Monroe Capital Income Plus 10-Q 2023 Q1 Quarterly report

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Acquisitionco LLC (Delayed Draw), Senior Secured Loans, One, Due 8/4/20282022-12-310001742313New Engen, Inc., Equity Securites, Preferred units2023-03-31

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 March 31, 2023

OR

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

Commission file number: 814-01301

MONROE CAPITAL INCOME PLUS CORPORATION

(Exact Name of Registrant as Specified in its Charter)

Maryland	83-0711022
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)
311 South Wacker Drive, Suite 6400 Chicago, Illinois	60606
(Address of Principal Executive Office)	(Zip Code)

(312) 258-8300

(Registrant’s Telephone Number, Including Area Code)

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

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

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and, (2) has been subject to such filing requirements for the past 90 days. Yes  ☒    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 May 11, 2023, the registrant had 83,765,462 shares of common stock, $0.001 par value, outstanding.

TABLE OF CONTENTS

		Page
PART I. FINANCIAL INFORMATION		3
Item 1.	Consolidated Financial Statements	3
	Consolidated Statements of Assets and Liabilities as of March 31, 2023 (unaudited) and December 31,2022	3
	Consolidated Statements of Operations for the three months ended March 31, 2023 and 2022 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2023 and 2022 (unaudited)	5
	Consolidated Statements of Cash Flows for the three months ended March 31, 2023 and 2022 (unaudited)	6
	Consolidated Schedules of Investments as of March 31, 2023 (unaudited) and December 31, 2022	7
	Notes to Consolidated Financial Statements (unaudited)	32
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	59
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	77
Item 4.	Controls and Procedures	79
PART II. OTHER INFORMATION		79
Item 1.	Legal Proceedings	79
Item 1A.	Risk Factors	79
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	82
Item 3.	Defaults Upon Senior Securities	82
Item 4.	Mine Safety Disclosures	82
Item 5.	Other Information	82
Item 6.	Exhibits	83
Signatures		84

2

Part I. Financial Information

Item 1. Consolidated Financial Statements

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(in thousands, except per share data)

	March 31, 2023		December 31, 2022
	(unaudited)
ASSETS
Investments, at fair value:
Non-controlled/non-affiliate company investments	$	1,502,021	$	1,429,808
Non-controlled affiliate company investments		41,889		39,188
Total investments, at fair value (amortized cost of: $1,535,660 and $1,465,352, respectively)		1,543,910		1,468,996
Cash		4,319		5,716
Restricted cash		32,243		46,488
Unrealized gain on foreign currency forward contracts		1,409		1,296
Interest and dividend receivable		18,471		12,656
Other assets		249		9,490
Total assets		1,600,601		1,544,642
LIABILITIES
Debt		711,386		763,400
Less: Unamortized deferred financing costs		(11,703)		(11,914)
Debt, less unamortized deferred financing costs		699,683		751,486
Interest payable		9,172		7,289
Payable for unsettled trades		13,556		13,690
Management fees payable		4,847		4,252
Incentive fees payable		4,768		3,304
Accounts payable and accrued expenses		9,693		9,705
Directors’ fees payable		23		—
Total liabilities		741,742		789,726
Net assets	$	858,859	$	754,916
Commitments and contingencies (See Note 11)
ANALYSIS OF NET ASSETS
Common stock, $0.001 par value, 100,000 shares authorized, 83,765 and 74,533 shares issued and outstanding, respectively	$	84	$	75
Capital in excess of par value		837,918		744,404
Accumulated undistributed (overdistributed) earnings		20,857		10,437
Total net assets	$	858,859	$	754,916
Net asset value per share	$	10.25	$	10.13

See Notes to Consolidated Financial Statements.

3

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except per share data)

	Three months ended March 31,
	2023		2022
Investment income:
Non-controlled/non-affiliate company investments:
Interest, fee and dividend income	$	43,157	$	15,545
Payment-in-kind interest income		2,112		678
Total investment income from non-controlled/non-affiliate company investments		45,269		16,223
Non-controlled affiliate company investments:
Interest income		583		164
Total investment income from non-controlled affiliate company investments		583		164
Total investment income		45,852		16,387
Operating expenses:
Interest and other debt financing expenses		12,089		3,280
Base management fees		4,847		2,796
Incentive fees		4,151		1,823
Professional fees		310		145
Administrative service fees		370		203
General and administrative expenses		505		210
Directors’ fees		23		15
Total operating expenses		22,295		8,472
Net investment income before income taxes		23,557		7,915
Income taxes, including excise taxes		195		—
Net investment income		23,362		7,915
Net gain (loss):
Net realized gain (loss):
Non-controlled/non-affiliate company investments		944		25
Foreign currency forward contracts		33		18
Foreign currency and other transactions		(4)		—
Net realized gain (loss)		973		43
Net change in unrealized gain (loss):
Non-controlled/non-affiliate company investments		4,004		2,903
Non-controlled/affiliate company investments		602		—
Foreign currency forward contracts		113		(533)
Foreign currency and other transactions		(1)		—
Net change in unrealized gain (loss)		4,718		2,370
Net gain (loss)		5,691		2,413
Net increase (decrease) in net assets resulting from operations	$	29,053	$	10,328
Per common share data:
Net investment income per share - basic and diluted	$	0.31	$	0.20
Net increase (decrease) in net assets resulting from operations per share - basic and diluted	$	0.38	$	0.27
Weighted average common shares outstanding - basic and diluted		76,102		38,729

See Notes to Consolidated Financial Statements.

4

MONROE CAPITAL INCOME PLUS 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 December 31, 2021	36,565	$	37	$	360,955	$	8,456	$	369,448
Net investment income	—		—		—		7,915		7,915
Net realized gain (loss)	—		—		—		43		43
Net change in unrealized gain (loss)	—		—		—		2,370		2,370
Issuance of common stock	12,174		12		122,941		—		122,953
Repurchase of common stock	—		—		—		—		—
Distributions declared to stockholders	—		—		—		(7,313)		(7,313)
Stock issued in connection with dividend reinvestment plan	217		—		2,195		—		2,195
Balances at March 31, 2022	48,956	$	49	$	486,091	$	11,471	$	497,611
Balances at December 31, 2022	74,533	$	75	$	744,404	$	10,437	$	754,916
Net investment income	—		—		—		23,362		23,362
Net realized gain (loss)	—		—		—		973		973
Net change in unrealized gain (loss)	—		—		—		4,718		4,718
Issuance of common stock	9,475		9		95,968		—		95,977
Repurchase of common stock	(907)		(1)		(9,184)		—		(9,185)
Distributions declared to stockholders	—		—		—		(18,633)		(18,633)
Stock issued in connection with dividend reinvestment plan	664		1		6,730		—		6,731
Balances at March 31, 2023	83,765	$	84	$	837,918	$	20,857	$	858,859

See Notes to Consolidated Financial Statements.

5

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)

	Three months ended March 31,
	2023		2022
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	29,053	$	10,328
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		(944)		(25)
Net realized (gain) loss on foreign currency forward contracts		(33)		(18)
Net realized (gain) loss on foreign currency and other transactions		4		—
Net change in unrealized (gain) loss on investments		(4,606)		(2,903)
Net change in unrealized (gain) loss on foreign currency forward contracts		(113)		533
Net change in unrealized (gain) loss on foreign currency and other transactions		1		—
Payment-in-kind interest income		(2,112)		(679)
Net accretion of discounts and amortization of premiums		(1,612)		(643)
Purchases of investments		(100,417)		(79,826)
Proceeds from principal payments and sale of investments and settlement of forward contracts		34,810		22,290
Amortization of deferred financing costs		730		385
Changes in operating assets and liabilities:
Interest and dividend receivable		(5,815)		(684)
Other assets		9,241		(86)
Interest payable		1,883		672
Payable for unsettled trades		(134)		—
Management fees payable		595		430
Incentive fees payable		1,464		1,448
Accounts payable and accrued expenses		(12)		235
Directors’ fees payable		23		15
Net cash provided by (used in) operating activities		(37,994)		(48,528)
Cash flows from financing activities:
Borrowings on Term Loan		55,000		—
Repayments of Term Loan		(3,114)		—
Borrowings on Credit Facility		126,600		75,500
Repayments of Credit Facility		(230,500)		(142,900)
Payments of deferred financing costs		(519)		(447)
Proceeds from issuance of common stock		95,977		122,953
Repurchase of common stock		(9,185)		—
Stockholder distributions paid, net of stock issued under the dividend reinvestment plan of $6,731 and $2,195, respectively		(11,902)		(5,118)
Net cash provided by (used in) financing activities		22,357		49,988
Net increase (decrease) in Cash and Restricted cash		(15,637)		1,460
Effect of foreign currency exchange rates		(5)		—
Cash and Restricted cash, beginning of period		52,204		13,971
Cash and Restricted cash, end of period	$	36,562	$	15,431
Supplemental disclosure of cash flow information:
Cash interest paid during the period	$	9,476	$	2,223
Cash paid for income taxes, including excise taxes, during the period	$	170	$	—

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

	March 31, 2023		December 31, 2022
Cash	$	4,319	$	5,716
Restricted cash		32,243		46,488
Total cash and restricted cash shown on the Consolidated Statements of Cash Flows	$	36,562	$	52,204
	March 31, 2022		December 31, 2021
Cash	$	3,294	$	4,998
Restricted cash		12,137		8,973
Total cash and restricted cash shown on the Consolidated Statements of Cash Flows	$	15,431	$	13,971

See Notes to Consolidated Financial Statements.

6

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

(unaudited)

March 31, 2023

(in thousands, except for shares and units)

