

3,189

1,063

1,030

0.1

%

L

5.50

%  

9.24

%

12/16/2021

12/16/2027

3,189

1,063

1,030

0.1

%

Securly, Inc. (~~)

L

7.00

%  

11.41

%

4/20/2022

4/22/2027

3,702

3,636

3,642

0.4

%

L

7.00

%  

11.41

%

4/20/2022

4/22/2027

3,702

3,636

3,642

0.4

%

Securly, Inc. (~~)

L

7.00

%  

11.73

%

4/22/2021

4/22/2027

8,400

8,269

8,264

1.1

%

L

7.00

%  

11.73

%

4/22/2021

4/22/2027

8,400

8,269

8,264

1.1

%

Securly, Inc. (~~)

L

7.00

%  

11.73

%

4/22/2021

4/22/2027

1,938

1,938

1,907

0.3

%

L

7.00

%  

11.73

%

4/22/2021

4/22/2027

1,938

1,938

1,907

0.3

%

Securly, Inc. (Delayed Draw) (*) (**)

L

7.00

%  

11.69

%

4/20/2022

4/22/2027

2,585

1,809

1,780

0.2

%

L

7.00

%  

11.69

%

4/20/2022

4/22/2027

2,585

1,809

1,780

0.2

%

Securly, Inc. (Revolver) (*)

L

7.00

%  

11.73

%

4/22/2021

4/22/2027

969

0.0

%

L

7.00

%  

11.73

%

4/22/2021

4/22/2027

969

0.0

%

Transact Holdings Inc. (~)

L

4.25

%  

8.63

%

4/18/2019

 

4/30/2026

 

718

 

711

 

687

 

0.1

%

L

4.25

%  

8.63

%

4/18/2019

 

4/30/2026

 

718

 

711

 

687

 

0.1

%

Unanet, Inc. (~)

SF

6.25

%  

10.97

%

12/9/2022

 

12/8/2028

 

22,000

 

21,565

 

21,560

 

2.9

%

SF

6.25

%  

10.97

%

12/9/2022

 

12/8/2028

 

22,000

 

21,565

 

21,560

 

2.9

%

Unanet, Inc. (Delayed Draw) (*) (**)

SF

6.25

%  

10.97

%

12/9/2022

 

12/8/2028

 

6,947

 

 

 

0.0

%

SF

6.25

%  

10.97

%

12/9/2022

 

12/8/2028

 

6,947

 

 

 

0.0

%

Unanet, Inc. (Revolver) (*)

SF

6.25

%  

10.97

%

12/9/2022

 

12/8/2028

 

2,316

 

 

 

0.0

%

SF

6.25

%  

10.97

%

12/9/2022

 

12/8/2028

 

2,316

 

 

 

0.0

%

Watchguard Technologies, Inc. (~)

SF

5.25

%  

9.57

%

8/17/2022

 

6/29/2029

 

21,101

 

19,752

 

20,225

 

2.7

%

SF

5.25

%  

9.57

%

8/17/2022

 

6/29/2029

 

21,101

 

19,752

 

20,225

 

2.7

%

 

 

 

206,819

177,486

177,308

23.5

%

 

 

 

 

206,819

177,486

177,308

23.5

%

Hotels, Gaming & Leisure

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Equine Network, LLC (~~) (~~~)

SF

6.00

%  

10.24

%

12/31/2020

 

12/31/2025

 

1,474

 

1,452

 

1,465

 

0.2

%

SF

6.00

%  

10.24

%

12/31/2020

 

12/31/2025

 

1,474

 

1,452

 

1,465

 

0.2

%

Equine Network, LLC (~~) (~~~)

SF

6.00

%  

10.24

%

1/29/2021

 

12/31/2025

 

668

 

659

 

664

 

0.1

%

SF

6.00

%  

10.24

%

1/29/2021

 

12/31/2025

 

668

 

659

 

664

 

0.1

%

Equine Network, LLC (Delayed Draw) (*) (**)

SF

6.00

%  

10.24

%

12/31/2020

 

12/31/2025

 

366

 

 

 

0.0

%

SF

6.00

%  

10.24

%

12/31/2020

 

12/31/2025

 

366

 

 

 

0.0

%

Equine Network, LLC (Revolver) (*)

SF

6.00

%  

10.30

%

12/31/2020

 

12/31/2025

 

146

 

110

 

109

 

0.0

%

SF

6.00

%  

10.30

%

12/31/2020

 

12/31/2025

 

146

 

110

 

109

 

0.0

%

 

 

 

2,654

2,221

2,238

0.3

%

 

 

 

 

2,654

2,221

2,238

0.3

%

23

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2022

(in thousands, except for shares and units)

    

    

    

    

    

    

    

    

Interest

Acquisition

Fair

% of

Portfolio Company (˄)

    

 Index (˄˄)

    

Spread (˄˄)

    

Rate

Date (˄˄˄)

    

Maturity

    

Principal

    

Amortized Cost

    

Value (˄˄˄˄)

    

Net Assets (˄˄˄˄˄)

Media: Advertising, Printing & Publishing

95 Percent Buyer, LLC (~) (~~) (~~~)

 

L

5.50

%

9.62

%  

11/24/2021

 

11/24/2026

 

17,865

$

17,575

$

17,905

 

2.4

%

95 Percent Buyer, LLC (Revolver) (*)

 

L

5.50

%

9.62

%  

11/24/2021

 

11/24/2026

 

963

 

 

 

0.0

%

Calienger Holdings, L.L.C. (~~~)

 

SF

6.10

%

10.22

%  

10/21/2022

 

10/20/2028

 

5,000

 

4,878

 

4,875

 

0.6

%

Calienger Holdings, L.L.C. (Delayed Draw) (*) (**)

 

SF

6.10

%

10.22

%  

10/21/2022

 

10/20/2028

 

667

 

 

 

0.0

%

Calienger Holdings, L.L.C. (Revolver) (*)

 

SF

6.10

%

10.22

%  

10/21/2022

 

10/20/2028

 

909

 

 

 

0.0

%

CE Intermediate, LLC (~)

 

SF

5.50

%

10.09

%  

10/11/2022

 

7/1/2027

 

29,812

 

29,092

 

29,067

 

3.9

%

Madison Logic Holdings, Inc. (~)

 

SF

7.00

%

11.58

%  

12/30/2022

 

12/29/2028

 

14,000

 

13,580

 

13,580

 

1.8

%

Madison Logic Holdings, Inc. (Revolver) (*)

 

SF

7.00

%

11.58

%  

12/30/2022

 

12/30/2027

 

1,207

 

 

 

0.0

%

North Haven USHC Acquisition, Inc. (~) (~~)

 

SF

6.50

%

11.18

%  

10/30/2020

 

10/30/2025

 

2,450

 

2,419

 

2,448

 

0.3

%

North Haven USHC Acquisition, Inc. (~) (~~)

 

SF

6.50

%

11.18

%  

3/12/2021

 

10/30/2025

 

710

 

710

 

709

 

0.1

%

North Haven USHC Acquisition, Inc. (~)

 

SF

6.50

%

11.18

%  

9/3/2021

 

10/30/2025

 

1,434

 

1,434

 

1,433

 

0.2

%

North Haven USHC Acquisition, Inc. (~)

 

SF

6.25

%

10.41

%  

7/29/2022

 

10/30/2025

 

2,592

 

2,556

 

2,575

 

0.3

%

North Haven USHC Acquisition, Inc. (Delayed Draw) (*) (**)

 

SF

6.50

%

11.18

%  

7/29/2022

 

10/30/2025

 

1,056

 

 

 

0.0

%

North Haven USHC Acquisition, Inc. (Revolver) (*)

 

SF

6.50

%

11.13

%  

10/30/2020

 

10/30/2025

416

187

187

0.0

%

 

10.98

% Cash/

 

 

 

 

 

NTM Acquisition Corp. (~~~)

L

7.25

%

1.00

% PIK

4/18/2019

6/7/2024

4,402

4,402

4,270

0.6

%

Really Great Reading Company, Inc. (~)

 

SF

6.00

%

10.83

%  

12/9/2022

 

12/8/2028

 

12,000

 

11,701

 

11,700

 

1.5

%

Really Great Reading Company, Inc. (Delayed Draw) (*) (**)

SF

6.00

%

10.83

%  

12/9/2022

12/8/2028

2,526

0.0

%

Really Great Reading Company, Inc. (Revolver) (*)

 

SF

6.00

%

10.83

%  

12/9/2022

 

12/8/2028

 

3,200

 

 

 

0.0

%

Relevate Health Group, LLC (~) (~~)

SF

5.75

%

9.97

%  

11/20/2020

11/20/2025

1,965

1,940

1,933

0.3

%

Relevate Health Group, LLC (~)

 

SF

5.75

%

9.97

%  

3/28/2022

 

11/20/2025

 

5,237

 

5,150

 

5,150

 

0.7

%

Relevate Health Group, LLC (Delayed Draw) (*) (**)

SF

5.75

%

9.97

%  

11/20/2020

11/20/2025

1,037

879

865

0.1

%

Relevate Health Group, LLC (Revolver) (*)

 

SF

5.75

%

9.97

%  

11/20/2020

 

11/20/2025

 

789

 

 

 

0.0

%

Spherix Global Inc. (~) (~~)

 

SF

6.00

%

10.24

%  

12/22/2021

 

12/22/2026

4,466

4,402

4,450

0.6

%

Spherix Global Inc. (Revolver) (*)

 

SF

6.00

%

10.24

%  

12/22/2021

 

12/22/2026

 

500

 

 

 

0.0

%

XanEdu Publishing, Inc. (~) (~~)

 

SF

6.50

%

10.94

%  

1/28/2020

 

1/28/2025

 

6,031

 

5,962

 

6,056

 

0.8

%

XanEdu Publishing, Inc. (~)

 

SF

6.50

%

10.94

%  

8/31/2022

 

1/28/2025

 

2,397

 

2,344

 

2,406

 

0.3

%

XanEdu Publishing, Inc. (Revolver) (*)

 

SF

6.50

%

10.94

%  

1/28/2020

 

1/28/2025

 

977

 

 

 

0.0

%

 

 

 

 

124,608

 

109,211

 

109,609

 

14.5

%

Media: Broadcasting & Subscription

 

  

  

 

 

 

  

 

  

 

  

 

  

 

4.51

% Cash/

 

 

 

 

 

Vice Group Holding Inc.

 

L

12.00

%

12.00

% PIK

5/2/2019

 

5/12/2023

 

1,268

 

1,268

 

1,243

 

0.2

%

 

4.42

% Cash/

 

 

 

 

 

Vice Group Holding Inc.

 

L

12.00

%

12.00

% PIK

5/2/2019

 

5/12/2023

 

398

 

398

 

390

 

0.1

%

 

4.25

% Cash/

 

 

 

 

 

Vice Group Holding Inc.

 

L

12.00

%

12.00

% PIK

5/2/2019

 

5/12/2023

 

150

 

150

 

147

 

0.0

%

 

4.51

% Cash/

 

 

 

 

 

Vice Group Holding Inc.

 

L

12.00

%

12.00

% PIK

11/4/2019

 

5/12/2023

243

243

239

0.0

%

 

 

 

 

2,059

 

2,059

 

2,019

 

0.3

%

Media: Diversified & Production

  

  

 

  

  

  

  

Bonterra, LLC (fka Cybergrants Holdings) (~~)

 

L

6.25

%

10.98

%  

9/8/2021

 

9/8/2027

18,555

18,637

 

18,432

 

2.4

%

Bonterra, LLC (fka Cybergrants Holdings) (Delayed Draw) (*) (**)

L

6.25

%

10.98

%  

9/8/2021

9/8/2027

1,759

0.0

%

Bonterra, LLC (fka Cybergrants Holdings) (Revolver) (*)

 

L

6.25

%

10.98

%  

9/8/2021

 

9/8/2027

 

1,814

 

674

 

659

 

0.1

%

Chess.com, LLC (~~) (~~~)

L

6.50

%

11.23

%  

12/31/2021

12/31/2027

12,902

12,679

12,709

1.7

%

Chess.com, LLC (Revolver) (*)

 

L

6.50

%

11.23

%  

12/31/2021

 

12/31/2027

 

1,413

 

 

 

0.0

%

Crownpeak Technology, Inc. (~~)

SF

7.25

%

11.47

%  

2/28/2019

2/28/2025

1,000

995

1,000

0.1

%

Crownpeak Technology, Inc. (~~)

 

SF

7.25

%

11.47

%  

2/28/2019

 

2/28/2025

 

15

 

15

 

15

 

0.0

%

Crownpeak Technology, Inc. (~~)

 

SF

7.25

%

11.47

%  

9/27/2022

 

2/28/2025

318

313

318

0.0

%

Crownpeak Technology, Inc. (~)

SF

7.25

%

11.41

%  

9/27/2022

2/28/2025

833

833

833

0.1

%

Crownpeak Technology, Inc. (Revolver) (*)

SF

7.25

%

11.47

%  

2/28/2019

2/28/2025

125

0.0

%

Research Now Group, Inc. and Survey Sampling International, LLC (~) (d)

L

5.50

%

9.89

%  

11/28/2022

12/20/2024

2,493

2,257

1,888

0.3

%

Spectrum Science Communications, LLC (~~~)

SF

6.25

%

10.92

%  

1/25/2022

1/25/2027

2,985

2,936

3,015

0.4

%

Spectrum Science Communications, LLC (Revolver) (*)

SF

6.25

%

10.92

%  

1/25/2022

1/25/2027

600

0.0

%

Sports Operating Holdings II, LLC (~)

SF

5.75

%

10.17

%  

11/3/2022

11/3/2027

4,988

4,866

4,863

0.6

%

Sports Operating Holdings II, LLC (Delayed Draw) (*) (**)

SF

5.75

%

10.17

%  

11/3/2022

11/3/2027

4,000

0.0

%

Sports Operating Holdings II, LLC (Revolver) (*)

SF

5.75

%

10.17

%  

11/3/2022

11/3/2027

865

0.0

%

Streamland Media MidCo LLC (~) (~~)

SF

6.75

%

11.11

%  

8/26/2019

8/31/2023

1,974

1,961

1,974

0.3

%

Streamland Media MidCo LLC (~)

SF

6.75

%

11.11

%  

3/7/2022

8/31/2023

535

526

535

0.1

%

57,174

46,692

46,241

6.1

%

    

    

    

    

    

    

    

    

Index 

Spread

Interest

Acquisition

Fair

% of

Portfolio Company (˄)

    

 (˄˄)

    

 (˄˄)

    

Rate

Date (˄˄˄)

    

Maturity

    

Principal

    

Amortized Cost

    

Value (˄˄˄˄)

    

Net Assets (˄˄˄˄˄)

Media: Advertising, Printing & Publishing

95 Percent Buyer, LLC (~) (~~) (~~~)

 

L

5.50

%

9.62

%  

11/24/2021

 

11/24/2026

 

17,865

$

17,575

$

17,905

 

2.4

%

95 Percent Buyer, LLC (Revolver) (*)

 

L

5.50

%

9.62

%  

11/24/2021

 

11/24/2026

 

963

 

 

 

0.0

%

Calienger Holdings, L.L.C. (~~~)

 

SF

6.10

%

10.22

%  

10/21/2022

 

10/20/2028

 

5,000

 

4,878

 

4,875

 

0.6

%

Calienger Holdings, L.L.C. (Delayed Draw) (*) (**)

 

SF

6.10

%

10.22

%  

10/21/2022

 

10/20/2028

 

667

 

 

 

0.0

%

Calienger Holdings, L.L.C. (Revolver) (*)

 

SF

6.10

%

10.22

%  

10/21/2022

 

10/20/2028

 

909

 

 

 

0.0

%

CE Intermediate, LLC (~)

 

SF

5.50

%

10.09

%  

10/11/2022

 

7/1/2027

 

29,812

 

29,092

 

29,067

 

3.9

%

Madison Logic Holdings, Inc. (~)

 

SF

7.00

%

11.58

%  

12/30/2022

 

12/29/2028

 

14,000

 

13,580

 

13,580

 

1.8

%

Madison Logic Holdings, Inc. (Revolver) (*)

 

SF

7.00

%

11.58

%  

12/30/2022

 

12/30/2027

 

1,207

 

 

 

0.0

%

North Haven USHC Acquisition, Inc. (~) (~~)

 

SF

6.50

%

11.18

%  

10/30/2020

 

10/30/2025

 

2,450

 

2,419

 

2,448

 

0.3

%

North Haven USHC Acquisition, Inc. (~) (~~)

 

SF

6.50

%

11.18

%  

3/12/2021

 

10/30/2025

 

710

 

710

 

709

 

0.1

%

North Haven USHC Acquisition, Inc. (~)

 

SF

6.50

%

11.18

%  

9/3/2021

 

10/30/2025

 

1,434

 

1,434

 

1,433

 

0.2

%

North Haven USHC Acquisition, Inc. (~)

 

SF

6.25

%

10.41

%  

7/29/2022

 

10/30/2025

 

2,592

 

2,556

 

2,575

 

0.3

%

North Haven USHC Acquisition, Inc. (Delayed Draw) (*) (**)

 

SF

6.50

%

11.18

%  

7/29/2022

 

10/30/2025

 

1,056

 

 

 

0.0

%

North Haven USHC Acquisition, Inc. (Revolver) (*)

 

SF

6.50

%

11.13

%  

10/30/2020

 

10/30/2025

416

187

187

0.0

%

 

10.98

% Cash/

 

 

 

 

 

NTM Acquisition Corp. (~~~)

L

7.25

%

1.00

% PIK

4/18/2019

6/7/2024

4,402

4,402

4,270

0.6

%

Really Great Reading Company, Inc. (~)

 

SF

6.00

%

10.83

%  

12/9/2022

 

12/8/2028

 

12,000

 

11,701

 

11,700

 

1.5

%

Really Great Reading Company, Inc. (Delayed Draw) (*) (**)

SF

6.00

%

10.83

%  

12/9/2022

12/8/2028

2,526

0.0

%

Really Great Reading Company, Inc. (Revolver) (*)

 

SF

6.00

%

10.83

%  

12/9/2022

 

12/8/2028

 

3,200

 

 

 

0.0

%

Relevate Health Group, LLC (~) (~~)

SF

5.75

%

9.97

%  

11/20/2020

11/20/2025

1,965

1,940

1,933

0.3

%

Relevate Health Group, LLC (~)

 

SF

5.75

%

9.97

%  

3/28/2022

 

11/20/2025

 

5,237

 

5,150

 

5,150

 

0.7

%

Relevate Health Group, LLC (Delayed Draw) (*) (**)

SF

5.75

%

9.97

%  

11/20/2020

11/20/2025

1,037

879

865

0.1

%

Relevate Health Group, LLC (Revolver) (*)

 

SF

5.75

%

9.97

%  

11/20/2020

 

11/20/2025

 

789

 

 

 

0.0

%

Spherix Global Inc. (~) (~~)

 

SF

6.00

%

10.24

%  

12/22/2021

 

12/22/2026

4,466

4,402

4,450

0.6

%

Spherix Global Inc. (Revolver) (*)

 

SF

6.00

%

10.24

%  

12/22/2021

 

12/22/2026

 

500

 

 

 

0.0

%

XanEdu Publishing, Inc. (~) (~~)

 

SF

6.50

%

10.94

%  

1/28/2020

 

1/28/2025

 

6,031

 

5,962

 

6,056

 

0.8

%

XanEdu Publishing, Inc. (~)

 

SF

6.50

%

10.94

%  

8/31/2022

 

1/28/2025

 

2,397

 

2,344

 

2,406

 

0.3

%

XanEdu Publishing, Inc. (Revolver) (*)

 

SF

6.50

%

10.94

%  

1/28/2020

 

1/28/2025

 

977

 

 

 

0.0

%

 

 

 

 

124,608

 

109,211

 

109,609

 

14.5

%

Media: Broadcasting & Subscription

 

  

  

  

 

 

 

  

 

  

 

  

 

  

 

4.51

% Cash/

 

 

 

 

 

Vice Group Holding Inc.

 

L

12.00

%

12.00

% PIK

5/2/2019

 

5/12/2023

 

1,268

 

1,268

 

1,243

 

0.2

%

 

4.42

% Cash/

 

 

 

 

 

Vice Group Holding Inc.

 

L

12.00

%

12.00

% PIK

5/2/2019

 

5/12/2023

 

398

 

398

 

390

 

0.1

%

 

4.25

% Cash/

 

 

 

 

 

Vice Group Holding Inc.

 

L

12.00

%

12.00

% PIK

5/2/2019

 

5/12/2023

 

150

 

150

 

147

 

0.0

%

 

4.51

% Cash/

 

 

 

 

 

Vice Group Holding Inc.

 

L

12.00

%

12.00

% PIK

11/4/2019

 

5/12/2023

243

243

239

0.0

%

 

 

 

 

2,059

 

2,059

 

2,019

 

0.3

%

Media: Diversified & Production

  

  

  

 

  

  

  

  

Bonterra, LLC (fka Cybergrants Holdings) (~~)

 

L

6.25

%

10.98

%  

9/8/2021

 

9/8/2027

18,555

18,637

 

18,432

 

2.4

%

Bonterra, LLC (fka Cybergrants Holdings) (Delayed Draw) (*) (**)

L

6.25

%

10.98

%  

9/8/2021

9/8/2027

1,759

0.0

%

Bonterra, LLC (fka Cybergrants Holdings) (Revolver) (*)

 

L

6.25

%

10.98

%  

9/8/2021

 

9/8/2027

 

1,814

 

674

 

659

 

0.1

%

Chess.com, LLC (~~) (~~~)

L

6.50

%

11.23

%  

12/31/2021

12/31/2027

12,902

12,679

12,709

1.7

%

Chess.com, LLC (Revolver) (*)

 

L

6.50

%

11.23

%  

12/31/2021

 

12/31/2027

 

1,413

 

 

 

0.0

%

Crownpeak Technology, Inc. (~~)

SF

7.25

%

11.47

%  

2/28/2019

2/28/2025

1,000

995

1,000

0.1

%

Crownpeak Technology, Inc. (~~)

 

SF

7.25

%

11.47

%  

2/28/2019

 

2/28/2025

 

15

 

15

 

15

 

0.0

%

Crownpeak Technology, Inc. (~~)

 

SF

7.25

%

11.47

%  

9/27/2022

 

2/28/2025

318

313

318

0.0

%

Crownpeak Technology, Inc. (~)

SF

7.25

%

11.41

%  

9/27/2022

2/28/2025

833

833

833

0.1

%

Crownpeak Technology, Inc. (Revolver) (*)

SF

7.25

%

11.47

%  

2/28/2019

2/28/2025

125

0.0

%

Research Now Group, Inc. and Survey Sampling International, LLC (~) (d)

L

5.50

%

9.89

%  

11/28/2022

12/20/2024

2,493

2,257

1,888

0.3

%

Spectrum Science Communications, LLC (~~~)

SF

6.25

%

10.92

%  

1/25/2022

1/25/2027

2,985

2,936

3,015

0.4

%

Spectrum Science Communications, LLC (Revolver) (*)

SF

6.25

%

10.92

%  

1/25/2022

1/25/2027

600

0.0

%

Sports Operating Holdings II, LLC (~)

SF

5.75

%

10.17

%  

11/3/2022

11/3/2027

4,988

4,866

4,863

0.6

%

Sports Operating Holdings II, LLC (Delayed Draw) (*) (**)

SF

5.75

%

10.17

%  

11/3/2022

11/3/2027

4,000

0.0

%

Sports Operating Holdings II, LLC (Revolver) (*)

SF

5.75

%

10.17

%  

11/3/2022

11/3/2027

865

0.0

%

Streamland Media MidCo LLC (~) (~~)

SF

6.75

%

11.11

%  

8/26/2019

8/31/2023

1,974

1,961

1,974

0.3

%

Streamland Media MidCo LLC (~)

SF

6.75

%

11.11

%  

3/7/2022

8/31/2023

535

526

535

0.1

%

57,174

46,692

46,241

6.1

%

24

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2022

(in thousands, except for shares and units)

Interest

Acquisition

Amortized 

Fair Value

% of 

Interest

Acquisition

Amortized 

Fair Value

% of 

Portfolio Company (˄)

    

Index (˄˄)

    

Spread (˄˄)

    

Rate

   

Date (˄˄˄)

    

Maturity

    

Principal

    

Cost

    

(˄˄˄˄)

    

Net Assets (˄˄˄˄˄)

    

    

Index (˄˄)

    

Spread (˄˄)

    

Rate

Date (˄˄˄)

    

Maturity

    

Principal

    

Cost

    

(˄˄˄˄)

    

Net Assets (˄˄˄˄˄)

  

Services: Business

 

 

 

 

 

 

 

 

 

 

Aperture Companies, LLC (~~) (~~~)

L

6.25

%  

10.37

%  

12/31/2021

12/31/2026

14,888

$

14,639

$

14,272

1.9

%

L

6.25

%  

10.37

%  

12/31/2021

12/31/2026

14,888

$

14,639

$

14,272

1.9

%

Aperture Companies, LLC (~~)

 

L

6.25

%  

10.58

%  

12/31/2021

12/31/2026

 

4,320

 

4,320

 

4,142

 

0.6

%

 

L

6.25

%  

10.58

%  

12/31/2021

12/31/2026

 

4,320

 

4,320

 

4,142

 

0.6

%

Aperture Companies, LLC (Revolver) (*)

L

6.25

%  

10.37

%  

12/31/2021

12/31/2026

1,347

0.0

%

L

6.25

%  

10.37

%  

12/31/2021

12/31/2026

1,347

0.0

%

 

7.16

% Cash/

 

 

 

 

 

7.16

% Cash/

 

 

 

 

Aras Corporation (~)

L

7.00

%  

3.75

% PIK

4/13/2021

4/13/2027

4,669

4,607

4,696

0.6

%

L

7.00

%  

3.75

% PIK

4/13/2021

4/13/2027

4,669

4,607

4,696

0.6

%

Aras Corporation (Revolver) (*)

 

L

6.50

%  

9.50

%  

4/13/2021

4/13/2027

 

325

 

108

 

108

 

0.0

%

 

L

6.50

%  

9.50

%  

4/13/2021

4/13/2027

 

325

 

108

 

108

 

0.0

%

Argano, LLC (~~) (~~~)

SF

5.50

%  

9.72

%  

6/10/2021

6/10/2026

8,986

8,854

8,885

1.2

%

SF

5.50

%  

9.72

%  

6/10/2021

6/10/2026

8,986

8,854

8,885

1.2

%

Argano, LLC (~) (~~~)

 

SF

5.50

%  

9.72

%  

6/10/2021

6/10/2026

 

3,979

 

3,979

 

3,934

 

0.5

%

 

SF

5.50

%  

9.72

%  

6/10/2021

6/10/2026

 

3,979

 

3,979

 

3,934

 

0.5

%

Argano, LLC (~)

SF

5.50

%  

9.72

%  

10/7/2022

6/10/2026

689

670

682

0.1

%

SF

5.50

%  

9.72

%  

10/7/2022

6/10/2026

689

670

682

0.1

%

Argano, LLC (~)

 

SF

5.50

%  

9.72

%  

3/16/2022

6/10/2026

 

4,757

 

4,757

 

4,704

 

0.6

%

 

SF

5.50

%  

9.72

%  

3/16/2022

6/10/2026

 

4,757

 

4,757

 

4,704

 

0.6

%

Argano, LLC (Revolver) (*)

 

SF

5.50

%  

9.72

%  

6/10/2021

6/10/2026

965

 

502

 

496

 

0.1

%

 

SF

5.50

%  

9.72

%  

6/10/2021

6/10/2026

965

 

502

 

496

 

0.1

%

ecMarket Inc. and Conexiom US Inc. (~~) (<) (b)

 

L

6.75

%  

11.48

% PIK

9/21/2021

9/21/2027

16,027

 

15,773

 

15,847

 

2.1

%

 

L

6.75

%  

11.48

% PIK

9/21/2021

9/21/2027

16,027

 

15,773

 

15,847

 

2.1

%

ecMarket Inc. and Conexiom US Inc. (~~) (<) (b)

L

6.75

%  

11.48

% PIK

9/21/2021

9/21/2027

1,291

1,291

1,276

0.2

%

L

6.75

%  

11.48

% PIK

9/21/2021

9/21/2027

1,291

1,291

1,276

0.2

%

ecMarket Inc. and Conexiom US Inc. (Revolver) (<) (*) (b)

 

L

6.75

%  

11.48

%  

9/21/2021

9/21/2027

 

2,067

 

 

 

0.0

%

 

L

6.75

%  

11.48

%  

9/21/2021

9/21/2027

 

2,067

 

 

 

0.0

%

Edustaff, LLC (~)

 

SF

6.10

%  

10.42

%  

12/8/2022

12/8/2027

 

13,000

 

12,646

 

12,643

 

1.7

%

 

SF

6.10

%  

10.42

%  

12/8/2022

12/8/2027

 

13,000

 

12,646

 

12,643

 

1.7

%

Edustaff, LLC (Revolver) (*)

 

SF

6.10

%  

10.42

%  

12/8/2022

12/8/2027

 

2,364

 

 

 

0.0

%

 

SF

6.10

%  

10.42

%  

12/8/2022

12/8/2027

 

2,364

 

 

 

0.0

%

FusionSite Services LLC (~)

 

SF

5.50

%  

9.06

%  

10/4/2022

10/4/2027

16,098

 

15,786

 

15,777

 

2.1

%

 

SF

5.50

%  

9.06

%  

10/4/2022

10/4/2027

16,098

 

15,786

 

15,777

 

2.1

%

FusionSite Services LLC (Delayed Draw) (*) (**)

SF

5.50

%  

9.91

%  

10/4/2022

10/4/2027

7,576

2,576

2,524

0.3

%

SF

5.50

%  

9.91

%  

10/4/2022

10/4/2027

7,576

2,576

2,524

0.3

%

FusionSite Services LLC (Revolver) (*)

SF

5.50

%  

9.06

%  

10/4/2022

10/4/2027

1,326

0.0

%

SF

5.50

%  

9.06

%  

10/4/2022

10/4/2027

1,326

0.0

%

HS4 Acquisitionco, Inc. (~~)

L

6.75

%  

11.14

%  

7/9/2019

7/9/2025

3,940

3,901

3,922

0.5

%

L

6.75

%  

11.14

%  

7/9/2019

7/9/2025

3,940

3,901

3,922

0.5

%

HS4 Acquisitionco, Inc. (~~)

L

6.75

%  

11.14

%  

10/6/2021

7/9/2025

4,280

4,280

4,261

0.6

%

L

6.75

%  

11.14

%  

10/6/2021

7/9/2025

4,280

4,280

4,261

0.6

%

HS4 Acquisitionco, Inc. (Revolver) (*)

L

6.75

%  

11.14

%  

7/9/2019

7/9/2025

325

163

162

0.0

%

L

6.75

%  

11.14

%  

7/9/2019

7/9/2025

325

163

162

0.0

%

iCIMS, Inc. (~~)

SF

7.25

%  

11.52

%  

10/24/2022

8/18/2028

8,000

7,861

7,860

1.0

%

SF

7.25

%  

11.52

%  

10/24/2022

8/18/2028

8,000

7,861

7,860

1.0

%

Kingsley Gate Partners, LLC (~)

SF

6.65

%  

11.12

%  

12/9/2022

12/11/2028

3,000

2,941

2,940

0.4

%

SF

6.65

%  

11.12

%  

12/9/2022

12/11/2028

3,000

2,941

2,940

0.4

%

Kingsley Gate Partners, LLC (Delayed Draw) (*) (**)

SF

6.65

%  

11.12

%  

12/9/2022

12/11/2028

3,600

0.0

%

SF

6.65

%  

11.12

%  

12/9/2022

12/11/2028

3,600

0.0

%

Kingsley Gate Partners, LLC (Delayed Draw) (*) (**)

SF

6.65

%  

11.12

%  

12/9/2022

12/11/2028

3,000

0.0

%

SF

6.65

%  

11.12

%  

12/9/2022

12/11/2028

3,000

0.0

%

Kingsley Gate Partners, LLC (Revolver) (*)

SF

6.65

%  

11.12

%  

12/9/2022

12/11/2028

1,200

0.0

%

SF

6.65

%  

11.12

%  

12/9/2022

12/11/2028

1,200

0.0

%

Moonraker Acquisitionco LLC (~)

SF

6.00

%  

10.32

%  

9/30/2022

8/4/2028

7,000

6,864

7,000

0.9

%

SF

6.00

%  

10.32

%  

9/30/2022

8/4/2028

7,000

6,864

7,000

0.9

%

Moonraker Acquisitionco LLC (Delayed Draw) (*) (**)

SF

6.00

%  

10.32

%  

9/30/2022

8/4/2028

2,333

0.0

%

SF

6.00

%  

10.32

%  

9/30/2022

8/4/2028

2,333

0.0

%

Moonraker Acquisitionco LLC (Delayed Draw) (*) (**)

SF

6.00

%  

10.32

%  

9/30/2022

8/4/2028

2,333

0.0

%

SF

6.00

%  

10.32

%  

9/30/2022

8/4/2028

2,333

0.0

%

Moonraker Acquisitionco LLC (Revolver) (*)

SF

6.00

%  

10.32

%  

9/30/2022

8/4/2028

933

0.0

%

SF

6.00

%  

10.32

%  

9/30/2022

8/4/2028

933

0.0

%

Prototek LLC (~)

SF

6.50

%  

10.83

%  

12/8/2022

12/8/2027

8,000

7,761

7,760

1.0

%

SF

6.50

%  

10.83

%  

12/8/2022

12/8/2027

8,000

7,761

7,760

1.0

%

Prototek LLC (Delayed Draw) (*) (**)

SF

6.50

%  

10.83

%  

12/8/2022

12/8/2027

2,457

0.0

%

SF

6.50

%  

10.83

%  

12/8/2022

12/8/2027

2,457

0.0

%

Prototek LLC (Revolver) (*)

SF

6.50

%  

10.83

%  

12/8/2022

12/8/2027

1,843

0.0

%

SF

6.50

%  

10.83

%  

12/8/2022

12/8/2027

1,843

0.0

%

Relativity ODA LLC (~)

L

7.50

%  

11.89

% PIK

5/12/2021

5/12/2027

5,154

5,059

5,151

0.7

%

L

7.50

%  

11.89

% PIK

5/12/2021

5/12/2027

5,154

5,059

5,151

0.7

%

Relativity ODA LLC (Revolver) (*)

L

7.50

%  

11.89

% PIK

5/12/2021

5/12/2027

450

0.0

%

L

7.50

%  

11.89

% PIK

5/12/2021

5/12/2027

450

0.0

%

Sundance Group Holdings, Inc. (~~)

SF

6.25

%  

10.75

%  

7/2/2021

7/2/2027

4,148

4,080

4,131

0.5

%

SF

6.25

%  

10.75

%  

7/2/2021

7/2/2027

4,148

4,080

4,131

0.5

%

Sundance Group Holdings, Inc. (~)

SF

6.25

%  

10.93

%  

11/30/2022

7/2/2027

166

161

165

0.0

%

SF

6.25

%  

10.93

%  

11/30/2022

7/2/2027

166

161

165

0.0

%

Sundance Group Holdings, Inc. (~)

SF

6.25

%  

10.75

%  

7/2/2021

7/2/2027

1,244

1,244

1,239

0.2

%

SF

6.25

%  

10.75

%  

7/2/2021

7/2/2027

1,244

1,244

1,239

0.2

%

Sundance Group Holdings, Inc. (Revolver) (*)

SF

6.25

%  

10.75

%  

7/2/2021

7/2/2027

498

0.0

%

SF

6.25

%  

10.75

%  

7/2/2021

7/2/2027

498

0.0

%

Thryv, Inc. (~) (<) (d)

L

8.50

%  

12.89

%  

9/7/2022

3/1/2026

9,213

9,121

9,102

1.2

%

L

8.50

%  

12.89

%  

9/7/2022

3/1/2026

9,213

9,121

9,102

1.2

%

177,791

143,944

143,679

19.0

%

177,791

143,944

143,679

19.0

%

Services: Consumer

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Clydesdale Holdings, LLC (~) (~~~)

 

SF

5.50

%  

9.01

%  

6/24/2022

6/23/2028

 

