Monroe Capital (MRCC) 10-Q 2022 Q3 Quarterly report

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I R V A Worldwide Inc., Senior Secured Loans, due 8/4/20252022-01-012022-09-300001512931Xan Edu Publishing, Inc., Senior Secured Loans, One, due, 1/28/20252022-09-300001512931Star Compliance Mid Co, L L C, Senior Secured Loans, One, due 1/12/2027us-gaap-supplement:InvestmentUnaffiliatedIssuerMember2021-01-012021-12-310001512931Summit Container Corporation, Equity Securities, Warrants2021-01-012021-09-30

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 September 30, 2022

OR

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

Commission file number: 814-00866

MONROE CAPITAL CORPORATION

(Exact Name of Registrant as Specified in its Charter)

Maryland	27-4895840
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)
311 South Wacker Drive, Suite 6400 Chicago, Illinois	60606
(Address of Principal Executive Office)	(Zip Code)

(312) 258-8300

(Registrant’s Telephone Number, Including Area Code)

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

Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock, par value $0.001 per share	MRCC	The Nasdaq Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  ☒    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 November 4, 2022, the registrant had 21,666,340 shares of common stock, $0.001 par value, outstanding.

TABLE OF CONTENTS

		Page
PART I. FINANCIAL INFORMATION		3
Item 1.	Consolidated Financial Statements	3
	Consolidated Statements of Assets and Liabilities as of September 30, 2022 (unaudited) and December 31, 2021	3
	Consolidated Statements of Operations for the three and nine months ended September 30, 2022 and 2021 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2022 and 2021 (unaudited)	5
	Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 and 2021 (unaudited)	6
	Consolidated Schedules of Investments as of September 30, 2022 (unaudited) and December 31, 2021	8
	Notes to Consolidated Financial Statements (unaudited)	35
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	71
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	99
Item 4.	Controls and Procedures	101
PART II. OTHER INFORMATION		101
Item 1.	Legal Proceedings	101
Item 1A.	Risk Factors	101
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	104
Item 3.	Defaults Upon Senior Securities	104
Item 4.	Mine Safety Disclosures	104
Item 5.	Other Information	104
Item 6.	Exhibits	105
Signatures		106

2

Part I. Financial Information

Item 1. Consolidated Financial Statements

MONROE CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(in thousands, except per share data)

	September 30, 2022		December 31, 2021
	(unaudited)
ASSETS
Investments, at fair value:
Non-controlled/non-affiliate company investments	$	386,200	$	430,287
Non-controlled affiliate company investments		85,274		90,281
Controlled affiliate company investments		36,544		41,125
Total investments, at fair value (amortized cost of: $545,350 and $576,178, respectively)		508,018		561,693
Cash		7,129		2,622
Restricted cash		—		15,459
Unrealized gain on foreign currency forward contracts		2,284		781
Interest receivable		14,680		9,476
Other assets		445		427
Total assets		532,556		590,458
LIABILITIES
Debt:
Revolving credit facility		171,200		151,045
2026 Notes		130,000		130,000
SBA debentures payable		—		56,900
Total debt		301,200		337,945
Less: Unamortized deferred financing costs		(3,223)		(5,794)
Total debt, less unamortized deferred financing costs		297,977		332,151
Interest payable		1,305		3,304
Management fees payable		2,222		2,454
Incentive fees payable		1,565		435
Accounts payable and accrued expenses		3,496		2,643
Directors’ fees payable		35		—
Total liabilities		306,600		340,987
Net assets	$	225,956	$	249,471
Commitments and contingencies (See Note 11)
ANALYSIS OF NET ASSETS
Common stock, $0.001 par value, 100,000 shares authorized, 21,666 and 21,666 shares issued and outstanding, respectively	$	22	$	22
Capital in excess of par value		298,687		298,687
Accumulated undistributed (overdistributed) earnings		(72,753)		(49,238)
Total net assets	$	225,956	$	249,471
Net asset value per share	$	10.43	$	11.51

See Notes to Consolidated Financial Statements.

3

MONROE CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except per share data)

	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Investment income:
Non-controlled/non-affiliate company investments:
Interest income	$	9,383	$	8,495	$	26,030	$	24,807
Payment-in-kind interest income		738		405		2,039		1,286
Dividend income		103		234		267		284
Fee income		412		288		1,604		1,065
Total investment income from non-controlled/non-affiliate company investments		10,636		9,422		29,940		27,442
Non-controlled affiliate company investments:
Interest income		3,830		1,561		6,202		4,225
Payment-in-kind interest income		502		2,508		2,419		5,040
Dividend income		48		698		141		784
Total investment income from non-controlled affiliate company investments		4,380		4,767		8,762		10,049
Controlled affiliate company investments:
Dividend income		900		1,025		2,700		3,300
Total investment income from controlled affiliate company investments		900		1,025		2,700		3,300
Total investment income		15,916		15,214		41,402		40,791
Operating expenses:
Interest and other debt financing expenses		4,263		3,924		11,961		12,219
Base management fees		2,222		2,399		6,834		7,060
Incentive fees		1,565		1,578		2,747		2,828
Professional fees		212		264		740		730
Administrative service fees		275		327		908		1,020
General and administrative expenses		216		304		722		833
Directors’ fees		35		35		109		109
Expenses before base management fee and incentive fee waivers		8,788		8,831		24,021		24,799
Base management fee waivers		—		—		(55)		—
Incentive fee waivers		—		—		(525)		(1,057)
Total expenses, net of base management fee and incentive fee waivers		8,788		8,831		23,441		23,742
Net investment income before income taxes		7,128		6,383		17,961		17,049
Income taxes, including excise taxes		868		71		1,289		254
Net investment income		6,260		6,312		16,672		16,795
Net gain (loss):
Net realized gain (loss):
Non-controlled/non-affiliate company investments		(1,666)		(9,435)		(1,749)		(8,468)
Non-controlled affiliate company investments		(1)		—		(1)		(250)
Extinguishment of debt		—		(336)		(1,039)		(3,110)
Foreign currency forward contracts		38		20		69		(55)
Foreign currency and other transactions		(1)		(880)		(38)		(894)
Net realized gain (loss)		(1,630)		(10,631)		(2,758)		(12,777)
Net change in unrealized gain (loss):
Non-controlled/non-affiliate company investments		(1,049)		11,222		(12,281)		20,106
Non-controlled affiliate company investments		(4,186)		(1,076)		(5,485)		(2,173)
Controlled affiliate company investments		(1,007)		(54)		(5,081)		2,047
Foreign currency forward contracts		863		530		1,503		976
Foreign currency and other transactions		—		936		164		650
Net change in unrealized gain (loss)		(5,379)		11,558		(21,180)		21,606
Net gain (loss)		(7,009)		927		(23,938)		8,829
Net increase (decrease) in net assets resulting from operations	$	(749)	$	7,239	$	(7,266)	$	25,624
Per common share data:
Net investment income per share - basic and diluted	$	0.29	$	0.29	$	0.77	$	0.78
Net increase (decrease) in net assets resulting from operations per share - basic and diluted	$	(0.03)	$	0.34	$	(0.33)	$	1.20
Weighted average common shares outstanding - basic and diluted		21,666		21,544		21,666		21,404

See Notes to Consolidated Financial Statements.

4

MONROE CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(unaudited)

(in thousands)

						Accumulated
	Common Stock					undistributed
		Par		Capital in excess of		(overdistributed)		Total
	Number of shares	value		par value		earnings		net assets
Balances at June 30, 2021	21,544	$	22	$	297,586	$	(52,811)	$	244,797
Net investment income	—		—		—		6,312		6,312
Net realized gain (loss)	—		—		—		(10,631)		(10,631)
Net change in unrealized gain (loss)	—		—		—		11,558		11,558
Issuance of common stock, net of offering and underwriting costs	—		—		—		—		—
Distributions to stockholders	—		—		—		(5,386)		(5,386)
Balances at September 30, 2021	21,544	$	22	$	297,586	$	(50,958)	$	246,650
Balances at June 30, 2022	21,666	$	22	$	298,687	$	(66,588)	$	232,121
Net investment income	—		—		—		6,260		6,260
Net realized gain (loss)	—		—		—		(1,630)		(1,630)
Net change in unrealized gain (loss)	—		—		—		(5,379)		(5,379)
Issuance of common stock, net of offering and underwriting costs	—		—		—		—		—
Distributions to stockholders	—		—		—		(5,416)		(5,416)
Balances at September 30, 2022	21,666	$	22	$	298,687	$	(72,753)	$	225,956

						Accumulated
	Common Stock					undistributed
		Par		Capital in excess of		(overdistributed)		Total
	Number of shares	value		par value		earnings		net assets
Balances at December 31, 2020	21,304	$	21	$	294,897	$	(60,484)	$	234,434
Net investment income	—		—		—		16,795		16,795
Net realized gain (loss)	—		—		—		(12,777)		(12,777)
Net change in unrealized gain (loss)	—		—		—		21,606		21,606
Issuance of common stock, net of offering and underwriting costs	240		1		2,689		—		2,690
Distributions to stockholders	—		—		—		(16,098)		(16,098)
Balances at September 30, 2021	21,544	$	22	$	297,586	$	(50,958)	$	246,650
Balances at December 31, 2021	21,666	$	22	$	298,687	$	(49,238)	$	249,471
Net investment income	—		—		—		16,672		16,672
Net realized gain (loss)	—		—		—		(2,758)		(2,758)
Net change in unrealized gain (loss)	—		—		—		(21,180)		(21,180)
Issuance of common stock, net of offering and underwriting costs	—		—		—		—		—
Distributions to stockholders	—		—		—		(16,249)		(16,249)
Balances at September 30, 2022	21,666	$	22	$	298,687	$	(72,753)	$	225,956

See Notes to Consolidated Financial Statements.

5

MONROE CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)

	Nine months ended September 30,
	2022		2021
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	(7,266)	$	25,624
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		1,750		8,718
Net realized (gain) loss on extinguishment of debt		1,039		3,110
Net realized (gain) loss on foreign currency forward contracts		(69)		55
Net realized (gain) loss on foreign currency and other transactions		38		894
Net change in unrealized (gain) loss on investments		22,847		(19,980)
Net change in unrealized (gain) loss on foreign currency forward contracts		(1,503)		(976)
Net change in unrealized (gain) loss on foreign currency and other transactions		(164)		(650)
Payment-in-kind interest income		(4,458)		(6,326)
Net accretion of discounts and amortization of premiums		(872)		(857)
Purchases of investments		(94,275)		(181,821)
Proceeds from principal payments, sales of investments and settlement of forward contracts		128,752		193,506
Amortization of deferred financing costs		1,613		1,677
Changes in operating assets and liabilities:
Interest receivable		(5,204)		(4,783)
Other assets		(18)		673
Interest payable		(1,999)		(1,430)
Management fees payable		(232)		421
Incentive fees payable		1,130		1,578
Accounts payable and accrued expenses		853		121
Directors’ fees payable		35		35
Net cash provided by (used in) operating activities		41,997		19,589
Cash flows from financing activities:
Borrowings on revolving credit facility		143,900		272,400
Repayments of revolving credit facility		(123,599)		(253,854)
Repayment of 2023 Notes		—		(109,000)
Proceeds from 2026 Notes		—		130,000
Repayment of SBA debentures		(56,900)		(58,100)
Payments of deferred financing costs		(81)		(4,053)
Proceeds from shares sold, net of offering and underwriting costs		—		2,690
Stockholder distributions paid, net of stock issued under the dividend reinvestment plan of $0 and $0, respectively		(16,249)		(16,098)
Net cash provided by (used in) financing activities		(52,929)		(36,015)
Net increase (decrease) in Cash and Restricted cash		(10,932)		(16,426)
Effect of foreign currency exchange rates		(20)		(924)
Cash and Restricted cash, beginning of period		18,081		32,426
Cash and Restricted cash, end of period	$	7,129	$	15,076
Supplemental disclosure of cash flow information:
Cash interest paid during the period	$	12,238	$	11,889
Cash paid (refund received) for income taxes, including excise taxes during the period	$	578	$	400

6

MONROE CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS - (continued)

(unaudited)

(in thousands)

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:

	September 30, 2022		December 31, 2021
Cash	$	7,129	$	2,622
Restricted cash		—		15,459
Total cash and restricted cash shown on the Consolidated Statements of Cash Flows	$	7,129	$	18,081
	September 30, 2021		December 31, 2020
Cash	$	7,031	$	6,769
Restricted cash		8,045		25,657
Total cash and restricted cash shown on the Consolidated Statements of Cash Flows	$	15,076	$	32,426

See Notes to Consolidated Financial Statements.

7

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

(unaudited)

September 30, 2022

(in thousands, except for shares and units)

	Spread Above			Interest		Acquisition			Amortized				% of
Portfolio Company (˄)	Index (˄˄)			Rate		Date (˄˄˄)	Maturity	Principal	Cost		Fair Value (˄˄˄˄)		Net Assets (˄˄˄˄˄)
Non-Controlled/Non-Affiliate Company Investments
Senior Secured Loans
Automotive
Born To Run, LLC	L+	6.00	%	9.67	%	4/1/2021	4/1/2027	3,456	$	3,401	$	3,447	1.5	%
Born To Run, LLC (Delayed Draw) (*) (**)	L+	6.00	%	9.67	%	4/1/2021	4/1/2027	568		471		469	0.2	%
Hastings Manufacturing Company	L+	7.25	%	10.37	%	4/24/2018	4/24/2023	2,083		2,077		2,083	0.9	%
Lifted Trucks Holdings, LLC	L+	5.75	%	8.03	%	8/2/2021	8/2/2027	6,948		6,830		6,868	3.1	%
Lifted Trucks Holdings, LLC (Delayed Draw) (*) (**)	L+	5.75	%	8.03	%	8/2/2021	8/2/2027	1,400		—		—	0.0	%
Lifted Trucks Holdings, LLC (Revolver) (*)	L+	5.75	%	8.03	%	8/2/2021	8/2/2027	1,667		—		—	0.0	%
								16,122		12,779		12,867	5.7	%
Banking
MV Receivables II, LLC (Delayed Draw) (*) (**) (#)	L+	9.75	%	13.42	%	7/29/2021	7/29/2026	8,000		6,861		7,122	3.2	%
StarCompliance MidCo, LLC	L+	6.75	%	10.42	%	1/12/2021	1/12/2027	2,000		1,970		1,975	0.9	%
StarCompliance MidCo, LLC	L+	6.75	%	10.42	%	10/12/2021	1/12/2027	336		330		331	0.1	%
StarCompliance MidCo, LLC (Revolver) (*)	L+	6.75	%	9.87	%	1/12/2021	1/12/2027	322		81		80	0.0	%
								10,658		9,242		9,508	4.2	%
Beverage, Food & Tobacco
LVF Holdings, Inc.	L+	6.25	%	9.92	%	6/10/2021	6/10/2027	1,485		1,460		1,431	0.6	%
LVF Holdings, Inc.	L+	6.25	%	9.92	%	6/10/2021	6/10/2027	1,421		1,421		1,370	0.6	%
LVF Holdings, Inc. (Delayed Draw) (*) (**)	L+	6.25	%	9.92	%	6/10/2021	6/10/2027	344		—		—	0.0	%
LVF Holdings, Inc. (Revolver) (*)	L+	6.25	%	9.92	%	6/10/2021	6/10/2027	238		176		169	0.1	%
LX/JT Intermediate Holdings, Inc.	SF+	6.00	%	9.13	%	3/11/2020	3/11/2025	5,493		5,433		5,441	2.4	%
LX/JT Intermediate Holdings, Inc. (Revolver) (*)	SF+	6.00	%	9.13	%	3/11/2020	3/11/2025	833		—		—	0.0	%
								9,814		8,490		8,411	3.7	%
Capital Equipment
CGI Automated Manufacturing, LLC	SF+	6.50	%	9.83	%	9/9/2022	12/17/2026	4,000		3,881		3,880	1.7	%
CGI Automated Manufacturing, LLC	SF+	6.50	%	10.31	%	9/30/2022	12/17/2026	1,148		1,119		1,119	0.5	%
MCP Shaw Acquisitionco, LLC	SF+	6.50	%	10.31	%	2/28/2020	11/28/2025	9,733		9,620		9,738	4.3	%
MCP Shaw Acquisitionco, LLC	SF+	6.50	%	10.31	%	12/29/2021	11/28/2025	2,980		2,930		2,981	1.3	%
MCP Shaw Acquisitionco, LLC	SF+	6.50	%	10.31	%	12/29/2021	11/28/2025	980		980		981	0.5	%
MCP Shaw Acquisitionco, LLC (Revolver) (*)	SF+	6.50	%	10.31	%	2/28/2020	11/28/2025	1,784		—		—	0.0	%
								20,625		18,530		18,699	8.3	%

8

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2022

(in thousands, except for shares and units)

	Spread Above			Interest		Acquisition			Amortized				% of
Portfolio Company (˄)	Index (˄˄)			Rate		Date (˄˄˄)	Maturity	Principal	Cost		Fair Value (˄˄˄˄)		Net Assets (˄˄˄˄˄)
Chemicals, Plastics & Rubber
				9.12	% Cash/
Valudor Products LLC	L+	7.50	%	1.50	% PIK	6/18/2018	6/19/2023	1,604	$	1,598	$	1,934	0.9	%
Valudor Products LLC	L+	7.50	%	10.62	%	12/22/2021	6/19/2023	502		502		1,532	0.7	%
Valudor Products LLC (a)	L+	7.50	%	10.62	% PIK	6/18/2018	6/19/2023	253		252		249	0.1	%
Valudor Products LLC (Revolver) (*)	L+	9.50	%	12.62	%	6/18/2018	6/19/2023	1,095		315		315	0.1	%
								3,454		2,667		4,030	1.8	%
Construction & Building
TCFIII OWL Buyer LLC	SF+	5.50	%	8.65	%	4/19/2021	4/17/2026	2,024		1,998		2,024	0.9	%
TCFIII OWL Buyer LLC	SF+	5.50	%	8.65	%	4/19/2021	4/17/2026	2,472		2,472		2,472	1.1	%
TCFIII OWL Buyer LLC	SF+	5.50	%	8.65	%	12/17/2021	4/17/2026	2,218		2,185		2,218	1.0	%
								6,714		6,655		6,714	3.0	%
Consumer Goods: Durable
Independence Buyer, Inc.	L+	5.50	%	8.28	%	8/3/2021	8/3/2026	5,955		5,860		5,895	2.6	%
Independence Buyer, Inc. (Revolver) (*)	L+	5.50	%	8.28	%	8/3/2021	8/3/2026	1,423		—		—	0.0	%
Recycled Plastics Industries, LLC	L+	6.75	%	9.31	%	8/4/2021	8/4/2026	3,465		3,409		3,387	1.5	%
Recycled Plastics Industries, LLC (Revolver) (*)	L+	6.75	%	9.31	%	8/4/2021	8/4/2026	473		—		—	0.0	%
								11,316		9,269		9,282	4.1	%
Consumer Goods: Non-Durable
				9.81	% Cash/
The Kyjen Company, LLC	SF+	7.15	%	0.50	% PIK	5/14/2021	4/3/2026	988		979		983	0.4	%
				9.38	% Cash/
The Kyjen Company, LLC	SF+	7.10	%	0.50	% PIK	9/13/2022	4/3/2026	—		—		—	0.0	%
				9.38	% Cash/
The Kyjen Company, LLC (Revolver) (*)	SF+	7.10	%	0.50	% PIK	5/14/2021	4/3/2026	105		89		89	0.0	%
Thrasio, LLC	L+	7.00	%	11.17	%	12/18/2020	12/18/2026	2,452		2,445		2,430	1.1	%
								3,545		3,513		3,502	1.5	%
Environmental Industries
Quest Resource Management Group, LLC	L+	6.50	%	9.06	%	10/19/2020	10/20/2025	975		910		978	0.4	%
Quest Resource Management Group, LLC	L+	6.50	%	9.06	%	10/19/2020	10/20/2025	1,070		1,070		1,074	0.5	%
Quest Resource Management Group, LLC	L+	6.50	%	9.06	%	12/7/2021	10/20/2025	3,806		3,743		3,805	1.7	%
Quest Resource Management Group, LLC (Delayed Draw) (*) (**)	L+	6.50	%	9.06	%	12/7/2021	10/20/2025	1,773		384		384	0.2	%
								7,624		6,107		6,241	2.8	%
FIRE: Finance
GC Champion Acquisition LLC	SF+	6.75	%	9.77	%	8/19/2022	8/18/2028	2,535		2,485		2,535	1.1	%
GC Champion Acquisition LLC (Delayed Draw) (*) (**)	SF+	6.75	%	9.77	%	8/19/2022	8/18/2028	704		—		—	0.0	%
J2 BWA Funding LLC (Delayed Draw) (*) (**) (#)		n/a		9.00	%	12/24/2020	12/24/2026	2,750		1,138		1,118	0.5	%
Liftforward SPV II, LLC (#)	L+	10.75	%	13.87	%	11/10/2016	3/31/2023	413		413		399	0.2	%
Oceana Australian Fixed Income Trust (#) (b) (c)		n/a		10.75	%	6/29/2021	6/29/2026	2,897		3,400		2,897	1.3	%
Oceana Australian Fixed Income Trust (#) (b) (c)		n/a		11.50	%	2/25/2021	2/25/2026	6,877		8,460		6,877	3.0	%
W3 Monroe RE Debt LLC (#)		n/a		10.00	% PIK	2/5/2021	2/4/2028	3,129		3,129		3,129	1.4	%
YS WH4 LLC (Revolver) (*) (#)	SF+	7.00	%	9.95	%	7/20/2022	11/20/2025	5,250		1,846		1,846	0.8	%
								24,555		20,871		18,801	8.3	%

9

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2022

(in thousands, except for shares and units)

	Spread Above			Interest		Acquisition				Amortized				% of
Portfolio Company (˄)	Index (˄˄)			Rate		Date (˄˄˄)	Maturity		Principal	Cost		Fair Value (˄˄˄˄)		Net Assets (˄˄˄˄˄)
FIRE: Real Estate
Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC (#)	SF+	8.25	%	10.87	%	5/3/2022	4/30/2025		3,300	$	3,241	$	3,300	1.5	%
Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC (#)	SF+	8.25	%	11.74	%	5/3/2022	4/30/2025		337		337		337	0.1	%
Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC (Revolver) (*) (#)	SF+	8.25	%	11.74	%	5/3/2022	4/30/2025		1,653		95		95	0.0	%
Florida East Coast Industries, LLC (#)		n/a		10.50	%	8/9/2021	6/28/2024		2,048		2,008		2,061	0.9	%
NCBP Property, LLC (#)	L+	9.50	%	12.06	%	12/18/2020	12/16/2022		1,950		1,948		1,952	0.9	%
									9,288		7,629		7,745	3.4	%
Healthcare & Pharmaceuticals
Brickell Bay Acquisition Corp.	L+	6.50	%	8.78	%	2/12/2021	2/12/2026		1,885		1,855		1,849	0.8	%
Brickell Bay Acquisition Corp. (Delayed Draw) (*) (**)	L+	6.50	%	8.78	%	2/12/2021	2/12/2026		382		—		—	0.0	%
				8.09	% Cash/
Caravel Autism Health, LLC	SF+	8.75	%	3.00	% PIK	6/30/2021	6/30/2027		4,989		4,906		4,572	2.0	%
				8.09	% Cash/
Caravel Autism Health, LLC (Delayed Draw) (*) (**)	SF+	8.75	%	3.00	% PIK	6/30/2021	6/30/2027		3,749		187		171	0.1	%
				8.09	% Cash/
Caravel Autism Health, LLC (Revolver) (*)	SF+	8.75	%	3.00	% PIK	6/30/2021	6/30/2027		1,253		878		805	0.4	%
Dorado Acquisition, Inc.	L+	6.25	%	8.53	%	6/30/2021	6/30/2026		4,950		4,871		4,943	2.2	%
Dorado Acquisition, Inc. (Delayed Draw) (*) (**)	L+	6.25	%	8.53	%	6/30/2021	6/30/2026		216		—		—	0.0	%
Dorado Acquisition, Inc. (Revolver) (*)	L+	6.25	%	8.53	%	6/30/2021	6/30/2026		596		—		—	0.0	%
INH Buyer, Inc.	L+	6.00	%	9.67	%	6/30/2021	6/28/2028		2,917		2,892		2,707	1.2	%
NationsBenefits, LLC	SF+	7.00	%	9.61	%	8/20/2021	8/26/2027		3,970		3,905		4,049	1.8	%
NationsBenefits, LLC	SF+	7.00	%	10.15	%	8/26/2022	8/26/2027		4,719		4,719		4,813	2.1	%
NationsBenefits, LLC (Delayed Draw) (*) (**)	SF+	7.00	%	9.61	%	8/26/2022	8/26/2027		5,089		—		—	0.0	%
NationsBenefits, LLC (Revolver) (*)	SF+	7.00	%	9.61	%	8/20/2021	8/26/2027		2,222		—		—	0.0	%
Rockdale Blackhawk, LLC (d)		n/a		n/a		3/31/2015	n/a	(e)	—		—		1,102	0.5	%
Seran BioScience, LLC	L+	6.25	%	8.53	%	12/31/2020	7/8/2027		2,463		2,429		2,450	1.1	%
Seran BioScience, LLC (Delayed Draw) (*) (**)	SF+	6.25	%	9.37	%	7/8/2022	7/8/2027		2,778		822		818	0.3	%
Seran BioScience, LLC (Revolver) (*)	L+	6.25	%	8.53	%	12/31/2020	7/8/2027		444		—		—	0.0	%
				6.35	% Cash/
TigerConnect, Inc.	SF+	7.25	%	3.63	% PIK	2/16/2022	2/16/2028		3,000		2,945		2,970	1.3	%
TigerConnect, Inc. (Delayed Draw) (*) (**)	SF+	7.25	%	9.98	%	2/16/2022	2/16/2028		124		—		—	0.0	%
TigerConnect, Inc. (Revolver) (*)	SF+	7.25	%	9.98	%	2/16/2022	2/16/2028		429		—		—	0.0	%
Whistler Parent Holdings III, Inc.	SF+	6.75	%	9.90	%	6/3/2022	6/2/2028		4,500		4,413		4,475	2.0	%
Whistler Parent Holdings III, Inc. (Delayed Draw) (*) (**)	SF+	6.75	%	9.90	%	6/3/2022	6/2/2028		1,406		—		—	0.0	%
Whistler Parent Holdings III, Inc. (Revolver) (*)	SF+	6.75	%	9.90	%	6/3/2022	6/2/2028		563		—		—	0.0	%
									52,644		34,822		35,724	15.8	%

10

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2022

(in thousands, except for shares and units)

	Spread Above			Interest			Acquisition			Amortized				% of
Portfolio Company (˄)	Index (˄˄)			Rate			Date (˄˄˄)	Maturity	Principal	Cost		Fair Value (˄˄˄˄)		Net Assets (˄˄˄˄˄)
High Tech Industries
Arcstor Midco, LLC	L+	7.00	%		10.67	%	3/16/2021	3/16/2027	4,444	$	4,372	$	4,114	1.8	%
Drawbridge Partners, LLC	SF+	7.00	%		10.03	% PIK	9/1/2022	9/1/2028	3,000		2,941		2,940	1.3	%
Drawbridge Partners, LLC (Delayed Draw) (*) (**)	SF+	7.00	%		10.03	% PIK	9/1/2022	9/1/2028	330		23		23	0.0	%
Drawbridge Partners, LLC (Revolver) (*)	SF+	6.50	%		9.53	%	9/1/2022	9/1/2028	522		—		—	0.0	%
MarkLogic Corporation	SF+	6.50	%		9.34	%	10/20/2020	10/20/2025	3,439		3,383		3,422	1.5	%
MarkLogic Corporation	SF+	6.50	%		9.34	%	11/23/2021	10/20/2025	321		316		319	0.2	%
MarkLogic Corporation	SF+	6.50	%		9.34	%	5/10/2022	10/20/2025	2,675		2,627		2,662	1.2	%
MarkLogic Corporation	SF+	6.50	%		9.34	%	11/23/2021	10/20/2025	215		215		214	0.1	%
MarkLogic Corporation (Revolver) (*)	SF+	6.50	%		9.34	%	10/20/2020	10/20/2025	269		—		—	0.0	%
Medallia, Inc.	L+	6.75	%		9.87	% PIK	8/15/2022	10/27/2028	2,023		1,983		2,028	0.9	%
					10.64	% Cash/
Mindbody, Inc.	L+	8.50	%		1.50	% PIK	2/15/2019	2/14/2025	6,562		6,506		6,549	2.9	%
					10.64	% Cash/
Mindbody, Inc.	L+	8.50	%		1.50	% PIK	9/22/2021	2/14/2025	676		676		675	0.3	%
Mindbody, Inc. (Revolver) (*)	L+	8.00	%		11.64	%	2/15/2019	2/14/2025	667		—		—	0.0	%
Newforma, Inc.	L+	5.50	%		9.17	%	6/30/2017	3/31/2023	1,875		1,874		1,875	0.8	%
Newforma, Inc. (Revolver) (*)	L+	5.50	%		9.17	%	6/30/2017	3/31/2023	1,250		—		—	0.0	%
Planful, Inc.	L+	6.50	%		9.06	%	12/28/2018	12/28/2026	9,500		9,444		9,429	4.2	%
Planful, Inc.	SF+	6.50	%		9.90	%	9/12/2022	12/28/2026	530		517		526	0.2	%
Planful, Inc.	L+	6.50	%		9.06	%	1/11/2021	12/28/2026	1,325		1,325		1,316	0.6	%
Planful, Inc.	L+	6.50	%		9.06	%	2/11/2022	12/28/2026	884		884		877	0.4	%
Planful, Inc. (Revolver)	L+	6.50	%		9.06	%	12/28/2018	12/28/2026	442		442		439	0.2	%
									40,949		37,528		37,408	16.6	%
Hotels, Gaming & Leisure
Equine Network, LLC	SF+	8.00	%		10.63	%	12/31/2020	12/31/2025	1,724		1,697		1,696	0.8	%
Equine Network, LLC	SF+	8.00	%		10.63	%	1/29/2021	12/31/2025	782		771		769	0.3	%
Equine Network, LLC (Delayed Draw) (*) (**)	SF+	8.00	%		10.63	%	12/31/2020	12/31/2025	427		—		—	0.0	%
Equine Network, LLC (Revolver) (*)	SF+	8.00	%		10.63	%	12/31/2020	12/31/2025	171		—		—	0.0	%
									3,104		2,468		2,465	1.1	%
Media: Advertising, Printing & Publishing
Destination Media, Inc.	SF+	5.50	%		8.65	%	4/7/2017	4/7/2023	759		759		759	0.3	%
Destination Media, Inc. (Revolver) (*)	SF+	5.50	%		8.65	%	4/7/2017	4/7/2023	542		—		—	0.0	%
North Haven USHC Acquisition, Inc.	SF+	6.50	%		10.15	%	10/30/2020	10/30/2025	2,456		2,424		2,456	1.1	%
North Haven USHC Acquisition, Inc.	SF+	6.50	%		9.14	%	7/29/2022	10/30/2025	2,605		2,567		2,588	1.2	%
North Haven USHC Acquisition, Inc.	SF+	6.50	%		10.15	%	3/12/2021	10/30/2025	713		713		713	0.3	%
North Haven USHC Acquisition, Inc.	SF+	6.50	%		10.15	%	9/3/2021	10/30/2025	1,439		1,439		1,438	0.6	%
North Haven USHC Acquisition, Inc. (Delayed Draw) (*) (**)	SF+	6.50	%		10.15	%	7/29/2022	10/30/2025	1,056		—		—	0.0	%
North Haven USHC Acquisition, Inc. (Revolver) (*)	SF+	6.50	%		10.10	%	10/30/2020	10/30/2025	416		83		83	0.0	%
Relevate Health Group, LLC	SF+	6.00	%		8.61	%	11/20/2020	11/20/2025	1,478		1,458		1,472	0.7	%
Relevate Health Group, LLC (Delayed Draw) (*) (**)	SF+	6.00	%		8.61	%	11/20/2020	11/20/2025	780		661		658	0.3	%
Relevate Health Group, LLC (Revolver) (*)	SF+	6.00	%		8.61	%	11/20/2020	11/20/2025	316		—		—	0.0	%
Spherix Global Inc.	SF+	5.75	%		8.14	%	12/22/2021	12/22/2026	1,095		1,078		1,081	0.5	%
Spherix Global Inc. (Revolver) (*)	SF+	5.75	%		8.14	%	12/22/2021	12/22/2026	122		—		—	0.0	%
XanEdu Publishing, Inc.	SF+	6.50	%		9.65	%	1/28/2020	1/28/2025	4,596		4,537		4,612	2.0	%
XanEdu Publishing, Inc.	SF+	6.50	%		9.65	%	8/31/2022	1/28/2025	1,826		1,782		1,833	0.8	%
XanEdu Publishing, Inc. (Revolver) (*)	SF+	6.50	%		9.65	%	1/28/2020	1/28/2025	742		—		—	0.0	%
									20,941		17,501		17,693	7.8	%

11

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2022

(in thousands, except for shares and units)

	Spread Above			Interest		Acquisition			Amortized				% of
Portfolio Company (˄)	Index (˄˄)			Rate		Date (˄˄˄)	Maturity	Principal	Cost		Fair Value (˄˄˄˄)		Net Assets (˄˄˄˄˄)
Media: Broadcasting & Subscription
				6.81	% Cash/
Vice Group Holding Inc.	L+	12.00	%	8.00	% PIK	5/2/2019	11/2/2022	1,636	$	1,636	$	1,628	0.7	%
				6.81	% Cash/
Vice Group Holding Inc.	L+	12.00	%	8.00	% PIK	11/4/2019	11/2/2022	314		314		312	0.2	%
				6.81	% Cash/
Vice Group Holding Inc.	L+	12.00	%	8.00	% PIK	5/2/2019	11/2/2022	513		513		510	0.2	%
				6.71	% Cash/
Vice Group Holding Inc.	L+	12.00	%	8.00	% PIK	5/2/2019	11/2/2022	193		193		192	0.1	%
								2,656		2,656		2,642	1.2	%
Media: Diversified & Production
Attom Intermediate Holdco, LLC	L+	6.15	%	9.27	%	1/4/2019	1/4/2024	1,925		1,914		1,922	0.9	%
Attom Intermediate Holdco, LLC	L+	6.15	%	9.27	%	6/25/2020	1/4/2024	469		466		468	0.2	%
Attom Intermediate Holdco, LLC	L+	6.15	%	9.27	%	7/1/2021	1/4/2024	277		272		276	0.1	%
Attom Intermediate Holdco, LLC	SF+	6.15	%	9.30	%	8/4/2022	1/4/2024	798		784		797	0.4	%
Attom Intermediate Holdco, LLC (Revolver) (*)	L+	5.75	%	8.87	%	1/4/2019	1/4/2024	320		224		224	0.1	%
Bonterra, LLC (fka Cybergrants Holdings)	L+	6.25	%	9.92	%	9/8/2021	9/8/2027	12,799		12,638		12,559	5.6	%
Bonterra, LLC (fka Cybergrants Holdings) (Delayed Draw) (*) (**)	L+	6.25	%	9.92	%	9/8/2021	9/8/2027	2,302		—		—	0.0	%
Bonterra, LLC (fka Cybergrants Holdings) (Revolver) (*)	L+	6.25	%	9.92	%	9/8/2021	9/8/2027	1,069		652		640	0.3	%
Chess.com, LLC	L+	6.50	%	10.17	%	12/31/2021	12/31/2027	5,970		5,863		5,880	2.6	%
Chess.com, LLC (Revolver) (*)	L+	6.50	%	10.17	%	12/31/2021	12/31/2027	652		—		—	0.0	%
Crownpeak Technology, Inc.	SF+	7.25	%	9.86	%	2/28/2019	2/28/2024	4,000		3,975		4,000	1.8	%
Crownpeak Technology, Inc.	SF+	7.25	%	11.47	%	9/27/2022	2/28/2024	1,273		1,248		1,273	0.6	%
Crownpeak Technology, Inc.	SF+	7.25	%	9.86	%	2/28/2019	2/28/2024	60		60		60	0.0	%
Crownpeak Technology, Inc. (Delayed Draw) (*) (**)	SF+	7.25	%	9.86	%	9/27/2022	2/28/2024	3,333		—		—	0.0	%
Crownpeak Technology, Inc. (Revolver) (*)	SF+	7.25	%	9.86	%	2/28/2019	2/28/2024	500		—		—	0.0	%
Spectrum Science Communications, LLC	SF+	6.25	%	9.46	%	1/25/2022	1/25/2027	998		980		993	0.3	%
Spectrum Science Communications, LLC (Revolver) (*)	SF+	6.25	%	9.46	%	1/25/2022	1/25/2027	200		—		—	0.0	%
								36,945		29,076		29,092	12.9	%
Retail
BLST Operating Company, LLC	L+	8.50	%	11.29	% (***)	8/28/2020	8/28/2025	1,147		936		1,127	0.5	%
				10.65	% Cash/
Forman Mills, Inc.	SF+	9.50	%	2.00	% PIK	1/14/2020	4/30/2024	1,275		1,275		1,255	0.5	%
				10.65	% Cash/
Forman Mills, Inc.	SF+	9.50	%	2.00	% PIK	10/4/2016	4/30/2024	7,069		7,062		6,945	3.1	%
								9,491		9,273		9,327	4.1	%
Services: Business
				5.71	% Cash/
Aras Corporation	L+	7.00	%	3.75	% PIK	4/13/2021	4/13/2027	2,135		2,105		2,148	1.0	%
Aras Corporation (Revolver) (*)	L+	6.50	%	9.50	%	4/13/2021	4/13/2027	150		50		50	0.0	%
Burroughs, Inc.	SF+	6.50	%	9.11	%	12/22/2017	12/22/2023	5,277		5,271		5,276	2.3	%
Burroughs, Inc. (Revolver) (*)	SF+	6.50	%	9.11	%	12/22/2017	12/22/2023	1,215		—		—	0.0	%
HS4 Acquisitionco, Inc.	L+	6.75	%	10.42	%	7/9/2019	7/9/2025	9,924		9,819		9,900	4.4	%
HS4 Acquisitionco, Inc. (Revolver) (*)	L+	6.75	%	10.42	%	7/9/2019	7/9/2025	817		245		245	0.1	%
RedZone Robotics, Inc.	L+	6.75	%	9.87	%	6/1/2018	6/5/2023	205		205		205	0.1	%
RedZone Robotics, Inc. (Revolver) (*)	L+	6.75	%	9.87	%	6/1/2018	6/5/2023	158		—		—	0.0	%
Relativity ODA LLC	L+	7.50	%	10.59	% PIK	5/12/2021	5/12/2027	2,004		1,965		1,999	0.9	%
Relativity ODA LLC (Revolver) (*)	L+	7.50	%	10.59	% PIK	5/12/2021	5/12/2027	180		—		—	0.0	%
Security Services Acquisition Sub Corp.	SF+	6.00	%	9.03	%	2/15/2019	9/30/2026	3,387		3,367		3,387	1.5	%
Security Services Acquisition Sub Corp.	SF+	6.00	%	8.98	%	2/15/2019	9/30/2026	2,436		2,436		2,436	1.1	%
Security Services Acquisition Sub Corp.	SF+	6.00	%	9.03	%	9/30/2021	9/30/2026	7,920		7,849		7,940	3.5	%
Security Services Acquisition Sub Corp.	SF+	6.00	%	9.03	%	2/15/2019	9/30/2026	2,140		2,140		2,140	0.9	%
Security Services Acquisition Sub Corp.	SF+	6.00	%	8.98	%	2/15/2019	9/30/2026	1,539		1,539		1,539	0.7	%
ServiceMax, Inc. (#)	L+	7.00	%	9.28	% PIK	11/1/2021	11/1/2027	3,692		3,630		3,678	1.6	%
ServiceMax, Inc. (Revolver) (*) (#)	L+	7.00	%	9.28	% PIK	11/1/2021	11/1/2027	350		—		—	0.0	%
				10.12	% Cash/
VPS Holdings, LLC	L+	8.00	%	1.00	% PIK	10/5/2018	10/4/2024	3,298		3,271		3,183	1.4	%
				10.12	% Cash/
VPS Holdings, LLC	L+	8.00	%	1.00	% PIK	10/5/2018	10/4/2024	2,697		2,697		2,604	1.2	%
				10.12	% Cash/
VPS Holdings, LLC (Revolver) (*)	L+	8.00	%	1.00	% PIK	10/5/2018	10/4/2024	1,002		102		99	0.0	%
								50,526		46,691		46,829	20.7	%