				Interest		Acquisition			Amortized				% of
Portfolio Company (˄)	Index (˄˄)	Spread (˄˄)		Rate		Date (˄˄˄)	Maturity	Principal	Cost		Fair Value (˄˄˄˄)		Net Assets (˄˄˄˄˄)
Non-Controlled/Non-Affiliate Company Investments
Senior Secured Loans
Aerospace & Defense
API Holdings III Corp. (~)	L	4.25	%	9.41	%	5/2/2019	5/8/2026	1,636	$	1,632	$	1,173	0.2	%
SI Holdings, Inc. (Integrated Polymer Solutions) (~) (~~)	SF	6.00	%	10.96	%	7/25/2019	7/25/2025	1,930		1,912		1,913	0.2	%
SI Holdings, Inc. (Integrated Polymer Solutions) (~) (~~)	SF	6.00	%	10.96	%	12/24/2019	7/25/2025	1,007		998		998	0.1	%
SI Holdings, Inc. (Integrated Polymer Solutions) (~) (~~)	SF	6.00	%	10.96	%	2/17/2021	7/25/2025	1,742		1,741		1,726	0.2	%
SI Holdings, Inc. (Integrated Polymer Solutions) (~) (~~)	SF	6.00	%	10.96	%	6/15/2021	7/25/2025	1,021		1,006		1,012	0.1	%
SI Holdings, Inc. (Integrated Polymer Solutions) (~) (~~)	SF	6.00	%	10.96	%	8/10/2021	7/25/2025	997		985		988	0.1	%
SI Holdings, Inc. (Integrated Polymer Solutions) (Revolver) (*)	SF	6.00	%	10.96	%	7/25/2019	7/25/2025	316		131		131	0.0	%
								8,649		8,405		7,941	0.9	%
Automotive
Born To Run, LLC (~~) (~~~)	L	6.00	%	11.16	%	4/1/2021	4/1/2027	8,843		8,716		8,024	0.9	%
Born To Run, LLC (~~)	L	6.00	%	11.16	%	4/1/2021	4/1/2027	1,204		1,204		1,093	0.1	%
Burgess Point Purchaser Corporation (~)	SF	5.35	%	10.16	%	6/30/2022	7/25/2029	4,988		4,522		4,771	0.6	%
Lifted Trucks Holdings, LLC (~~) (~~~)	L	5.75	%	10.50	%	8/2/2021	8/2/2027	9,900		9,747		9,806	1.1	%
Lifted Trucks Holdings, LLC (Revolver) (*)	L	5.75	%	10.54	%	8/2/2021	8/2/2027	2,381		317		314	0.0	%
Panda Acquisition, LLC (~)	SF	6.25	%	10.98	%	12/20/2022	10/18/2028	9,938		8,202		8,198	0.9	%
Truck-Lite Co., LLC (~)	SF	6.25	%	11.14	%	7/8/2022	12/14/2026	127		125		127	0.0	%
Truck-Lite Co., LLC (~)	SF	6.25	%	11.14	%	3/11/2020	12/14/2026	3,374		3,354		3,355	0.4	%
Truck-Lite Co., LLC (~)	SF	6.25	%	11.14	%	11/23/2021	12/14/2026	626		626		623	0.1	%
Truck-Lite Co., LLC (~)	SF	6.25	%	11.14	%	3/11/2020	12/14/2026	500		500		497	0.1	%
Truck-Lite Co., LLC (~)	SF	6.25	%	11.14	%	11/23/2021	12/14/2026	556		556		553	0.1	%
Truck-Lite Co., LLC (~)	SF	6.25	%	11.14	%	11/23/2021	12/14/2026	713		713		709	0.1	%
								43,150		38,582		38,070	4.4	%
Banking
MV Receivables II, LLC (<)	L	9.75	%	14.41	%	7/29/2021	7/29/2026	10,163		9,709		9,742	1.1	%
StarCompliance MidCo, LLC (~~)	L	6.75	%	11.91	%	1/12/2021	1/12/2027	3,000		2,960		2,955	0.4	%
StarCompliance MidCo, LLC (~~)	L	6.75	%	11.91	%	10/12/2021	1/12/2027	503		496		496	0.1	%
StarCompliance MidCo, LLC (Revolver) (*)	L	6.75	%	11.59	%	1/12/2021	1/12/2027	484		140		138	0.0	%
								14,150		13,305		13,331	1.6	%
Beverage, Food & Tobacco
LVF Holdings, Inc. (~)	SF	6.40	%	11.30	%	6/10/2021	6/10/2027	3,448		3,396		3,348	0.4	%
LVF Holdings, Inc. (~)	SF	6.40	%	11.30	%	6/10/2021	6/10/2027	3,299		3,299		3,205	0.4	%
LVF Holdings, Inc. (Delayed Draw) (*) (**)	SF	6.40	%	11.30	%	6/10/2021	6/10/2027	802		—		—	0.0	%
LVF Holdings, Inc. (Revolver) (*)	SF	6.40	%	11.30	%	6/10/2021	6/10/2027	554		322		312	0.0	%
LX/JT Intermediate Holdings, Inc. (~~~)	SF	6.00	%	10.91	%	3/11/2020	3/11/2025	3,266		3,238		3,231	0.4	%
LX/JT Intermediate Holdings, Inc. (Revolver) (*)	SF	6.00	%	10.91	%	3/11/2020	3/11/2025	500		—		—	0.0	%
Sabrosura Foods, LLC et al (~) (~~)	L	5.50	%	10.34	%	10/18/2019	10/18/2024	4,624		4,593		4,576	0.5	%
Sabrosura Foods, LLC et al (~)	L	5.50	%	10.33	%	10/18/2019	10/18/2024	261		261		259	0.0	%
Sabrosura Foods, LLC et al (Revolver)	L	5.50	%	10.45	%	10/18/2019	10/18/2024	1,286		1,286		1,272	0.2	%
								18,040		16,395		16,203	1.9	%

7

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

March 31, 2023

(in thousands, except for shares and units)

				Interest		Acquisition			Amortized				% of
Portfolio Company (˄)	Index (˄˄)	Spread (˄˄)		Rate		Date (˄˄˄)	Maturity	Principal	Cost		Fair Value (˄˄˄˄)		Net Assets (˄˄˄˄˄)
Capital Equipment
Adept AG Holdings, LLC (~~~)	SF	6.15	%	11.05	%	8/11/2022	8/11/2027	6,468	$	6,353	$	6,346	0.7	%
Adept AG Holdings, LLC (~) (<) (a)	SF	6.40	%	11.30	%	8/11/2022	8/11/2027	10,792		10,658		10,589	1.2	%
Adept AG Holdings, LLC (~~~)	SF	6.15	%	11.05	%	8/11/2022	8/11/2027	1,621		1,621		1,590	0.2	%
Adept AG Holdings, LLC (Revolver) (<) (*) (a)	SF	6.40	%	11.30	%	8/11/2022	8/11/2027	1,082		—		—	0.0	%
Adept AG Holdings, LLC (Revolver) (*)	SF	6.15	%	11.05	%	8/11/2022	8/11/2027	1,300		—		—	0.0	%
CGI Automated Manufacturing, LLC (~)	SF	7.00	%	12.16	%	9/9/2022	12/17/2026	8,888		8,653		8,788	1.0	%
CGI Automated Manufacturing, LLC (~)	SF	7.00	%	12.16	%	9/30/2022	12/17/2026	5,655		5,530		5,592	0.7	%
CGI Automated Manufacturing, LLC (~)	SF	7.00	%	12.16	%	9/9/2022	12/17/2026	10,821		10,536		10,700	1.2	%
MCP Shaw Acquisitionco, LLC (~~) (~~~)	SF	6.00	%	11.16	%	2/28/2020	11/28/2025	7,757		7,679		7,753	0.9	%
MCP Shaw Acquisitionco, LLC (~~) (~~~)	SF	6.00	%	10.90	%	12/29/2021	11/28/2025	2,372		2,338		2,371	0.3	%
MCP Shaw Acquisitionco, LLC (~~~)	SF	6.00	%	10.90	%	12/29/2021	11/28/2025	780		780		780	0.1	%
MCP Shaw Acquisitionco, LLC (Revolver) (*)	SF	6.00	%	11.16	%	2/28/2020	11/28/2025	1,427		—		—	0.0	%
								58,963		54,148		54,509	6.3	%
Construction & Building
				12.45	% Cash/
Premier Roofing L.L.C. (~)	L	8.50	%	1.00	% PIK	8/31/2020	8/29/2025	3,450		3,415		3,398	0.4	%
				12.45	% Cash/
Premier Roofing L.L.C. (Revolver) (*)	L	8.50	%	1.00	% PIK	8/31/2020	8/29/2025	1,207		967		952	0.1	%
TCFIII Owl Buyer LLC (~~) (~~~)	SF	5.50	%	10.42	%	4/19/2021	4/17/2026	4,421		4,372		4,421	0.5	%
TCFIII Owl Buyer LLC (~~~)	SF	5.50	%	10.42	%	4/19/2021	4/17/2026	5,398		5,398		5,399	0.6	%
TCFIII Owl Buyer LLC (~~) (~~~)	SF	5.50	%	10.42	%	12/17/2021	4/17/2026	4,845		4,783		4,845	0.6	%
								19,321		18,935		19,015	2.2	%
Consumer Goods: Durable
Independence Buyer, Inc. (~~) (~~~)	SF	5.50	%	10.33	%	8/3/2021	8/3/2026	11,544		11,383		11,429	1.3	%
Independence Buyer, Inc. (Revolver) (*)	SF	5.50	%	10.33	%	8/3/2021	8/3/2026	2,964		—		—	0.0	%
Recycled Plastics Industries, LLC (~~) (~~~)	L	6.75	%	11.41	%	8/4/2021	8/4/2026	5,418		5,341		5,255	0.6	%
Recycled Plastics Industries, LLC (Revolver) (*)	L	6.75	%	11.58	%	8/4/2021	8/4/2026	743		297		288	0.1	%
								20,669		17,021		16,972	2.0	%
Consumer Goods: Non-Durable
Arizona Natural Resources, LLC (~) (~~~)	SF	6.50	%	11.28	%	5/18/2021	5/18/2026	13,790		13,605		13,638	1.6	%
Arizona Natural Resources, LLC (~)	SF	6.50	%	11.28	%	12/15/2021	5/18/2026	2,531		2,494		2,504	0.3	%
Arizona Natural Resources, LLC (~)	SF	6.50	%	11.28	%	8/12/2022	5/18/2026	6,867		6,750		6,791	0.8	%
Arizona Natural Resources, LLC	SF	6.61	%	11.42	%	8/12/2022	5/18/2026	2,958		2,958		2,958	0.4	%
Arizona Natural Resources, LLC (Revolver) (*)	SF	6.50	%	11.28	%	5/18/2021	5/18/2026	2,222		1,778		1,758	0.2	%
				12.14	% Cash/
The Kyjen Company, LLC (~) (~~)	SF	7.25	%	0.50	% PIK	5/14/2021	4/3/2026	2,955		2,934		2,916	0.3	%
The Kyjen Company, LLC	SF	7.00	%	11.95	% PIK	9/13/2022	4/3/2026	1		1		1	0.0	%
				11.45	% Cash/
The Kyjen Company, LLC (Revolver) (*)	SF	7.10	%	0.50	% PIK	5/14/2021	4/3/2026	315		268		264	0.0	%
Thrasio, LLC (~) (~~)	L	7.00	%	12.16	%	12/18/2020	12/18/2026	4,878		4,829		4,841	0.6	%
								36,517		35,617		35,671	4.2	%
Containers, Packaging & Glass
B2B Industrial Products LLC (~) (~~~)	SF	6.75	%	11.80	%	12/6/2022	10/7/2026	9,975		9,745		9,965	1.2	%
Polychem Acquisition, LLC (~)	L	5.00	%	9.84	%	4/8/2019	3/17/2025	1,920		1,918		1,920	0.2	%
								11,895		11,663		11,885	1.4	%
Energy: Oil & Gas
Liquid Tech Solutions Holdings, LLC (~)	SF	4.75	%	9.71	%	3/18/2021	3/17/2028	2,243		2,235		2,170	0.3	%
								2,243		2,235		2,170	0.3	%

8

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

March 31, 2023

(in thousands, except for shares and units)