14,962

 

14,681

 

14,873

 

2.0

%

 

SF

5.50

%  

9.01

%  

6/24/2022

6/23/2028

 

14,962

 

14,681

 

14,873

 

2.0

%

Clydesdale Holdings, LLC (Delayed Draw) (*) (**)

 

SF

5.50

%  

9.95

%  

6/24/2022

6/23/2028

 

21,221

 

11,721

 

11,650

 

1.5

%

 

SF

5.50

%  

9.95

%  

6/24/2022

6/23/2028

 

21,221

 

11,721

 

11,650

 

1.5

%

Clydesdale Holdings, LLC (Revolver) (*)

 

SF

5.50

%  

9.95

%  

6/24/2022

6/23/2028

 

4,523

 

 

 

0.0

%

 

SF

5.50

%  

9.95

%  

6/24/2022

6/23/2028

 

4,523

 

 

 

0.0

%

Denali Midco 2, LLC

 

SF

6.50

%  

10.92

%  

9/13/2022

12/22/2027

 

12,469

 

12,110

 

12,450

 

1.7

%

 

SF

6.50

%  

10.92

%  

9/13/2022

12/22/2027

 

12,469

 

12,110

 

12,450

 

1.7

%

Denali Midco 2, LLC (Delayed Draw) (*) (**)

 

SF

6.50

%  

10.92

%  

9/13/2022

12/22/2027

12,500

 

2,500

 

2,496

 

0.3

%

 

SF

6.50

%  

10.92

%  

9/13/2022

12/22/2027

12,500

 

2,500

 

2,496

 

0.3

%

Express Wash Acquisition Company, LLC (~)

 

SF

6.50

%  

10.32

%  

7/14/2022

7/14/2028

 

11,529

 

11,464

 

11,471

 

1.5

%

 

SF

6.50

%  

10.32

%  

7/14/2022

7/14/2028

 

11,529

 

11,464

 

11,471

 

1.5

%

Express Wash Acquisition Company, LLC

 

SF

6.50

%  

10.43

%  

7/14/2022

7/14/2028

 

2,160

 

2,160

 

2,149

 

0.3

%

 

SF

6.50

%  

10.43

%  

7/14/2022

7/14/2028

 

2,160

 

2,160

 

2,149

 

0.3

%

Express Wash Acquisition Company, LLC (Revolver) (*)

 

SF

6.50

%  

10.83

%  

7/14/2022

7/14/2028

 

536

 

295

 

293

 

0.0

%

 

SF

6.50

%  

10.83

%  

7/14/2022

7/14/2028

 

536

 

295

 

293

 

0.0

%

Light Wave Dental Management, LLC (~) (~~)

 

SF

6.50

%  

11.32

%  

8/1/2019

1/2/2024

 

2,029

 

2,021

 

2,027

 

0.3

%

 

SF

6.50

%  

11.32

%  

8/1/2019

1/2/2024

 

2,029

 

2,021

 

2,027

 

0.3

%

Light Wave Dental Management, LLC (~) (~~)

 

SF

6.50

%  

11.32

%  

5/3/2021

1/2/2024

 

1,469

 

1,469

 

1,468

 

0.2

%

 

SF

6.50

%  

11.32

%  

5/3/2021

1/2/2024

 

1,469

 

1,469

 

1,468

 

0.2

%

Light Wave Dental Management, LLC (~) (~~)

 

SF

6.50

%  

11.32

%  

8/3/2021

1/2/2024

1,356

 

1,344

 

1,354

 

0.2

%

 

SF

6.50

%  

11.32

%  

8/3/2021

1/2/2024

1,356

 

1,344

 

1,354

 

0.2

%

Light Wave Dental Management, LLC (~)

 

SF

6.50

%  

11.32

%  

8/3/2021

1/2/2024

 

3,382

 

3,382

 

3,379

 

0.5

%

 

SF

6.50

%  

11.32

%  

8/3/2021

1/2/2024

 

3,382

 

3,382

 

3,379

 

0.5

%

Light Wave Dental Management, LLC (Delayed Draw) (~) (*) (**)

 

SF

6.50

%  

11.32

%  

6/24/2022

1/2/2024

 

11,464

 

3,298

 

3,295

 

0.4

%

 

SF

6.50

%  

11.32

%  

6/24/2022

1/2/2024

 

11,464

 

3,298

 

3,295

 

0.4

%

Light Wave Dental Management, LLC (Revolver)

 

SF

6.50

%  

11.32

%  

5/3/2021

1/2/2024

187

 

187

 

187

 

0.0

%

 

SF

6.50

%  

11.32

%  

5/3/2021

1/2/2024

187

 

187

 

187

 

0.0

%

Pacific Bells, LLC (~)

 

SF

4.50

%  

9.34

%  

11/2/2022

11/10/2028

 

2,939

 

2,754

 

2,770

 

0.4

%

 

SF

4.50

%  

9.34

%  

11/2/2022

11/10/2028

 

2,939

 

2,754

 

2,770

 

0.4

%

Viad Corp (~) (<)

 

L

5.00

%  

9.38

%

9/12/2022

7/30/2028

 

4,975

 

4,865

 

4,718

 

0.6

%

 

L

5.00

%  

9.38

%

9/12/2022

7/30/2028

 

4,975

 

4,865

 

4,718

 

0.6

%

 

 

107,701

 

74,251

 

74,580

 

9.9

%

 

 

107,701

 

74,251

 

74,580

 

9.9

%

25

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2022

(in thousands, except for shares and units)

Interest

Acquisition

Amortized

% of

Portfolio Company (˄)

    

Index (˄˄)

    

Spread (˄˄)

    

Rate

    

Date (˄˄˄)

    

Maturity

    

Principal

    

Cost

    

Fair Value (˄˄˄˄)

    

Net Assets (˄˄˄˄˄)

Telecommunications

American Broadband and Telecommunications

17.50

% Cash/

Company LLC (Delayed Draw) (~) (*) (**)

P

12.00

%

2.00

% PIK

6/10/2022

6/10/2025

3,377

$

3,043

$

3,079

0.4

%

American Broadband and Telecommunications

17.50

% Cash/

Company LLC (Revolver) (*)

P

12.00

%

2.00

% PIK

6/10/2022

6/10/2025

1,000

242

236

0.0

%

Calabrio, Inc. (~~)

L

7.00

%  

11.73

%

4/16/2021

4/16/2027

8,000

7,844

7,950

1.1

%

Calabrio, Inc. (Revolver) (*)

L

7.00

%  

11.75

%

4/16/2021

4/16/2027

963

551

547

0.1

%

DataOnline Corp. (~) (~~)

L

6.25

%  

10.98

%

11/13/2019

11/13/2025

6,305

6,233

6,084

0.8

%

DataOnline Corp. (Revolver)

L

6.25

%

10.98

%

11/13/2019

11/13/2025

844

844

815

0.1

%

EOS Finco S.A.R.L. (~~~) (<) (b)

 

SF

6.00

%  

9.61

%

8/3/2022

 

8/20/2027

 

1,250

 

1,153

 

1,220

 

0.2

%

Patagonia Holdco LLC (~) (<) (b)

 

SF

5.75

%  

9.96

%

8/5/2022

8/1/2029

 

14,963

12,355

12,026

1.6

%

Sandvine Corporation (~)

L

4.50

%  

8.88

%

3/8/2021

10/31/2025

1,159

1,159

1,104

0.1

%

37,861

33,424

33,061

4.4

%

Transportation: Cargo

Complete Innovations Inc. (~) (<) (a) (b)

C

6.75

%

11.36

%

12/16/2020

12/16/2025

8,116

8,518

8,080

1.1

%

Complete Innovations Inc. (~) (<) (a) (b)

C

6.75

%

11.36

%

12/16/2020

12/16/2025

1,029

1,101

1,025

0.1

%

Fiasco Enterprises, LLC (~~~)

SF

5.61

%

9.74

%

5/6/2022

5/6/2027

6,983

6,871

6,965

0.9

%

Fiasco Enterprises, LLC (~)

SF

6.61

%

10.95

%

12/15/2022

5/6/2027

8,400

8,149

8,404

1.1

%

Fiasco Enterprises, LLC (Revolver) (*)

SF

5.61

%

9.74

%

5/6/2022

5/6/2027

1,750

0.0

%

Kenco PPC Buyer LLC (~)

SF

5.50

%

9.77

%

11/17/2022

11/15/2029

21,941

21,401

21,393

2.8

%

Kenco PPC Buyer LLC (Delayed Draw) (*) (**)

SF

5.50

%

9.77

%

11/17/2022

11/15/2029

3,870

0.0

%

Kenco PPC Buyer LLC (Revolver) (*)

SF

5.50

%

9.77

%

11/17/2022

11/15/2029

4,787

0.0

%

Randys Holdings, Inc.

SF

6.50

%

10.59

%

11/1/2022

11/1/2028

17,045

16,542

16,534

2.2

%

Randys Holdings, Inc. (Delayed Draw) (*) (**)

SF

6.50

%

10.59

%

11/1/2022

11/1/2028

5,682

0.0

%

Randys Holdings, Inc. (Revolver) (*)

 

SF

6.50

%  

10.59

%

11/1/2022

 

11/1/2028

 

2,273

358

 

347

 

0.0

%

RS Acquisition, LLC (~) (~~) (~~~)

L

6.00

%  

10.12

%

12/13/2021

12/14/2026

10,918

10,738

10,634

1.4

%

RS Acquisition, LLC (Delayed Draw) (~) (*) (**)

L

6.00

%

10.12

%

12/13/2021

12/14/2026

10,073

8,303

8,087

1.1

%

RS Acquisition, LLC (Revolver) (*)

L

6.00

%  

10.12

%  

12/13/2021

12/14/2026

1,264

910

887

0.1

%

104,131

82,891

82,356

10.8

%

Wholesale

IF & P Holdings Company, LLC (~) (~~~)

SF

5.25

%

8.91

%

10/6/2022

10/3/2028

23,867

23,288

23,270

3.1

%

IF & P Holdings Company, LLC (Revolver) (*)

SF

5.25

%

10.09

%

10/6/2022

10/3/2028

2,800

1,120

1,092

0.1

%

S&S Holdings LLC (~)

L

5.00

%

9.29

%

3/10/2021

3/10/2028

2,947

2,876

2,695

0.4

%

29,614

27,284

27,057

3.6

%

Total Non-Controlled/Non-Affiliate Senior Secured Loans

1,536,058

1,238,738

1,237,432

163.9

%

Unitranche Secured Loans (<<)

Aerospace & Defense

Cassavant Holdings, LLC (~) (~~)

L

6.50

%

10.62

%

9/8/2021

9/8/2026

13,265

13,058

13,013

1.7

%

13,265

13,058

13,013

1.7

%

Construction & Building

Inversiones DP6 (BVI) Numero Dos, Ltd. (Delayed

9.00

% Cash/

Draw) (<) (*) (**) (b)

n/a

n/a

4.75

% PIK

10/14/2022

10/14/2026

25,101

15,977

15,817

2.1

%

25,101

15,977

15,817

2.1

%

Consumer Goods: Durable

Jumpstart Holdco, Inc. (~)

SF

5.65

%

9.61

%  

4/19/2022

4/19/2028

23,441

23,010

21,857

2.9

%

23,441

23,010

21,857

2.9

%

Environmental Industries

StormTrap, LLC (~) (~~~)

SF

5.00

%

9.22

%

3/25/2022

3/24/2028

7,516

7,397

7,516

1.0

%

StormTrap, LLC (Delayed Draw) (*) (**)

SF

5.00

%

9.22

%

3/25/2022

3/24/2028

2,222

0.0

%

9,738

7,397

7,516

1.0

%

Healthcare & Pharmaceuticals

Evolve Biologics Inc. (~) (<)

SF

8.00

%

12.32

%

12/20/2022

12/18/2026

17,271

16,925

16,925

2.2

%

Evolve Biologics Inc. (Delayed Draw) (<) (*) (**)

SF

8.00

%

12.32

%

12/20/2022

12/18/2026

19,411

0.0

%

36,682

16,925

16,925

2.2

%

Media: Advertising, Printing & Publishing

New Engen, Inc. (~) (~~)

SF

5.00

%

9.24

%

12/3/2021

12/3/2026

9,429

9,293

9,327

1.3

%

New Engen, Inc. (~) (~~)

SF

5.00

%

9.24

%

12/27/2021

12/3/2026

7,962

7,962

7,877

1.0

%

17,391

17,255

17,204

2.3

%

Services: Business

ASG II, LLC (~~)

SF

6.25

%

10.67

%

5/25/2022

5/25/2028

15,000

14,720

15,000

2.0

%

ASG II, LLC (Delayed Draw) (*) (**)

SF

6.25

%

10.67

%

5/25/2022

5/25/2028

2,250

405

405

0.1

%

Onit, Inc. (~~)

SF

7.25

%

12.30

%

12/20/2021

5/2/2025

16,800

16,566

16,632

2.2

%

34,050

31,691

32,037

4.3

%

Telecommunications

VB E1, LLC (~)

L

7.65

%

12.38

%

11/18/2020

11/18/2026

3,000

3,000

3,009

0.4

%

3,000

3,000

3,009

0.4

%

Total Non-Controlled/Non-Affiliate Unitranche Secured Loans

162,668

128,313

127,378

16.9

%

    

    

    

    

    

    

    

% of

Interest

Acquisition

Amortized

Fair Value

Net Assets

Portfolio Company (˄)

    

Index(˄˄)

    

Spread(˄˄)

    

Rate

    

Date (˄˄˄)

    

Maturity

    

Principal

    

Cost

    

(˄˄˄˄)

    

(˄˄˄˄˄)

Telecommunications

American Broadband and Telecommunications

17.50

% Cash/

Company LLC (Delayed Draw) (~) (*) (**)

P

12.00

%

2.00

% PIK

6/10/2022

6/10/2025

3,377

$

3,043

$

3,079

0.4

%

American Broadband and Telecommunications

17.50

% Cash/

Company LLC (Revolver) (*)

P

12.00

%

2.00

% PIK

6/10/2022

6/10/2025

1,000

242

236

0.0

%

Calabrio, Inc. (~~)

L

7.00

%  

11.73

%

4/16/2021

4/16/2027

8,000

7,844

7,950

1.1

%

Calabrio, Inc. (Revolver) (*)

L

7.00

%  

11.75

%

4/16/2021

4/16/2027

963

551

547

0.1

%

DataOnline Corp. (~) (~~)

L

6.25

%  

10.98

%

11/13/2019

11/13/2025

6,305

6,233

6,084

0.8

%

DataOnline Corp. (Revolver)

L

6.25

%

10.98

%

11/13/2019

11/13/2025

844

844

815

0.1

%

EOS Finco S.A.R.L. (~~~) (<) (b)

 

SF

6.00

%  

9.61

%

8/3/2022

 

8/20/2027

 

1,250

 

1,153

 

1,220

 

0.2

%

Patagonia Holdco LLC (~) (<) (b)

 

SF

5.75

%  

9.96

%

8/5/2022

8/1/2029

 

14,963

12,355

12,026

1.6

%

Sandvine Corporation (~)

L

4.50

%  

8.88

%

3/8/2021

10/31/2025

1,159

1,159

1,104

0.1

%

37,861

33,424

33,061

4.4

%

Transportation: Cargo

Complete Innovations Inc. (~) (<) (a) (b)

C

6.75

%

11.36

%

12/16/2020

12/16/2025

8,116

8,518

8,080

1.1

%

Complete Innovations Inc. (~) (<) (a) (b)

C

6.75

%

11.36

%

12/16/2020

12/16/2025

1,029

1,101

1,025

0.1

%

Fiasco Enterprises, LLC (~~~)

SF

5.61

%

9.74

%

5/6/2022

5/6/2027

6,983

6,871

6,965

0.9

%

Fiasco Enterprises, LLC (~)

SF

6.61

%

10.95

%

12/15/2022

5/6/2027

8,400

8,149

8,404

1.1

%

Fiasco Enterprises, LLC (Revolver) (*)

SF

5.61

%

9.74

%

5/6/2022

5/6/2027

1,750

0.0

%

Kenco PPC Buyer LLC (~)

SF

5.50

%

9.77

%

11/17/2022

11/15/2029

21,941

21,401

21,393

2.8

%

Kenco PPC Buyer LLC (Delayed Draw) (*) (**)

SF

5.50

%

9.77

%

11/17/2022

11/15/2029

3,870

0.0

%

Kenco PPC Buyer LLC (Revolver) (*)

SF

5.50

%

9.77

%

11/17/2022

11/15/2029

4,787

0.0

%

Randys Holdings, Inc.

SF

6.50

%

10.59

%

11/1/2022

11/1/2028

17,045

16,542

16,534

2.2

%

Randys Holdings, Inc. (Delayed Draw) (*) (**)

SF

6.50

%

10.59

%

11/1/2022

11/1/2028

5,682

0.0

%

Randys Holdings, Inc. (Revolver) (*)

 

SF

6.50

%  

10.59

%

11/1/2022

 

11/1/2028

 

2,273

358

 

347

 

0.0

%

RS Acquisition, LLC (~) (~~) (~~~)

L

6.00

%  

10.12

%

12/13/2021

12/14/2026

10,918

10,738

10,634

1.4

%

RS Acquisition, LLC (Delayed Draw) (~) (*) (**)

L

6.00

%

10.12

%

12/13/2021

12/14/2026

10,073

8,303

8,087

1.1

%

RS Acquisition, LLC (Revolver) (*)

L

6.00

%  

10.12

%  

12/13/2021

12/14/2026

1,264

910

887

0.1

%

104,131

82,891

82,356

10.8

%

Wholesale

IF & P Holdings Company, LLC (~) (~~~)

SF

5.25

%

8.91

%

10/6/2022

10/3/2028

23,867

23,288

23,270

3.1

%

IF & P Holdings Company, LLC (Revolver) (*)

SF

5.25

%

10.09

%

10/6/2022

10/3/2028

2,800

1,120

1,092

0.1

%

S&S Holdings LLC (~)

L

5.00

%

9.29

%

3/10/2021

3/10/2028

2,947

2,876

2,695

0.4

%

29,614

27,284

27,057

3.6

%

Total Non-Controlled/Non-Affiliate Senior Secured Loans

1,536,058

1,238,738

1,237,432

163.9

%

Unitranche Secured Loans (<<)

Aerospace & Defense

Cassavant Holdings, LLC (~) (~~)

L

6.50

%

10.62

%

9/8/2021

9/8/2026

13,265

13,058

13,013

1.7

%

13,265

13,058

13,013

1.7

%

Construction & Building

Inversiones DP6 (BVI) Numero Dos, Ltd. (Delayed

9.00

% Cash/

Draw) (<) (*) (**) (b)

n/a

n/a

4.75

% PIK

10/14/2022

10/14/2026

25,101

15,977

15,817

2.1

%

25,101

15,977

15,817

2.1

%

Consumer Goods: Durable

Jumpstart Holdco, Inc. (~)

SF

5.65

%

9.61

%  

4/19/2022

4/19/2028

23,441

23,010

21,857

2.9

%

23,441

23,010

21,857

2.9

%

Environmental Industries

StormTrap, LLC (~) (~~~)

SF

5.00

%

9.22

%

3/25/2022

3/24/2028

7,516

7,397

7,516

1.0

%

StormTrap, LLC (Delayed Draw) (*) (**)

SF

5.00

%

9.22

%

3/25/2022

3/24/2028

2,222

0.0

%

9,738

7,397

7,516

1.0

%

Healthcare & Pharmaceuticals

Evolve Biologics Inc. (~) (<)

SF

8.00

%

12.32

%

12/20/2022

12/18/2026

17,271

16,925

16,925

2.2

%

Evolve Biologics Inc. (Delayed Draw) (<) (*) (**)

SF

8.00

%

12.32

%

12/20/2022

12/18/2026

19,411

0.0

%

36,682

16,925

16,925

2.2

%

Media: Advertising, Printing & Publishing

New Engen, Inc. (~) (~~)

SF

5.00

%

9.24

%

12/3/2021

12/3/2026

9,429

9,293

9,327

1.3

%

New Engen, Inc. (~) (~~)

SF

5.00

%

9.24

%

12/27/2021

12/3/2026

7,962

7,962

7,877

1.0

%

17,391

17,255

17,204

2.3

%

Services: Business

ASG II, LLC (~~)

SF

6.25

%

10.67

%

5/25/2022

5/25/2028

15,000

14,720

15,000

2.0

%

ASG II, LLC (Delayed Draw) (*) (**)

SF

6.25

%

10.67

%

5/25/2022

5/25/2028

2,250

405

405

0.1

%

Onit, Inc. (~~)

SF

7.25

%

12.30

%

12/20/2021

5/2/2025

16,800

16,566

16,632

2.2

%

34,050

31,691

32,037

4.3

%

Telecommunications

VB E1, LLC (~)

L

7.65

%

12.38

%

11/18/2020

11/18/2026

3,000

3,000

3,009

0.4

%

3,000

3,000

3,009

0.4

%

Total Non-Controlled/Non-Affiliate Unitranche Secured Loans

162,668

128,313

127,378

16.9

%

26

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2022

(in thousands, except for shares and units)

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

Interest

Acquisition

    

% of

Interest

Acquisition

    

% of

Portfolio Company (˄)

    

Index (˄˄)

    

Spread (˄˄)

    

Rate

    

Date (˄˄˄)

Maturity

Principal

Amortized Cost

Fair Value (˄˄˄˄)

Net Assets (˄˄˄˄˄)

    

Index(˄˄)

    

Spread (˄˄)

    

Rate

    

Date (˄˄˄)

Maturity

Principal

Amortized Cost

Fair Value (˄˄˄˄)

Net Assets (˄˄˄˄˄)

Junior Secured Loans

Banking

 

 

 

 

 

 

 

 

MoneyLion, Inc. (~) (<)

 

SF

 

9.25

%

14.07

%

3/25/2022

 

3/24/2026

18,750

$

18,583

$

18,445

2.5

%

 

SF

 

9.25

%

14.07

%

3/25/2022

 

3/24/2026

18,750

$

18,583

$

18,445

2.5

%

MoneyLion, Inc. (~) (<)

P

5.75

%

13.25

%

8/27/2021

5/1/2023

2,500

2,484

2,497

0.3

%

P

5.75

%

13.25

%

8/27/2021

5/1/2023

2,500

2,484

2,497

0.3

%

MoneyLion, Inc. (Delayed Draw) (<) (*) (**)

 

SF

 

9.25

%  

14.07

%

3/25/2022

 

3/24/2026

 

5,357

 

 

 

0.0

%

 

SF

 

9.25

%  

14.07

%

3/25/2022

 

3/24/2026

 

5,357

 

 

 

0.0

%

 

 

 

 

 

26,607

21,067

20,942

2.8

%

 

 

 

 

 

26,607

21,067

20,942

2.8

%

FIRE: Real Estate

 

 

 

 

 

 

 

 

 

 

Florida East Coast Industries, LLC (<)

n/a

n/a

16.00

% PIK

8/9/2021

6/28/2024

3,910

3,857

3,925

0.5

%

n/a

n/a

16.00

% PIK

8/9/2021

6/28/2024

3,910

3,857

3,925

0.5

%

8.00

% Cash/

8.00

% Cash/

Witkoff/Monroe 700 JV LLC (Delayed Draw) (<) (*) (**)

n/a

n/a

4.00

% PIK

7/2/2021

7/2/2026

9,373

8,404

8,404

1.1

%

n/a

n/a

4.00

% PIK

7/2/2021

7/2/2026

9,373

8,404

8,404

1.1

%

13,283

12,261

12,329

1.6

%

13,283

12,261

12,329

1.6

%

Services: Consumer

 

 

 

 

 

 

Light Wave Dental Management, LLC

 

n/a

 

n/a

 

n/a

(k)

12/6/2022

9/30/2023

2,479

2,479

3,032

0.4

%

 

n/a

 

n/a

 

n/a

(k)

12/6/2022

9/30/2023

2,479

2,479

3,032

0.4

%

2,479

2,479

3,032

0.4

%

2,479

2,479

3,032

0.4

%

Total Non-Controlled/Non-Affiliate Junior Secured Loans

42,369

35,807

36,303

4.8

%

42,369

35,807

36,303

4.8

%

Equity Securities (#) (##)

Automotive

 

 

 

 

 

 

 

 

 

 

Born To Run, LLC (692,841 Class A units)

(###)

4/1/2021

693

600

0.1

%

(###)

4/1/2021

693

600

0.1

%

Lifted Trucks Holdings, LLC (158,730 Class A shares) (####)

 

 

 

(###)

8/2/2021

 

 

 

159

 

111

 

0.0

%

 

 

 

(###)

8/2/2021

 

 

 

159

 

111

 

0.0

%

 

 

 

 

 

852

711

0.1

%

 

 

 

 

 

852

711

0.1

%

Banking

MV Receivables II, LLC (1,822 shares of common stock) (<) (####)

(###)

7/29/2021

750

1,443

0.2

%

(###)

7/29/2021

750

1,443

0.2

%

MV Receivables II, LLC (warrant to purchase up to 1.0% of the equity) (<) (####)

 

 

(###)

7/28/2021

 

7/28/2031

 

453

 

2,069

 

0.3

%

 

 

(###)

7/28/2021

 

7/28/2031

 

453

 

2,069

 

0.3

%

 

 

 

 

 

1,203

3,512

0.5

%

 

 

 

 

 

1,203

3,512

0.5

%

Beverage, Food & Tobacco

Sabrosura Foods, LLC et al (fka Huff Hispanic Food Holdings, LLC) (171,429 Class A interests)

(###)

10/18/2019

171

4

0.0

%

(###)

10/18/2019

171

4

0.0

%

Sabrosura Foods, LLC et al (fka Huff Hispanic Food Holdings, LLC) (7,022 Class AA units)

(###)

11/22/2022

10

7

0.0

%

(###)

11/22/2022

10

7

0.0

%

181

11

0.0

%

181

11

0.0

%

Capital Equipment

Adept AG Holdings, LLC (314,584 preferred units) (####)

(###)

8/11/2022

650

649

0.1

%

(###)

8/11/2022

650

649

0.1

%

MCP Shaw Acquisitionco, LLC (95,125 Class A-2 units) (####)

(###)

2/28/2020

95

163

0.0

%

(###)

2/28/2020

95

163

0.0

%

745

812

0.1

%

745

812

0.1

%

Consumer Goods: Durable

Independence Buyer, Inc. (169 Class A units)

(###)

8/3/2021

169

212

0.0

%

(###)

8/3/2021

169

212

0.0

%

Jumpstart Holdco, Inc. (1,566,667 Class A units)

(###)

4/19/2022

1,566

773

0.1

%

(###)

4/19/2022

1,566

773

0.1

%

1,735

985

0.1

%

1,735

985

0.1

%

Energy: Oil & Gas

QuarterNorth Energy Inc. (4,376 shares of common stock) (~)

(###)

1/11/2020

871

606

0.1

%

(###)

1/11/2020

871

606

0.1

%

871

606

0.1

%

871

606

0.1

%

Environmental Industries

Quest Resource Management Group, LLC (warrant to purchase up to 0.2% of the equity)

(###)

10/19/2020

3/19/2028

67

210

0.0

%

(###)

10/19/2020

3/19/2028

67

210

0.0

%

Quest Resource Management Group, LLC (warrant to purchase up to 0.2% of the equity)

 

 

 

(###)

10/19/2021

 

3/19/2028

 

 

147

 

0.0

%

 

 

 

(###)

10/19/2021

 

3/19/2028

 

 

147

 

0.0

%

StormTrap, LLC (640,000 Class A preferred units) (####)

n/a

n/a

8.00

% PIK

3/25/2022

640

640

0.1

%

n/a

n/a

8.00

% PIK

3/25/2022

640

640

0.1

%

StormTrap, LLC (640,000 Class A common units) (####)

 

 

 

(###)

3/25/2022

 

 

 

 

213

 

0.1

%

 

 

 

(###)

3/25/2022

 

 

 

 

213

 

0.1

%

Volt Bidco, Inc. (878 shares of common stock)

 

 

 

(###)

8/11/2021

 

 

 

891

 

886

 

0.1

%

 

 

 

(###)

8/11/2021

 

 

 

891

 

886

 

0.1

%

1,598

2,096

0.3

%

1,598

2,096

0.3

%

FIRE: Finance

 

 

 

 

 

 

 

 

J2 BWA Funding LLC (0.7% profit sharing) (<) (####)

 

 

 

(###)

12/24/2020

 

 

 

 

 

0.0

%

 

 

 

(###)

12/24/2020

 

 

 

 

 

0.0

%

J2 BWA Funding III, LLC (commitment to purchase up to 3.8% of the equity) (<) (####) (i)

 

 

 

(###)

4/29/2022

76

76

0.0

%

 

 

 

(###)

4/29/2022

76

76

0.0

%

J2 BWA Funding III, LLC (1.2% profit sharing) (<) (####) (i)

 

 

 

(###)

4/29/2022

 

 

 

 

 

0.0

%

 

 

 

(###)

4/29/2022

 

 

 

 

 

0.0

%

76

76

0.0

%

76

76

0.0

%

FIRE: Real Estate

InsideRE, LLC (159,884 Class A common units) (####)

 

 

 

(###)

9/9/2019

 

 

 

160

 

346

 

0.0

%

 

 

 

(###)

9/9/2019

 

 

 

160

 

346

 

0.0

%

Witkoff/Monroe 700 JV LLC (2,992 preferred units) (<)

 

8.00

% Cash/

 

8.00

% Cash/

(####)

 

n/a

 

n/a

4.00

% PIK

7/2/2021

 

 

 

3

 

1,462

 

0.2

%

 

n/a

 

n/a

4.00

% PIK

7/2/2021

 

 

 

3

 

1,462

 

0.2

%

 

 

 

 

163

1,808

0.2

%

 

 

 

 

163

1,808

0.2

%

27

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2022

(in thousands, except for shares and units)

    

    

    

    

    

    

    

    

    

    

    

    

Interest

Acquisition

% of

Interest

Acquisition

% of

Portfolio Company (˄)

    

Index (˄˄)

    

Spread (˄˄)

    

Rate

    

Date (˄˄˄)

    

Maturity

    

Principal

    

Amortized Cost

    

Fair Value (˄˄˄˄)

    

Net Assets (˄˄˄˄˄)

    

Index (˄˄)

    

Spread (˄˄)

    

Rate

    

Date (˄˄˄)

    

Maturity

    

Principal

    

Amortized Cost

    

Fair Value (˄˄˄˄)

    

Net Assets (˄˄˄˄˄)

Healthcare & Pharmaceuticals

Ascent Midco, LLC (725,806 Class A units) (####)

n/a

n/a

 

8.00

% PIK

2/5/2020

 

 

$

726

$

703

0.1

%

n/a

n/a

 

8.00

% PIK

2/5/2020

 

 

$

726

$

703

0.1

%

Dorado Acquisition, Inc. (531,783 Class A-1 units)

 

(###)

6/30/2021

 

 

 

578

 

601

0.1

%

 

(###)

6/30/2021

 

 

 

578

 

601

0.1

%

Dorado Acquisition, Inc. (531,783 Class A-2 units)

 

(###)

6/30/2021

 

 

 

 

629

0.1

%

 

(###)

6/30/2021

 

 

 

 

629

0.1

%

Evolve Biologics Inc. (0.1% of equity commitments) (<)

 

(###)

12/20/2022

 

 

 

 

0.0

%

 

(###)

12/20/2022

 

 

 

 

0.0

%

Evolve Biologics Inc. (warrant to purchase up to 1.5% of the equity) (<)

 

(###)

12/20/2022

 

 

 

 

0.0

%

 

(###)

12/20/2022

 

 

 

 

0.0

%

NationsBenefits, LLC (356,658 Series B units) (####)

n/a

n/a

 

5.00

% PIK

8/20/2021

 

 

 

2,393

 

2,861

0.3

%

n/a

n/a

 

5.00

% PIK

8/20/2021

 

 

 

2,393

 

2,861

0.3

%

NationsBenefits, LLC (326,667 common units) (####)

 

(###)

8/20/2021

468

201

0.0

%

 

(###)

8/20/2021

468

201

0.0

%

NQ PE Project Colosseum Midco Inc. (1,364,614 common units)

(###)

10/4/2022

1,365

1,365

0.2

%

(###)

10/4/2022

1,365

1,365

0.2

%

Seran BioScience, LLC (26,666 common units) (####)

 

(###)

12/31/2020

 

 

 

267

 

429

0.1

%

 

(###)

12/31/2020

 

 

 

267

 

429

0.1

%

5,797

6,789

0.9

%

5,797

6,789

0.9

%

High Tech Industries

 

 

 

 

Amelia Holding II, LLC (warrant to purchase up to 0.1% of the equity)

(###)

12/21/2022

12/21/2032

0.0

%

(###)

12/21/2022

12/21/2032

0.0

%

Drawbridge Partners, LLC (652,174 Class A-1 units)

 

(###)

9/1/2022

 

 

 

652

 

629

0.1

%

 

(###)

9/1/2022

 

 

 

652

 

629

0.1

%

MarkLogic Corporation (435,358 Class A units)

 

(###)

10/20/2020

 

 

 

 

640

0.1

%

 

(###)

10/20/2020

 

 

 

 

640

0.1

%

Optomi, LLC (278 Class A units) (####)

 

(###)

12/16/2021

 

 

 

278

 

512

0.1

%

 

(###)

12/16/2021

 

 

 

278

 

512

0.1

%

Recorded Future, Inc. (40,243 Class A units) (f)

 

(###)

7/3/2019

40

113

0.0

%

 

(###)

7/3/2019

40

113

0.0

%

Unanet, Inc. (1,621,053 shares of common stock)

(###)

12/5/2022

1,622

1,621

0.2

%

(###)

12/5/2022

1,622

1,621

0.2

%

2,592

3,515

0.5

%

2,592

3,515

0.5

%

Hotels, Gaming & Leisure

Equine Network, LLC (92 Class A units) (####)

(###)

12/31/2020

95

93

0.0

%

(###)

12/31/2020

95

93

0.0

%

95

93

0.0

%

95

93

0.0

%

Media: Advertising, Printing & Publishing

 

 

95 Percent Buyer, LLC (385,027 Class A units) (####)

n/a

n/a

 

8.00

% PIK

11/24/2021

 

 

 

385

 

580

0.1

%

n/a

n/a

 

8.00

% PIK

11/24/2021

 

 

 

385

 

580

0.1

%

Calienger Holdings, L.L.C. (568,181 Class A units) (####)

 

(###)

10/21/2022

 

 

 

568

 

568

0.1

%

 

(###)

10/21/2022

 

 

 

568

 

568

0.1

%

New Engen, Inc. (417 preferred units)

n/a

n/a

 

8.00

% PIK

12/27/2021

417

391

0.1

%

n/a

n/a

 

8.00

% PIK

12/27/2021

417

391

0.1

%

New Engen, Inc. (5,067 Class B common units)

 

(###)

12/27/2021

 

 

 

5

 

5

0.0

%

 

(###)

12/27/2021

 

 

 

5

 

5

0.0

%

Really Great Reading Company, Inc. (369 Series A units)

 

(###)

12/9/2022

 

 

 

369

 

369

0.0

%

 

(###)

12/9/2022

 

 

 

369

 

369

0.0

%

Relevate Health Group, LLC (96 preferred units)

n/a

n/a

 

12.00

% PIK

11/20/2020

 

 

 

96

 

86

0.0

%

n/a

n/a

 

12.00

% PIK

11/20/2020

 

 

 

96

 

86

0.0

%

Relevate Health Group, LLC (96 Class B common units)

 

(###)

11/20/2020

0.0

%

 

(###)

11/20/2020

0.0

%

Spherix Global Inc. (333 Class A units)

 

(###)

12/22/2021

 

 

333

 

256

0.0

%

 

(###)

12/22/2021

 

 

333

 

256

0.0

%

XanEdu Publishing, Inc. (65,104 Class A units)

n/a

n/a

8.00

% PIK

1/28/2020

65

294

0.0

%

n/a

n/a

8.00

% PIK

1/28/2020

65

294

0.0

%

2,238

2,549

0.3

%

2,238

2,549

0.3

%

Media: Diversified & Production

Chess.com, LLC (5 Class A units) (####)