12

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2022

(in thousands, except for shares and units)

	Spread Above			Interest		Acquisition			Amortized				% of
Portfolio Company (˄)	Index (˄˄)			Rate		Date (˄˄˄)	Maturity	Principal	Cost		Fair Value (˄˄˄˄)		Net Assets (˄˄˄˄˄)
Services: Consumer
Express Wash Acquisition Company, LLC	SF+	6.50	%	9.13	%	7/14/2022	7/14/2028	8,180	$	8,134	$	8,180	3.6	%
Express Wash Acquisition Company, LLC (Delayed Draw) (*) (**)	SF+	6.50	%	10.31	%	7/14/2022	7/14/2028	1,530		743		743	0.3	%
Express Wash Acquisition Company, LLC (Revolver)	SF+	6.50	%	9.15	%	7/14/2022	7/14/2028	379		379		379	0.2	%
Kar Wash Holdings, LLC	SF+	6.00	%	7.86	%	2/28/2022	2/26/2027	1,596		1,567		1,593	0.7	%
Kar Wash Holdings, LLC	SF+	6.00	%	8.82	%	2/28/2022	2/26/2027	1,143		1,143		1,141	0.5	%
Kar Wash Holdings, LLC (Delayed Draw) (*) (**)	SF+	6.00	%	8.99	%	8/3/2022	2/26/2027	2,667		1,600		1,597	0.7	%
Kar Wash Holdings, LLC (Revolver) (*)	SF+	6.00	%	7.86	%	2/28/2022	2/26/2027	572		—		—	0.0	%
Mammoth Holdings, LLC	SF+	6.00	%	8.34	%	10/16/2018	10/16/2023	1,925		1,914		1,925	0.9	%
Mammoth Holdings, LLC	SF+	6.00	%	8.34	%	10/16/2018	10/16/2023	4,042		4,042		4,042	1.8	%
Mammoth Holdings, LLC	SF+	6.00	%	8.34	%	3/12/2021	10/16/2023	6,307		6,307		6,311	2.8	%
Mammoth Holdings, LLC	SF+	6.00	%	8.34	%	6/15/2021	10/16/2023	1,637		1,637		1,638	0.7	%
Mammoth Holdings, LLC (Revolver) (*)	SF+	6.00	%	8.34	%	10/16/2018	10/16/2023	657		—		—	0.0	%
								30,635		27,466		27,549	12.2	%
Telecommunications
American Broadband and Telecommunications Company LLC (Delayed Draw) (*) (**)	P+	10.00	%	16.25	%	6/10/2022	6/10/2025	1,844		1,649		1,663	0.7	%
American Broadband and Telecommunications Company LLC (Revolver) (*)	P+	10.00	%	16.25	%	6/10/2022	6/10/2025	500		120		116	0.1	%
Calabrio, Inc.	L+	7.00	%	10.67	%	4/16/2021	4/16/2027	3,400		3,331		3,387	1.5	%
Calabrio, Inc. (Revolver) (*)	L+	7.00	%	10.67	%	4/16/2021	4/16/2027	409		—		—	0.0	%
								6,153		5,100		5,166	2.3	%
Wholesale
				11.31	% Cash/
Nearly Natural, Inc.	SF+	11.50	%	4.00	% PIK	12/15/2017	3/31/2024	6,628		6,621		6,041	2.7	%
				11.31	% Cash/
Nearly Natural, Inc.	SF+	11.50	%	4.00	% PIK	9/22/2020	3/31/2024	1,714		1,711		1,562	0.7	%
				11.31	% Cash/
Nearly Natural, Inc.	SF+	11.50	%	4.00	% PIK	2/16/2021	3/31/2024	3,115		3,108		2,839	1.3	%
				11.31	% Cash/
Nearly Natural, Inc.	SF+	11.50	%	4.00	% PIK	8/28/2019	3/31/2024	1,868		1,868		1,703	0.7	%
				11.31	% Cash/
Nearly Natural, Inc. (Revolver)	SF+	11.50	%	4.00	% PIK	12/15/2017	3/31/2024	2,505		2,505		2,283	1.0	%
								15,830		15,813		14,428	6.4	%
Total Non-Controlled/Non-Affiliate Senior Secured Loans								393,589		334,146		334,123	147.9	%
Unitranche Secured Loans (~)
Aerospace & Defense
Cassavant Holdings, LLC	L+	6.50	%	9.06	%	9/8/2021	9/8/2026	7,920		7,791		7,837	3.5	%
								7,920		7,791		7,837	3.5	%

13

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2022

(in thousands, except for shares and units)

	Spread Above			Interest		Acquisition				Amortized				% of
Portfolio Company (˄)	Index (˄˄)			Rate		Date (˄˄˄)	Maturity		Principal	Cost		Fair Value (˄˄˄˄)		Net Assets (˄˄˄˄˄)
Consumer Goods: Non-Durable
Vinci Brands LLC		n/a		2.00	% PIK(***)	7/6/2018	2/6/2024		7,026	$	7,026	$	—	0.0	%
Vinci Brands LLC		n/a		2.00	% PIK(***)	3/9/2018	2/6/2024		3,065		3,065		—	0.0	%
Vinci Brands LLC		n/a		2.00	% PIK(***)	12/26/2014	2/6/2024		13,552		13,528		—	0.0	%
Vinci Brands LLC		n/a		2.00	% PIK(***)	12/26/2014	2/6/2024		1,149		1,149		—	0.0	%
									24,792		24,768		—	0.0	%
High Tech Industries
WillowTree, LLC	L+	5.00	%	8.12	%	10/9/2018	10/9/2023		7,375		7,344		7,375	3.3	%
									7,375		7,344		7,375	3.3	%
Services: Business
ASG II, LLC	SF+	6.25	%	9.37	%	5/25/2022	5/25/2028		1,900		1,863		1,900	0.8	%
ASG II, LLC (Delayed Draw) (*) (**)	SF+	6.25	%	9.37	%	5/25/2022	5/25/2028		285		—		—	0.0	%
Onit, Inc.	SF+	7.25	%	10.96	%	12/20/2021	5/2/2025		1,680		1,655		1,670	0.7	%
									3,865		3,518		3,570	1.5	%
Telecommunications
VB E1, LLC	L+	7.65	%	11.32	%	11/18/2020	11/18/2026		2,250		2,250		2,261	1.0	%
									2,250		2,250		2,261	1.0	%
Total Non-Controlled/Non-Affiliate Unitranche Secured Loans									46,202		45,671		21,043	9.3	%
Junior Secured Loans
Banking
MoneyLion, Inc. (#)	SF+	8.50	%	12.31	%	3/25/2022	3/24/2026		5,250		5,200		5,112	2.3	%
MoneyLion, Inc. (#)	P+	5.75	%	12.00	%	8/27/2021	5/1/2023		1,500		1,490		1,494	0.6	%
MoneyLion, Inc. (Delayed Draw) (*) (**) (#)	SF+	8.50	%	12.31	%	3/25/2022	3/24/2026		1,500		—		—	0.0	%
									8,250		6,690		6,606	2.9	%
FIRE: Real Estate
Florida East Coast Industries, LLC (#)		n/a		16.00	% PIK	8/9/2021	6/28/2024		1,709		1,681		1,705	0.7	%
				8.00	% Cash/
Witkoff/Monroe 700 JV LLC (Delayed Draw) (*) (**) (#)		n/a		4.00	% PIK	7/2/2021	7/2/2026		5,724		5,334		5,334	2.4	%
									7,433		7,015		7,039	3.1	%
Services: Consumer
				9.17	% Cash/
Education Corporation of America	L+	11.00	%	5.50	% PIK(***)	9/3/2015	n/a	(e)	833		831		1,931	0.9	%
									833		831		1,931	0.9	%
Total Non-Controlled/Non-Affiliate Junior Secured Loans									16,516		14,536		15,576	6.9	%
Equity Securities (<) (###)
Automotive
Born To Run, LLC (269,438 Class A units)		—		—	(##)	4/1/2021	—		—		269		312	0.1	%
Lifted Trucks Holdings, LLC (111,111 Class A units) (####)		—		—	(##)	8/2/2021	—		—		111		83	0.1	%
											380		395	0.2	%

14

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2022

(in thousands, except for shares and units)

	Spread Above	Interest		Acquisition			Amortized				% of
Portfolio Company (˄)	Index (˄˄)	Rate		Date (˄˄˄)	Maturity	Principal	Cost		Fair Value (˄˄˄˄)		Net Assets (˄˄˄˄˄)
Banking
MV Receivables II, LLC (1,458 common units) (#) (####)	—	—	(##)	7/29/2021	—	—	$	600	$	1,220	0.5	%
MV Receivables II, LLC (warrant to purchase up to 0.8% of the equity) (#) (####)	—	—	(##)	7/28/2021	7/28/2031	—		363		1,749	0.8	%
								963		2,969	1.3	%
Beverage, Food & Tobacco
California Pizza Kitchen, Inc. (78,699 common units)	—	—	(##)	8/19/2016	—	—		5,468		1,640	0.7	%
								5,468		1,640	0.7	%
Capital Equipment
MCP Shaw Acquisitionco, LLC (118,906 Class A-2 units) (####)	—	—	(##)	2/28/2020	—	—		119		172	0.1	%
								119		172	0.1	%
Chemicals, Plastics & Rubber
Valudor Products LLC (501,014 Class A-1 units) (####)	n/a	10.00	% PIK	6/18/2018	—	—		501		357	0.2	%
								501		357	0.2	%
Consumer Goods: Durable
Independence Buyer, Inc. (81 Class A units)	—	—	(##)	8/3/2021	—	—		81		100	0.0	%
								81		100	0.0	%
Environmental Industries
Quest Resource Management Group, LLC (warrant to purchase up to 0.2% of the equity)	—	—	(##)	10/19/2020	3/19/2028	—		67		311	0.1	%
Quest Resource Management Group, LLC (warrant to purchase up to 0.2% of the equity)	—	—	(##)	10/19/2021	3/19/2028	—		—		217	0.1	%
								67		528	0.2	%
FIRE: Finance
J2 BWA Funding LLC (0.7% profit sharing) (#) (####)	—	—	(##)	12/24/2020	—	—		—		—	0.0	%
PKS Holdings, LLC (5,680 preferred units) (#)	n/a	12.00	% PIK	11/30/2017	—	—		58		308	0.2	%
PKS Holdings, LLC (5,714 preferred units) (#)	n/a	12.00	% PIK	11/30/2017	—	—		9		48	0.0	%
PKS Holdings, LLC (132 preferred units) (#)	n/a	12.00	% PIK	11/30/2017	—	—		1		7	0.0	%
PKS Holdings, LLC (916 preferred units) (#)	n/a	12.00	% PIK	11/30/2017	—	—		9		48	0.0	%
								77		411	0.2	%
FIRE: Real Estate
		8.00	% Cash/
Witkoff/Monroe 700 JV LLC (2,141 preferred units) (#) (####)	n/a	4.00	% PIK	7/2/2021	—	—		2		142	0.1	%
								2		142	0.1	%
Healthcare & Pharmaceuticals
Dorado Acquisition, Inc. (178,891 Class A-1 units)	—	—	(##)	6/30/2021	—	—		179		179	0.1	%
Dorado Acquisition, Inc. (178,891 Class A-2 units)	—	—	(##)	6/30/2021	—	—		—		94	0.0	%
NationsBenefits, LLC (116,460 Series B units) (####)	n/a	5.00	% PIK	8/20/2021	—	—		781		934	0.4	%
NationsBenefits, LLC (106,667 shares of common units) (####)	—	—	(##)	8/20/2021	—	—		153		143	0.1	%
Seran BioScience, LLC (33,333 common units) (####)	—	—	(##)	12/31/2020	—	—		334		572	0.3	%
								1,447		1,922	0.9	%

15

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2022

(in thousands, except for shares and units)

	Spread Above	Interest		Acquisition			Amortized				% of
Portfolio Company (˄)	Index (˄˄)	Rate		Date (˄˄˄)	Maturity	Principal	Cost		Fair Value (˄˄˄˄)		Net Assets (˄˄˄˄˄)
High Tech Industries
Drawbridge Partners, LLC (130,433 Class A-1 units)	—	—	(##)	9/1/2022	—	—	$	130	$	130	0.1	%
MarkLogic Corporation (290,239 Class A units)	—	—	(##)	10/20/2020	—	—		—		349	0.1	%
Planful, Inc. (473,082 Class A units)	n/a	8.00	% PIK	12/28/2018	—	—		473		479	0.2	%
Recorded Future, Inc. (80,486 Class A units) (f)	—	—	(##)	7/3/2019	—	—		81		229	0.1	%
								684		1,187	0.5	%
Hotels, Gaming & Leisure
Equine Network, LLC (108 Class A units) (####)	—	—	(##)	12/31/2020	—	—		111		85	0.0	%
								111		85	0.0	%
Media: Advertising, Printing & Publishing
AdTheorent Holding Company, Inc. (177,362 shares of common stock) (#) (g)	—	—	(##)	12/22/2016	—	—		114		381	0.2	%
InMobi Pte, Ltd. (warrant to purchase up to 2.8% of the equity) (#) (c)	—	—	(##)	9/18/2015	9/18/2025	—		—		1,953	0.9	%
Relevate Health Group, LLC (40 preferred units)	n/a	12.00	% PIK	11/20/2020	—	—		40		33	0.0	%
Relevate Health Group, LLC (40 Class B common units)	—	—	(##)	11/20/2020	—	—		—		—	0.0	%
Spherix Global Inc. (81 Class A units)	—	—	(##)	12/22/2021	—	—		81		55	0.0	%
XanEdu Publishing, Inc. (49,479 Class A units)	n/a	8.00	% PIK	1/28/2020	—	—		49		179	0.1	%
								284		2,601	1.2	%
Media: Diversified & Production
Attom Intermediate Holdco, LLC (297,197 Class A units) (####)	—	—	(##)	1/4/2019	—	—		297		449	0.2	%
Chess.com, LLC (2 Class A units) (####)	—	—	(##)	12/31/2021	—	—		87		57	0.0	%
								384		506	0.2	%
Retail
BLST Operating Company, LLC (139,883 Class A units) (####)	—	—	(##)	8/28/2020	—	—		712		420	0.2	%
Forman Mills, Inc. (warrant to purchase up to 2.6% of the equity)	—	—	(##)	1/14/2020	1/14/2029	—		—		337	0.1	%
Luxury Optical Holdings Co. (h)	n/a	n/a	(##)	9/12/2014	—	—		—		118	0.1	%
								712		875	0.4	%
Services: Business
APCO Worldwide, Inc. (100 Class A voting common stock)	—	—	(##)	11/1/2017	—	—		395		939	0.4	%
								395		939	0.4	%
Services: Consumer
Education Corporation of America - Series G Preferred Stock (8,333 shares)	n/a	12.00	% PIK(***)	9/3/2015	—	—		7,492		—	0.0	%
Express Wash Acquisition Company, LLC (121,311 Class A units) (####)	n/a	8.00	% PIK	12/28/2020	—	—		125		131	0.1	%
IDIG Parent, LLC (245,958 shares of common stock) (####) (i)	—	—	(##)	1/4/2021	—	—		248		312	0.1	%
Kar Wash Holdings, LLC (99,807 Class A units)	—	—	(##)	2/28/2022	—	—		103		116	0.0	%
								7,968		559	0.2	%
Telecommunications
American Broadband and Telecommunications Company LLC (warrant to purchase up to 0.2% of the equity)	—	—	(##)	6/10/2022	6/10/2032	—		42		70	0.0	%
								42		70	0.0	%
Wholesale
Nearly Natural, Inc. (152,174 Class A units)	—	—	(##)	12/15/2017	—	—		153		—	0.0	%
Nearly Natural, Inc. (53,781 Class AA units)	—	—	(##)	8/27/2021	—	—		54		—	0.0	%
								207		—	0.0	%
Total Non-Controlled/Non-Affiliate Equity Securities								19,892		15,458	6.8	%
Total Non-Controlled/Non-Affiliate Company Investments							$	414,245	$	386,200	170.9	%

16

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2022

(in thousands, except for shares and units)

	Spread Above			Interest		Acquisition				Amortized				% of
Portfolio Company (˄)	Index (˄˄)			Rate		Date (˄˄˄)	Maturity		Principal	Cost		Fair Value (˄˄˄˄)		Net Assets (˄˄˄˄˄)
Non-Controlled Affiliate Company Investments (<<)
Senior Secured Loans
Beverage, Food & Tobacco
TJ Management HoldCo LLC (Revolver) (*)	L+	5.50	%	8.62	%	9/9/2020	6/28/2024		477	$	80	$	80	0.0	%
									477		80		80	0.0	%
FIRE: Real Estate
American Community Homes, Inc.	SF+	8.00	%	11.15	%	7/22/2014	12/31/2026		10,923		10,923		9,034	4.0	%
American Community Homes, Inc.	SF+	14.50	%	17.65	% PIK	7/22/2014	12/31/2026		5,137		5,137		4,249	1.9	%
American Community Homes, Inc.	SF+	8.00	%	11.15	%	5/24/2017	12/31/2026		662		662		548	0.2	%
American Community Homes, Inc.	SF+	8.00	%	11.15	%	8/10/2018	12/31/2026		2,435		2,435		2,014	0.9	%
American Community Homes, Inc.	SF+	8.00	%	11.15	%	3/29/2019	12/31/2026		4,507		4,507		3,728	1.7	%
American Community Homes, Inc.	SF+	8.00	%	11.15	%	9/30/2019	12/31/2026		21		21		18	0.0	%
American Community Homes, Inc.	SF+	8.00	%	11.15	%	12/30/2019	12/31/2026		103		103		85	0.0	%
American Community Homes, Inc. (Revolver) (*)	SF+	8.00	%	11.15	%	3/30/2020	12/31/2026		2,500		—		—	0.0	%
HFZ Capital Group LLC (#) (j)	L+	12.50	%	15.06	% PIK	10/20/2017	n/a	(e)	13,242		13,242		15,888	7.0	%
HFZ Capital Group LLC (#) (j)	L+	12.50	%	15.06	% PIK	10/20/2017	n/a	(e)	4,758		4,758		5,708	2.5	%
MC Asset Management (Corporate), LLC (#)	L+	15.00	%	17.28	% PIK	1/26/2021	1/26/2024		8,057		8,057		8,057	3.6	%
MC Asset Management (Corporate), LLC (Delayed Draw) (*) (**) (#)	L+	15.00	%	17.28	% PIK	4/26/2021	1/26/2024		1,750		957		957	0.4	%
Second Avenue SFR Holdings II LLC (Revolver) (*) (#)	L+	7.00	%	9.56	%	8/11/2021	8/9/2024		4,875		4,785		4,767	2.1	%
									58,970		55,587		55,053	24.3	%
Healthcare & Pharmaceuticals
Ascent Midco, LLC	L+	5.75	%	8.87	%	2/5/2020	2/5/2025		6,261		6,197		6,160	2.7	%
Ascent Midco, LLC (Revolver) (*)	L+	5.75	%	8.87	%	2/5/2020	2/5/2025		1,129		—		—	0.0	%
									7,390		6,197		6,160	2.7	%
High Tech Industries
				6.21	% Cash/
Mnine Holdings, Inc.	SF+	8.00	%	5.00	% PIK	11/2/2018	12/30/2022		5,423		5,407		6,001	2.7	%
Mnine Holdings, Inc. (Revolver) (*)	SF+	3.00	%	6.24	%	8/9/2022	12/30/2022		533		240		240	0.1	%
									5,956		5,647		6,241	2.8	%
Services: Business
Curion Holdings, LLC (k)		n/a		n/a		5/2/2017	n/a	(e)	—		—		146	0.1	%
									—		—		146	0.1	%
Services: Consumer
NECB Collections, LLC (Revolver) (*)	L+	11.00	%	14.61	% PIK(***)	6/25/2019	n/a	(e)	1,356		1,312		426	0.2	%
									1,356		1,312		426	0.2	%
Total Non-Controlled Affiliate Senior Secured Loans									74,149		68,823		68,106	30.1	%
Junior Secured Loans
FIRE: Real Estate
SFR Holdco, LLC (#)		n/a		8.00	%	8/6/2021	7/28/2028		5,850		5,850		5,850	2.6	%
									5,850		5,850		5,850	2.6	%
Total Non-Controlled Affiliate Company Junior Secured Loans									5,850		5,850		5,850	2.6	%

17

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2022

(in thousands, except for shares and units)

	Spread Above	Interest		Acquisition			Amortized				% of
Portfolio Company (˄)	Index (˄˄)	Rate		Date (˄˄˄)	Maturity	Principal	Cost		Fair Value (˄˄˄˄)		Net Assets (˄˄˄˄˄)
Equity Securities (###) (<<)
Beverage, Food & Tobacco
TJ Management HoldCo LLC (16 shares of common stock) (####)	—	—	(##)	9/9/2020	—	—	$	1,631	$	2,741	1.2	%
								1,631		2,741	1.2	%
FIRE: Real Estate
American Community Homes, Inc. (warrant to purchase up to 22.3% of the equity)	—	—	(##)	10/9/2014	12/18/2024	—		—		—	0.0	%
MC Asset Management (Corporate), LLC (15.9% of interests) (#) (####) (j)	—	—	(##)	6/11/2019	—	—		793		751	0.4	%
SFR Holdco, LLC (24.4% of interests) (#)	—	—	(##)	8/6/2021	—	—		3,900		3,900	1.7	%
								4,693		4,651	2.1	%
Healthcare & Pharmaceuticals
Ascent Midco, LLC (2,032,258 Class A units) (####)	n/a	8.00	% PIK	2/5/2020	—	—		2,032		1,418	0.6	%
Familia Dental Group Holdings, LLC (1,158 Class A units) (####) (l)	—	—	(##)	4/8/2016	—	—		3,968		2,508	1.1	%
								6,000		3,926	1.7	%
High Tech Industries
Mnine Holdings, Inc. (6,400 Class B units)	—	—	(##)	6/30/2020	—	—		—		—	0.0	%
								—		—	0.0	%
Services: Business
Curion Holdings, LLC (58,779 shares of common stock) (k)	—	—	(##)	8/17/2018	—	—		—		—	0.0	%
								—		—	0.0	%
Services: Consumer
NECB Collections, LLC (20.8% of LLC units) (####)	—	—	(##)	6/21/2019	—	—		1,458		—	0.0	%
								1,458		—	0.0	%
Total Non-Controlled Affiliate Equity Securities								13,782		11,318	5.0	%
Total Non-Controlled Affiliate Company Investments							$	88,455	$	85,274	37.7	%
Controlled Affiliate Company Investments (<<<)
Equity Securities
Investment Funds & Vehicles
MRCC Senior Loan Fund I, LLC (50.0% of the equity interests) (#)	—	—		10/31/2017	—	—	$	42,650	$	36,544	16.2	%
Total Controlled Affiliate Equity Securities								42,650		36,544	16.2	%
Total Controlled Affiliate Company Investments							$	42,650	$	36,544	16.2	%
TOTAL INVESTMENTS							$	545,350	$	508,018	224.8	%

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	$	117	AUD	152	Bannockburn Global Forex, LLC	10/19/2022	$	20
Foreign currency forward contract	$	105	AUD	136	Bannockburn Global Forex, LLC	11/16/2022		18
Foreign currency forward contract	$	109	AUD	142	Bannockburn Global Forex, LLC	12/16/2022		19
Foreign currency forward contract	$	118	AUD	153	Bannockburn Global Forex, LLC	1/18/2023		20
Foreign currency forward contract	$	108	AUD	140	Bannockburn Global Forex, LLC	2/16/2023		18
Foreign currency forward contract	$	102	AUD	132	Bannockburn Global Forex, LLC	3/16/2023		18
Foreign currency forward contract	$	123	AUD	160	Bannockburn Global Forex, LLC	4/20/2023		21
Foreign currency forward contract	$	93	AUD	121	Bannockburn Global Forex, LLC	5/16/2023		16
Foreign currency forward contract	$	121	AUD	156	Bannockburn Global Forex, LLC	6/19/2023		21
Foreign currency forward contract	$	107	AUD	138	Bannockburn Global Forex, LLC	7/18/2023		18
Foreign currency forward contract	$	113	AUD	146	Bannockburn Global Forex, LLC	8/16/2023		19
Foreign currency forward contract	$	113	AUD	146	Bannockburn Global Forex, LLC	9/18/2023		19
Foreign currency forward contract	$	114	AUD	148	Bannockburn Global Forex, LLC	10/18/2023		19
Foreign currency forward contract	$	107	AUD	140	Bannockburn Global Forex, LLC	11/16/2023		18
Foreign currency forward contract	$	109	AUD	142	Bannockburn Global Forex, LLC	12/18/2023		18
Foreign currency forward contract	$	115	AUD	150	Bannockburn Global Forex, LLC	1/17/2024		19
Foreign currency forward contract	$	110	AUD	143	Bannockburn Global Forex, LLC	2/16/2024		18
Foreign currency forward contract	$	11,827	AUD	15,410	Bannockburn Global Forex, LLC	3/18/2024		1,965
							$	2,284

18

(˄) All of the Company's investments are issued by eligible portfolio companies, as defined in the Investment Company Act of 1940 (the “1940 Act”), unless otherwise noted. All of 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”), Prime Rate (“Prime” or “P”), or Secured Overnight Financing Rate ("SOFR" or "SF") which reset daily, monthly, quarterly, or semiannually. For each such investment, the Company has provided the spread over LIBOR, Prime, or SOFR and the current contractual interest rate in effect at September 30, 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 September 30, 2022 represented 224.8% of the Company’s net assets or 95.4% of the Company’s total assets, are subject to legal restrictions on sales.

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

(˄˄˄˄˄) Percentages are based on net assets of $225,956 as of September 30, 2022.

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

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

(<<) As defined in the 1940 Act, the Company is deemed to be an “Affiliated Person” of the portfolio company as it owns 5% or more of the portfolio company’s voting securities. See Note 5 in the accompanying notes to the consolidated financial statements for additional information on transactions in which the issuer was an Affiliated Person (but not a portfolio company that the Company is deemed to control).

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

(#) This investment is treated as a non-qualifying investment under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of September 30, 2022, non-qualifying assets totaled 25.7% of the Company’s total assets.

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

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

(####) Investment is held by a taxable subsidiary of the Company. See Note 2 in the accompanying notes to the consolidated financial statements for additional information on the Company’s wholly-owned taxable subsidiaries.

(*) All or a portion of this commitment was unfunded at September 30, 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.

(***) This position was on non-accrual status as of September 30, 2022, 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 investment represents a note convertible to preferred shares of the borrower.

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

(c) This is an international company.

19

(d) During 2020, an arbitrator issued a final award in favor of the estate of Rockdale Blackhawk, LLC (the “Estate”) in the legal proceeding between the Estate and a national insurance carrier. The Company's share of the net proceeds from the award exceeded the contractual obligations due to the Company as a result of the Company’s right to receive excess proceeds pursuant to the terms of a sharing agreement between the lenders and the Estate. This investment is a non-income producing security.

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

(f) As of September 30, 2022, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $16.

(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) During the three months ended December 31, 2021, the Company sold its investment in Luxury Optical Holding Co. The remaining fair value at September 30, 2022 represents the remaining expected escrow proceeds associated with the sale.

(i) As of September 30, 2022, the Company was party to a subscription agreement with a commitment to fund an equity investment of $43.

(j) The Company restructured its investments in HFZ Capital Group LLC (“HFZ”) and HFZ Member RB portfolio, LLC (“Member RB”) during 2020. As part of the restructuring of HFZ, the Company obtained a 15.9% equity interest in MC Asset Management (Corporate), LLC (“Corporate”). As part of the Member RB restructuring, the Company exchanged its loan in Member RB for a promissory note in MC Asset Management (Industrial), LLC (“Industrial”). Corporate owns 100% of the equity of Industrial. In conjunction with these restructurings, the Company participated $4,758 of principal of its loan to HFZ as an equity contribution to Industrial. This participation did not qualify for sale accounting under ASC Topic 860–Transfers and Servicing because the sale did not meet the definition of a “participating interest”, as defined in the guidance, in order for sale treatment to be allowed. As a result, the Company continues to reflect its full investment in HFZ but has split the loan into two investments.

(k) During the three months ended September 30, 2022, Curion Holdings, LLC (“Curion”) sold the underlying operating company and repaid the Company’s debt investment. The remaining fair value at September 30, 2022 represents the remaining expected escrow proceeds associated with the sale. The Company continues to hold an equity investment in Curion that is valued at zero at September 30, 2022.

(l) As of September 30, 2022, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $244.

n/a - not applicable

20

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2021

(in thousands, except for shares and units)

	Spread
	Above			Interest		Acquisition					Fair		% of
Portfolio Company (a)	Index (b)			Rate		Date (c)	Maturity	Principal	Amortized Cost		Value (d)		Net Assets (e)
Non-Controlled/Non-Affiliate Company Investments
Senior Secured Loans
Automotive
Born To Run, LLC	L+	6.00	%	7.00	%	4/1/2021	4/1/2027	3,483	$	3,419	$	3,544	1.4	%
Born To Run, LLC (Delayed Draw) (f) (g)	L+	6.00	%	7.00	%	4/1/2021	4/1/2027	569		33		34	0.0	%
Hastings Manufacturing Company	L+	7.25	%	8.25	%	4/24/2018	4/24/2023	2,524		2,508		2,524	1.0	%
Lifted Trucks Holdings, LLC	L+	5.75	%	6.75	%	8/2/2021	8/2/2027	7,000		6,866		6,979	2.8	%
Lifted Trucks Holdings, LLC (Delayed Draw) (f) (g)	L+	5.75	%	6.75	%	8/2/2021	8/2/2027	1,400		—		—	0.0	%
Lifted Trucks Holdings, LLC (Revolver) (f)	L+	5.75	%	6.75	%	8/2/2021	8/2/2027	1,667		444		443	0.2	%
Magneto & Diesel Acquisition, Inc.	L+	5.50	%	6.50	%	12/18/2018	12/18/2023	4,850		4,812		4,850	1.9	%
Magneto & Diesel Acquisition, Inc.	L+	5.50	%	6.50	%	7/6/2020	12/18/2023	1,908		1,885		1,938	0.8	%
Magneto & Diesel Acquisition, Inc.	L+	5.50	%	6.50	%	8/4/2021	12/18/2023	829		815		842	0.4	%
Magneto & Diesel Acquisition, Inc. (Revolver) (f)	L+	5.50	%	6.50	%	12/18/2018	12/18/2023	500		—		—	0.0	%
								24,730		20,782		21,154	8.5	%
Banking
MV Receivables II, LLC (Delayed Draw) (f) (g) (h)	L+	9.75	%	11.25	%	7/29/2021	7/29/2026	8,000		971		1,289	0.5	%
StarCompliance MidCo, LLC	L+	6.75	%	7.75	%	1/12/2021	1/11/2027	2,000		1,965		2,000	0.8	%
StarCompliance MidCo, LLC	L+	6.75	%	7.75	%	10/12/2021	1/11/2027	336		329		336	0.1	%
StarCompliance MidCo, LLC (Revolver) (f)	L+	6.75	%	7.75	%	1/12/2021	1/11/2027	322		—		—	0.0	%
								10,658		3,265		3,625	1.4	%
Beverage, Food & Tobacco
LVF Holdings, Inc.	L+	6.25	%	7.25	%	6/10/2021	6/10/2027	1,496		1,468		1,496	0.6	%
LVF Holdings, Inc.	L+	6.25	%	7.25	%	6/10/2021	6/10/2027	1,432		1,432		1,432	0.6	%
LVF Holdings, Inc. (Delayed Draw) (f) (g)	L+	6.25	%	7.25	%	6/10/2021	6/10/2027	344		—		—	0.0	%
LVF Holdings, Inc. (Revolver) (f)	L+	6.25	%	7.25	%	6/10/2021	6/10/2027	238		119		119	0.0	%
LX/JT Intermediate Holdings, Inc. (k)	L+	6.00	%	7.50	%	3/11/2020	3/11/2025	9,375		9,246		9,239	3.7	%
LX/JT Intermediate Holdings, Inc. (Revolver) (f)	L+	6.00	%	7.50	%	3/11/2020	3/11/2025	833		—		—	0.0	%
Toojay's Management LLC (l)		n/a		n/a	(m)	10/26/2018	10/26/2022	1,448		1,407		—	0.0	%
Toojay's Management LLC (l)		n/a		n/a	(m)	10/26/2018	10/26/2022	199		199		—	0.0	%
Toojay's Management LLC (Revolver) (l)		n/a		n/a	(m)	10/26/2018	10/26/2022	66		66		—	0.0	%
								15,431		13,937		12,286	4.9	%

21

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2021

(in thousands, except for shares and units)