				Interest		Acquisition			Amortized				% of
Portfolio Company (˄)	Index (˄˄)	Spread (˄˄)		Rate		Date (˄˄˄)	Maturity	Principal	Cost		Fair Value (˄˄˄˄)		Net Assets (˄˄˄˄˄)
Environmental Industries
Quest Resource Management Group, LLC (~~) (~~~)	SF	7.00	%	11.67	%	10/19/2020	10/20/2025	970	$	913	$	944	0.1	%
Quest Resource Management Group, LLC (~~~)	SF	7.00	%	11.78	%	10/19/2020	10/20/2025	1,065		1,065		1,036	0.1	%
Quest Resource Management Group, LLC (~~) (~~~)	SF	7.00	%	11.78	%	12/7/2021	10/20/2025	3,787		3,734		3,673	0.4	%
Quest Resource Management Group, LLC	SF	7.00	%	11.78	%	12/7/2021	10/20/2025	382		382		370	0.1	%
Trilon Group, LLC (~~~)	SF	6.25	%	11.08	%	10/28/2022	5/25/2029	5,500		5,352		5,448	0.6	%
Trilon Group, LLC (~) (~~)	SF	6.25	%	11.51	%	10/28/2022	5/25/2029	4,400		4,400		4,358	0.5	%
Volt Bidco, Inc. (~~)	SF	7.00	%	11.90	%	8/11/2021	8/11/2027	9,059		8,912		9,059	1.1	%
Volt Bidco, Inc. (Delayed Draw) (*) (**)	SF	7.00	%	11.90	% PIK	8/11/2021	8/11/2027	1,614		1,164		1,164	0.1	%
Volt Bidco, Inc. (Revolver) (*)	SF	7.00	%	11.90	%	8/11/2021	8/11/2027	956		—		—	0.0	%
								27,733		25,922		26,052	3.0	%
FIRE: Finance
Avalara, Inc. (~~)	SF	7.25	%	12.15	%	10/19/2022	10/19/2028	10,000		9,766		10,000	1.2	%
Avalara, Inc. (Revolver) (*)	SF	7.25	%	12.15	%	10/19/2022	10/19/2028	1,000		—		—	0.0	%
				10.67	% Cash/
Exiger LLC (~~)	SF	8.00	%	2.00	% PIK	9/30/2021	9/30/2027	14,190		13,969		14,169	1.6	%
				10.67	% Cash/
Exiger LLC (~~)	SF	8.00	%	2.00	% PIK	8/26/2022	9/30/2027	1,980		1,936		1,978	0.2	%
				10.67	% Cash/
Exiger LLC (~~)	SF	8.00	%	2.00	% PIK	9/30/2021	9/30/2027	4,244		4,244		4,237	0.5	%
				10.67	% Cash/
Exiger LLC (Delayed Draw) (*) (**)	SF	8.00	%	2.00	% PIK	8/26/2022	9/30/2027	7,000		—		—	0.0	%
				10.67	% Cash/
Exiger LLC (Revolver) (*)	SF	8.00	%	2.00	% PIK	9/30/2021	9/30/2027	1,400		—		—	0.0	%
GC Champion Acquisition LLC (~~)	SF	6.75	%	11.15	%	8/19/2022	8/18/2028	12,935		12,702		12,870	1.5	%
GC Champion Acquisition LLC	SF	6.75	%	11.56	%	8/19/2022	8/18/2028	3,611		3,611		3,593	0.4	%
J2 BWA Funding III, LLC (Delayed Draw) (<) (*) (**)	n/a	n/a		9.00	%	4/29/2022	4/28/2028	7,600		—		—	0.0	%
J2 BWA Funding LLC (Revolver) (<) (*)	n/a	n/a		9.00	%	12/14/2020	12/24/2026	2,850		1,446		1,439	0.2	%
Oceana Australian Fixed Income Trust (~) (<) (b) (c)	n/a	n/a		11.50	%	2/25/2021	2/25/2026	7,184		8,460		7,184	0.8	%
Oceana Australian Fixed Income Trust (~) (<) (b) (c)	n/a	n/a		10.75	%	6/29/2021	6/29/2026	3,026		3,400		3,026	0.4	%
SCP Intermediate Holdings, LLC (~) (<)	SF	5.75	%	10.80	%	12/28/2022	12/28/2028	2,993		2,921		2,968	0.4	%
TEAM Public Choices, LLC (~)	SF	5.00	%	9.95	%	8/23/2022	12/17/2027	4,549		4,340		4,435	0.5	%
W3 Monroe RE Debt LLC (<)	n/a	n/a		10.00	% PIK	2/5/2021	2/4/2028	1,993		1,993		1,978	0.2	%
W3 Monroe RE Debt LLC (Delayed Draw) (<) (*) (**)	n/a	n/a		10.00	%	3/31/2023	2/4/2028	40		13		13	0.0	%
YS WH4 LLC (Revolver) (<) (*)	SF	7.00	%	11.93	%	7/20/2022	11/20/2025	7,700		893		893	0.1	%
								94,295		69,694		68,783	8.0	%
FIRE: Insurance
Simplicity Financial Marketing Group Holdings Inc. (~) (~~~)	L	5.75	%	10.91	%	9/23/2022	12/2/2026	9,966		9,701		9,617	1.1	%
Simplicity Financial Marketing Group Holdings Inc. (Delayed Draw) (*) (**)	L	5.75	%	10.91	%	9/23/2022	12/2/2026	14,209		6,617		6,402	0.8	%
Simplicity Financial Marketing Group Holdings Inc. (Revolver) (*)	L	5.75	%	10.91	%	9/23/2022	12/2/2026	761		—		—	0.0	%
								24,936		16,318		16,019	1.9	%
FIRE: Real Estate
300 N. Michigan Mezz, LLC (Delayed Draw) (~) (<) (*) (**)	SF	14.57	%	19.35	% PIK	7/15/2020	7/15/2024	1,000		979		979	0.1	%
Avison Young (USA) Inc. (~~~) (<) (b)	SF	5.75	%	10.67	%	4/26/2019	1/30/2026	1,920		1,912		1,436	0.2	%
Avison Young (USA) Inc. (~~~) (<) (b)	SF	7.00	%	11.92	%	9/1/2022	1/30/2026	4,153		3,941		3,634	0.4	%
Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC (<)	SF	8.25	%	12.95	%	5/3/2022	4/30/2025	13,500		13,302		13,500	1.6	%
Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC (<)	SF	8.25	%	12.95	%	5/3/2022	4/30/2025	1,380		1,380		1,380	0.2	%
Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC (Revolver) (<) (*)	SF	8.25	%	12.95	%	5/3/2022	4/30/2025	6,763		4,507		4,507	0.5	%
InsideRE, LLC (~~) (~~~)	L	5.75	%	10.91	%	12/22/2021	12/22/2027	7,409		7,289		7,483	0.9	%
InsideRE, LLC (~)	L	5.75	%	10.91	%	12/22/2021	12/22/2027	2,878		2,878		2,907	0.3	%
InsideRE, LLC (Revolver) (*)	L	5.75	%	10.70	%	12/22/2021	12/22/2027	965		64		64	0.0	%
Lessen Inc.	SF	8.50	%	13.31	%	1/5/2023	1/5/2028	8,000		7,691		7,680	0.9	%
NCBP Property, LLC (<)	L	9.50	%	14.16	%	12/18/2020	6/16/2023	2,500		2,498		2,511	0.3	%
								50,468		46,441		46,081	5.4	%

9

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

March 31, 2023

(in thousands, except for shares and units)