(###)

12/31/2021

189

107

0.0

%

(###)

12/31/2021

189

107

0.0

%

189

107

0.0

%

189

107

0.0

%

Services: Business

Argano, LLC (56,839 common units) (####)

(###)

6/10/2021

270

418

0.1

%

(###)

6/10/2021

270

418

0.1

%

ecMarket Inc. and Conexiom US Inc. (96,603 preferred shares) (<) (b)

(###)

9/21/2021

723

698

0.1

%

(###)

9/21/2021

723

698

0.1

%

Edustaff, LLC (591 shares of common stock) (####)

(###)

12/8/2022

591

591

0.1

%

(###)

12/8/2022

591

591

0.1

%

Skillsoft Corp. (26,168 Class A shares) (~) (<) (g)

(###)

6/11/2021

508

34

0.0

%

(###)

6/11/2021

508

34

0.0

%

2,092

1,741

0.3

%

2,092

1,741

0.3

%

Services: Consumer

Express Wash Acquisition Company, LLC (135,869 Class A units) (####)

n/a

n/a

8.00

% PIK

12/28/2020

140

132

0.0

%

n/a

n/a

8.00

% PIK

12/28/2020

140

132

0.0

%

IDIG Parent, LLC (192,908 shares of common stock) (####) (h)

(###)

1/4/2021

195

254

0.1

%

(###)

1/4/2021

195

254

0.1

%

335

386

0.1

%

335

386

0.1

%

Telecommunications

American Broadband and Telecommunications Company LLC (warrant to purchase up to 0.4% of the equity)

(###)

6/10/2022

6/10/2032

84

139

0.0

%

(###)

6/10/2022

6/10/2032

84

139

0.0

%

American Virtual Cloud Technologies, Inc. (warrant to purchase up to 4.9% of the equity)

(###)

12/2/2021

1/31/2029

206

0.0

%

(###)

12/2/2021

1/31/2029

206

0.0

%

84

345

0.0

%

84

345

0.0

%

Transportation: Cargo

RS Acquisition, LLC (753,485 common units) (####)

(###)

1/12/2022

1,264

1,053

0.1

%

(###)

1/12/2022

1,264

1,053

0.1

%

1,264

1,053

0.1

%

1,264

1,053

0.1

%

28

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2022

(in thousands, except for shares and units)

Interest

Acquisition

% of

Interest

Acquisition

% of

Portfolio Company (˄)

    

Index (˄˄)

    

Spread (˄˄)

    

Rate

    

Date (˄˄˄)

    

Maturity

    

Principal

    

Amortized Cost

    

Fair Value (˄˄˄˄)

    

Net Assets (˄˄˄˄˄)

    

Index (˄˄)

    

Spread (˄˄)

    

Rate

    

Date (˄˄˄)

    

Maturity

    

Principal

    

Amortized Cost

    

Fair Value (˄˄˄˄)

    

Net Assets (˄˄˄˄˄)

Wholesale

IF & P Holdings Company, LLC (1,500 Class A preferred units)

(###)

10/3/2022

$

1,500

$

1,500

0.2

%

(###)

10/3/2022

$

1,500

$

1,500

0.2

%

IF & P Holdings Company, LLC (1,500 Class B common units)

(###)

10/3/2022

0.0

%

(###)

10/3/2022

0.0

%

1,500

1,500

0.2

%

1,500

1,500

0.2

%

Total Non-Controlled/Non-Affiliate Equity Securities

23,610

28,695

3.8

%

23,610

28,695

3.8

%

Total Non-Controlled/Non-Affiliate Company Investments

$

1,426,468

$

1,429,808

189.4

%

$

1,426,468

$

1,429,808

189.4

%

Non-Controlled Affiliate Company Investments (#####)

Senior Secured Loans

FIRE: Real Estate

Second Avenue SFR Holdings II LLC (Revolver) (<) (*)

L

7.00

%

11.12

%

8/11/2021

8/9/2024

4,875

$

4,785

$

4,755

0.6

%

L

7.00

%

11.12

%

8/11/2021

8/9/2024

4,875

$

4,785

$

4,755

0.6

%

4,875

4,785

4,755

0.6

%

4,875

4,785

4,755

0.6

%

Services: Business

Nastel Technologies, LLC (~~)

SF

6.50

%

10.74

%

9/21/2022

9/21/2028

3,500

3,432

3,500

0.5

%

SF

6.50

%

10.74

%

9/21/2022

9/21/2028

3,500

3,432

3,500

0.5

%

Nastel Technologies, LLC (Revolver) (*)

SF

6.50

%

10.74

%

9/21/2022

9/21/2028

368

0.0

%

SF

6.50

%

10.74

%

9/21/2022

9/21/2028

368

0.0

%

3,868

3,432

3,500

0.5

%

3,868

3,432

3,500

0.5

%

Transportation: Cargo

SheerTrans Solutions, LLC (~)

SF

7.50

%

11.94

%

7/29/2022

7/29/2027

5,101

5,005

5,101

0.7

%

SF

7.50

%

11.94

%

7/29/2022

7/29/2027

5,101

5,005

5,101

0.7

%

SheerTrans Solutions, LLC (Revolver) (*)

SF

7.50

%

11.94

%

7/29/2022

7/29/2027

1,465

0.0

%

SF

7.50

%

11.94

%

7/29/2022

7/29/2027

1,465

0.0

%

6,566

5,005

5,101

0.7

%

6,566

5,005

5,101

0.7

%

Total Non-Controlled/Affiliate Senior Secured Loans

15,309

13,222

13,356

1.8

%

15,309

13,222

13,356

1.8

%

Junior Secured Loans

FIRE: Real Estate

SFR Holdco, LLC (<)

n/a

n/a

8.00

%

8/6/2021

7/28/2028

5,850

5,850

5,850

0.8

%

n/a

n/a

8.00

%

8/6/2021

7/28/2028

5,850

5,850

5,850

0.8

%

SFR Holdco, LLC (Delayed Draw) (<) (*) (**)

n/a

n/a

8.00

%

3/1/2022

7/28/2028

4,388

2,316

2,316

0.3

%

n/a

n/a

8.00

%

3/1/2022

7/28/2028

4,388

2,316

2,316

0.3

%

10,238

8,166

8,166

1.1

%

10,238

8,166

8,166

1.1

%

Total Non-Controlled/Affiliate Junior Secured Loans

10,238

8,166

8,166

1.1

%

10,238

8,166

8,166

1.1

%

Equity Securities (##) (#####)

FIRE: Real Estate

SFR Holdco, LLC (13.9% of equity commitments) (<)

(###)

8/6/2021

3,900

3,900

0.5

%

(###)

8/6/2021

3,900

3,900

0.5

%

SFR Holdco, LLC (10.5% of equity commitments) (<) (j)

(###)

3/1/2022

1,545

1,545

0.2

%

(###)

3/1/2022

1,545

1,545

0.2

%

5,445

5,445

0.7

%

5,445

5,445

0.7

%

Services: Business

Nastel Technologies, LLC (3,408 Class A units) (####)

(###)

9/21/2022

3,408

3,578

0.5

%

(###)

9/21/2022

3,408

3,578

0.5

%

3,408

3,578

0.5

%

3,408

3,578

0.5

%

Transportation: Cargo

SheerTrans Solutions, LLC (8,642,579 preferred interests) (####)

(###)

7/29/2022

8,643

8,643

1.1

%

(###)

7/29/2022

8,643

8,643

1.1

%

8,643

8,643

1.1

%

8,643

8,643

1.1

%

Total Non-Controlled/Affiliate Equity Securities

17,572

17,742

2.3

%

17,572

17,742

2.3

%

Total Non-Controlled/Affiliate Company Investments

$

38,884

$

39,188

5.2

%

$

38,884

$

39,188

5.2

%

TOTAL INVESTMENTS

$

1,465,352

$

1,468,996

194.6

%

$

1,465,352

$

1,468,996

194.6

%

29

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2022

(in thousands, except for shares and units)

Derivative Instruments

Foreign currency forward contracts

Notional

    

    

    

Amount

Notional Amount

Settlement

Unrealized Gain

Description

    

to be Purchased

    

to be Sold

    

Counterparty

    

Date

    

(Loss)

Foreign currency forward contract

$

183

 

CAD

248

 

Bannockburn Global Forex, LLC

1/5/2023

$

Foreign currency forward contract

$

92

 

CAD

127

 

Bannockburn Global Forex, LLC

 

1/19/2023

 

(2)

Foreign currency forward contract

$

81

 

CAD

113

 

Bannockburn Global Forex, LLC

 

2/17/2023

 

(1)

Foreign currency forward contract

$

79

 

CAD

109

 

Bannockburn Global Forex, LLC

 

3/17/2023

 

(1)

Foreign currency forward contract

$

314

 

CAD

426

 

Bannockburn Global Forex, LLC

 

4/5/2023

 

Foreign currency forward contract

$

93

 

CAD

128

 

Bannockburn Global Forex, LLC

 

4/19/2023

 

(2)

Foreign currency forward contract

$

79

 

CAD

109

 

Bannockburn Global Forex, LLC

 

5/17/2023

 

(1)

Foreign currency forward contract

$

87

 

CAD

121

 

Bannockburn Global Forex, LLC

 

6/19/2023

 

(2)

Foreign currency forward contract

$

316

 

CAD

428

 

Bannockburn Global Forex, LLC

 

7/5/2023

 

Foreign currency forward contract

$

90

CAD

124

Bannockburn Global Forex, LLC

7/19/2023

(2)

Foreign currency forward contract

$

81

CAD

112

Bannockburn Global Forex, LLC

8/17/2023

(1)

Foreign currency forward contract

$

87

CAD

120

Bannockburn Global Forex, LLC

9/19/2023

(2)

Foreign currency forward contract

$

318

CAD

431

Bannockburn Global Forex, LLC

10/3/2023

Foreign currency forward contract

$

84

CAD

116

Bannockburn Global Forex, LLC

10/19/2023

(2)

Foreign currency forward contract

$

75

CAD

103

Bannockburn Global Forex, LLC

11/17/2023

(1)

Foreign currency forward contract

$

77

CAD

106

Bannockburn Global Forex, LLC

12/19/2023

(1)

Foreign currency forward contract

$

316

CAD

429

Bannockburn Global Forex, LLC

1/4/2024

Foreign currency forward contract

$

104

CAD

143

Bannockburn Global Forex, LLC

1/17/2024

(2)

Foreign currency forward contract

$

81

CAD

112

Bannockburn Global Forex, LLC

2/19/2024

(1)

Foreign currency forward contract

$

76

CAD

105

Bannockburn Global Forex, LLC

3/19/2024

(1)

Foreign currency forward contract

$

313

CAD

424

Bannockburn Global Forex, LLC

4/3/2024

Foreign currency forward contract

$

103

CAD

143

Bannockburn Global Forex, LLC

4/17/2024

(2)

Foreign currency forward contract

$

78

CAD

108

Bannockburn Global Forex, LLC

5/17/2024

(1)

Foreign currency forward contract

$

86

CAD

118

Bannockburn Global Forex, LLC

6/19/2024

(2)

Foreign currency forward contract

$

308

CAD

417

Bannockburn Global Forex, LLC

7/3/2024

Foreign currency forward contract

$

95

CAD

131

Bannockburn Global Forex, LLC

7/17/2024

(2)

Foreign currency forward contract

$

80

CAD

111

Bannockburn Global Forex, LLC

8/19/2024

(1)

Foreign currency forward contract

$

83

CAD

114

Bannockburn Global Forex, LLC

9/18/2024

(1)

Foreign currency forward contract

$

312

CAD

423

Bannockburn Global Forex, LLC

10/2/2024

Foreign currency forward contract

$

97

CAD

134

Bannockburn Global Forex, LLC

10/17/2024

(2)

Foreign currency forward contract

$

80

CAD

110

Bannockburn Global Forex, LLC

11/19/2024

(1)

Foreign currency forward contract

$

80

 

CAD

110

 

Bannockburn Global Forex, LLC

 

12/18/2024

 

(1)

Foreign currency forward contract

$

302

CAD

409

Bannockburn Global Forex, LLC

1/2/2025

Foreign currency forward contract

$

96

CAD

133

Bannockburn Global Forex, LLC

1/17/2025

(2)

Foreign currency forward contract

$

83

CAD

115

Bannockburn Global Forex, LLC

2/20/2025

(2)

Foreign currency forward contract

$

66

CAD

91

Bannockburn Global Forex, LLC

3/19/2025

(1)

Foreign currency forward contract

$

10,811

CAD

14,653

Bannockburn Global Forex, LLC

4/2/2025

Foreign currency forward contract

$

93

CAD

128

Bannockburn Global Forex, LLC

4/17/2025

(2)

Foreign currency forward contract

$

73

CAD

101

Bannockburn Global Forex, LLC

5/19/2025

(1)

Foreign currency forward contract

$

78

CAD

107

Bannockburn Global Forex, LLC

6/18/2025

(1)

Foreign currency forward contract

$

93

CAD

128

Bannockburn Global Forex, LLC

7/17/2025

(2)

Foreign currency forward contract

$

75

CAD

103

Bannockburn Global Forex, LLC

8/19/2025

(1)

Foreign currency forward contract

$

75

CAD

103

Bannockburn Global Forex, LLC

9/17/2025

(1)

Foreign currency forward contract

$

94

CAD

130

Bannockburn Global Forex, LLC

10/17/2025

(2)

Foreign currency forward contract

$

79

CAD

109

Bannockburn Global Forex, LLC

11/19/2025

(1)

Foreign currency forward contract

$

8,874

CAD

12,243

Bannockburn Global Forex, LLC

12/18/2025

(159)

Foreign currency forward contract

$

118

 

AUD

153

 

Bannockburn Global Forex, LLC

 

1/18/2023

 

14

Foreign currency forward contract

$

108

 

AUD

140

 

Bannockburn Global Forex, LLC

 

2/16/2023

 

12

Foreign currency forward contract

$

102

 

AUD

132

 

Bannockburn Global Forex, LLC

 

3/16/2023

 

12

Foreign currency forward contract

$

123

 

AUD

160

 

Bannockburn Global Forex, LLC

 

4/20/2023

 

14

Foreign currency forward contract

$

93

 

AUD

121

 

Bannockburn Global Forex, LLC

 

5/16/2023

 

11

Foreign currency forward contract

$

121

 

AUD

156

 

Bannockburn Global Forex, LLC

 

6/19/2023

 

14

Foreign currency forward contract

$

106

 

AUD

138

 

Bannockburn Global Forex, LLC

 

7/18/2023

 

12

Foreign currency forward contract

$

113

 

AUD

146

 

Bannockburn Global Forex, LLC

 

8/16/2023

 

13

Foreign currency forward contract

$

113

 

AUD

146

 

Bannockburn Global Forex, LLC

 

9/18/2023

 

13

Foreign currency forward contract

$

114

 

AUD

148

 

Bannockburn Global Forex, LLC

 

10/18/2023

 

13

Foreign currency forward contract

$

107

 

AUD

140

 

Bannockburn Global Forex, LLC

 

11/16/2023

 

12

Foreign currency forward contract

$

109

 

AUD

142

 

Bannockburn Global Forex, LLC

 

12/18/2023

 

12

Foreign currency forward contract

$

115

 

AUD

150

 

Bannockburn Global Forex, LLC

 

1/17/2024

 

13

Foreign currency forward contract

$

110

 

AUD

143

 

Bannockburn Global Forex, LLC

 

2/16/2024

 

12

Foreign currency forward contract

$

11,827

 

AUD

15,410

 

Bannockburn Global Forex, LLC

 

3/18/2024

 

1,329

$

1,296

30

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2022

(in thousands, except for shares and units)

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

(˄˄) The majority of the investments bear interest at a rate that may be determined by reference to the London Interbank Offered Rate (“LIBOR” or “L”), Secured Overnight Financing Rate (“SOFR” or “SF”), Canadian dollar Offered rate (“CDOR” or “C”) or Prime Rate (“Prime” or “P”) which reset daily, monthly, quarterly, or semiannually. For each such investment, the Company has provided the spread over LIBOR, SOFR, CDOR, or Prime, as applicable, and the current contractual interest rate in effect at December 31, 2022. 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, 2022 represented 194.6% of the Company’s net assets or 95.1% of the Company’s total assets, are subject to legal restrictions on sales.

(˄˄˄˄) Except as otherwise noted, because there is no readily available market value for these investments, the fair value of each of these investments is determined in good faith using significant unobservable inputs by the Valuation Designee. (See Note 4 in the accompanying notes to the consolidated financial statements).

(˄˄˄˄˄) Percentages are based on net assets of $754,916 as of December 31, 2022.

(~) All or a portion of this security was held in MC Income Plus Financing SPV LLC (the “SPV”) as collateral for the Company’s secured revolving credit facility (the “Credit Facility”) with KeyBank National Association. (See Note 7 in the accompanying notes to the consolidated financial statements).

(~~) All or a portion of this security was held in Monroe Capital Income Plus ABS Funding, LLC (the “2022 Issuer”) as collateral for the Company’s $425,000 asset-backed securitization (the “2022 ABS”). (See Note 7 in the accompanying notes to the consolidated financial statements).

(~~~) All or a portion of this security was held in MC Income Plus Financing SPV II LLC (the “SPV II”) as collateral for the Company’s secured term loan credit facility (the “Term Loan”) with KeyBank National Association. (See Note 7 in the accompanying notes to the consolidated financial statements).

(<) 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, 2022, non-qualifying assets totaled 14.1% of the Company’s total assets.

(<<) The Company structures its unitranche secured loans as senior secured loans. The Company obtains security interests in the assets of these portfolio companies that serve as collateral in support of the repayment of these loans. This collateral may take the form of first-priority liens on the assets of a portfolio company. Generally, the Company syndicates a “first out” portion of the loan to an investor and retains a “last out” portion of the loan, in which case the “first out” portion of the loan will generally receive priority with respect to payments of principal, interest and any other amounts due thereunder. Unitranche structures combine characteristics of traditional first lien senior secured as well as second lien and subordinated loans and the Company’s unitranche secured loans will expose the Company to the risks associated with second lien and subordinated loans and may limit the Company’s recourse or ability to recover collateral upon a portfolio company’s bankruptcy. Unitranche secured loans typically provide for moderate loan amortization in the initial years of the facility, with the majority of the amortization deferred until loan maturity. Unitranche secured loans generally allow the borrower to make a large lump sum payment of principal at the end of the loan term, and there is a risk of loss if the borrower is unable to pay the lump sum or refinance the amount owed at maturity. In many cases the Company, together with its affiliates, is the sole or majority lender of these unitranche secured loans, which can afford the Company additional influence with a borrower in terms of monitoring and, if necessary, remediation in the event of underperformance.

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

(##) Ownership of certain equity investments may occur through a holding company or partnership.

(###) Represents a non-income producing security.

(####) 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.

(#####) 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).

(*) All or a portion of this commitment was unfunded at December 31, 2022. As such, interest is earned only on the funded portion of this commitment.

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

(a) This loan is denominated in Canadian dollars and is translated into U.S. dollars as of the valuation date.

(b) This is an international company.

(c) This loan is denominated in Australian dollars and is translated into U.S. dollars as of the valuation date.

(d) Investment position or portion thereof unsettled as of December 31, 2022.

(e) As of December 31, 2022, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $2,293.

(f) As of December 31, 2022, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $8.

(g) The fair value of this investment was valued using Level 1 inputs. See Note 4 in the accompanying notes to the consolidated financial statements.

(h) As of December 31, 2022, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $34.

(i) As of December 31, 2022, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $1,064.

(j) As of December 31, 2022, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $1,381.

(k) In lieu of interest, this loan accrues an exit fee of 30% of the funded principal amount which is due upon payoff or maturity.

n/a - not applicable

See Notes to Consolidated Financial Statements.

31

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(in thousands, except share and per share data)

Note 1. Organization and Principal Business

Monroe Capital Income Plus Corporation (together with its subsidiaries, the “Company”) is a Maryland corporation that was formed as an externally managed, closed-end, non-diversified investment company. The Company is a specialty finance company organized to maximize the total return to the Company’s stockholders in the form of current income and capital appreciation through a variety of investments. The Company is managed by Monroe Capital BDC Advisors, LLC (“MC Advisors”). The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes, the Company elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company currently qualifies and intends to qualify annually to be treated as a RIC for U.S. federal income tax purposes.

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

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

On April 7, 2022, the Company created a wholly-owned subsidiary, Monroe Capital Income Plus ABS Funding, LLC (the “2022 Issuer”), for purposes of completing an asset-backed securitization (the “2022 ABS”) and issuing secured notes through a private placement. See Note 7 for additional information on the 2022 ABS.

On December 20, 2022, the Company created a wholly-owned subsidiary, MC Income Plus Financing SPV II LLC (the “SPV II”), for purposes of entering into a senior secured term credit facility (the “Term Loan”) with KeyBank National Association. See Note 7 for additional information on the Term Loan.

On September 15, 2023, the Company created a wholly-owned subsidiary, Monroe Capital Income Plus ABS Funding II, LLC (the “2023 Issuer”), for purposes of completing an asset-backed securitization (the “2023 ABS”) and issuing secured notes through a private placement. See Note 7 for additional information on the 2023 ABS.

Note 2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). The accompanying consolidated financial statements of the Company and related financial information have been prepared pursuant to the requirements for reporting on Form 10-Q and Articles 6 and 10 of Regulation S-X. The Company has determined it meets the definition of an investment company and follows the accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 – Financial Services – Investment Companies (“ASC Topic 946”). Certain prior period amounts have been reclassified to conform to the current period presentation.

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

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Use of Estimates

The preparation of the consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Consolidation

As permitted under ASC Topic 946, the Company will generally not consolidate its investment in a portfolio company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the results of its wholly-owned subsidiaries, including the SPV, SPV II, the 2022 Issuer, the 2023 Issuer and the Company’s wholly-owned taxable subsidiaries (the “Taxable Subsidiaries”) in its consolidated financial statements. The purpose of the Taxable Subsidiaries is to permit the Company to hold equity investments in portfolio companies that are taxed as partnerships for U.S. federal income tax purposes while complying with the “source of income” requirements contained in the RIC tax provisions of the Code. The Taxable Subsidiaries are not consolidated with the Company for U.S. federal corporate income tax purposes, and each Taxable Subsidiary is subject to U.S. federal corporate income tax on its taxable income. All intercompany balances and transactions have been eliminated.

Fair Value of Financial Instruments

The Company applies fair value to substantially all of its financial instruments in accordance with ASC Topic 820 — Fair Value Measurements and Disclosures (“ASC Topic 820”). ASC Topic 820 defines fair value, establishes a framework used to measure fair value, and requires disclosures for fair value measurements, including the categorization of financial instruments into a three-level hierarchy based on the transparency of valuation inputs. See Note 4 for further discussion regarding the fair value measurements and hierarchy.

ASC Topic 820 requires disclosure of the fair value of financial instruments for which it is practical to estimate such value. The Company believes that the carrying amounts of its other financial instruments such as cash, receivables and payables approximate the fair value of such items due to the short maturity of such instruments.

Revenue Recognition

The Company’s revenue recognition policies are as follows:

Investments and related investment income: Interest and dividend income is recorded on the accrual basis to the extent that the Company expects to collect such amounts. Interest income is accrued based upon the outstanding principal amount and contractual terms of debt and preferred equity investments. Interest is accrued on a daily basis. The Company records fees on loans based on the determination of whether the fee is considered a yield enhancement or payment for a service. If the fee is considered a yield enhancement associated with a funding of cash on a loan, the fee is generally deferred and recognized into interest income using the effective interest method if captured in the cost basis or using the straight-line method if the loan is unfunded and therefore there is no cost basis. If the fee is not considered a yield enhancement because a service was provided, and the fee is payment for that service, the fee is deemed earned and recognized as fee income in the period the service is completed.

Dividend income on preferred equity securities is recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies. Each distribution received from limited liability company (“LLC”) and limited partnership (“LP”) investments is evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, the Company will not record distributions from equity investments in LLCs and LPs as dividend income unless there are sufficient accumulated tax-basis earnings and profits in the LLC or LP prior to the applicable distribution. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment. For the three and sixnine months ended JuneSeptember 30, 2023, the Company received return of capital distributions from its equity investments of $108zero and $122, respectively. For both the three and sixnine months ended JuneSeptember 30, 2022, the Company received return of capital distributions from its equity investments of $435.$17 and $452, respectively.

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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 $32,129$35,679 and $29,392 as of JuneSeptember 30, 2023 and December 31, 2022, respectively. Upfront loan origination and closing fees received for the three and sixnine months ended JuneSeptember 30, 2023 totaled $6,750$5,921 and $8,623,$14,544, respectively. Upfront loan origination and closing fees received for the three and sixnine months ended JuneSeptember 30, 2022 totaled $3,216$9,547 and $4,247,$13,794, respectively. Upon the prepayment of a loan or debt security, any unamortized premium or discount or loan origination fees are recorded as interest income.

The components of the Company’s investment income were as follows:

Three months ended 

Three months ended 

June 30,

September 30,

    

2023

    

2022

    

2023

    

2022

Interest income

$

46,975

$

15,166

$

55,527

$

19,264

PIK interest income

 

1,621

 

956

 

1,767

 

1,902

Dividend income (1)

 

139

 

119

 

128

 

127

Fee income

 

402

 

192

 

453

 

385

Prepayment gain (loss)

 

151

 

222

 

117

 

609

Accretion of discounts and amortization of premiums

 

1,272

 

548

 

1,220

 

530

Total investment income

$

50,560

$

17,203

$

59,212

$

22,817

Nine months ended

Six months ended June 30,

September 30,

    

2023

    

2022

    

2023

    

2022

Interest income

$

88,432

$

28,333

$

143,959

$

47,597

PIK interest income

 

3,733

 

1,634

 

5,500

 

3,536

Dividend income (2)

 

244

 

215

 

372

 

342

Fee income

 

640

 

1,785

 

1,093

 

2,170

Prepayment gain (loss)

 

479

 

432

 

596

 

1,041

Accretion of discounts and amortization of premiums

 

2,884

 

1,191

 

4,104

 

1,721

Total investment income

$

96,412

$

33,590

$

155,624

$

56,407

(1)During the three months ended JuneSeptember 30, 2023 and 2022, dividend income includes PIK dividends of $96$101 and $88,$90, respectively.
(2)During the sixnine months ended JuneSeptember 30, 2023 and 2022, dividend income includes PIK dividends of $189$290 and $180,$270, respectively.

Investment transactions are recorded on a trade-date basis. Realized gains or losses on portfolio investments are calculated based upon the difference between the net proceeds from the disposition and the amortized cost basis of the investment, without regard to unrealized gains or losses previously recognized. Realized gains and losses are recorded within net realized gain (loss) on investments on the consolidated statements of operations. Changes in the fair value of investments from the prior period, as determined through the application of the Company’s valuation policy, are included within net change in unrealized gain (loss) on investments on the consolidated statements of operations.

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Non-accrual: Loans or preferred equity securities are placed on non-accrual status when principal, interest or dividend payments become materially past due, or when there is reasonable doubt that principal, interest or dividends will be collected. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans are restored to accrual status when past due principal, interest, or dividends are paid, or are expected to be paid, and, in management’s judgment are likely to remain current. As of JuneSeptember 30, 2023 and December 31, 2022, there were onetwo and zero 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 $9,156$9,549 and zero at JuneSeptember 30, 2023 and December 31, 2022, respectively.

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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 of Directors (the “Board”) at least quarterly and is generally based upon the Company’s earnings as estimated by management. Net realized capital gains, if any, are generally distributed at least annually.

The determination of the tax attributes for the Company’s distributions is made annually, based upon its taxable income for the full year and distributions paid for the full year. Ordinary dividend distributions from a RIC do not qualify for the preferential tax rate on qualified dividend income from domestic corporations and qualified foreign corporations, except to the extent that the RIC received the income in the form of qualifying dividends from domestic corporations and qualified foreign corporations. The tax attributes for distributions will generally include both ordinary income and capital gains, but may also include qualified dividends or return of capital.

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

Segments

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

Cash

The Company deposits its cash in a financial institution and, at times, such balances may be in excess of the Federal Deposit Insurance Corporation insurance limit. The Company’s deposits are held in high-quality financial institutions and management believes that risk of loss with any uninsured balance is remote.

Restricted Cash

Restricted cash includes amounts held within the SPV, SPV II, 2022 Issuer, and 20222023 Issuer. Cash held within the SPV, SPV II, 2022 Issuer, and 20222023 Issuer is generally restricted to use for the originations of new investments, the repayment of outstanding debt and the related payment of interest expense and the quarterly release of earnings to the Company. As of JuneSeptember 30, 2023 and December 31, 2022, restricted cash included $39,621$38,507 and $26,753, respectively, held within the SPV, $5,122$2,556 and $368, respectively, held within the SPV II, and $13,590$10,499 and $19,367, respectively, held within the 2022 Issuer and $20,792 and zero, respectively, held within the 2023 Issuer.

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Unamortized Deferred Financing Costs

Deferred financing costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. As of JuneSeptember 30, 2023 and December 31, 2022, the Company had unamortized deferred financing costs of $10,197$10,873 and $11,914, respectively, presented as a direct reduction of the carrying amount of debt on the consolidated statements of assets and liabilities. These amounts are amortized and included in interest and other debt financing expenses on the consolidated statements of operations over the estimated average life of the borrowings. Amortization of deferred financing costs for the three and sixnine months ended JuneSeptember 30, 2023 was $1,523$1,578 and $2,253,$3,831, respectively. Amortization of deferred financing costs for the three and sixnine months ended JuneSeptember 30, 2022 was $606$630 and $991,$1,621, respectively.

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Investments Denominated in Foreign Currency

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

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

Investments denominated in foreign currencies and foreign currency transactions may involve certain consideration and risks not typically associated with those of domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S. dollar.

Derivative Instruments

The Company has entered and may continue to enter into foreign currency forward contracts to reduce the Company’s exposure to foreign currency exchange rate fluctuations. In a foreign currency forward contract, the Company agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. Foreign currency forward contracts are marked-to-market based on the difference between the forward rate and the exchange rate at the current period end. Unrealized gain (loss) on foreign currency forward contracts areis 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 as to qualify for the tax treatment available to RICs. As long as the Company maintains its status as a RIC, it generally will not 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.

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To qualify as a RIC under Subchapter M of the Code, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its stockholders, for each taxable year, at least 90% of its “investment company taxable income” for that year, which is generally its ordinary income plus the excess of its realized net short-term capital gains over its realized net long-term capital losses. In order for the Company not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gains in excess of capital losses for the calendar year and (iii) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. The Company, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay U.S. federal income tax and a 4% nondeductible U.S. federal excise tax on this income. For the three and sixnine months ended JuneSeptember 30, 2023 the Company recorded a net expense (benefit) on the consolidated statements of operations of $150 and $345$495 for U.S. federal excise tax, respectively. For both the three and sixnine months ended JuneSeptember 30, 2022, the Company did not recordrecorded a net tax expense (benefit) on the consolidated statements of operations of $1 for U.S. federal excise tax. As of JuneSeptember 30, 2023 and December 31, 2022, the Company recorded an accrual for U.S. federal excise taxes of $300$450 and $125, respectively, which were included in accounts payable and accrued expenses on the consolidated statements of assets and liabilities.

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The Company’s consolidated Taxable Subsidiaries may be subject to U.S. federal and state corporate-level income taxes. For both the three and sixnine months ended JuneSeptember 30, 2023, the Company recorded a net tax expense of zero and $39, respectively, on the consolidated statements of operations for these subsidiaries. For both the three and sixnine months ended JuneSeptember 30, 2022, the Company recorded a net tax expense of zero and $1, respectively, on the consolidated statements of operations for these subsidiaries. As of both JuneSeptember 30, 2023 and December 31, 2022, no payables for corporate-level income taxes were accrued.

The Company accounts for income taxes in conformity with ASC Topic 740 — Income Taxes (“ASC Topic 740”). ASC Topic 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in the consolidated financial statements. ASC Topic 740 requires the evaluation of tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense in the current year. It is the Company’s policy to recognize accrued interest and penalties related to uncertain tax benefits in income tax expense. The Company did not take any material uncertain income tax positions through JuneSeptember 30, 2023. The 20192020 through 20222023 tax years remain subject to examination by U.S. federal and state tax authorities.

Subsequent Events

The Company has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the consolidated financial statements were issued. There have been no subsequent events that occurred during such period that would require disclosure in this Form 10-Q or would be required to be recognized in the consolidated financial statements as of and for the threenine months ended JuneSeptember 30, 2023, except as disclosed in Note 13.

Recent Accounting Pronouncements

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (“ASU 2020-04”). The amendments in ASU 2020-04 provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The standard is effective as of March 12, 2020 through December 31, 2024. The Company did not utilize the optional expedients and exceptions provided by ASU 2020-04 during the sixnine months ended JuneSeptember 30, 2023.