	Spread
	Above			Interest		Acquisition							% of
Portfolio Company (a)	Index (b)			Rate		Date (c)	Maturity	Principal	Amortized Cost		Fair Value (d)		Net Assets (e)
Capital Equipment
MCP Shaw Acquisitionco, LLC (k)	SF+	6.50	%	7.50	%	2/28/2020	11/28/2025	9,733	$	9,595	$	9,699	3.9	%
MCP Shaw Acquisitionco, LLC	SF+	6.50	%	7.50	%	12/29/2021	11/28/2025	3,002		2,942		2,992	1.2	%
MCP Shaw Acquisitionco, LLC (Delayed Draw) (f) (g)	SF+	6.50	%	7.50	%	12/29/2021	11/28/2025	983		—		—	0.0	%
MCP Shaw Acquisitionco, LLC (Revolver) (f)	SF+	6.50	%	7.50	%	2/28/2020	11/28/2025	1,784		—		—	0.0	%
								15,502		12,537		12,691	5.1	%
Chemicals, Plastics & Rubber
				7.00	% Cash/
Valudor Products LLC	L+	7.50	%	1.50	% PIK	6/18/2018	6/19/2023	1,585		1,574		1,871	0.7	%
Valudor Products LLC	L+	7.50	%	8.50	%	12/22/2021	6/19/2023	548		548		1,469	0.6	%
Valudor Products LLC (n)	L+	7.50	%	8.50	% PIK	6/18/2018	6/19/2023	237		234		230	0.1	%
Valudor Products LLC (Revolver) (f)	L+	9.50	%	10.50	%	6/18/2018	6/19/2023	1,095		480		479	0.2	%
								3,465		2,836		4,049	1.6	%
Construction & Building
Dude Solutions Holdings, Inc.	L+	6.25	%	7.25	%	6/14/2019	6/13/2025	9,900		9,755		9,870	4.0	%
Dude Solutions Holdings, Inc. (Revolver) (f)	L+	6.25	%	7.25	%	6/14/2019	6/13/2025	1,304		—		—	0.0	%
TCFIII OWL Buyer LLC	L+	6.00	%	7.00	%	4/19/2021	4/17/2026	2,040		2,008		2,040	0.8	%
TCFIII OWL Buyer LLC	L+	6.00	%	7.00	%	4/19/2021	4/17/2026	2,491		2,491		2,491	1.0	%
TCFIII OWL Buyer LLC	L+	6.00	%	7.00	%	12/17/2021	4/17/2026	2,235		2,196		2,235	0.9	%
								17,970		16,450		16,636	6.7	%
Consumer Goods: Durable
Independence Buyer, Inc.	L+	5.75	%	6.75	%	8/3/2021	8/3/2026	6,000		5,887		6,000	2.4	%
Independence Buyer, Inc. (Revolver) (f)	L+	5.75	%	6.75	%	8/3/2021	8/3/2026	1,423		—		—	0.0	%
Recycled Plastics Industries, LLC	L+	6.75	%	7.75	%	8/4/2021	8/4/2026	3,491		3,426		3,491	1.4	%
Recycled Plastics Industries, LLC (Revolver) (f)	L+	6.75	%	7.75	%	8/4/2021	8/4/2026	473		142		142	0.1	%
								11,387		9,455		9,633	3.9	%
Consumer Goods: Non-Durable
The Kyjen Company, LLC	L+	6.50	%	7.50	%	5/14/2021	4/3/2026	993		983		997	0.4	%
The Kyjen Company, LLC (Revolver) (f)	L+	6.50	%	7.50	%	5/14/2021	4/3/2026	105		43		43	0.0	%
Thrasio, LLC	L+	7.00	%	8.00	%	12/18/2020	12/18/2026	2,470		2,438		2,470	1.0	%
								3,568		3,464		3,510	1.4	%
Environmental Industries
Quest Resource Management Group, LLC	L+	6.50	%	7.50	%	10/19/2020	10/20/2025	990		924		989	0.4	%
Quest Resource Management Group, LLC	L+	6.50	%	7.50	%	10/19/2020	10/20/2025	1,087		1,087		1,086	0.4	%
Quest Resource Management Group, LLC	L+	6.50	%	7.50	%	12/7/2021	10/20/2025	3,856		3,779		3,853	1.6	%
Quest Resource Management Group, LLC (Delayed Draw) (f) (g)	L+	6.50	%	7.50	%	12/7/2021	10/20/2025	1,778		—		—	0.0	%
StormTrap, LLC	L+	5.50	%	6.50	%	12/10/2018	12/8/2023	7,170		7,114		7,170	2.9	%
StormTrap, LLC (Revolver) (f)	L+	5.50	%	6.50	%	12/10/2018	12/8/2023	432		—		—	0.0	%
Synergy Environmental Corporation (k)	L+	6.00	%	7.00	%	4/29/2016	9/29/2023	2,853		2,846		2,853	1.1	%
Synergy Environmental Corporation (k)	L+	6.00	%	7.00	%	4/29/2016	9/29/2023	477		476		477	0.2	%
Synergy Environmental Corporation	L+	6.00	%	7.00	%	4/29/2016	9/29/2023	810		810		810	0.3	%
Synergy Environmental Corporation (Revolver) (f)	L+	6.00	%	7.00	%	4/29/2016	9/29/2023	671		—		—	0.0	%
								20,124		17,036		17,238	6.9	%

22

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2021

(in thousands, except for shares and units)

	Spread
	Above			Interest		Acquisition						Fair		% of
Portfolio Company (a)	Index (b)			Rate		Date (c)	Maturity		Principal	Amortized Cost		Value (d)		Net Assets (e)
FIRE: Finance
J2 BWA Funding LLC (Delayed Draw) (f) (g) (h)		n/a		9.00	%	12/24/2020	12/24/2026		2,710	$	677	$	677	0.3	%
Liftforward SPV II, LLC (h)	L+	10.75	%	11.25	%	11/10/2016	9/30/2022		744		744		713	0.3	%
Oceana Australian Fixed Income Trust (h) (i) (j)		n/a		10.75	%	6/29/2021	6/29/2026		3,288		3,400		3,288	1.3	%
Oceana Australian Fixed Income Trust (h) (i) (j)		n/a		11.50	%	2/25/2021	2/25/2026		7,805		8,460		7,805	3.1	%
W3 Monroe RE Debt LLC (h)		n/a		10.00	% PIK	2/5/2021	2/4/2028		2,906		2,906		2,906	1.2	%
									17,453		16,187		15,389	6.2	%
FIRE: Real Estate
Florida East Coast Industries, LLC (h)		n/a		10.50	%	8/9/2021	6/28/2024		3,572		3,477		3,571	1.4	%
NCBP Property, LLC (h)	L+	9.50	%	10.50	%	12/18/2020	12/16/2022		1,950		1,940		1,955	0.8	%
									5,522		5,417		5,526	2.2	%
Healthcare & Pharmaceuticals
				6.50	% Cash/
Apotheco, LLC	L+	8.50	%	3.00	% PIK	4/8/2019	4/8/2024		3,632		3,597		3,462	1.4	%
				6.50	% Cash/
Apotheco, LLC (Revolver)	L+	8.50	%	3.00	% PIK	4/8/2019	4/8/2024		955		955		910	0.4	%
Brickell Bay Acquisition Corp.	L+	6.50	%	7.50	%	2/12/2021	2/12/2026		1,899		1,865		1,889	0.7	%
Brickell Bay Acquisition Corp. (Delayed Draw) (f) (g)	L+	6.50	%	7.50	%	2/12/2021	2/12/2026		382		—		—	0.0	%
Caravel Autism Health, LLC	L+	5.75	%	6.75	%	6/30/2021	6/30/2027		5,000		4,906		4,699	1.9	%
Caravel Autism Health, LLC (Delayed Draw) (f) (g)	L+	5.75	%	6.75	%	6/30/2021	6/30/2027		3,750		187		176	0.1	%
Caravel Autism Health, LLC (Revolver) (f)	L+	5.75	%	6.75	%	6/30/2021	6/30/2027		1,250		625		587	0.2	%
Dorado Acquisition, Inc.	L+	6.75	%	7.75	%	6/30/2021	6/30/2026		4,988		4,895		4,983	2.0	%
Dorado Acquisition, Inc. (Delayed Draw) (f) (g)	L+	6.75	%	7.75	%	6/30/2021	6/30/2026		216		—		—	0.0	%
Dorado Acquisition, Inc. (Revolver) (f)	L+	6.75	%	7.75	%	6/30/2021	6/30/2026		596		—		—	0.0	%
INH Buyer, Inc.	L+	6.00	%	7.00	%	6/30/2021	6/28/2028		2,939		2,911		2,857	1.1	%
NationsBenefits, LLC	L+	7.00	%	8.00	%	8/20/2021	8/20/2026		4,000		3,924		3,993	1.6	%
NationsBenefits, LLC (Revolver) (f)	L+	7.00	%	8.00	%	8/20/2021	8/20/2026		445		—		—	0.0	%
Rockdale Blackhawk, LLC		n/a		n/a	(o)	3/31/2015	n/a	(p)	—		—		1,681	0.7	%
Seran BioScience, LLC	L+	6.25	%	7.25	%	12/31/2020	12/31/2025		2,481		2,440		2,487	1.0	%
Seran BioScience, LLC (Revolver) (f)	L+	6.25	%	7.25	%	12/31/2020	12/31/2025		444		—		—	0.0	%
									32,977		26,305		27,724	11.1	%
High Tech Industries
Arcstor Midco, LLC	L+	7.00	%	8.00	%	3/16/2021	3/16/2027		4,466		4,386		4,433	1.8	%
MarkLogic Corporation	L+	6.00	%	7.00	%	10/20/2020	10/20/2025		3,465		3,396		3,517	1.4	%
MarkLogic Corporation	L+	6.00	%	7.00	%	11/23/2021	10/20/2025		323		317		330	0.1	%
MarkLogic Corporation (Delayed Draw) (f) (g)	L+	6.00	%	7.00	%	11/23/2021	10/20/2025		215		—		—	0.0	%
MarkLogic Corporation (Revolver) (f)	L+	6.00	%	7.00	%	10/20/2020	10/20/2025		269		—		—	0.0	%
				8.00	% Cash/
Mindbody, Inc.	L+	8.50	%	1.50	% PIK	2/15/2019	2/14/2025		6,487		6,415		6,438	2.6	%
				8.00	% Cash/
Mindbody, Inc.	L+	8.50	%	1.50	% PIK	9/22/2021	2/14/2025		669		669		664	0.3	%
Mindbody, Inc. (Revolver) (f)	L+	8.00	%	9.00	%	2/15/2019	2/14/2025		667		—		—	0.0	%
Newforma, Inc. (k)	L+	5.50	%	6.50	%	6/30/2017	6/30/2022		3,890		3,882		3,890	1.6	%
Newforma, Inc. (Revolver) (f)	L+	5.50	%	6.50	%	6/30/2017	6/30/2022		1,250		—		—	0.0	%
Planful, Inc.	L+	6.50	%	7.50	%	12/28/2018	12/30/2024		9,500		9,414		9,472	3.8	%
Planful, Inc.	L+	6.50	%	7.50	%	1/11/2021	12/30/2024		1,325		1,325		1,322	0.5	%
Planful, Inc. (Revolver) (f)	L+	6.50	%	7.50	%	12/28/2018	12/30/2024		442		88		88	0.0	%
									32,968		29,892		30,154	12.1	%
Hotels, Gaming & Leisure
Equine Network, LLC	L+	8.00	%	9.00	%	12/31/2020	12/31/2025		1,737		1,704		1,733	0.7	%
Equine Network, LLC	L+	8.00	%	9.00	%	1/29/2021	12/31/2025		788		774		786	0.3	%
Equine Network, LLC (Delayed Draw) (f) (g)	L+	8.00	%	9.00	%	12/31/2020	12/31/2025		427		—		—	0.0	%
Equine Network, LLC (Revolver) (f)	L+	8.00	%	9.00	%	12/31/2020	12/31/2025		171		85		85	0.1	%
									3,123		2,563		2,604	1.1	%

23

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2021

(in thousands, except for shares and units)

	Spread
	Above			Interest		Acquisition					Fair		% of
Portfolio Company (a)	Index (b)			Rate		Date (c)	Maturity	Principal	Amortized Cost		Value (d)		Net Assets (e)
Media: Advertising, Printing & Publishing
Destination Media, Inc. (k)	L+	5.50	%	6.50	%	4/7/2017	4/7/2022	1,738	$	1,736	$	1,738	0.7	%
Destination Media, Inc. (Revolver) (f)	L+	5.50	%	6.50	%	4/7/2017	4/7/2022	542		—		—	0.0	%
North Haven USHC Acquisition, Inc.	L+	6.00	%	7.00	%	10/30/2020	10/30/2025	2,475		2,435		2,475	1.0	%
North Haven USHC Acquisition, Inc.	L+	6.00	%	7.00	%	3/12/2021	10/30/2025	717		717		717	0.3	%
North Haven USHC Acquisition, Inc. (Delayed Draw) (f) (g)	L+	6.00	%	7.00	%	9/3/2021	10/30/2025	1,441		482		487	0.2	%
North Haven USHC Acquisition, Inc. (Revolver) (f)	L+	6.00	%	7.00	%	10/30/2020	10/30/2025	240		—		—	0.0	%
Relevate Health Group, LLC	L+	6.00	%	7.00	%	11/20/2020	11/20/2025	1,489		1,465		1,504	0.6	%
Relevate Health Group, LLC (Delayed Draw) (f) (g)	L+	6.00	%	7.00	%	11/20/2020	11/20/2025	784		666		673	0.3	%
Relevate Health Group, LLC (Revolver) (f)	L+	6.00	%	7.00	%	11/20/2020	11/20/2025	316		—		—	0.0	%
Spherix Global Inc.	SF+	6.00	%	7.00	%	12/22/2021	12/22/2026	1,100		1,081		1,081	0.4	%
Spherix Global Inc. (Revolver) (f)	SF+	6.00	%	7.00	%	12/22/2021	12/22/2026	122		—		—	0.0	%
XanEdu Publishing, Inc.	L+	6.50	%	7.50	%	1/28/2020	1/28/2025	4,631		4,555		4,647	1.8	%
XanEdu Publishing, Inc. (Revolver) (f)	L+	6.50	%	7.50	%	1/28/2020	1/28/2025	742		—		—	0.0	%
								16,337		13,137		13,322	5.3	%
Media: Broadcasting & Subscription
				5.50	% Cash/
Vice Group Holding Inc.	L+	12.00	%	8.00	% PIK	5/2/2019	11/2/2022	1,526		1,523		1,526	0.6	%
				5.50	% Cash/
Vice Group Holding Inc.	L+	12.00	%	8.00	% PIK	11/4/2019	11/2/2022	293		291		293	0.1	%
				5.50	% Cash/
Vice Group Holding Inc.	L+	12.00	%	8.00	% PIK	5/2/2019	11/2/2022	478		478		478	0.2	%
				5.50	% Cash/
Vice Group Holding Inc.	L+	12.00	%	8.00	% PIK	5/2/2019	11/2/2022	180		180		180	0.1	%
								2,477		2,472		2,477	1.0	%
Media: Diversified & Production
Attom Intermediate Holdco, LLC	L+	6.15	%	7.15	%	1/4/2019	1/4/2024	1,940		1,923		1,937	0.8	%
Attom Intermediate Holdco, LLC	L+	6.15	%	7.15	%	6/25/2020	1/4/2024	473		467		472	0.2	%
Attom Intermediate Holdco, LLC	L+	6.15	%	7.15	%	7/1/2021	1/4/2024	279		273		278	0.1	%
Attom Intermediate Holdco, LLC (Revolver) (f)	L+	5.75	%	6.75	%	1/4/2019	1/4/2024	320		160		160	0.1	%
Chess.com, LLC	L+	6.50	%	7.50	%	12/31/2021	12/31/2027	6,000		5,880		5,880	2.3	%
Chess.com, LLC (Revolver) (f)	L+	6.50	%	7.50	%	12/31/2021	12/31/2027	652		—		—	0.0	%
Crownpeak Technology, Inc.	L+	5.75	%	6.75	%	2/28/2019	2/28/2024	4,000		3,962		4,000	1.6	%
Crownpeak Technology, Inc.	L+	5.75	%	6.75	%	2/28/2019	2/28/2024	60		60		60	0.0	%
Crownpeak Technology, Inc. (Revolver) (f)	L+	5.75	%	6.75	%	2/28/2019	2/28/2024	167		—		—	0.0	%
CyberGrants Holdings, LLC	L+	6.50	%	7.25	%	9/8/2021	9/8/2027	10,900		10,744		10,900	4.4	%
CyberGrants Holdings, LLC (Delayed Draw) (f) (g)	L+	6.50	%	7.25	%	9/8/2021	9/8/2027	1,069		—		—	0.0	%
CyberGrants Holdings, LLC (Revolver) (f)	L+	6.50	%	7.25	%	9/8/2021	9/8/2027	1,069		—		—	0.0	%
								26,929		23,469		23,687	9.5	%
Retail
				1.00	% Cash/
BLST Operating Company, LLC	L+	8.50	%	9.00	% PIK(m)	8/28/2020	8/28/2025	1,147		1,025		1,143	0.5	%
				8.50	% Cash/
Forman Mills, Inc. (k)	L+	9.50	%	2.00	% PIK	1/14/2020	12/30/2022	1,336		1,336		1,330	0.5	%
				8.50	% Cash/
Forman Mills, Inc. (k)	L+	9.50	%	2.00	% PIK	10/4/2016	12/30/2022	282		281		281	0.1	%
				8.50	% Cash/
Forman Mills, Inc. (k)	L+	9.50	%	2.00	% PIK	10/4/2016	12/30/2022	7,623		7,600		7,524	3.0	%
								10,388		10,242		10,278	4.1	%

24

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2021

(in thousands, except for shares and units)

	Spread
	Above			Interest		Acquisition					Fair		% of
Portfolio Company (a)	Index (b)			Rate		Date (c)	Maturity	Principal	Amortized Cost		Value (d)		Net Assets (e)
Services: Business
				4.25	% Cash/
Aras Corporation	L+	7.00	%	3.75	% PIK	4/13/2021	4/13/2027	2,079	$	2,044	$	2,103	0.8	%
				4.25	% Cash/
Aras Corporation (Revolver) (f)	L+	7.00	%	3.75	% PIK	4/13/2021	4/13/2027	150		—		—	0.0	%
Burroughs, Inc. (k)	L+	6.50	%	7.50	%	12/22/2017	12/22/2022	5,501		5,477		5,480	2.2	%
Burroughs, Inc. (Revolver) (f)	L+	6.50	%	7.50	%	12/22/2017	12/22/2022	1,220		—		—	0.0	%
Certify, Inc.	L+	5.50	%	6.50	%	2/28/2019	2/28/2024	9,000		8,935		9,000	3.6	%
Certify, Inc.	L+	5.50	%	6.50	%	2/28/2019	2/28/2024	1,227		1,227		1,227	0.5	%
Certify, Inc. (Revolver) (f)	L+	5.50	%	6.50	%	2/28/2019	2/28/2024	409		102		102	0.0	%
HS4 Acquisitionco, Inc.	L+	6.75	%	7.75	%	7/9/2019	7/9/2025	10,000		9,869		9,910	4.0	%
HS4 Acquisitionco, Inc. (Revolver) (f)	L+	6.75	%	7.75	%	7/9/2019	7/9/2025	817		—		—	0.0	%
IT Global Holding LLC (h)	L+	9.00	%	10.00	%	11/15/2018	11/10/2023	3,405		3,374		4,411	1.8	%
IT Global Holding LLC (h)	L+	9.00	%	10.00	%	7/19/2019	11/10/2023	1,270		1,255		1,645	0.7	%
IT Global Holding LLC (Revolver) (h)	L+	9.00	%	10.00	%	11/15/2018	11/10/2023	875		875		1,060	0.4	%
RedZone Robotics, Inc.	L+	6.75	%	7.75	%	6/1/2018	6/5/2023	213		211		213	0.1	%
RedZone Robotics, Inc. (Revolver) (f)	L+	6.75	%	7.75	%	6/1/2018	6/5/2023	158		—		—	0.0	%
Relativity ODA LLC	L+	7.50	%	8.50	% PIK	5/12/2021	5/12/2027	1,896		1,854		1,894	0.8	%
Relativity ODA LLC (Revolver) (f)	L+	7.50	%	8.50	% PIK	5/12/2021	5/12/2027	180		—		—	0.0	%
Security Services Acquisition Sub Corp.	L+	6.00	%	7.00	%	9/30/2021	9/30/2026	7,980		7,872		7,972	3.2	%
Security Services Acquisition Sub Corp. (k)	L+	6.00	%	7.00	%	2/15/2019	9/30/2026	3,413		3,382		3,409	1.4	%
Security Services Acquisition Sub Corp. (k)	L+	6.00	%	7.00	%	2/15/2019	9/30/2026	2,455		2,455		2,452	1.0	%
Security Services Acquisition Sub Corp. (k)	L+	6.00	%	7.00	%	2/15/2019	9/30/2026	2,157		2,157		2,154	0.9	%
Security Services Acquisition Sub Corp.	L+	6.00	%	7.00	%	2/15/2019	9/30/2026	1,551		1,551		1,549	0.6	%
ServiceMax, Inc. (h)	L+	7.00	%	8.00	%	11/1/2021	11/1/2027	3,500		3,431		3,500	1.4	%
ServiceMax, Inc. (Revolver) (f) (h)	L+	7.00	%	8.00	%	11/1/2021	11/1/2027	350		—		—	0.0	%
				8.00	% Cash/
VPS Holdings, LLC	L+	9.00	%	2.00	% PIK	10/5/2018	10/4/2024	3,447		3,410		3,325	1.3	%
				8.00	% Cash/
VPS Holdings, LLC	L+	9.00	%	2.00	% PIK	10/5/2018	10/4/2024	2,817		2,817		2,717	1.1	%
				8.00	% Cash/
VPS Holdings, LLC (Revolver) (f)	L+	9.00	%	2.00	% PIK	10/5/2018	10/4/2024	1,001		101		97	0.0	%
								67,071		62,399		64,220	25.8	%
Services: Consumer
Express Wash Acquisition Company, LLC	L+	6.50	%	7.50	%	12/28/2020	12/26/2025	3,203		3,156		3,203	1.3	%
Express Wash Acquisition Company, LLC	L+	6.50	%	7.50	%	9/3/2021	12/26/2025	7,275		7,156		7,275	2.9	%
Express Wash Acquisition Company, LLC	L+	6.50	%	7.50	%	9/3/2021	12/26/2025	3,500		3,500		3,500	1.4	%
Express Wash Acquisition Company, LLC (Delayed Draw) (f) (g)	L+	6.50	%	7.50	%	9/3/2021	12/26/2025	2,500		925		925	0.4	%
Express Wash Acquisition Company, LLC (Revolver) (f)	L+	6.50	%	7.50	%	12/28/2020	12/26/2025	750		400		400	0.2	%
IDIG Parent, LLC	L+	6.00	%	7.00	%	12/15/2020	12/15/2026	5,517		5,423		5,530	2.2	%
IDIG Parent, LLC	L+	6.00	%	7.00	%	12/15/2020	12/15/2026	918		918		920	0.4	%
IDIG Parent, LLC (Revolver) (f)	L+	6.00	%	7.00	%	12/15/2020	12/15/2026	429		—		—	0.0	%
Mammoth Holdings, LLC	L+	6.00	%	7.00	%	10/16/2018	10/16/2023	1,940		1,924		1,940	0.8	%
Mammoth Holdings, LLC	L+	6.00	%	7.00	%	10/16/2018	10/16/2023	4,073		4,073		4,073	1.5	%
Mammoth Holdings, LLC	L+	6.00	%	7.00	%	3/12/2021	10/16/2023	6,355		6,355		6,368	2.6	%
Mammoth Holdings, LLC (Delayed Draw) (f) (g)	L+	6.00	%	7.00	%	6/15/2021	10/16/2023	1,646		988		989	0.4	%
Mammoth Holdings, LLC (Revolver) (f)	L+	6.00	%	7.00	%	10/16/2018	10/16/2023	657		—		—	0.0	%
								38,763		34,818		35,123	14.1	%

25

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2021

(in thousands, except for shares and units)

	Spread
	Above			Interest		Acquisition							% of
Portfolio Company (a)	Index (b)			Rate		Date (c)	Maturity	Principal	Amortized Cost		Fair Value (d)		Net Assets (e)
Telecommunications
Calabrio, Inc.	L+	7.00	%	8.00	%	4/16/2021	4/16/2027	3,400	$	3,322	$	3,400	1.4	%
Calabrio, Inc. (Revolver) (f)	L+	7.00	%	8.00	%	4/16/2021	4/16/2027	409		—		—	0.0	%
VHT Solutions	L+	7.00	%	8.00	% PIK	12/21/2021	12/21/2026	1,500		1,470		1,470	0.6	%
VHT Solutions (Delayed Draw) (f) (g)	L+	7.00	%	8.00	% PIK	12/21/2021	12/21/2026	120		—		—	0.0	%
VHT Solutions (Revolver) (f)	L+	7.00	%	8.00	% PIK	12/21/2021	12/21/2026	43		—		—	0.0	%
								5,472		4,792		4,870	2.0	%
Wholesale
				8.50	% Cash/
Nearly Natural, Inc. (k)	L+	11.50	%	4.00	% PIK	12/15/2017	12/15/2022	6,601		6,572		6,520	2.6	%
				8.50	% Cash/
Nearly Natural, Inc.	L+	11.50	%	4.00	% PIK	2/16/2021	12/15/2022	3,099		3,066		3,061	1.2	%
				8.50	% Cash/
Nearly Natural, Inc. (k)	L+	11.50	%	4.00	% PIK	9/22/2020	12/15/2022	1,706		1,691		1,685	0.7	%
				8.50	% Cash/
Nearly Natural, Inc. (k)	L+	11.50	%	4.00	% PIK	8/28/2019	12/15/2022	1,859		1,859		1,836	0.7	%
				8.50	% Cash/
Nearly Natural, Inc. (Revolver)	L+	11.50	%	4.00	% PIK	12/15/2017	12/15/2022	2,430		2,430		2,400	1.0	%
								15,695		15,618		15,502	6.2	%
Total Non-Controlled/Non-Affiliate Senior Secured Loans								398,010		347,073		351,698	141.1	%
Unitranche Secured Loans (q)
Aerospace & Defense
Cassavant Holdings, LLC	L+	6.50	%	7.50	%	9/8/2021	9/8/2026	7,980		7,828		7,972	3.2	%
								7,980		7,828		7,972	3.2	%
Chemicals, Plastics & Rubber
MFG Chemical, LLC (k)	L+	8.00	%	9.00	%	6/23/2017	6/23/2022	5,555		5,546		5,555	2.2	%
MFG Chemical, LLC	L+	8.00	%	9.00	%	3/15/2018	6/23/2022	543		543		543	0.2	%
								6,098		6,089		6,098	2.4	%
Consumer Goods: Non-Durable
Vinci Brands LLC (fka Incipio, LLC)		n/a		2.00	% PIK(m)	7/6/2018	2/6/2024	7,026		7,026		4,950	2.0	%
Vinci Brands LLC (fka Incipio, LLC) (r)		n/a		2.00	% PIK(m)	3/9/2018	2/6/2024	3,065		3,065		—	0.0	%
Vinci Brands LLC (fka Incipio, LLC) (s)		n/a		2.00	% PIK(m)	12/26/2014	2/6/2024	13,552		13,528		—	0.0	%
Vinci Brands LLC (fka Incipio, LLC) (t)		n/a		2.00	% PIK(m)	12/26/2014	2/6/2024	1,149		1,149		—	0.0	%
								24,792		24,768		4,950	2.0	%
Healthcare & Pharmaceuticals
Priority Ambulance, LLC (u)	L+	6.50	%	7.50	%	7/18/2018	4/12/2022	10,015		10,015		10,010	4.0	%
Priority Ambulance, LLC (v)	L+	6.50	%	7.50	%	4/12/2017	4/12/2022	1,253		1,251		1,253	0.5	%
Priority Ambulance, LLC	L+	6.50	%	7.50	%	12/13/2018	4/12/2022	655		655		655	0.3	%
Priority Ambulance, LLC	L+	6.50	%	7.50	%	10/22/2020	4/12/2022	990		990		989	0.4	%
								12,913		12,911		12,907	5.2	%
High Tech Industries
Energy Services Group, LLC	L+	8.42	%	9.42	%	5/4/2017	5/4/2022	3,725		3,720		3,725	1.5	%
Energy Services Group, LLC (h) (w)	SN+	8.42	%	9.42	%	5/4/2017	5/4/2022	4,541		4,458		4,541	1.8	%
Energy Services Group, LLC	L+	8.42	%	9.42	%	5/4/2017	5/4/2022	1,060		1,047		1,060	0.4	%
WillowTree, LLC	L+	5.00	%	6.00	%	10/9/2018	10/9/2023	7,639		7,584		7,651	3.1	%
								16,965		16,809		16,977	6.8	%

26

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2021

(in thousands, except for shares and units)

	Spread
	Above			Interest		Acquisition								% of
Portfolio Company (a)	Index (b)			Rate		Date (c)	Maturity		Principal	Amortized Cost		Fair Value (d)		Net Assets (e)
Services: Business
Onit, Inc.	L+	7.25	%	8.25	%	12/20/2021	5/2/2025		1,500	$	1,472	$	1,472	0.6	%
									1,500		1,472		1,472	0.6	%
Telecommunications
VB E1, LLC (Delayed Draw) (f) (g)	L+	7.65	%	8.15	%	11/18/2020	11/18/2026		2,250		1,100		1,118	0.4	%
									2,250		1,100		1,118	0.4	%
Total Non-Controlled/Non-Affiliate Unitranche Secured Loans									72,498		70,977		51,494	20.6	%
Junior Secured Loans
Banking
MoneyLion, Inc. (h)		n/a		12.00	%	8/27/2021	5/1/2023		1,500		1,488		1,522	0.6	%
									1,500		1,488		1,522	0.6	%
FIRE: Real Estate
Florida East Coast Industries, LLC (h)		n/a		16.00	% PIK	8/9/2021	6/28/2024		1,520		1,482		1,530	0.6	%
				8.00	% Cash/
Witkoff/Monroe 700 JV LLC (Delayed Draw) (f) (g) (h)		n/a		4.00	% PIK	7/2/2021	7/2/2026		5,576		4,665		4,886	2.0	%
									7,096		6,147		6,416	2.6	%
Services: Consumer
				5.72	% Cash/
Education Corporation of America	L+	11.00	%	5.50	% PIK(m)	9/3/2015	n/a	(p)	833		831		576	0.2	%
									833		831		576	0.2	%
Total Non-Controlled/Non-Affiliate Junior Secured Loans									9,429		8,466		8,514	3.4	%
Equity Securities (x) (y)
Automotive
Born To Run, LLC (269,438 Class A units)		—		—	(z)	4/1/2021	—		—		269		293	0.1	%
Lifted Trucks Holdings, LLC (111,111 Class A units) (aa)		—		—	(z)	8/2/2021	—		—		111		109	0.1	%
											380		402	0.2	%
Banking
MV Receivables II, LLC (729 common units) (h) (aa)		—		—	(z)	7/29/2021	—		—		300		558	0.2	%
MV Receivables II, LLC (warrant to purchase up to 0.8% of the equity) (h) (aa)		—		—	(z)	7/28/2021	7/28/2031		—		363		1,007	0.4	%
											663		1,565	0.6	%

27

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2021

(in thousands, except for shares and units)

	Spread
	Above	Interest		Acquisition							% of
Portfolio Company (a)	Index (b)	Rate		Date (c)	Maturity	Principal	Amortized Cost		Fair Value (d)		Net Assets (e)
Beverage, Food & Tobacco
California Pizza Kitchen, Inc. (78,699 common units)	—	—	(z)	8/19/2016	—	—	$	5,468	$	3,699	1.5	%
								5,468		3,699	1.5	%
Capital Equipment
MCP Shaw Acquisitionco, LLC (118,906 Class A-2 units) (aa)	—	—	(z)	2/28/2020	—	—		119		148	0.1	%
								119		148	0.1	%
Chemicals, Plastics & Rubber
Valudor Products LLC (501,014 Class A-1 units) (aa)	n/a	10.00	% PIK	6/18/2018	—	—		501		16	0.0	%
								501		16	0.0	%
Consumer Goods: Durable
Independence Buyer, Inc. (81 Class A units)	—	—	(z)	8/3/2021	—	—		81		101	0.0	%
								81		101	0.0	%
Environmental Industries
Quest Resource Management Group, LLC (warrant to purchase up to 0.2% of the equity)	—	—	(z)	10/19/2020	3/19/2028	—		67		286	0.1	%
Quest Resource Management Group, LLC (warrant to purchase up to 0.2% of the equity)	—	—	(z)	10/19/2021	3/19/2028	—		—		169	0.1	%
								67		455	0.2	%
FIRE: Finance
J2 BWA Funding LLC (0.7% profit sharing) (h) (aa)	—	—	(z)	12/24/2020	—	—		—		—	0.0	%
PKS Holdings, LLC (5,680 preferred units) (h)	n/a	12.00	% PIK	11/30/2017	—	—		58		219	0.1	%
PKS Holdings, LLC (5,714 preferred units) (h)	n/a	12.00	% PIK	11/30/2017	—	—		9		34	0.0	%
PKS Holdings, LLC (132 preferred units) (h)	n/a	12.00	% PIK	11/30/2017	—	—		1		5	0.0	%
PKS Holdings, LLC (916 preferred units) (h)	n/a	12.00	% PIK	11/30/2017	—	—		9		34	0.0	%
								77		292	0.1	%
FIRE: Real Estate
		8.00	% Cash/
Witkoff/Monroe 700 JV LLC (2,141 preferred units) (h) (aa)	n/a	4.00	% PIK	7/2/2021	—	—		2		2	0.0	%
								2		2	0.0	%
Healthcare & Pharmaceuticals
Dorado Acquisition, Inc. (178,891 Class A-1 units)	—	—	(z)	6/30/2021	—	—		179		179	0.1	%
Dorado Acquisition, Inc. (178,891 Class A-2 units)	—	—	(z)	6/30/2021	—	—		—		9	0.0	%
NationsBenefits, LLC (888,889 Series A units) (aa)	n/a	9.00	% PIK	8/20/2021	—	—		736		714	0.3	%
NationsBenefits, LLC (106,667 shares of common units) (aa)	—	—	(z)	8/20/2021	—	—		153		67	0.0	%
Seran BioScience, LLC (33,333 common units) (aa)	—	—	(z)	12/31/2020	—	—		334		714	0.3	%
								1,402		1,683	0.7	%
High Tech Industries
MarkLogic Corporation (290,239 Class A units)	—	—	(z)	10/20/2020	—	—		290		423	0.2	%
Planful, Inc. (473,082 Class A units)	n/a	8.00	% PIK	12/28/2018	—	—		473		557	0.2	%
Recorded Future, Inc. (80,486 Class A units) (ab)	—	—	(z)	7/3/2019	—	—		81		203	0.1	%
								844		1,183	0.5	%
Hotels, Gaming & Leisure
Equine Network, LLC (99 Class A units) (aa)	—	—	(z)	12/31/2020	—	—		99		102	0.0	%
								99		102	0.0	%

28

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2021

(in thousands, except for shares and units)

								��
	Spread
	Above	Interest		Acquisition							% of
Portfolio Company (a)	Index (b)	Rate		Date (c)	Maturity	Principal	Amortized Cost		Fair Value (d)		Net Assets (e)
Media: Advertising, Printing & Publishing
AdTheorent Holding Company, Inc. (177,362 shares of common stock) (h) (aj)	—	—	(z)	12/22/2016	—	—	$	114	$	1,041	0.4	%
InMobi Pte, Ltd. (warrant to purchase up to 2.8% of the equity) (h) (j)	—	—	(z)	9/18/2015	9/18/2025	—		—		2,204	0.9	%
Relevate Health Group, LLC (40 preferred units)	n/a	12.00	% PIK	11/20/2020	—	—		40		40	0.0	%
Relevate Health Group, LLC (40 Class B common units)	—	—	(z)	11/20/2020	—	—		—		—	0.0	%
Spherix Global Inc. (81 Class A units)	—	—	(z)	12/22/2021	—	—		81		81	0.0	%
XanEdu Publishing, Inc. (49,479 Class A units)	n/a	8.00	% PIK	1/28/2020	—	—		49		106	0.0	%
								284		3,472	1.3	%
Media: Diversified & Production
Attom Intermediate Holdco, LLC (297,197 Class A units) (aa)	—	—	(z)	1/4/2019	—	—		297		446	0.2	%
Chess.com, LLC (2 Class A units) (aa)	—	—	(z)	12/31/2021	—	—		87		87	0.0	%
								384		533	0.2	%
Retail
BLST Operating Company, LLC (139,883 Class A units) (aa)	—	—	(z)	8/28/2020	—	—		712		420	0.2	%
Forman Mills, Inc. (warrant to purchase up to 2.6% of the equity) (k)	—	—	(z)	1/14/2020	1/14/2029	—		—		702	0.3	%
Luxury Optical Holdings Co. (af)	n/a	n/a	(z)	9/12/2014	—	—		—		78	0.0	%
								712		1,200	0.5	%
Services: Business
APCO Worldwide, Inc. (100 Class A voting common stock)	—	—	(z)	11/1/2017	—	—		395		737	0.3	%
								395		737	0.3	%
Services: Consumer
Education Corporation of America - Series G Preferred Stock (8,333 shares)	n/a	12.00	% PIK(m)	9/3/2015	—	—		7,492		2,281	0.9	%
Express Wash Acquisition Company, LLC (121,311 Class A units) (aa)	n/a	8.00	% PIK	12/28/2020	—	—		125		208	0.1	%
IDIG Parent, LLC (245,958 shares of common stock) (aa) (ac)	—	—	(z)	1/4/2021	—	—		248		428	0.2	%
								7,865		2,917	1.2	%
Wholesale
Nearly Natural, Inc. (152,174 Class A units)	—	—	(z)	12/15/2017	—	—		153		69	0.0	%
Nearly Natural, Inc. (39,394 Class AA units)	—	—	(z)	8/27/2021	—	—		39		5	0.0	%
								192		74	0.0	%
Total Non-Controlled/Non-Affiliate Equity Securities								19,535		18,581	7.4	%
Total Non-Controlled/Non-Affiliate Company Investments							$	446,051	$	430,287	172.5	%

29

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2021

(in thousands, except for shares and units)