				Interest		Acquisition			Amortized				% of
Portfolio Company (˄)	Index (˄˄)	Spread (˄˄)		Rate		Date (˄˄˄)	Maturity	Principal	Cost		Fair Value (˄˄˄˄)		Net Assets (˄˄˄˄˄)
Healthcare & Pharmaceuticals
Appriss Health, LLC (~~)	L	7.25	%	11.96	%	5/6/2021	5/6/2027	6,476	$	6,379	$	6,472	0.8	%
Appriss Health, LLC (Revolver) (*)	L	7.25	%	11.93	%	5/6/2021	5/6/2027	433		217		217	0.0	%
Ascent Midco, LLC (~~) (~~~)	L	5.75	%	10.59	%	2/5/2020	2/5/2025	2,205		2,187		2,190	0.3	%
Ascent Midco, LLC (Revolver) (*)	L	5.75	%	10.59	%	2/5/2020	2/5/2025	403		—		—	0.0	%
Brickell Bay Acquisition Corp. (~~) (~~~)	L	6.50	%	11.25	%	2/12/2021	2/12/2026	2,813		2,771		2,767	0.3	%
				10.60	% Cash/
Caravel Autism Health, LLC (~)	SF	7.01	%	1.00	% PIK	6/30/2021	6/30/2027	8,066		7,946		7,598	0.9	%
				11.33	% Cash/
Caravel Autism Health, LLC (Delayed Draw) (*) (**)	SF	7.18	%	1.00	% PIK	6/30/2021	6/30/2027	6,002		1,442		1,358	0.2	%
				10.60	% Cash/
Caravel Autism Health, LLC (Revolver) (*)	SF	7.01	%	1.00	% PIK	6/30/2021	6/30/2027	2,027		1,387		1,307	0.2	%
Dorado Acquisition, Inc. (~) (~~)	SF	6.60	%	11.27	%	6/30/2021	6/30/2026	13,790		13,598		13,500	1.6	%
Dorado Acquisition, Inc. (~) (~~~)	SF	6.76	%	11.34	%	11/27/2022	6/30/2026	11,429		11,167		11,189	1.3	%
Dorado Acquisition, Inc. (Delayed Draw) (*) (**)	SF	6.60	%	11.27	%	6/30/2021	6/30/2026	606		—		—	0.0	%
Dorado Acquisition, Inc. (Revolver) (*)	SF	6.60	%	11.27	%	6/30/2021	6/30/2026	1,670		—		—	0.0	%
Golden State Buyer, Inc. (~) (~~~)	SF	4.75	%	9.66	%	8/25/2022	6/19/2026	9,921		9,575		9,648	1.1	%
				8.50	% Cash/
INH Buyer, Inc. (~)	SF	7.00	%	3.50	% PIK	6/30/2021	6/28/2028	4,947		4,910		4,742	0.5	%
KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC) (~)	SF	7.00	%	11.68	%	2/1/2023	2/1/2029	10,000		9,710		9,700	1.1	%
KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC) (Delayed Draw) (*) (**)	SF	7.00	%	12.04	%	2/1/2023	2/1/2029	3,404		—		—	0.0	%
KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC) (Revolver) (*)	SF	7.00	%	12.04	%	2/1/2023	2/1/2029	1,626		271		263	0.0	%
MPH Acquisition Holdings LLC (~) (<)	L	4.25	%	9.20	%	9/20/2022	9/1/2028	3,544		3,342		3,046	0.4	%
NationsBenefits, LLC (~)	SF	7.00	%	11.77	%	8/20/2021	8/26/2027	12,097		11,924		12,339	1.4	%
NationsBenefits, LLC (~)	SF	7.00	%	11.77	%	8/26/2022	8/26/2027	14,415		14,415		14,704	1.7	%
NationsBenefits, LLC (Delayed Draw) (*) (**)	SF	7.00	%	11.77	%	8/26/2022	8/26/2027	15,578		8,187		8,350	1.0	%
NationsBenefits, LLC (Revolver) (*)	SF	7.00	%	11.77	%	8/20/2021	8/26/2027	6,806		2,722		2,722	0.3	%
NQ PE Project Colosseum Midco Inc. (~) (~~~)	SF	5.65	%	10.46	%	10/4/2022	10/4/2028	14,564		14,294		14,660	1.7	%
NQ PE Project Colosseum Midco Inc. (Delayed Draw) (*) (**)	SF	5.65	%	10.24	%	10/4/2022	10/4/2028	3,244		—		—	0.0	%
NQ PE Project Colosseum Midco Inc. (Revolver) (*)	SF	5.65	%	10.24	%	10/4/2022	10/4/2028	1,825		—		—	0.0	%
OIS Management Services, LLC (~)	SF	6.00	%	10.87	%	12/14/2022	11/16/2028	10,000		9,762		10,013	1.2	%
OIS Management Services, LLC (Delayed Draw) (*) (**)	SF	6.00	%	11.00	%	12/14/2022	11/16/2028	3,846		450		451	0.1	%
OIS Management Services, LLC (Revolver) (*)	SF	6.00	%	10.86	%	12/14/2022	11/16/2028	1,154		77		77	0.0	%
QF Holdings, Inc. (~~)	SF	6.35	%	11.16	%	9/19/2019	12/15/2027	4,550		4,522		4,550	0.5	%
QF Holdings, Inc. (~~)	SF	6.35	%	11.16	%	12/15/2021	12/15/2027	4,368		4,315		4,368	0.5	%
QF Holdings, Inc. (~~)	SF	6.35	%	11.16	%	9/19/2019	12/15/2027	910		910		910	0.1	%
QF Holdings, Inc.	SF	6.35	%	11.16	%	8/21/2020	12/15/2027	910		910		910	0.1	%
QF Holdings, Inc. (Revolver) (*)	SF	6.35	%	11.06	%	9/19/2019	12/15/2027	1,092		182		182	0.0	%
SCP Eye Care Holdco, LLC (~)	SF	5.75	%	10.41	%	10/7/2022	10/5/2029	9,232		8,969		8,862	1.0	%
SCP Eye Care Holdco, LLC (Delayed Draw) (*) (**)	SF	5.75	%	10.41	%	10/7/2022	10/5/2029	8,053		—		—	0.0	%
SCP Eye Care Holdco, LLC (Revolver) (*)	SF	5.75	%	10.61	%	10/7/2022	10/5/2029	1,442		553		513	0.1	%
Seran BioScience, LLC (~~) (~~~)	SF	6.25	%	10.99	%	12/31/2020	7/8/2027	1,960		1,937		1,953	0.2	%
Seran BioScience, LLC (Delayed Draw) (*) (**)	SF	6.25	%	11.82	%	7/8/2022	7/8/2027	2,218		1,596		1,590	0.2	%
Seran BioScience, LLC (Revolver) (*)	SF	6.25	%	10.99	%	12/31/2020	7/8/2027	356		—		—	0.0	%
SIP Care Services, LLC (~) (~~)	L	5.75	%	10.41	%	12/30/2021	12/30/2026	3,762		3,704		3,541	0.4	%
SIP Care Services, LLC (Delayed Draw) (*) (**)	L	5.75	%	10.41	%	12/30/2021	12/30/2026	3,040		—		—	0.0	%
SIP Care Services, LLC (Revolver) (*)	L	5.75	%	10.41	%	12/30/2021	12/30/2026	760		152		143	0.0	%
Sound Inpatient Physicians, Inc. (~) (d)	L	2.75	%	7.61	%	10/12/2022	6/28/2025	2,821		2,321		2,223	0.3	%
TigerConnect, Inc. (~~)	SF	6.76	%	11.58	%	2/16/2022	2/16/2028	10,000		9,831		9,888	1.2	%
				8.20	% Cash/
TigerConnect, Inc. (Delayed Draw) (*) (**)	SF	6.76	%	3.38	% PIK	2/16/2022	2/16/2028	750		186		184	0.0	%
TigerConnect, Inc. (Revolver) (*)	SF	6.76	%	11.59	%	2/16/2022	2/16/2028	1,429		—		—	0.0	%
WebPT, Inc. (~~)	SF	6.75	%	11.74	%	8/28/2019	1/18/2028	5,000		4,967		4,973	0.6	%
WebPT, Inc. (Revolver) (*)	SF	6.75	%	11.66	%	8/28/2019	1/18/2028	521		342		342	0.0	%
Whistler Parent Holdings III, Inc. (~~)	SF	6.75	%	11.58	%	6/3/2022	6/2/2028	21,000		20,616		20,769	2.4	%
Whistler Parent Holdings III, Inc. (Delayed Draw) (*) (**)	SF	6.75	%	11.58	%	6/3/2022	6/2/2028	6,563		262		260	0.0	%
Whistler Parent Holdings III, Inc. (Revolver) (*)	SF	6.75	%	11.58	%	6/3/2022	6/2/2028	2,625		394		389	0.0	%
								266,253		203,402		203,863	23.7	%

10

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

March 31, 2023

(in thousands, except for shares and units)

					Interest		Acquisition			Amortized				% of
Portfolio Company (˄)	Index (˄˄)		Spread (˄˄)		Rate		Date (˄˄˄)	Maturity	Principal	Cost		Fair Value (˄˄˄˄)		Net Assets (˄˄˄˄˄)
High Tech Industries
Acquia Inc. (~~)	L		7.00	%	11.79	%	11/1/2019	10/31/2025	15,429	$	15,246	$	15,429	1.8	%
Acquia Inc. (Revolver)	L		7.00	%	12.05	%	11/1/2019	10/31/2025	588		588		588	0.1	%
					14.16	% Cash/
Amelia Holding II, LLC (~)	SF		10.26	%	1.00	% PIK	12/21/2022	12/21/2027	10,028		9,745		9,965	1.2	%
					14.16	% Cash/
Amelia Holding II, LLC (Delayed Draw) (*) (**)	SF		10.26	%	1.00	% PIK	12/21/2022	12/21/2027	3,333		—		—	0.0	%
					14.16	% Cash/
Amelia Holding II, LLC (Revolver) (*)	SF		10.26	%	1.00	% PIK	12/21/2022	12/21/2027	667		—		—	0.0	%
					8.66	% Cash/
Arcstor Midco, LLC (~) (~~)	SF		7.60	%	3.75	% PIK	3/16/2021	3/16/2027	12,191		12,025		10,750	1.3	%
BTRS Holdings Inc. (~)	SF		8.00	%	12.74	%	12/16/2022	12/15/2028	10,000		9,714		10,000	1.2	%
BTRS Holdings Inc. (Delayed Draw) (*) (**)	SF		8.00	%	12.74	%	12/16/2022	12/15/2028	845		100		100	0.0	%
BTRS Holdings Inc. (Revolver) (*)	SF		7.25	%	12.06	%	12/16/2022	12/15/2028	1,067		147		147	0.0	%
Drawbridge Partners, LLC (~~)	SF		7.00	%	11.90	%	9/1/2022	9/1/2028	15,000		14,728		14,897	1.7	%
Drawbridge Partners, LLC (Delayed Draw) (*) (**)	SF		7.00	%	11.90	% PIK	9/1/2022	9/1/2028	1,649		972		965	0.1	%
Drawbridge Partners, LLC (Revolver) (*)	SF		7.00	%	11.90	%	9/1/2022	9/1/2028	2,609		—		—	0.0	%
Fueled Digital Media, LLC (~~~)	SF		6.11	%	10.78	%	11/1/2022	11/1/2027	5,753		5,620		5,782	0.7	%
Fueled Digital Media, LLC (Delayed Draw) (*) (**)	SF		6.11	%	10.78	%	11/1/2022	11/1/2027	504		—		—	0.0	%
Fueled Digital Media, LLC (Revolver) (*)	SF		6.11	%	10.78	%	11/1/2022	11/1/2027	807		—		—	0.0	%
Matrix Parent, Inc. (~) (~~~)	SF		5.00	%	10.06	%	11/2/2022	3/1/2029	2,487		2,273		1,982	0.2	%
Medallia, Inc. (~~)	L		6.50	%	11.34	% PIK	8/15/2022	10/27/2028	11,428		11,227		11,360	1.3	%
Mindbody, Inc. (~~)	L		7.00	%	12.10	%	2/15/2019	2/14/2025	1,867		1,854		1,864	0.2	%
Mindbody, Inc. (~~)	L		7.00	%	12.10	%	9/22/2021	2/14/2025	7,387		7,387		7,372	0.9	%
Mindbody, Inc. (Revolver) (*)	L		7.00	%	12.10	%	2/15/2019	2/14/2025	190		—		—	0.0	%
Oranje Holdco, Inc. (~)	SF		7.75	%	12.43	%	2/1/2023	2/1/2029	14,000		13,664		13,650	1.6	%
Oranje Holdco, Inc. (Revolver) (*)	SF		7.75	%	12.43	%	2/1/2023	2/1/2029	1,750		—		—	0.0	%
Optomi, LLC (~)	SF		8.25	%	12.94	%	12/13/2022	12/16/2027	5,668		5,509		5,527	0.6	%
Optomi, LLC (~) (~~)	SF		5.50	%	10.23	%	12/16/2021	12/16/2027	13,365		13,151		13,031	1.5	%
Optomi, LLC (Revolver) (*)	SF		5.50	%	10.23	%	12/16/2021	12/16/2027	3,189		1,063		1,036	0.1	%
Securly, Inc. (~~)	L		7.00	%	11.83	%	4/20/2022	4/22/2027	3,702		3,639		3,689	0.4	%
Securly, Inc. (~~)	L		7.00	%	12.16	%	4/22/2021	4/22/2027	8,400		8,277		8,369	1.0	%
Securly, Inc. (~~)	L		7.00	%	11.95	%	4/22/2021	4/22/2027	1,938		1,938		1,931	0.2	%
Securly, Inc. (Delayed Draw) (*) (**)	L		7.00	%	11.95	%	4/20/2022	4/22/2027	2,585		1,809		1,802	0.2	%
Securly, Inc. (Revolver) (*)	L		7.00	%	12.16	%	4/22/2021	4/22/2027	969		—		—	0.0	%
Transact Holdings Inc. (~)	L		4.25	%	9.09	%	4/18/2019	4/30/2026	716		710		712	0.1	%
Unanet, Inc. (~)	SF		6.25	%	10.97	%	12/9/2022	12/8/2028	22,000		21,586		22,000	2.6	%
Unanet, Inc. (Delayed Draw) (*) (**)	SF		6.25	%	10.97	%	12/9/2022	12/8/2028	6,947		—		—	0.0	%
Unanet, Inc. (Revolver) (*)	SF		6.25	%	10.97	%	12/9/2022	12/8/2028	2,316		—		—	0.0	%
Watchguard Technologies, Inc. (~)	SF		5.25	%	10.11	%	8/17/2022	6/29/2029	21,048		19,745		20,180	2.3	%
									212,422		182,717		183,128	21.3	%
Hotels, Gaming & Leisure
Equine Network, LLC (~~) (~~~)	SF	���	6.00	%	10.78	%	12/31/2020	12/31/2025	1,470		1,450		1,452	0.2	%
Equine Network, LLC (~~) (~~~)	SF		6.00	%	10.81	%	3/31/2023	12/31/2025	183		177		181	0.0	%
Equine Network, LLC (~~) (~~~)	SF		6.00	%	10.78	%	1/29/2021	12/31/2025	667		659		658	0.1	%
Equine Network, LLC (Revolver) (*)	SF		6.00	%	10.78	%	12/31/2020	12/31/2025	146		110		108	0.0	%
									2,466		2,396		2,399	0.3	%
Media: Advertising, Printing & Publishing
95 Percent Buyer, LLC (~) (~~) (~~~)	SF		5.60	%	10.27	%	11/24/2021	11/24/2026	17,820		17,552		17,669	2.1	%
95 Percent Buyer, LLC (Revolver) (*)	SF		5.60	%	10.27	%	11/24/2021	11/24/2026	808		—		—	0.0	%
Calienger Holdings, L.L.C. (~~~)	SF		6.10	%	10.77	%	10/21/2022	10/20/2028	5,000		4,883		5,000	0.6	%
Calienger Holdings, L.L.C. (Delayed Draw) (*) (**)	SF		6.10	%	10.77	%	10/21/2022	10/20/2028	667		—		—	0.0	%
Calienger Holdings, L.L.C. (Revolver) (*)	SF		6.00	%	10.67	%	10/21/2022	10/20/2028	909		—		—	0.0	%
CE Intermediate, LLC (~)	SF		5.50	%	10.50	%	10/11/2022	7/1/2027	29,625		28,950		29,625	3.4	%
Madison Logic Holdings, Inc. (~)	SF		7.00	%	11.90	%	12/30/2022	12/29/2028	14,000		13,598		14,000	1.6	%
Madison Logic Holdings, Inc. (Revolver) (*)	SF		7.00	%	11.90	%	12/30/2022	12/30/2027	1,207		—		—	0.0	%
North Haven USHC Acquisition, Inc. (~) (~~)	SF		6.50	%	11.46	%	10/30/2020	10/30/2025	2,444		2,416		2,427	0.3	%
North Haven USHC Acquisition, Inc. (~) (~~)	SF		6.50	%	11.46	%	3/12/2021	10/30/2025	708		708		703	0.1	%
North Haven USHC Acquisition, Inc. (~)	SF		6.50	%	11.46	%	9/3/2021	10/30/2025	1,430		1,430		1,420	0.2	%
North Haven USHC Acquisition, Inc. (~)	SF		6.25	%	11.01	%	7/29/2022	10/30/2025	2,585		2,553		2,554	0.3	%
North Haven USHC Acquisition, Inc. (Delayed Draw) (*) (**)	SF		6.50	%	11.46	%	7/29/2022	10/30/2025	1,056		—		—	0.0	%
North Haven USHC Acquisition, Inc. (Revolver) (*)	SF		6.50	%	11.27	%	10/30/2020	10/30/2025	416		187		187	0.0	%
					11.41	% Cash/
NTM Acquisition Corp. (~~~)	L		7.25	%	1.00	% PIK	4/18/2019	6/7/2024	4,341		4,341		4,168	0.5	%
Really Great Reading Company, Inc. (~)	SF		6.00	%	10.89	%	12/9/2022	12/8/2028	12,000		11,713		12,060	1.4	%
Really Great Reading Company, Inc. (Delayed Draw) (*) (**)	SF		6.00	%	10.89	%	12/9/2022	12/8/2028	2,526		—		—	0.0	%
Really Great Reading Company, Inc. (Revolver) (*)	SF		6.00	%	10.89	%	12/9/2022	12/8/2028	3,200		—		—	0.0	%
Relevate Health Group, LLC (~) (~~)	SF		6.00	%	10.77	%	11/20/2020	11/20/2025	1,960		1,938		1,935	0.2	%
Relevate Health Group, LLC (~) (~~~)	SF		6.00	%	10.77	%	3/28/2022	11/20/2025	5,224		5,145		5,156	0.6	%
Relevate Health Group, LLC (~~~)	SF		6.00	%	10.77	%	11/20/2020	11/20/2025	877		877		865	0.1	%
Relevate Health Group, LLC (Revolver) (*)	SF		6.00	%	10.77	%	11/20/2020	11/20/2025	789		—		—	0.0	%
Renaissance Learning, Inc. (~) (d)	SF		4.75	%	9.55	%	3/16/2023	4/5/2030	7,500		7,275		7,275	0.8	%
Spherix Global Inc. (~) (~~)	SF		6.36	%	11.03	%	12/22/2021	12/22/2026	4,455		4,396		4,321	0.5	%
Spherix Global Inc. (Revolver) (*)	SF		6.36	%	11.03	%	12/22/2021	12/22/2026	500		—		—	0.0	%
XanEdu Publishing, Inc. (~~) (~~~)	SF		6.50	%	11.42	%	1/28/2020	1/28/2025	6,016		5,957		6,037	0.7	%
XanEdu Publishing, Inc. (~~~)	SF		6.50	%	11.42	%	8/31/2022	1/28/2025	2,391		2,345		2,399	0.3	%
XanEdu Publishing, Inc. (Revolver) (*)	SF		6.50	%	11.42	%	1/28/2020	1/28/2025	977		—		—	0.0	%
									131,431		116,264		117,801	13.7	%