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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):

June 30, 2023

December 31, 2022

 

September 30, 2023

December 31, 2022

 

Amortized Cost:

Senior secured loans

    

$

1,526,307

    

86.8

%  

$

1,251,960

    

85.4

%

    

$

1,721,644

    

87.3

%  

$

1,251,960

    

85.4

%

Unitranche secured loans

 

129,758

 

7.4

 

128,313

 

8.8

 

130,019

 

6.6

 

128,313

 

8.8

Junior secured loans

 

44,736

 

2.5

 

43,973

 

3.0

 

56,877

 

2.9

 

43,973

 

3.0

Equity securities

 

58,532

 

3.3

 

41,106

 

2.8

 

62,820

3.2

 

41,106

 

2.8

Total

$

1,759,333

 

100.0

%  

$

1,465,352

 

100.0

%

$

1,971,360

100.0

%  

$

1,465,352

 

100.0

%

June 30, 2023

December 31, 2022

 

September 30, 2023

December 31, 2022

 

Fair Value:

    

  

    

  

    

  

    

  

    

  

    

  

    

  

    

  

Senior secured loans

$

1,529,436

 

86.7

%  

$

1,250,788

 

85.1

%

$

1,726,087

87.4

%  

$

1,250,788

 

85.1

%

Unitranche secured loans

 

129,399

 

7.3

 

127,378

 

8.7

 

129,840

6.6

 

127,378

 

8.7

Junior secured loans

 

44,190

 

2.5

 

44,469

 

3.0

 

51,521

2.6

 

44,469

 

3.0

Equity securities

 

61,749

 

3.5

 

46,361

 

3.2

 

66,685

3.4

 

46,361

 

3.2

Total

$

1,764,774

 

100.0

%  

$

1,468,996

 

100.0

%

$

1,974,133

100.0

%  

$

1,468,996

 

100.0

%

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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:

June 30, 2023

December 31, 2022

 

September 30, 2023

December 31, 2022

 

Amortized Cost:

    

  

    

  

    

  

    

  

    

  

    

  

    

  

    

  

International

$

84,368

 

4.8

%  

$

62,244

 

4.3

%

$

91,222

4.6

%  

$

62,244

 

4.3

%

Midwest

 

361,387

 

20.6

 

312,637

 

21.3

 

397,758

20.2

 

312,637

 

21.3

Northeast

 

340,164

 

19.3

 

245,445

 

16.7

 

448,290

22.8

 

245,445

 

16.7

Northwest

72,282

4.1

66,839

4.6

72,430

3.7

66,839

4.6

Southeast

 

419,650

 

23.9

 

353,079

 

24.1

 

460,008

23.3

 

353,079

 

24.1

Southwest

 

185,163

 

10.5

 

183,722

 

12.5

 

205,054

10.4

 

183,722

 

12.5

West

 

296,319

 

16.8

 

241,386

 

16.5

 

296,598

15.0

 

241,386

 

16.5

Total

$

1,759,333

 

100.0

%  

$

1,465,352

 

100.0

%

$

1,971,360

100.0

%  

$

1,465,352

 

100.0

%

June 30, 2023

December 31, 2022

 

September 30, 2023

December 31, 2022

 

Fair Value:

    

  

    

  

    

  

    

  

    

  

    

  

    

  

    

  

International

$

81,984

 

4.6

%  

$

59,706

 

4.1

%

$

86,141

4.4

%  

$

59,706

 

4.1

%

Midwest

 

359,475

 

20.4

 

313,240

 

21.3

 

395,877

20.1

 

313,240

 

21.3

Northeast

 

341,665

 

19.4

 

244,305

 

16.6

 

450,012

22.8

 

244,305

 

16.6

Northwest

73,345

4.2

67,226

4.6

73,404

3.7

67,226

4.6

Southeast

 

428,123

 

24.2

 

360,465

 

24.5

 

466,913

23.6

 

360,465

 

24.5

Southwest

 

184,052

 

10.4

 

181,981

 

12.4

 

204,757

10.4

 

181,981

 

12.4

West

 

296,130

 

16.8

 

242,073

 

16.5

 

297,029

15.0

 

242,073

 

16.5

Total

$

1,764,774

 

100.0

%  

$

1,468,996

 

100.0

%

$

1,974,133

100.0

%  

$

1,468,996

 

100.0

%

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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):

June 30, 2023

December 31, 2022

 

September 30, 2023

December 31, 2022

 

Amortized Cost:

Aerospace & Defense

    

$

21,490

    

1.2

%

$

21,418

    

1.5

%

    

$

21,756

    

1.1

%

$

21,418

    

1.5

%

Automotive

 

39,359

 

2.2

 

39,131

 

2.7

 

39,804

2.0

 

39,131

 

2.7

Banking

 

35,357

 

2.0

 

35,534

 

2.4

 

34,226

1.7

 

35,534

 

2.4

Beverage, Food & Tobacco

 

16,523

 

0.9

 

16,807

 

1.1

 

36,145

1.8

 

16,807

 

1.1

Capital Equipment

 

72,611

 

4.1

 

55,062

 

3.7

 

72,512

3.7

 

55,062

 

3.7

Chemicals, Plastics & Rubber

740

0.0

739

0.0

Construction & Building

 

61,724

 

3.5

 

34,932

 

2.4

 

61,911

3.1

 

34,932

 

2.4

Consumer Goods: Durable

 

47,171

 

2.7

 

42,278

 

2.9

 

46,795

2.4

 

42,278

 

2.9

Consumer Goods: Non-Durable

 

44,407

 

2.5

 

32,697

 

2.2

 

44,358

2.3

 

32,697

 

2.2

Containers, Packaging & Glass

13,895

0.8

11,674

0.8

13,874

0.7

11,674

0.8

Energy: Oil & Gas

2,977

0.2

3,970

0.3

2,971

0.2

3,970

0.3

Environmental Industries

 

34,551

 

2.0

 

30,612

 

2.1

 

34,815

1.8

 

30,612

 

2.1

FIRE: Finance

 

122,859

 

7.0

 

67,608

 

4.6

 

134,162

6.8

 

67,608

 

4.6

FIRE: Insurance

18,690

1.1

9,709

0.7

23,832

1.2

9,709

0.7

FIRE: Real Estate

 

77,248

 

4.4

 

69,695

 

4.7

 

81,431

4.1

 

69,695

 

4.7

Healthcare & Pharmaceuticals

 

254,447

 

14.5

 

209,460

 

14.3

 

293,564

14.9

 

209,460

 

14.3

High Tech Industries

 

194,888

 

11.1

 

180,078

 

12.3

 

195,263

9.9

 

180,078

 

12.3

Hotels, Gaming & Leisure

 

95

 

0.0

 

2,316

 

0.1

 

95

0.0

 

2,316

 

0.1

Media: Advertising, Printing & Publishing

 

141,756

 

8.0

 

128,704

 

8.8

 

141,652

7.2

 

128,704

 

8.8

Media: Broadcasting & Subscription

 

2,741

 

0.1

 

2,059

 

0.1

 

2,988

0.2

 

2,059

 

0.1

Media: Diversified & Production

 

45,632

 

2.6

 

46,881

 

3.2

 

46,609

2.4

 

46,881

 

3.2

Retail

 

922

 

0.1

 

 

Services: Business

 

228,065

 

13.0

 

184,567

 

12.6

 

348,579

17.7

 

184,567

 

12.6

Services: Consumer

 

104,237

 

5.9

 

77,065

 

5.3

 

109,370

5.5

 

77,065

 

5.3

Telecommunications

 

36,310

 

2.1

 

36,508

 

2.5

 

42,159

2.1

 

36,508

 

2.5

Transportation: Cargo

105,127

6.0

97,803

6.7

106,302

5.4

97,803

6.7

Wholesale

 

35,511

 

2.0

 

28,784

 

2.0

 

35,448

1.8

 

28,784

 

2.0

Total

$

1,759,333

 

100.0

%

$

1,465,352

 

100.0

%

$

1,971,360

100.0

%

$

1,465,352

 

100.0

%

39

Table of Contents

June 30, 2023

December 31, 2022

 

September 30, 2023

December 31, 2022

 

Fair Value:

Aerospace & Defense

    

$

21,011

    

1.2

%  

$

21,049

    

1.4

%

    

$

21,155

    

1.1

%  

$

21,049

    

1.4

%

Automotive

 

38,129

 

2.2

 

38,843

 

2.7

 

37,119

1.9

 

38,843

 

2.7

Banking

 

37,046

 

2.1

 

37,979

 

2.6

 

33,643

1.7

 

37,979

 

2.6

Beverage, Food & Tobacco

 

16,140

 

0.9

 

16,439

 

1.1

 

35,858

1.8

 

16,439

 

1.1

Capital Equipment

 

72,342

 

4.1

 

56,074

 

3.8

 

72,561

3.7

 

56,074

 

3.8

Chemicals, Plastics & Rubber

705

0.0

626

0.0

Construction & Building

 

61,771

 

3.5

 

34,877

 

2.4

 

62,713

3.2

 

34,877

 

2.4

Consumer Goods: Durable

 

45,247

 

2.6

 

40,357

 

2.7

 

45,453

2.3

 

40,357

 

2.7

Consumer Goods: Non-Durable

 

44,257

 

2.5

 

32,843

 

2.2

 

44,009

2.2

 

32,843

 

2.2

Containers, Packaging & Glass

 

14,118

 

0.8

 

11,675

 

0.8

 

13,973

0.7

 

11,675

 

0.8

Energy: Oil & Gas

 

2,690

 

0.2

 

3,597

 

0.2

 

2,787

0.2

 

3,597

 

0.2

Environmental Industries

 

35,656

 

2.0

 

31,457

 

2.1

 

35,926

1.8

 

31,457

 

2.1

FIRE: Finance

 

123,451

 

7.0

 

66,639

 

4.5

 

134,402

6.8

 

66,639

 

4.5

FIRE: Insurance

 

18,553

 

1.1

 

9,641

 

0.7

 

23,671

1.2

 

9,641

 

0.7

FIRE: Real Estate

 

78,581

 

4.4

 

71,154

 

4.8

 

82,509

4.2

 

71,154

 

4.8

Healthcare & Pharmaceuticals

 

255,373

 

14.5

 

210,831

 

14.4

 

294,344

14.9

 

210,831

 

14.4

High Tech Industries

 

194,481

 

11.0

 

180,823

 

12.3

 

192,457

9.8

 

180,823

 

12.3

Hotels, Gaming & Leisure

 

62

 

0.0

 

2,331

 

0.2

 

99

0.0

 

2,331

 

0.2

Media: Advertising, Printing & Publishing

 

143,152

 

8.1

 

129,362

 

8.8

 

144,058

7.3

 

129,362

 

8.8

Media: Broadcasting & Subscription

 

2,011

 

0.1

 

2,019

 

0.1

 

2,073

0.1

 

2,019

 

0.1

Media: Diversified & Production

 

45,002

 

2.6

 

46,348

 

3.2

 

46,081

2.3

 

46,348

 

3.2

Retail

954

0.1

Services: Business

230,154

13.0

184,535

12.6

351,505

17.8

184,535

12.6

Services: Consumer

104,995

5.9

77,998

5.3

110,669

5.6

77,998

5.3

Telecommunications

36,848

2.1

36,415

2.5

42,873

2.2

36,415

2.5

Transportation: Cargo

 

106,056

 

6.0

 

97,153

 

6.6

 

107,385

5.4

 

97,153

 

6.6

Wholesale

 

35,989

 

2.0

 

28,557

 

2.0

 

36,184

1.8

 

28,557

 

2.0

Total

$

1,764,774

 

100.0

%  

$

1,468,996

 

100.0

%

$

1,974,133

100.0

%  

$

1,468,996

 

100.0

%

Note 4. Fair Value Measurements

Investments

The Company values all investments in accordance with ASC Topic 820. ASC Topic 820 requires enhanced disclosures about assets and liabilities that are measured and reported at fair value. As defined in ASC Topic 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation models involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the assets or liabilities or market and the assets’ or liabilities’ complexity.

ASC Topic 820 establishes a hierarchal disclosure framework which prioritizes and ranks the level of market price observability of inputs used in measuring investments at fair value. Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

Based on the observability of the inputs used in the valuation techniques, the Company is required to provide disclosures on fair value measurements according to the fair value hierarchy. The fair value hierarchy ranks the observability of the inputs used to determine fair values. Investments carried at fair value are classified and disclosed in one of the following three categories:

Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date.

40

Table of Contents

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.

For periods prior to September 30, 2022, the Board determined the fair value of the Company’s investments. Pursuant to the new SEC Rule 2a-5 of the 1940 Act, on September 30, 2022 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 Valuation Designee’s management and personnel and independent valuation firms which are engaged at the direction of the valuation committee to assist in the valuation of certain portfolio investments lacking a readily available market quotation. The valuation committee determines fair values pursuant to a valuation policy approved by the Board and pursuant to a consistently applied valuation process.

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

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

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Table of Contents

The accompanying consolidated schedules of investments held by the Company consist primarily of private debt instruments (“Level 3 debt”). The Valuation Designee generally uses the income approach to determine fair value for Level 3 debt where market quotations are not readily available, as long as it is appropriate. If there is deterioration in credit quality or a debt investment is in workout status, the Valuation Designee may consider other factors in determining the fair value, including the value attributable to the debt investment from the enterprise value of the portfolio company or the proceeds that would be received in a liquidation analysis. This liquidation analysis may include probability weighting of alternative outcomes. The Valuation Designee generally considers the Company’s Level 3 debt to be performing if the borrower is not in default, the borrower is remitting payments in a timely manner; the loan is in covenant compliance or is otherwise not deemed to be impaired. In determining the fair value of the performing Level 3 debt, the Valuation Designee considers fluctuations in current interest rates, the trends in yields of debt instruments with similar credit ratings, financial condition of the borrower, economic conditions and other relevant factors, both qualitative and quantitative. In the event that a Level 3 debt instrument is not performing, as defined above, the Valuation Designee will evaluate the value of the collateral utilizing the same framework described above for a performing loan to determine the value of the Level 3 debt instrument.

Under the income approach, discounted cash flow models are utilized to determine the present value of the future cash flow streams of its debt investments, based on future interest and principal payments as set forth in the associated loan agreements. In determining fair value under the income approach, the Valuation Designee also considers the following factors: applicable market yields and leverage levels, credit quality, prepayment penalties, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, and changes in the interest rate environment and the credit markets that generally may affect the price at which similar investments may be made.

Under the market approach, the enterprise value methodology is typically utilized to determine the fair value of an investment. There is no one methodology to estimate enterprise value and, in fact, for any one portfolio company, enterprise value is generally best expressed as a range of values, from which the Valuation Designee derives a single estimate of enterprise value. In estimating the enterprise value of a portfolio company, the Valuation Designee analyzes various factors consistent with industry practice, including but not limited to original transaction multiples, the portfolio company’s historical and projected financial results, applicable market trading and transaction comparables, applicable market yields and leverage levels, the nature and realizable value of any collateral, the markets in which the portfolio company does business, and comparisons of financial ratios of peer companies that are public. Typically, the enterprise values of private companies are based on multiples of earnings before interest, income taxes, depreciation and amortization (“EBITDA”), cash flows, net income, revenues, or in limited cases, book value.

In addition, for certain 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 Valuation Designee generally uses the midpoint of the bid/ask range as its best estimate of fair value of such investment.

As of JuneSeptember 30, 2023, the Valuation Designee determined, in good faith, the fair value of the Company’s portfolio investments in accordance with GAAP and the Company’s valuation procedures based on the facts and circumstances known by the Company at that time, or reasonably expected to be known at that time.

Foreign Currency Forward Contracts

The valuation for the Company’s foreign currency forward contracts is based on the difference between the exchange rate associated with the forward contract and the exchange rate at the current period end. Foreign currency forward contracts are categorized as Level 2 in the fair value hierarchy.

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Table of Contents

Fair Value Disclosures

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

Fair Value Measurements

Fair Value Measurements

June 30, 2023

    

Level 1

    

Level 2

    

Level 3

    

Total

September 30, 2023

    

Level 1

    

Level 2

    

Level 3

    

Total

Senior secured loans

$

$

$

1,529,436

$

1,529,436

$

$

$

1,726,087

$

1,726,087

Unitranche secured loans

 

 

 

129,399

 

129,399

 

129,840

129,840

Junior secured loans

 

 

 

44,190

 

44,190

 

51,521

51,521

Equity securities

 

32

 

 

61,717

 

61,749

 

24

66,661

66,685

Total investments

$

32

$

$

1,764,742

$

1,764,774

$

24

$

$

1,974,109

$

1,974,133

Foreign currency forward contracts asset (liability)

$

$

(1,863)

$

$

(1,863)

$

$

85

$

$

85

Fair Value Measurements

December 31, 2022

    

Level 1

    

Level 2

    

Level 3

    

Total

Senior secured loans

$

$

$

1,250,788

$

1,250,788

Unitranche secured loans

 

 

 

127,378

 

127,378

Junior secured loans

 

 

 

44,469

 

44,469

Equity securities

 

34

 

 

46,327

 

46,361

Total investments

$

34

$

$

1,468,962

$

1,468,996

Foreign currency forward contracts asset (liability)

$

$

1,296

$

$

1,296

Senior secured loans, unitranche secured loans and junior secured loans are collateralized by tangible and intangible assets of the borrowers. These investments include loans to entities that have some level of challenge in obtaining financing from other, more conventional institutions, such as a bank. Interest rates on these loans are either fixed or floating and are based on current market conditions and credit ratings of the borrower. Excluding loans on non-accrual, the contractual interest rates on the loans ranged from 8.00% to 21.16%21.32% at JuneSeptember 30, 2023 and 7.14% to 19.50% at December 31, 2022. The maturity dates on the loans outstanding at JuneSeptember 30, 2023 range between AugustOctober 2023 and April 2030.

The following tables provide a reconciliation of the beginning and ending balances for investments at fair value that use Level 3 inputs for the three and sixnine months ended JuneSeptember 30, 2023:

Investments

Investments

Senior 

Unitranche 

Junior 

Equity 

Total

Senior 

Unitranche 

Junior 

Equity 

Total

secured loans

secured loans

secured loans

securities

investments

secured loans

secured loans

secured loans

securities

investments

Balance as of March 31, 2023

    

$

1,320,148

    

$

128,380

    

$

44,633

    

$

50,697

    

$

1,543,858

Balance as of June 30, 2023

    

$

1,529,436

    

$

129,399

    

$

44,190

    

$

61,717

    

$

1,764,742

Net realized gain (loss) on investments

 

(1,604)

 

 

 

 

(1,604)

 

38

38

Net change in unrealized gain (loss) on investments

 

527

 

311

 

(1,088)

 

(2,539)

 

(2,789)

 

(1,481)

180

(2,016)

657

(2,660)

Purchases of investments and other adjustments to cost (1)

 

254,104

 

993

 

1,931

 

13,667

 

270,695

 

228,395

1,289

2,662

3,177

235,523

Proceeds from principal payments and sales of investments (2)

 

(41,663)

 

(285)

 

(3,362)

 

(108)

 

(45,418)

 

(21,252)

(1,028)

(1,254)

(23,534)

Reclassifications (3)

(2,076)

2,076

(9,049)

7,939

1,110

Balance as of June 30, 2023

$

1,529,436

$

129,399

$

44,190

$

61,717

$

1,764,742

Balance as of September 30, 2023

$

1,726,087

$

129,840

$

51,521

$

66,661

$

1,974,109

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Table of Contents

Investments

Investments

Senior

Unitranche 

Junior 

Equity 

Total

Senior

Unitranche 

Junior 

Equity 

Total

 secured loans

secured loans

secured loans

securities

investments

 secured loans

secured loans

secured loans

securities

investments

Balance as of December 31, 2022

    

$

1,250,788

    

$

127,378

    

$

44,469

    

$

46,327

    

$

1,468,962

    

$

1,250,788

    

$

127,378

    

$

44,469

    

$

46,327

    

$

1,468,962

Net realized gain (loss) on investments

 

(1,609)

 

 

 

949

 

(660)

 

(1,571)

949

(622)

Net change in unrealized gain (loss) on investments

 

4,265

 

576

 

(1,004)

 

(2,038)

 

1,799

 

2,784

756

(3,020)

(1,381)

(861)

Purchases of investments and other adjustments to cost (1)

 

351,354

 

1,883

 

4,050

 

17,549

 

374,836

 

579,749

3,172

6,712

20,726

610,359

Proceeds from principal payments and sales of investments (2)

 

(73,286)

 

(438)

 

(5,401)

 

(1,070)

 

(80,195)

 

(94,538)

(1,466)

(6,655)

(1,070)

(103,729)

Reclassifications (3)

(2,076)

2,076

(11,125)

10,015

1,110

Balance as of June 30, 2023

$

1,529,436

$

129,399

$

44,190

$

61,717

$

1,764,742

Balance as of September 30, 2023

$

1,726,087

$

129,840

$

51,521

$

66,661

$

1,974,109

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

The following tables provide a reconciliation of the beginning and ending balances for investments at fair value that use Level 3 inputs for the three and sixnine months ended JuneSeptember 30, 2022:

    

Investments

    

Investments

    

Senior

    

Unitranche

    

Junior

    

Equity

    

Total

    

Senior

    

Unitranche

    

Junior

    

Equity

    

Total

secured loans

secured loans

secured loans

securities

investments

secured loans

secured loans

secured loans

securities

investments

Balance as of March 31, 2022

$

655,949

$

51,314

$

37,403

$

21,870

$

766,536

Balance as of June 30, 2022

$

718,154

$

88,896

$

38,547

$

24,370

$

869,967

Net realized gain (loss) on investments

 

(42)

 

 

 

 

(42)

 

 

 

 

 

Net change in unrealized gain (loss) on investments

 

(6,286)

 

(129)

 

(300)

 

481

 

(6,234)

 

(1,679)

 

(552)

 

(172)

 

390

 

(2,013)

Purchases of investments and other adjustments to cost (1)

 

94,921

 

37,789

 

1,444

 

2,454

 

136,608

 

251,063

 

56

 

1,159

 

13,751

 

266,029

Proceeds from principal payments and sales of investments (2)

 

(26,388)

 

(78)

 

 

(435)

 

(26,901)

 

(55,047)

 

(272)

 

 

(17)

 

(55,336)

Reclassifications (3)

 

 

 

 

 

 

(8,080)

 

8,080

 

 

 

Balance as of June 30, 2022

$

718,154

$

88,896

$

38,547

$

24,370

$

869,967

Balance as of September 30, 2022

$

904,411

$

96,208

$

39,534

$

38,494

$

1,078,647

    

Investments

    

Investments

    

Senior

    

Unitranche

    

Junior

    

Equity

    

Total

    

Senior

    

Unitranche

    

Junior

    

Equity

    

Total

secured loans

secured loans

secured loans

securities

investments

secured loans

secured loans

secured loans

securities

investments

Balance as of December 31, 2021

$

638,120

$

30,161

$

18,580

$

17,790

$

704,651

$

638,120

$

30,161

$

18,580

$

17,790

$

704,651

Net realized gain (loss) on investments

 

(17)

 

 

 

 

(17)

 

(17)

 

 

 

 

(17)

Net change in unrealized gain (loss) on investments

 

(5,195)

 

498

 

(555)

 

2,002

 

(3,250)

 

(6,874)

 

(54)

 

(727)

 

2,392

 

(5,263)

Purchases of investments and other adjustments to cost (1)

 

151,087

 

41,134

 

20,522

 

5,013

 

217,756

 

402,150

 

41,190

 

21,681

 

18,764

 

483,785

Proceeds from principal payments and sales of investments (2)

 

(48,626)

 

(112)

 

 

(435)

 

(49,173)

 

(103,673)

 

(384)

 

 

(452)

 

(104,509)

Reclassifications (3)

 

(17,215)

 

17,215

 

 

 

 

(25,295)

 

25,295

 

 

 

Balance as of June 30, 2022

$

718,154

$

88,896

$

38,547

$

24,370

$

869,967

Balance as of September 30, 2022

$

904,411

$

96,208

$

39,534

$

38,494

$

1,078,647

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

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The total net change in unrealized gain (loss) on investments included on the consolidated statements of operations for the three and sixnine months ended JuneSeptember 30, 2023, attributable to Level 3 investments still held at JuneSeptember 30, 2023, was ($3,956)2,913) and $2,000,($949), respectively. The total net change in unrealized gain (loss) on investments included on the consolidated statements of operations for the three and sixnine months ended JuneSeptember 30, 2022, attributable to Level 3 investments still held at JuneSeptember 30, 2022, was ($6,004)1,555) and ($2,733)4,567), respectively. Reclassifications impacting Level 3 of the fair value hierarchy are reported as transfers in or out of Level 3 as of the beginning of the period in which the reclassifications occur. There were no transfers among Levels 1, 2 and 3 during the three and sixnine months ended JuneSeptember 30, 2023 and 2022.

Significant Unobservable Inputs

ASC Topic 820 requires disclosure of quantitative information about the significant unobservable inputs used in the valuation of assets and liabilities classified as Level 3 within the fair value hierarchy. Disclosure of this information is not required in circumstances where a valuation (unadjusted) is obtained from a third-party pricing service and the information regarding the unobservable inputs is not reasonably available to the Company and as such, the disclosures provided below exclude those investments valued in that manner. The tables below are not intended to be all-inclusive, but rather to provide information on significant unobservable inputs and valuation techniques used by the Valuation Designee.

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of JuneSeptember 30, 2023 were as follows:

    

    

    

    

    

    

    

    

 

Weighted

Weighted

Valuation

Unobservable

Average

Range

Valuation

Unobservable

Average

Range

Fair Value

Technique

Input

Mean

Minimum

Maximum

 

    

Fair Value

    

Technique

    

Input

    

Mean

    

Minimum

    

Maximum

 

Assets:

 

  

 

  

 

  

 

  

 

  

 

  

  

 

  

 

  

 

  

 

  

 

  

Senior secured loans

$

968,198

 

Discounted cash flow

 

EBITDA multiples

 

11.3

x

4.5

x

20.0

x

$

1,036,482

 

Discounted cash flow

 

EBITDA multiples

 

11.2

x

5.0

x

22.0

x

 

Market yields

 

11.5

%  

9.3

%  

27.5

%  

 

Market yields

 

11.8

%  

9.5

%  

29.3

%  

Senior secured loans

 

386,468

 

Discounted cash flow

 

Revenue multiples

 

7.4

x

1.3

x

20.0

x

 

481,213

 

Discounted cash flow

 

Revenue multiples

 

7.1

x

0.8

x

19.5

x

 

Market yields

 

11.5

%  

9.8

%  

17.0

%  

 

Market yields

 

12.1

%  

10.2

%  

17.5

%  

Senior secured loans

 

12,412

 

Liquidation

 

Probability weighting of alternative outcomes

 

18.0

%  

18.0

%  

18.0

%

 

13,133

 

Enterprise value

 

EBITDA multiples

 

8.8

x

8.3

x

9.5

x

Senior secured loans

 

9,156

 

Enterprise value

 

EBITDA multiples

 

12.5

x

12.5

x

12.5

x

 

10,021

 

Liquidation

 

Probability weighting of alternative outcomes

 

99.0

%

99.0

%

99.0

%

Senior secured loans

 

366

 

Enterprise value

 

Revenue multiples

 

0.8

x

0.8

x

0.8

x

 

285

 

Enterprise value

 

Revenue multiples

 

2.0

x

2.0

x

2.0

x

Unitranche secured loans

 

96,747

 

Discounted cash flow

 

EBITDA multiples

 

9.6

x

8.3

x

14.8

x

 

96,933

 

Discounted cash flow

 

EBITDA multiples

 

9.4

x

8.0

x

14.8

x

 

Market yields

 

14.9

%  

9.2

%  

25.8

%  

 

Market yields

 

15.4

%  

9.7

%  

26.4

%  

Unitranche secured loans

 

32,652

 

Discounted cash flow

 

Revenue multiples

 

9.6

x

6.3

x

12.8

x

 

32,907

 

Discounted cash flow

 

Revenue multiples

 

9.4

x

6.0

x

12.8

x

 

Market yields

 

12.3

%  

12.1

%  

12.6

%  

 

Market yields

 

13.0

%  

12.6

%  

13.4

%  

Junior secured loans

 

42,545

 

Discounted cash flow

 

Market yields

 

13.3

%  

12.6

%  

15.6

%

 

44,312

 

Discounted cash flow

 

Market yields

 

13.8

%  

12.9

%  

15.6

%

Junior secured loans

 

1,645

 

Enterprise value

 

Revenue multiples

 

0.8

x

0.8

x

0.8

x

 

6,863

 

Enterprise value

 

Revenue multiples

 

2.0

x

2.0

x

2.0

x

Junior secured loans

346

Discounted cash flow

Revenue multiples

0.8

x

0.8

x

0.8

x

Market yields

16.1

%

16.1

%

16.1

%

Equity securities

 

43,872

 

Enterprise value

 

EBITDA multiples

 

12.6

x

4.5

x

19.0

x

 

43,498

 

Enterprise value

 

EBITDA multiples

 

11.3

x

6.0

x

19.3

x

Equity securities

 

15,926

 

Enterprise value

 

Revenue multiples

 

5.5

x

1.3

x

11.5

x

 

21,052

 

Enterprise value

 

Revenue multiples

 

4.9

x

0.8

x

11.5

x

Equity securities

 

1,427

 

Option pricing model

 

Volatility

 

63.1

%  

41.8

%  

76.0

%

 

1,530

 

Option pricing model

 

Volatility

 

58.7

%  

32.0

%  

75.0

%

Total Level 3 Assets

$

1,611,414

(1)

 

  

 

  

 

  

 

  

$

1,788,575

(1)

 

  

 

  

 

  

 

  

(1)Excludes investments of $153,328$185,534 at fair value where valuation (unadjusted) is obtained from a third-party pricing service or broker quote for which such disclosure is not required.

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The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of December 31, 2022 were as follows:

    

    

    

    

Weighted

    

 

Fair

Unobservable

Average

Range

 

Value

Valuation Technique

Input

Mean

Minimum

Maximum

 

Assets:

 

  

 

  

 

  

 

  

 

  

 

  

Senior secured loans

$

790,762

 

Discounted cash flow

 

EBITDA multiples

 

10.7

x

3.8

x

18.6

x

 

  

 

  

 

Market yields

 

10.9

%  

8.7

%  

22.3

%

Senior secured loans

 

354,158

 

Discounted cash flow

 

Revenue multiples

 

7.3

x

1.4

x

20.0

x

 

 

Market yields

11.5

%  

10.0

%  

21.6

%

Unitranche secured loans

 

95,341

 

Discounted cash flow

 

EBITDA multiples

 

9.9

x

8.5

x

15.5

x

 

Market yields

 

12.1

%  

9.2

%  

13.8

%

Unitranche secured loans

 

32,037

 

Discounted cash flow

 

Revenue multiples

 

9.3

x

5.8

x

12.5

x

 

Market yields

11.8

%  

11.6

%  

12.1

%

Junior secured loans

 

44,469

 

Discounted cash flow

 

Market yields

 

13.7

%  

12.3

%  

20.4

%

Equity securities

 

31,060

 

Enterprise value

 

EBITDA multiples

 

10.9

x

3.8

x

17.9

x

Equity securities

 

13,400

 

Enterprise value

 

Revenue multiples

 

5.1

x

1.9

x

12.3

x

Equity securities

 

1,261

 

Option pricing model

 

Volatility

 

75.1

%  

49.4

%  

126.4

%

Total Level 3 Assets

$

1,362,488

(1)

 

  

 

  

 

  

 

  

(1)Excludes investments of $106,474 at fair value where valuation (unadjusted) is obtained from a third-party pricing service or broker quote for which such disclosure is not required.

The significant unobservable input used in the income approach of fair value measurement of the Company’s investments is the discount rate used to discount the estimated future cash flows expected to be received from the underlying investment, which include both future principal and interest payments. Increases (decreases) in the discount rate would result in a decrease (increase) in the fair value estimate of the investment. Included in the consideration and selection of discount rates are the following factors: risk of default, rating of the investment and comparable investments, and call provisions.

The significant unobservable inputs used in the market approach of fair value measurement of the Company’s investments are the market multiples of EBITDA or revenue of the comparable guideline public companies. The 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, receivables and payables approximate the fair value of such items due to the short maturity of such instruments. Fair value of the Company’s Credit Facility, Term Loan, 2022 ABS, 2023 ABS and Short-Term Borrowings is estimated by discounting remaining payments using applicable market rates or market quotes for similar instruments at the measurement date, if applicable. As of both JuneSeptember 30, 2023 and December 31, 2022, the Company believes that the carrying value of its Credit Facility and Term Loan approximates fair value. As of JuneSeptember 30, 2023 and December 31, 2022, the estimated fair value of the Company’s 2022 ABS Class A and Class B notes was $301,591$303,648 and $300,028, respectively. As of JuneSeptember 30, 2023, the Company believes that the carrying value of its 2023 ABS Class A and Class B notes and Short-Term Borrowings approximates fair value.

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Table of Contents

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 sixnine months ended JuneSeptember 30, 2023 and 2022 were as follows:

    

Fair value at

Sales and

PIK

Net

    

Fair value at

Sales and

PIK

Net

Net

December 31,

Transfers

Purchases

paydowns

interest

Discount

Net realized

unrealized

Fair value at

December 31,

Transfers

Purchases

paydowns

interest

Discount

realized

unrealized

Fair value at

Portfolio Company

2022

    

in (out)

    

(cost)

    

(cost)

    

(cost)

    

accretion

    

gain (loss)

    

gain (loss)

    

June 30, 2023

2022

    

in (out)

    

(cost)

    

(cost)

    

(cost)

    

accretion

    

gain (loss)

    

gain (loss)

    

September 30, 2023

Non-controlled affiliate company investment:

Nastel Technologies, LLC

$

3,500

$

$

$

$

$

6

$

$

(6)

$

3,500

$

3,500

$

$

$

$

$

8

$

$

10

$

3,518

Nastel Technologies, LLC (Revolver)

Nastel Technologies, LLC (3,408 Class A units)

 

3,578

 

750

4,328

 

3,578

 

546

4,124

 

7,078

 

6

744

7,828

 

7,078

 

8

556

7,642

Second Avenue SFR Holdings II LLC (Revolver) (1)

 

4,755

 

6

4,761

 

4,755

 

6

4,761

 

4,755

 

6

4,761

 

4,755

 

6

4,761

SFR Holdco, LLC (Junior secured loan)

 

5,850

 

5,850

 

5,850

 

508

6,358

SFR Holdco, LLC (Delayed draw junior secured loan)

 

2,316

 

2,071

4,387

 

2,316

 

2,071

381

4,768

SFR Holdco, LLC (13.9% of equity commitments)

3,900

3,900

3,900

338

4,238

SFR Holdco, LLC (10.5% of equity commitments)

1,545

1,380

2,925

1,545

1,380

253

3,178

 

13,611

 

3,451

17,062

 

13,611

 

3,451

1,480

18,542

SheerTrans Solutions, LLC

 

5,101

 

(25)

9

(28)

5,057

 

5,101

 

(38)

11

(11)

5,063

SheerTrans Solutions, LLC (Revolver)

 

 

 

 

293

293

SheerTrans Solutions, LLC (8,642,579 preferred interests)

8,643

8,643

SheerTrans Solutions, LLC (9,191,624 preferred interests)

8,643

549

9,192

 

13,744

 

(25)

9

(28)

13,700

 

13,744

 

842

(38)

11

(11)

14,548

Total non-controlled affiliate company investments

$

39,188

$

$

3,451

$

(25)

$

$

15

$

$

722

$

43,351

$

39,188

$

$

4,293

$

(38)

$

$

19

$

$

2,031

$

45,493

    

Fair value at 

    

    

    

Sales and 

    

PIK 

    

    

    

Net 

    

    

Fair value at 

    

    

    

Sales and 

    

PIK 

    

    

Net 

    

Net 

    

December 31,

Transfers

Purchases

paydowns

interest

Discount

Net realized

unrealized

Fair value at

December 31,

Transfers

Purchases

paydowns

interest

Discount

realized

unrealized

Fair value at

Portfolio Company

 2021

 in (out)

 (cost)

 (cost)

 (cost)

 accretion

 gain (loss)

 gain (loss)

June 30, 2022

 2021

 in (out)

 (cost)

 (cost)

 (cost)

 accretion

 gain (loss)

 gain (loss)

September 30, 2022

Non-controlled affiliate company investment:

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

J2 BWA Funding III, LLC (Delayed Draw)

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

J2 BWA Funding III, LLC (Commitment to purchase up to 7.6% of the equity)

J2 BWA Funding III, LLC (commitment to purchase up to 7.6% of the equity)

Nastel Technologies, LLC

3,430

3,430

Nastel Technologies, LLC (Revolver)

Nastel Technologies, LLC (3,408 Class A units)

3,408

3,408

6,838

6,838

Second Avenue SFR Holdings II LLC (Revolver) (1)

2,104

487

2,591

2,104

2,681

(18)

4,767

2,104

487

2,591

2,104

2,681

(18)

4,767

SFR Holdco, LLC (Junior secured loan)

 

5,850

 

 

 

 

 

 

 

 

5,850

 

5,850

 

 

 

 

 

 

 

 

5,850

SFR Holdco, LLC (Delayed draw junior secured loan)

 

 

 

1,146

 

 

 

 

 

 

1,146

 

 

 

1,731

 

 

 

 

 

 

1,731

SFR Holdco, LLC (13.9% of equity commitments)

3,900

3,900

3,900

3,900

SFR Holdco, LLC (10.5% of equity commitments)

 

 

 

765

 

 

 

 

 

 

765

 

 

 

1,155

 

 

 

 

 

 

1,155

 

9,750

 

 

1,911

 

 

 

 

 

 

11,661

 

9,750

 

 

2,886

 

 

 

 

 

 

12,636

SheerTrans Solutions, LLC

5,024

(13)

2

101

5,114

SheerTrans Solutions, LLC (Revolver)

SheerTrans Solutions, LLC (8,642,579 preferred interests)

8,643

8,643

 

 

 

13,667

 

(13)

 

 

2

 

 

101

 

13,757

Total non-controlled affiliate company investments

$

11,854

$

$

2,398

$

$

$

$

$

$

14,252

$

11,854

$

$

26,072

$

(13)

$

$

2

$

$

83

$

37,998

(1)

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

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Table of Contents

    

For the six months ended June 30,

2023

2022

Interest 

Dividend 

Interest

Dividend

Portfolio Company

Income

    

Income

    

Fee Income

    

 Income

    

 Income

    

Fee Income

Non-controlled affiliate company investments:

 

 

 

 

 

 

Nastel Technologies, LLC

206

n/a

n/a

n/a

Nastel Technologies, LLC (Revolver)

n/a

n/a

n/a

Nastel Technologies, LLC (Class A units)

n/a

n/a

n/a

206

n/a

n/a

n/a

Second Avenue SFR Holdings II LLC (Revolver)

284

97

284

97

SFR Holdco, LLC (Junior secured loan)

234

234

SFR Holdco, LLC (Delayed draw junior secured loan)

143

20

SFR Holdco, LLC (LLC interest)

SFR Holdco, LLC (LLC interest)

377

254

SheerTrans Solutions, LLC

326

n/a

n/a

n/a

SheerTrans Solutions, LLC (Revolver)

4

n/a

n/a

n/a

SheerTrans Solutions, LLC (Preferred interests)

n/a

n/a

n/a

330

n/a

n/a

n/a

Total non-controlled affiliate company investments

$

1,197

$

$

$

351

$

$

    

For the nine months ended September 30,

2023

2022

Interest 

Dividend 

Interest

Dividend

Portfolio Company

Income

    

Income

    

Fee Income

    

 Income

    

 Income

    

Fee Income

Non-controlled affiliate company investments:

 

 

 

 

 

 

J2 BWA Funding III, LLC (Delayed Draw)

$

n/a

$

n/a

$

n/a

$

$

$

J2 BWA Funding III, LLC (Equity commitment)

n/a

n/a

n/a

n/a

n/a

n/a

Nastel Technologies, LLC

314

10

Nastel Technologies, LLC (Revolver)

Nastel Technologies, LLC (Class A units)

314

10

Second Avenue SFR Holdings II LLC (Revolver)

435

181

435

181

SFR Holdco, LLC (Junior secured loan)

351

351

SFR Holdco, LLC (Delayed draw junior secured loan)

231

44

SFR Holdco, LLC (LLC interest)

SFR Holdco, LLC (LLC interest)

582

395

SheerTrans Solutions, LLC

495

93

SheerTrans Solutions, LLC (Revolver)

11

1

SheerTrans Parent, LLC (Preferred interests)

506

94

Total non-controlled affiliate company investments

$

1,837

$

$

$

680

$

$

Note 6. Transactions with Related Parties

The Company has entered into an investment advisory agreement with MC Advisors (the “Investment Advisory Agreement”), under which MC Advisors, subject to the overall supervision of the Board, provides investment advisory services to the Company. The Company pays MC Advisors a fee for its services under the Investment Advisory Agreement consisting of two components – a base management fee and an incentive fee. The cost of both the base management fee and the incentive fee are borne by the Company’s stockholders, unless such fees are waived by MC Advisors.