	Spread
	Above			Interest		Acquisition								% of
Portfolio Company (a)	Index (b)			Rate		Date (c)	Maturity		Principal	Amortized Cost		Fair Value (d)		Net Assets (e)
Non-Controlled Affiliate Company Investments (ad)
Senior Secured Loans
Beverage, Food & Tobacco
TJ Management HoldCo LLC (Revolver) (f)	L+	5.50	%	6.50	%	9/9/2020	6/28/2024		477	$	—	$	—	0.0	%
									477		—		—	0.0	%
FIRE Real Estate
American Community Homes, Inc.	L+	10.00	%	11.50	% PIK	7/22/2014	3/31/2022		10,457		10,457		10,457	4.2	%
American Community Homes, Inc.	L+	14.50	%	16.00	% PIK	7/22/2014	3/31/2022		4,753		4,753		4,753	1.9	%
American Community Homes, Inc.	L+	10.00	%	11.50	% PIK	5/24/2017	3/31/2022		634		634		634	0.3	%
American Community Homes, Inc.	L+	10.00	%	11.50	% PIK	8/10/2018	3/31/2022		2,331		2,331		3,164	1.3	%
American Community Homes, Inc.	L+	10.00	%	11.50	% PIK	3/29/2019	3/31/2022		4,315		4,315		4,357	1.8	%
American Community Homes, Inc.	L+	10.00	%	11.50	% PIK	9/30/2019	3/31/2022		20		20		20	0.0	%
American Community Homes, Inc.	L+	10.00	%	11.50	% PIK	12/30/2019	3/31/2022		99		99		99	0.0	%
HFZ Capital Group LLC (h) (ae)	L+	12.50	%	14.00	% PIK	10/20/2017	n/a	(p)	13,242		13,242		15,084	6.0	%
HFZ Capital Group LLC (h) (ae)	L+	12.50	%	14.00	% PIK	10/20/2017	n/a	(p)	4,758		4,758		5,420	2.2	%
MC Asset Management (Corporate), LLC (h)	L+	15.00	%	16.00	% PIK	1/26/2021	1/26/2024		7,154		7,154		7,154	2.9	%
MC Asset Management (Corporate), LLC (Delayed Draw) (f) (g) (h)	L+	15.00	%	16.00	% PIK	4/26/2021	1/26/2024		1,643		850		850	0.3	%
Second Avenue SFR Holdings II LLC (Revolver) (f) (h)	L+	7.00	%	7.50	%	8/11/2021	8/9/2024		4,875		2,104		2,104	0.8	%
									54,281		50,717		54,096	21.7	%
Healthcare & Pharmaceuticals
Ascent Midco, LLC (k)	L+	5.50	%	6.50	%	2/5/2020	2/5/2025		6,392		6,308		6,392	2.6	%
Ascent Midco, LLC (Revolver) (f)	L+	5.50	%	6.50	%	2/5/2020	2/5/2025		1,129		—		—	0.0	%
									7,521		6,308		6,392	2.6	%
High Tech Industries
				4.00	% Cash/
Mnine Holdings, Inc.	L+	8.00	%	5.00	% PIK	11/2/2018	12/30/2022		5,193		5,165		5,771	2.3	%
									5,193		5,165		5,771	2.3	%
Services: Business
Curion Holdings, LLC (ag)		n/a		14.00	% PIK(m)	5/2/2017	8/31/2022		4,533		4,497		4,561	1.8	%
Curion Holdings, LLC (Revolver) (f)		n/a		14.00	% PIK(m)	5/2/2017	8/31/2022		871		528		550	0.2	%
									5,404		5,025		5,111	2.0	%
Services: Consumer
NECB Collections, LLC (Revolver) (f)	L+	11.00	%	12.00	% PIK(m)	6/25/2019	n/a	(p)	1,356		1,312		632	0.3	%
									1,356		1,312		632	0.3	%
Total Non-Controlled Affiliate Senior Secured Loans									74,232		68,527		72,002	28.9	%
Junior Secured Loans
FIRE: Real Estate
Second Avenue SFR Holdings II LLC (h)		n/a		8.00	%	8/6/2021	7/28/2028		5,850		5,850		5,850	2.3	%
									5,850		5,850		5,850	2.3	%
Services: Business
Curion Holdings, LLC (k)		n/a		15.00	% PIK(m)	8/17/2018	1/2/2023		1,720		1		—	0.0	%
Curion Holdings, LLC (k)		n/a		15.00	% PIK(m)	8/17/2018	1/2/2023		44		—		—	0.0	%
									1,764		1		—	0.0	%
Total Non-Controlled Affiliate Company Junior Secured Loans									7,614		5,851		5,850	2.3	%
Equity Securities (y) (ad)
Beverage, Food & Tobacco
TJ Management HoldCo LLC (16 shares of common stock) (l) (aa)		—		—	(z)	9/9/2020	—		—		1,631		3,148	1.3	%
											1,631		3,148	1.3	%
FIRE: Real Estate
American Community Homes, Inc. (warrant to purchase up to 22.3% of the equity)		—		—	(z)	10/9/2014	12/18/2024		—		—		264	0.1	%
MC Asset Management (Corporate), LLC (15.9% of interests) (h) (aa) (ae)		—		—	(z)	6/11/2019	—		—		793		644	0.2	%
Second Avenue SFR Holdings II LLC (24.4% of interests) (h)		—		—	(z)	8/6/2021	—		—		3,900		3,900	1.6	%
											4,693		4,808	1.9	%

30

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2021

(in thousands, except for shares and units)

	Spread
	Above	Interest		Acquisition							% of
Portfolio Company (a)	Index (b)	Rate		Date (c)	Maturity	Principal	Amortized Cost		Fair Value (d)		Net Assets (e)
Healthcare & Pharmaceuticals
Ascent Midco, LLC (2,032,258 Class A units) (aa)	n/a	8.00	% PIK	2/5/2020	—	—	$	2,032	$	2,554	1.0	%
Familia Dental Group Holdings, LLC (1,105 Class A units) (aa) (ah)	—	—	(z)	4/8/2016	—	—		3,785		1,919	0.8	%
								5,817		4,473	1.8	%
High Tech Industries
Mnine Holdings, Inc. (6,400 Class B units)	—	—	(z)	6/30/2020	—	—		—		—	0.0	%
								—		—	0.0	%
Services: Business
Curion Holdings, LLC (58,779 shares of common stock) (k)	—	—	(z)	8/17/2018	—	—		—		—	0.0	%
								—		—	0.0	%
Services: Consumer
NECB Collections, LLC (20.8% of units) (aa)	—	—	(z)	6/21/2019	—	—		1,458		—	0.0	%
								1,458		—	0.0	%
Total Non-Controlled Affiliate Equity Securities								13,599		12,429	5.0	%
Total Non-Controlled Affiliate Company Investments							$	87,977	$	90,281	36.2	%
Controlled Affiliate Company Investments (ai)
Equity Securities
Investment Funds & Vehicles
MRCC Senior Loan Fund I, LLC (50.0% of the equity interests) (h)	—	—		10/31/2017	—	—	$	42,150	$	41,125	16.5	%
Total Controlled Affiliate Equity Securities								42,150		41,125	16.5	%
Total Controlled Affiliate Company Investments							$	42,150	$	41,125	16.5	%
TOTAL INVESTMENTS							$	576,178	$	561,693	225.2	%

31

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2021

(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	$	101	£	82	Bannockburn Global Forex, LLC	1/3/2022	$	(10)
Foreign currency forward contract	$	97	£	79	Bannockburn Global Forex, LLC	4/4/2022		(10)
Foreign currency forward contract	$	36	£	29	Bannockburn Global Forex, LLC	5/6/2022		(3)
Foreign currency forward contract	$	121	AUD	156	Bannockburn Global Forex, LLC	1/19/2022		8
Foreign currency forward contract	$	105	AUD	136	Bannockburn Global Forex, LLC	2/16/2022		7
Foreign currency forward contract	$	102	AUD	132	Bannockburn Global Forex, LLC	3/16/2022		6
Foreign currency forward contract	$	113	AUD	146	Bannockburn Global Forex, LLC	4/19/2022		7
Foreign currency forward contract	$	107	AUD	138	Bannockburn Global Forex, LLC	5/17/2022		7
Foreign currency forward contract	$	119	AUD	153	Bannockburn Global Forex, LLC	6/17/2022		7
Foreign currency forward contract	$	107	AUD	138	Bannockburn Global Forex, LLC	7/18/2022		7
Foreign currency forward contract	$	108	AUD	140	Bannockburn Global Forex, LLC	8/16/2022		7
Foreign currency forward contract	$	118	AUD	153	Bannockburn Global Forex, LLC	9/16/2022		7
Foreign currency forward contract	$	117	AUD	152	Bannockburn Global Forex, LLC	10/19/2022		7
Foreign currency forward contract	$	105	AUD	136	Bannockburn Global Forex, LLC	11/16/2022		6
Foreign currency forward contract	$	109	AUD	142	Bannockburn Global Forex, LLC	12/16/2022		7
Foreign currency forward contract	$	118	AUD	153	Bannockburn Global Forex, LLC	1/18/2023		7
Foreign currency forward contract	$	108	AUD	140	Bannockburn Global Forex, LLC	2/16/2023		6
Foreign currency forward contract	$	102	AUD	132	Bannockburn Global Forex, LLC	3/16/2023		6
Foreign currency forward contract	$	123	AUD	160	Bannockburn Global Forex, LLC	4/20/2023		7
Foreign currency forward contract	$	93	AUD	121	Bannockburn Global Forex, LLC	5/16/2023		5
Foreign currency forward contract	$	121	AUD	156	Bannockburn Global Forex, LLC	6/19/2023		7
Foreign currency forward contract	$	107	AUD	138	Bannockburn Global Forex, LLC	7/18/2023		6
Foreign currency forward contract	$	113	AUD	146	Bannockburn Global Forex, LLC	8/16/2023		6
Foreign currency forward contract	$	113	AUD	146	Bannockburn Global Forex, LLC	9/18/2023		6
Foreign currency forward contract	$	114	AUD	148	Bannockburn Global Forex, LLC	10/18/2023		6
Foreign currency forward contract	$	107	AUD	140	Bannockburn Global Forex, LLC	11/16/2023		6
Foreign currency forward contract	$	109	AUD	142	Bannockburn Global Forex, LLC	12/18/2023		6
Foreign currency forward contract	$	115	AUD	150	Bannockburn Global Forex, LLC	1/17/2024		6
Foreign currency forward contract	$	110	AUD	143	Bannockburn Global Forex, LLC	2/16/2024		6
Foreign currency forward contract	$	11,827	AUD	15,410	Bannockburn Global Forex, LLC	3/18/2024		635
							$	781

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

^(b) The majority of the investments bear interest at a rate that may be determined by reference to the London Interbank Offered Rate (“LIBOR” or “L”), Prime Rate (“Prime” or “P”), Sterling Overnight Index Average (“SONIA” or “SN”) or Secured Overnight Financing Rate (“SOFR” or “SF”) which reset daily, monthly, quarterly, or semiannually. For each such investment, the Company has provided the spread over LIBOR, Prime, SN, or SOFR and the current contractual interest rate in effect at December 31, 2021. Certain investments are subject to a LIBOR, Prime, SN, or SOFR interest rate floor, or rate cap. Certain investments contain a Payment-in-Kind (“PIK”) provision.

^(c) Except as otherwise noted, all of the Company’s portfolio company investments, which as of December 31, 2021 represented 225.2% of the Company’s net assets or 95.1% of the Company’s total assets, are subject to legal restrictions on sales.

^(d) Except as otherwise noted, because there is no readily available market value for these investments, the fair value of these investments is determined in good faith using significant unobservable inputs by the Company’s board of directors as required by the 1940 Act. See Note 4 in the accompanying notes to the consolidated financial statements.

^(e) Percentages are based on net assets of $249,471 as of December 31, 2021.

^(f) All or a portion of this commitment was unfunded at December 31, 2021. As such, interest is earned only on the funded portion of this commitment.

32

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2021

(in thousands, except for shares and units)

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

^(h) This investment is treated as a non-qualifying investment under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2021, non-qualifying assets totaled 22.5% of the Company’s total assets.

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

^(j) This is an international company.

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

^(l) During 2020, the senior secured lender group of Toojay’s Management, LLC (“Toojay’s OldCo”) established TJ Management HoldCo, LLC (“Toojay’s NewCo”) in order to acquire certain of the assets of Toojay’s OldCo as part of a bankruptcy restructuring. The Company owns 15.9% of the equity in Toojay’s NewCo. Toojay’s NewCo credit bid a portion of the senior secured debt in Toojay’s OldCo to acquire certain assets of Toojay’s OldCo which constitute the ongoing operations of the portfolio company. The Company’s portion of this credit bid was $2,386, and as such the Company’s outstanding senior secured debt investment in Toojay’s OldCo was reduced by the amount of the credit bid and the Company’s cost basis of its new equity investment in Toojay’s NewCo was increased by the amount of the credit bid. While the Company still has loans outstanding at Toojay’s OldCo, the Company has valued these positions at zero as of December 31, 2021.

^(m) This position was on non-accrual status as of December 31, 2021, 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.

⁽ⁿ⁾ This investment represents a note convertible to preferred shares of the borrower.

^(o) In 2020, an arbitrator issued a final award in favor of the estate of Rockdale Blackhawk, LLC (the “Estate”) in the legal proceeding between the Estate and a national insurance carrier. The Company’s share of the net proceeds from the award exceeded the contractual obligations due to the Company as a result of the Company’s right to receive excess proceeds pursuant to the terms of a sharing agreement between the lenders and the Estate. This investment is a non-income producing security.

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

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

^(r) A portion of this loan (principal of $54) is held in the Company’s wholly-owned subsidiary, Monroe Capital Corporation SBIC, LP, and is therefore not collateral to the Company’s revolving credit facility.

^(s) A portion of this loan (principal of $4,969) is held in the Company’s wholly-owned subsidiary, Monroe Capital Corporation SBIC, LP, and is therefore not collateral to the Company’s revolving credit facility.

^(t) A portion of this loan (principal of $421) is held in the Company’s wholly-owned subsidiary, Monroe Capital Corporation SBIC, LP, and is therefore not collateral to the Company’s revolving credit facility.

^(u) A portion of this loan (principal of $9,258) is held in the Company’s wholly-owned subsidiary, Monroe Capital Corporation SBIC, LP, and is therefore not collateral to the Company’s revolving credit facility.

^(v) A portion of this loan (principal of $525) is held in the Company’s wholly-owned subsidiary, Monroe Capital Corporation SBIC, LP, and is therefore not collateral to the Company’s revolving credit facility.

33

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2021

(in thousands, except for shares and units)

^(w) This loan is denominated in Great Britain pounds and is translated into U.S. dollars as of the valuation date.

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

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

^(z) Represents a non-income producing security.

^(aa) 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.

^(ab) As of December 31, 2021, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $16.

^(ac) As of December 31, 2021, the Company was party to a subscription agreement with a commitment to fund an equity investment of $43.

^(ad) 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).

^(ae) The Company restructured its investment in HFZ Capital Group LLC (“HFZ”) during 2020. As part of the restructuring of HFZ, the Company obtained a 15.9% equity interest in MC Asset Management (Corporate), LLC (“Corporate”). Corporate owns 100% of the equity of MC Asset Management Industrial, LLC (“Industrial”). In conjunction with these restructurings, the Company participated $4,758 of principal of its loan to HFZ as an equity contribution to Industrial. This participation did not qualify for sale accounting under ASC Topic 860–Transfers and Servicing because the sale did not meet the definition of a “participating interest”, as defined in the guidance, in order for sale treatment to be allowed. As a result, the Company continues to reflect its full investment in HFZ but has split the loan into two investments.

^(af) During the three months ended December 31, 2021, the Company sold its investment in Luxury Optical Holdings Co. The remaining fair value at December 31, 2021 represents the remaining expected escrow proceeds associated with the sale.

^(ag) A portion of this loan (principal of $4,226) is held in the Company’s wholly-owned subsidiary, Monroe Capital Corporation SBIC, LP, and is therefore not collateral to the Company’s revolving credit facility.

^(ah) As of December 31, 2021, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $428.

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

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

n/a - not applicable

34

MONROE CAPITAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(in thousands, except share and per share data)

Note 1. Organization and Principal Business

Monroe Capital Corporation (together with its subsidiaries, the “Company”) is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). The Company’s investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured (a combination of senior secured and junior secured debt in the same facility in which the Company syndicates a “first out” portion of the loan to an investor and retains a “last out” portion of the loan) debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common stock and warrants. The Company is managed by Monroe Capital BDC Advisors, LLC (“MC Advisors”), a registered investment adviser under the Investment Advisers Act of 1940, as amended. In addition, for U.S. federal income tax purposes, the Company has elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

On February 28, 2014, the Company’s wholly-owned subsidiary, Monroe Capital Corporation SBIC, LP (“MRCC SBIC”), a Delaware limited partnership, received a license from the Small Business Administration (“SBA”) to operate as a Small Business Investment Company (“SBIC”) under Section 301(c) of the Small Business Investment Act of 1958, as amended. MRCC SBIC commenced operations on September 16, 2013. MRCC SBIC received approval from the SBA to surrender its SBIC license and on March 31, 2022, MRCC SBIC was dissolved. See Note 7 for additional information.

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.

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 the Company’s wholly-owned subsidiaries, including MRCC SBIC (through its dissolution date) and its wholly-owned general partner MCC SBIC GP, LLC, 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. The Taxable Subsidiaries are not consolidated with the Company for U.S. federal corporate income tax purposes, and each Taxable Subsidiary is subject to U.S. federal corporate income tax on its taxable income. All intercompany balances and transactions have been eliminated. The Company does not consolidate its non-controlling interest in MRCC Senior Loan Fund I, LLC (“SLF”). See further description of the Company’s investment in SLF in Note 3.

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Fair Value of Financial Instruments

The Company applies fair value to substantially all of its financial instruments in accordance with ASC Topic 820 — Fair Value Measurements and Disclosures (“ASC Topic 820”). ASC Topic 820 defines fair value, establishes a framework used to measure fair value, and requires disclosures for fair value measurements, including the categorization of financial instruments into a three-level hierarchy based on the transparency of valuation inputs. See Note 4 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 has been 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 nine months ended September 30, 2022, the Company received return of capital distributions from its equity investments and its investment in LLC equity in SLF of zero and $290, respectively. For the three and nine months ended September 30, 2021, the Company received return of capital distributions from its equity investments and its investment in LLC equity in SLF of zero and $1,177, respectively.

The Company has certain investments in its portfolio that contain a payment-in-kind (“PIK”) provision, which represents contractual interest or dividends that are added to the principal balance and recorded as income. The Company stops accruing PIK interest or PIK dividends when it is determined that PIK interest or PIK dividends are no longer collectible. To maintain RIC tax treatment, and to avoid incurring corporate U.S. federal income tax, substantially all of this income must be paid out to stockholders in the form of distributions, even though the Company has not yet collected the cash.

Loan origination fees, original issue discount and market discount or premiums are capitalized, and the Company then amortizes such amounts using the effective interest method as interest income over the life of the investment. Unamortized discounts and loan origination fees totaled $3,599 and $4,370 as of September 30, 2022 and December 31, 2021, respectively. Upfront loan origination and closing fees received for the three and nine months ended September 30, 2022 totaled $1,126 and $1,871, respectively. Upfront loan origination and closing fees received for the three and nine months ended September 30, 2021 totaled $1,611 and $3,114, respectively. Upon prepayment of a loan or debt security, any unamortized premium or discount or loan origination fees are recorded as interest income.

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

	Three months ended
	September 30,
	2022		2021
Interest income	$	12,491	$	9,444
PIK interest income		1,240		2,913
Dividend income (1)		1,051		1,957
Fee income		412		288
Prepayment gain (loss)		495		372
Accretion of discounts and amortization of premiums		227		240
Total investment income	$	15,916	$	15,214

	Nine months ended
	September 30,
	2022		2021
Interest income	$	30,602	$	26,905
PIK interest income		4,458		6,326
Dividend income (2)		3,108		4,368
Fee income		1,604		1,065
Prepayment gain (loss)		758		1,270
Accretion of discounts and amortization of premiums		872		857
Total investment income	$	41,402	$	40,791

(1) Includes PIK dividends of $124 and $921, respectively.

(2) Includes PIK dividends of $350 and $1,055, 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.

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. The fair value of the Company’s investments on non-accrual status totaled $3,484 and $14,693 at September 30, 2022 and December 31, 2021, respectively.

Distributions

Distributions to common stockholders are recorded on the applicable record date. The amount, if any, to be distributed to common stockholders is determined by the Board each quarter and is generally based upon the Company’s earnings 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.

37

In October 2012, the Company adopted a dividend reinvestment plan (“DRIP”) that provides for the reinvestment of dividends on behalf of its stockholders, unless a stockholder has elected to receive dividends in cash. When the Company declares a cash dividend, the Company’s stockholders who have not “opted out” of the DRIP at least three days prior to the dividend payment date will have their cash dividend automatically reinvested into additional shares of the Company’s common stock. The Company has the option to satisfy the share requirements of the DRIP through the issuance of new shares of common stock or through open market purchases of common stock by the DRIP plan administrator. Newly issued shares are valued based upon the final closing price of the Company’s common stock on a date determined by the Board. Shares purchased in the open market to satisfy the DRIP requirements will be valued based upon the average price of the applicable shares purchased by the DRIP plan administrator, before any associated brokerage or other costs. See Note 9 for additional information on the Company’s distributions.

Segments

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

Cash

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

Restricted Cash

Restricted cash included amounts held within MRCC SBIC. Cash held within an SBIC is generally restricted to the originations of new loans from the SBIC and the payment of SBA debentures and related interest expense.

Unamortized Deferred Financing Costs

Deferred financing costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. As of September 30, 2022 and December 31, 2021, the Company had unamortized deferred financing costs of $3,223 and $5,794 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 nine months ended September 30, 2022 was $522 and $1,613, respectively. Amortization of deferred financing costs for the three and nine months ended September 30, 2021 was $539 and $1,677, respectively.

Offering Costs

Offering costs include, among other things, fees paid in relation to legal, accounting, regulatory and printing work completed in preparation of debt and equity offerings. Offering costs from equity offerings are charged against the proceeds from the offering within the consolidated statements of changes in net assets. Offering costs from debt offerings are reclassified to unamortized deferred financing costs on the consolidated statements of assets and liabilities as noted above. As of September 30, 2022 and December 31, 2021, other assets on the consolidated statements of assets and liabilities included $182 and $123 of deferred offering costs, respectively, which will be charged against the proceeds from future debt or equity offerings when completed.

Investments Denominated in Foreign Currency

As of September 30, 2022, the Company held investments in one portfolio company that was denominated in Australian dollars. As of December 31, 2021, the Company held investments in one portfolio company that was denominated in Great Britain pounds and one portfolio company that was denominated in Australian dollars.

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.

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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 may enter into foreign currency forward contracts to reduce the Company’s exposure to foreign currency exchange rate fluctuations. In a foreign currency forward contract, the Company agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. Foreign currency forward contracts are marked-to-market based on the difference between the forward rate and the exchange rate at the current period end. Unrealized gain (loss) on foreign currency forward contracts are recorded on the Company’s consolidated statements of assets and liabilities by counterparty on a net basis.

The Company does not utilize hedge accounting and as such values its foreign currency forward contracts at fair value with the change in unrealized gain or loss recorded in net change in unrealized gain (loss) on foreign currency forward contracts and the realized gain or loss recorded in net realized gain (loss) on foreign currency forward contracts on the Company’s consolidated statements of operations.

Income Taxes

The Company has elected to be treated as a RIC under Subchapter M of the Code and operates in a manner so as to qualify for the tax treatment available to RICs. To maintain qualification as a RIC, the Company 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 the Company’s “investment company taxable income,” which is generally the Company’s net ordinary income plus the excess, if any, of realized net short-term capital gains over realized net long-term capital losses. If the Company qualifies as a RIC and satisfies the annual distribution requirement, the Company will not have to pay corporate-level federal income taxes on any income that the Company distributes to its stockholders. The Company intends to make distributions in an amount sufficient to maintain RIC status each year and to avoid any federal income taxes on income. The Company is also subject to nondeductible federal excise taxes if the Company does not distribute at least 98% of net ordinary income, 98.2% of any capital gain net income, if any, and any recognized and undistributed income from prior years for which it paid no federal income taxes. To the extent that the Company determines that its estimated current year annual taxable income may exceed estimated current year dividend distributions, the Company accrues excise tax, calculated as 4% of the estimated excess taxable income, if any, as taxable income is earned. For the three and nine months ended September 30, 2022, the Company recorded a net (benefit) expense on the consolidated statements of operations of ($55) and $64, respectively, for U.S. federal excise tax. For the three and nine months ended September 30, 2021, the Company recorded a net expense on the consolidated statements of operations of $68 and $251, respectively, for U.S. federal excise tax. As of September 30, 2022 and December 31, 2021, the Company had a receivable of $29 and a payable of $183 for excise taxes, respectively, which were included in accounts payable and accrued expenses on the Company’s consolidated statements of assets and liabilities.

The Company’s consolidated Taxable Subsidiaries may be subject to U.S. federal and state corporate-level income taxes. For the three and nine months ended September 30, 2022, the Company recorded a net tax expense of $923 and $1,225, respectively, on the consolidated statements of operations for these subsidiaries. For both the three and nine months ended September 30, 2021, the Company recorded a net tax expense of $3 on the consolidated statements of operations for these subsidiaries. As of September 30, 2022 and December 31, 2021, the Company had payables of $923 and zero for corporate-level income taxes, respectively, which were included in accounts payable and accrued expenses on the Company’s consolidated statements of assets and liabilities.

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

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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 nine months ended September 30, 2022.

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 nine months ended September 30, 2022.

Note 3. Investments

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

	September 30, 2022				December 31, 2021
Amortized Cost:
Senior secured loans	$	402,969	73.9	%	$	415,600	72.1	%
Unitranche secured loans		45,671	8.4			70,977	12.3
Junior secured loans		20,386	3.7			14,317	2.5
LLC equity interest in SLF		42,650	7.8			42,150	7.3
Equity securities		33,674	6.2			33,134	5.8
Total	$	545,350	100.0	%	$	576,178	100.0	%

	September 30, 2022				December 31, 2021
Fair Value:
Senior secured loans	$	402,229	79.2	%	$	423,700	75.4	%
Unitranche secured loans		21,043	4.1			51,494	9.2
Junior secured loans		21,426	4.2			14,364	2.6
LLC equity interest in SLF		36,544	7.2			41,125	7.3
Equity securities		26,776	5.3			31,010	5.5
Total	$	508,018	100.0	%	$	561,693	100.0	%

The following tables show the composition of the Company’s investment portfolio by geographic region, at amortized cost and fair value (with corresponding percentage of total portfolio investments). The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which may not be indicative of the primary source of the portfolio company’s business:

	September 30, 2022				December 31, 2021
Amortized Cost:
International	$	11,860	2.2	%	$	11,860	2.0	%
Midwest		153,053	28.1			145,023	25.2
Northeast		90,143	16.5			107,828	18.7
Southeast		148,194	27.2			164,100	28.5
Southwest		26,995	4.9			40,121	7.0
West		115,105	21.1			107,246	18.6
Total	$	545,350	100.0	%	$	576,178	100.0	%

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	September 30, 2022				December 31, 2021
Fair Value:
International	$	9,774	1.9	%	$	11,093	2.0	%
Midwest		141,027	27.8			143,435	25.5
Northeast		94,357	18.6			112,175	20.0
Southeast		143,885	28.3			159,807	28.4
Southwest		28,728	5.6			44,380	7.9
West		90,247	17.8			90,803	16.2
Total	$	508,018	100.0	%	$	561,693	100.0	%

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

	September 30, 2022				December 31, 2021
Amortized Cost:
Aerospace & Defense	$	7,791	1.4	%	$	7,828	1.4	%
Automotive		13,159	2.4			21,162	3.7
Banking		16,895	3.1			5,416	1.0
Beverage, Food & Tobacco		15,669	2.9			21,036	3.7
Capital Equipment		18,649	3.4			12,656	2.2
Chemicals, Plastics & Rubber		3,168	0.6			9,426	1.6
Construction & Building		6,655	1.2			16,450	2.9
Consumer Goods: Durable		9,350	1.7			9,536	1.7
Consumer Goods: Non-Durable		28,281	5.2			28,232	4.9
Environmental Industries		6,174	1.1			17,103	3.0
FIRE: Finance		20,948	3.8			16,264	2.8
FIRE: Real Estate		80,776	14.8			72,826	12.6
Healthcare & Pharmaceuticals		48,466	8.9			52,743	9.2
High Tech Industries		51,203	9.4			52,710	9.1
Hotels, Gaming & Leisure		2,579	0.5			2,662	0.5
Investment Funds & Vehicles		42,650	7.8			42,150	7.3
Media: Advertising, Printing & Publishing		17,785	3.3			13,421	2.3
Media: Broadcasting & Subscription		2,656	0.5			2,472	0.4
Media: Diversified & Production		29,460	5.4			23,853	4.1
Retail		9,985	1.8			10,954	1.9
Services: Business		50,604	9.3			69,292	12.0
Services: Consumer		39,035	7.2			46,284	8.0
Telecommunications		7,392	1.4			5,892	1.0
Wholesale		16,020	2.9			15,810	2.7
Total	$	545,350	100.0	%	$	576,178	100.0	%

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	September 30, 2022				December 31, 2021
Fair Value:
Aerospace & Defense	$	7,837	1.6	%	$	7,972	1.4	%
Automotive		13,262	2.6			21,556	3.8
Banking		19,083	3.8			6,712	1.2
Beverage, Food & Tobacco		12,872	2.5			19,133	3.4
Capital Equipment		18,871	3.7			12,839	2.3
Chemicals, Plastics & Rubber		4,387	0.9			10,163	1.8
Construction & Building		6,714	1.3			16,636	3.0
Consumer Goods: Durable		9,382	1.8			9,734	1.7
Consumer Goods: Non-Durable		3,502	0.7			8,460	1.5
Environmental Industries		6,769	1.3			17,693	3.2
FIRE: Finance		19,212	3.8			15,681	2.8
FIRE: Real Estate		80,480	15.9			76,698	13.6
Healthcare & Pharmaceuticals		47,732	9.4			53,179	9.5
High Tech Industries		52,211	10.3			54,085	9.6
Hotels, Gaming & Leisure		2,550	0.5			2,706	0.5
Investment Funds & Vehicles		36,544	7.2			41,125	7.3
Media: Advertising, Printing & Publishing		20,294	4.0			16,794	3.0
Media: Broadcasting & Subscription		2,642	0.5			2,477	0.5
Media: Diversified & Production		29,598	5.8			24,220	4.3
Retail		10,202	2.0			11,478	2.0
Services: Business		51,484	10.1			71,540	12.7
Services: Consumer		30,465	6.0			39,248	7.0
Telecommunications		7,497	1.5			5,988	1.1
Wholesale		14,428	2.8			15,576	2.8
Total	$	508,018	100.0	%	$	561,693	100.0	%

MRCC Senior Loan Fund I, LLC

The Company co-invests with Life Insurance Company of the Southwest (“LSW”) in senior secured loans through SLF, an unconsolidated Delaware LLC. SLF is capitalized as underlying investment transactions are completed, taking into account available debt and equity commitments available for funding these investments. All portfolio and investment decisions in respect to SLF must be approved by the SLF investment committee, consisting of one representative from the Company and one representative from LSW. SLF may cease making new investments upon notification of either member but operations will continue until all investments have been sold or paid-off in the normal course of business. Investments held by SLF are measured at fair value using the same valuation methodologies as described in Note 4. The Company’s investment is illiquid in nature as SLF does not allow for withdrawal from the LLC or the sale of a member’s interest unless approved by the board members of SLF. The full withdrawal of a member would result in an orderly wind-down of SLF.

SLF’s profits and losses are allocated to the Company and LSW in accordance with their respective ownership interests. As of both September 30, 2022 and December 31, 2021, the Company and LSW each owned 50.0% of the LLC equity interests of SLF. As of both September 30, 2022 and December 31, 2021, SLF had $100,000 in equity commitments from its members (in the aggregate), of which $85,300 and $84,300 was funded, respectively.

As of both September 30, 2022 and December 31, 2021, the Company had committed to fund $50,000 of LLC equity interest subscriptions to SLF. As of September 30, 2022 and December 31, 2021, $42,650 and $42,150 of the Company’s LLC equity interest subscriptions to SLF had been called and contributed, net of return of capital distributions subject to recall, respectively.

For the three and nine months ended September 30, 2022, the Company received $900 and $2,700 of dividend income from its LLC equity interest in SLF, respectively. For the three and nine months ended September 30, 2021, the Company received $1,025 and $3,300 of dividend income from its LLC equity interest in SLF, respectively.

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SLF has a senior secured revolving credit facility (as amended, the “SLF Credit Facility”) with Capital One, N.A., through its wholly-owned subsidiary MRCC Senior Loan Fund I Financing SPV, LLC (“SLF SPV”). The SLF Credit Facility allows SLF SPV to borrow up to $175,000, subject to leverage and borrowing base restrictions. Borrowings on the SLF Credit Facility bear interest at an annual rate of LIBOR (three-month) plus 2.10%.

SLF does not pay any fees to MC Advisors or its affiliates; however, SLF has entered into an administration agreement with Monroe Capital Management Advisors, LLC (“MC Management”), pursuant to which certain loan servicing and administrative functions are delegated to MC Management. SLF may reimburse MC Management for its allocable share of overhead and other expenses incurred by MC Management. For the three and nine months ended September 30, 2022, SLF incurred $65 and $175 of allocable expenses, respectively. For the three and nine months ended September 30, 2021, SLF incurred $51 and $159 of allocable expenses, respectively. There are no agreements or understandings by which the Company guarantees any SLF obligations.

As of September 30, 2022 and December 31, 2021, SLF had total assets at fair value of $201,608 and $194,623, respectively. As of September 30, 2022, SLF had two portfolio company investments on non-accrual status with a fair value of $2,545. As of December 31, 2021, SLF had one portfolio company investment on non-accrual status with a fair value of $1,072. The portfolio companies in SLF are in industries and geographies similar to those in which the Company may invest directly. Additionally, as of September 30, 2022 and December 31, 2021, SLF had $5,269 and $2,061, respectively, in outstanding commitments to fund investments under undrawn revolvers and delayed draw commitments.