11

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

March 31, 2023

(in thousands, except for shares and units)

				Interest		Acquisition			Amortized				% of
Portfolio Company (˄)	Index (˄˄)	Spread (˄˄)		Rate		Date (˄˄˄)	Maturity	Principal	Cost		Fair Value (˄˄˄˄)		Net Assets (˄˄˄˄˄)
Media: Broadcasting & Subscription
				4.92	% Cash/
Vice Group Holding Inc.	SF	15.00	%	15.00	% PIK	5/2/2019	5/12/2023	1,311	$	1,311	$	1,288	0.2	%
				4.92	% Cash/
Vice Group Holding Inc.	SF	15.00	%	15.00	% PIK	5/2/2019	5/12/2023	411		411		403	0.1	%
				4.92	% Cash/
Vice Group Holding Inc.	SF	15.00	%	15.00	% PIK	5/2/2019	5/12/2023	155		155		152	0.0	%
				4.96	% Cash/
Vice Group Holding Inc.	SF	15.00	%	15.00	% PIK	11/4/2019	5/12/2023	252		252		247	0.0	%
				5.16	% Cash/
Vice Group Holding Inc. (Delayed Draw) (*) (**)	SF	12.00	%	12.00	% PIK	1/27/2023	5/12/2023	298		286		286	0.0	%
								2,427		2,415		2,376	0.3	%
Media: Diversified & Production
Bonterra LLC (~~)	L	6.00	%	11.16	%	9/8/2021	9/8/2027	18,857		18,651		18,433	2.1	%
Bonterra LLC (Delayed Draw) (*) (**)	L	6.00	%	11.16	%	9/8/2021	9/8/2027	1,457		—		—	0.0	%
Bonterra LLC (Revolver) (*)	L	6.00	%	11.16	%	9/8/2021	9/8/2027	1,814		1,785		1,744	0.2	%
Chess.com, LLC (~~) (~~~)	L	6.50	%	11.66	%	12/31/2021	12/31/2027	12,870		12,660		12,693	1.5	%
Chess.com, LLC (Revolver) (*)	L	6.50	%	11.66	%	12/31/2021	12/31/2027	1,413		—		—	0.0	%
Crownpeak Technology, Inc. (~~)	SF	7.25	%	12.02	%	2/28/2019	2/28/2025	1,000		996		1,000	0.1	%
Crownpeak Technology, Inc. (~~)	SF	7.25	%	12.02	%	2/28/2019	2/28/2025	15		15		15	0.0	%
Crownpeak Technology, Inc. (~~)	SF	7.25	%	11.47	%	9/27/2022	2/28/2025	318		313		318	0.1	%
Crownpeak Technology, Inc. (~)	SF	7.25	%	12.02	%	9/27/2022	2/28/2025	833		833		833	0.1	%
Crownpeak Technology, Inc. (Revolver) (*)	SF	7.25	%	12.02	%	2/28/2019	2/28/2025	125		—		—	0.0	%
Research Now Group, Inc. and Survey Sampling International, LLC (~)	L	5.50	%	10.31	%	11/28/2022	12/20/2024	2,487		2,273		1,907	0.2	%
Sports Operating Holdings II, LLC (~)	SF	5.75	%	10.56	%	11/3/2022	11/3/2027	4,975		4,861		4,975	0.6	%
Sports Operating Holdings II, LLC (Delayed Draw) (*) (**)	SF	5.75	%	10.56	%	11/3/2022	11/3/2027	4,000		—		—	0.0	%
Sports Operating Holdings II, LLC (Revolver) (*)	SF	5.75	%	10.56	%	11/3/2022	11/3/2027	865		—		—	0.0	%
Streamland Media MidCo LLC (~) (~~)	SF	6.75	%	11.69	%	8/26/2019	8/31/2023	1,969		1,959		1,969	0.2	%
Streamland Media MidCo LLC (~)	SF	6.75	%	11.69	%	3/7/2022	8/31/2023	533		526		533	0.1	%
								53,531		44,872		44,420	5.2	%
Retail
Carrols Restaurant Group Inc (~) (d)	SF	3.35	%	8.16	%	3/30/2023	4/30/2026	1,000		930		930	0.1	%
								1,000		930		930	0.1	%
Services: Business
Aperture Companies, LLC (~~) (~~~)	L	6.25	%	10.91	%	12/31/2021	12/31/2026	14,850		14,621		14,281	1.7	%
Aperture Companies, LLC (~~)	L	6.25	%	10.91	%	12/31/2021	12/31/2026	4,315		4,315		4,150	0.5	%
Aperture Companies, LLC (Revolver) (*)	L	6.25	%	10.91	%	12/31/2021	12/31/2026	1,347		—		—	0.0	%
				8.07	% Cash/
Aras Corporation (~)	L	7.00	%	3.75	% PIK	4/13/2021	4/13/2027	4,714		4,655		4,690	0.5	%
Aras Corporation (Revolver) (*)	L	6.50	%	11.32	%	4/13/2021	4/13/2027	325		217		216	0.0	%
Argano, LLC (~~) (~~~)	SF	5.50	%	10.27	%	6/10/2021	6/10/2026	8,963		8,843		8,952	1.0	%
Argano, LLC (~) (~~~)	SF	5.50	%	10.27	%	6/10/2021	6/10/2026	3,969		3,969		3,964	0.5	%
Argano, LLC (~)	SF	5.50	%	10.27	%	10/7/2022	6/10/2026	689		671		689	0.1	%
Argano, LLC (~)	SF	5.50	%	10.27	%	3/16/2022	6/10/2026	4,745		4,745		4,739	0.6	%
Argano, LLC (Revolver)	SF	5.50	%	10.26	%	6/10/2021	6/10/2026	965		965		964	0.1	%
ecMarket Inc. and Conexiom US Inc. (~~) (<) (b)	L	6.75	%	11.91	% PIK	9/21/2021	9/21/2027	16,535		16,297		16,391	1.9	%
ecMarket Inc. and Conexiom US Inc. (~~) (<) (b)	L	6.75	%	11.91	% PIK	9/21/2021	9/21/2027	1,291		1,291		1,280	0.1	%
ecMarket Inc. and Conexiom US Inc. (Revolver) (<) (*) (b)	L	6.75	%	11.91	%	9/21/2021	9/21/2027	2,067		—		—	0.0	%
Edustaff, LLC (~)	SF	6.00	%	10.91	%	12/8/2022	12/8/2027	12,968		12,635		13,032	1.5	%
Edustaff, LLC (Revolver) (*)	SF	6.00	%	10.91	%	12/8/2022	12/8/2027	2,364		—		—	0.0	%
FusionSite MidCo LLC (~)	SF	5.50	%	10.09	%	10/4/2022	10/4/2027	16,058		15,764		16,066	1.9	%
FusionSite MidCo LLC (Delayed Draw) (*) (**)	SF	5.50	%	10.09	%	10/4/2022	10/4/2027	7,569		2,569		2,571	0.3	%
FusionSite MidCo LLC (Revolver) (*)	SF	5.50	%	10.09	%	10/4/2022	10/4/2027	1,326		—		—	0.0	%
HS4 Acquisitionco, Inc. (~~)	L	6.75	%	11.59	%	7/9/2019	7/9/2025	3,930		3,896		3,910	0.5	%
HS4 Acquisitionco, Inc. (~~)	L	6.75	%	11.59	%	10/6/2021	7/9/2025	4,269		4,269		4,248	0.5	%
HS4 Acquisitionco, Inc. (Revolver) (*)	L	6.75	%	11.59	%	7/9/2019	7/9/2025	325		186		185	0.0	%
iCIMS, Inc. (~~)	SF	7.25	%	12.05	%	10/24/2022	8/18/2028	8,000		7,867		8,000	0.9	%
Kingsley Gate Partners, LLC (~)	SF	6.65	%	11.12	%	12/9/2022	12/11/2028	3,000		2,944		3,003	0.3	%
Kingsley Gate Partners, LLC (Delayed Draw) (*) (**)	SF	6.65	%	11.12	%	12/9/2022	12/11/2028	3,600		—		—	0.0	%
Kingsley Gate Partners, LLC (Delayed Draw) (*) (**)	SF	6.65	%	11.12	%	12/9/2022	12/11/2028	3,000		—		—	0.0	%
Kingsley Gate Partners, LLC (Revolver) (*)	SF	6.65	%	11.12	%	12/9/2022	12/11/2028	1,200		—		—	0.0	%
Moonraker Acquisitionco LLC (~)	SF	5.75	%	10.63	%	9/30/2022	8/4/2028	6,983		6,854		6,983	0.8	%
Moonraker Acquisitionco LLC (Delayed Draw) (*) (**)	SF	5.75	%	10.63	%	9/30/2022	8/4/2028	2,333		—		—	0.0	%
Moonraker Acquisitionco LLC (Delayed Draw) (*) (**)	SF	5.75	%	10.63	%	9/30/2022	8/4/2028	2,333		—		—	0.0	%
Moonraker Acquisitionco LLC (Revolver) (*)	SF	5.75	%	10.63	%	9/30/2022	8/4/2028	933		—		—	0.0	%
Prototek LLC (~~~)	SF	6.50	%	11.27	%	12/8/2022	12/8/2027	8,000		7,773		7,984	0.9	%
Prototek LLC (Delayed Draw) (*) (**)	SF	6.50	%	11.27	%	12/8/2022	12/8/2027	2,457		—		—	0.0	%
Prototek LLC (Revolver) (*)	SF	6.50	%	11.22	%	12/8/2022	12/8/2027	1,843		—		—	0.0	%
Relativity ODA LLC (~)	L	7.50	%	12.35	% PIK	5/12/2021	5/12/2027	5,207		5,118		5,213	0.6	%
Relativity ODA LLC (Revolver) (*)	L	7.50	%	12.35	% PIK	5/12/2021	5/12/2027	450		—		—	0.0	%
Sundance Group Holdings, Inc. (~~)	SF	6.25	%	10.95	%	7/2/2021	7/2/2027	4,148		4,084		4,121	0.5	%
Sundance Group Holdings, Inc. (~)	SF	6.25	%	11.16	%	11/30/2022	7/2/2027	166		161		165	0.0	%
Sundance Group Holdings, Inc. (~)	SF	6.25	%	11.09	%	7/2/2021	7/2/2027	1,244		1,244		1,236	0.1	%
Sundance Group Holdings, Inc. (Revolver) (*)	SF	6.35	%	11.18	%	7/2/2021	7/2/2027	498		50		49	0.0	%
The GEO Group, Inc (~) (<) (d)	SF	7.13	%	11.93	%	3/28/2023	3/23/2027	3,000		3,030		3,030	0.4	%
Thryv, Inc. (~) (<)	L	8.50	%	13.34	%	9/7/2022	2/27/2026	8,404		8,329		8,367	1.0	%
Verdantas LLC (~)	SF	7.60	%	12.27	%	2/28/2023	7/1/2025	4,000		3,883		3,880	0.5	%
Verdantas LLC (Delayed Draw) (*) (**)	SF	7.60	%	12.27	%	2/28/2023	7/1/2025	2,000		—		—	0.0	%
								186,383		151,245		152,359	17.7	%