On April 18, 2022, MC Advisors agreed to permanently waive a portion of the base management fees and incentive fees payable by the Company to MC Advisors under the Investment Advisory Agreement pursuant to a fee waiver letter. The base management fee waiver took effect beginning April 1, 2022 (the “Effective Date”) and the incentive fee waivers took effect beginning January 1, 2022.

Beginning with the Effective Date, the base management fee is calculated at an annual rate of 1.25% of average total assets (reduced from 1.50%), which includes assets financed using leverage. Following any future quotation or listing of the Company’s securities on a national securities exchange (an “Exchange Listing”) or any future quotation or listing of its securities on any other public trading market, the base management fee will be calculated at an annual rate of 1.75% of average invested assets (calculated as total assets excluding cash). The base management fee is payable in arrears.

Base management fees for the three and sixnine months ended JuneSeptember 30, 2023 were $5,382$6,206 and $10,229,$16,435, respectively. MC Advisors elected to voluntarily waive zero of such base management fees for both the three and sixnine months ended JuneSeptember 30, 2023. Base management fees for the three and sixnine months ended JuneSeptember 30, 2022 were $2,678$3,285 and $5,474,$8,759, respectively. MC Advisors elected to voluntarily waive zero and $1,701 of such base management fees for both the three and sixnine months ended JuneSeptember 30, 2022.2022, respectively. These base management fee waivers are not subject to recoupment by MC Advisors. There is no guarantee that MC Advisors will waive additional base management fees in the future.

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Table of Contents

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

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Table of Contents

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

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

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

no incentive fee in any calendar quarter in which the pre-incentive fee net investment income does not exceed the hurdle rate of 1.50% (6% annually);
100% of the Company’s pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 1.7143% (reduced from 1.76% pursuant to the fee waiver letter effective April 1, 2022) in any calendar quarter prior to an Exchange Listing or 1.88% in any calendar quarter following an Exchange Listing. This portion of the Company’s pre-incentive fee net investment income is referred to as the “catch-up” provision; and
prior to an Exchange Listing, 12.5% of the amount of the Company’s pre-incentive fee net investment income (a reduction from 15.0% of the amount of the Company’s pre-incentive fee net income), if any, that exceeds 1.7143% (reduced from 1.76% pursuant to the fee waiver letter effective April 1, 2022) in any calendar quarter, and following an Exchange Listing, 20% of the amount of the Company’s pre-incentive fee net investment income, if any, that exceeds 1.88% in any calendar quarter.

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

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

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

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

    

Three months ended June 30,

    

Six months ended June 30,

    

Three months ended September 30,

    

Nine months ended September 30,

2023

    

2022

2023

2022

2023

    

2022

2023

2022

Part one incentive fees (1)

$

3,804

$

1,306

$

7,244

$

2,767

$

4,419

$

1,707

$

11,663

$

4,474

Part two incentive fees (2)

 

(724)

 

(923)

 

(13)

 

(561)

 

(87)

 

(60)

 

(100)

 

(621)

Incentive fees, excluding the impact of incentive fee waivers

 

3,080

 

383

 

7,231

 

2,206

 

4,332

 

1,647

 

11,563

 

3,853

Incentive fee waivers (3)

 

 

(1,306)

 

 

(1,306)

 

 

(162)

 

 

(1,468)

Total incentive fees, net of incentive fee waivers

$

3,080

$

(923)

$

7,231

$

900

$

4,332

$

1,485

$

11,563

$

2,385

(1)Based on pre-incentive fee net investment income.
(2)Based upon net realized and unrealized gains and losses, or capital gains.gains and losses. The Company accrues, but does not pay, a capital gains incentive fee in connection with any unrealized capital appreciation, as appropriate. If, on a cumulative basis, the sum of net realized gain (loss) plus net unrealized gain (loss) decreases during a period, the Company will reverse any excess capital gains incentive fee previously accrued such that the amount of capital gains incentive fee accrued is no more than 12.5% of the sum of net realized gain (loss) plus net unrealized gain (loss).
(3)Represents part one incentive fees voluntarily waived by MC Advisors.

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The Company has entered into the Administration Agreement with MC Management, under which the Company reimburses MC Management, subject to the review and approval of the Board, for its allocable portion of overhead and other expenses, including the costs of furnishing the Company with office facilities and equipment and providing clerical, bookkeeping, record-keeping and other administrative services at such facilities, and the Company’s allocable portion of the cost of the chief financial officer and chief compliance officer and their respective staffs. To the extent that MC Management outsources any of its functions, the Company will pay the fees associated with such functions on a direct basis, without incremental profit, to MC Management. For the three and sixnine months ended JuneSeptember 30, 2023, the Company incurred $1,462$1,218 and $2,647$3,865, 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 $392$450 and $762,$1,212, respectively, was related to MC Management overhead and salary allocation and paid directly to MC Management. For the three and sixnine months ended JuneSeptember 30, 2022, the Company incurred $1,052$872 and $1,610$2,482, 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 $208$352 and $411,$763, respectively, was related to MC Management overhead and salary allocation and paid directly to MC Management. As of JuneSeptember 30, 2023 and December 31, 2022, $762$450 and $369, respectively, of expenses were due to MC Management under this agreement and are included in accounts payable and accrued expenses on the consolidated statements of assets and liabilities.

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

As of both JuneSeptember 30, 2023 and December 31, 2022, the Company had accounts payable to members of the Board of $22 and zero, representing accrued and unpaid fees for their services.

Note 7. Borrowings

In accordance with the 1940 Act, the Company is permitted to borrow amounts such that its asset coverage ratio, as defined in the 1940 Act, is at least 150% after such borrowing. As of June 30, 2023 and December 31, 2022, the Company’s asset coverage ratio based on aggregate borrowings outstanding was 207% and 199%, respectively.

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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 September 30, 2023 and December 31, 2022, the Company’s asset coverage ratio based on aggregate borrowings outstanding was 222% and 199%, respectively.

The Company’s outstanding debt as of JuneSeptember 30, 2023 and December 31, 2022 was as follows:

As of June 30, 2023

As of December 31, 2022

 

As of September 30, 2023

As of December 31, 2022

 

    

Total

    

    

    

Total

    

    

  

    

Total

    

    

    

Total

    

    

  

Aggregate

Aggregate

 

Aggregate

Aggregate

 

Principal

Principal

 

Principal

Principal

 

Amount

Principal

Amount

Principal

 

Amount

Principal

Amount

Principal

 

Committed/

Amount

Carrying

Committed/

Amount

Carrying

 

Committed/

Amount

Carrying

Committed/

Amount

Carrying

 

Outstanding (1)

Outstanding

Value

Outstanding (1)

Outstanding

Value

 

Outstanding (1)

Outstanding

Value

Outstanding (1)

Outstanding

Value

 

Credit Facility

$

450,000

$

346,500

$

344,800

(2)

$

450,000

$

357,400

$

354,904

(2)

$

450,000

$

226,300

$

224,982

(2)

$

450,000

$

357,400

$

354,904

(2)

Term Loan

 

149,960

 

149,960

 

148,650

(3)

 

100,000

 

100,000

 

98,953

(3)

 

145,309

 

145,309

 

144,133

(3)

 

100,000

 

100,000

 

98,953

(3)

2022 ABS

 

306,000

(4)

 

306,000

 

298,813

(5)

 

306,000

(4)

 

306,000

 

297,629

(5)

 

306,000

(4)

 

306,000

 

299,811

(5)

 

306,000

(4)

 

306,000

 

297,629

(5)

2023 ABS

185,850

(6)

185,850

183,660

(7)

Short-Term Borrowings

83,088

83,088

83,088

(6)

68,010

68,010

68,010

(8)

Total

$

989,048

$

885,548

$

875,351

$

856,000

$

763,400

$

751,486

$

1,155,169

$

931,469

$

920,596

$

856,000

$

763,400

$

751,486

(1)

Represents the total aggregate amount committed or outstanding, as applicable, under such instrument.

(2)

Represents the aggregate principal amount outstanding of the Credit Facility (as defined below), less unamortized debt issuance costs. As of JuneSeptember 30, 2023 and December 31, 2022, the total unamortized debt issuance costs were $1,700$1,318 and $2,496, respectively.

(3)

Represents the aggregate principal amount outstanding of the Term Loan (as defined below), less unamortized debt issuance costs. As of JuneSeptember 30, 2023 and December 31, 2022, the total unamortized debt issuance costs were $1,310$1,176 and $1,047, respectively.

(4)

As of both JuneSeptember 30, 2023 and December 31, 2022, the Class C Senior Secured Notes and 2022 Subordinated Notes (as defined below) totaling $36,125 and $82,875, respectively, are excluded from the total aggregate principal amount committed/outstanding amount as these notes are eliminated in consolidation.

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(5)

Represents the aggregate principal amount outstanding of the 2022 ABS (as defined below), less unamortized debt issuance costs. As of JuneSeptember 30, 2023 and December 31, 2022, the total unamortized debt issuance costs were $7,187$6,189 and $8,371, respectively.

(6)

As of September 30, 2023, the 2023 Subordinated Notes (as defined below) totaling $65,319, are excluded from the total aggregate principal amount committed/outstanding amount as these notes are eliminated in consolidation.

(7)

Represents the aggregate principal amount outstanding of the 2023 ABS (as defined below), less unamortized debt issuance costs. As of September 30, 2023, the total unamortized debt issuance costs were $2,190.

(8)

Represents the aggregate principal amount outstanding of the Short-Term Borrowings (as defined below). As of JuneSeptember 30, 2023, the total unamortized debt issuance costs were zero.

Revolving Credit Facility: The Company has a $450,000 Credit Facility with KeyBank National Association through the Company’s wholly-owned subsidiary, the SPV. The Company’s ability to borrow under the Credit Facility is subject to certain financial and restrictive covenants as well as availability under the borrowing base, which permits the Company to borrow up to 72% of the principal balance of its portfolio company investments depending on the type of investment, subject to a maximum advance rate on the portfolio of 67%. Under the terms of the Credit Facility, the SPV is permitted to reinvest available cash and make new borrowings under the Credit Facility through July 16, 2024. The maturity date of the Credit Facility is July 16, 2026. Distributions from the SPV to the Company are limited by the terms of the Credit Facility, which generally allows for the distribution of net interest income pursuant to a waterfall quarterly during the reinvestment period. As of JuneSeptember 30, 2023 and December 31, 2022, the fair value of investments of the Company that were held in the SPV as collateral for the Credit Facility was $759,719$667,675 and $691,225, respectively, and these investments are identified on the accompanying consolidated schedules of investments. As of JuneSeptember 30, 2023 and December 31, 2022, the Company had outstanding borrowings under the Credit Facility of $346,500$226,300 and $357,400, respectively.

On May 26, 2023, the Credit Facility was amended to, among other things, replace LIBOR with SOFR as the base rate. During the reinvestment period, borrowings under the Credit Facility bear interest at an annual rate of SOFR (one or three month, at the SPV’s option and subject to a SOFR minimum of 0.50%) plus a margin ranging from 2.75% to a maximum of 3.00%, depending on the level of utilization of the facility and the number of obligors of eligible loans pledged as collateral in the SPV. After the reinvestment period, borrowings under the Credit Facility bear interest at an annual rate of SOFR plus 3.25%. In addition to the stated interest rate on borrowings, the SPV is required to pay an unused commitment fee of (i) 0.50% per annum on any unused portion of the Credit Facility when the outstanding borrowings are less than or equal to 60% of the facility amount and (ii) 0.35% per annum on any unused portion of the Credit Facility when the outstanding borrowings are greater than 60% of the facility. As of JuneSeptember 30, 2023 and December 31, 2022, the outstanding borrowings were accruing at a weighted average interest rate of 8.0%8.2% and 6.9%, respectively.

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Term Loan: On December 20, 2022, the Company entered into the Term Loan with KeyBank National Association, as lead arranger and administrative agent, through a special purpose wholly-owned subsidiary, SPV II. The Term Loan initially allowed SPV II to borrow an aggregate principal amount of $100,000, and included an accordion feature which allows the Company, under certain circumstances, to increase the total size of the facility upon request to the administrative agent and with consent of one or more increasing or additional lenders. On February 3, 2023, the Company increased the facility amount pursuant to the accordion feature of the Term Loan from $100,000 of aggregate commitments to $155,000 of aggregate commitments and the Company borrowed up to the new aggregate commitments under the Term Loan. As of JuneSeptember 30, 2023 and December 31, 2022, the Company had outstanding borrowings under the Term Loan of $149,960$145,309 and $100,000, respectively. As of JuneSeptember 30, 2023 and December 31, 2022 the fair value of the Company’s investments held in SPV II as collateral for the Term Loan was $212,401$209,453 and $141,418, respectively, and these investments are identified on the accompanying consolidated schedules of investments.

Borrowings under the Term Loan bear interest at Adjusted Term SOFR (subject to a SOFR minimum of 0.50%) plus an applicable margin rate of 2.40% per annum during the initial period, December 20, 2022 through December 20, 2025, and 3.40% per annum during the amortization period, December 21, 2025 through December 20, 2026. The Term Loan matures on December 20, 2026, unless sooner terminated in accordance with its terms. As of JuneSeptember 30, 2023 and December 31, 2022, the outstanding borrowings were accruing at a weighted average interest rate of 7.6%7.7% and 6.7%, respectively.

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Under the terms of the Term Loan, pursuant to a monthly waterfall and subject to the satisfaction of certain coverage tests and portfolio quality tests, SPV II is permitted to reinvest 25% of principal proceeds during the initial period, with the remaining 75% applied to prepay the Term Loan. During the amortization period, pursuant to a monthly waterfall, 100% of principal proceeds must be applied to prepay the Term Loan. The Term Loan contains representations and warranties and affirmative and negative covenants customary for secured financings of this type. The Term Loan also contains customary events of default (subject to certain grace periods, as applicable), including but not limited to the nonpayment of principal, interest or fees, breach of covenants, voluntary or involuntary bankruptcy proceedings and change of control of the borrower.

2022 Asset-Backed Securitization: On April 7, 2022, the Company completed a $425,000 asset-backed securitization (the “2022 ABS”). The notes offered in the 2022 ABS were issued by the 2022 Issuer, a wholly-owned subsidiary of the Company, and are secured by a diversified portfolio of senior secured loans. The transaction was executed through a private placement of $261,375 of Class A Senior Secured Notes, which bear interest at 4.05% (the “Class“2022 Class A Notes”), $44,625 of Class B Senior Secured Notes, which bear interest at 5.15% (the “Class“2022 Class B Notes”) and $36,125 of Class C Senior Secured Notes, which bear interest at 7.75% (the “Class“2022 Class C Notes” and collectively with the 2022 Class A Notes and the 2022 Class B Notes, the “Secured 2022“2022 Secured Notes”), and $82,875$82,875 of Subordinated Notes, which do not bear interest (the “Subordinated 2022“2022 Subordinated Notes” and, together with the 2022 Secured 2022 Notes, the “2022 Notes”). The Company retained all of the 2022 Class C Notes and the 2022 Subordinated 2022 Notes. The 2022 Class A Notes and the 2022 Class B Notes are included as debt on the consolidated statements of assets and liabilities. As of both JuneSeptember 30, 2023 and December 31, 2022, the 2022 Class C and 2022 Subordinated Notes were eliminated in consolidation.

Through April 22, 2024, the 2022 Issuer is permitted to use all principal collections received on the underlying collateral to purchase new collateral under the direction of MC Advisors, in its capacity as collateral manager of the 2022 Issuer, in accordance with the Company’s investment strategy and subject to customary conditions set forth in the documents governing the 2022 ABS, allowing the Company to maintain the initial leverage in the 2022 ABS. The 2022 Notes are due on April 30, 2032.

As of JuneSeptember 30, 2023 and December 31, 2022, the fair value of investments of the Company that were held in the 2022 Issuer as collateral was $417,225$421,316 and $410,179, respectively, and these investments are identified on the consolidated schedule of investments.

Distributions from the 2022 Issuer to the Company are limited by the terms of the indenture governing the 2022 ABS, which generally allows for the payment of interest on the 2022 Secured 2022 Notes and the distribution of remaining net interest income to the holders of the 2022 Subordinated Notes pursuant to a waterfall quarterly during the reinvestment period.

2023 Asset-Backed Securitization: On September 15, 2023, the Company completed a $251,169 asset-backed securitization (the “2023 ABS”). The notes offered in the 2023 ABS were issued by the 2023 Issuer, a wholly-owned subsidiary of the Company, and are secured by a diversified portfolio of middle market loans and recurring revenue loans. The transaction was executed through a private placement of $160,750 of Class A Senior Secured Notes, which bear interest at Term SOFR plus 3.50% (the “2023 Class A Notes”), $25,100 of Class B Senior Secured Notes, which bear interest at 11.16% (the “2023 Class B Notes” and collectively with the 2023 Class A Notes, the “2023 Secured Notes”), and $65,319 of Subordinated Notes, which do not bear interest (the “2023 Subordinated Notes” and, together with the 2023 Secured Notes, the “2023 Notes”). The Company retained all of the 2023 Subordinated Notes. The 2023 Class A Notes and the 2023 Class B Notes are included as debt on the consolidated statements of assets and liabilities. As of September 30, 2023, the 2023 Subordinated Notes were eliminated in consolidation. As of September 30, 2023, the 2023 Class A Notes were accruing an interest rate of 8.8%.

Through October 22, 2025, the 2023 Issuer is permitted to use all principal collections received on the underlying collateral to purchase new collateral under the direction of MC Advisors, in its capacity as collateral manager of the 2023 Issuer, in accordance with the Company’s investment strategy and subject to customary conditions set forth in the documents governing the 2023 ABS, allowing the Company to maintain the initial leverage in the 2023 ABS. The 2023 Notes are due on September 22, 2033.

As of September 30, 2023, the fair value of investments of the Company that were held in the 2023 Issuer as collateral was $228,647, and these investments are identified on the consolidated schedule of investments.

Distributions from the 2023 Issuer to the Company are limited by the terms of the indenture governing the 2023 ABS, which generally allows for the payment of interest on the 2023 Secured Notes and the distribution of remaining net interest income to the holders of the 2023 Subordinated Notes pursuant to a waterfall quarterly during the reinvestment period.

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Short-Term Borrowings: To finance the purchase of certain investments, the Company may enter into participation agreements for par/near par trades with a third-party counterparty, whereby the Company simultaneously agrees to sell an investment and re-purchase the same investment back at a premium within a specified period of time, generally not to exceed 60-days from the date it was sold (each such transaction a “Short-Term Borrowing”). The amount, interest rate and terms of these Short-Term Borrowings are negotiated on a transaction-by transaction basis. Each transaction is secured by an interest in an underlying asset which is participated or assigned to the counterparty for the duration of the transaction.

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The Company accounts for its Short-Term Borrowings as a type of secured borrowing under ASC Topic 860 – Transfers and Servicing and continues to present the participated investment as an asset and the obligation to repurchase the investment as a liability within debt on the consolidated statements of assets and liabilities. Interest income earned on investments participated under the Short-Term Borrowings and financing charges associated with the Short-Term Borrowings are included within interest income and interest and other debt financing expenses, respectively, on the consolidated statements of operations. Accrued interest receivable on investments and accrued financing charges on the Short-Term Borrowings are included within interest and dividend receivable and interest payable, respectively, on the consolidated statements of assets and liabilities.

As of JuneSeptember 30, 2023, the Company had $83,088$68,010 of Short-Term Borrowings with Macquarie Bank Limited (“Macquarie”). The carrying value of the participated investments under Short-Term Borrowings was $83,088$68,010 as of JuneSeptember 30, 2023. As of JuneSeptember 30, 2023, the Short-Term Borrowings were accruing at a weighted average interest rate of 8.4%8.7%.

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

    

Three months ended June 30,

 

    

Three months ended September 30,

 

2023

2022

 

2023

2022

 

Interest expense - Credit Facility

$

5,412

$

1,090

$

6,422

$

1,128

Interest expense - Term Loan

 

2,831

 

 

2,899

 

Interest expense - 2022 ABS

 

3,221

 

3,006

 

3,221

 

3,221

Interest expense - 2023 ABS

 

755

 

Interest expense - Short-Term Borrowings

79

1,386

Amortization of deferred financing costs

 

1,523

 

606

 

1,578

 

630

Total interest and other debt financing expenses

$

13,066

$

4,702

$

16,261

$

4,979

Average debt outstanding

$

724,664

$

355,976

$

846,873

$

351,614

Average stated interest rate

 

6.4

%  

 

4.6

%

 

6.9

%  

 

4.9

%

Six months ended June 30,

 

Nine months ended September 30,

 

    

2023

    

2022

 

    

2023

    

2022

 

Interest expense - Credit Facility

$

11,210

$

3,985

$

17,632

$

5,113

Interest expense - Term Loan

 

5,171

 

 

8,070

 

Interest expense - 2022 ABS

 

6,442

 

3,006

 

9,663

 

6,227

Interest expense - 2023 ABS

 

755

 

Interest expense - Short-Term Borrowings

79

1,465

Amortization of deferred financing costs

 

2,253

 

991

 

3,831

 

1,621

Total interest and other debt financing expenses

$

25,155

$

7,982

$

41,416

$

12,961

Average debt outstanding

$

737,581

$

347,871

$

785,129

$

349,134

Average stated interest rate

 

6.3

%  

 

4.0

%

 

6.4

%  

 

4.3

%

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 JuneSeptember 30, 2023 and December 31, 2022, the counterparty to these foreign currency forward contracts was Bannockburn Global Forex, LLC. Net unrealized gain or loss on foreign currency forward contracts are included in net change in unrealized gain (loss) on foreign currency forward contracts and net realized gain or loss on forward currency forward contracts are included in net realized gain (loss) on foreign currency forward contracts on the accompanying consolidated statements of operations.

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Certain information related to the Company’s foreign currency forward contracts is presented below as of JuneSeptember 30, 2023 and December 31, 2022.

As of June 30, 2023

As of September 30, 2023

Gross

Gross

Gross

Gross

Amount of

Amount of

 

Amount of

Amount of

 

    

Notional Amount

    

Settlement

    

Unrealized

    

Unrealized

 

    

Notional Amount

    

Settlement

    

Unrealized

    

Unrealized

 

Description

to be Sold

Date

Gain

Loss

    

Balance Sheet location of Net Amounts

to be Sold

Date

Gain

Loss

    

Balance Sheet location of Net Amounts

Foreign currency forward contract

CAD

428

7/5/2023

$

$

(7)

Unrealized loss on foreign currency forward contracts

CAD

431

10/3/2023

$

1

$

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

124

7/19/2023

 

 

(4)

Unrealized loss on foreign currency forward contracts

CAD

116

10/19/2023

 

 

(1)

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

112

8/17/2023

 

 

(3)

Unrealized loss on foreign currency forward contracts

CAD

103

11/17/2023

 

 

(1)

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

120

9/19/2023

 

 

(4)

Unrealized loss on foreign currency forward contracts

CAD

106

12/19/2023

 

 

(1)

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

431

10/3/2023

 

 

(8)

Unrealized loss on foreign currency forward contracts

CAD

429

1/4/2024

 

1

 

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

116

10/19/2023

 

 

(4)

Unrealized loss on foreign currency forward contracts

CAD

143

1/17/2024

 

 

(2)

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

103

11/17/2023

 

 

(3)

Unrealized loss on foreign currency forward contracts

CAD

112

2/19/2024

(1)

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

106

12/19/2023

 

 

(3)

Unrealized loss on foreign currency forward contracts

CAD

105

3/19/2024

(1)

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

429

1/4/2024

 

 

(7)

Unrealized loss on foreign currency forward contracts

CAD

424

4/3/2024

1

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

143

1/17/2024

 

 

(4)

Unrealized loss on foreign currency forward contracts

CAD

143

4/17/2024

(2)

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

112

2/19/2024

(3)

Unrealized loss on foreign currency forward contracts

CAD

108

5/17/2024

(1)

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

105

3/19/2024

(3)

Unrealized loss on foreign currency forward contracts

CAD

118

6/19/2024

(2)

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

424

4/3/2024

(7)

Unrealized loss on foreign currency forward contracts

CAD

417

7/3/2024

1

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

143

4/17/2024

(4)

Unrealized loss on foreign currency forward contracts

CAD

131

7/17/2024

(2)

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

108

5/17/2024

(3)

Unrealized loss on foreign currency forward contracts

CAD

111

8/19/2024

(1)

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

118

6/19/2024

(4)

Unrealized loss on foreign currency forward contracts

CAD

114

9/18/2024

(1)

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

417

7/3/2024

(7)

Unrealized loss on foreign currency forward contracts

CAD

423

10/2/2024

1

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

131

7/17/2024

(4)

Unrealized loss on foreign currency forward contracts

CAD

134

10/17/2024

(2)

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

111

8/19/2024

(3)

Unrealized loss on foreign currency forward contracts

CAD

110

11/19/2024

(1)

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

114

9/18/2024

(4)

Unrealized loss on foreign currency forward contracts

CAD

110

12/18/2024

(1)

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

423

10/2/2024

(7)

Unrealized loss on foreign currency forward contracts

CAD

409

1/2/2025

1

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

134

10/17/2024

(4)

Unrealized loss on foreign currency forward contracts

CAD

133

1/17/2025

(2)

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

110

11/19/2024

(3)

Unrealized loss on foreign currency forward contracts

CAD

115

2/20/2025

(1)

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

110

12/18/2024

(3)

Unrealized loss on foreign currency forward contracts

CAD

91

3/19/2025

(1)

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

409

1/2/2025

(7)

Unrealized loss on foreign currency forward contracts

CAD

14,653

4/2/2025

18

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

133

1/17/2025

(4)

Unrealized loss on foreign currency forward contracts

CAD

128

4/17/2025

(2)

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

115

2/20/2025

(4)

Unrealized loss on foreign currency forward contracts

CAD

101

5/19/2025

(1)

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

91

3/19/2025

(3)

Unrealized loss on foreign currency forward contracts

CAD

107

6/18/2025

(1)

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

14,653

4/2/2025

(255)

Unrealized loss on foreign currency forward contracts

CAD

128

7/17/2025

(2)

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

128

4/17/2025

(4)

Unrealized loss on foreign currency forward contracts

CAD

103

8/19/2025

(1)

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

101

5/19/2025

(3)

Unrealized loss on foreign currency forward contracts

CAD

103

9/17/2025

(1)

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

107

6/18/2025

(3)

Unrealized loss on foreign currency forward contracts

CAD

130

10/17/2025

(2)

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

128

7/17/2025

(4)

Unrealized loss on foreign currency forward contracts

CAD

109

11/19/2025

(1)

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

103

8/19/2025

(3)

Unrealized loss on foreign currency forward contracts

CAD

12,243

12/18/2025

(144)

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

103

9/17/2025

(3)

Unrealized loss on foreign currency forward contracts

AUD

530

10/18/2023

 

9

 

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

130

10/17/2025

(4)

Unrealized loss on foreign currency forward contracts

AUD

546

11/16/2023

 

9

 

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

109

11/19/2025

(3)

Unrealized loss on foreign currency forward contracts

AUD

523

12/18/2023

 

8

 

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

12,243

12/18/2025

(372)

Unrealized loss on foreign currency forward contracts

AUD

536

1/17/2024

 

8

 

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

AUD

403

7/18/2023

(2)

Unrealized loss on foreign currency forward contracts

AUD

533

2/16/2024

 

8

 

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

AUD

546

8/16/2023

 

 

(3)

Unrealized loss on foreign currency forward contracts

AUD

492

3/18/2024

7

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

AUD

549

9/18/2023

 

 

(3)

Unrealized loss on foreign currency forward contracts

AUD

521

4/17/2024

7

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

AUD

530

10/18/2023

 

 

(3)

Unrealized loss on foreign currency forward contracts

AUD

499

5/16/2024

7

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

AUD

546

11/16/2023

 

 

(3)

Unrealized loss on foreign currency forward contracts

AUD

506

6/19/2024

7

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

AUD

523

12/18/2023

 

 

(3)

Unrealized loss on foreign currency forward contracts

AUD

473

7/16/2024

6

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

AUD

536

1/17/2024

 

 

(4)

Unrealized loss on foreign currency forward contracts

AUD

486

8/16/2024

5

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

AUD

533

2/16/2024

 

 

(4)

Unrealized loss on foreign currency forward contracts

AUD

486

9/17/2024

5

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

AUD

492

3/18/2024

(4)

Unrealized loss on foreign currency forward contracts

AUD

470

10/17/2024

5

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

AUD

521

4/17/2024

(4)

Unrealized loss on foreign currency forward contracts

AUD

485

11/18/2024

4

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

AUD

499

5/16/2024

(5)

Unrealized loss on foreign currency forward contracts

AUD

470

12/17/2024

4

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

AUD

506

6/19/2024

(5)

Unrealized loss on foreign currency forward contracts

AUD

465

1/17/2025

3

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

AUD

473

7/16/2024

(5)

Unrealized loss on foreign currency forward contracts

AUD

461

2/18/2025

3

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

AUD

486

8/16/2024

(6)

Unrealized loss on foreign currency forward contracts

AUD

417

3/18/2025

2

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

AUD

486

9/17/2024

(6)

Unrealized loss on foreign currency forward contracts

AUD

461

4/16/2025

2

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

AUD

470

10/17/2024

(6)

Unrealized loss on foreign currency forward contracts

AUD

446

5/16/2025

2

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

AUD

485

11/18/2024

(7)

Unrealized loss on foreign currency forward contracts

AUD

47,765

6/18/2025

129

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

AUD

470

12/17/2024

(7)

Unrealized loss on foreign currency forward contracts

Foreign currency forward contract

AUD

465

1/17/2025

(7)

Unrealized loss on foreign currency forward contracts

Foreign currency forward contract

AUD

461

2/18/2025

(8)

Unrealized loss on foreign currency forward contracts

Foreign currency forward contract

AUD

416

3/18/2025

(7)

Unrealized loss on foreign currency forward contracts

Foreign currency forward contract

AUD

461

4/16/2025

(9)

Unrealized loss on foreign currency forward contracts

Foreign currency forward contract

AUD

446

5/16/2025

(9)

Unrealized loss on foreign currency forward contracts

Foreign currency forward contract

AUD

47,765

6/18/2025

(965)

Unrealized loss on foreign currency forward contracts

$

$

(1,863)

$

264

$

(179)

5455

Table of Contents

    

As of December 31, 2022

Gross 

Gross 

 Amount of

 Amount of

Notional Amount 

Settlement

 Unrealized

Unrealized

Description

to be Sold

    

 Date

    

 Gain

    

 Loss

    

Balance Sheet location of Net Amounts

Foreign currency forward contract

CAD

248

1/5/2023

$

$

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

127

1/19/2023

(2)

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

113

2/17/2023

(1)

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

 

CAD

109

 

3/17/2023

 

 

(1)

 

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

 

CAD

426

 

4/5/2023

 

 

 

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

 

CAD

128

 

4/19/2023

 

 

(2)

 

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

 

CAD

109

 

5/17/2023

 

 

(1)

 

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

 

CAD

121

 

6/19/2023

 

 

(2)

 

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

 

CAD

428

 

7/5/2023

 

 

 

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

124

7/19/2023

(2)

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

112

8/17/2023

(1)

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

120

9/19/2023

(2)

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

431

10/3/2023

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

 

CAD

116

 

10/19/2023

 

 

(2)

 

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

 

CAD

103

 

11/17/2023

 

 

(1)

 

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

 

CAD

106

 

12/19/2023

 

 

(1)

 

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

 

CAD

429

 

1/4/2024

 

 

 

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

 

CAD

143

 

1/17/2024

 

 

(2)

 

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

 

CAD

112

 

2/19/2024

 

 

(1)

 

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

 

CAD

105

 

3/19/2024

 

 

(1)

 

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

 

CAD

424

 

4/3/2024

 

 

 

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

 

CAD

143

 

4/17/2024

 

 

(2)

 

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

108

5/17/2024

(1)

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

118

6/19/2024

(2)

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

417

7/3/2024

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

131

7/17/2024

(2)

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

111

8/19/2024

(1)

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

114

9/18/2024

(1)

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

423

10/2/2024

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

134

10/17/2024

(2)

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

110

11/19/2024

(1)

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

110

12/18/2024

(1)

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

409

1/2/2025

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

133

1/17/2025

(2)

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

115

2/20/2025

(2)

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

91

3/19/2025

(1)

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

14,653

4/2/2025

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

128

4/17/2025

(2)

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

101

5/19/2025

(1)

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

107

6/18/2025

(1)

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

128

7/17/2025

(2)

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

103

8/19/2025

(1)

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

103

9/17/2025

(1)

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

130

10/17/2025

(2)

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

109

11/19/2025

(1)

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

CAD

12,243

12/18/2025

(159)

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

AUD

153

1/18/2023

14

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

AUD

140

2/16/2023

12

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

 

AUD

132

 

3/16/2023

 

12

 

 

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

 

AUD

160

 

4/20/2023

 

14

 

 

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

 

AUD

121

 

5/16/2023

 

11

 

 

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

 

AUD

156

 

6/19/2023

 

14

 

 

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

 

AUD

138

 

7/18/2023

 

12

 

 

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

 

AUD

146

 

8/16/2023

 

13

 

 

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

 

AUD

146

 

9/18/2023

 

13

 

 

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

 

AUD

148

 

10/18/2023

 

13

 

 

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

 

AUD

140

 

11/16/2023

 

12

 

 

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

 

AUD

142

 

12/18/2023

 

12

 

 

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

 

AUD

150

 

1/17/2024

 

13

 

 

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

 

AUD

143

 

2/16/2024

 

12

 

 

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

AUD

15,410

3/18/2024

1,329

Unrealized gain on foreign currency forward contracts

$

1,506

$

(210)

5556

Table of Contents

For the three and sixnine months ended JuneSeptember 30, 2023, the Company recognized net change in unrealized gain (loss) on foreign currency forward contracts of ($3,272)$1,948 and ($3,159)1,211), respectively. For the three and sixnine months ended JuneSeptember 30, 2023, the Company recognized net realized gain (loss) on foreign currency forward contracts of $1,708($2) and $1,741,$1,739, respectively.

For the three and sixnine months ended JuneSeptember 30, 2022, the Company recognized net change in unrealized gain (loss) on foreign currency forward contracts of $1,335$1,541 and $802,$2,343, respectively. For the three and sixnine months ended JuneSeptember 30, 2022, the Company recognized net realized gain (loss) on foreign currency forward contracts of $27$39 and $45,$84, respectively.