Below is a summary of SLF’s portfolio, followed by a listing of the individual investments in SLF’s portfolio as of September 30, 2022 and December 31, 2021:

	As of
	September 30, 2022		December 31, 2021
Senior secured loans (1)	207,366		193,062
Weighted average current interest rate on senior secured loans (2)	8.3	%	5.9	%
Number of portfolio company investments in SLF	62		57
Largest portfolio company investment (1)	6,668		6,720
Total of five largest portfolio company investments (1)	27,037		27,074

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

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

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MRCC SENIOR LOAN FUND I, LLC

CONSOLIDATED SCHEDULE OF INVESTMENTS

(unaudited)

September 30, 2022

	Spread Above			Interest
Portfolio Company (a)	Index (b)			Rate (b)		Maturity	Principal		Fair Value
Non-Controlled/Non-Affiliate Company Investments
Senior Secured Loans
Aerospace & Defense
Bromford Industries Limited (c)	P+	5.25	%	11.50	%	11/5/2025		2,744	$	2,578
Bromford Industries Limited (c)	P+	5.25	%	11.50	%	11/5/2025		1,829		1,719
Trident Maritime Systems, Inc.	L+	5.00	%	8.67	%	2/26/2027		2,453		2,439
Trident Maritime Systems, Inc.	L+	5.00	%	8.67	%	2/26/2027		746		742
Trident Maritime Systems, Inc. (Revolver) (d)	L+	5.00	%	8.05	%	2/26/2027		319		122
								8,091		7,600
Automotive
Accelerate Auto Works Intermediate, LLC	L+	4.75	%	7.82	%	12/1/2027		1,395		1,395
Accelerate Auto Works Intermediate, LLC (Delayed Draw) (d)	L+	4.75	%	7.82	%	12/1/2027		388		—
Accelerate Auto Works Intermediate, LLC (Revolver) (d)	L+	4.75	%	7.82	%	12/1/2027		132		—
Truck-Lite Co., LLC	SF+	6.25	%	8.93	%	12/14/2026		1,696		1,697
Truck-Lite Co., LLC	SF+	6.25	%	8.93	%	12/14/2026		251		252
Truck-Lite Co., LLC	SF+	6.25	%	8.93	%	12/14/2026		43		43
Wheel Pros, Inc.	L+	4.50	%	7.55	%	5/11/2028		1,937		1,433
								5,842		4,820
Beverage, Food & Tobacco
CBC Restaurant Corp.		n/a		5.00	% PIK(e)	12/30/2022		1,066		828
SW Ingredients Holdings, LLC	L+	4.75	%	7.56	%	7/3/2025		3,591		3,587
								4,657		4,415
Capital Equipment
Analogic Corporation	L+	5.25	%	8.06	%	6/24/2024		4,715		4,494
DS Parent, Inc.	L+	5.75	%	9.92	%	12/8/2028		2,888		2,781
MacQueen Equipment, LLC	L+	5.25	%	8.92	%	1/7/2028		2,101		2,101
MacQueen Equipment, LLC (Delayed Draw) (d)	L+	5.25	%	8.92	%	1/7/2028		592		69
MacQueen Equipment, LLC (Revolver) (d)	L+	5.25	%	8.92	%	1/7/2028		296		89
								10,592		9,534
Chemicals, Plastics & Rubber
Phoenix Chemical Holding Company LLC (fka Polymer Solutions Group)	L+	7.00	%	10.12	%	1/3/2023		1,149		1,144
TJC Spartech Acquisition Corp.	L+	4.75	%	7.10	%	5/5/2028		4,264		4,126
								5,413		5,270
Construction & Building
The Cook & Boardman Group LLC	SF+	5.75	%	8.48	%	10/20/2025		2,887		2,710
								2,887		2,710
Consumer Goods: Durable
International Textile Group, Inc.	L+	5.00	%	7.28	%	5/1/2024		1,676		1,307
Runner Buyer INC.	L+	5.50	%	8.57	%	10/23/2028		2,985		2,040
								4,661		3,347
Consumer Goods: Non-Durable
PH Beauty Holdings III, INC.	L+	5.00	%	8.07	%	9/26/2025		2,399		1,955
								2,399		1,955
Containers, Packaging & Glass
Liqui-Box Holdings, Inc.	L+	4.50	%	7.57	%	2/26/2027		4,236		3,816
Polychem Acquisition, LLC	L+	5.00	%	8.12	%	3/17/2025		2,895		2,895
				7.88	% Cash/
Port Townsend Holdings Company, Inc. and Crown Corrugated Company	SF+	6.75	%	2.00	% PIK(e)	4/3/2024		4,820		1,717
PVHC Holding Corp	L+	4.75	%	8.42	%	8/5/2024		3,192		3,080
								15,143		11,508
Energy: Oil & Gas
Drilling Info Holdings, Inc.	L+	4.25	%	7.37	%	7/30/2025		4,481		4,335
Offen, Inc.	L+	5.00	%	7.88	%	6/22/2026		2,249		2,249
Offen, Inc.	L+	5.00	%	7.88	%	6/22/2026		869		869
								7,599		7,453
FIRE: Finance
Harbour Benefit Holdings, Inc.	L+	5.25	%	8.92	%	12/13/2024		2,913		2,892
Harbour Benefit Holdings, Inc.	L+	5.25	%	8.37	%	12/13/2024		64		64
Minotaur Acquisition, Inc.	SF+	5.00	%	8.13	%	3/27/2026		4,869		4,639
								7,846		7,595
FIRE: Real Estate
Avison Young (USA) Inc. (c)	SF+	5.75	%	8.90	%	1/30/2026		4,812		4,500
								4,812		4,500

44

MRCC SENIOR LOAN FUND I, LLC

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2022

	Spread Above			Interest
Portfolio Company (a)	Index (b)			Rate (b)		Maturity	Principal		Fair Value
Healthcare & Pharmaceuticals
Cano Health, LLC	SF+	4.00	%	7.13	%	11/23/2027		1,975	$	1,921
HAH Group Holding Company LLC	SF+	5.00	%	8.71	%	10/29/2027		2,985		2,851
LSCS Holdings, Inc.	L+	4.50	%	8.17	%	12/15/2028		1,832		1,764
Natus Medical Incorporated	SF+	5.50	%	8.68	%	7/20/2029		5,000		4,675
Paragon Healthcare, Inc.	SF+	5.75	%	8.49	%	1/19/2028		2,254		2,240
Paragon Healthcare, Inc. (Delayed Draw) (d)	SF+	5.75	%	8.49	%	1/19/2028		245		—
Paragon Healthcare, Inc. (Revolver) (d)	SF+	5.75	%	8.49	%	1/19/2028		490		—
Radiology Partners, Inc.	L+	4.25	%	7.33	%	7/9/2025		4,760		4,032
TEAM Public Choices, LLC	L+	5.00	%	7.81	%	12/17/2027		2,962		2,859
								22,503		20,342
High Tech Industries
Corel Inc. (c)	L+	5.00	%	8.07	%	7/2/2026		3,650		3,394
Lightbox Intermediate, L.P.	L+	5.00	%	8.67	%	5/11/2026		4,838		4,668
LW Buyer, LLC	L+	5.00	%	8.67	%	12/30/2024		4,838		4,765
TGG TS Acquisition Company	L+	6.50	%	10.17	%	12/12/2025		3,190		3,111
								16,516		15,938
Hotels, Gaming & Leisure
Excel Fitness Holdings, Inc.	SF+	5.25	%	8.08	%	4/27/2029		4,375		4,112
Excel Fitness Holdings, Inc. (Revolver) (d)	SF+	5.25	%	8.03	%	4/28/2028		625		42
North Haven Spartan US Holdco, LLC	L+	5.00	%	8.17	%	6/6/2025		2,280		2,143
Tait LLC	L+	5.00	%	7.28	%	3/28/2025		4,093		3,817
Tait LLC (Revolver) (d)	P+	4.00	%	10.25	%	3/28/2025		769		185
								12,142		10,299
Media: Advertising, Printing & Publishing
Cadent, LLC	L+	6.50	%	10.17	%	9/11/2025		4,237		4,227
Cadent, LLC (Revolver) (d)	L+	6.50	%	10.17	%	9/11/2025		167		—
								4,404		4,227
Media: Diversified & Production
Research Now Group, Inc. and Survey Sampling International, LLC	L+	5.50	%	8.84	%	12/20/2024		6,667		6,054
STATS Intermediate Holdings, LLC	L+	5.25	%	8.19	%	7/10/2026		4,863		4,599
TA TT Buyer, LLC	SF+	5.00	%	8.98	%	3/30/2029		3,333		3,211
								14,863		13,864
Services: Business
AQ Carver Buyer, Inc.	L+	5.00	%	8.67	%	9/23/2025		4,850		4,704
CHA Holdings, Inc	L+	4.50	%	8.17	%	4/10/2025		1,965		1,886
CHA Holdings, Inc	L+	4.50	%	8.17	%	4/10/2025		414		398
Eliassen Group, LLC	SF+	5.75	%	9.30	%	4/14/2028		3,259		3,221
Eliassen Group, LLC (Delayed Draw) (d)	SF+	5.75	%	9.13	%	4/14/2028		741		110
Engage2Excel, Inc.	L+	7.25	%	10.92	%	3/7/2023		4,293		4,255
Engage2Excel, Inc.	L+	7.25	%	10.92	%	3/7/2023		775		768
Engage2Excel, Inc. (Revolver) (d)	P+	6.25	%	12.50	%	3/7/2023		554		452
Orbit Purchaser LLC	L+	4.50	%	8.17	%	10/21/2024		2,413		2,195
Orbit Purchaser LLC	L+	4.50	%	8.17	%	10/21/2024		1,863		1,695
Orbit Purchaser LLC	L+	4.50	%	8.17	%	10/21/2024		545		496
				8.30	%Cash/
Output Services Group, Inc.	SF+	6.75	%	1.50	% PIK	6/29/2026		4,801		3,409
Secretariat Advisors LLC	L+	4.75	%	8.42	%	12/29/2028		1,697		1,638
Secretariat Advisors LLC (Delayed Draw) (d)	L+	4.75	%	8.42	%	12/29/2028		270		—
SIRVA Worldwide Inc.	L+	5.50	%	9.17	%	8/4/2025		1,813		1,645
Teneo Holdings LLC	SF+	5.25	%	8.38	%	7/11/2025		4,850		4,597
The Kleinfelder Group, Inc.	L+	5.25	%	8.92	%	11/29/2024		2,368		2,368
								37,471		33,837
Services: Consumer
360Holdco, Inc.	SF+	4.75	%	7.88	%	8/2/2025		2,151		2,140
360Holdco, Inc. (Delayed Draw) (d)	SF+	4.75	%	7.88	%	8/2/2025		827		66
Laseraway Intermediate Holdings II, LLC	L+	5.75	%	8.23	%	10/14/2027		2,206		2,170
McKissock Investment Holdings, LLC	SF+	5.00	%	8.73	%	3/9/2029		2,494		2,419
								7,678		6,795
Telecommunications
Intermedia Holdings, Inc.	L+	6.00	%	9.12	%	7/21/2025		1,765		1,548
Mavenir Systems, Inc.	L+	4.75	%	7.71	%	8/18/2028		1,658		1,434
Sandvine Corporation	L+	4.50	%	8.17	%	10/31/2025		2,000		1,950
								5,423		4,932
Transportation: Cargo
Keystone Purchaser, LLC	L+	5.25	%	9.42	%	5/7/2027		4,980		4,974
								4,980		4,974
Utilities: Oil & Gas
Dresser Utility Solutions, LLC (fka NGS US Finco, LLC)	L+	4.25	%	7.37	%	10/1/2025		1,682		1,623
Dresser Utility Solutions, LLC (fka NGS US Finco, LLC)	L+	5.25	%	8.37	%	10/1/2025		246		239
								1,928		1,862
Wholesale
HALO Buyer, Inc.	L+	4.50	%	7.62	%	6/30/2025		4,786		4,344
								4,786		4,344
TOTAL INVESTMENTS									$	192,121

45

MRCC SENIOR LOAN FUND I, LLC

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2022

(a) All investments are U.S. companies unless otherwise noted.

(b) The majority of investments bear interest at a rate that may be determined by reference to the London Interbank Offered Rate (“LIBOR” or “L”), Secured Overnight Financing Rate (“SOFR” or “SF”) or Prime (“P”) which reset daily, monthly, quarterly or semiannually. The Company has provided the spread over LIBOR, SOFR or Prime and the current contractual rate of interest in effect at September 30, 2022. Certain investments may be subject to an interest rate floor or cap.

(c) This is an international company.

(d) All or a portion of this commitment was unfunded as of September 30, 2022. As such, interest is earned only on the funded portion of this commitment. Principal reflects the commitment outstanding.

(e) This position was on non-accrual status as of September 30, 2022, meaning that the Company has ceased accruing interest income on the position.

46

MRCC SENIOR LOAN FUND I, LLC

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2021

	Spread  Above
Portfolio Company (a)	Index (b)			Interest Rate (b)		Maturity	Principal	Fair Value
Non-Controlled/Non-Affiliate Company Investments
Senior Secured Loans
Aerospace & Defense
Bromford Industries Limited (c)	P+	4.25	%	7.50	%	11/5/2025	2,744	$	2,692
Bromford Industries Limited (c)	P+	4.25	%	7.50	%	11/5/2025	1,829		1,794
Trident Maritime Systems, Inc.	L+	5.50	%	6.50	%	2/26/2027	2,467		2,478
Trident Maritime Systems, Inc. (Revolver) (d)	L+	5.50	%	6.50	%	2/26/2027	265		—
							7,305		6,964
Automotive
Accelerate Auto Works Intermediate, LLC	L+	4.75	%	5.75	%	12/1/2027	1,454		1,436
Accelerate Auto Works Intermediate, LLC (Delayed Draw) (d)	L+	4.75	%	5.75	%	12/1/2027	388		—
Accelerate Auto Works Intermediate, LLC (Revolver) (d)	L+	4.75	%	5.75	%	12/1/2027	132		—
Truck-Lite Co., LLC	L+	6.25	%	7.25	%	12/14/2026	1,709		1,718
Truck-Lite Co., LLC	L+	6.25	%	7.25	%	12/14/2026	253		255
Wheel Pros, Inc.	L+	4.50	%	5.25	%	5/11/2028	1,952		1,951
							5,888		5,360
Beverage, Food & Tobacco
CBC Restaurant Corp.		n/a		5.00	% PIK (f)	12/30/2022	1,116		1,072
SW Ingredients Holdings, LLC	L+	4.75	%	5.75	%	7/3/2025	3,619		3,619
							4,735		4,691
Capital Equipment
Analogic Corporation	L+	5.25	%	6.25	%	6/24/2024	4,752		4,702
DS Parent, Inc. (e)	L+	5.75	%	6.50	%	12/8/2028	3,000		2,970
							7,752		7,672
Chemicals, Plastics & Rubber
Polymer Solutions Group	L+	7.00	%	8.00	%	1/3/2023	1,178		1,169
							1,178		1,169
Construction & Building
The Cook & Boardman Group LLC	L+	5.75	%	6.75	%	10/20/2025	2,910		2,838
							2,910		2,838
Consumer Goods: Durable
International Textile Group, Inc.	L+	5.00	%	5.13	%	5/1/2024	1,711		1,590
Runner Buyer INC. (e)	L+	5.50	%	6.25	%	10/23/2028	3,000		2,970
							4,711		4,560
Consumer Goods: Non-Durable
PH Beauty Holdings III, INC.	L+	5.00	%	5.18	%	9/26/2025	2,418		2,284
							2,418		2,284
Containers, Packaging & Glass
Liqui-Box Holdings, Inc.	L+	4.50	%	5.50	%	2/26/2027	4,268		3,991
Polychem Acquisition, LLC	L+	5.00	%	5.50	%	3/17/2025	2,918		2,917
				5.75	% Cash/
Port Townsend Holdings Company, Inc. and Crown Corrugated Company	L+	6.75	%	2.00	% PIK	4/3/2024	4,751		4,238
PVHC Holding Corp	L+	4.75	%	5.75	%	8/5/2024	3,217		2,976
							15,154		14,122
Energy: Oil & Gas
Drilling Info Holdings, Inc.	L+	4.25	%	4.35	%	7/30/2025	4,516		4,471
Offen, Inc.	L+	5.00	%	5.10	%	6/22/2026	2,388		2,387
Offen, Inc.	L+	5.00	%	5.10	%	6/22/2026	876		876
							7,780		7,734
FIRE: Finance
Harbour Benefit Holdings, Inc.	L+	5.25	%	6.25	%	12/13/2024	2,948		2,932
Harbour Benefit Holdings, Inc.	L+	5.25	%	6.25	%	12/13/2024	66		65
Minotaur Acquisition, Inc. (e)	L+	4.75	%	4.85	%	3/27/2026	4,912		4,894
							7,926		7,891
FIRE: Real Estate
Avison Young (USA) Inc. (c)	L+	5.75	%	5.97	%	1/30/2026	4,850		4,824
							4,850		4,824
Healthcare & Pharmaceuticals
Cano Health, LLC (e)	SF+	4.00	%	4.51	%	11/23/2027	1,995		1,997
LSCS Holdings, Inc. (e)	L+	4.50	%	5.00	%	12/15/2028	1,846		1,849
Radiology Partners, Inc.	L+	4.25	%	4.35	%	7/9/2025	4,760		4,700
TEAM Public Choices, LLC (e)	L+	5.00	%	6.00	%	12/17/2027	2,992		2,985
							11,593		11,531

47

MRCC SENIOR LOAN FUND I, LLC

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

December 31, 2021

	Spread Above
Portfolio Company (a)	Index (b)			Interest Rate (b)		Maturity	Principal	Fair Value
High Tech Industries
Corel Inc. (c)	L+	5.00	%	5.18	%	7/2/2026	3,800	$	3,797
Lightbox Intermediate, L.P.	L+	5.00	%	5.13	%	5/11/2026	4,875		4,814
LW Buyer, LLC	L+	5.00	%	5.14	%	12/30/2024	4,875		4,863
TGG TS Acquisition Company	L+	6.50	%	6.60	%	12/12/2025	3,435		3,446
							16,985		16,920
Hotels, Gaming & Leisure
Excel Fitness Holdings, Inc.	L+	5.25	%	6.25	%	10/7/2025	4,165		4,155
North Haven Spartan US Holdco, LLC	L+	5.00	%	6.00	%	6/6/2025	2,297		2,037
Tait LLC	L+	5.00	%	5.14	%	3/28/2025	4,125		3,785
Tait LLC (Revolver)	P+	4.00	%	7.25	%	3/28/2025	769		728
							11,356		10,705
Media: Advertising, Printing & Publishing
Cadent, LLC	L+	5.00	%	6.00	%	9/11/2023	4,339		4,296
Cadent, LLC (Revolver) (d)	L+	5.00	%	6.00	%	9/11/2023	167		—
							4,506		4,296
Media: Diversified & Production
Research Now Group, Inc. and Survey Sampling International, LLC	L+	5.50	%	6.50	%	12/20/2024	6,720		6,645
STATS Intermediate Holdings, LLC	L+	5.25	%	5.41	%	7/10/2026	4,900		4,897
The Octave Music Group, Inc.	L+	6.00	%	7.00	%	5/29/2025	3,866		3,871
							15,486		15,413
Services: Business
AQ Carver Buyer, Inc.	L+	5.00	%	6.00	%	9/23/2025	4,888		4,900
CHA Holdings, Inc	L+	4.50	%	5.50	%	4/10/2025	1,980		1,901
CHA Holdings, Inc	L+	4.50	%	5.50	%	4/10/2025	418		401
Eliassen Group LLC	L+	4.25	%	4.35	%	11/5/2024	3,956		3,956
				7.00	% Cash/
Engage2Excel, Inc.	L+	8.00	%	2.00	% PIK	3/7/2023	4,326		4,329
				7.00	% Cash/
Engage2Excel, Inc.	L+	8.00	%	2.00	% PIK	3/7/2023	781		781
				7.00	% Cash/
Engage2Excel, Inc. (Revolver) (d)	L+	8.00	%	2.00	% PIK	3/7/2023	555		541
Orbit Purchaser LLC	L+	4.50	%	5.50	%	10/21/2024	2,431		2,425
Orbit Purchaser LLC	L+	4.50	%	5.50	%	10/21/2024	1,877		1,873
Orbit Purchaser LLC	L+	4.50	%	5.50	%	10/21/2024	549		548
Output Services Group, Inc.	L+	4.50	%	5.50	%	3/27/2024	4,815		4,145
Secretariat Advisors LLC (e)	L+	4.75	%	5.50	%	12/29/2028	1,710		1,693
Secretariat Advisors LLC (d) (e)	L+	4.75	%	5.50	%	12/29/2028	270		—
SIRVA Worldwide Inc.	L+	5.50	%	5.60	%	8/4/2025	1,850		1,683
Teneo Holdings LLC	L+	5.25	%	6.25	%	7/11/2025	4,888		4,908
The Kleinfelder Group, Inc.	L+	5.25	%	6.25	%	11/29/2024	2,387		2,387
							37,681		36,471
Services: Consumer
360Holdco, Inc.	L+	4.75	%	5.75	%	8/2/2025	2,168		2,161
360Holdco, Inc. (Delayed Draw) (d)	L+	4.75	%	5.75	%	8/2/2025	827		—
Laseraway Intermediate Holdings II, LLC	L+	5.75	%	6.50	%	10/14/2027	2,222		2,214
							5,217		4,375
Telecommunications
Intermedia Holdings, Inc.	L+	6.00	%	7.00	%	7/21/2025	1,778		1,770
Mavenir Systems, Inc.	L+	4.75	%	5.25	%	8/18/2028	1,667		1,669
Sandvine Corporation	L+	4.50	%	4.60	%	10/31/2025	2,000		1,999
							5,445		5,438
Transportation: Cargo
Keystone Purchaser, LLC (e)	L+	6.25	%	7.25	%	5/7/2027	3,000		2,947
							3,000		2,947
Utilities: Oil & Gas
NGS US Finco, LLC	L+	4.25	%	5.25	%	10/1/2025	1,695		1,644
NGS US Finco, LLC	L+	5.25	%	6.25	%	10/1/2025	248		244
							1,943		1,888
Wholesale
BMC Acquisition, Inc.	L+	5.25	%	6.25	%	12/30/2024	4,486		4,469
HALO Buyer, Inc.	L+	4.50	%	5.50	%	6/30/2025	4,824		4,547
							9,310		9,016
TOTAL INVESTMENTS								$	189,109

48

MRCC SENIOR LOAN FUND I, LLC

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

December 31, 2021

(a) All investments are U.S. companies unless otherwise noted.

(b) The majority of investments bear interest at a rate that may be determined by reference to the London Interbank Offered Rate (“LIBOR” or “L”), Secured Overnight Financing Rate (“SOFR” or “SF”) or Prime (“P”) which reset daily, monthly, quarterly or semiannually. The Company has provided the spread over LIBOR, SOFR or Prime and the current contractual rate of interest in effect at December 31, 2021. Certain investments may be subject to an interest rate floor or cap.

(c) This is an international company.

(d) All or a portion of this commitment was unfunded as of December 31, 2021. As such, interest is earned only on the funded portion of this commitment. Principal reflects the commitment outstanding.

(e) Investment position or portion thereof unsettled at December 31, 2021.

(f) This position was on non-accrual status as of December 31, 2021, meaning that the Company has ceased accruing interest income on the position.

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Below is certain summarized financial information for SLF as of September 30, 2022 and December 31, 2021 and for the three and nine months ended September 30, 2022 and 2021:

	September 30, 2022		December 31, 2021
	(unaudited)
Assets
Investments, at fair value	$	192,121	$	189,109
Cash		1,289		40
Restricted cash		6,828		4,862
Interest receivable		1,327		600
Other assets		43		12
Total assets	$	201,608	$	194,623
Liabilities
Revolving credit facility	$	129,265	$	94,765
Less: Unamortized deferred financing costs		(1,720)		(2,319)
Total debt, less unamortized deferred financing costs		127,545		92,446
Payable for open trades		—		19,367
Interest payable		586		242
Accounts payable and accrued expenses		388		318
Total liabilities		128,519		112,373
Members’ capital		73,089		82,250
Total liabilities and members’ capital	$	201,608	$	194,623

	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
	(unaudited)				(unaudited)
Investment income:
Interest income	$	4,075	$	3,250	$	10,593	$	9,913
Total investment income		4,075		3,250		10,593		9,913
Expenses:
Interest and other debt financing expenses		1,669		972		3,866		2,975
Professional fees		203		158		580		490
Total expenses		1,872		1,130		4,446		3,465
Net investment income (loss)		2,203		2,120		6,147		6,448
Net gain (loss):
Net change in unrealized gain (loss)		(2,416)		(177)		(10,909)		4,247
Net gain (loss)		(2,416)		(177)		(10,909)		4,247
Net increase (decrease) in members’ capital	$	(213)	$	1,943	$	(4,762)	$	10,695

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.

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

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

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

● Level 2 – Valuations based on inputs other than quoted prices in active markets, including quoted prices for similar assets or liabilities, which are either directly or indirectly observable.

● Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement. This includes situations where there is little, if any, market activity for the assets or liabilities. The inputs into the determination of fair value are based upon the best information available and may require significant management judgment or estimation.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an asset’s or liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability.

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 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.

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 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 Company will consult with an independent valuation firm relative to each portfolio company at least once in every calendar year, but the independent appraisals are generally received quarterly for each investment;

● to the extent an independent valuation firm is not engaged to conduct an investment appraisal on an investment for which market quotations are not readily available, the investment will be valued by the Valuation Designee;

● preliminary valuation conclusions are then documented and discussed with the valuation committee of the Valuation Designee;

● the valuation conclusions are approved by the valuation committee of the Valuation Designee; and

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● a report prepared by the Valuation Designee is presented to the Board quarterly to allow the Board to perform its oversight duties of the valuation process and the Valuation Designee.

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

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

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

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

As of September 30, 2022, 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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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
September 30, 2022	Level 1		Level 2		Level 3		Total
Investments:
Senior secured loans	$	—	$	—	$	402,229	$	402,229
Unitranche secured loans		—		—		21,043		21,043
Junior secured loans		—		—		21,426		21,426
Equity securities		381		—		26,395		26,776
Investments measured at NAV (1) (2)		—		—		—		36,544
Total investments	$	381	$	—	$	471,093	$	508,018
Foreign currency forward contracts asset (liability)	$	—	$	2,284	$	—	$	2,284

	Fair Value Measurements
December 31, 2021	Level 1		Level 2		Level 3		Total
Investments:
Senior secured loans	$	—	$	—	$	423,700	$	423,700
Unitranche secured loans		—		—		51,494		51,494
Junior secured loans		—		—		14,364		14,364
Equity securities		1,041		—		29,969		31,010
Investments measured at NAV (1) (2)		—		—		—		41,125
Total investments	$	1,041	$	—	$	519,527	$	561,693
Foreign currency forward contracts asset (liability)	$	—	$	781	$	—	$	781

(1) Certain investments that are measured at fair value using the NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented on the consolidated statements of assets and liabilities.

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

Senior secured loans, unitranche secured loans and junior secured loans are collateralized by tangible and intangible assets of the borrowers. These investments include loans to entities that have some level of challenge in obtaining financing from other, more conventional institutions, such as a bank. Interest rates on these loans are either fixed or floating, and are based on current market conditions and credit ratings of the borrower. Excluding loans on non-accrual, the contractual interest rates on the loans ranged from 6.24% to 17.65% at September 30, 2022 and 6.00% to 16.00% at December 31, 2021. The maturity dates on the loans outstanding at September 30, 2022 range between November 2022 and October 2028.

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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 nine months ended September 30, 2022:

		Investments
		Senior		Unitranche		Junior		Equity		Total Level 3
		secured loans		secured loans		secured loans		securities		investments
Balance as of June 30, 2022		$	415,244	$	34,114	$	19,745	$	28,837	$	497,940
Net realized gain (loss) on investments			(1,672)		—		(1)		6		(1,667)
Net change in unrealized gain (loss) on investments	��		(3,788)		10		1,314		(2,604)		(5,068)
Purchases of investments and other adjustments to cost (1)			52,370		15		368		162		52,915
Proceeds from principal payments and sales of investments (2)			(59,925)		(13,096)		—		(6)		(73,027)
Balance as of September 30, 2022		$	402,229	$	21,043	$	21,426	$	26,395	$	471,093

	Investments
	Senior		Unitranche		Junior		Equity		Total Level 3
	secured loans		secured loans		secured loans		securities		investments
Balance as of December 31, 2021	$	423,700	$	51,494	$	14,364	$	29,969	$	519,527
Net realized gain (loss) on investments		(1,693)		(94)		(1)		38		(1,750)
Net change in unrealized gain (loss) on investments		(8,838)		(5,146)		992		(4,114)		(17,106)
Purchases of investments and other adjustments to cost (1)		88,950		3,253		6,071		831		99,105
Proceeds from principal payments and sales of investments (2)		(99,890)		(28,464)		—		(329)		(128,683)
Balance as of September 30, 2022	$	402,229	$	21,043	$	21,426	$	26,395	$	471,093

(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.

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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 nine months ended September 30, 2021:

	Investments
	Senior		Unitranche		Junior		Equity		Total Level 3
	secured loans		secured loans		secured loans		securities		investments
Balance as of June 30, 2021	$	404,322	$	45,500	$	8,125	$	30,657	$	488,604
Net realized gain (loss) on investments		(9,435)		—		—		—		(9,435)
Net change in unrealized gain (loss) on investments		11,209		(904)		(47)		(112)		10,146
Purchases of investments and other adjustments to cost (1)		73,696		20		8,479		3,212		85,407
Proceeds from principal payments and sales of investments (2)		(54,737)		(196)		(7,376)		—		(62,309)
Balance as of September 30, 2021	$	425,055	$	44,420	$	9,181	$	33,757	$	512,413

	Investments
	Senior		Unitranche		Junior		Equity		Total Level 3
	secured loans		secured loans		secured loans		securities		Investments
Balance as of December 31, 2020	$	405,224	$	64,040	$	14,592	$	23,899	$	507,755
Net realized gain (loss) on investments		(9,610)		—		—		892		(8,718)
Net change in unrealized gain (loss) on investments		14,820		(4,975)		40		8,048		17,933
Purchases of investments and other adjustments to cost (1)		174,934		1,475		8,647		3,948		189,004
Proceeds from principal payments and sales of investments (2)		(160,313)		(16,120)		(14,098)		(3,030)		(193,561)
Balance as of September 30, 2021	$	425,055	$	44,420	$	9,181	$	33,757	$	512,413

(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.

The total net change in unrealized gain (loss) on investments included on the consolidated statements of operations for the three and nine months ended September 30, 2022, attributable to Level 3 investments still held at September 30, 2022, was ($6,132) and ($16,041), respectively. The total net change in unrealized gain (loss) on investments included on the consolidated statements of operations for the three and nine months ended September 30, 2021, attributable to Level 3 investments still held at September 30, 2021, was $973 and $8,791, 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 nine months ended September 30, 2022 and 2021.

Significant Unobservable Inputs

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

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The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of September 30, 2022 were as follows:

						Weighted
					Unobservable	Average		Range
	Fair Value			Valuation Technique	Input	Mean		Minimum		Maximum
Assets:
Senior secured loans	$	261,758		Discounted cash flow	EBITDA multiples	8.9	x	4.0	x	20.5	x
					Market yields	12.6	%	8.0	%	21.5	%
Senior secured loans		111,354		Discounted cash flow	Revenue multiples	4.6	x	0.2	x	12.3	x
					Market yields	11.9	%	9.5	%	19.1	%
Senior secured loans		19,676		Enterprise value	Book value multiples	1.2	x	1.2	x	1.2	x
Senior secured loans		6,241		Enterprise value	Revenue multiples	2.8	x	2.8	x	2.8	x
Senior secured loans		2,073		Liquidation	Probability weighting of alternative outcomes	78.4	%	32.5	%	100.0	%
Unitranche secured loans		17,473		Discounted cash flow	EBITDA multiples	10.0	x	8.8	x	11.3	x
					Market yields	11.1	%	10.8	%	12.3	%
Unitranche secured loans		3,570		Discounted cash flow	Revenue multiples	8.9	x	5.7	x	12.5	x
					Market yields	11.9	%	11.7	%	12.0	%
Junior secured loans		19,495		Discounted cash flow	Market yields	17.2	%	11.6	%	27.5	%
Junior secured loans		1,931		Liquidation	Probability weighting of alternative outcomes	231.7	%	231.7	%	231.7	%
Equity securities		13,713		Enterprise value	EBITDA multiples	8.5	x	4.0	x	15.8	x
Equity securities		7,728		Enterprise value	Revenue multiples	2.7	x	0.2	x	12.3	x
Equity securities		2,483		Option pricing model	Volatility	65.3	%	48.0	%	70.0	%
Equity securities		411		Discounted cash flow	EBITDA multiples	7.0	x	7.0	x	7.0	x
Total Level 3 Assets	$	467,906	(1)

(1) Excludes loans of $3,187 at fair value where valuation (unadjusted) is obtained from a third-party pricing service 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, 2021 were as follows:

						Weighted
	Fair				Unobservable	Average		Range
	Value			Valuation Technique	Input	Mean		Minimum		Maximum
Assets:
Senior secured loans	$	305,252		Discounted cash flow	EBITDA multiples	7.7	x	5.0	x	20.0	x
					Market yields	9.6	%	5.3	%	20.0	%
Senior secured loans		79,913		Discounted cash flow	Revenue multiples	6.5	x	0.5	x	13.0	x
					Market yields	8.4	%	5.2	%	13.1	%
Senior secured loans		23,484		Enterprise value	Book value multiples	1.5	x	1.5	x	1.5	x
Senior secured loans		5,771		Enterprise value	Revenue multiples	2.8	x	2.8	x	2.8	x
Senior secured loans		5,111		Enterprise value	EBITDA multiples	6.5	x	6.5	x	6.5	x
Senior secured loans		3,026		Liquidation	Probability weighting of alternative outcomes	88.2	%	48.2	%	100.0	%
Unitranche secured loans		45,072		Discounted cash flow	EBITDA multiples	8.4	x	5.5	x	11.0	x
					Market yields	8.5	%	7.3	%	13.3	%
Unitranche secured loans		4,950		Enterprise value	Revenue multiples	0.6	x	0.6	x	0.6	x
Unitranche secured loans		1,472		Discounted cash flow	Revenue multiples	14.0	x	14.0	x	14.0	x
					Market yields	8.3	%	8.3	%	8.3	%
Junior secured loans		12,266		Discounted cash flow	Market yields	15.8	%	8.0	%	25.1	%
Junior secured loans		1,522		Discounted cash flow	Revenue multiples	15.0	x	15.0	x	15.0	x
					Market yields	2.0	%	2.0	%	2.0	%
Junior secured loans		576		Liquidation	Probability weighting of alternative outcomes	69.1	%	69.1	%	69.1	%
Equity securities		15,688		Enterprise value	EBITDA multiples	5.6	x	4.5	x	15.1	x
Equity securities		6,448		Enterprise value	Revenue multiples	4.8	x	0.6	x	12.3	x
Equity securities		2,281		Liquidation	Probability weighting of alternative outcomes	24.4	%	24.4	%	24.4	%
Equity securities		714		Discounted cash flow	EBITDA multiples	13.3	x	13.3	x	13.3	x
					Market yields	12.3	%	12.3	%	12.3	%
Equity securities		455		Option pricing model	Volatility	42.5	%	42.5	%	42.5	%
Equity securities		264		Enterprise value	Tangible book value multiples	1.5	x	1.5	x	1.5	x
Total Level 3 Assets	$	514,265	(1)

(1) Excludes loans of $5,262 at fair value where valuation (unadjusted) is obtained from a third-party pricing service for which such disclosure is not required.

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

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

Other Financial Assets and Liabilities

ASC Topic 820 requires disclosure of the fair value of financial instruments for which it is practical to estimate such value. The Company believes that the carrying amounts of its other financial instruments such as cash, receivables and payables approximate the fair value of such items due to the short maturity of such instruments. Fair value of the Company’s revolving credit facility is estimated by discounting remaining payments using applicable market rates or market quotes for similar instruments at the measurement date, if applicable. As of both September 30, 2022 and December 31, 2021, the Company believes that the carrying value of its revolving credit facility approximates fair value. The senior unsecured notes (“2026 Notes”) are carried at cost and with their longer maturity dates, fair value is estimated by discounting remaining payments using current market rates for similar instruments and considering such factors as the legal maturity date and the ability of market participants to prepay the notes. As of September 30, 2022, the estimated fair value of the Company’s 2026 Notes was $116,739. As of December 31, 2021, the Company believed that the carrying value of the 2026 Notes approximated fair value. SBA debentures were carried at cost and with their longer maturity dates, fair value was estimated by discounting remaining payments using current market rates for similar instruments and considering such factors as the legal maturity date and the ability of market participants to prepay the SBA debentures. As of December 31, 2021, the Company believed that the carrying value of the SBA debentures approximated fair value.

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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 nine months ended September 30, 2022 and 2021 were as follows:

							Sales and		PIK						Net
	Fair value at		Transfers		Purchases		paydowns		interest		Discount		Net realized		unrealized		Fair value at
Portfolio Company	December 31, 2021		in (out)		(cost)		(cost)		(cost)		accretion		gain (loss)		gain (loss)		September 30, 2022
Non-controlled affiliate company investment:
American Community Homes, Inc.	$	10,457	$	—	$	—	$	—	$	466	$	—	$	—	$	(1,889)	$	9,034
American Community Homes, Inc.		4,753		—		—		—		384		—		—		(888)		4,249
American Community Homes, Inc.		634		—		—		—		28		—		—		(114)		548
American Community Homes, Inc.		3,164		—		—		—		104		—		—		(1,254)		2,014
American Community Homes, Inc.		4,357		—		—		—		192		—		—		(821)		3,728
American Community Homes, Inc.		20		—		—		—		1		—		—		(3)		18
American Community Homes, Inc.		99		—		—		—		4		—		—		(18)		85
American Community Homes, Inc. (Revolver)		—		—		—		—		—		—		—		—		—
American Community Homes, Inc. (warrant to purchase up to 22.3% of the equity)		264		—		—		—		—		—		—		(264)		—
		23,748		—		—		—		1,179		—		—		(5,251)		19,676
Ascent Midco, LLC		6,392		—		—		(130)		—		19		—		(121)		6,160
Ascent Midco, LLC (Revolver)		—		—		—		—		—		—		—		—		—
Ascent Midco, LLC (2,032,258 Class A units)		2,554		—		—		—		—		—		—		(1,136)		1,418
		8,946		—		—		(130)		—		19		—		(1,257)		7,578
Curion Holdings, LLC (1)		4,561		—		—		(4,497)		—		—		—		82		146
Curion Holdings, LLC (Revolver) (1)		550		—		92		(620)		—		—		—		(22)		—
Curion Holdings, LLC (Junior secured loan) (1)		—		—		—		—		—		—		(1)		1		—
Curion Holdings, LLC (Junior secured loan) (1)		—		—		—		—		—		—		—		—		—
Curion Holdings, LLC (58,779 shares of common stock) (1)		—		—		—		—		—		—		—		—		—
		5,111		—		92		(5,117)		—		—		(1)		61		146
Familia Dental Group Holdings, LLC (1,158 Class A units)		1,919		—		183		—		—		—		—		406		2,508
		1,919		—		183		—		—		—		—		406		2,508
HFZ Capital Group, LLC		15,084		—		—		—		—		—		—		804		15,888
HFZ Capital Group, LLC		5,420		—		—		—		—		—		—		288		5,708
MC Asset Management (Corporate), LLC		7,154		—		—		—		903		—		—		—		8,057
MC Asset Management (Corporate), LLC (Delayed Draw)		850		—		—		—		107		—		—		—		957
MC Asset Management (Corporate), LLC (15.9% interests)		644		—		—		—		—		—		—		107		751
		29,152		—		—		—		1,010		—		—		1,199		31,361
Mnine Holdings, Inc.		5,771		—		—		—		230		12		—		(12)		6,001
Mnine Holdings, Inc. (Revolver)		—		—		240		—		—		—		—		—		240
Mnine Holdings, Inc. (6,400 Class B units)		—		—		—		—		—		—		—		—		—
		5,771		—		240		—		230		12		—		(12)		6,241
NECB Collections, LLC (Revolver)		632		—		—		—		—		—		—		(206)		426
NECB Collections, LLC (20.8% of units)		—		—		—		—		—		—		—		—		—
		632		—		—		—		—		—		—		(206)		426
Second Avenue SFR Holdings II LLC (Revolver) (2)		2,104		—		2,681		—		—		—		—		(18)		4,767
		2,104		—		2,681		—		—		—		—		(18)		4,767
SFR Holdco, LLC (Junior secured loan)		5,850		—		—		—		—		—		—		—		5,850
SFR Holdco, LLC (24.4% of interests)		3,900		—		—		—		—		—		—		—		3,900
		9,750		—		—		—		—		—		—		—		9,750
TJ Management HoldCo LLC (Revolver)		—		—		80		—		—		—		—		—		80
TJ Management HoldCo LLC (16 shares of common stock)		3,148		—		—		—		—		—		—		(407)		2,741
		3,148		—		80		—		—		—		—		(407)		2,821
Total non-controlled affiliate company investments	$	90,281	$	—	$	3,276	$	(5,247)	$	2,419	$	31	$	(1)	$	(5,485)	$	85,274
Controlled affiliate company investments:
MRCC Senior Loan Fund I, LLC	$	41,125	$	—	$	500	$	—	$	—	$	—	$	—	$	(5,081)	$	36,544
		41,125		—		500		—		—		—		—		(5,081)		36,544
Total Controlled affiliate company investments	$	41,125	$	—	$	500	$	—	$	—	$	—	$	—	$	(5,081)	$	36,544

⁽¹⁾ During the three months ended September 30, 2022, Curion Holdings, LLC (“Curion”) sold the underlying operating company and repaid the Company’s debt investment. The remaining fair value at September 30, 2022 represents the remaining expected escrow proceeds associated with the sale. The Company continues to hold an equity investment in Curion that is valued at zero at September 30, 2022.

⁽²⁾ Second Avenue SFR Holdings II LLC is a related entity to SFR Holdco, LLC and is being presented as a non-controlled affiliate for that reason.