12

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

March 31, 2023

(in thousands, except for shares and units)

				Interest		Acquisition			Amortized				% of
Portfolio Company (˄)	Index (˄˄)	Spread (˄˄)		Rate		Date (˄˄˄)	Maturity	Principal	Cost		Fair Value (˄˄˄˄)		Net Assets (˄˄˄˄˄)
Services: Consumer
Clydesdale Holdings, LLC (~) (~~~)	SF	5.65	%	10.55	%	6/24/2022	6/23/2028	14,925	$	14,662	$	14,895	1.7	%
Clydesdale Holdings, LLC (Delayed Draw) (*) (**)	SF	5.65	%	10.55	%	6/24/2022	6/23/2028	21,188		16,113		16,080	1.9	%
Clydesdale Holdings, LLC (Revolver) (*)	SF	5.65	%	10.55	%	6/24/2022	6/23/2028	4,523		—		—	0.0	%
Denali Midco 2, LLC	SF	6.50	%	11.41	%	9/13/2022	12/22/2027	12,438		12,098		12,469	1.5	%
Denali Midco 2, LLC (Delayed Draw) (*) (**)	SF	6.50	%	11.41	%	9/13/2022	12/22/2027	12,494		5,327		5,340	0.6	%
Express Wash Acquisition Company, LLC (~)	SF	6.50	%	11.35	%	7/14/2022	7/14/2028	11,500		11,441		11,284	1.3	%
Express Wash Acquisition Company, LLC	SF	6.50	%	11.35	%	7/14/2022	7/14/2028	2,154		2,154		2,114	0.2	%
Express Wash Acquisition Company, LLC (Revolver) (*)	SF	6.50	%	11.35	%	7/14/2022	7/14/2028	536		295		289	0.0	%
Light Wave Dental Management, LLC (~) (~~)	SF	6.50	%	11.66	%	8/1/2019	1/2/2024	2,024		2,018		2,020	0.2	%
Light Wave Dental Management, LLC (~) (~~)	SF	6.50	%	11.66	%	5/3/2021	1/2/2024	1,466		1,466		1,463	0.2	%
Light Wave Dental Management, LLC (~) (~~)	SF	6.50	%	11.66	%	8/3/2021	1/2/2024	1,352		1,344		1,350	0.2	%
Light Wave Dental Management, LLC (~)	SF	6.50	%	11.66	%	8/3/2021	1/2/2024	3,373		3,373		3,367	0.4	%
Light Wave Dental Management, LLC (Delayed Draw) (~) (*) (**)	SF	6.50	%	11.66	%	6/24/2022	1/2/2024	11,455		3,290		3,283	0.4	%
Light Wave Dental Management, LLC (Revolver)	SF	6.50	%	11.66	%	5/3/2021	1/2/2024	187		187		186	0.0	%
Pacific Bells, LLC (~~~)	SF	4.76	%	9.66	%	11/2/2022	11/10/2028	2,931		2,754		2,824	0.3	%
Viad Corp (~) (<)	SF	5.00	%	9.92	%	9/12/2022	7/28/2028	4,962		4,858		4,751	0.6	%
								107,508		81,380		81,715	9.5	%
Telecommunications
American Broadband and Telecommunications				18.00	% Cash/
Company LLC (Delayed Draw) (~) (*) (**)	P	12.00	%	2.00	% PIK	6/10/2022	6/10/2025	3,065		2,768		2,849	0.3	%
American Broadband and Telecommunications				18.00	% Cash/
Company LLC (Revolver) (*)	P	12.00	%	2.00	% PIK	6/10/2022	6/10/2025	1,000		244		242	0.0	%
Calabrio, Inc. (~~)	L	7.00	%	12.16	%	4/16/2021	4/16/2027	8,000		7,854		7,960	0.9	%
Calabrio, Inc. (Revolver) (*)	L	7.00	%	11.95	%	4/16/2021	4/16/2027	963		551		548	0.1	%
DataOnline Corp. (~) (~~)	L	6.25	%	10.88	%	11/13/2019	11/13/2025	6,289		6,224		6,138	0.7	%
DataOnline Corp. (Revolver)	L	6.25	%	11.41	%	11/13/2019	11/13/2025	844		844		824	0.1	%
EOS Finco S.A.R.L. (~~~) (<) (b)	SF	6.00	%	10.60	%	8/3/2022	8/20/2027	1,250		1,155		1,236	0.2	%
Patagonia Holdco LLC (~) (<) (b)	SF	5.75	%	10.47	%	8/5/2022	8/1/2029	14,925		12,391		12,440	1.5	%
Sandvine Corporation (~)	L	4.50	%	9.33	%	3/8/2021	10/31/2025	1,159		1,159		1,100	0.1	%
								37,495		33,190		33,337	3.9	%
Transportation: Cargo
Complete Innovations Inc. (~) (<) (a) (b)	C	6.75	%	11.67	%	12/16/2020	12/16/2025	8,139		8,528		8,148	1.0	%
Complete Innovations Inc. (~) (<) (a) (b)	C	6.75	%	11.67	%	12/16/2020	12/16/2025	1,032		1,101		1,033	0.1	%
Fiasco Enterprises, LLC (~~~)	SF	5.61	%	10.28	%	5/6/2022	5/6/2027	6,965		6,861		6,941	0.8	%
Fiasco Enterprises, LLC (~)	SF	6.61	%	11.28	%	12/15/2022	5/6/2027	8,400		8,163		8,400	1.0	%
Fiasco Enterprises, LLC (Revolver) (*)	SF	5.61	%	10.28	%	5/6/2022	5/6/2027	1,750		—		—	0.0	%
Kenco PPC Buyer LLC (~) (~~~)	SF	5.50	%	10.39	%	11/17/2022	11/15/2029	21,886		21,364		21,821	2.5	%
Kenco PPC Buyer LLC (Delayed Draw) (*) (**)	SF	5.50	%	10.39	%	11/17/2022	11/15/2029	3,870		—		—	0.0	%
Kenco PPC Buyer LLC (Revolver) (*)	SF	5.50	%	10.39	%	11/17/2022	11/15/2029	4,787		—		—	0.0	%
Randys Holdings, Inc. (~) (~~)	SF	6.50	%	11.40	%	11/1/2022	11/1/2028	17,003		16,513		16,926	2.0	%
Randys Holdings, Inc. (Delayed Draw) (*) (**)	SF	6.50	%	11.40	%	11/1/2022	11/1/2028	5,682		—		—	0.0	%
Randys Holdings, Inc. (Revolver) (*)	SF	6.50	%	11.40	%	11/1/2022	11/1/2028	2,273		429		427	0.0	%
RS Acquisition, LLC (~~) (~~~)	L	6.00	%	10.66	%	12/13/2021	12/14/2026	10,890		10,724		10,650	1.2	%
RS Acquisition, LLC (Delayed Draw) (~) (*) (**)	L	6.00	%	10.66	%	12/13/2021	12/14/2026	10,052		8,282		8,100	0.9	%
RS Acquisition, LLC (Revolver)	L	6.00	%	10.66	%	12/13/2021	12/14/2026	1,264		1,264		1,237	0.2	%
								103,993		83,229		83,683	9.7	%