Note 9. Distributions

The Company’s distributions to common stockholders are recorded on the applicable record date. The following table summarizes the distributions declared during the sixnine months ended JuneSeptember 30, 2023 and 2022, respectively.

Amount 

Amount 

Date

Record 

Payment 

Dividend

Per 

Distribution

Record 

Payment 

Dividend

Per 

Distribution

Declared

    

Date

    

Date (1)

    

Type

    

Share

    

Declared

    

Date

    

Date (1)

    

Type

    

Share

    

Declared

Six months ended June 30, 2023:

Nine months ended September 30, 2023:

January 13, 2023

January 17, 2023

March 31, 2023

Regular

$

0.09

$

6,217

January 17, 2023

March 31, 2023

Regular

$

0.09

$

6,217

January 13, 2023

February 15, 2023

March 31, 2023

Regular

0.08

6,208

February 15, 2023

March 31, 2023

Regular

0.08

6,208

January 13, 2023

March 15, 2023

March 31, 2023

Regular

0.08

6,208

March 15, 2023

March 31, 2023

Regular

0.08

6,208

April 6, 2023

April 17, 2023

June 30, 2023

Regular

0.09

7,539

April 17, 2023

June 30, 2023

Regular

0.09

7,539

April 6, 2023

April 17, 2023

June 30, 2023

Supplemental

0.01

838

April 17, 2023

June 30, 2023

Supplemental

0.01

838

April 6, 2023

May 15, 2023

June 30, 2023

Regular

0.09

7,539

May 15, 2023

June 30, 2023

Regular

0.09

7,539

April 6, 2023

June 15, 2023

June 30, 2023

Regular

0.09

8,287

June 15, 2023

June 30, 2023

Regular

0.09

8,287

July 6, 2023

July 17, 2023

September 29, 2023

Regular

0.09

8,311

July 6, 2023

July 17, 2023

September 29, 2023

Supplemental

0.01

923

July 6, 2023

August 15, 2023

September 29, 2023

Regular

0.09

8,311

July 6, 2023

September 15, 2023

September 29, 2023

Regular

0.09

9,899

Total distributions declared

 

$

0.53

$

42,836

 

$

0.81

$

70,280

Six months ended June 30, 2022:

Nine months ended September 30, 2022:

January 4, 2022

January 4, 2022

March 31, 2022

Regular

$

0.07

$

2,439

January 4, 2022

March 31, 2022

Regular

$

0.07

$

2,439

January 4, 2022

February 1, 2022

March 31, 2022

Regular

0.07

2,439

February 1, 2022

March 31, 2022

Regular

0.07

2,439

January 4, 2022

March 1, 2022

March 31, 2022

Regular

 

0.06

 

2,435

March 1, 2022

March 31, 2022

Regular

 

0.06

 

2,435

April 1, 2022

April 18, 2022

June 30, 2022

Regular

0.07

3,222

April 18, 2022

June 30, 2022

Regular

0.07

3,222

April 1, 2022

May 16, 2022

June 30, 2022

Regular

0.07

3,223

May 16, 2022

June 30, 2022

Regular

0.07

3,223

April 1, 2022

June 17, 2022

June 30, 2022

Regular

0.06

3,730

June 17, 2022

June 30, 2022

Regular

0.06

3,730

July 1, 2022

July 15, 2022

September 30, 2022

Regular

0.07

3,759

July 1, 2022

August 15, 2022

September 30, 2022

Regular

0.07

3,759

July 1, 2022

September 16, 2022

September 30, 2022

Regular

0.06

4,321

Total distributions declared

$

0.40

$

17,488

$

0.60

$

29,327

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

The following tables summarize the Company’s distributions reinvested during the six months ended June 30, 2023 and 2022, respectively:

    

    

DRIP

DRIP

NAV

Shares

Shares

Payment Date

Per Share

Issued

Value

Six months ended June 30, 2023:

 

  

 

  

 

  

March 31, 2023

$

10.13

 

664,510

$

6,731

June 30, 2023

10.25

916,989

9,400

Total proceeds

 

1,581,499

$

16,131

    

DRIP

    

DRIP

NAV

Shares

Shares

Payment Date

Per Share

Issued

Value

Six months ended June 30, 2022:

 

  

  

 

  

March 31, 2022

$

10.13

217,369

$

2,195

June 30, 2022

10.16

344,760

3,503

Total proceeds

 

562,129

$

5,698

5657

Table of Contents

The following tables summarize the Company’s distributions reinvested during the nine months ended September 30, 2023 and 2022, respectively:

    

    

DRIP

DRIP

NAV

Shares

Shares

Payment Date

Per Share

Issued

Value

Nine months ended September 30, 2023:

 

  

 

  

 

  

March 31, 2023

$

10.13

 

664,510

$

6,731

June 30, 2023

10.25

916,989

9,400

September 29, 2023

10.22

1,044,254

10,672

Total proceeds

 

2,625,753

$

26,803

    

DRIP

    

DRIP

NAV

Shares

Shares

Payment Date

Per Share

Issued

Value

Nine months ended September 30, 2022:

 

  

  

 

  

March 31, 2022

$

10.10

217,369

$

2,195

June 30, 2022

10.16

344,760

3,503

September 30, 2022

10.10

418,151

4,224

Total proceeds

 

980,280

$

9,922

Note 10. Stock Issuances and Share Repurchase Program

Stock Issuances

Effective as of June 15, 2023, the Company amended its charter to increase the number of shares of common stock the Company is authorized to issue from 100,000,000 to 300,000,000.

The following tables summarize the issuance of shares during the sixnine months ended JuneSeptember 30, 2023 and 2022:

    

Price Per

    

    

    

Price

    

    

Date

Share

Shares Issued

Proceeds

Per Share

Shares Issued

Proceeds

Six months ended June 30, 2023:

 

 

 

Nine months ended September 30, 2023:

 

 

 

March 16, 2023

$

10.13

 

9,474,500

$

95,977

$

10.13

 

9,474,500

$

95,977

May 16, 2023

10.25

8,321,086

85,291

10.25

8,321,086

85,291

August 16, 2023

10.22

17,653,821

180,422

Total

 

17,795,586

$

181,268

 

35,449,407

$

361,690

    

Price Per

    

    

Price

    

Date

Share

    

Shares Issued

Proceeds

Per Share

    

Shares Issued

Proceeds

Six months ended June 30, 2022:

Nine months ended September 30, 2022:

March 15, 2022

$

10.10

12,173,590

$

122,953

$

10.10

12,173,590

$

122,953

May 17, 2022

10.16

8,022,706

81,511

10.16

8,022,706

81,511

August 16, 2022

10.10

8,681,792

87,686

Total

 

20,196,296

$

204,464

 

28,878,088

$

292,150

During the sixnine months ended JuneSeptember 30, 2023 and 2022, the Company also issued 1,581,4992,625,753 and 562,129980,280 shares, with an aggregate value of $16,131$26,803 and $5,698,$9,922, respectively, under the DRIP as disclosed in Note 9.

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Share Repurchase Program

During 2022, the Company commenced a quarterly share repurchase program in which the Company intends to repurchase, in each quarter, up to 5% of the shares of common stock outstanding as of the close of the previous calendar quarter (the “Share Repurchase Program”), subject to the discretion of the Board. Any such repurchases are subject to approval by the Board, in its discretion, and the availability of cash to fund such repurchases. The Board may amend, suspend or terminate the share repurchase program if it deems such action to be in the Company’s best interest and the best interest of the Company’s stockholders. As a result, share repurchases may not be available each quarter. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 under the Securities Exchange Act of 1934 and the 1940 Act and subject to compliance with applicable covenants and restrictions under the Company’s financing arrangements. All shares repurchased by the Company pursuant to the terms of each tender offer will be redeemed and thereafter will be authorized and unissued shares.

The following tables summarize the total shares repurchased that were validly tendered under the Share Repurchase Program and not withdrawn during the sixnine months ended JuneSeptember 30, 2023 and 2022:

    

Price

Shares

    

    

Price

Shares

    

Date

Per Share

    

Repurchased

Total Cost

Per Share

    

Repurchased

Total Cost

Six months ended June 30, 2023:

 

  

  

 

  

Nine months ended September 30, 2023:

 

  

  

 

  

March 30, 2023

$

10.13

906,750

$

9,185

$

10.13

906,750

$

9,185

June 29, 2023

10.25

664,987

6,816

10.25

664,987

6,816

September 28, 2023

10.22

618,326

6,319

Total

 

1,571,737

$

16,001

 

2,190,063

$

22,320

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Price

    

Shares

    

    

Price

    

Shares

    

Date

Per Share

Repurchased

Total Cost

Per Share

Repurchased

Total Cost

Six months ended June 30, 2022:

 

  

 

  

 

  

Nine months ended September 30, 2022:

 

  

 

  

 

  

April 15, 2022

$

10.10

 

641,640

$

6,480

$

10.10

 

641,640

$

6,480

June 16, 2022

 

10.16

 

333,527

 

3,389

 

10.16

 

333,527

 

3,389

September 16, 2022

10.10

139,216

1,406

Total

 

975,167

$

9,869

 

1,114,383

$

11,275

Note 11. Commitments and Contingencies

Commitments: As of JuneSeptember 30, 2023 and December 31, 2022, the Company had $289,184$263,540 and $319,237, respectively, in outstanding commitments to fund investments under undrawn revolvers, delayed draw commitments and subscription agreements. Management believes that the Company’s available cash balances and/or ability to draw on the Credit Facility, make Short-Term Borrowings or raise additional leverage facilities provide sufficient funds to cover its unfunded commitments as of JuneSeptember 30, 2023.

Indemnifications: In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties that provide general indemnification. The Company’s maximum exposure under these agreements is unknown, as these involve future claims that may be made against the Company but that have not occurred. The Company expects the risk of any future obligations under these indemnification provisions to be remote.

Concentration of credit and counterparty risk: Credit risk arises primarily from the potential inability of counterparties to perform in accordance with the terms of the contract. In the event that the counterparties do not fulfill their obligations, the Company may be exposed to risk. The risk of default depends on the creditworthiness of the counterparties or issuers of the instruments. It is the Company’s policy to review, as necessary, the credit standing of each counterparty.

Market risk: The Company’s investments and borrowings are subject to market risk. Market risk is the potential for changes in the value due to market changes. Market risk is directly impacted by the volatility and liquidity in the markets in which the investments and borrowings are traded.

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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 12. Financial Highlights

The following is a schedule of financial highlights for the sixnine months ended JuneSeptember 30, 2023 and 2022:

    

June 30, 2023

    

June 30, 2022

 

    

September 30, 2023

    

September 30, 2022

 

Per share data:

 

  

 

  

 

  

 

  

Net asset value at beginning of period

$

10.13

$

10.10

$

10.13

$

10.10

Net investment income (1)

 

0.62

 

0.42

 

0.92

 

0.62

Net gain (loss) (1)

 

 

(0.05)

 

 

(0.06)

Net increase (decrease) in net assets resulting from operations (1)

 

0.62

 

0.37

 

0.92

 

0.56

Stockholder distributions declared (2)

 

(0.53)

 

(0.40)

 

(0.81)

 

(0.60)

Other (3)

0.03

0.01

0.04

Net asset value at end of period

$

10.22

$

10.10

$

10.25

$

10.10

Total return based on average net asset value (4)

 

9.89

%  

 

3.49

%

 

10.97

%  

 

5.42

%

Ratio/Supplemental data:

 

 

 

 

Net assets at end of period

$

944,093

$

568,960

$

1,131,752

$

659,321

Shares outstanding at end of period

92,338,550

56,348,420

110,418,299

65,309,147

Portfolio turnover (5)

 

5.04

%  

 

6.30

%

 

6.15

%  

 

12.22

%

Ratio of total investment income to average net assets (6)

 

22.80

%  

 

14.15

%

 

22.56

%  

 

14.40

%

Ratio of expenses to average net assets with waivers (6) (7)

 

9.94

%  

 

5.83

%

 

10.29

%  

 

6.21

%

(1)The per share data was derived by using the weighted average shares outstanding during the periods presented.
(2)The per share data for distributions reflects the actual amount of distributions declared during the period. Management monitors available taxable earnings, including net investment income and realized capital gains, to determine if a tax return of capital may occur for the year. To the extent the Company’s taxable earnings fall below the total amount of the Company’s distributions for that fiscal year, a portion of those distributions may be deemed a tax return of capital to the Company’s stockholders. The tax character of distributions will be determined at the end of the fiscal year. However, if the character of such distributions were determined as of JuneSeptember 30, 2023 and 2022, none of the distributions would have been characterized as a tax return of capital to the Company’s stockholders; this tax return of capital may differ from the return of capital calculated with reference to net investment income for financial reporting purposes.
(3)Includes the impact of different share amounts used in calculating per share data as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on shares outstanding as of a period end or transaction date.
(4)Total return based on average net asset value is calculated by dividing the net increase (decrease) in net assets resulting from operations by the average net asset value. Return calculations are not annualized.
(5)Ratio is not annualized.
(6)Ratios are annualized. To the extent incentive fees are included within the ratio, they are not annualized.
(7)The following is a supplemental ratio for the sixnine months ended JuneSeptember 30, 2023 and 2022.

    

June 30, 2023

    

June 30, 2022

    

September 30, 2023

    

September 30, 2022

Ratio of expenses to average net assets without waivers (6)

 

9.94

%  

6.82

%

 

10.29

%  

6.93

%

Ratio of net investment income (loss) to average net assets without waivers (6)

 

12.86

%  

7.33

%

 

12.27

%  

7.47

%

Ratio of net investment income (loss) to average net assets with waivers (6)

 

12.86

%  

8.32

%

 

12.27

%  

8.18

%

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Note 13. Subsequent Events

The Company has evaluated subsequent events through August 11,November 13, 2023, the date on which the consolidated financial statements were issued.

Distributions: On July 6,October 5, 2023, the Board declared the following regular distributions:

Record Date

    

Payment Date

    

Amount Per Share

    

Payment Date

    

Amount Per Share

July 17, 2023

September 29, 2023

$

0.09

August 15, 2023

September 29, 2023

 

0.09

September 15, 2023

September 29, 2023

 

0.09

October 16, 2023

December 29, 2023

$

0.09

November 15, 2023

December 29, 2023

 

0.09

December 15, 2023

December 29, 2023

 

0.09

Total regular dividends declared

$

0.27

$

0.27

Additionally, on July 6,October 5, 2023, the Board also declared a supplemental dividend of $0.01 per share, to stockholders of record as of the close of business on July 17,October 16, 2023, payable on SeptemberDecember 29, 2023.

Private Placement Bonds: On October 18, 2023, the Company priced an offering of $200,000 in aggregate principal amount of senior unsecured notes (the “2028 Notes”) to institutional accredited investors in a private placement. The 2028 Notes are comprised of $100,000 series A senior unsecured notes, due November 15, 2028 (the “Series A Notes”) and $100,000 series B senior unsecured notes, due December 13, 2028 (the “Series B Notes”). The issuance of the Series A Notes is expected to occur on November 15, 2023 and the issuance of the Series B Notes is expected to occur on December 13, 2023, subject to finalization of the underlying documentation and agreements. The 2028 Notes will have a fixed interest rate of 9.42% per annum. Interest on the 2028 Notes will be due and payable semiannually beginning on May 15, 2024. The interest rate will be subject to increase (up to a maximum increase of 2.00% above the stated rate for each of the Series A Notes and the Series B Notes) in the event that, subject to certain exceptions, the 2028 Notes cease to have an investment grade rating and the Company’s minimum secured debt ratio exceeds certain thresholds. There is no guarantee of the successful placement of the 2028 Notes or that the closing of the 2028 Notes will occur as anticipated.

Revolving Credit Facility: On October 20, 2023, the Company entered into a senior secured revolving credit facility (the “Revolving Credit Facility”) pursuant to a Senior Secured Revolving Credit Agreement (the “Revolving Credit Agreement”), with ING Capital, LLC, as Administrative Agent and Joint Lead Arranger.

The initial principal amount of the Revolving Credit Facility is $295,000, subject to availability under the borrowing base, which is based on the Company’s portfolio investments and other outstanding indebtedness, with an accordion provision to permit increases to the total facility amount up to $450,000, subject to the satisfaction of certain conditions.

Advances under the Revolving Credit Facility initially bear interest at a per annum rate equal to, (a) in the case of any U.S. dollar advances, (i) 1.50% per annum (or, at any time the Rating Condition is satisfied, 1.35% per annum) plus an “alternate base rate” (as described in the Revolving Credit Agreement) or (ii) 2.50% per annum (or, at any time the Rating Condition is satisfied, 2.35% per annum) plus Term SOFR, (b) in the case of any foreign currency advances (other than Pounds Sterling), 2.50% per annum (or, at any time the Rating Condition is satisfied, 2.35% per annum) plus the applicable benchmark rate and (c) in the case of any Pounds Sterling advances, 2.50% per annum (or, at any time the Rating Condition is satisfied, 2.35% per annum) plus the Daily Simple RFR, in each case, depending on the nature of the advances being requested under the Revolving Credit Facility. The “Rating Condition” shall be satisfied at any time the Company maintains a public credit rating of at least BBB- from S&P Global Ratings (or equivalent rating from Moody’s Investors Service, Inc. or Fitch, Inc.).

Advances under the Revolving Credit Facility are subject to compliance with borrowing base requirements, pursuant to which the amount of funds advanced varies depending upon the types of assets in the Company’s portfolio. Assets must meet certain criteria in order to be included in the borrowing base, and the borrowing base is subject to certain portfolio restrictions including investment size, sector concentrations and investment type.

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The Company’s ability to borrow under the Revolving Credit Facility is subject to availability under the borrowing base, which permits the Company to borrow up to 72.5% of the fair market value of its portfolio company investments depending on the type of investment the Company holds and whether the investment is quoted. The Company’s ability to borrow is also subject to certain concentration limits, and continued compliance with the representations, warranties and covenants given by the Company under the Revolving Credit Facility. The Revolving Credit Facility contains certain financial covenants, including, but not limited to, the Company’s maintenance of: (1) minimum consolidated total net assets of the greater of (a) $500,000 and (b) an amount equal to the sum of (i) $660,865 plus (ii) an amount equal to 65% of the difference of (x) the net proceeds to the Company from sales of its equity securities during each quarter following October 20, 2023 and (y) the amount paid or distributed to purchase or redeem its common stock in connection with a tender offer during such quarter; (2) a ratio of total assets (less total liabilities other than indebtedness) to total indebtedness of not less than 1.5 to 1; (3) a senior debt coverage ratio of at least 2 to 1; and (4) minimum net worth equal to or greater than $215,000. 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 Revolving 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 the Company and MC Advisors, failure to comply with financial and negative covenants, and failure to maintain the Company’s relationship with MC Advisors. If the Company incurs an event of default under the Revolving Credit Facility and fails to remedy such default under any applicable grace period, if any, then the entire Revolving Credit Facility could become immediately due and payable, which would materially and adversely affect the Company’s liquidity, financial condition, results of operations and cash flows.

The 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.

The Revolving Credit Facility is guaranteed by certain subsidiary guarantors (primarily the Taxable Subsidiaries). Proceeds of the Revolving Credit Facility may be used for general corporate purposes, including, without limitation, making distributions, contributions and investments and such other uses as permitted under the Revolving Credit Agreement.

The period during which the Company may borrow under the Revolving Credit Facility expires on October 20, 2027, and the Revolving Credit Facility will mature and all amounts outstanding thereunder must be repaid by October 20, 2028. The Revolving Credit Facility is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Company and the subsidiary guarantors, subject to certain exceptions.

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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 Income Plus Corporation and its consolidated subsidiaries; MC Advisors refers to Monroe Capital BDC Advisors, LLC, our investment adviser and a Delaware limited liability company; MC Management refers to Monroe Capital Management Advisors, LLC, our administrator and a Delaware limited liability company; and Monroe Capital refers to Monroe Capital LLC, a Delaware limited liability company, and its subsidiaries and affiliates. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes appearing in our annual report on Form 10-K (the “Annual Report”) for the year ended December 31, 2022, filed with the U.S. Securities and Exchange Commission (“SEC”) on March 15, 2023. The information contained in this section should also be read in conjunction with our unaudited consolidated financial statements and related notes and other financial information appearing elsewhere in this quarterly report on Form 10-Q (the “Quarterly Report”).

FORWARD-LOOKING STATEMENTS

This Quarterly Report, including Management’s Discussion and Analysis of Financial Condition and Results of Operations, contains statements that constitute forward-looking statements, which relate to future events or our future performance or future financial condition. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about our company, our industry, our beliefs and our assumptions. The forward-looking statements contained in this Quarterly Report involve risks and uncertainties, including statements as to:

our future operating results;
our business prospects and the prospects of our portfolio companies;
the dependence of our future success on the general economy and its impact on the industries in which we invest;
the impact of the ongoing war between Russia and Ukraine or current conflict in Israel 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 changes in London Interbank Offered Rate (“LIBOR”) or Secured Overnight Financing Rate (“SOFR”) on our operating results;
the impact of increased competition;
the impact of rising interest 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” and similar expressions to identify forward-looking statements. The forward-looking statements contained in this Quarterly Report involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth in “Part I-Item 1A. Risk Factors” in our Annual Report and “Part II-Item 1A. Risk Factors” in this Quarterly Report.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. Important assumptions include our ability to originate new loans and investments, certain margins and levels of profitability and the availability of additional capital. In light of these and other uncertainties, the inclusion of a projection or forward-looking statements in this Quarterly Report should not be regarded as a representation by us that our plans and objectives will be achieved.

We have based the forward-looking statements included in this Quarterly Report on information available to us on the date of this Quarterly Report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements in this Quarterly Report, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we may file in the future with the SEC, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

Overview

Monroe Capital Income Plus Corporation is an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes we have elected to be treated as a regulated investment company (“RIC”) under the U.S. Internal Revenue Code of 1986, as amended (the “Code”). We currently qualify and intend to continue to qualify annually to be treated as a RIC for U.S. federal income tax purposes.

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

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We are a specialty finance company that is focused on providing financing solutions primarily to lower middle-market companies in the United States and Canada. We seek to provide investors with attractive risk-adjusted returns and downside protection associated with investing in asset based and secured corporate private credit opportunities in a manner that is decoupled from public markets’ volatility. We seek to provide attractive risk-adjusted returns and downside protection by investing primarily in secured private credit transactions and assets, targeting investments that have significant downside protection through a focus on asset coverage. We expect to invest primarily in: (i) senior secured and junior secured and unsecured loans, notes, bonds, preferred equity (including preferred partnership equity), convertible debt and other securities; (ii) unitranche secured loans (a combination of senior secured and junior secured debt in the same facility in which we syndicate a “first out” portion of the loan to an investor and retain a “last out” portion of the loan) and securities; (iii) asset-based loans and securities; (iv) small business loans and leases; (v) structured debt and structured equity; (vi) syndicated loans; (vii) securitized debt and subordinated notes of collateralized loan obligations facilities, asset-backed securities and other securitized products and warehouse loan facilities; (viii) opportunities to acquire illiquid investments from other third-party funds as a result of liquidity constraints resulting from investor redemptions and market dislocations; and (ix) capital investments in the secondary markets. As of JuneSeptember 30, 2023, our portfolio included approximately 86.7%87.4% senior secured loans, 7.3%6.6% unitranche secured loans, 2.5%2.6% junior secured loans and 3.5%3.4% equity securities, compared to December 31, 2022, when our portfolio included approximately 85.1% senior secured loans, 8.7% unitranche secured loans, 3.0% junior secured loans and 3.2% equity securities. We expect that the companies in which we invest may be leveraged, often as a result of leveraged buyouts or other recapitalization transactions, and, in certain cases, will not be rated by national ratings agencies. If such companies were rated, we believe that they would typically receive a rating below investment grade (between BB and CCC under the Standard & Poor’s system) from the national rating agencies.

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

Stock Issuances and Share Repurchase Program

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

The following table summarizes the issuance of shares of our common stock pursuant to the Second Private Offering during the sixnine months ended JuneSeptember 30, 2023 and 2022 (in thousands except shares and per share data):

    

Price Per

    

    

Price Per

    

Date

Share

Shares Issued

Proceeds

Share

Shares Issued

Proceeds

Six months ended June 30, 2023:

 

  

  

 

  

Nine months ended September 30, 2023:

 

  

  

 

  

March 16, 2023

$

10.13

9,474,500

$

95,977

$

10.13

9,474,500

$

95,977

May 16, 2023

10.25

8,321,086

85,291

10.25

8,321,086

85,291

August 16, 2023

10.22

17,653,821

180,422

Total

 

17,795,586

$

181,268

 

35,449,407

$

361,690

    

Price Per

    

    

Price Per

    

Date

Share

Shares Issued

Proceeds

Share

Shares Issued

Proceeds

Six months ended June 30, 2022:

 

  

  

 

  

Nine months ended September 30, 2022:

 

  

  

 

  

March 15, 2022

$

10.10

12,173,590

$

122,953

$

10.10

12,173,590

$

122,953

May 17, 2022

10.16

8,022,706

81,511

10.16

8,022,706

81,511

August 16, 2022

10.10

8,681,792

87,686

Total

 

20,196,296

$

204,464

 

28,878,088

$

292,150

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Share Repurchase Program: During 2022, we commenced a quarterly share repurchase program in which we intend to repurchase, in each quarter, up to 5% of the shares of common stock outstanding as of the close of the previous calendar quarter (the “Share Repurchase Program”), subject to the discretion of our Board. Any such repurchases are subject to approval by our Board, in its discretion, and the availability of cash to fund such repurchases. Our Board may amend, suspend or terminate the share repurchase program if it deems such action to be in our best interest and the best interest of our stockholders.

The following tables summarize the total shares repurchased that were validly tendered under the Share Repurchase Program and not withdrawn during the sixnine months ended JuneSeptember 30, 2023 and 2022 (in thousands except shares and per share data):

    

Price Per

Shares

    

    

Price

    

Shares

    

Date

Share

Repurchased

Proceeds

Per Share

Repurchased

Proceeds

Six months ended June 30, 2023:

 

  

  

 

  

Nine months ended September 30, 2023:

 

  

  

 

  

March 30, 2023

$

10.13

906,750

$

9,185

$

10.13

906,750

$

9,185

June 29, 2023

10.25

664,987

6,816

10.25

664,987

6,816

September 28, 2023

10.22

618,326

6,319

Total

 

1,571,737

$

16,001

 

2,190,063

$

22,320

    

Price

    

Shares

    

    

Price

    

Shares

    

Date

Per Share

Repurchased

Proceeds

Per Share

Repurchased

Proceeds

Six months ended June 30, 2022:

 

  

 

  

 

  

Nine months ended September 30, 2022:

 

  

 

  

 

  

April 15, 2022

$

10.10

 

641,640

$

6,480

$

10.10

 

641,640

$

6,480

June 16, 2022

 

10.16

 

333,527

 

3,389

 

10.16

 

333,527

 

3,389

September 16, 2022

10.10

139,216

1,406

Total

 

975,167

$

9,869

 

1,114,383

$

11,275

Investment income

We generate interest income on the debt investments in portfolio company investments that we originate or acquire. Our debt investments, whether in the form of senior secured, unitranche secured or junior secured debt, typically have an initial term of three to seven years and bear interest at a fixed or floating rate. In some instances, we receive payments on our debt investments based on scheduled amortization of the outstanding balances. In addition, we receive repayments of some of our debt investments prior to their scheduled maturity date. In some cases, our investments provide for deferred interest of payment-in-kind (“PIK”) interest. In addition, we may generate revenue in the form of commitment, origination, amendment, structuring or due diligence fees, fees for providing managerial assistance and consulting fees. Loan origination fees, original issue discount and market discount or premium are capitalized, and we accrete or amortize such amounts as interest income. We record prepayment premiums and prepayment gains (losses) on loans as interest income. As the frequency or volume of the repayments which trigger these prepayment premiums and prepayment gains (losses) may fluctuate significantly from period to period, the associated interest income recorded may also fluctuate significantly from period to period. Interest and fee income is recorded on the accrual basis to the extent we expect to collect such amounts. Interest income is accrued based upon the outstanding principal amount and contractual terms of debt and preferred equity investments. Interest is accrued on a daily basis. We record fees on loans based on the determination of whether the fee is considered a yield enhancement or payment for a service. If the fee is considered a yield enhancement associated with a funding of cash on a loan, the fee is generally deferred and recognized into interest income using the effective interest method if captured in the cost basis or using the straight-line method if the loan is unfunded and therefore there is no cost basis. If the fee is not considered a yield enhancement because a service was provided, and the fee is payment for that service, the fee is deemed earned and recognized as fee income in the period the service is completed.

Dividend income on preferred equity securities is recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies. Each distribution received from limited liability company (“LLC”) and limited partnership (“LP”) investments is evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, we will not record distributions from equity investments in LLCs and LPs as dividend income unless there are sufficient accumulated tax-basis earnings and profits in the LLC or LP prior to the distribution. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment. The frequency and volume of the distributions on common equity securities and LLC and LP investments may fluctuate significantly from period to period.

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Expenses

Our primary operating expenses include the payment of base management and incentive fees to MC Advisors under the investment advisory agreement entered into on December 5, 2018 (the “Investment Advisory Agreement”), the payment of fees to MC Management for our allocable portion of overhead and other expenses under the administration agreement entered into on December 5, 2018 (the “Administration Agreement”), and other operating costs. See Note 6 to our consolidated financial statements and “Related Party Transactions” below for additional information on our Investment Advisory Agreement and Administration Agreement. Our expenses also include interest expense on indebtedness. We bear all other out-of-pocket costs and expenses of our operations and transactions.

Net gain (loss)

We recognize realized gains or losses on investments, foreign currency forward contracts and foreign currency and other transactions based on the difference between the net proceeds from the disposition and the cost basis without regard to unrealized gains or losses previously recognized within net realized gain (loss) on the consolidated statements of operations. We record current period changes in fair value of investments, foreign currency forward contracts, foreign currency and other transactions within net change in unrealized gain (loss) on the consolidated statements of operations.

Portfolio and Investment Activity

During the three months ended JuneSeptember 30, 2023, we invested $212.4$175.4 million in 188 new portfolio companies, $55.4$57.1 million in 4449 existing portfolio companies and had $45.4$23.5 million in aggregate amount of sales and principal repayments, resulting in net investments of $222.4$209.0 million for the period.

During the sixnine months ended JuneSeptember 30, 2023, we invested $269.0$445.1 million in 2533 new portfolio companies, and $99.2$155.6 million in 92141 existing portfolio companies, and had $80.2$103.7 million in aggregate amount of sales and principal repayments, resulting in net investments of $288.0$497.0 million for the period.

During the three months ended JuneSeptember 30, 2022, we invested $107.4$194.1 million in eight20 new portfolio companies, and $27.7$69.5 million in 3033 existing portfolio companies, and had $26.9$55.3 million in aggregate amount of sales and principal repayments, resulting in net investments of $108.2$208.3 million for the period.

During the sixnine months ended JuneSeptember 30, 2022, we invested $128.6$326.5 million in 1131 new portfolio companies, and $86.3$152.0 million in 4253 existing portfolio companies, and had $49.2$104.5 million in aggregate amount of sales and principal repayments, resulting in net investments of $165.7$374.0 million for the period.

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The following table shows portfolio yield by security type:

June 30, 2023

December 31, 2022

 

September 30, 2023

December 31, 2022

 

Weighted Average

Weighted

Weighted Average

Weighted

 

Weighted Average

Weighted

Weighted Average

Weighted

 

Annualized

Average

Annualized

Average

 

Annualized

Average

Annualized

Average

 

Contractual

Annualized

Contractual

Annualized

 

Contractual

Annualized

Contractual

Annualized

 

Coupon

Effective

Coupon

Effective

 

Coupon

Effective

Coupon

Effective

 

    

Yield (1)

    

Yield (2)

    

Yield (1)

    

Yield (2)

 

    

Yield (1)

    

Yield (2)

    

Yield (1)

    

Yield (2)

 

Senior secured loans

 

11.6

%  

11.6

%  

10.8

%  

10.8

%

 

11.9

%  

11.9

%  

10.8

%  

10.8

%

Unitranche secured loans

 

13.1

 

13.7

 

11.0

 

11.3

 

13.3

 

13.9

 

11.0

 

11.3

Junior secured loans

 

11.8

 

11.8

 

11.9

 

11.9

 

9.6

 

9.6

 

11.9

 

11.9

Equity securities

 

6.6

 

6.6

 

6.6

 

6.6

 

6.7

 

6.7

 

6.6

 

6.6

Total

 

11.7

%  

11.7

%  

10.8

%  

10.8

%

 

11.9

%  

12.0

%  

10.8

%  

10.8

%

(1)The weighted average annualized contractual coupon yield at period end is computed by dividing (a) the interest income on our debt investments and preferred equity investments (with a stated coupon rate) at the period end contractual coupon rate for each investment by (b) the par value of our debt investments and the cost basis of our preferred equity investments.
(2)The weighted average annualized effective yield on portfolio investments at period end is computed by dividing (a) interest income on our debt investments and preferred equity investments (with a stated coupon rate) at the period end effective rate for each investment by (b) the par value of our debt investments and the cost basis of our preferred equity investments. The weighted average annualized effective yield on portfolio investments is a metric on the investment portfolio alone and does not represent a return to stockholders. This metric is not inclusive of our fees and expenses, the impact of leverage on the investment portfolio or sales load that may be paid by stockholders.

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

    

June 30, 2023

    

December 31, 2022

 

    

September 30, 2023

    

December 31, 2022

 

Fair Value:

  

  

  

  

 

  

  

  

  

 

Senior secured loans

$

1,529,436

 

86.7

%  

$

1,250,788

 

85.1

%

$

1,726,087

87.4

%  

$

1,250,788

 

85.1

%

Unitranche secured loans

 

129,399

 

7.3

 

127,378

 

8.7

 

129,840

6.6

 

127,378

 

8.7

Junior secured loans

 

44,190

 

2.5

 

44,469

 

3.0

 

51,521

2.6

 

44,469

 

3.0

Equity securities

 

61,749

 

3.5

 

46,361

 

3.2

 

66,685

3.4

 

46,361

 

3.2

Total

$

1,764,774

 

100.0

%  

$

1,468,996

 

100.0

%

$

1,974,133

100.0

%  

$

1,468,996

 

100.0

%

Our portfolio composition at JuneSeptember 30, 2023 remained relatively consistent with our portfolio at December 31, 2022. Our effective yields at JuneSeptember 30, 2023 increased from December 31, 2022, driven primarily by increases in LIBOR and SOFR.