59

	Fair value at						Sales and		PIK				Net		Net		Fair value at
	December 31,		Transfers		Purchases		paydowns		interest		Discount		realized		unrealized		September
Portfolio Company	2020		in (out)		(cost)		(cost)		(cost)		accretion		gain (loss)		gain (loss)		30, 2021
Non-controlled affiliate company investment:
American Community Homes, Inc.	$	9,401	$	—	$	—	$	(90)	$	848	$	—	$	—	$	—	$	10,159
American Community Homes, Inc.		6,239		—		—		(2,229)		556		—		—		—		4,566
American Community Homes, Inc.		825		—		—		(838)		13		—		—		—		-
American Community Homes, Inc.		570		—		—		(5)		51		—		—		—		616
American Community Homes, Inc.		335		—		—		(341)		6		—		—		—		-
American Community Homes, Inc.		2,915		—		—		(20)		189		—		—		14		3,098
American Community Homes, Inc.		3,879		—		—		(37)		350		—		—		42		4,234
American Community Homes, Inc.		18		—		—		—		2		—		—		—		20
American Community Homes, Inc.		89		—		—		(1)		8		—		—		—		96
American Community Homes, Inc. (Revolver)		—		—		—		—		—		—		—		—		-
American Community Homes, Inc. (warrant to purchase up to 22.3% of the equity)		—		—		—		—		—		—		—		350		350
		24,271		—		—		(3,561)		2,023		—		—		406		23,139
Ascent Midco, LLC		6,997		—		—		(513)		—		19		—		(30)		6,473
Ascent Midco, LLC (Delayed Draw)		—		—		—		—		—		—		—		—		-
Ascent Midco, LLC (Revolver)		—		—		—		—		—		—		—		—		-
Ascent Midco, LLC (2,032,258 Class A units)		3,016		—		—		—		—		—		—		95		3,111
		10,013		—		—		(513)		—		19		—		65		9,584
Curion Holdings, LLC		3,159		—		—		—		—		—		—		731		3,890
Curion Holdings, LLC (Revolver)		820		—		—		—		—		—		—		10		830
Curion Holdings, LLC (Junior secured loan)		—		—		—		—		—		—		—		—		—
Curion Holdings, LLC (Junior secured loan)		—		—		—		—		—		—		—		—		—
Curion Holdings, LLC (58,779 shares of common stock)		—		—		—		—		—		—		—		—		—
		3,979		—		—		—		—		—		—		741		4,720
Familia Dental Group Holdings, LLC (1,052 Class A units)		3,118		—		—		—		—		—		—		(677)		2,441
		3,118		—		—		—		—		—		—		(677)		2,441
HFZ Capital Group, LLC		13,106		—		—		—		—		—		—		1,708		14,814
HFZ Capital Group, LLC		4,709		—		—		—		—		—		—		613		5,322
MC Asset Management (Corporate), LLC		—		—		6,423		—		450		—		—		—		6,873
MC Asset Management (Corporate), LLC (Delayed Draw)		—		—		793		—		23		—		—		—		816
MC Asset Management (Corporate), LLC (15.9% interests)		785		—		—		—		-		—		—		(65)		720
MC Asset Management (Industrial), LLC		11,579		—		—		(11,365)		1,170		1		—		(884)		501
		30,179		—		7,216		(11,365)		1,643		1		—		1,372		29,046
Incipio, LLC (1)		1,764		—		—		—		-		—		—		(1,764)		—
Incipio, LLC (1)		4,227		(1,562)		—		—		48		—		—		(2,713)		—
Incipio, LLC (1)		1,805		(1,732)		—		—		15		—		—		(88)		—
Incipio, LLC (1)		761		(730)		—		—		6		—		—		(37)		—
Incipio, LLC (1)		1,519		(1,458)		—		—		13		—		—		(74)		—
Incipio, LLC (1)		1,488		(1,527)		108		—		9		—		—		(78)		—
Incipio, LLC (Junior secured loan) (1)		—		—		—		—		—		—		—		—		—
Incipio, LLC (Junior secured loan) (1)		—		—		—		—		—		—		—		—		—
Incipio, LLC (1,774 shares of Series C common units) (1)		—		—		—		—		—		—		—		—		—
		11,564		(7,009)		108		—		91		—		—		(4,754)		—
Luxury Optical Holdings Co.		1,430		—		—		—		134		—		—		38		1,602
Luxury Optical Holdings Co. (Delayed Draw)		624		—		1,729		(93)		—		—		—		93		2,353
Luxury Optical Holdings Co. (Revolver)		66		—		—		—		6		—		—		2		74
Luxury Optical Holdings Co. (91 preferred units)		2,476		—		—		—		694		—		—		434		3,604
Luxury Optical Holdings Co. (86 shares of common stock)		—		—		—		—		—		—		—		-		-
		4,596		—		1,729		(93)		834		—		—		567		7,633
Mnine Holdings, Inc.		12,356		—		—		(191)		449		27		—		(46)		12,595
Mnine Holdings, Inc. (6,400 Class B units)		—		—		—		—		—		—		—		—		-
		12,356		—		—		(191)		449		27		—		(46)		12,595
NECB Collections, LLC (Revolver)		834		—		—		—		—		—		—		(147)		687
NECB Collections, LLC (20.8% of units)		—		—		—		—		—		—		—		—		-
		834		—		—		—		—		—		—		(147)		687
SHI Holdings, Inc.		188		—		—		—		—		—		—		(57)		131
SHI Holdings, Inc. (Revolver)		297		—		—		—		—		—		—		(89)		208
SHI Holdings, Inc. (24 shares of common stock)		—		—		—		—		—		—		—		—		-
		485		—		—		—		—		—		—		(146)		339
Second Avenue SFR Holdings II LLC (Revolver)		—		—		642		—		—		—		—		—		642
Second Avenue SFR Holdings II LLC (Delayed Draw)		—		—		1,101		—		—		—		—		—		1,101
Second Avenue SFR Holdings II LLC (24.4 % of interests)		—		—		734		—		—		—		—		—		734
		—		—		2,477		—		—		—		—		—		2,477
Summit Container Corporation		3,204		—		—		(3,019)		—		—		(250)		65		—
Summit Container Corporation (Revolver)		1,654		—		5,402		(7,059)		—		—		—		3		—
Summit Container Corporation (warrant to purchase up to 19.5% of the equity)		139		—		—		—		—		—		—		(139)		—
		4,997		—		5,402		(10,078)		—		—		(250)		(71)		—
TJ Management HoldCo, LLC (Revolver)		—		—		—		—		—		—		—		—		—
TJ Management HoldCo, LLC (16 shares of common stock)		3,323		—		—		(755)		—		—		—		517		3,085
		3,323		—		—		(755)		—		—		—		517		3,085
Total non-controlled affiliate company investments	$	109,715	$	(7,009)	$	16,932	$	(26,556)	$	5,040	$	47	$	(250)	$	(2,173)	$	95,746
Controlled affiliate company investments:
MRCC Senior Loan Fund I, LLC	$	39,284	$	—	$	—	$	—	$	—	$	—	$	—	$	2,047	$	41,331
		39,284		—		—		—		—		—		—		2,047		41,331
Total controlled affiliate company investments	$	39,284	$	—	$	—	$	—	$	—	$	—	$	—	$	2,047	$	41,331

60

⁽¹⁾ During the three months ended September 30, 2021, Incipio, LLC (“Incipio”) underwent a restructuring whereby substantially all of the assets of Incipio were acquired by a new entity, Vinci Brands LLC (“Vinci”). The senior lenders at Incipio, including the Company, were part of the new financing at Vinci. The Company’s investments in Vinci are not categorized as affiliate company investments as the Company does not have an equity interest in Vinci. For the purpose of this schedule, transfers out represents the fair value at June 30, 2021.

61

	For the nine months ended September 30,
	2022						2021
	Interest		Dividend				Interest		Dividend
Portfolio Company	Income		Income		Fee Income		Income		Income		Fee Income
Non-controlled affiliate company investments:
American Community Homes, Inc.	$	878	$	—	$	—	$	846	$	—	$	—
American Community Homes, Inc.		575		—		—		553		—		—
American Community Homes, Inc.		n/a		n/a		n/a		13		—		—
American Community Homes, Inc.		53		—		—		51		—		—
American Community Homes, Inc.		n/a		n/a		n/a		5		—		—
American Community Homes, Inc.		196		—		—		188		—		—
American Community Homes, Inc.		362		—		—		349		—		—
American Community Homes, Inc.		2		—		—		27		—		—
American Community Homes, Inc.		8		—		—		9		—		—
American Community Homes, Inc. (Revolver)		19		—		—		—		—		—
American Community Homes, Inc. (Warrant)		—		—		—		—		—		—
		2,093		—		—		2,041		—		—
Ascent Midco, LLC		359		—		—		359		—		—
Ascent Midco, LLC (Delayed Draw)		n/a		n/a		n/a		9		—		—
Ascent Midco, LLC (Revolver)		3		—		—		3		—		—
Ascent Midco, LLC (Class A units)		—		141		—		—		130		—
		362		141		—		371		130		—
Curion Holdings, LLC		1,766		—		—		—		—		—
Curion Holdings, LLC (Revolver)		294		—		—		—		—		—
Curion Holdings, LLC (Junior secured loan)		—		—		—		—		—		—
Curion Holdings, LLC (Junior secured loan)		—		—		—		—		—		—
Curion Holdings, LLC (Common stock)		—		—		—		—		—		—
		2,060		—		—		—		—		—
Familia Dental Group Holdings, LLC (Class A units)		—		—		—		—		—		—
		—		—		—		—		—		—
HFZ Capital Group, LLC		1,430		—		—		1,406		—		—
HFZ Capital Group, LLC		514		—		—		505		—		—
MC Asset Management (Corporate), LLC		940		—		—		731		—		—
MC Asset Management (Corporate), LLC (Delayed Draw)		111		—		—		56		—		—
MC Asset Management (Corporate), LLC (LLC interest)		—		—		—		—		—		—
MC Asset Management (Industrial), LLC		n/a		n/a		n/a		2,113		—		—
		2,995		—		—		4,811		—		—
Incipio, LLC		n/a		n/a		n/a		—		—		—
Incipio, LLC		n/a		n/a		n/a		—		—		—
Incipio, LLC		n/a		n/a		n/a		—		—		—
Incipio, LLC		n/a		n/a		n/a		—		—		—
Incipio, LLC		n/a		n/a		n/a		—		—		—
Incipio, LLC (Delayed Draw)		n/a		n/a		n/a		—		—		—
Incipio, LLC (Junior secured loan)		n/a		n/a		n/a		—		—		—
Incipio, LLC (Junior secured loan)		n/a		n/a		n/a		—		—		—
Incipio, LLC (Common units)		n/a		n/a		n/a		—		—		—
		n/a		n/a		n/a		—		—		—
Luxury Optical Holdings Co.		n/a		n/a		n/a		135		—		—
Luxury Optical Holdings Co. (Delayed Draw)		n/a		n/a		n/a		74		—		—
Luxury Optical Holdings Co. (Revolver)		n/a		n/a		n/a		6		—		—
Luxury Optical Holdings Co. (Preferred units)		n/a		n/a		n/a		694		654		—
Luxury Optical Holdings Co. (Common stock)		n/a		n/a		n/a		—		—		—
		n/a		n/a		n/a		909		654		—
Mnine Holdings, Inc.		567		—		—		1,019		—		—
Mnine Holdings, Inc. (Revolver)		2		—		—		n/a		n/a		n/a
Mnine Holdings, Inc. (Class B units)		—		—		—		—		—		—
		569		—		—		1,019		—		—
NECB Collections, LLC (Revolver)		—		—		—		—		—		—
NECB Collections, LLC (LLC units)		—		—		—		—		—		—
		—		—		—		—		—		—
Second Avenue SFR Holdings II LLC (Delayed Draw)		n/a		n/a		n/a		8		—		—
Second Avenue SFR Holdings II LLC (Revolver)		182		—		—		5		—		—
		182		—		—		13		—		—
SFR Holdco, LLC (Junior secured loan)		351		—		—		—		—		—
SFR Holdco, LLC (LLC interest)		—		—		—		—		—		—
		351		—		—		—		—		—
SHI Holdings, Inc.		n/a		n/a		n/a		—		—		—
SHI Holdings, Inc. (Revolver)		n/a		n/a		n/a		—		—		—
SHI Holdings, Inc. (Common stock)		n/a		n/a		n/a		—		—		—
		n/a		n/a		n/a		—		—		—
Summit Container Corporation		n/a		n/a		n/a		57		—		—
Summit Container Corporation (Revolver)		n/a		n/a		n/a		35		—		—
Summit Container Corporation (Warrant)		n/a		n/a		n/a		—		—		—
		n/a		n/a		n/a		92		—		—
TJ Management HoldCo, LLC (Revolver)		9		—		—		9		—		—
TJ Management HoldCo, LLC (Common stock)		—		—		—		—		—		—
		9		—		—		9		—		—
Total non-controlled affiliate company investments	$	8,621	$	141	$	—	$	9,265	$	784	$	—
Controlled affiliate company investments:
MRCC Senior Loan Fund I, LLC	$	—	$	2,700	$	—	$	—	$	3,300	$	—
		—		2,700		—		—		3,300		—
Total controlled affiliate company investments	$	—	$	2,700	$	—	$	—	$	3,300	$	—

62

Note 6. Transactions with Related Parties

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

The base management fee is calculated initially at an annual rate equal to 1.75% of average invested assets (calculated as total assets excluding cash, which includes assets financed using leverage); provided, however, the base management fee is calculated at an annual rate equal to 1.00% of the Company’s average invested assets (calculated as total assets excluding cash, which includes assets financed using leverage) that exceeds the product of (i) 200% and (ii) the Company’s average net assets. For the avoidance of doubt, the 200% is calculated in accordance with the asset coverage limitation as defined in the 1940 Act to give effect to the Company’s exemptive relief with respect to MRCC SBIC’s SBA debentures during the period they were outstanding. This has the effect of reducing the Company’s base management fee rate on assets in excess of regulatory leverage of 1:1 debt to equity to 1.00% per annum. The base management fee is payable quarterly in arrears.

Base management fees for the three and nine months ended September 30, 2022 were $2,222 and $6,834, respectively. Base management fees for the three and nine months ended September 30, 2021 were $2,399 and $7,060, respectively. MC Advisors elected to voluntarily waive zero and $55 of such base management fees for the three and nine months ended September 30, 2022, respectively. MC Advisors did not voluntarily waive any of such base management fees for the three and nine months ended September 30, 2021.

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

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

	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Part one incentive fees (1)	$	1,565	$	1,578	$	2,747	$	2,828
Part two incentive fees (2)		—		—		—		—
Incentive Fee Limitation		—		—		—		—
Incentive fees, excluding the impact of the incentive fee waiver		1,565		1,578		2,747		2,828
Incentive fee waiver (3)		—		—		(525)		(1,057)
Total incentive fees, net of incentive fee waiver	$	1,565	$	1,578	$	2,222	$	1,771

(1) Based on pre-incentive fee net investment income.

(2) Based upon net realized and unrealized gains and losses, or capital gains. The Company accrues, but does not pay, a capital gains incentive fee in connection with any unrealized capital appreciation, as appropriate. If, on a cumulative basis, the sum of net realized gain (loss) plus net unrealized gain (loss) decreases during a period, the Company will reverse any excess capital gains incentive fee previously accrued such that the amount of capital gains incentive fee accrued is no more than 20% of the sum of net realized gain (loss) plus net unrealized gain (loss).

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(3) Represents part one incentive fees waived by MC Advisors.

The Company has entered into an administration agreement with MC Management (the “Administration Agreement”), 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 nine months ended September 30, 2022, the Company incurred $703 and $2,370, 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 $275 and $908, respectively, was related to MC Management overhead and salary allocation and paid directly to MC Management. For the three and nine months ended September 30, 2021, the Company incurred $895 and $2,583, 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 $327 and $1,020, respectively, was related to MC Management overhead and salary allocation and paid directly to MC Management. As of September 30, 2022 and December 31, 2021, $275 and $337, 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 September 30, 2022 and December 31, 2021, the Company had accounts payable to members of the Board of $35 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. The Company has been granted exemptive relief from the SEC for permission to exclude the debt of MRCC SBIC guaranteed by the SBA prior to its dissolution from the asset coverage test under the 1940 Act. As of September 30, 2022 and December 31, 2021, the Company’s asset coverage ratio based on aggregate borrowings outstanding was 175% and 189%, respectively.

Revolving Credit Facility: The Company has a $255,000 revolving credit facility with ING Capital LLC, as agent. The revolving credit facility has an accordion feature which permits the Company, under certain circumstances to increase the size of the facility up to $400,000 (subject to maintaining 150% asset coverage, as defined by the 1940 Act). The revolving credit facility is secured by a lien on all of the Company’s assets, including cash on hand, but excluding the assets of the Company’s wholly-owned subsidiary, MRCC SBIC, prior to its dissolution. The Company may make draws under the revolving credit facility to make or purchase additional investments through March 1, 2023 and for general working capital purposes until March 1, 2024, the maturity date of the revolving credit facility.

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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 facility. The revolving credit facility contains certain financial and restrictive covenants, including, but not limited to, the Company’s maintenance of: (1) minimum consolidated total net assets at least equal to $150,000 plus 65% of the net proceeds to the Company from sales of its equity securities after March 1, 2019; (2) a ratio of total assets (less total liabilities other than indebtedness) to total indebtedness of not less than 1.5 to 1; and (3) a senior debt coverage ratio of at least 2 to 1. The revolving credit facility also requires the Company to undertake customary indemnification obligations with respect to ING Capital LLC and other members of the lending group and to reimburse the lenders for expenses associated with entering into the credit facility. The revolving credit facility also has customary provisions regarding events of default, including events of default for nonpayment, change in control transactions at both Monroe Capital Corporation and MC Advisors, failure to comply with financial and negative covenants, and failure to maintain 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 Company’s revolving credit facility also imposes certain conditions that may limit the amount of the Company’s distributions to stockholders. Distributions payable in the Company’s common stock under the DRIP are not limited by the revolving credit facility. Distributions in cash or property other than common stock are generally limited to 115% of the amount of distributions required to maintain the Company’s status as a RIC.

As of September 30, 2022, the Company had U.S. dollar borrowings of $171,200. As of December 31, 2021, the Company had U.S. dollar borrowings of $146,400 and non-U.S. dollar borrowings denominated in Great Britain pounds of £3,433 ($4,645 in U.S. dollars) under the revolving credit facility. Any borrowings denominated in a foreign currency may be positively or negatively affected by movements in the rate of exchange between the U.S. dollar and the respective foreign currency. These movements are beyond the control of the Company and cannot be predicted. Borrowings denominated in a foreign currency are translated into U.S. dollars based on the spot rate at each balance sheet date. The impact resulting from changes in foreign currency borrowings is included in net change in unrealized gain (loss) on foreign currency and other transactions on the Company’s consolidated statements of operations and totaled zero and $157 for the three and nine months ended September 30, 2022, and $939 and $680 for the three and nine months ended September 30, 2021, respectively. During the nine months ended September 30, 2022, the Company repaid borrowings denominated in Great Britain pounds of £3,433. As a result of this repayment, the Company recognized a realized gain (loss) on foreign currency and other transactions on the Company’s consolidated statements of operations of ($11) for the nine months ended September 30, 2022. During both the three and nine months ended September 30, 2021, the Company repaid borrowings denominated in Great Britain pounds of £12,667. As a result of this repayment, the Company recognized a realized gain (loss) on foreign currency and other transactions on the Company’s consolidated statements of operations of ($866) for both the three and nine months ended September 30, 2021.

Borrowings under the revolving credit facility bear interest, at the Company’s election, at an annual rate of LIBOR (one-month, three-month or six-month at the Company’s discretion based on the term of the borrowing) plus 2.625% or at a daily rate equal to 1.625% per annum plus the greater of the prime interest rate, the federal funds rate plus 0.5% or LIBOR plus 1.0%, with a LIBOR floor of 0.5%. In addition to the stated interest rate on borrowings under the revolving credit facility, the Company is required to pay a commitment fee and certain conditional fees based on usage of the expanded borrowing base and usage of the asset coverage ratio flexibility. A commitment fee of 0.5% per annum on any unused portion of the revolving credit facility if the unused portion of the facility is less than 35% of the then available maximum borrowing or a commitment fee of 1.0% per annum on any unused portion of the revolving credit facility if the unused portion of the facility is greater than or equal to 35% of the then available maximum borrowing. As of September 30, 2022 and December 31, 2021, the outstanding borrowings were accruing at a weighted average interest rate of 5.7% and 3.1%, respectively.

2026 Notes: As of both September 30, 2022 and December 31, 2021, the Company had $130,000 in aggregate principal amount of senior unsecured notes outstanding that mature on February 15, 2026. The 2026 Notes bear interest at an annual rate of 4.75% payable semi-annually on February 15 and August 15. The Company may redeem the 2026 Notes in whole or in part at any time or from time to time at the Company’s option at par plus a “make-whole” premium, if applicable. The 2026 Notes are general, unsecured obligations and rank equal in right of payment with all of the Company’s existing and future unsecured indebtedness.

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SBA Debentures: On March 1, 2022, MRCC SBIC fully repaid its outstanding debentures utilizing a borrowing on the revolving credit facility and the restricted cash at MRCC SBIC. This repayment was accounted for as a debt extinguishment in accordance with ASC Subtopic 470-50, Debt – Modifications and Extinguishments (“ASC 470-50”), which resulted in a realized loss of $1,039 (primarily comprised of the unamortized deferred financing costs at the time of the repayment) recorded in net gain (loss) on extinguishment of debt on the Company’s consolidated statements of operations. MRCC SBIC received approval from the SBA to surrender its SBIC license and on March 31, 2022, MRCC SBIC was dissolved.

As of September 30, 2022 and December 31, 2021, MRCC SBIC had zero and $57,624, respectively, in leverageable capital and the following SBA debentures outstanding:

Maturity Date	Interest Rate			September 30, 2022		December 31, 2021
September 2024		3.4	%	$	—	$	2,920
March 2025		3.3	%		—		14,800
March 2025		2.9	%		—		7,080
September 2027		3.2	%		—		32,100
Total				$	—	$	56,900

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

	Three months ended
	September 30,
	2022			2021
Interest expense - revolving credit facility	$	2,186		$	1,209
Interest expense - 2023 Notes		—			—
Interest expense - 2026 Notes		1,555			1,544
Interest expense - SBA debentures		—			632
Amortization of deferred financing costs		522			539
Total interest and other debt financing expenses	$	4,263		$	3,924
Average debt outstanding	$	292,879		$	329,542
Average stated interest rate		5.0	%		4.0	%

	Nine months ended September 30,
	2022			2021
Interest expense - revolving credit facility	$	5,391		$	3,265
Interest expense - 2023 Notes		—			837
Interest expense - 2026 Notes		4,665			4,220
Interest expense - SBA debentures		292			2,220
Amortization of deferred financing costs		1,613			1,677
Total interest and other debt financing expenses	$	11,961		$	12,219
Average debt outstanding	$	315,166		$	332,028
Average stated interest rate		4.3	%		4.2	%

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 interest cash flows from the Company’s investments denominated in foreign currencies. As of September 30, 2022 and December 31, 2021, the counterparty to these foreign currency forward contracts was Bannockburn Global Forex, LLC. Net unrealized gain or loss on foreign currency forward contracts are included in net change in unrealized gain (loss) on foreign currency forward contracts and net realized gain or loss on forward currency forward contracts are included in net realized gain (loss) on foreign currency forward contracts on the accompanying consolidated statements of operations.

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

	As of September 30, 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	AUD	152	10/19/2022	$	20	$	—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	136	11/16/2022		18		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	142	12/16/2022		19		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	153	1/18/2023		20		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	140	2/16/2023		18		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	132	3/16/2023		18		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	160	4/20/2023		21		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	121	5/16/2023		16		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	156	6/19/2023		21		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	138	7/18/2023		18		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	146	8/16/2023		19		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	146	9/18/2023		19		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	148	10/18/2023		19		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	140	11/16/2023		18		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	142	12/18/2023		18		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	150	1/17/2024		19		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	143	2/16/2024		18		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	15,410	3/18/2024		1,965		—	Unrealized gain on foreign currency forward contracts
				$	2,284	$	—

	As of December 31, 2021
				Gross		Gross
	Notional			Amount of		Amount of
	Amount to be		Settlement	Unrealized		Unrealized
Description	Sold		Date	Gain		Loss		Balance Sheet location of Net Amounts
Foreign currency forward contract	£	82	1/3/2022	$	—	$	(10)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	£	79	4/4/2022		—		(10)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	£	29	5/6/2022		—		(3)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	156	1/19/2022		8		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	136	2/16/2022		7		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	132	3/16/2022		6		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	146	4/19/2022		7		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	138	5/17/2022		7		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	153	6/17/2022		7		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	138	7/18/2022		7		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	140	8/16/2022		7		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	153	9/16/2022		7		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	152	10/19/2022		7		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	136	11/16/2022		6		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	142	12/16/2022		7		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	153	1/18/2023		7		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	140	2/16/2023		6		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	132	3/16/2023		6		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	160	4/20/2023		7		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	121	5/16/2023		5		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	156	6/19/2023		7		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	138	7/18/2023		6		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	146	8/16/2023		6		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	146	9/18/2023		6		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	148	10/18/2023		6		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	140	11/16/2023		6		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	142	12/18/2023		6		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	150	1/17/2024		6		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	143	2/16/2024		6		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	15,410	3/18/2024		635		—	Unrealized gain on foreign currency forward contracts
				$	804	$	(23)

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For the three and nine months ended September 30, 2022, the Company recognized net change in unrealized gain (loss) on foreign currency forward contracts of $863 and $1,503, respectively. For the three and nine months ended September 30, 2022, the Company recognized net realized gain (loss) on foreign currency forward contracts of $38 and $69, respectively.

For the three and nine months ended September 30, 2021, the Company recognized net change in unrealized gain (loss) on foreign currency forward contracts of $530 and $976, respectively. For the three and nine months ended September 30, 2021, the Company recognized net realized gain (loss) on foreign currency forward contracts of $20 and ($55), respectively.

Note 9. Distributions

The Company’s distributions are recorded on the record date. The following table summarizes distributions declared during the nine months ended September 30, 2022 and 2021:

												DRIP Shares
					Amount				DRIP	DRIP		Repurchased	Cost of
Date	Record		Payment		Per		Cash		Shares	Shares		in the Open	DRIP Shares
Declared	Date		Date		Share		Distribution		Issued	Value		Market	Repurchased
Nine months ended September 30, 2022:
March 2, 2022		March 16, 2022		March 31, 2022	$	0.25	$	5,417	—	$	—	25,229	$	276
June 1, 2022		June 15, 2022		June 30, 2022		0.25		5,416	—		—	29,655		280
September 1, 2022		September 15, 2022		September 30, 2022		0.25		5,416	—		—	20,789		164
Total distributions declared					$	0.75	$	16,249	—	$	—	75,673	$	720
Nine months ended September 30, 2021:
March 2, 2021		March 16, 2021		March 31, 2021	$	0.25	$	5,326	—	$	—	35,611	$	364
June 2, 2021		June 16, 2021		June 30, 2021		0.25		5,386	—		—	31,277		343
September 2, 2021		September 16, 2021		September 30, 2021		0.25		5,386	—		—	35,623		369
Total distributions declared					$	0.75	$	16,098	—	$	—	102,511	$	1,076

Note 10. Stock Issuances and Repurchases

Stock Issuances: On May 12, 2017, the Company entered into at-the-market (“ATM”) equity distribution agreements with each of JMP Securities LLC (“JMP”) and FBR Capital Markets & Co. (“FBR”) (the “ATM Program”) through which the Company could sell, by means of ATM offerings, from time to time, up to $50,000 of the Company’s common stock. On May 8, 2020, the Company entered into an amendment to the ATM Program to extend its term. All other material terms of the ATM Program remain unchanged. There were no stock issuances through the ATM Program during the nine months ended September 30, 2022. During the nine months ended September 30, 2021, the Company sold 240,000 shares at an average price of $11.43 per share for gross proceeds of $2,743 under the ATM program. Aggregate underwriter’s discounts and commissions were $41 and offering costs were $12, resulting in net proceeds of approximately $2,690.

Note 11. Commitments and Contingencies

Commitments: As of September 30, 2022 and December 31, 2021, the Company had $65,468 and $55,483, respectively, in outstanding commitments to fund investments under undrawn revolvers, delayed draw commitments and subscription agreements, excluding unfunded commitments in SLF. As described in Note 3, the Company had unfunded commitments of $7,350 and $7,850, to SLF as of September 30, 2022 and December 31, 2021, respectively, that may be contributed primarily for the purpose of funding new investments approved by the SLF investment committee. Drawdowns of the commitments to SLF require authorization from one of the Company’s representatives on SLF’s board of managers. Management believes that the Company’s available cash balances and/or ability to draw on the revolving credit facility provide sufficient funds to cover its unfunded commitments as of September 30, 2022.

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

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Concentration of credit and counterparty risk: Credit risk arises primarily from the potential inability of counterparties to perform in accordance with the terms of the contract. In the event that the counterparties do not fulfill their obligations, the Company may be exposed to risk. The risk of default depends on the creditworthiness of the counterparties or issuers of the instruments. It is the Company’s policy to review, as necessary, the credit standing of each counterparty.

Market risk: The Company’s investments and borrowings are subject to market risk. Market risk is the potential for changes in the value due to market changes. Market risk is directly impacted by the volatility and liquidity in the markets in which the investments and borrowings are traded.

Legal proceedings: In the normal course of business, the Company may be subject to legal and regulatory proceedings that are generally incidental to its ongoing operations. While there can be no assurance of the ultimate disposition of any such proceedings, the Company is not currently aware of any such proceedings or disposition that would have a material adverse effect on the Company’s consolidated financial statements.

Note 12. Financial Highlights

The following is a schedule of financial highlights for the nine months ended September 30, 2022 and 2021:

	September 30, 2022			September 30, 2021
Per share data:
Net asset value at beginning of period	$	11.51		$	11.00
Net investment income (1)		0.77			0.78
Net gain (loss) (1)		(1.10)			0.42
Net increase (decrease) in net assets resulting from operations (1)		(0.33)			1.20
Stockholder distributions - income (2)		(0.75)			(0.75)
Net asset value at end of period	$	10.43		$	11.45
Net assets at end of period	$	225,956		$	246,650
Shares outstanding at end of period		21,666,340			21,543,540
Per share market value at end of period	$	7.24		$	10.39
Total return based on market value (3)		(30.10)	%		38.85	%
Total return based on average net asset value (4)		(3.05)	%		10.65	%
Ratio/Supplemental data:
Ratio of net investment income to average net assets (5)		9.67	%		9.58	%
Ratio of total expenses, net of base management fee and incentive fee waivers, to average net assets (5) (6)		13.58	%		13.09	%
Portfolio turnover (7)		17.53	%		33.79	%

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

(2) Management monitors available taxable earnings, including net investment income and realized capital gains, to determine if a tax return of capital may occur for the year. To the extent the Company’s taxable earnings fall below the total amount of the Company’s distributions for that fiscal year, a portion of those distributions may be deemed a tax return of capital to the Company’s stockholders. The tax character of distributions will be determined at the end of the fiscal year. However, if the character of such distributions were determined as of September 30, 2022 and 2021, none of the distributions would have been characterized as a tax return of capital to the Company’s stockholders; this tax return of capital may differ from the return of capital calculated with reference to net investment income for financial reporting purposes.

(3) Total return based on market value is calculated assuming a purchase of common shares at the market value on the first day and a sale at the market value on the last day of the periods reported. Distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Company’s DRIP. Total return based on market value does not reflect brokerage commissions. Return calculations are not annualized.

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

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

(6) The following is a schedule of supplemental ratios for the nine months ended September 30, 2022 and 2021. These ratios have been annualized unless otherwise noted.

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	September 30, 2022		September 30, 2021
Ratio of total investment income to average net assets	23.25	%	22.68	%
Ratio of interest and other debt financing expenses to average net assets	6.72	%	6.79	%
Ratio of total expenses (without base management fee waivers and incentive fees) to average net assets	12.67	%	12.35	%
Ratio of incentive fees, net of incentive fee waivers, to average net assets (7) (8)	0.93	%	0.74	%

(7) Ratios are not annualized.

(8) The ratio of waived incentive fees to average net assets was 0.22% and 0.44% for the nine months ended September 30, 2022 and 2021, respectively.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Except as otherwise specified, references to “we,” “us” and “our” refer to Monroe Capital Corporation and its consolidated subsidiaries; MC Advisors refers to Monroe Capital BDC Advisors, LLC, our investment adviser and a Delaware limited liability company; MC Management refers to Monroe Capital Management Advisors, LLC, our administrator and a Delaware limited liability company; Monroe Capital refers to Monroe Capital LLC, a Delaware limited liability company, and its subsidiaries and affiliates; and SLF refers to MRCC Senior Loan Fund I, LLC, an unconsolidated Delaware limited liability company, in which we co-invest with Life Insurance Company of the Southwest (“LSW”) primarily in senior secured loans. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes appearing in our annual report on Form 10-K (the “Annual Report”) for the year ended December 31, 2021, filed with the U.S. Securities and Exchange Commission (“SEC”) on March 3, 2022. The information contained in this section should also be read in conjunction with our unaudited consolidated financial statements and related notes and other financial information appearing elsewhere in this quarterly report on Form 10-Q (the “Quarterly Report”).

FORWARD-LOOKING STATEMENTS

This Quarterly Report, including Management’s Discussion and Analysis of Financial Condition and Results of Operations, contains statements that constitute forward-looking statements, which relate to future events or our future performance or future financial condition. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about our company, our industry, our beliefs and our assumptions. The forward-looking statements contained in this Quarterly Report involve risks and uncertainties, including statements as to:

● our future operating results;

● our business prospects and the prospects of our portfolio companies;

● the dependence of our future success on the general economy and its impact on the industries in which we invest;

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

● the impact of the Russian invasion of Ukraine on our portfolio companies and the global economy 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”) 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;

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● the adequacy of our financing sources and working capital;

● the timing of cash flows, if any, from the operations of our portfolio companies;

● the ability of MC Advisors to locate suitable investments for us and to monitor and administer our investments;

● the ability of MC Advisors or its affiliates to attract and retain highly talented professionals;

● our ability to qualify and maintain our qualification as a regulated investment company and as a business development company; and

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

We use words such as “anticipates,” “believes,” “expects,” “intends,” “seeks,” “plans,” “estimates,” “targets” and similar expressions to identify forward-looking statements. The forward-looking statements contained in this Quarterly Report involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth in “Part I-Item 1A. Risk Factors” in our Annual Report and “Part II-Item 1A. Risk Factors” in this Quarterly Report.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. Important assumptions include our ability to originate new loans and investments, certain margins and levels of profitability and the availability of additional capital. In light of these and other uncertainties, the inclusion of a projection or forward-looking statements in this Quarterly Report should not be regarded as a representation by us that our plans and objectives will be achieved.

We have based the forward-looking statements included in this Quarterly Report on information available to us on the date of this Quarterly Report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements in this Quarterly Report, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we may file in the future with the SEC, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

Overview

Monroe Capital 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 subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). We are a specialty finance company focused on providing financing solutions primarily to lower middle-market companies in the United States and Canada. We provide customized financing solutions focused primarily on senior secured, junior secured and unitranche secured (a combination of senior secured and junior secured debt in the same facility in which we syndicate a “first out” portion of the loan to an investor and retain a “last out” portion of the loan) debt and, to a lesser extent, unsecured subordinated debt and equity, including equity co-investments in preferred and common stock, and warrants.

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

Our investment objective is to maximize the total return to our stockholders in the form of current income and capital appreciation through investment in senior secured, unitranche secured and junior secured debt and, to a lesser extent, unsecured subordinated debt and equity investments. We seek to use our extensive leveraged finance origination infrastructure and broad expertise in sourcing loans to invest in primarily senior secured, unitranche secured and junior secured debt of middle-market companies. Our investments will generally range between $2.0 million and $25.0 million each, although this investment size may vary proportionately with the size of our capital base. As of September 30, 2022, our portfolio included approximately 79.2% senior secured loans, 4.1% unitranche secured loans, 4.2% junior secured loans and 12.5% equity securities, compared to December 31, 2021, when our portfolio included approximately 75.4% senior secured loans, 9.2% unitranche secured loans, 2.6% junior secured loans and 12.8% equity securities. We expect that the companies in which we invest may be leveraged, often as a result of leveraged

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buy-outs or other recapitalization transactions, and, in certain cases, will not be rated by national ratings agencies. If such companies were rated, we believe that they would typically receive a rating below investment grade (between BB and CCC under the Standard & Poor’s system) from the national rating agencies.

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

On February 28, 2014, our wholly-owned subsidiary, Monroe Capital Corporation SBIC, LP (“MRCC SBIC”), a Delaware limited partnership, received a license from the Small Business Administration (“SBA”) to operate as a Small Business Investment Company (“SBIC”) under Section 301(c) of the Small Business Investment Act of 1958. MRCC SBIC commenced operations on September 16, 2013. MRCC SBIC received approval from the SBA to surrender its SBIC license and on March 31, 2022, MRCC SBIC was dissolved. See “SBA Debentures” below for more information.

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 are 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 has been completed.

Dividend income on preferred equity securities is recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies. Each distribution received from limited liability company (“LLC”) and limited partnership (“LP”) investments is evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, we will not record distributions from equity investments in LLCs and LPs as dividend income unless there are sufficient accumulated tax-basis earnings and profits in the LLC or LP prior to the distribution. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment. The frequency and volume of the distributions on common equity securities and LLC and LP investments may fluctuate significantly from period to period.