13

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

March 31, 2023

(in thousands, except for shares and units)

				Interest		Acquisition			Amortized				% of
Portfolio Company (˄)	Index (˄˄)	Spread (˄˄)		Rate		Date (˄˄˄)	Maturity	Principal	Cost		Fair Value (˄˄˄˄)		Net Assets (˄˄˄˄˄)
Wholesale
IF & P Holdings Company, LLC (~) (~~~)	SF	5.25	%	10.14	%	10/6/2022	10/3/2028	23,867	$	23,314	$	23,867	2.8	%
IF & P Holdings Company, LLC (Revolver) (*)	SF	5.25	%	10.23	%	10/6/2022	10/3/2028	2,800		1,456		1,456	0.2	%
S&S Holdings LLC (~)	L	5.00	%	9.83	%	3/10/2021	3/10/2028	2,940		2,872		2,780	0.3	%
								29,607		27,642		28,103	3.3	%
Total Non-Controlled/Non-Affiliate Senior Secured Loans								1,565,545		1,304,363		1,306,816	152.2	%
Unitranche Secured Loans (<<)
Aerospace & Defense
Cassavant Holdings, LLC (~) (~~)	SF	7.50	%	12.28	%	9/8/2021	9/8/2026	13,231		13,041		13,033	1.5	%
								13,231		13,041		13,033	1.5	%
Construction & Building
Inversiones DP6 (BVI) Numero Dos, Ltd. (Delayed				9.00	% Cash/
Draw) (<) (*) (**) (b)	n/a	n/a		4.75	% PIK	10/14/2022	10/14/2026	25,291		16,167		16,107	1.9	%
								25,291		16,167		16,107	1.9	%
Consumer Goods: Durable
Jumpstart Holdco, Inc. (~)	SF	5.65	%	10.28	%	4/19/2022	4/19/2028	23,383		22,974		21,610	2.5	%
								23,383		22,974		21,610	2.5	%
Environmental Industries
StormTrap, LLC (~~~)	SF	5.00	%	9.77	%	3/25/2022	3/24/2028	7,497		7,380		7,497	0.9	%
StormTrap, LLC (Delayed Draw) (*) (**)	SF	5.00	%	9.77	%	3/25/2022	3/24/2028	2,222		—		—	0.0	%
								9,719		7,380		7,497	0.9	%
Healthcare & Pharmaceuticals
				10.33	% Cash/
Evolve Biologics Inc. (~) (<)	SF	16.00	%	10.33	% PIK	12/20/2022	12/18/2026	17,620		17,291		17,532	2.0	%
				10.33	% Cash/
Evolve Biologics Inc. (Delayed Draw) (<) (*) (**)	SF	16.00	%	10.33	% PIK	12/20/2022	12/18/2026	19,411		—		—	0.0	%
								37,031		17,291		17,532	2.0	%
Media: Advertising, Printing & Publishing
New Engen, Inc. (~~) (~~~)	SF	5.00	%	9.67	%	12/3/2021	12/3/2026	9,405		9,280		9,319	1.1	%
New Engen, Inc. (~~) (~~~)	SF	5.00	%	9.67	%	12/27/2021	12/3/2026	7,942		7,942		7,870	0.9	%
								17,347		17,222		17,189	2.0	%
Services: Business
ASG II, LLC (~~)	SF	6.25	%	11.08	%	5/25/2022	5/25/2028	15,000		14,731		15,000	1.7	%
ASG II, LLC (Delayed Draw) (*) (**)	SF	6.25	%	11.08	%	5/25/2022	5/25/2028	2,250		648		648	0.1	%
Onit, Inc. (~~)	SF	7.25	%	12.30	%	12/20/2021	5/2/2025	16,800		16,597		16,758	2.0	%
								34,050		31,976		32,406	3.8	%
Telecommunications
VB E1, LLC (~)	L	7.65	%	12.81	%	11/18/2020	11/18/2026	3,000		3,000		3,006	0.3	%
								3,000		3,000		3,006	0.3	%
Total Non-Controlled/Non-Affiliate Unitranche Secured Loans								163,052		129,051		128,380	14.9	%
Junior Secured Loans
Banking
MoneyLion, Inc. (~) (<)	SF	9.25	%	14.26	%	3/25/2022	3/24/2026	18,750		18,601		18,680	2.2	%
MoneyLion, Inc. (~) (<)	P	5.75	%	13.75	%	8/27/2021	5/1/2023	2,500		2,485		2,500	0.3	%
MoneyLion, Inc. (Delayed Draw) (<) (*) (**)	SF	9.25	%	14.26	%	3/25/2022	3/24/2026	5,357		—		—	0.0	%
								26,607		21,086		21,180	2.5	%
FIRE: Real Estate
Florida East Coast Industries, LLC (<)	n/a	n/a		16.00	% PIK	8/9/2021	6/28/2024	1,983		1,961		1,983	0.2	%
				8.00	% Cash/
Witkoff/Monroe 700 JV LLC (Delayed Draw) (<) (*) (**)	n/a	n/a		4.00	% PIK	7/2/2021	7/2/2026	9,356		9,100		9,089	1.1	%
								11,339		11,061		11,072	1.3	%
Services: Consumer
Light Wave Dental Management, LLC	n/a	n/a		n/a	(e)	12/6/2022	9/30/2023	2,479		2,479		2,954	0.3	%
								2,479		2,479		2,954	0.3	%
Total Non-Controlled/Non-Affiliate Junior Secured Loans								40,425		34,626		35,206	4.1	%

14

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

March 31, 2023

(in thousands, except for shares and units)

			Interest		Acquisition			Amortized				% of
Portfolio Company (˄)	Index (˄˄)	Spread (˄˄)	Rate		Date (˄˄˄)	Maturity	Principal	Cost		Fair Value (˄˄˄˄)		Net Assets (˄˄˄˄˄)
Equity Securities (#) (##)
Automotive
Born To Run, LLC (692,841 Class A units)	—	—	—	(###)	4/1/2021	—	—	$	693	$	285	0.0	%
Lifted Trucks Holdings, LLC (158,730 Class A shares) (####)	—	—	—	(###)	8/2/2021	—	—		159		127	0.0	%
									852		412	0.0	%
Banking
MV Receivables II, LLC (1,822 shares of common stock) (<) (####)	—	—	—	(###)	7/29/2021	—	—		750		1,049	0.1	%
MV Receivables II, LLC (warrant to purchase up to 1.0% of the equity) (<) (####)	—	—	—	(###)	7/28/2021	7/28/2031	—		453		1,504	0.2	%
									1,203		2,553	0.3	%
Beverage, Food & Tobacco
Sabrosura Foods, LLC et al (171,429 Class A interests)	—	—	—	(###)	10/18/2019	—	—		171		—	0.0	%
Sabrosura Foods, LLC et al (7,022 Class AA units)	—	—	—	(###)	11/22/2022	—	—		10		4	0.0	%
Sabrosura Foods, LLC et al (8,322 Class AAA units)	—	—	—	(###)	3/17/2023	—	—		8		5	0.0	%
									189		9	0.0	%
Capital Equipment
Adept AG Holdings, LLC (314,584 preferred units) (####)	—	—	—	(###)	8/11/2022	—	—		650		495	0.1	%
MCP Shaw Acquisitionco, LLC (95,125 Class A-2 units) (####)	—	—	—	(###)	2/28/2020	—	—		95		268	0.0	%
									745		763	0.1	%
Consumer Goods: Durable
Independence Buyer, Inc. (169 Class A units)	—	—	—	(###)	8/3/2021	—	—		169		195	0.0	%
Jumpstart Holdco, Inc. (1,566,667 Class A units)	—	—	—	(###)	4/19/2022	—	—		1,566		775	0.1	%
									1,735		970	0.1	%
Energy: Oil & Gas
QuarterNorth Energy Inc. (4,376 shares of common stock) (~)	—	—	—	(###)	1/11/2020	—	—		857		608	0.1	%
									857		608	0.1	%
Environmental Industries
Quest Resource Management Group, LLC (warrant to purchase up to 0.2% of the equity)	—	—	—	(###)	10/19/2020	3/19/2028	—		67		210	0.0	%
Quest Resource Management Group, LLC (warrant to purchase up to 0.2% of the equity)	—	—	—	(###)	10/19/2021	3/19/2028	—		—		147	0.0	%
StormTrap, LLC (640,000 Class A preferred units) (####)	n/a	n/a	8.00	% PIK	3/25/2022	—	—		640		640	0.1	%
StormTrap, LLC (640,000 Class A common units) (####)	—	—	—	(###)	3/25/2022	—	—		—		165	0.0	%
Volt Bidco, Inc. (878 shares of common stock)	—	—	—	(###)	8/11/2021	—	—		891		1,090	0.2	%
									1,598		2,252	0.3	%
FIRE: Finance
J2 BWA Funding LLC (0.7% profit sharing) (<) (####)	—	—	—	(###)	12/24/2020	—	—		—		23	0.0	%
J2 BWA Funding III, LLC (commitment to purchase up to 3.8% of the equity) (<) (####) (f)	—	—	—	(###)	4/29/2022	—	—		—		—	0.0	%
J2 BWA Funding III, LLC (commitment to purchase up to 1.2% of the equity) (<) (####) (f)	—	—	—	(###)	4/29/2022	—	—		181		181	0.0	%
									181		204	0.0	%
FIRE: Real Estate
InsideRE, LLC (284,853 Class A common units) (####)	—	—	—	(###)	9/9/2019	—	—		420		658	0.1	%
Lessen Inc. (128,737 preferred units)	—	—	—	(###)	1/5/2023	—	—		1,667		1,667	0.2	%
Witkoff/Monroe 700 JV LLC (2,992 preferred			8.00	% Cash/
units) (<) (####)	n/a	n/a	4.00	% PIK	7/2/2021	—	—		3		2,262	0.2	%
									2,090		4,587	0.5	%
Healthcare & Pharmaceuticals
Ascent Midco, LLC (725,806 Class A units) (####)	n/a	n/a	8.00	% PIK	2/5/2020	—	—		726		677	0.1	%
Dorado Acquisition, Inc. (531,783 Class A-1 units)	—	—	—	(###)	6/30/2021	—	—		578		601	0.1	%
Dorado Acquisition, Inc. (531,783 Class A-2 units)	—	—	—	(###)	6/30/2021	—	—		—		843	0.1	%
Evolve Biologics Inc. (0.1% of equity commitments) (<) (g)	—	—	—	(###)	12/20/2022	—	—		—		—	0.0	%
Evolve Biologics Inc. (warrant to purchase up to 1.5% of the equity) (<)	—	—	—	(###)	12/20/2022	12/20/2032	—		—		191	0.0	%
KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC) (0.3% of the equity)	—	—	—	(###)	1/31/2023	—	—		981		981	0.1	%
NationsBenefits, LLC (356,658 Series B units) (####)	n/a	n/a	5.00	% PIK	8/20/2021	—	—		2,393		2,824	0.3	%
NationsBenefits, LLC (326,667 common units) (####)	—	—	—	(###)	8/20/2021	—	—		468		177	0.0	%
NQ PE Project Colosseum Midco Inc. (1,364,614 common units)	—	—	—	(###)	10/4/2022	—	—		1,365		1,451	0.2	%
Seran BioScience, LLC (26,666 common units) (####)	—	—	—	(###)	12/31/2020	—	—		267		471	0.1	%
									6,778		8,216	1.0	%