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

    

June 30, 2023

    

December 31, 2022

 

    

September 30, 2023

    

December 31, 2022

 

Fair Value:

Aerospace & Defense

$

21,011

 

1.2

%  

$

21,049

 

1.4

%

$

21,155

1.1

%  

$

21,049

 

1.4

%

Automotive

 

38,129

 

2.2

 

38,843

 

2.7

 

37,119

1.9

 

38,843

 

2.7

Banking

 

37,046

 

2.1

 

37,979

 

2.6

 

33,643

1.7

 

37,979

 

2.6

Beverage, Food & Tobacco

 

16,140

 

0.9

 

16,439

 

1.1

 

35,858

1.8

 

16,439

 

1.1

Capital Equipment

 

72,342

 

4.1

 

56,074

 

3.8

 

72,561

3.7

 

56,074

 

3.8

Chemicals, Plastics & Rubber

705

0.0

626

0.0

Construction & Building

 

61,771

 

3.5

 

34,877

 

2.4

 

62,713

3.2

 

34,877

 

2.4

Consumer Goods: Durable

 

45,247

 

2.6

 

40,357

 

2.7

 

45,453

2.3

 

40,357

 

2.7

Consumer Goods: Non-Durable

 

44,257

 

2.5

 

32,843

 

2.2

 

44,009

2.2

 

32,843

 

2.2

Containers, Packaging & Glass

14,118

0.8

11,675

0.8

13,973

0.7

11,675

0.8

Energy: Oil & Gas

2,690

0.2

3,597

0.2

2,787

0.2

3,597

0.2

Environmental Industries

 

35,656

 

2.0

 

31,457

 

2.1

 

35,926

1.8

 

31,457

 

2.1

FIRE: Finance

 

123,451

 

7.0

 

66,639

 

4.5

 

134,402

6.8

 

66,639

 

4.5

FIRE: Insurance

18,553

1.1

9,641

0.7

23,671

1.2

9,641

0.7

FIRE: Real Estate

 

78,581

 

4.4

 

71,154

 

4.8

 

82,509

4.2

 

71,154

 

4.8

Healthcare & Pharmaceuticals

 

255,373

 

14.5

 

210,831

 

14.4

 

294,344

14.9

 

210,831

 

14.4

High Tech Industries

 

194,481

 

11.0

 

180,823

 

12.3

 

192,457

9.8

 

180,823

 

12.3

Hotels, Gaming & Leisure

 

62

 

0.0

 

2,331

 

0.2

 

99

0.0

 

2,331

 

0.2

Media: Advertising, Printing & Publishing

 

143,152

 

8.1

 

129,362

 

8.8

 

144,058

7.3

 

129,362

 

8.8

Media: Broadcasting & Subscription

 

2,011

 

0.1

 

2,019

 

0.1

 

2,073

0.1

 

2,019

 

0.1

Media: Diversified & Production

 

45,002

 

2.6

 

46,348

 

3.2

 

46,081

2.3

 

46,348

 

3.2

Retail

 

954

 

0.1

 

 

Services: Business

 

230,154

 

13.0

 

184,535

 

12.6

 

351,505

17.8

 

184,535

 

12.6

Services: Consumer

 

104,995

 

5.9

 

77,998

 

5.3

 

110,669

5.6

 

77,998

 

5.3

Telecommunications

 

36,848

 

2.1

 

36,415

 

2.5

 

42,873

2.2

 

36,415

 

2.5

Transportation: Cargo

106,056

6.0

97,153

6.6

107,385

5.4

97,153

6.6

Wholesale

 

35,989

 

2.0

 

28,557

 

2.0

 

36,184

1.8

 

28,557

 

2.0

Total

$

1,764,774

 

100.0

%  

$

1,468,996

 

100.0

%

$

1,974,133

100.0

%  

$

1,468,996

 

100.0

%

Portfolio Asset Quality

MC Advisors’ portfolio management staff closely monitors all credits, with senior portfolio managers covering agented and more complex investments. MC Advisors segregates our capital markets investments by industry. The MC Advisors’ monitoring process and projections developed by Monroe Capital both have daily, weekly, monthly and quarterly components and related reports, each to evaluate performance against historical, budget and underwriting expectations. MC Advisors’ analysts will monitor performance using standard industry software tools to provide consistent disclosure of performance. When necessary, MC Advisors will update our internal risk ratings, borrowing base criteria and covenant compliance reports.

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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 Grades 3, 4 or 5, MC Advisors, through its internal Portfolio Management Group (“PMG”), will increase its monitoring intensity and prepare regular updates for the investment committee, summarizing current operating results and material impending events and suggesting recommended actions. The PMG is responsible for oversight and management of any investments rated in Grades 3, 4, or 5. MC Advisors monitors and, when appropriate, changes the investment ratings assigned to each investment in our portfolio. In connection with our valuation process, MC Advisors reviews these investment performance risk ratings on a quarterly basis. The investment performance risk rating system is described as follows:

  

Investment
Performance
Risk Rating

    

Summary Description

Grade 1

 

Includes investments exhibiting the least amount of risk in our portfolio. The issuer is performing above expectations or the issuer’s operating trends and risk factors are generally positive.

 

 

 

Grade 2

 

Includes investments exhibiting an acceptable level of risk that is similar to the risk at the time of origination. The issuer is generally performing as expected or the risk factors are neutral to positive.

 

 

 

Grade 3

 

Includes investments performing below expectations and indicates that the investment’s risk has increased somewhat since origination. The issuer may be out of compliance with debt covenants; however, scheduled loan payments are generally not past due.

 

 

 

Grade 4

 

Includes an issuer performing materially below expectations and indicates that the issuer’s risk has increased materially since origination. In addition to the issuer being generally out of compliance with debt covenants, scheduled loan payments may be past due (but generally not more than six months past due).

 

 

 

Grade 5

 

Indicates that the issuer is performing substantially below expectations and the investment risk has substantially increased since origination. Most or all of the debt covenants are out of compliance or payments are substantially delinquent. Investments graded 5 are not anticipated to be repaid in full.

Our investment performance risk ratings do not constitute any rating of investments by a nationally recognized statistical rating organization or reflect or represent any third-party assessment of any of our investments.

In the event of a delinquency or a decision to rate an investment Grade 4 or Grade 5, the PMG, in consultation with the investment committee, will develop an action plan. Such a plan may require a meeting with the borrower’s management or the lender group to discuss reasons for the default and the steps management is undertaking to address the under-performance, as well as amendments and waivers that may be required. In the event of a dramatic deterioration of a credit, MC Advisors and the PMG will form a team or engage outside advisors to analyze, evaluate and take further steps to preserve our value in the credit. In this regard, we would expect to explore all options, including in a private equity sponsored investment, assuming certain responsibilities for the private equity sponsor or a formal sale of the business with oversight of the sale process by us. The PMG and the investment committee have extensive experience in running debt work-out transactions and bankruptcies.

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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 JuneSeptember 30, 2023 (in thousands):

Investments at

Percentage of

 

Investments at

Percentage of

 

Investment Performance Risk Rating

    

Fair Value

    

Total Investments

 

    

Fair Value

    

Total Investments

 

1

$

 

%

$

%

2

 

1,613,351

 

91.4

 

1,808,823

91.6

3

 

141,775

 

8.0

 

155,179

7.9

4

 

9,648

 

0.6

 

10,131

0.5

5

 

 

 

Total

$

1,764,774

 

100.0

%

$

1,974,133

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, 2022 (in thousands):

Investments at

Percentage of

 

Investment Performance Risk Rating

    

Fair Value

    

Total Investments

 

1

$

 

%

2

 

1,396,200

 

95.0

3

 

72,190

 

4.9

4

 

606

 

0.1

5

 

 

Total

$

1,468,996

 

100.0

%

As of JuneSeptember 30, 2023, there was one borrowerwere two borrowers with loans or preferred equity securities on non-accrual status (Arcstor Midco, LLC)LLC and Avison Young (USA) Inc.), and these investments totaled $9.2$9.5 million at fair value, or 0.5% of our total investments at fair value at JuneSeptember 30, 2023. As of December 31, 2022, there were no borrowers with loans or preferred equity securities on non-accrual status.

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Table of Contents

Results of Operations

Operating results were as follows (in thousands):

Three months ended 

June 30,

    

2023

    

2022

Total investment income

$

50,560

$

17,203

Total operating expenses, net of fee waivers

 

23,013

 

5,830

Net investment income before income taxes

 

27,547

 

11,373

Income taxes, including excise taxes

 

189

 

1

Net investment income

 

27,358

 

11,372

Net realized gain (loss) on investments

 

(1,604)

 

(42)

Net realized gain (loss) on foreign currency forward contracts

 

1,708

 

27

Net realized gain (loss) on foreign currency and other transactions

 

180

 

(13)

Net realized gain (loss)

 

284

 

(28)

Net change in unrealized gain (loss) on investments

 

(2,809)

 

(6,300)

Net change in unrealized gain (loss) on foreign currency forward contracts

 

(3,272)

 

1,335

Net unrealized gain (loss) on foreign currency and other transactions

 

1

 

Net change in unrealized gain (loss)

 

(6,080)

 

(4,965)

Net increase (decrease) in net assets resulting from operations

$

21,562

$

6,379

Six months ended

June 30,

    

2023

    

2022

Total investment income

$

96,412

$

33,590

Total operating expenses, net of fee waivers

 

45,308

 

14,302

Net investment income before income taxes

 

51,104

 

19,288

Income taxes, including excise taxes

 

384

 

1

Net investment income

 

50,720

 

19,287

Net realized gain (loss) on investments

 

(660)

 

(17)

Net realized gain (loss) on foreign currency forward contracts

 

1,741

 

45

Net realized gain (loss) on foreign currency and other transactions

 

176

 

(13)

Net realized gain (loss)

 

1,257

 

15

Net change in unrealized gain (loss) on investments

 

1,797

 

(3,397)

Net change in unrealized gain (loss) on foreign currency forward contracts

 

(3,159)

 

802

Net unrealized gain (loss) on foreign currency and other transactions

 

 

Net change in unrealized gain (loss)

 

(1,362)

 

(2,595)

Net increase (decrease) in net assets resulting from operations

$

50,615

$

16,707

Three months ended 

September 30,

    

2023

    

2022

Total investment income

$

59,212

$

22,817

Total operating expenses, net of fee waivers

 

28,040

 

10,643

Net investment income before income taxes

 

31,172

 

12,174

Income taxes, including excise taxes

 

150

 

1

Net investment income

 

31,022

 

12,173

Net realized gain (loss) on investments

 

38

 

Net realized gain (loss) on foreign currency forward contracts

 

(2)

 

39

Net realized gain (loss) on foreign currency and other transactions

 

(10)

 

(1)

Net realized gain (loss)

 

26

 

38

Net change in unrealized gain (loss) on investments

 

(2,668)

 

(2,057)

Net change in unrealized gain (loss) on foreign currency forward contracts

 

1,948

 

1,541

Net unrealized gain (loss) on foreign currency and other transactions

 

 

1

Net change in unrealized gain (loss)

 

(720)

 

(515)

Net increase (decrease) in net assets resulting from operations

$

30,328

$

11,696

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Nine months ended

September 30,

    

2023

    

2022

Total investment income

$

155,624

$

56,407

Total operating expenses, net of fee waivers

 

73,348

 

24,945

Net investment income before income taxes

 

82,276

 

31,462

Income taxes, including excise taxes

 

534

 

2

Net investment income

 

81,742

 

31,460

Net realized gain (loss) on investments

 

(622)

 

(17)

Net realized gain (loss) on foreign currency forward contracts

 

1,739

 

84

Net realized gain (loss) on foreign currency and other transactions

 

166

 

(14)

Net realized gain (loss)

 

1,283

 

53

Net change in unrealized gain (loss) on investments

 

(871)

 

(5,454)

Net change in unrealized gain (loss) on foreign currency forward contracts

 

(1,211)

 

2,343

Net unrealized gain (loss) on foreign currency and other transactions

 

 

1

Net change in unrealized gain (loss)

 

(2,082)

 

(3,110)

Net increase (decrease) in net assets resulting from operations

$

80,943

$

28,403

Investment Income

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

Three months ended

Three months ended

June 30,

September 30,

    

2023

    

2022

    

2023

    

2022

Interest income

$

46,975

$

15,166

$

55,527

$

19,264

PIK interest income

 

1,621

 

956

 

1,767

 

1,902

Dividend income (1)

 

139

 

119

 

128

 

127

Fee income

 

402

 

192

 

453

 

385

Prepayment gain (loss)

 

151

 

222

 

117

 

609

Accretion of discounts and amortization of premiums

 

1,272

 

548

 

1,220

 

530

Total investment income

$

50,560

$

17,203

$

59,212

$

22,817

Six months ended

Nine months ended

June 30,

September 30,

    

2023

    

2022

    

2023

    

2022

Interest income

$

88,432

$

28,333

$

143,959

$

47,597

PIK interest income

 

3,733

 

1,634

 

5,500

 

3,536

Dividend income (2)

 

244

 

215

 

372

 

342

Fee income

 

640

 

1,785

 

1,093

 

2,170

Prepayment gain (loss)

 

479

 

432

 

596

 

1,041

Accretion of discounts and amortization of premiums

 

2,884

 

1,191

 

4,104

 

1,721

Total investment income

$

96,412

$

33,590

$

155,624

$

56,407

(1)During the three months ended JuneSeptember 30, 2023 and 2022, dividend income includes PIK dividends of $96$101 and $88,$90, respectively.
(2)During the sixnine months ended JuneSeptember 30, 2023 and 2022, dividend income includes PIK dividends of $189$290 and $180,$270, respectively.

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Table of Contents

The increase in investment income of $33.4$36.4 million and $62.8$99.2 million during the three and sixnine months ended JuneSeptember 30, 2023, as compared to the three and sixnine months ended JuneSeptember 30, 2022, respectively, is primarily the result of an increase in interest income due to the growth of our investment portfolio and increases in effective rates on the portfolio as a result of the rising interest rate environment.

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Table of Contents

Operating Expenses

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

Three months ended

Three months ended

June 30,

September 30,

    

2023

    

2022

    

2023

    

2022

Interest and other debt financing expenses

$

13,066

$

4,702

$

16,261

$

4,979

Base management fees, net of base management fee waivers (1)

 

5,382

 

977

 

6,206

 

3,285

Incentive fees, net of incentive fee waivers (2)

 

3,080

 

(923)

 

4,332

 

1,485

Professional fees

 

513

 

540

 

495

 

334

Administrative service fees

 

392

 

208

 

450

 

352

General and administrative expenses

 

557

 

304

 

273

 

186

Directors’ fees

 

23

 

22

 

23

 

22

Total operating expenses, net of fee waivers

$

23,013

$

5,830

$

28,040

$

10,643

Six months ended

Nine months ended

June 30,

September 30,

    

2023

    

2022

    

2023

    

2022

Interest and other debt financing expenses

$

25,155

$

7,982

$

41,416

$

12,961

Base management fees, net of base management fee waivers (1)

 

10,229

 

3,773

 

16,435

 

7,058

Incentive fees, net of incentive fee waivers (2)

 

7,231

 

900

 

11,563

 

2,385

Professional fees

 

823

 

685

 

1,318

 

1,019

Administrative service fees

 

762

 

411

 

1,212

 

763

General and administrative expenses

 

1,062

 

514

 

1,335

 

700

Directors’ fees

 

46

 

37

 

69

 

59

Total operating expenses, net of fee waivers

$

45,308

$

14,302

$

73,348

$

24,945

(1)Base management fees for the three and six months ended June 30, 2022 were $2,678 and $5,474, respectively. MC Advisors elected to voluntarily waive $1,701 of such base management fees for both the three and six months ended June 30, 2022. MC Advisors did not waive any base management fees during the three and sixnine months ended JuneSeptember 30, 2023. Base management fees for the three and nine months ended September 30, 2022 were $3,285 and $8,759, respectively. MC Advisors elected to voluntarily waive zero and $1,701 of such base management fees for the three and nine months ended September 30, 2022, respectively. Base management fee waivers are not subject to recoupment by MC Advisors. There is no guarantee that MC Advisors will waive any base management fees in the future.
(2)Incentive fees for the three and sixnine months ended JuneSeptember 30, 2023 were $3,080$4,332 and $7,231,$11,563, comprised of part one incentive fees of $3,804$4,419 and $7,244$11,663 and a reversal of previously accrued part two capital gains incentive fees of $724$87 and $13,$100, respectively. MC Advisors did not waive any part one incentive fees during the three and sixnine months ended JuneSeptember 30, 2023. Incentive fees for the three and sixnine months ended JuneSeptember 30, 2022 were $383$1,647 and $2,206,$3,853, comprised of part one incentive fees of $1,306$1,707 and $2,767$4,474 and a reversal of previously accrued part two capital gains incentive fees of $923$60 and $561,$621, respectively. MC Advisors elected to voluntarily waive the part one incentive fees of $1,306$162 and $1,468 during both the three and sixnine months ended JuneSeptember 30, 2022.2022, respectively. Incentive fee waivers are not subject to recoupment by MC Advisors. There is no guarantee that MC Advisors will waive any incentive fees in the future. See Note 6 to our consolidated financial statements and “Capital Gains Incentive Fee” for additional information.

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

Three months ended

 

Three months ended

 

June 30,

 

September 30,

 

    

2023

    

2022

 

    

2023

    

2022

 

Interest expense - Credit Facility

$

5,412

$

1,090

$

6,422

$

1,128

Interest expense - Term Loan

 

2,831

 

 

2,899

 

Interest expense - 2022 ABS

 

3,221

 

3,006

 

3,221

 

3,221

Interest expense - 2023 ABS

 

755

 

Interest expense - Short-Term Borrowings

79

1,386

Amortization of deferred financing costs

 

1,523

 

606

 

1,578

 

630

Total interest and other debt financing expenses

$

13,066

$

4,702

$

16,261

$

4,979

Average debt outstanding

$

724,664

$

355,976

$

846,873

$

351,614

Average stated interest rate

 

6.4

%

 

4.6

%

 

6.9

%

 

4.9

%

Six months ended

 

Nine months ended

 

June 30,

 

September 30,

 

    

2023

    

2022

 

    

2023

    

2022

 

Interest expense - Credit Facility

$

11,210

$

3,985

$

17,632

$

5,113

Interest expense - Term Loan

 

5,171

 

 

8,070

 

Interest expense - 2022 ABS

 

6,442

 

3,006

 

9,663

 

6,227

Interest expense - 2023 ABS

 

755

 

Interest expense - Short-Term Borrowings

79

1,465

Amortization of deferred financing costs

 

2,253

 

991

 

3,831

 

1,621

Total interest and other debt financing expenses

$

25,155

$

7,982

$

41,416

$

12,961

Average debt outstanding

$

737,581

$

347,871

$

785,129

$

349,134

Average stated interest rate

 

6.3

%  

 

4.0

%

 

6.4

%  

 

4.3

%

The increase in total operating expenses of $17.2$17.4 million and $31.0$48.4 million during the three and sixnine months ended JuneSeptember 30, 2023, as compared to the three and sixnine months ended JuneSeptember 30, 2022, respectively, is primarily a result of an increase in interest expense, driven by higher average borrowings to support the growth of the portfolio and increases in effective interest rates on debt as a result of the rising interest rate environment, and increases in base management and incentive fees, net of fee waivers.

Income Taxes, Including Excise Taxes

We have elected to be treated, currently qualify, and intend to continue to qualify annually as a RIC under Subchapter M of the Code and operate in a manner so as to qualify for the U.S. federal income tax treatment available to RICs. To maintain qualification as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements and distribute to stockholders, for each taxable year, at least 90% of our “investment company taxable income,” which is generally our net ordinary income plus the excess, if any, of realized net short-term capital gains over realized net long-term capital losses.

Depending on the level of taxable income earned in a tax year, we may choose to carry forward such taxable income in excess of current year dividend distributions from such current year taxable income into the next year and pay U.S. federal income tax at corporate rates and a 4% excise tax on such income, as required. To the extent that we determine that our estimated current year annual taxable income may exceed estimated current year dividend distributions, we accrue excise tax, if any, on estimated excess taxable income as such taxable income is earned. For the three and sixnine months ended JuneSeptember 30, 2023, we recorded a net expense (benefit) on the consolidated statements of operations of $0.2 million and $0.4$0.5 million, respectively, for U.S. federal excise tax. For both the three and sixnine months ended JuneSeptember 30, 2022, we did not recordrecorded a net tax expense on the consolidated statements of operations of $1 thousand for U.S. federal excise tax.

Certain of our consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes. For both the three and sixnine months ended JuneSeptember 30, 2023, we recorded a net tax expense of zero and $39 thousand, respectively, on the consolidated statements of operations for these subsidiaries. For both the three and sixnine months ended JuneSeptember 30, 2022, we recorded a net tax expense of zero and $1 thousand, respectively, on the consolidated statements of operations for these subsidiaries.

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Net Realized Gain (Loss)

During the three months ended JuneSeptember 30, 2023 and 2022, we had sales of investments of $0.1$4.4 million and $5.7 million,zero, respectively, resulting in ($1.6) million$38 thousand and ($42) thousandzero of net realized gain (loss) on investments, respectively. The realized losses duringDuring the threenine months ended June 30, 2023 were primarily attributable to losses on a loan denominated in Australian Dollars and these losses were fully offset by gains on the realization of an associated foreign currency forward contract. During the six months ended JuneSeptember 30, 2023 and 2022, we had sales of investments of $4.6$9.0 million and $15.8 million, respectively, resulting in ($660) thousand0.6) million and ($17) thousand of net realized gain (loss) on investments, respectively.

We have entered and may continue to enter into foreign currency forward contracts to reduce our exposure to foreign currency exchange rate fluctuations. During the three months ended JuneSeptember 30, 2023 and 2022, we had $1.7 million($2) thousand and $27$39 thousand net realized gain (loss) on foreign currency forward contracts, respectively. During the sixnine months ended JuneSeptember 30, 2023 and 2022, we had $1.7 million and $45 thousand$0.1 million net realized gain (loss) on foreign currency forward contracts, respectively. During the three months ended JuneSeptember 30, 2023 and 2022, we had $0.2 million($10) thousand and ($13)1) thousand of net realized gain (loss) on foreign currency and other transactions, respectively. During the sixnine months ended JuneSeptember 30, 2023 and 2022, we had $0.2 million and ($13)14) thousand of net realized gain (loss) on foreign currency and other transactions, respectively.

Net Change in Unrealized Gain (Loss)

For the three months ended JuneSeptember 30, 2023 and 2022, our investments had ($2.8)2.7) million and ($6.3)2.1) million of net change in unrealized gain (loss), respectively. For the sixnine months ended JuneSeptember 30, 2023 and 2022, our investments had $1.8($0.9) million and ($3.4)5.5) million in net change in unrealized gain (loss), respectively. The net change in unrealized gain (loss) includes both unrealized gain on investments in our portfolio with mark-to-market gains during the periods and unrealized loss on investments in our portfolio with mark-to-market losses during the periods.

During both the three and nine months ended JuneSeptember 30, 2023, the net change in unrealized loss on investments was primarily attributable to unrealized losses on certain specific portfolio companies that have underlying credit or fundamental performance concerns resulting in a risk rating of Grade 3, 4, or 5 on our investment performance risk rating scale that were still held as of JuneSeptember 30, 2023. 2023, partially offset by net gains on the remainder of the portfolio.

During the sixthree months ended JuneSeptember 30, 2023,2022, the net change in unrealized gainloss on investments was primarily attributable to broadoverall market movementsvolatility and improvementsspread widening in fundamental performance at our portfolio companies. These increases were partially offset bythe loan market. Additionally, $0.7 million in net change in unrealized lossesloss on investments was attributable to certain underlying portfolio companies that have underlying credit or fundamental performance concerns resulting in a risk rating of Grade 3, 4, or 5 on our investment performance risk rating scale that were still held as of JuneSeptember 30, 2023.

2022. During the three and sixnine months ended JuneSeptember 30, 2022, the net change in unrealized loss on investments was primarily attributable to overall market volatility and spread widening in the loan market. Additionally, for the three and six months ended June 30, 2022, $0.4$1.6 million and $0.9 million, respectively, of thein net change in unrealized lossesloss on investments was attributable to portfolio companies that hadhave underlying credit or fundamental performance concerns resulting in a risk rating of Grade 3, 4, or 5 on our investment performance risk rating scale that were still held as of JuneSeptember 30, 2022.

For the three months ended JuneSeptember 30, 2023 and 2022, our foreign currency forward contracts had ($3.3)$1.9 million and $1.3$1.5 million of net change in unrealized gain (loss), respectively. For the sixnine months ended JuneSeptember 30, 2023 and 2022, our foreign currency forward contracts had ($3.2)1.2) million and $0.8$2.3 million of net change in unrealized gain (loss), respectively.

Net Increase (Decrease) in Net Assets Resulting from Operations

For the three months ended JuneSeptember 30, 2023 and 2022, the net increase (decrease) in net assets resulting from operations was $21.6$30.3 million and $6.4$11.7 million, respectively. Based on the weighted average shares of common stock outstanding for the three months ended JuneSeptember 30, 2023 and 2022, our per share net increase (decrease) in net assets resulting from operations was $0.25$0.30 and $0.12,$0.19, respectively.

For the sixnine months ended JuneSeptember 30, 2023 and 2022, the net increase (decrease) in net assets resulting from operations was $50.6$80.9 million and $16.7$28.4 million, respectively. Based on the weighted average shares of common stock outstanding for the sixnine months ended JuneSeptember 30, 2023 and 2022, our per share net increase (decrease) in net assets resulting from operations was $0.62$0.92 and $0.37,$0.56, respectively.

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The $15.2$18.6 million and $33.9$52.5 million increases during the three and sixnine months ended JuneSeptember 30, 2023, as compared to the three and sixnine months ended JuneSeptember 30, 2022, respectively, is primarily the result of increased net investment income due to the significant portfolio growth and increases in effective interest rates on the portfolio as a result of the rising interest rate environment during the three and sixnine months ended JuneSeptember 30, 2023.

Liquidity and Capital Resources

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

As of JuneSeptember 30, 2023, we had $10.2$7.6 million in cash, $39.6$38.5 million in restricted cash at MC Income Plus Financing SPV LLC (the “SPV”), $5.1$2.6 million in restricted cash at MC Income Plus Financing SPV II LLC (the “SPV II”), $13.6$10.5 million in restricted cash at Monroe Capital Income Plus ABS Funding, LLC (the “2022 Issuer”), and $20.8 million in restricted cash at Monroe Capital Income Plus ABS Funding II, LLC (the “2023 Issuer”). Additionally, we had $346.5$226.3 million debt outstanding on our Credit Facility, $150.0$145.3 million debt outstanding on our Term Loan, $306.0 million debt outstanding on our 2022 ABS, $185.9 million debt outstanding on our 2023 ABS, and $83.1$68.0 million debt outstanding on our Short-Term Borrowings (as defined below). We had $103.5$223.7 million available for additional borrowings on our revolving credit facility,the Credit Facility, subject to borrowing base availability. See Borrowings“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 JuneSeptember 30, 2023 and December 31, 2022, our asset coverage ratio based on aggregate borrowings outstanding was 207%222% and 199%, respectively.

Cash Flows

For the sixnine months ended JuneSeptember 30, 2023 and 2022, we experienced a net increase (decrease) in cash and restricted cash of $16.1$27.5 million and $39.1$48.5 million, respectively. For the sixnine months ended JuneSeptember 30, 2023 and 2022, operating activities used $244.1$433.6 million and $144.5$297.7 million of cash, respectively, primarily as a result of purchases of portfolio investments, partially offset by principal repayments on and sales of portfolio investments and net investment income. During the sixnine months ended JuneSeptember 30, 2023 and 2022, we generated $260.2$461.2 million and $183.6$346.2 million from financing activities, primarily as a result of net borrowings on our debt facilities and the proceeds from issuance of common stock, partially offset by distributions to stockholders.

Capital Resources

As a BDC, we distribute substantially all of our net income to our stockholders and have an ongoing need to raise additional capital for investment purposes. We intend to generate additional cash primarily from future offerings of securities, including our current Second Private Offering and any subsequent offerings, future borrowings and cash flows from operations, including income earned from investments in our portfolio companies. On both a short-term and long-term basis, our primary use of funds will be to invest in portfolio companies, fund share repurchases under our share repurchase program and make cash distributions to our stockholders. We may also use available funds to repay outstanding borrowings.

As a BDC, we are generally not permitted to issue and sell our common stock at a price below net asset value (“NAV”) per share. We may, however, sell our common stock, or warrants, options or rights to acquire our common stock, at a price below the then-current NAV per share of our common stock if our board of directors (the “Board”), including our independent directors, determines that such sale is in the best interests of us and our stockholders, and if our stockholders have approved such sales. As of JuneSeptember 30, 2023 and December 31, 2022, we had 92,338,550110,418,299 and 74,533,202 shares outstanding, respectively.

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Distributions

Distributions to common stockholders are recorded on the applicable record date. The amount, if any, to be distributed to common stockholders is determined by our Board at least quarterly and is generally based upon our earnings estimated by management. Net realized capital gains, if any, are generally distributed at least annually.

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Table of Contents

The determination of the tax attributes for our distributions is made annually, based upon our taxable income for the full year and distributions paid for the full year. Ordinary dividend distributions from a RIC do not qualify for the preferential tax rate on qualified dividend income from domestic corporations and qualified foreign corporations, except to the extent that the RIC received the income in the form of qualifying dividends from domestic corporations and qualified foreign corporations. The tax attributes for distributions will generally include both ordinary income and capital gains, but may also include qualified dividends or return of capital. Distributions to stockholders for the three and sixnine months ended JuneSeptember 30, 2023, totaled $24.2$27.4 million ($0.28 per share) and $42.8$70.3 million ($0.530.81 per share), respectively. Distributions to stockholders for the three and sixnine months ended JuneSeptember 30, 2022 totaled $10.2$11.8 million ($0.20 per share) and $17.5$29.3 million ($0.400.60 per share), respectively. The tax character of such distributions is determined at the end of the fiscal year.

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

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Borrowings

The Company’s outstanding debt as of JuneSeptember 30, 2023 and December 31, 2022 was as follows (in thousands):

    

As of June 30, 2023

    

    

As of December 31, 2022

    

    

As of September 30, 2023

    

As of December 31, 2022

    

Total

    

    

    

Total

    

    

    

    

Total

    

    

    

Total

    

    

Aggregate

Aggregate

Aggregate

Aggregate

Principal

Principal

Principal

Principal

Amount

Principal

Amount

Principal

Amount

Principal

Amount

Principal

Committed/

Amount

Carrying

Committed/

Amount

Carrying

Committed/

Amount

Carrying

Committed/

Amount

Carrying

Outstanding (1)

Outstanding

Value

Outstanding (1)

Outstanding

Value

Outstanding (1)

Outstanding

Value

Outstanding (1)

Outstanding

Value

Credit Facility

$

450,000

$

346,500

$

344,800

(2)

$

450,000

$

357,400

$

354,904

(2)

$

450,000

$

226,300

$

224,982

(2)

$

450,000

$

357,400

$

354,904

(2)

Term Loan

 

149,960

 

149,960

 

148,650

(3)

100,000

 

100,000

 

98,953

(3)

 

145,309

 

145,309

 

144,133

(3)

100,000

 

100,000

 

98,953

(3)

2022 ABS

 

306,000

(4)

 

306,000

 

298,813

(5)

306,000

(4)

 

306,000

 

297,629

(5)

 

306,000

(4)

 

306,000

 

299,811

(5)

306,000

(4)

 

306,000

 

297,629

(5)

2023 ABS

185,850

(6)

185,850

183,660

(7)

Short-Term Borrowings

83,088

83,088

83,088

(6)

68,010

68,010

68,010

(8)

Total

$

989,048

$

885,548

$

875,351

$

856,000

$

763,400

$

751,486

$

1,155,169

$

931,469

$

920,596

$

856,000

$

763,400

$

751,486

(1)Represents the total aggregate amount committed or outstanding, as applicable, under such instrument.
(2)Represents the aggregate principal amount outstanding of the Credit Facility (as defined below), less unamortized debt issuance costs. As of JuneSeptember 30, 2023 and December 31, 2022, the total unamortized debt issuance costs were $1.7$1.3 million and $2.5 million, respectively.
(3)Represents the aggregate principal amount outstanding of the Term Loan (as defined below), less unamortized debt issuance costs. As of JuneSeptember 30, 2023 and December 31, 2022, the total unamortized debt issuance costs were $1.3$1.2 million and $1.0 million, respectively.
(4)As of both JuneSeptember 30, 2023 and December 31, 2022, the Class C Senior Secured Notes and 2022 Subordinated Notes (as defined below) totaling $36.1 million and $82.9 million, respectively, are excluded from the total aggregate principal amount committed/outstanding amount as these notes are eliminated in consolidation.
(5)Represents the aggregate principal amount outstanding of the 2022 ABS (as defined below), less unamortized debt issuance costs. As of JuneSeptember 30, 2023 and December 31, 2022, the total unamortized debt issuance costs were $7.2$6.2 million and $8.4 million, respectively.
(6)As of September 30, 2023, the 2023 Subordinated Notes (as defined below) totaling $65.3 million, are excluded from the total aggregate principal amount committed/outstanding amount as these notes are eliminated in consolidation.
(7)Represents the aggregate principal amount outstanding of the 2023 ABS (as defined below), less unamortized debt issuance costs. As of September 30, 2023, the total unamortized debt issuance costs were $2.2 million.
(8)Represents the aggregate principal amount outstanding of the Short-Term Borrowings (as defined below). As of JuneSeptember 30, 2023, the total unamortized debt issuance costs were zero.

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Revolving Credit Facility: We have a $450.0 million senior secured revolving credit facility (the “Credit Facility”) with KeyBank National Association, as agent, through our wholly-owned subsidiary, the SPV. Our ability to borrow under the Credit Facility is subject to certain financial and restrictive covenants as well as availability under the borrowing base, which permits us to borrow up to 72% of the principal balance of our portfolio company investments depending on the type of investment, subject to a maximum advance rate on the portfolio of 67%. Under the terms of the Credit Facility, the SPV is permitted to reinvest available cash and make new borrowings under the Credit Facility through July 16, 2024. The maturity date of the Credit Facility is July 16, 2026. Distributions from the SPV to us are limited by the terms of the Credit Facility, which generally allows for the distribution of net interest income pursuant to a waterfall quarterly during the reinvestment period. As of JuneSeptember 30, 2023 and December 31, 2022, the fair value of our investments held in the SPV as collateral for the Credit Facility was $759.7$667.7 million and $691.2 million, respectively, and these investments are identified on the accompanying consolidated schedules of investments. As of JuneSeptember 30, 2023 and December 31, 2022, we had outstanding borrowings under the Credit Facility of $346.5$226.3 million and $357.4 million, respectively.

On May 26, 2023, the Credit Facility was amended to, among other things, replace LIBOR with SOFR as the base rate. During the reinvestment period, borrowings under the Credit Facility bear interest at an annual rate of SOFR (one or three month, at the SPV’s option and subject to a SOFR minimum of 0.50%) plus a margin ranging from 2.75% to a maximum of 3.00%, depending on the level of utilization of the facility and the number of obligors of eligible loans pledged as collateral in the SPV. After the reinvestment period, borrowings under the Credit Facility bear interest at an annual rate of SOFR plus 3.25%. In addition to the stated interest rate on borrowings, the SPV is required to pay an unused commitment fee of (i) 0.50% per annum on any unused portion of the Credit Facility when the outstanding borrowings are less than or equal to 60% of the facility amount and (ii) 0.35% per annum on any unused portion of the Credit Facility when the outstanding borrowings are greater than 60% of the facility amount. As of JuneSeptember 30, 2023 and December 31, 2022, the outstanding borrowings were accruing at a weighted average interest rate of 8.0%8.2% and 6.9%, respectively.

Term Loan: On December 20, 2022, we entered into a senior term credit facility (the “Term Loan”) with KeyBank National Association, as lead arranger and administrative agent, through a special purpose wholly-owned subsidiary, MC Income Plus Financing SPV II (the “SPV II”) as borrower. The Term Loan initially allowed SPV II to borrow an aggregate principal amount of $100.0 million, and included an accordion feature which allows the us, under certain circumstances, to increase the total size of the facility upon request to the administrative agent and with consent of one or more additional lenders. On February 3, 2023, we increased the facility amount pursuant to the accordion feature of the Term Loan from $100.0 million of aggregate commitments to $155.0 million of aggregate commitments and we borrowed up to the new aggregate commitments under the Term Loan. As of JuneSeptember 30, 2023 and December 31, 2022, we had outstanding borrowings under the Term Loan of $150.0$145.3 million and $100.0 million, respectively. As of JuneSeptember 30, 2023 and December 31, 2022 the fair value of our investments held in SPV II as collateral for the Term Loan was $212.4$209.5 million and $141.4 million, respectively, and these investments are identified on the accompanying consolidated schedules of investments.

Borrowings under the Term Loan bear interest at Adjusted Term SOFR (subject to a SOFR minimum of 0.50%) plus an applicable margin rate of 2.40% per annum during the initial period, December 20, 2022 through December 20, 2025, and 3.40% per annum during the amortization period, December 21, 2025 through December 20, 2026. The Term Loan matures on December 20, 2026, unless sooner terminated in accordance with its terms. As of JuneSeptember 30, 2023 and December 31, 2022, the outstanding borrowings were accruing at a weighted average interest rate of 7.6%7.7% and 6.7%, respectively.