Expenses

Our primary operating expenses include the payment of base management and incentive fees to MC Advisors, under the investment advisory and management agreement (the “Investment Advisory Agreement”), the payment of fees to MC Management for our allocable portion of overhead and other expenses under the administration agreement (the “Administration Agreement”) and other operating costs. See Note 6 to our consolidated financial statements and “Related Party Transactions” below for additional information on our Investment Advisory Agreement and Administration Agreement. Our expenses also include interest expense on our various forms of indebtedness. We bear all other out-of-pocket costs and expenses of our operations and transactions.

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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 September 30, 2022, we invested $15.2 million in five new portfolio companies and $36.2 million in 25 existing portfolio companies and had $73.0 million in aggregate amount of sales and principal repayments, resulting in net sales and repayments of $21.6 million for the period.

During the nine months ended September 30, 2022, we invested $35.4 million in 12 new portfolio companies and $58.9 million in 40 existing portfolio companies and had $128.7 million in aggregate amount of sales and principal repayments, resulting in net sales and repayments of $34.4 million for the period.

During the three months ended September 30, 2021, we invested $54.7 million in 11 new portfolio companies and $27.5 million in 17 existing portfolio companies and had $62.3 million in aggregate amount of sales and principal repayments, resulting in resulting in net investments of $19.9 million for the period.

During the nine months ended September 30, 2021, we invested $118.6 million in 27 new portfolio companies and $63.2 million in 26 existing portfolio companies and had $193.6 million in aggregate amount of sales and principal repayments, resulting in net sales and repayments of $11.8 million for the period.

The following table shows portfolio yield by security type:

	September 30, 2022				December 31, 2021
	Weighted Average		Weighted		Weighted Average		Weighted
	Annualized		Average		Annualized		Average
	Contractual		Annualized		Contractual		Annualized
	Coupon		Effective		Coupon		Effective
	Yield (1)		Yield (2)		Yield (1)		Yield (2)
Senior secured loans	10.6	%	10.6	%	8.5	%	8.5	%
Unitranche secured loans	4.2		4.7		5.1		5.4
Junior secured loans	10.8		10.8		10.1		10.1
Preferred equity securities	2.7		2.7		3.0		3.0
Total	9.9	%	9.9	%	7.9	%	8.0	%

(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 (excluding debt investments acquired for no cost in a restructuring on non-accrual status) and the cost basis of our preferred equity investments. We exclude loans acquired for no cost in a restructuring on non-accrual status within this metric as management believes this disclosure provides a better indication of return on invested capital. This exclusion impacts only the junior secured loans and total disclosed above. The weighted average contractual coupon yield including debt investments acquired for no cost in a restructuring on non-accrual status was 9.0% for junior secured loans and 7.9% in total as of December 31, 2021. As of September 30, 2022, there were no loans excluded from the weighted average contractual coupon yield.

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(2) The weighted average annualized effective yield on portfolio investments at period end is computed by dividing (a) interest income on our debt investments and preferred equity investments (with a stated coupon rate) at the period end effective rate for each investment by (b) the par value of our debt investments (excluding debt investments acquired for no cost in a restructuring on non-accrual status) and the cost basis of our preferred equity investments. We exclude loans acquired for no cost in a restructuring on non-accrual status within this metric as management believes this disclosure provides a better indication of return on invested capital. This exclusion impacts only the junior secured loans and total disclosed above. The weighted average effective yield including debt investments acquired for no cost in a restructuring on non-accrual status was 9.0% for junior secured loans and 7.9% in total as of December 31, 2021. As of September 30, 2022, there were no loans excluded from the weighted average effective yield. The weighted average annualized effective yield on portfolio investments is a metric on the investment portfolio alone and does not represent a return to stockholders. This metric is not inclusive of our fees and expenses, the impact of leverage on the portfolio or sales load that may be paid by stockholders.

The following table shows the composition of our investment portfolio (in thousands):

	September 30, 2022				December 31, 2021
Fair Value:
Senior secured loans	$	402,229	79.2	%	$	423,700	75.4	%
Unitranche secured loans		21,043	4.1			51,494	9.2
Junior secured loans		21,426	4.2			14,364	2.6
LLC equity interest in SLF		36,544	7.2			41,125	7.3
Equity securities		26,776	5.3			31,010	5.5
Total	$	508,018	100.0	%	$	561,693	100.0	%

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

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The following table shows our portfolio composition by industry (in thousands):

	September 30, 2022				December 31, 2021
Fair Value:
Aerospace & Defense	$	7,837	1.6	%	$	7,972	1.4	%
Automotive		13,262	2.6			21,556	3.8
Banking		19,083	3.8			6,712	1.2
Beverage, Food & Tobacco		12,872	2.5			19,133	3.4
Capital Equipment		18,871	3.7			12,839	2.3
Chemicals, Plastics & Rubber		4,387	0.9			10,163	1.8
Construction & Building		6,714	1.3			16,636	3.0
Consumer Goods: Durable		9,382	1.8			9,734	1.7
Consumer Goods: Non-Durable		3,502	0.7			8,460	1.5
Environmental Industries		6,769	1.3			17,693	3.2
FIRE: Finance		19,212	3.8			15,681	2.8
FIRE: Real Estate		80,480	15.9			76,698	13.6
Healthcare & Pharmaceuticals		47,732	9.4			53,179	9.5
High Tech Industries		52,211	10.3			54,085	9.6
Hotels, Gaming & Leisure		2,550	0.5			2,706	0.5
Investment Funds & Vehicles		36,544	7.2			41,125	7.3
Media: Advertising, Printing & Publishing		20,294	4.0			16,794	3.0
Media: Broadcasting & Subscription		2,642	0.5			2,477	0.5
Media: Diversified & Production		29,598	5.8			24,220	4.3
Retail		10,202	2.0			11,478	2.0
Services: Business		51,484	10.1			71,540	12.7
Services: Consumer		30,465	6.0			39,248	7.0
Telecommunications		7,497	1.5			5,988	1.1
Wholesale		14,428	2.8			15,576	2.8
Total	$	508,018	100.0	%	$	561,693	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 rating system is described as follows:

Investment Performance Risk Rating	Summary Description
Grade 1	Includes investments exhibiting the least amount of risk in our portfolio. The issuer is performing above expectations or the issuer’s operating trends and risk factors are generally positive.
Grade 2	Includes investments exhibiting an acceptable level of risk that is similar to the risk at the time of origination. The issuer is generally performing as expected or the risk factors are neutral to positive.
Grade 3	Includes investments performing below expectations and indicates that the investment’s risk has increased somewhat since origination. The issuer may be out of compliance with debt covenants; however, scheduled loan payments are generally not past due.
Grade 4	Includes an issuer performing materially below expectations and indicates that the issuer’s risk has increased materially since origination. In addition to the issuer being generally out of compliance with debt covenants, scheduled loan payments may be past due (but generally not more than six months past due).
Grade 5	Indicates that the issuer is performing substantially below expectations and the investment risk has substantially increased since origination. Most or all of the debt covenants are out of compliance or payments are substantially delinquent. Investments graded 5 are not anticipated to be repaid in full.

Our investment performance risk ratings do not constitute any rating of investments by a nationally recognized statistical rating organization or reflect or represent any third-party assessment of any of our investments.

In the event of a delinquency or a decision to rate an investment grade 4 or grade 5, the PMG, in consultation with the investment committee, will develop an action plan. Such a plan may require a meeting with the borrower’s management or the lender group to discuss reasons for the default and the steps management is undertaking to address the under-performance, as well as amendments and waivers that may be required. In the event of a dramatic deterioration of a credit, MC Advisors and the PMG will form a team or engage outside advisors to analyze, evaluate and take further steps to preserve our value in the credit. In this regard, we would expect to explore all options, including in a private equity sponsored investment, assuming certain responsibilities for the private equity sponsor or a formal sale of the business with oversight of the sale process by us. The PMG and the investment committee have extensive experience in running debt work-out transactions and bankruptcies.

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

	Investments at		Percentage of
Investment Performance Risk Rating	Fair Value		Total Investments
1	$	1,220	0.2	%
2		442,948	87.2
3		54,524	10.7
4		8,900	1.8
5		426	0.1
Total	$	508,018	100.0	%

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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 December 31, 2021 (in thousands):

	Investments at		Percentage of
Investment Performance Risk Rating	Fair Value		Total Investments
1	$	1,759	0.3	%
2		465,224	82.9
3		75,942	13.5
4		18,136	3.2
5		632	0.1
Total	$	561,693	100.0	%

As of September 30, 2022, we had four borrowers with loans or preferred equity securities on non-accrual status (BLST Operating Company, LLC (“BLST”), Education Corporation of America (“ECA”), NECB Collections, LLC (“NECB”) and Vinci Brands LLC), and these investments totaled $3.5 million of fair value, or 0.7% of our total investments at fair value at September 30, 2022. As of December 31, 2021, we had six borrowers with loans or preferred equity securities on non-accrual status (BLST, Curion Holdings, LLC (“Curion”), ECA, NECB, Toojay’s Management, LLC (“Toojay’s OldCo”) and Vinci Brands LLC (formerly Incipio, LLC)), and these investments totaled $14.7 million of fair value, or 2.6% of our total investments at fair value at December 31, 2021.

Results of Operations

Operating results were as follows (in thousands):

	Three months ended
	September 30,
	2022		2021
Total investment income	$	15,916	$	15,214
Total expenses, net of base management fee and incentive fee waivers		8,788		8,831
Net investment income before income taxes		7,128		6,383
Income taxes, including excise taxes		868		71
Net investment income		6,260		6,312
Net realized gain (loss) on investments		(1,667)		(9,435)
Net realized gain (loss) on extinguishment of debt		—		(336)
Net realized gain (loss) on foreign currency forward contracts		38		20
Net realized gain (loss) on foreign currency and other transactions		(1)		(880)
Net realized gain (loss)		(1,630)		(10,631)
Net change in unrealized gain (loss) on investments		(6,242)		10,092
Net change in unrealized gain (loss) on foreign currency forward contracts		863		530
Net change in unrealized gain (loss) on foreign currency and other transactions		—		936
Net change in unrealized gain (loss)		(5,379)		11,558
Net increase (decrease) in net assets resulting from operations	$	(749)	$	7,239

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	Nine months ended
	September 30,
	2022		2021
Total investment income	$	41,402	$	40,791
Total expenses, net of base management fee and incentive fee waivers		23,441		23,742
Net investment income before income taxes		17,961		17,049
Income taxes, including excise taxes		1,289		254
Net investment income		16,672		16,795
Net realized gain (loss) on investments		(1,750)		(8,718)
Net realized gain (loss) on extinguishment of debt		(1,039)		(3,110)
Net realized gain (loss) on foreign currency forward contracts		69		(55)
Net realized gain (loss) on foreign currency and other transactions		(38)		(894)
Net realized gain (loss)		(2,758)		(12,777)
Net change in unrealized gain (loss) on investments		(22,847)		19,980
Net change in unrealized gain (loss) on foreign currency forward contracts		1,503		976
Net change in unrealized gain (loss) on foreign currency and other transactions		164		650
Net change in unrealized gain (loss)		(21,180)		21,606
Net increase (decrease) in net assets resulting from operations	$	(7,266)	$	25,624

Investment Income

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

	Three months ended
	September 30,
	2022		2021
Interest income	$	12,491	$	9,444
PIK interest income		1,240		2,913
Dividend income (1)		1,051		1,957
Fee income		412		288
Prepayment gain (loss)		495		372
Accretion of discounts and amortization of premiums		227		240
Total investment income	$	15,916	$	15,214

	Nine months ended
	September 30,
	2022		2021
Interest income	$	30,602	$	26,905
PIK interest income		4,458		6,326
Dividend income (2)		3,108		4,368
Fee income		1,604		1,065
Prepayment gain (loss)		758		1,270
Accretion of discounts and amortization of premiums		872		857
Total investment income	$	41,402	$	40,791

(1) Includes PIK dividends of $124 and $921, respectively.

(2) Includes PIK dividends of $350 and $1,055, respectively.

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The increase in investment income of $0.7 million during the three months ended September 30, 2022, as compared to three months ended September 30, 2021, is primarily the result of an increase in interest income and fee income, partially offset by a decrease in dividend income. The increase in interest income was primarily as a result of increases in effective rates on the portfolio as a result of the rising interest rate environment. The three months ended September 30, 2022 included $2.0 million in previously unrecorded interest income associated with the repayment of our loan investment in Curion which had been on non-accrual status as proceeds were received in excess of the cost basis as a result of the successful sale of the portfolio company. The three months ended September 30, 2021 included $1.7 million in additional interest and dividend income as certain investments were returned to non-accrual status due to improvements in underlying credit performance. The increase in investment income of $0.6 million during the nine months ended September 30, 2022, as compared to nine months ended September 30, 2021, is primarily the result of an increase in interest income and fee income as a result of increases in effective rates on the portfolio, partially offset by a decrease in dividend income and prepayment gain (loss).

Operating Expenses

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

	Three months ended
	September 30,
	2022		2021
Interest and other debt financing expenses	$	4,263	$	3,924
Base management fees, net of base management fee waivers (1)		2,222		2,399
Incentive fees, net of incentive fee waivers (2)		1,565		1,578
Professional fees		212		264
Administrative service fees		275		327
General and administrative expenses		216		304
Directors’ fees		35		35
Total expenses, net of base management fee and incentive fee waivers	$	8,788	$	8,831

	Nine months ended
	September 30,
	2022		2021
Interest and other debt financing expenses	$	11,961	$	12,219
Base management fees, net of base management fee waivers (1)		6,779		7,060
Incentive fees, net of incentive fee waivers (2)		2,222		1,771
Professional fees		740		730
Administrative service fees		908		1,020
General and administrative expenses		722		833
Directors’ fees		109		109
Total expenses, net of base management fee and incentive fee waivers	$	23,441	$	23,742

(1) Base management fees for the three and nine months ended September 30, 2022 were $2,222 and $6,834, respectively, and MC Advisors elected to voluntarily waive zero and $55, respectively, of these base management fees. Base management fees for the three and nine months ended September 30, 2021 were $2,399 and $7,060, respectively, and MC Advisors did not waive any of these base management fees.

(2) During the three and nine months ended September 30, 2022, MC Advisors waived part one incentive fees (based on net investment income) of zero and $525, respectively. During the three and nine months ended September 30, 2021, MC Advisors waived part one incentive fees (based on net investment income) of zero and $1,057, respectively. Incentive fees during both the three and nine months ended September 30, 2022 and 2021 were not limited by the Incentive Fee Limitation. See Note 6 in our attached consolidated financial statements for additional information on the Incentive Fee Limitation.

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

	Three months ended
	September 30,
	2022			2021
Interest expense - revolving credit facility	$	2,186		$	1,209
Interest expense - 2023 Notes		—			—
Interest expense - 2026 Notes		1,555			1,544
Interest expense - SBA debentures		—			632
Amortization of deferred financing costs		522			539
Total interest and other debt financing expenses	$	4,263		$	3,924
Average debt outstanding	$	292,879		$	329,542
Average stated interest rate		5.0	%		4.0	%

	Nine months ended
	September 30,
	2022			2021
Interest expense - revolving credit facility	$	5,391		$	3,265
Interest expense - 2023 Notes		—			837
Interest expense - 2026 Notes		4,665			4,220
Interest expense - SBA debentures		292			2,220
Amortization of deferred financing costs		1,613			1,677
Total interest and other debt financing expenses	$	11,961		$	12,219
Average debt outstanding	$	315,166		$	332,028
Average stated interest rate		4.3	%		4.2	%

Total expenses remained relatively flat during the three months ended September 30, 2022, as compared to the three months ended September 30, 2021. Increases in interest expense on our revolving credit facility due to increases in SOFR were offset by decreases in administrative expenses and base management fees. The decrease in expenses of $0.3 million during the nine months ended September 30, 2022, as compared to the nine months ended September 30, 2021, is primarily the result of a decrease in base management fees and interest expense as a result of lower average debt outstanding, partially offset by an increase in incentive fees.

Income Taxes, Including Excise Taxes

We have elected to be treated as a RIC under Subchapter M of the Code and operate in a manner so as to qualify for the tax treatment available to RICs. To maintain qualification as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements and distribute to stockholders, for each taxable year, at least 90% of our “investment company taxable income,” which is generally our net ordinary income plus the excess, if any, of realized net short-term capital gains over realized net long-term capital losses.

Depending on the level of taxable income earned in a tax year, we may choose to carry forward such taxable income in excess of current year dividend distributions from such current year taxable income into the next year and pay a 4% excise tax on such income, as required. To the extent that we determine that our estimated current year annual taxable income may exceed estimated current year dividend distributions, we accrue excise tax, if any, on estimated excess taxable income as such taxable income is earned. For the three and nine months ended September 30, 2022, we recorded a net (benefit) expense on the consolidated statements of operations of ($0.1) million and $0.1 million for U.S. federal excise tax, respectively. For the three and nine months ended September 30, 2021, we recorded a net expense on the consolidated statements of operations of $0.1 million and $0.3 million, respectively, for U.S. federal excise tax.

Certain of our consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes. For the three and nine months ended September 30, 2022, we recorded a net tax expense of $0.9 million and $1.2 million on the consolidated statements of operations for these subsidiaries. For both the three and nine months ended September 30, 2021, we recorded a net tax expense of $3 thousand on the consolidated statements of operations for these subsidiaries.

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Net Realized Gain (Loss)

During the three months ended September 30, 2022 and 2021, we had sales or dispositions of investments resulting in ($1.7) million and ($9.4) million of net realized gain (loss) on investments, respectively. During the nine months ended September 30, 2022 and 2021, we had sales or dispositions of investments resulting in ($1.7) million and ($8.7) million of net realized gain (loss) on investments, respectively.

During the three and nine months ended September 30, 2022, we recognized a net loss on extinguishment of debt of zero and $1.0 million, respectively which was due to the repayment of our remaining $56.9 million of SBA debentures on March 1, 2022 (primarily comprised of the unamortized deferred financing costs at the time of repayment). During the three and nine months ended September 30, 2021, we recognized a net loss on the extinguishment of debt of $0.3 million and $3.1 million, respectively, which was due to our $109.0 million repayment of the 2023 Notes on February 18, 2021 and the repayment of $28.1 million of SBA debentures on March 1, 2021 and $30.0 million of SBA debentures on September 1, 2021.

We may enter into foreign currency forward contracts to reduce our exposure to foreign currency exchange rate fluctuations. During the three months ended September 30, 2022 and 2021, we had $38 thousand and $20 thousand of net realized gain (loss) on foreign currency forward contracts, respectively. During the nine months ended September 30, 2022 and 2021, we had $0.1 million and ($0.1) million of net realized gain (loss) on foreign currency forward contracts, respectively. During the three months ended September 30, 2022 and 2021, we had ($1) thousand and ($0.9) million of net realized gain (loss) on foreign currency and other transactions, respectively. During the nine months ended September 30, 2022 and 2021, we had ($38) thousand and ($0.9) million of net realized gain (loss) on foreign currency and other transactions, respectively.

Net Change in Unrealized Gain (Loss)

For the three months ended September 30, 2022 and 2021, our investments had ($6.2) million and $10.1 million of net change in unrealized gain (loss), respectively. The net change in unrealized gain (loss) includes both unrealized gain on investments in our portfolio with mark-to-market gains during the periods and unrealized loss on investments in our portfolio with mark-to-market losses during the periods.

During the three months ended September 30, 2022, the net change in unrealized loss on investments was primarily attributable to fundamental performance of a couple specific portfolio companies and our investment in SLF. The SLF’s underlying investments are loans to middle-market borrowers that are generally larger than the rest of our portfolio, which is focused on lower middle-market companies. These upper middle-market loans held within the SLF experienced higher volatility in valuation than the rest of the portfolio.

During the three months ended September 30, 2021, portfolio valuations remained relatively stable and the net change in unrealized gain (loss) was primarily comprised of the reversal of previously recognized unrealized losses on our investment in Worth Collection, Ltd. (“Worth”) as the loss on this investment was realized this period.

For the nine months ended September 30, 2022 and 2021, our investments had ($22.8) million and $20.0 million of net change in unrealized gain (loss), respectively. During the nine months ended September 30, 2022, the net change in unrealized loss on investments was primarily attributable to overall market volatility and spread widening in the loan market, including approximately $5.1 million of unrealized losses attributable to our investment in SLF. Additionally, approximately $15.6 million in net unrealized losses were attributable to portfolio companies that have underlying credit 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 September 30, 2022.

Excluding the $10.3 million reversal of previously recognized unrealized losses on our investment in Worth as the loss on this investment was realized this period, we estimate approximately $6.7 million of the net unrealized gain on investments during the nine months ended September 30, 2021 was attributable to broad market movements and tightening of credit spreads in the loan markets. Approximately $4.7 million of these net unrealized gains were attributable to investments held in the portfolio directly, while approximately $2.0 million of these gains were attributable to our investment in SLF. Additionally, $3.0 million in net unrealized gain on investments was attributable to portfolio companies that have underlying credit or fundamental performance concerns resulting in a risk rating of Grade 3, 4 or 5 on our investment performance risk rating scale.

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For the three months ended September 30, 2022 and 2021, our foreign currency forward contracts had $0.9 million and $0.5 million of net change in unrealized gain (loss), respectively. For the nine months ended September 30, 2022 and 2021, our foreign currency forward contracts had $1.5 million and $1.0 million of net change in unrealized gain (loss), respectively. For the three months ended September 30, 2022 and 2021, our foreign currency borrowings and cash denominated in foreign currencies had zero and $0.9 million of net change in unrealized gain (loss), respectively. For the nine months ended September 30, 2022 and 2021, our foreign currency borrowings and cash denominated in foreign currencies had $0.2 million and $0.7 million of net change in unrealized gain (loss), respectively.

Net Increase (Decrease) in Net Assets Resulting from Operations

For the three months ended September 30, 2022 and 2021, the net increase (decrease) in net assets resulting from operations was ($0.7) million and $7.2 million, respectively. Based on the weighted average shares of common stock outstanding for the three months ended September 30, 2022 and 2021, our per share net increase (decrease) in net assets resulting from operations was ($0.03) and $0.34, respectively.

For the nine months ended September 30, 2022 and 2021, the net increase (decrease) in net assets resulting from operations was ($7.3) million and $25.6 million, respectively. Based on the weighted average shares of common stock outstanding for the nine months ended September 30, 2022 and 2021, our per share net increase (decrease) in net assets resulting from operations was ($0.33) and $1.20, respectively.

The $7.9 million and $32.9 million decreases during the three and nine months ended September 30, 2022 as compared to the three and nine months ended September 30, 2021, respectively, is primarily the result of net unrealized mark-to-market losses on investments primarily due to market volatility and spread widening in the loan market and unrealized losses on 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 during the three and nine months ended September 30, 2022, as compared to the three and nine months ended September 30, 2021, where investments in the portfolio experienced net mark-to-market gains, primarily attributable to broad market movements and the tightening of credit spreads in the loan markets and unrealized gains on certain portfolio companies that had underlying credit or fundamental performance concerns resulting in a risk rating of Grade 3, 4 or 5 on our investment performance risk rating scale.

Liquidity and Capital Resources

As of September 30, 2022, we had $7.1 million in cash, $171.2 million of total debt outstanding on our revolving credit facility and $130.0 million in 2026 Notes. We had $83.8 million available for additional borrowings on our revolving credit facility, subject to borrowing base availability. See “Borrowings” below for additional information.

In accordance with the 1940 Act, we are permitted to borrow amounts such that our asset coverage ratio, as defined in the 1940 Act, is at least 150% after such borrowing. We were granted exemptive relief from the SEC for permission to exclude the debt of MRCC SBIC guaranteed by the SBA prior to its dissolution from the asset coverage test under the 1940 Act during the period the SBA debentures were outstanding. As of September 30, 2022 and December 31, 2021, our asset coverage ratio based on aggregate borrowings outstanding was 175% and 189%, respectively.

Cash Flows

For the nine months ended September 30, 2022 and 2021, we experienced a net increase (decrease) in cash and restricted cash of ($10.9) million and ($16.4) million, respectively. For the nine months ended September 30, 2022 and 2021, operating activities provided $42.0 million and $19.6 million, respectively, primarily as a result of principal repayments on and sales of portfolio investments and net investment income, partially offset by purchases of portfolio investments. During the nine months ended September 30, 2022, we used $52.9 million in financing activities, primarily as a result of repayments on our SBA debentures and distributions to stockholders, partially offset by net borrowings on our revolving credit facility. During the nine months ended September 30, 2021, we used $36.0 million in financing activities, primarily as a result of net repayments on our 2023 Notes and SBA debentures and distributions to stockholders, partially offset by net borrowings on our revolving credit facility and net proceeds from our 2026 Notes (net of deferred financing cost payments).

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Capital Resources

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

As a BDC, we are generally not permitted to issue and sell our common stock at a price below net asset value (“NAV”) per share. We may, however, sell our common stock, or warrants, options or rights to acquire our common stock, at a price below the then-current NAV per share of our common stock if our board of directors (“Board”), including our independent directors, determines that such sale is in the best interests of us and our stockholders, and if our stockholders have approved such sales. On June 8, 2022, our stockholders once again voted to allow us to sell or otherwise issue common stock at a price below net asset value per share for a period of one year, subject to certain limitations. As of both September 30, 2022 and December 31, 2021, we had 21,666,340 shares outstanding.

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

Stock Issuances: On May 12, 2017, we entered into at-the-market (“ATM”) equity distribution agreements with each of JMP Securities LLC (“JMP”) and FBR Capital Markets & Co. (“FBR”) (the “ATM Program”) through which we can sell, by means of ATM offerings, from time to time, up to $50.0 million of our common stock. On May 8, 2020, we entered into an amendment to the ATM Program to extend its term. All other material terms of the ATM Program remain unchanged. There were no stock issuances through the ATM Program during the nine months ended September 30, 2022. During the nine months ended September 30, 2021, we sold 240,000 shares at an average price of $11.43 per share for gross proceeds of $2.7 million under the ATM program. Aggregate underwriter’s discounts and commissions were $41 thousand and offering costs were $12 thousand, resulting in net proceeds of approximately $2.7 million.

Borrowings

Revolving Credit Facility: We have a $255.0 million revolving credit facility with ING Capital LLC, as agent. The revolving credit facility has an accordion feature which permits us, under certain circumstances to increase the size of the facility up to $400.0 million (subject to maintaining 150% asset coverage, as defined by the 1940 Act). The revolving credit facility is secured by a lien on all of our assets, including cash on hand, but excluding the assets of our wholly-owned subsidiary, MRCC SBIC, prior to its dissolution. We may make draws under the revolving credit facility to make or purchase additional investments through March 1, 2023 and for general working capital purposes until March 1, 2024, the maturity date of the revolving credit facility.

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 facility. The revolving credit facility contains certain financial and restrictive covenants, including, but not limited to, our maintenance of: (1) minimum consolidated total net assets at least equal to $150.0 million plus 65% of the net proceeds to us from sales of our equity securities after March 1, 2019; (2) a ratio of total assets (less total liabilities other than indebtedness) to total indebtedness of not less than 1.5 to 1; and (3) a senior debt coverage ratio of at least 2 to 1. The revolving credit facility also requires us to undertake customary indemnification obligations with respect to ING Capital LLC and other members of the lending group and to reimburse the lenders for expenses associated with entering into the credit facility. The revolving credit facility also has customary provisions regarding events of default, including events of default for nonpayment, change in control transactions at both Monroe Capital Corporation and MC Advisors, failure to comply with financial and negative covenants, and failure to maintain our relationship with MC Advisors. If we incur an event of default under the revolving credit facility and fail to remedy such default under any applicable grace period, if any, then the entire revolving credit facility could become immediately due and payable, which would materially and adversely affect our liquidity, financial condition, results of operations and cash flows.

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Our revolving credit facility also imposes certain conditions that may limit the amount of our distributions to stockholders. Distributions payable in our common stock under the 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.

As of September 30, 2022, we had U.S. dollar borrowings of $171.2 million. As of December 31, 2021, we had U.S. dollar borrowings of $146.4 million and non-U.S. dollar borrowings denominated in Great Britain pounds of £3.4 million ($4.6 million in U.S. dollars) under the revolving credit facility. Any borrowings denominated in a foreign currency may be positively or negatively affected by movements in the rate of exchange between the U.S. dollar and the respective foreign currency. These movements are beyond our control and cannot be predicted. Borrowings denominated in a foreign currency are translated into U.S. dollars based on the spot rate at each balance sheet date. The impact resulting from changes in foreign currency borrowings is included in net change in unrealized gain (loss) on foreign currency and other transactions on our consolidated statements of operations and totaled zero and $0.2 million for the three and nine months ended September 30, 2022, respectively, and $1.0 million and $0.7 million for the three and nine months ended September 30, 2021, respectively. During the nine months ended September 30, 2022, we repaid borrowings denominated in Great Britain pounds of £3.4 million. As a result of this repayment, we recognized a realized gain (loss) on foreign currency and other transactions on our consolidated statements of operations of ($11) thousand for the nine months ended September 30, 2022. During both the three and nine months ended September 30, 2021, we repaid borrowings denominated in Great Britain pounds of £12.7 million. As a result of this repayment, we recognized a realized gain (loss) on foreign currency and other transactions on our consolidated statements of operations of ($0.9) million for both the three and nine months ended September 30, 2021.

Borrowings under the revolving credit facility bear interest, at our election, at an annual rate of LIBOR (one-month, three-month or six-month at our discretion based on the term of the borrowing) plus 2.625% or at a daily rate equal to 1.625% per annum plus the greater of the prime interest rate, the federal funds rate plus 0.5% or LIBOR plus 1.0%, with a LIBOR floor of 0.5%. In addition to the stated interest rate on borrowings under the revolving credit facility, we are required to pay a commitment fee and certain conditional fees based on usage of the expanded borrowing base and usage of the asset coverage ratio flexibility. A commitment fee of 0.5% per annum on any unused portion of the revolving credit facility if the unused portion of the facility is less than 35% of the then available maximum borrowing or a commitment fee of 1.0% per annum on any unused portion of the revolving credit facility if the unused portion of the facility is greater than or equal to 35% of the then available maximum borrowing. As of September 30, 2022 and December 31, 2021, the outstanding borrowings were accruing at a weighted average interest rate of 5.7% and 3.1%, respectively.

2026 Notes: As of both September 30, 2022 and December 31, 2021, we had $130.0 million in aggregate principal amount of senior unsecured notes (the “2026 Notes”) outstanding that mature on February 15, 2026. The 2026 Notes bear interest at an annual rate of 4.75% payable semi-annually on February 15 and August 15. We may redeem the 2026 Notes in whole or in part at any time or from time to time at our option at par plus a “make-whole” premium, if applicable. The 2026 Notes are general, unsecured obligations and rank equal in right of payment with all of our existing and future unsecured indebtedness.

SBA Debentures: On March 1, 2022, MRCC SBIC fully repaid its outstanding SBA debentures utilizing a borrowing on our revolving credit facility and the restricted cash at MRCC SBIC. This repayment was accounted for as a debt extinguishment in accordance with ASC Subtopic 470-50, Debt – Modifications and Extinguishment (“ASC 470-50”), which resulted in a realized loss of $1.0 million (primarily comprised of the unamortized deferred financing costs at the time of the repayment) recorded in net gain (loss) on extinguishment of debt on our consolidated statements of operations. MRCC SBIC received approval from the SBA to surrender its SBIC license and on March 31, 2022, MRCC SBIC was dissolved.

As of September 30, 2022 and December 31, 2021, MRCC SBIC had zero and $57.6 million, respectively, in leverageable capital and the following SBA debentures outstanding (in thousands):

Maturity Date	Interest Rate			September 30, 2022		December 31, 2021
September 2024		3.4	%	$	—	$	2,920
March 2025		3.3	%		—		14,800
March 2025		2.9	%		—		7,080
September 2027		3.2	%		—		32,100
Total				$	—	$	56,900

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Distributions

Our Board will determine the timing and amount, if any, of our distributions. We intend to pay distributions on a quarterly basis. In order to avoid corporate-level tax on the income we distribute as a RIC, we must distribute to our stockholders at least 90% of our ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any, on an annual basis out of the assets legally available for such distributions. In addition, we also intend to distribute any realized net capital gains (i.e., realized net long-term capital gains in excess of realized net short-term capital losses) at least annually out of the assets legally available for such distributions. Distributions to stockholders for the three and nine months ended September 30, 2022, totaled $5.4 million ($0.25 per share) and $16.2 million ($0.75 per share), respectively. Distributions to stockholders for the three and nine months ended September 30, 2021, totaled $5.4 million ($0.25 per share) and $16.1 million ($0.75 per share), respectively. The tax character of such distributions is determined at the end of the fiscal year. However, if the character of such distributions were determined as of September 30, 2022 and 2021, no portion of these distributions would have been characterized as a tax return of capital to stockholders.

In October 2012, we adopted an “opt out” dividend reinvestment plan (“DRIP”) for our common stockholders. When we declare a distribution, our stockholders’ cash distributions will automatically be reinvested in additional shares of our common stock unless a stockholder specifically “opts out” of our DRIP. If a stockholder opts out, that stockholder will receive cash distributions. Although distributions paid in the form of additional shares of our common stock will generally be subject to U.S. federal, state and local taxes in the same manner as cash distributions, stockholders participating in our DRIP will not receive any corresponding cash distributions with which to pay any such applicable taxes.

MRCC Senior Loan Fund I, LLC

We co-invest with LSW in senior secured loans through SLF, an unconsolidated Delaware LLC. SLF is capitalized as underlying investment transactions are completed, taking into account available debt and equity commitments available for funding these investments. All portfolio and investment decisions in respect to SLF must be approved by the SLF investment committee, consisting of one representative of each of us and LSW. SLF may cease making new investments upon notification of either member but operations will continue until all investments have been sold or paid-off in the normal course of business. Investments held by SLF are measured at fair value using the same valuation methodologies as described below. Our investment is illiquid in nature as SLF does not allow for withdrawal from the LLC or the sale of a member’s interest unless approved by the board members of SLF. The full withdrawal of a member would result in an orderly wind-down of SLF.

SLF’s profits and losses are allocated to us and LSW in accordance with the respective ownership interests. As of both September 30, 2022 and December 31, 2021, we and LSW each owned 50.0% of the LLC equity interests of SLF. As of September 30, 2022, SLF had $100.0 million in equity commitments from its members (in the aggregate), of which $85.3 million was funded. As of December 31, 2021, SLF had $100.0 million in equity commitments from its members (in the aggregate), of which $84.3 million was funded.

As of both September 30, 2022 and December 31, 2021, we have committed to fund $50.0 million of LLC equity interest subscriptions to SLF. As of September 30, 2022, $42.7 million of our LLC equity interest subscriptions to SLF had been called and contributed, net of return of capital distributions subject to recall. As of December 31, 2021, $42.2 million of our LLC equity interest subscriptions to SLF had been called and contributed, net of return of capital distributions subject to recall.

For the three and nine months ended September 30, 2022, we received $0.9 million and $2.7 million of dividend income from our LLC equity interest in SLF, respectively. For the three and nine months ended September 30, 2021, we received $1.0 million and $3.3 million of dividend income from our LLC equity interest in SLF, respectively.

SLF has a senior secured revolving credit facility (as amended, the “SLF Credit Facility”) with Capital One, N.A., through its wholly-owned subsidiary MRCC Senior Loan Fund I Financing SPV, LLC (“SLF SPV”), The SLF Credit Facility allows SLF SPV to borrow up to $175.0 million, subject to leverage and borrowing base restrictions borrowings on the SLF Credit Facility bear interest at an annual rate of LIBOR (three-month) plus 2.10%.

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SLF does not pay any fees to MC Advisors or its affiliates; however, SLF has entered into an administration agreement with Monroe Capital Management Advisors, LLC (“MC Management”), pursuant to which certain loan servicing and administrative functions are delegated to MC Management. SLF may reimburse MC Management for its allocable share of overhead and other expenses incurred by MC Management. For the three and nine months ended September 30, 2022, SLF incurred $0.1 million and $0.2 million of allocable expenses, respectively. For the three and nine months ended September 30, 2021, SLF incurred $0.1 million and $0.2 million of allocable expenses, respectively. There are no agreements or understandings by which we guarantee any SLF obligations.

As of September 30, 2022 and December 31, 2021, SLF had total assets at fair value of $201.6 million and $194.6 million, respectively. As of September 30, 2022, SLF had two portfolio company investments on non-accrual status with a fair value of $2.5 million. As of December 31, 2021, SLF had one portfolio company investment on non-accrual status with a fair value of $1.1 million. The portfolio companies in SLF are in industries and geographies similar to those in which we may invest directly. Additionally, as of September 30, 2022 and December 31, 2021, SLF had $5.3 million and $2.1 million, respectively, in outstanding commitments to fund investments under undrawn revolvers and delayed draw commitments.

Below is a summary of SLF’s portfolio, followed by a listing of the individual investments in SLF’s portfolio as of September 30, 2022 and December 31, 2021:

	As of
	September 30, 2022		December 31, 2021
Senior secured loans (1)	207,366		193,062
Weighted average current interest rate on senior secured loans (2)	8.3	%	5.9	%
Number of portfolio company investments in SLF	62		57
Largest portfolio company investment (1)	6,668		6,720
Total of five largest portfolio company investments (1)	27,037		27,074

(1) Represents outstanding principal amount, excluding unfunded commitments. Principal amounts in thousands.

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

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MRCC SENIOR LOAN FUND I, LLC

CONSOLIDATED SCHEDULE OF INVESTMENTS

(unaudited)

September 30, 2022

(in thousands)

	Spread Above			Interest
Portfolio Company (a)	Index (b)			Rate (b)		Maturity	Principal		Fair Value
Non-Controlled/Non-Affiliate Company Investments
Senior Secured Loans
Aerospace & Defense
Bromford Industries Limited (c)	P+	5.25	%	11.50	%	11/5/2025		2,744	$	2,578
Bromford Industries Limited (c)	P+	5.25	%	11.50	%	11/5/2025		1,829		1,719
Trident Maritime Systems, Inc.	L+	5.00	%	8.67	%	2/26/2027		2,453		2,439
Trident Maritime Systems, Inc.	L+	5.00	%	8.67	%	2/26/2027		746		742
Trident Maritime Systems, Inc. (Revolver) (d)	L+	5.00	%	8.05	%	2/26/2027		319		122
								8,091		7,600
Automotive
Accelerate Auto Works Intermediate, LLC	L+	4.75	%	7.82	%	12/1/2027		1,395		1,395
Accelerate Auto Works Intermediate, LLC (Delayed Draw) (d)	L+	4.75	%	7.82	%	12/1/2027		388		—
Accelerate Auto Works Intermediate, LLC (Revolver) (d)	L+	4.75	%	7.82	%	12/1/2027		132		—
Truck-Lite Co., LLC	SF+	6.25	%	8.93	%	12/14/2026		1,696		1,697
Truck-Lite Co., LLC	SF+	6.25	%	8.93	%	12/14/2026		251		252
Truck-Lite Co., LLC	SF+	6.25	%	8.93	%	12/14/2026		43		43
Wheel Pros, Inc.	L+	4.50	%	7.55	%	5/11/2028		1,937		1,433
								5,842		4,820
Beverage, Food & Tobacco
CBC Restaurant Corp.		n/a		5.00	% PIK(e)	12/30/2022		1,066		828
SW Ingredients Holdings, LLC	L+	4.75	%	7.56	%	7/3/2025		3,591		3,587
								4,657		4,415
Capital Equipment
Analogic Corporation	L+	5.25	%	8.06	%	6/24/2024		4,715		4,494
DS Parent, Inc.	L+	5.75	%	9.92	%	12/8/2028		2,888		2,781
MacQueen Equipment, LLC	L+	5.25	%	8.92	%	1/7/2028		2,101		2,101
MacQueen Equipment, LLC (Delayed Draw) (d)	L+	5.25	%	8.92	%	1/7/2028		592		69
MacQueen Equipment, LLC (Revolver) (d)	L+	5.25	%	8.92	%	1/7/2028		296		89
								10,592		9,534
Chemicals, Plastics & Rubber
Phoenix Chemical Holding Company LLC (fka Polymer Solutions Group)	L+	7.00	%	10.12	%	1/3/2023		1,149		1,144
TJC Spartech Acquisition Corp.	L+	4.75	%	7.10	%	5/5/2028		4,264		4,126
								5,413		5,270
Construction & Building
The Cook & Boardman Group LLC	SF+	5.75	%	8.48	%	10/20/2025		2,887		2,710
								2,887		2,710
Consumer Goods: Durable
International Textile Group, Inc.	L+	5.00	%	7.28	%	5/1/2024		1,676		1,307
Runner Buyer INC.	L+	5.50	%	8.57	%	10/23/2028		2,985		2,040
								4,661		3,347
Consumer Goods: Non-Durable
PH Beauty Holdings III, INC.	L+	5.00	%	8.07	%	9/26/2025		2,399		1,955
								2,399		1,955
Containers, Packaging & Glass
Liqui-Box Holdings, Inc.	L+	4.50	%	7.57	%	2/26/2027		4,236		3,816
Polychem Acquisition, LLC	L+	5.00	%	8.12	%	3/17/2025		2,895		2,895
				7.88	% Cash/
Port Townsend Holdings Company, Inc. and Crown Corrugated Company	SF+	6.75	%	2.00	% PIK(e)	4/3/2024		4,820		1,717
PVHC Holding Corp	L+	4.75	%	8.42	%	8/5/2024		3,192		3,080
								15,143		11,508
Energy: Oil & Gas
Drilling Info Holdings, Inc.	L+	4.25	%	7.37	%	7/30/2025		4,481		4,335
Offen, Inc.	L+	5.00	%	7.88	%	6/22/2026		2,249		2,249
Offen, Inc.	L+	5.00	%	7.88	%	6/22/2026		869		869
								7,599		7,453
FIRE: Finance
Harbour Benefit Holdings, Inc.	L+	5.25	%	8.92	%	12/13/2024		2,913		2,892
Harbour Benefit Holdings, Inc.	L+	5.25	%	8.37	%	12/13/2024		64		64
Minotaur Acquisition, Inc.	SF+	5.00	%	8.13	%	3/27/2026		4,869		4,639
								7,846		7,595
FIRE: Real Estate
Avison Young (USA) Inc. (c)	SF+	5.75	%	8.90	%	1/30/2026		4,812		4,500
								4,812		4,500

88

MRCC SENIOR LOAN FUND I, LLC

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2022

(in thousands)

	Spread Above			Interest
Portfolio Company (a)	Index (b)			Rate (b)		Maturity	Principal		Fair Value
Healthcare & Pharmaceuticals
Cano Health, LLC	SF+	4.00	%	7.13	%	11/23/2027		1,975	$	1,921
HAH Group Holding Company LLC	SF+	5.00	%	8.71	%	10/29/2027		2,985		2,851
LSCS Holdings, Inc.	L+	4.50	%	8.17	%	12/15/2028		1,832		1,764
Natus Medical Incorporated	SF+	5.50	%	8.68	%	7/20/2029		5,000		4,675
Paragon Healthcare, Inc.	SF+	5.75	%	8.49	%	1/19/2028		2,254		2,240
Paragon Healthcare, Inc. (Delayed Draw) (d)	SF+	5.75	%	8.49	%	1/19/2028		245		—
Paragon Healthcare, Inc. (Revolver) (d)	SF+	5.75	%	8.49	%	1/19/2028		490		—
Radiology Partners, Inc.	L+	4.25	%	7.33	%	7/9/2025		4,760		4,032
TEAM Public Choices, LLC	L+	5.00	%	7.81	%	12/17/2027		2,962		2,859
								22,503		20,342
High Tech Industries
Corel Inc. (c)	L+	5.00	%	8.07	%	7/2/2026		3,650		3,394
Lightbox Intermediate, L.P.	L+	5.00	%	8.67	%	5/11/2026		4,838		4,668
LW Buyer, LLC	L+	5.00	%	8.67	%	12/30/2024		4,838		4,765
TGG TS Acquisition Company	L+	6.50	%	10.17	%	12/12/2025		3,190		3,111
								16,516		15,938
Hotels, Gaming & Leisure
Excel Fitness Holdings, Inc.	SF+	5.25	%	8.08	%	4/27/2029		4,375		4,112
Excel Fitness Holdings, Inc. (Revolver) (d)	SF+	5.25	%	8.03	%	4/28/2028		625		42
North Haven Spartan US Holdco, LLC	L+	5.00	%	8.17	%	6/6/2025		2,280		2,143
Tait LLC	L+	5.00	%	7.28	%	3/28/2025		4,093		3,817
Tait LLC (Revolver) (d)	P+	4.00	%	10.25	%	3/28/2025		769		185
								12,142		10,299
Media: Advertising, Printing & Publishing
Cadent, LLC	L+	6.50	%	10.17	%	9/11/2025		4,237		4,227
Cadent, LLC (Revolver) (d)	L+	6.50	%	10.17	%	9/11/2025		167		—
								4,404		4,227
Media: Diversified & Production
Research Now Group, Inc. and Survey Sampling International, LLC	L+	5.50	%	8.84	%	12/20/2024		6,667		6,054
STATS Intermediate Holdings, LLC	L+	5.25	%	8.19	%	7/10/2026		4,863		4,599
TA TT Buyer, LLC	SF+	5.00	%	8.98	%	3/30/2029		3,333		3,211
								14,863		13,864
Services: Business
AQ Carver Buyer, Inc.	L+	5.00	%	8.67	%	9/23/2025		4,850		4,704
CHA Holdings, Inc	L+	4.50	%	8.17	%	4/10/2025		1,965		1,886
CHA Holdings, Inc	L+	4.50	%	8.17	%	4/10/2025		414		398
Eliassen Group, LLC	SF+	5.75	%	9.30	%	4/14/2028		3,259		3,221
Eliassen Group, LLC (Delayed Draw) (d)	SF+	5.75	%	9.13	%	4/14/2028		741		110
Engage2Excel, Inc.	L+	7.25	%	10.92	%	3/7/2023		4,293		4,255
Engage2Excel, Inc.	L+	7.25	%	10.92	%	3/7/2023		775		768
Engage2Excel, Inc. (Revolver) (d)	P+	6.25	%	12.50	%	3/7/2023		554		452
Orbit Purchaser LLC	L+	4.50	%	8.17	%	10/21/2024		2,413		2,195
Orbit Purchaser LLC	L+	4.50	%	8.17	%	10/21/2024		1,863		1,695
Orbit Purchaser LLC	L+	4.50	%	8.17	%	10/21/2024		545		496
				8.30	%Cash/
Output Services Group, Inc.	SF+	6.75	%	1.50	% PIK	6/29/2026		4,801		3,409
Secretariat Advisors LLC	L+	4.75	%	8.42	%	12/29/2028		1,697		1,638
Secretariat Advisors LLC (Delayed Draw) (d)	L+	4.75	%	8.42	%	12/29/2028		270		—
SIRVA Worldwide Inc.	L+	5.50	%	9.17	%	8/4/2025		1,813		1,645
Teneo Holdings LLC	SF+	5.25	%	8.38	%	7/11/2025		4,850		4,597
The Kleinfelder Group, Inc.	L+	5.25	%	8.92	%	11/29/2024		2,368		2,368
								37,471		33,837
Services: Consumer
360Holdco, Inc.	SF+	4.75	%	7.88	%	8/2/2025		2,151		2,140
360Holdco, Inc. (Delayed Draw) (d)	SF+	4.75	%	7.88	%	8/2/2025		827		66
Laseraway Intermediate Holdings II, LLC	L+	5.75	%	8.23	%	10/14/2027		2,206		2,170
McKissock Investment Holdings, LLC	SF+	5.00	%	8.73	%	3/9/2029		2,494		2,419
								7,678		6,795
Telecommunications
Intermedia Holdings, Inc.	L+	6.00	%	9.12	%	7/21/2025		1,765		1,548
Mavenir Systems, Inc.	L+	4.75	%	7.71	%	8/18/2028		1,658		1,434
Sandvine Corporation	L+	4.50	%	8.17	%	10/31/2025		2,000		1,950
								5,423		4,932
Transportation: Cargo
Keystone Purchaser, LLC	L+	5.25	%	9.42	%	5/7/2027		4,980		4,974
								4,980		4,974
Utilities: Oil & Gas
Dresser Utility Solutions, LLC (fka NGS US Finco, LLC)	L+	4.25	%	7.37	%	10/1/2025		1,682		1,623
Dresser Utility Solutions, LLC (fka NGS US Finco, LLC)	L+	5.25	%	8.37	%	10/1/2025		246		239
								1,928		1,862
Wholesale
HALO Buyer, Inc.	L+	4.50	%	7.62	%	6/30/2025		4,786		4,344
								4,786		4,344
TOTAL INVESTMENTS									$	192,121

89

MRCC SENIOR LOAN FUND I, LLC

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2022

(in thousands)

(a) All investments are U.S. companies unless otherwise noted.

(b) The majority of investments bear interest at a rate that may be determined by reference to the London Interbank Offered Rate (“LIBOR” or “L”), Secured Overnight Financing Rate (“SOFR” or “SF”) or Prime (“P”) which reset daily, monthly, quarterly or semiannually. We have provided the spread over LIBOR, SOFR or Prime and the current contractual rate of interest in effect at September 30, 2022. Certain investments may be subject to an interest rate floor or cap.

(c) This is an international company.

(d) All or a portion of this commitment was unfunded as of September 30, 2022. As such, interest is earned only on the funded portion of this commitment. Principal reflects the commitment outstanding.

(e) This position was on non-accrual status as of September 30, 2022, meaning that we have ceased accruing interest income on the position.

90

MRCC SENIOR LOAN FUND I, LLC

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2021

(in thousands)

	Spread
	Above
Portfolio Company (a)	Index (b)			Interest Rate (b)		Maturity	Principal	Fair Value
Non-Controlled/Non-Affiliate Company Investments
Senior Secured Loans
Aerospace & Defense
Bromford Industries Limited (c)	P+	4.25	%	7.50	%	11/5/2025	2,744	$	2,692
Bromford Industries Limited (c)	P+	4.25	%	7.50	%	11/5/2025	1,829		1,794
Trident Maritime Systems, Inc.	L+	5.50	%	6.50	%	2/26/2027	2,467		2,478
Trident Maritime Systems, Inc. (Revolver) (d)	L+	5.50	%	6.50	%	2/26/2027	265		—
							7,305		6,964
Automotive
Accelerate Auto Works Intermediate, LLC	L+	4.75	%	5.75	%	12/1/2027	1,454		1,436
Accelerate Auto Works Intermediate, LLC (Delayed Draw) (d)	L+	4.75	%	5.75	%	12/1/2027	388		—
Accelerate Auto Works Intermediate, LLC (Revolver) (d)	L+	4.75	%	5.75	%	12/1/2027	132		—
Truck-Lite Co., LLC	L+	6.25	%	7.25	%	12/14/2026	1,709		1,718
Truck-Lite Co., LLC	L+	6.25	%	7.25	%	12/14/2026	253		255
Wheel Pros, Inc.	L+	4.50	%	5.25	%	5/11/2028	1,952		1,951
							5,888		5,360
Beverage, Food & Tobacco
CBC Restaurant Corp.		n/a		5.00	% PIK (f)	12/30/2022	1,116		1,072
SW Ingredients Holdings, LLC	L+	4.75	%	5.75	%	7/3/2025	3,619		3,619
							4,735		4,691
Capital Equipment
Analogic Corporation	L+	5.25	%	6.25	%	6/24/2024	4,752		4,702
DS Parent, Inc. (e)	L+	5.75	%	6.50	%	12/8/2028	3,000		2,970
							7,752		7,672
Chemicals, Plastics & Rubber
Polymer Solutions Group	L+	7.00	%	8.00	%	1/3/2023	1,178		1,169
							1,178		1,169
Construction & Building
The Cook & Boardman Group LLC	L+	5.75	%	6.75	%	10/20/2025	2,910		2,838
							2,910		2,838
Consumer Goods: Durable
International Textile Group, Inc.	L+	5.00	%	5.13	%	5/1/2024	1,711		1,590
Runner Buyer INC. (e)	L+	5.50	%	6.25	%	10/23/2028	3,000		2,970
							4,711		4,560
Consumer Goods: Non-Durable
PH Beauty Holdings III, INC.	L+	5.00	%	5.18	%	9/26/2025	2,418		2,284
							2,418		2,284
Containers, Packaging & Glass
Liqui-Box Holdings, Inc.	L+	4.50	%	5.50	%	2/26/2027	4,268		3,991
Polychem Acquisition, LLC	L+	5.00	%	5.50	%	3/17/2025	2,918		2,917
				5.75	% Cash/
Port Townsend Holdings Company, Inc. and Crown Corrugated Company	L+	6.75	%	2.00	% PIK	4/3/2024	4,751		4,238
PVHC Holding Corp	L+	4.75	%	5.75	%	8/5/2024	3,217		2,976
							15,154		14,122
Energy: Oil & Gas
Drilling Info Holdings, Inc.	L+	4.25	%	4.35	%	7/30/2025	4,516		4,471
Offen, Inc.	L+	5.00	%	5.10	%	6/22/2026	2,388		2,387
Offen, Inc.	L+	5.00	%	5.10	%	6/22/2026	876		876
							7,780		7,734
FIRE: Finance
Harbour Benefit Holdings, Inc.	L+	5.25	%	6.25	%	12/13/2024	2,948		2,932
Harbour Benefit Holdings, Inc.	L+	5.25	%	6.25	%	12/13/2024	66		65
Minotaur Acquisition, Inc. (e)	L+	4.75	%	4.85	%	3/27/2026	4,912		4,894
							7,926		7,891
FIRE: Real Estate
Avison Young (USA) Inc. (c)	L+	5.75	%	5.97	%	1/30/2026	4,850		4,824
							4,850		4,824
Healthcare & Pharmaceuticals
Cano Health, LLC (e)	SF+	4.00	%	4.51	%	11/23/2027	1,995		1,997
LSCS Holdings, Inc. (e)	L+	4.50	%	5.00	%	12/15/2028	1,846		1,849
Radiology Partners, Inc.	L+	4.25	%	4.35	%	7/9/2025	4,760		4,700
TEAM Public Choices, LLC (e)	L+	5.00	%	6.00	%	12/17/2027	2,992		2,985
							11,593		11,531
High Tech Industries
Corel Inc. (c)	L+	5.00	%	5.18	%	7/2/2026	3,800		3,797
Lightbox Intermediate, L.P.	L+	5.00	%	5.13	%	5/11/2026	4,875		4,814
LW Buyer, LLC	L+	5.00	%	5.14	%	12/30/2024	4,875		4,863
TGG TS Acquisition Company	L+	6.50	%	6.60	%	12/12/2025	3,435		3,446
							16,985		16,920

91

MRCC SENIOR LOAN FUND I, LLC

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

December 31, 2021

(in thousands)

	Spread
	Above
Portfolio Company (a)	Index (b)			Interest Rate (b)		Maturity	Principal	Fair Value
Hotels, Gaming & Leisure
Excel Fitness Holdings, Inc.	L+	5.25	%	6.25	%	10/7/2025	4,165	$	4,155
North Haven Spartan US Holdco, LLC	L+	5.00	%	6.00	%	6/6/2025	2,297		2,037
Tait LLC	L+	5.00	%	5.14	%	3/28/2025	4,125		3,785
Tait LLC (Revolver)	P+	4.00	%	7.25	%	3/28/2025	769		728
							11,356		10,705
Media: Advertising, Printing & Publishing
Cadent, LLC	L+	5.00	%	6.00	%	9/11/2023	4,339		4,296
Cadent, LLC (Revolver) (d)	L+	5.00	%	6.00	%	9/11/2023	167		—
							4,506		4,296
Media: Diversified & Production
Research Now Group, Inc. and Survey Sampling International, LLC	L+	5.50	%	6.50	%	12/20/2024	6,720		6,645
STATS Intermediate Holdings, LLC	L+	5.25	%	5.41	%	7/10/2026	4,900		4,897
The Octave Music Group, Inc.	L+	6.00	%	7.00	%	5/29/2025	3,866		3,871
							15,486		15,413
Services: Business
AQ Carver Buyer, Inc.	L+	5.00	%	6.00	%	9/23/2025	4,888		4,900
CHA Holdings, Inc	L+	4.50	%	5.50	%	4/10/2025	1,980		1,901
CHA Holdings, Inc	L+	4.50	%	5.50	%	4/10/2025	418		401
Eliassen Group LLC	L+	4.25	%	4.35	%	11/5/2024	3,956		3,956
				7.00	% Cash/
Engage2Excel, Inc.	L+	8.00	%	2.00	% PIK	3/7/2023	4,326		4,329
				7.00	% Cash/
Engage2Excel, Inc.	L+	8.00	%	2.00	% PIK	3/7/2023	781		781
				7.00	% Cash/
Engage2Excel, Inc. (Revolver) (d)	L+	8.00	%	2.00	% PIK	3/7/2023	555		541
Orbit Purchaser LLC	L+	4.50	%	5.50	%	10/21/2024	2,431		2,425
Orbit Purchaser LLC	L+	4.50	%	5.50	%	10/21/2024	1,877		1,873
Orbit Purchaser LLC	L+	4.50	%	5.50	%	10/21/2024	549		548
Output Services Group, Inc.	L+	4.50	%	5.50	%	3/27/2024	4,815		4,145
Secretariat Advisors LLC (e)	L+	4.75	%	5.50	%	12/29/2028	1,710		1,693
Secretariat Advisors LLC (d) (e)	L+	4.75	%	5.50	%	12/29/2028	270		—
SIRVA Worldwide Inc.	L+	5.50	%	5.60	%	8/4/2025	1,850		1,683
Teneo Holdings LLC	L+	5.25	%	6.25	%	7/11/2025	4,888		4,908
The Kleinfelder Group, Inc.	L+	5.25	%	6.25	%	11/29/2024	2,387		2,387
							37,681		36,471
Services: Consumer
360Holdco, Inc.	L+	4.75	%	5.75	%	8/2/2025	2,168		2,161
360Holdco, Inc. (Delayed Draw) (d)	L+	4.75	%	5.75	%	8/2/2025	827		—
Laseraway Intermediate Holdings II, LLC	L+	5.75	%	6.50	%	10/14/2027	2,222		2,214
							5,217		4,375
Telecommunications
Intermedia Holdings, Inc.	L+	6.00	%	7.00	%	7/21/2025	1,778		1,770
Mavenir Systems, Inc.	L+	4.75	%	5.25	%	8/18/2028	1,667		1,669
Sandvine Corporation	L+	4.50	%	4.60	%	10/31/2025	2,000		1,999
							5,445		5,438
Transportation: Cargo			��
Keystone Purchaser, LLC (e)	L+	6.25	%	7.25	%	5/7/2027	3,000		2,947
							3,000		2,947
Utilities: Oil & Gas
NGS US Finco, LLC	L+	4.25	%	5.25	%	10/1/2025	1,695		1,644
NGS US Finco, LLC	L+	5.25	%	6.25	%	10/1/2025	248		244
							1,943		1,888
Wholesale
BMC Acquisition, Inc.	L+	5.25	%	6.25	%	12/30/2024	4,486		4,469
HALO Buyer, Inc.	L+	4.50	%	5.50	%	6/30/2025	4,824		4,547
							9,310		9,016
TOTAL INVESTMENTS								$	189,109

92

MRCC SENIOR LOAN FUND I, LLC

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

December 31, 2021

(in thousands)

(a) All investments are U.S. companies unless otherwise noted.

(b) The majority of investments bear interest at a rate that may be determined by reference to the London Interbank Offered Rate (“LIBOR” or “L”), Secured Overnight Financing Rate (“SOFR” or “SF”) or Prime (“P”) which reset daily, monthly, quarterly or semiannually. We have provided the spread over LIBOR, SOFR or Prime and the current contractual rate of interest in effect at December 31, 2021. Certain investments may be subject to a LIBOR, SOFR or Prime interest rate floor or cap.

(c) This is an international company.

(d) All or a portion of this commitment was unfunded as of December 31, 2021. As such, interest is earned only on the funded portion of this commitment. Principal reflects the commitment outstanding.

(e) Investment position or portion thereof unsettled at December 31, 2021.

(f) This position was on non-accrual status as of December 31, 2021, meaning that we have ceased accruing interest income on the position.

93

Below is certain summarized financial information for SLF as of September 30, 2022 and December 31, 2021 and for the three and nine months ended September 30, 2022 and 2021 (in thousands):

	September 30, 2022		December 31, 2021
	(unaudited)
Assets
Investments, at fair value	$	192,121	$	189,109
Cash		1,289		40
Restricted cash		6,828		4,862
Interest receivable		1,327		600
Other assets		43		12
Total assets	$	201,608	$	194,623
Liabilities
Revolving credit facility	$	129,265	$	94,765
Less: Unamortized deferred financing costs		(1,720)		(2,319)
Total debt, less unamortized deferred financing costs		127,545		92,446
Payable for open trades		—		19,367
Interest payable		586		242
Accounts payable and accrued expenses		388		318
Total liabilities		128,519		112,373
Members’ capital		73,089		82,250
Total liabilities and members’ capital	$	201,608	$	194,623

	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
	(unaudited)				(unaudited)
Investment income:
Interest income	$	4,075	$	3,250	$	10,593	$	9,913
Total investment income		4,075		3,250		10,593		9,913
Expenses:
Interest and other debt financing expenses		1,669		972		3,866		2,975
Professional fees		203		158		580		490
Total expenses		1,872		1,130		4,446		3,465
Net investment income (loss)		2,203		2,120		6,147		6,448
Net gain (loss):
Net change in unrealized gain (loss)		(2,416)		(177)		(10,909)		4,247
Net gain (loss)		(2,416)		(177)		(10,909)		4,247
Net increase (decrease) in members’ capital	$	(213)	$	1,943	$	(4,762)	$	10,695

Related Party Transactions

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

● We have an Investment Advisory Agreement with MC Advisors, an investment advisor registered with the SEC, to manage our investing activities. We pay MC Advisors a fee for its services under the Investment Advisory Agreement consisting of two components - a base management fee and an incentive fee. See Note 6 to our consolidated financial statements and “Significant Accounting Estimates and Critical Accounting Policies - Capital Gains Incentive Fee” for additional information.

● We have an Administration Agreement with MC Management to provide us with the office facilities and administrative services necessary to conduct our day-to-day operations. See Note 6 to our consolidated financial statements for additional information.

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● SLF has an administration agreement with MC Management to provide SLF with certain loan servicing and administrative functions. SLF may reimburse MC Management for its allocable share of overhead and other expenses incurred by MC Management. See Note 3 to our consolidated financial statements and “Liquidity and Capital Resources - MRCC Senior Loan Fund I, LLC” for additional information.

● Theodore L. Koenig, our Chief Executive Officer and Chairman of our Board is also a manager of MC Advisors and the President 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 Maryland General Corporation Law.

Commitments and Contingencies and Off-Balance Sheet Arrangements

Commitments and Contingencies

As of September 30, 2022 and December 31, 2021, we had outstanding commitments to fund investments under undrawn revolvers, delayed draw commitments and subscription agreements, excluding unfunded commitments in SLF, totaling $65.5 million and $55.5 million, respectively. As of September 30, 2022 and December 31, 2021, we had unfunded commitments to SLF of $7.3 million and $7.8 million, respectively, that may be contributed primarily for the purpose of funding new investments approved by the SLF investment committee. Drawdowns of the commitments to SLF require authorization from one of our representatives on SLF’s board of managers. Additionally, we have entered into certain contracts with other parties that contain a variety of indemnifications. Our maximum exposure under these arrangements is unknown. However, we have not experienced claims or losses pursuant to these contracts and believe the risk of loss related to such indemnifications to be remote.

Off-Balance Sheet Arrangements

Other than contractual commitments and other legal contingencies incurred in the normal course of our business, we do not have any off-balance sheet financings or liabilities.

Market Trends

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

Target Market: We believe that small and middle-market companies in the United States with annual revenues between $10.0 million and $2.5 billion represent a significant growth segment of the U.S. economy and often require substantial capital investments to grow. Middle-market companies have generated a significant number of investment opportunities for investment funds managed or advised by Monroe Capital, and we believe that this market segment will continue to produce significant investment opportunities for us.

Specialized Lending Requirements: We believe that several factors render many U.S. financial institutions ill-suited to lend to U.S. middle-market companies. For example, based on the experience of our management team, lending to U.S. middle-market companies (1) is generally more labor intensive than lending to larger companies due to the smaller size of each investment and the fragmented nature of information for such companies, (2) requires due diligence and underwriting practices consistent with the demands and economic limitations of the middle-market and (3) may also require more extensive ongoing monitoring by the lender.

Demand for Debt Capital: We believe there is a large pool of uninvested private equity capital for middle-market companies. We expect private equity firms will seek to leverage their investments by combining equity capital with senior secured loans and mezzanine debt from other sources, such as us.

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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.

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

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

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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 has been 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.

Under the valuation policy, we value investments for which market quotations are readily available and within a recent date at such market quotations. When doing so, we determine whether the quote obtained is sufficient in accordance with generally accepted accounting principles in the United States of America to determine the fair value of the security. Debt and equity securities that are not publicly traded or whose market prices are not readily available or whose market prices are not regularly updated are valued at fair value as determined in good faith by 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;

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● 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 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.

We generally use the income approach to determine fair value for loans where market quotations are not readily available, as long as it is appropriate. If there is deterioration in credit quality or a debt investment is in workout status, we may consider other factors in determining the fair value, including the value attributable to the debt investment from the enterprise value of the portfolio company or the proceeds that would be received in a liquidation analysis. This liquidation analysis may also include probability weighting of alternative outcomes. We generally consider our debt to be performing if the borrower is not in default, the borrower is remitting payments in a timely manner, the loan is in covenant compliance and the loan is otherwise not deemed to be impaired. In determining the fair value of the performing debt, we consider fluctuations in current interest rates, the trends in yields of debt instruments with similar credit ratings, financial condition of the borrower, economic conditions and other relevant factors, both qualitative and quantitative. In the event that a debt instrument is not performing, as defined above, we will evaluate the value of the collateral utilizing the same framework described above for a performing loan to determine the value of the debt instrument.

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

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

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

As of September 30, 2022, 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.

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Net Realized Gain or Loss and Net Change in Unrealized Gain or Loss

We measure realized gain or loss by the difference between the net proceeds from the sale and the amortized cost basis of the investment, without regard to unrealized gain or loss previously recognized. Net change in unrealized gain or loss reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized gain or loss, when gain or loss is realized. Additionally, we do not isolate the portion of the change in fair value resulting from foreign currency exchange rate fluctuations from the changes in fair values of the underlying investment. All fluctuations in fair value are included in net change in unrealized gain (loss) on our consolidated statements of operations. The impact resulting from changes in foreign exchange rates on the revolving credit facility borrowings is included in net change in unrealized gain (loss) on foreign currency and other transactions.

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

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

During the three and nine months ended September 30, 2022 and 2021, we did not have any further reductions in accrued capital gains incentive fees as they were already at zero, primarily as a result of accumulated realized and unrealized losses on the portfolio.

New Accounting Pronouncements

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (“ASU 2020-04”). The amendments in ASU 2020-04 provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The standard is effective as of March 12, 2020 through December 31, 2024. We did not utilize the optional expedients and exceptions provided by ASU 2020-04 during the nine months ended September 30, 2022.

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. Uncertainty with respect to the economic effects of the COVID-19 outbreak and the Russian invasion of Ukraine have introduced significant volatility in the financial markets, and the effects of this volatility could materially impact our market risks. For additional information concerning the COVID-19 pandemic and the Russian invasion of Ukraine and their potential impact on our business and our operating results, see Part II – Other Information, Item 1A. Risk Factors, “Risks Relating to Our Business and Structure – The COVID-19 pandemic has caused severe disruptions in the global economy, which has had, and may continue to have, a negative impact on our portfolio companies and our business and operations” and “The Russian invasion of Ukraine may have a material adverse impact on us and our portfolio companies.”

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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, including as a result of the impact of the COVID-19 pandemic on the economy and financial and capital markets. 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 which will effectively convert the loans to fixed rate loans in the event interest rates decrease. In addition, our revolving credit facility has a floating interest rate provision, whereas our 2026 Notes have fixed interest rates until maturity. We expect that other credit facilities into which we may enter in the future may also have floating interest rate provisions.

Assuming that the consolidated statement of assets and liabilities as of September 30, 2022 was to remain constant and that we took no actions to alter our existing interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes in interest rates (in thousands):

	Increase		Increase		Net increase
	(decrease) in		(decrease) in		(decrease) in net
Change in Interest Rates	interest income		interest expense		investment income
Down 25 basis points	$	(1,031)	$	(428)	$	(603)
Up 100 basis points		4,494		1,940		2,554
Up 200 basis points		8,635		3,652		4,983
Up 300 basis points		12,775		5,364		7,411

Although we believe that this analysis is indicative of our existing sensitivity to interest rate changes, it does not adjust for changes in the credit market, credit quality, the size and composition of the assets in our portfolio and other business developments, including borrowing under the credit facility or other borrowings that could affect net increase in net assets resulting from operations, or net income. Accordingly, we can offer no assurances that actual results would not differ materially from the analysis above.

We may in the future hedge against interest rate fluctuations by using standard hedging instruments such as futures, options and forward contracts to the extent permitted under the 1940 Act and applicable commodities laws. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in the benefits of lower interest rates with respect to the investments in our portfolio with fixed interest rates or interest rate floors.

Currency Risk

We may also have exposure to foreign currencies (currently the Australian dollar) related to certain investments. Such investments are translated into U.S. dollars based on the spot rate at each balance sheet date, exposing us to movements in the exchange rate. In order to reduce our exposure to fluctuations in exchange rates, we may borrow in foreign currency under our revolving credit facility to finance such investments or we may enter into foreign currency forward contracts. As of September 30, 2022, we had foreign currency forward contracts in place for AUD 17.9 million associated with future principal and interest payments on certain investments.

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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

In accordance with Rules 13a-15(b) and 15d-15(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), we, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act). Based on that evaluation, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that, at the end of the period covered by our Quarterly Report on Form 10-Q, our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Notwithstanding the foregoing, a control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that it will detect or uncover failures within the Company to disclose material information otherwise required to be set forth in the Company’s periodic reports.

No change occurred in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) during the three months ended September 30, 2022 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II

OTHER INFORMATION

Item 1. Legal Proceedings

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

Item 1A. Risk Factors

In addition to the other information set forth in this report, you should carefully consider the risk factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on March 2, 2022, which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report on Form 10-K are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results. Other than as set forth below, there have been no material changes to the risk factors discussed in Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2021.

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

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

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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 200% (i.e., the amount of debt may not exceed half of the value of our total assets). However, under the Small Business Credit Availability Act (the “SBCAA”), which became law in March 2018, BDCs have the ability to elect to become subject to a lower asset coverage requirement of 150% (i.e., the amount of debt may not exceed two-thirds of the value of our total assets), subject to the receipt of the requisite board or stockholder approvals under the SBCAA and satisfaction of certain other conditions.

On June 20, 2018, our stockholders approved the application of the modified asset coverage requirements, as approved by our board of directors on March 27, 2018, and we became subject to the 150% minimum asset coverage ratio, effective June 21, 2018.

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, you will experience increased risks of investing in our common stock.

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

We maintain a revolving credit facility, have issued debt securities and may borrow money, including through the issuance of additional debt securities or preferred stock, to leverage our capital structure, 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 or preferred stock would not be available for such distributions;

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

● our revolving credit facility with ING Capital LLC, as agent, is, and any other credit facility we may enter into would be, subject to various financial and operating covenants, including that our portfolio of investments satisfies certain eligibility and concentration limits as well as valuation methodologies;

● such securities would be governed by an indenture or other instrument containing covenants restricting our operating flexibility;

● we bear the cost of issuing and paying interest or distributions on such securities, which costs are entirely borne by our common stockholders; and

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● any convertible or exchangeable securities that we issue may have rights, preferences and privileges more favorable than those of our common stock.

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)	‑28.81	%	‑16.98	%	‑5.15	%	6.69	%	18.52	%

(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 $590.5 million in total assets, $341.0 million in debt outstanding, of which $281.0 million is senior securities outstanding, $249.5 million in net assets and an average cost of funds of 3.77%, which was the weighted average interest rate of borrowing on our revolving credit facility, SBA debentures and 2026 Notes as of December 31, 2021. The interest rate on our revolving credit facility is a variable rate. Actual interest payments may be different.

(3) In order for us to cover our annual interest payments on indebtedness, we must achieve annual returns on our December 31, 2021 total portfolio assets of at least 2.17%.

We are subject to risks associated with our revolving credit facility and the terms of our revolving credit facility may contractually limit our ability to incur additional indebtedness.

Our revolving credit facility, as amended, imposes certain conditions that may limit the amount of our distributions to stockholders. Distributions payable in our common stock under our dividend reinvestment plan are not limited by the revolving credit facility. Distributions in cash or property other than our common stock are generally limited to 115% of the amount of distributions required to maintain our ability to be subject to taxation as a RIC. We are required under the revolving credit facility to maintain our ability to be subject to taxation as a RIC.

The revolving credit facility requires us to comply with certain financial and operational covenants, including asset coverage ratios and a minimum net worth. For example, the revolving credit facility requires that we maintain an asset coverage ratio of at least 1.5 to 1 and a senior debt coverage ratio of at least 2 to 1 at all times. We may divert cash to pay the lenders in amounts sufficient to cause these tests to be satisfied. Our compliance with these covenants depends on many factors, some of which, such as market conditions, are beyond our control.

Our ability to sell our investments is also limited under the revolving credit facility. Under the revolving credit facility, the sale of any portfolio investment may not cause our covered debt amount to exceed our borrowing base. As a result, there may be times or circumstances during which we are unable to sell investments, pay distributions or take other actions that might be in our best interests.

Availability of borrowings under the revolving credit facility is linked to the valuation of the collateral pursuant to a borrowing base mechanism. As such, declines in the fair market value of our investments which are collateral to the revolving credit facility may reduce availability under our revolving credit facility.

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

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

None.

Item 5. Other Information

None.

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Item 6. Exhibits

Exhibit
Number	Description of Document
3.1	Amended and Restated Articles of Incorporation of Monroe Capital Corporation (Incorporated by reference to Exhibit (a)(1) of the Registrant’s Pre-Effective Amendment No. 8 to the Registration Statement on Form N-2 (File No. 333-172601) filed on October 18, 2012)
3.2	Bylaws of Monroe Capital Corporation (Incorporated by reference to Exhibit (b)(1) of the Registrant’s Pre-Effective Amendment No. 8 to the Registration Statement on Form N-2 (File No. 333-172601) filed on October 18, 2012)
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
101.SCH	Inline XBRL Taxonomy Extension Schema 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)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: November 7, 2022	By	/s/ Theodore L. Koenig
		Theodore L. Koenig
		Chairman, Chief Executive Officer and Director
		(Principal Executive Officer)
		Monroe Capital Corporation
Date: November 7, 2022	By	/s/ Lewis W. Solimene, Jr.
		Lewis W. Solimene, Jr.
		Chief Financial Officer, Chief Investment Officer
		(Principal Financial and Accounting Officer)
		Monroe Capital Corporation

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