Under the terms of the Term Loan, pursuant to a monthly waterfall and subject to the satisfaction of certain coverage tests and portfolio quality tests, SPV II is permitted to reinvest 25% of principal proceeds during the initial period, with the remaining 75% applied to prepay the Term Loan. During the amortization period, pursuant to a monthly waterfall, 100% of principal proceeds must be applied to prepay the Term Loan. The Term Loan contains representations and warranties and affirmative and negative covenants customary for secured financings of this type. The Term Loan also contains customary events of default (subject to certain grace periods, as applicable), including but not limited to the nonpayment of principal, interest or fees, breach of covenants, voluntary or involuntary bankruptcy proceedings and change of control of the borrower.

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2022 Asset-Backed Securitization: On April 7, 2022, we completed a $425.0 million asset-backed securitization (the “2022 ABS”). The notes offered in the 2022 ABS were issued by the 2022 Issuer, a wholly-owned subsidiary, and are secured by a diversified portfolio of senior secured loans. The transaction was executed through a private placement of $261.4 million of Class A Senior Secured Notes, which bear interest at 4.05% (the “Class“2022 Class A Notes”), $44.6 million of Class B Senior Secured Notes, which bear interest at 5.15% (the “Class“2022 Class B Notes”) and $36.1 million of Class C Senior Secured Notes, which bear interest at 7.75% (the “Class“2022 Class C Notes” and collectively with the 2022 Class A Notes and the 2022 Class B Notes, the “Secured 2022“2022 Secured Notes”), and $82.9 million of Subordinated Notes, which do not bear interest (the “Subordinated 2022“2022 Subordinated Notes” and, together with the 2022 Secured 2022 Notes, the “2022 Notes”). We retained all of the 2022 Class C Notes and the 2022 Subordinated 2022 Notes. The 2022 Class A Notes and the 2022 Class B Notes are included as debt on the accompanying consolidated statements of assets and liabilities. As of both JuneSeptember 30, 2023 and December 31, 2022, the 2022 Class C and 2022 Subordinated Notes were eliminated in consolidation.

Through April 22, 2024, the 2022 Issuer is permitted to use all principal collections received on the underlying collateral to purchase new collateral under the direction of MC Advisors, in its capacity as collateral manager of the 2022 Issuer, in accordance with our investment strategy and subject to customary conditions set forth in the documents governing the 2022 ABS, allowing us to maintain the initial leverage in the 2022 ABS. The 2022 Notes are due on April 30, 2032.

As of JuneSeptember 30, 2023 and December 31, 2022, the fair value of our investments held in the 2022 Issuer as collateral was $417.2$421.3 million and $410.2 million, respectively, and these investments are identified on the accompanying consolidated schedule of investments.

Distributions from the 2022 Issuer to us are limited by the terms of the indenture governing the 2022 ABS, which generally allows for the payment of interest on the 2022 Secured 2022 Notes and the distribution of remaining net interest income to the holders of the 2022 Subordinated Notes pursuant to a waterfall quarterly during the reinvestment period.

2023 Asset-Backed Securitization: On September 15, 2023, we completed a $251.2 million asset-backed securitization (the “2023 ABS”). The notes offered in the 2023 ABS were issued by the 2023 Issuer, a wholly-owned subsidiary, and are secured by a diversified portfolio of middle market loans and recurring revenue loans. The transaction was executed through a private placement of $160.8 million of Class A Senior Secured Notes, which bear interest at Term SOFR plus 3.50% (the “2023 Class A Notes”), $25.1 million of Class B Senior Secured Notes, which bear interest at 11.16% (the “2023 Class B Notes” and collectively with the 2023 Class A Notes, the “2023 Secured Notes”), and $65.3 million of Subordinated Notes, which do not bear interest (the “2023 Subordinated Notes” and, together with the 2023 Secured Notes, the “2023 Notes”). We retained all of the 2023 Subordinated Notes. The 2023 Class A Notes and the 2023 Class B Notes are included as debt on the consolidated statements of assets and liabilities. As of September 30, 2023, the 2023 Subordinated Notes were eliminated in consolidation. As of September 30, 2023, the 2023 Class A Notes were accruing an interest rate of 8.8%.

Through October 22, 2025, the 2023 Issuer is permitted to use all principal collections received on the underlying collateral to purchase new collateral under the direction of MC Advisors, in its capacity as collateral manager of the 2023 Issuer, in accordance with the Company’s investment strategy and subject to customary conditions set forth in the documents governing the 2023 ABS, allowing the Company to maintain the initial leverage in the 2023 ABS. The 2023 Notes are due on September 22, 2033.

As of September 30, 2023, the fair value of investments of the Company that were held in the 2023 Issuer as collateral was $228.6 million, and these investments are identified on the consolidated schedule of investments.

Distributions from the 2023 Issuer to the Company are limited by the terms of the indenture governing the 2023 ABS, which generally allows for the payment of interest on the 2023 Secured Notes and the distribution of remaining net interest income to the holders of the 2023 Subordinated Notes pursuant to a waterfall quarterly during the reinvestment period.

Short-Term Borrowings: To finance the purchase of certain investments, we may enter into participation agreements for par/near par trades with a third-party counterparty, whereby we simultaneously agree to sell an investment and re-purchase the same investment back at a premium within a specified period of time, generally not to exceed 60-days from the date it was sold (each such transaction a “Short-Term Borrowing”). The amount, interest rate and terms of these Short-Term Borrowings are negotiated on a transaction-by transaction basis. Each transaction is secured by an interest in an underlying asset which is participated or assigned to the counterparty for the duration of the transaction.

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We account for our Short-Term Borrowings as a type of secured borrowing under ASC Topic 860 – Transfers and Servicing and continue to present the participated investment as an asset and the obligation to repurchase the investment as a liability within debt on the consolidated statements of assets and liabilities. Interest income earned on investments participated under the Short-Term Borrowings and financing charges associated with the Short-Term Borrowings are included within interest income and interest and other debt financing expenses, respectively, on the consolidated statements of operations. Accrued interest receivable on investments and accrued financing charges on the Short-Term Borrowings are included within interest and dividend receivable and interest payable, respectively, on the consolidated statements of assets and liabilities.

As of JuneSeptember 30, 2023, we had $83.1$68.0 million Short-Term Borrowings with Macquarie Bank Limited (“Macquarie”). The carrying value of the participated investments under Short-Term Borrowings was $83.1$68.0 million as of JuneSeptember 30, 2023. As of JuneSeptember 30, 2023, the Short-Term Borrowings were accruing at a weighted average interest rate of 8.4%8.7%.

Related Party Transactions

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

We have an Investment Advisory Agreement with MC Advisors, an investment advisor registered with the SEC, to manage our investing activities. We pay MC Advisors a fee for its services under the Investment Advisory Agreement consisting of two components — a base management fee and an incentive fee. See Note 6 to our consolidated financial statements and “Significant Accounting Estimates and Critical Accounting Policies – Capital Gains Incentive Fee” for additional information.

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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.
Theodore L. Koenig, our Chief Executive Officer and Chairman of our Board is also a manager of MC Advisors and the Chairman and Chief Executive Officer of MC Management. Lewis W. Solimene, Jr., our Chief Financial Officer and Chief Investment Officer 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.

In addition, we have adopted a formal code of ethics that governs the conduct of MC Advisors’ officers, directors and employees. Our officers and directors also remain subject to the duties imposed by both the 1940 Act and the Maryland General Corporation Law.

Commitments and Contingencies and Off-Balance Sheet Arrangements

As of JuneSeptember 30, 2023 and December 31, 2022, we had outstanding commitments to fund investments under undrawn revolvers, delayed draw commitments and subscription agreements totaling $289.2$263.5 million and $319.2 million, respectively. We believe that our available cash balances and/or ability to draw on the Credit Facility, make Short-Term Borrowings or raise additional leverage facilities provide sufficient funds to cover our unfunded commitments as of JuneSeptember 30, 2023. Additionally, we have entered into certain contracts with other parties that contain a variety of indemnification provisions. Our maximum exposure under these arrangements is unknown. However, we have not experienced claims or losses pursuant to these contracts and believe the risk of loss related to such indemnification provisions to be remote.

Off-Balance Sheet Arrangements

Other than contractual commitments and other legal contingencies incurred in the normal course of our business, we do not have any off-balance sheet financings or liabilities.

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Market Trends

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

Target Market: We believe that small and middle-market companies in the United States with annual revenues between $10.0 million and $2.5 billion represent a significant growth segment of the U.S. economy and often require substantial capital investments to grow. Middle-market companies have generated a significant number of investment opportunities for investment funds managed or advised by Monroe Capital, and we believe that this market segment will continue to produce significant investment opportunities for us.

Specialized Lending Requirements: We believe that several factors render many U.S. financial institutions ill-suited to lend to U.S. middle-market companies. For example, based on the experience of our management team, lending to U.S. middle-market companies (1) is generally more labor intensive than lending to larger companies due to the smaller size of each investment and the fragmented nature of information for such companies, (2) requires due diligence and underwriting practices consistent with the demands and economic limitations of the middle-market and (3) may also require more extensive ongoing monitoring by the lender.

Demand for Debt Capital: We believe there is a large pool of uninvested private equity capital for middle-market companies. We expect private equity firms will seek to leverage their investments by combining equity capital with senior secured loans and mezzanine debt from other sources, such as us.

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Competition from Other Lenders: We believe that many traditional bank lenders, in recent years, de-emphasized their service and product offerings to middle-market businesses in favor of lending to large corporate clients and managing capital market transactions. In addition, many commercial banks face significant balance sheet constraints as they seek to build capital and meet future regulatory capital requirements. These factors may result in opportunities for alternative funding sources to middle-market companies and therefore drive increased new investment opportunities for us. Conversely, there has been a significant amount of capital raised over the past several years dedicated to middle market lending which has increased competitive pressure in the BDC and investment company marketplace for senior and subordinated debt which in turn could result in lower yields and weaker financial covenants for new assets.

Pricing and Deal Structures: We believe that the volatility in global markets over the last several years and current macroeconomic issues including changes in bank regulations for middle-market banks has reduced access to, and availability of, debt capital to middle-market companies, causing a reduction in competition and generally more favorable capital structures and deal terms. Sizable recent capital raises in the private debt marketplace have created significantly increased competition over the last few years, reducing available pricing and creating less favorable capital structures; however, we believe that current market conditions for our target market may continue to create favorable opportunities to invest at attractive risk-adjusted returns.

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Market Environment: We believe that middle market investments are attractive in the current uncertain market environment where inflationary pressures have reached historical highs and where we are enduring a rate-hiking regime. Directly originated middle market loans have demonstrated the ability to outperform competing asset classes through varying economic cycles including downturns and prior periods of monetary policy tightening. Through the global financial crisis, the rising rate environment in 2005-2006, market bottom in 2008 and the subsequent recovery period, as well as throughout the COVID-19 pandemic, middle market direct lending has historically generated considerable yield premium with more favorable capital structures for lenders, resulting in higher returns when compared to the market for U.S. high yield bonds and U.S. traded loans. (1) Middle market direct lending offers a natural hedge to rising rates with floating rate structures that benefit from higher interest rates. Further, we believe that middle market direct lending provides broad diversification, a mitigant to an environment where there is increased risk of 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 and in the broadly syndicated markets. Since the fourth quarter of 2022, the volume of leveraged buyouts (“LBO”) financed in the direct lending market has been significantly higher than the volume of syndicated LBOs. Alongside retracting valuations, the middle market also saw a consistent trend toward lower leverage and loan-to-value structures coupled with increase spreads. (2) That said, we note that a softening macroeconomic environment, the lingering effect of inflationary pressure and supply chain disruption 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 us to find attractive investment opportunities and navigate this uncertain market environment while generating attractive risk-adjusted returns.

(1)As of December 31, 2022. Credit Suisse for US Traded Loans represented by the Credit Suisse Leveraged Loan Index, Bloomberg Barclays Indices for US IG 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 4Q22 Sponsored Middle Market Private Deals Analysis – January 2023.

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Recent Developments

Distributions: On July 6,October 5, 2023, the Board of Directors (the “Board”) declared the following regular distributions:

Record Date

    

Payment Date

    

Amount Per Share

    

Payment Date

    

Amount Per Share

July 17, 2023

September 29, 2023

$

0.09

August 15, 2023

September 29, 2023

 

0.09

September 15, 2023

September 29, 2023

 

0.09

October 16, 2023

December 29, 2023

$

0.09

November 15, 2023

December 29, 2023

 

0.09

December 15, 2023

December 29, 2023

 

0.09

Total regular dividends declared

$

0.27

$

0.27

Additionally, on July 6,October 5, 2023, the Board also declared a supplemental dividend of $0.01 per share, to stockholders of record as of the close of business on July 17,October 16, 2023, payable on SeptemberDecember 29, 2023.

Private Placement Bonds: On October 18, 2023, we priced an offering of $200.0 million in aggregate principal amount of senior unsecured notes (the “2028 Notes”) to institutional accredited investors in a private placement. The 2028 Notes are comprised of $100.0 million series A senior unsecured notes, due November 15, 2028 (the “Series A Notes”) and $100.0 million series B senior unsecured notes, due December 13, 2028 (the “Series B Notes”). The issuance of the Series A Notes is expected to occur on November 15, 2023 and the issuance of the Series B Notes is expected to occur on December 13, 2023, subject to finalization of the underlying documentation and agreements. The 2028 Notes will have a fixed interest rate of 9.42% per annum. Interest on the 2028 Notes will be due and payable semiannually beginning on May 15, 2024. The interest rate will be subject to increase (up to a maximum increase of 2.00% above the stated rate for each of the Series A Notes and the Series B Notes) in the event that, subject to certain exceptions, the 2028 Notes cease to have an investment grade rating and our minimum secured debt ratio exceeds certain thresholds. There is no guarantee of the successful placement of the 2028 Notes or that the closing of the 2028 Notes will occur as anticipated.

Revolving Credit Facility: On October 20, 2023, we, as borrower, entered into a senior secured revolving credit facility (the “Revolving Credit Facility”) pursuant to a Senior Secured Revolving Credit Agreement (the “Revolving Credit Agreement”) with ING Capital, LLC, as Administrative Agent and Joint Lead Arranger.

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The initial principal amount of the Revolving Credit Facility is $295.0 million, subject to availability under the borrowing base, which is based on our portfolio investments and other outstanding indebtedness, with an accordion provision to permit increases to the total facility amount up to $450.0 million, subject to the satisfaction of certain conditions.

Advances under the Revolving Credit Facility initially bear interest at a per annum rate equal to, (a) in the case of any U.S. dollar advances, (i) 1.50% per annum (or, at any time the Rating Condition is satisfied, 1.35% per annum) plus an “alternate base rate” (as described in the Revolving Credit Agreement) or (ii) 2.50% per annum (or, at any time the Rating Condition is satisfied, 2.35% per annum) plus Term SOFR, (b) in the case of any foreign currency advances (other than Pounds Sterling), 2.50% per annum (or, at any time the Rating Condition is satisfied, 2.35% per annum) plus the applicable benchmark rate and (c) in the case of any Pounds Sterling advances, 2.50% per annum (or, at any time the Rating Condition is satisfied, 2.35% per annum) plus the Daily Simple RFR, in each case, depending on the nature of the advances being requested under the Revolving Credit Facility. The “Rating Condition” shall be satisfied at any time the Company maintains a public credit rating of at least BBB- from S&P Global Ratings (or equivalent rating from Moody’s Investors Service, Inc. or Fitch, Inc.).

Advances under the Revolving Credit Facility are subject to compliance with borrowing base requirements, pursuant to which the amount of funds advanced by the Lenders to us varies depending upon the types of assets in our portfolio. Assets must meet certain criteria in order to be included in the borrowing base, and the borrowing base is subject to certain portfolio restrictions including investment size, sector concentrations and investment type.

Our ability to borrow under the Revolving Credit Facility is subject to availability under the borrowing base, which permits us to borrow up to 72.5% of the fair market value of our portfolio company investments depending on the type of investment we hold and whether the investment is quoted. Our ability to borrow is also subject to certain concentration limits, and continued compliance with the representations, warranties and covenants given by us under the Revolving Credit Facility. The Revolving Credit Facility contains certain financial covenants, including, but not limited to, our maintenance of: (1) minimum consolidated total net assets of the greater of (a) $500.0 million and (b) an amount equal to the sum of (i) $660.9 million plus (ii) an amount equal to 65% of the difference of (x) the net proceeds to us from sales of its equity securities during each quarter following October 20, 2023 and (y) the amount paid or distributed to purchase or redeem its common stock in connection with a tender offer during such quarter; (2) a ratio of total assets (less total liabilities other than indebtedness) to total indebtedness of not less than 1.5 to 1; (3) a senior debt coverage ratio of at least 2 to 1; and (4) minimum net worth equal to or greater than $215.0 million. 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 Revolving 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 the Company 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.

The 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 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.

The Revolving Credit Facility is guaranteed by certain subsidiary guarantors (primarily the Taxable Subsidiaries). Proceeds of the Revolving Credit Facility may be used for general corporate purposes, including, without limitation, making distributions, contributions and investments and such other uses as permitted under the Revolving Credit Agreement.

The period during which the Company may borrow under the Revolving Credit Facility expires on October 20, 2027, and the Revolving Credit Facility will mature and all amounts outstanding thereunder must be repaid by October 20, 2028. The Revolving Credit Facility is secured by a perfected first-priority interest in substantially all of the portfolio investments held by us and the subsidiary guarantors, subject to certain exceptions.

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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 are capitalized, and then we amortize such amounts using the effective interest method as interest income over the life of the investment. Upon the prepayment of a loan or debt security, any unamortized premium or discount or loan origination fees are recorded as interest income. We record prepayment premiums on loans and debt securities as interest income when we receive such amounts. Interest income is accrued based upon the outstanding principal amount and contractual terms of debt and preferred equity investments. Interest is accrued on a daily basis. We record fees on loans based on the determination of whether the fee is considered a yield enhancement or payment for a service. If the fee is considered a yield enhancement associated with a funding of cash on a loan, the fee is generally deferred and recognized into interest income using the effective interest method if captured in the cost basis or using the straight-line method if the loan is unfunded and therefore there is no cost basis. If the fee is not considered a yield enhancement because a service was provided, and the fee is payment for that service, the fee is deemed earned and recognized as fee income in the period the service is completed.

Dividend income on preferred equity securities is recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies. Each distribution received from LLC and LP investments is evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, we will not record distributions from equity investments in LLCs and LPs as dividend income unless there are sufficient accumulated tax-basis earnings and profits in the LLC or LP prior to the distribution. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment.

Valuation of Portfolio Investments

For periods prior to September 30, 2022, the Board determined the fair value of our investments. Pursuant to the new SEC Rule 2a-5 under the 1940 Act, on September 30, 2022 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 good faith the fair value of our investments, based on input of the Valuation Designee’s management and personnel and independent valuation firms which are engaged at the direction of the valuation committee to assist in the valuation of certain portfolio investments lacking a readily available market quotation. The valuation committee determines fair values pursuant to a valuation policy approved by the Board and pursuant to a consistently applied valuation process.

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Under the valuation policy, the Valuation Designee values investments for which market quotations are readily available and within a recent date at such market quotations. When doing so, the Valuation Designee determines whether the quote obtained is sufficient in accordance with generally accepted accounting principles in the United States of America (“GAAP”) to determine the fair value of the security. Debt and equity 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 the Valuation Designee. Because we expect that there will not be a readily available market for many of the investments in our portfolio, we expect to value many of our portfolio investments at fair value as determined in good faith by our Valuation Designee using a documented valuation policy and a consistently applied valuation process. Such determination of fair values may involve subjective judgments and estimates. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize amounts that are different from the amounts presented and such differences could be material.

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

the quarterly valuation process begins with each portfolio company or investment being initially evaluated and rated by the investment professionals of the Valuation Designee responsible for the credit monitoring of the portfolio investment;
our Valuation Designee engages an independent valuation 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

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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 income approach to determine fair value for loans where market quotations are not readily available, as long as it is appropriate. If there is deterioration in credit quality or a debt investment is in workout status, the Valuation Designee may consider other factors in determining the fair value, including the value attributable to the debt investment from the enterprise value of the portfolio company or the proceeds that would be received in a liquidation analysis. This liquidation analysis may also include probability weighting of alternative outcomes. theThe Valuation Designee generally considers the Company’s debt to be performing if the borrower is not in default, the borrower is remitting payments in a timely manner, the loan is in covenant compliance and the loan is otherwise not deemed to be impaired. In determining the fair value of the performing debt, the Valuation Designee considers fluctuations in current interest rates, the trends in yields of debt instruments with similar credit ratings, financial condition of the borrower, economic conditions and other relevant factors, both qualitative and quantitative. In the event that a debt instrument is not performing, as defined above, the Valuation Designee will evaluate the value of the collateral utilizing the same framework described above for a performing loan to determine the value of the debt instrument.

Under the income approach, discounted cash flow models are utilized to determine the present value of the future cash flow streams of our debt investments, based on future interest and principal payments as set forth in the associated loan agreements. In determining fair value under the income approach, the Valuation Designee also considers the following factors: applicable market yields and leverage levels, 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.

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Under the market approach, the enterprise value methodology is typically utilized to determine the fair value of an investment. There is no one methodology to estimate enterprise value and, in fact, for any one portfolio company, enterprise value is generally best expressed as a range of values, from which the Valuation Designee derives a single estimate of enterprise value. In estimating the enterprise value of a portfolio company, the Valuation Designee analyzes various factors consistent with industry practice, including but not limited to original transaction multiples, the portfolio company’s historical and projected financial results, applicable market trading and transaction comparables, applicable market yields and leverage levels, the nature and realizable value of any collateral, the markets in which the portfolio company does business, and comparisons of financial ratios of peer companies that are public. Typically, the enterprise values of private companies are based on multiples of earnings before interest, income taxes, depreciation and amortization (“EBITDA”), cash flows, net income, revenues, or in limited cases, book value.

In addition, for certain 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 Valuation Designee generally use the midpoint of the bid/ask range as our best estimate of fair value of such investment.

As of JuneSeptember 30, 2023, our Valuation Designee determined, in good faith, the fair value of our investment portfolio in accordance with GAAP and our valuation procedures based on the facts and circumstances known by us at that time, or reasonably expected to be known at that time.

Net Realized Gain or Loss and Net Change in Unrealized Gain or Loss

We measure realized gain or loss by the difference between the net proceeds from the sale and the amortized cost basis of the investment, without regard to unrealized gain or loss previously recognized. Net change in unrealized gain or loss reflects the change

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in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized gain or loss, when gain or loss is realized. Additionally, we do not isolate the change in fair value resulting from foreign currency exchange rate fluctuations from the changes in the fair values of the underlying investment. All fluctuations in fair value are included in net change in unrealized gain (loss) on investments on our consolidated statements of operations.

Capital Gains Incentive Fee

Pursuant to the terms of the Investment Advisory Agreement with MC Advisors, the incentive fee on capital gains earned on liquidated investments of our portfolio is determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Advisory Agreement). This fee equals 12.5% (reduced from 15.0% as a result of MC Advisors April 18, 2022 agreement to permanently waive a portion of the incentive fees starting on January 1, 2022) of our incentive fee capital gains (i.e., our realized capital gains on a cumulative basis from inception, calculated as of the end of the applicable period, net of all realized capital losses and unrealized capital depreciation on a cumulative basis), less the aggregate amount of any previously paid capital gains incentive fees. On a quarterly basis, we accrue for the capital gains incentive fee by calculating such fee as if it were due and payable as of the end of such period.

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

During both the three and sixnine months ended JuneSeptember 30, 2023, we reversed $0.7$0.1 million and $13 thousand, respectively, of previously accrued capital gains incentive fees based on the performance of our portfolio. During the three and sixnine months ended JuneSeptember 30, 2022, we reversed $0.9$0.1 million and $0.6 million, respectively, of previously accrued capital gains incentive fees based on the performance of our portfolio and the reduction in the incentive fee rate.

New Accounting Pronouncements

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (“ASU 2020-04”). The amendments in ASU 2020-04 provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The standard is effective as of March 12, 2020 through December 31, 2024. We did not utilize the optional expedients and exceptions provided by ASU 2020-04 during the sixnine months ended JuneSeptember 30, 2023.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are subject to financial market risks, including valuation risk, interest rate risk, currency risk and inflation and supply chain risk. The prices of securities held by us may decline in response to certain events, including those directly involving the companies we invest in; conditions affecting the general economy; overall market changes; legislative reform; local, regional, national or global political, social or economic instability, including related to the rising inflation; and interest rate fluctuations.

Valuation Risk

Our investments may not have readily available market quotations (as such term is defined in Rule 2a-5), 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, 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 LIBOR or SOFR and typically have interest rate re-set provisions that adjust applicable interest rates under such loans to current market rates on a monthly or quarterly basis. The majority of the loans in our current portfolio have interest rate floors that will effectively convert the loans to fixed rate loans in the event interest rates decrease. In addition, our Credit Facility, and Term Loan and 2023 Class A Notes have a floating interest rate provision, whereas our 2022 Secured 2022Notes and 2023 Class B 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 assets and liabilities as of JuneSeptember 30, 2023 was to remain constant and that we took no actions to alter our existing interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes in interest rates (in thousands):

    

Increase

    

Increase

    

Net increase

    

Increase

    

Increase

    

Net increase

(decrease) in

(decrease) in

(decrease) in net

(decrease) in

(decrease) in

(decrease) in net

Change in Interest Rates

interest income

interest expense

investment income

interest income

interest expense

investment income

Down 25 basis points

$

(4,192)

$

(1,241)

$

(2,951)

$

(4,696)

$

(929)

$

(3,767)

Up 100 basis points

 

17,421

 

5,232

 

12,189

 

18,084

 

3,676

 

14,408

Up 200 basis points

 

34,193

 

10,196

 

23,997

 

36,861

 

7,392

 

29,469

Up 300 basis points

 

50,966

 

15,161

 

35,805

 

55,637

 

11,109

 

44,528

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, Term Loan, 2023 Class A Notes 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 Canadian dollars and Australian dollars) related to certain investments. Such investments are translated into U.S. dollars based on the spot rate at each balance sheet date, exposing us to movements in the exchange rate. We may also enter into foreign currency forward contracts to mitigate foreign currency exposure. As of JuneSeptember 30, 2023, we had foreign currency forward contracts in place for CAD 33.232.4 million and AUD 59.157.6 million associated with future principal and interest payments on certain investments.

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

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 Annual Report on Form 10-K, our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Notwithstanding the foregoing, a control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that it will detect or uncover failures within the Company to disclose material information otherwise required to be set forth in the Company’s periodic reports.

Changes in Internal Control Over Financial Reporting

No change occurred in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) during the three months ended JuneSeptember 30, 2023 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, our subsidiaries nor our investment adviser is currently subject to any material legal proceedings.

Item 1A. Risk Factors

In addition to the other information set forth in this report, you should carefully consider the risk factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on March 15, 2023, which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report on Form 10-K are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results. Other than as set forth below, there have been no material changes to the risk factors discussed in Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2022.

Our business and our portfolio companies may be susceptible to economic slowdowns or recessions and to risks related to bank impairments or failures.

Many of the portfolio companies in which we have invested or expect to make investments are likely to be susceptible to economic slowdowns or recessions and may be unable to repay our loans during such periods. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could prevent us from increasing our investments and harm business, financial condition, operating results and prospects. In March 2023, the Federal Deposit Insurance Corporation (“FDIC”) took control of Silicon Valley Bank and Signature Bank and subsequently in May 2023 of First Republic Bank due to liquidity concerns and concerns have arisen regarding the stability of other banks and financial institutions. Also, the impairment or failure of one or more banks with whom the Company, its portfolio companies, and/or the Adviser transact may inhibit the ability of the Company or its portfolio companies to access depository accounts. In such cases, the Company may be forced to delay or forgo investments, resulting in lower Company performance. In the event of such a failure of a banking institution where the Company or one or more of its portfolio companies holds depository accounts, access to such accounts could be restricted and U.S. FDIC protection may not be available for balances in excess of amounts insured by the FDIC. In such instances, the Company and its affected portfolio companies would not recover such excess, uninsured amounts. To the extent that the Company or the portfolio companies are impacted, their ability to access existing cash, cash equivalents and investments, or to access existing or enter into new banking arrangements or facilities to service our portfolio companies, may be threatened.

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

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

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

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

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

We maintain a revolving credit facility and term loan credit facility and use other borrowed funds and may borrow additional money, which is generally considered a speculative investment technique. As a result:

our common stock is exposed to an increased risk of loss because a decrease in the value of our investments would have a greater negative impact on the value of our common stock than if we did not use leverage;
if we do not appropriately match the assets and liabilities of our business, adverse changes in interest rates could reduce or eliminate the incremental income we make with the proceeds of any leverage;
our ability to pay distributions on our common stock may be restricted if our asset coverage ratio, as provided in the 1940 Act, is not at least 150% and any amounts used to service indebtedness would not be available for such distributions;
any credit facility is subject to periodic renewal by its lenders, whose continued participation cannot be guaranteed;
our revolving credit facility and term loan credit facility with KeyBank National Association, as agent, is, and any other credit facility we may enter into would be, subject to various financial and operating covenants; and
we bear the cost of issuing and paying interest on the revolving credit facility and term loan credit facility, which costs are entirely borne by our common stockholders.

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

    

Assumed Return on Our Portfolio

(Net of Expenses) (1)

 

10%

5%

0%

5%

10%

Corresponding return to common stockholder (2) (3)

 

‑26.52

%  

‑16.29

%  

‑6.06

%  

4.17

%  

14.40

%

(1)The assumed return on our portfolio is required by regulation of the SEC to assist investors in understanding the effects of leverage and is not a prediction of, and does not represent, our projected or actual performance.
(2)Assumes $1.5 billion in total assets, $789.7 million in debt outstanding, of which $763.4 million is senior securities outstanding, $754.9 million in net assets and an average cost of funds of 5.79%, which was the weighted average interest rate of borrowings on our revolving credit facility, term loan credit facility, and ABS Notes as of December 31, 2022. The interest rates on our revolving credit facility and term loan credit facility are variable rates. Actual interest payments may be different.
(3)In order for us to cover our annual interest payments on indebtedness, we must achieve annual returns on our December 31, 2022 total portfolio assets of at least 2.96%.

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The interest rates of our revolving and term loan credit facilities and loans to our portfolio companies may be affected by the transition away from LIBOR as a benchmark reference for interest rates.

The London Interbank Offered Rate (“LIBOR”), is an index rate that has been historically used as a basic rate of interest in lending transactions between banks on the London interbank market and has been widely used as a reference for setting the interest rate on loans globally. In July 2017, the United Kingdom’s Financial Conduct Authority (“FCA”) announced its intention to cease sustaining LIBOR, by the end of 2021. The ICE Benchmark Administration ceased providing overnight, one, three, six and twelve month USD LIBOR tenors immediately after June 30, 2023. In addition, the FCA now prohibits entities from using LIBORs, except in very limited circumstances.

In April 2018, the Federal Reserve Bank of New York began publishing its alternative rate, the Secured Overnight Financing Rate (“SOFR”). The Bank of England followed suit in April 2018 by publishing its proposed alternative rate, the Sterling Overnight Index Average (“SONIA”). Each of SOFR and SONIA significantly differ from LIBOR, both in each actual rate and how each rate is calculated. In the United States, the SOFR is the preferred alternative rate for LIBOR.

Most of our new investments are indexed to SOFR; however, we have certain contracts that were indexed to LIBOR. Certain contracts already had provisions to orderly transition away from LIBOR to an alternative replacement rate; however, other contracts, were renegotiated and amended to replace LIBOR with an alternative reference rate. To the extent that any of our contracts do not have or were not amended to include adequate fallback provisions to replace LIBOR, these contracts were amended by operation of law to include a statutorily designated fallback to LIBOR pursuant to the Federal Adjustable Interest Rate (LIBOR) Act (the “LIBOR Act”) and rules thereunder. Under the Federal Reserve Board’s rules implementing certain provisions of the LIBOR Act (“Regulation ZZ”), on the LIBOR replacement date (the first London banking day after June 30, 2023), the Federal Reserve Board-selected benchmark replacement rate, based on SOFR and including any benchmark spread adjustment as provided by Regulation ZZ, automatically replaced references to overnight, one, three, six and twelve month USD LIBOR in all of our remaining contracts that did not mature before the LIBOR replacement date and did not contain adequate fallback language.

Following the replacement of LIBOR, some or all of our credit agreements with our portfolio companies may bear interest at a lower interest rate, which could have an adverse impact on the value and liquidity of our investment in these portfolio companies and, as a result on our results of operations. Since SOFR is a relatively new market rate, there may be no established trading market for financial instruments when they are issued, and an established market may never develop or may not be liquid. Similarly, if SOFR does not prove to be widely used, the price of investments referencing SOFR may be lower than those of investments indexed to indices that are more widely used.

Transition away from LIBOR is complex and could cause a disruption in the credit markets generally. Such a disruption could have an adverse impact on the market value of and/or transferability of any LIBOR-linked securities, loans, and other financial obligations or extensions of credit held by or due to us or on our overall financial condition or results of operations. In addition, there can be no guarantee that SOFR or other LIBOR replacement rates will not be discontinued or fundamentally altered in a manner that is materially adverse to the interests of investors in financial instruments referencing SOFR. It is not possible to predict the effect of any of these developments, and any future initiatives to regulate, reform or change the manner of administration of SOFR or other LIBOR replacement rates could result in adverse consequences to the rate of interest payable and receivable on, market value of and market liquidity for financial instruments referencing such replacement rates.

In addition, the transition from LIBOR to SOFR, SONIA or other alternative reference rates may also introduce operational risks in our accounting, financial reporting, loan servicing, liability management and other aspects of our business.

Item 2. Unregistered Sales of Equity Securities, and Use of Proceeds and Issuer Purchases of Equity Securities

On MayAugust 16, 2023, we issued 8,321,08617,653,821 shares of our common stock, par value $0.01 per share, at a price of $10.25$10.22 per share for proceeds of $85,291,130.$180.4 million.

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

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

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Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

None.

Item 5. Other Information

Rule 10b5-1 Trading Plans.

For the period covered by this Quarterly Report on Form 10-Q, 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

 

Number

Description of Document

3.1

Articles of Incorporation (1)

3.2

Articles of Amendment and Restatement (2)

 

 

3.3

Articles of Amendment (3)

3.4

Amended and Restated Bylaws (4)

10.13.5

Fifth Amendment to the AmendedIndenture dated as of September 15, 2023, by and Restated Revolving Credit and Security Agreement among MCbetween Monroe Capital Income Plus Financing SPVABS Funding II, LLC, as borrower; theIssuer, and U.S. Bank Trust Company, as collateral manager; the lenders from time to time parties thereto; KeyBank National Association, as administrative agent and lead arranger; and U.S. Bank National Association as collateral agent, collateral administrator and document custodianTrustee (5)

 

 

31.1

Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)

 

 

31.2

Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)

 

 

32.1

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

101.INS

Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

101.SCH

Inline XBRL Taxonomy Extension Schema Document

101.CAL

Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF

Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB

Inline XBRL Taxonomy Extension Labels Linkbase Document

101.PRE

Inline XBRL Taxonomy Extension Presentation Linkbase Document

104

Cover Page Interactive Data File (Embedded within the Inline XBRL document and included in Exhibit)

(1)Previously filed as an exhibit to amendment no. 1 to the registration Statement on Form 10 (File No. 000-55941) filed with the SEC on July 30, 2018.
(2)Previously filed as an exhibit to the current report on Form 8-K filed with the SEC on December 7, 2018.
(3)Previously filed as an exhibit to the current report on Form 8-K filed with the SEC on June 21, 2023.
(4)Previously filed as an exhibit to the current report on Form 8-K filed with the SEC on April 29, 2022.
(5)Previously filed as an exhibit to the current report on Form 8-K filed with the SEC on May 31,September 21, 2023.

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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: August 11,November 13, 2023

By

/s/ Theodore L. Koenig

 

 

Theodore L. Koenig

 

 

Chairman, Chief Executive Officer and Director

 

 

(Principal Executive Officer)

 

 

Monroe Capital Income Plus Corporation

 

 

 

Date: August 11,November 13, 2023

By

/s/ Lewis W. Solimene, Jr.

 

 

Lewis W. Solimene, Jr.

 

 

Chief Financial Officer and Chief Investment Officer

 

 

(Principal Financial and Accounting Officer)

 

 

Monroe Capital Income Plus Corporation

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