15

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

March 31, 2023

(in thousands, except for shares and units)

			Interest		Acquisition			Amortized				% of
Portfolio Company (˄)	Index (˄˄)	Spread (˄˄)	Rate		Date (˄˄˄)	Maturity	Principal	Cost		Fair Value (˄˄˄˄)		Net Assets (˄˄˄˄˄)
High Tech Industries
Amelia Holding II, LLC (warrant to purchase up to 0.1% of the equity)	—	—	—	(###)	12/21/2022	12/21/2032	—	$	—	$	126	0.0	%
Drawbridge Partners, LLC (652,174 Class A-1 units)	—	—	—	(###)	9/1/2022	—	—		652		649	0.1	%
Optomi, LLC (278 Class A units) (####)	—	—	—	(###)	12/16/2021	—	—		278		554	0.1	%
Recorded Future, Inc. (40,243 Class A units) (h)	—	—	—	(###)	7/3/2019	—	—		40		126	0.0	%
Unanet, Inc. (1,621,053 shares of common stock)	—	—	—	(###)	12/5/2022	—	—		1,622		1,637	0.2	%
									2,592		3,092	0.4	%
Hotels, Gaming & Leisure
Equine Network, LLC (92 Class A units) (####)	—	—	—	(###)	12/31/2020	—	—		95		85	0.0	%
									95		85	0.0	%
Media: Advertising, Printing & Publishing
95 Percent Buyer, LLC (385,027 Class A units) (####)	n/a	n/a	8.00	% PIK	11/24/2021	—	—		385		540	0.1	%
Calienger Holdings, L.L.C. (568,181 Class A units) (####)	—	—	—	(###)	10/21/2022	—	—		568		614	0.1	%
New Engen, Inc. (417 preferred units)	n/a	n/a	8.00	% PIK	12/27/2021	—	—		417		388	0.1	%
New Engen, Inc. (5,067 Class B common units)	—	—	—	(###)	12/27/2021	—	—		5		—	0.0	%
Really Great Reading Company, Inc. (369 Series A units)	—	—	—	(###)	12/9/2022	—	—		369		386	0.0	%
Relevate Health Group, LLC (96 preferred units)	n/a	n/a	12.00	% PIK	11/20/2020	—	—		96		77	0.0	%
Relevate Health Group, LLC (96 Class B common units)	—	—	—	(###)	11/20/2020	—	—		—		—	0.0	%
Spherix Global Inc. (333 Class A units)	—	—	—	(###)	12/22/2021	—	—		333		189	0.0	%
XanEdu Publishing, Inc. (65,104 Class A units)	n/a	n/a	8.00	% PIK	1/28/2020	—	—		65		314	0.0	%
									2,238		2,508	0.3	%
Media: Diversified & Production
Chess.com, LLC (5 Class A units) (####)	—	—	—	(###)	12/31/2021	—	—		189		107	0.0	%
									189		107	0.0	%
Services: Business
Argano, LLC (59,540 common units) (####)	—	—	—	(###)	6/10/2021	—	—		290		545	0.0	%
ecMarket Inc. and Conexiom US Inc. (96,603 preferred shares) (<) (b)	—	—	—	(###)	9/21/2021	—	—		723		728	0.1	%
Edustaff, LLC (591 shares of common stock) (####)	—	—	—	(###)	12/8/2022	—	—		591		596	0.1	%
Skillsoft Corp. (26,168 Class A shares) (~) (<) (i)	—	—	—	(###)	6/11/2021	—	—		508		52	0.0	%
									2,112		1,921	0.2	%
Services: Consumer
Express Wash Acquisition Company, LLC (135,869 Class A units) (####)	n/a	n/a	8.00	% PIK	12/28/2020	—	—		140		117	0.0	%
IDIG Parent, LLC (192,908 shares of common stock) (####) (j)	—	—	—	(###)	1/4/2021	—	—		195		235	0.1	%
									335		352	0.1	%
Telecommunications
American Broadband and Telecommunications Company LLC (warrant to purchase up to 0.4% of the equity)	—	—	—	(###)	6/10/2022	6/10/2032	—		84		130	0.0	%
									84		130	0.0	%
Transportation: Cargo
RS Acquisition, LLC (753,485 common units) (####)	—	—	—	(###)	1/12/2022	—	—		1,264		1,162	0.1	%
									1,264		1,162	0.1	%
Wholesale
IF & P Holdings Company, LLC (1,500 Class A preferred units)	—	—	—	(###)	10/3/2022	—	—		—		1,572	0.2	%
IF & P Holdings Company, LLC (1,500 Class B common units)	—	—	—	(###)	10/3/2022	—	—		1,500		116	0.0	%
									1,500		1,688	0.2	%
Total Non-Controlled/Non-Affiliate Equity Securities									26,637		31,619	3.7	%
Total Non-Controlled/Non-Affiliate Company Investments								$	1,494,677	$	1,502,021	174.9	%

16

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

March 31, 2023

(in thousands, except for shares and units)

				Interest		Acquisition			Amortized				% of
Portfolio Company (˄)	Index (˄˄)	Spread (˄˄)		Rate		Date (˄˄˄)	Maturity	Principal	Cost		Fair Value (˄˄˄˄)		Net Assets (˄˄˄˄˄)
Non-Controlled Affiliate Company Investments (#####)
Senior Secured Loans
FIRE: Real Estate
Second Avenue SFR Holdings II LLC (Revolver) (<) (*)	L	7.00	%	11.66	%	8/11/2021	8/9/2024	4,875	$	4,785	$	4,743	0.6	%
								4,875		4,785		4,743	0.6	%
Services: Business
Nastel Technologies, LLC (~~)	SF	6.50	%	11.28	%	9/21/2022	9/21/2027	3,500		3,436		3,500	0.4	%
Nastel Technologies, LLC (Revolver) (*)	SF	6.50	%	11.28	%	9/21/2022	9/21/2027	368		—		—	0.0	%
								3,868		3,436		3,500	0.4	%
Transportation: Cargo
SheerTrans Solutions, LLC (~)	SF	7.50	%	12.42	%	7/29/2022	7/29/2027	5,089		4,998		5,089	0.6	%
SheerTrans Solutions, LLC (Revolver) (*)	SF	7.50	%	12.42	%	7/29/2022	7/29/2027	1,465		—		—	0.0	%
								6,554		4,998		5,089	0.6	%
Total Non-Controlled/Affiliate Senior Secured Loans								15,297		13,219		13,332	1.6	%
Junior Secured Loans
FIRE: Real Estate
SFR Holdco, LLC (<)	n/a	n/a		8.00	%	8/6/2021	7/28/2028	5,850		5,850		5,850	0.7	%
SFR Holdco, LLC (Delayed Draw) (<) (*) (**)	n/a	n/a		8.00	%	3/1/2022	7/28/2028	4,388		3,577		3,577	0.4	%
								10,238		9,427		9,427	1.1	%
Total Non-Controlled/Affiliate Junior Secured Loans								10,238		9,427		9,427	1.1	%
Equity Securities (##) (#####)
FIRE: Real Estate
SFR Holdco, LLC (13.9% of equity commitments) (<)	—	—		—	(###)	8/6/2021	7/28/2028	—		3,900		3,900	0.4	%
SFR Holdco, LLC (10.5% of equity commitments) (<) (k)	—	—		—	(###)	3/1/2022	7/28/2028	—		2,386		2,386	0.3	%
										6,286		6,286	0.7	%
Services: Business
Nastel Technologies, LLC (3,408 Class A units) (####)	—	—		—	(###)	9/21/2022	—	—		3,408		4,115	0.5	%
										3,408		4,115	0.5	%
Transportation: Cargo
SheerTrans Solutions, LLC (8,642,579 preferred interests) (####)	—	—		—	(###)	7/29/2022	—	—		8,643		8,729	1.0	%
										8,643		8,729	1.0	%
Total Non-Controlled/Affiliate Equity Securities										18,337		19,130	2.2	%
Total Non-Controlled/Affiliate Company Investments									$	40,983	$	41,889	4.9	%
TOTAL INVESTMENTS									$	1,535,660	$	1,543,910	179.8	%

17

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

March 31, 2023

(in thousands, except for shares and units)

Derivative Instruments

Foreign currency forward contract

	Notional Amount		Notional Amount			Settlement	Unrealized Gain
Description	to be Purchased		to be Sold		Counterparty	Date	(Loss)
Foreign currency forward contract	$	314	CAD	426	Bannockburn Global Forex, LLC	4/5/2023	$	(1)
Foreign currency forward contract	$	93	CAD	128	Bannockburn Global Forex, LLC	4/19/2023		(2)
Foreign currency forward contract	$	79	CAD	109	Bannockburn Global Forex, LLC	5/17/2023		(2)
Foreign currency forward contract	$	87	CAD	121	Bannockburn Global Forex, LLC	6/19/2023		(2)
Foreign currency forward contract	$	316	CAD	428	Bannockburn Global Forex, LLC	7/5/2023		(1)
Foreign currency forward contract	$	90	CAD	124	Bannockburn Global Forex, LLC	7/19/2023		(2)
Foreign currency forward contract	$	81	CAD	112	Bannockburn Global Forex, LLC	8/17/2023		(2)
Foreign currency forward contract	$	87	CAD	120	Bannockburn Global Forex, LLC	9/19/2023		(2)
Foreign currency forward contract	$	318	CAD	431	Bannockburn Global Forex, LLC	10/3/2023		(1)
Foreign currency forward contract	$	84	CAD	116	Bannockburn Global Forex, LLC	10/19/2023		(2)
Foreign currency forward contract	$	75	CAD	103	Bannockburn Global Forex, LLC	11/17/2023		(1)
Foreign currency forward contract	$	77	CAD	106	Bannockburn Global Forex, LLC	12/19/2023		(1)
Foreign currency forward contract	$	316	CAD	429	Bannockburn Global Forex, LLC	1/4/2024		(1)
Foreign currency forward contract	$	104	CAD	143	Bannockburn Global Forex, LLC	1/17/2024		(2)
Foreign currency forward contract	$	81	CAD	112	Bannockburn Global Forex, LLC	2/19/2024		(2)
Foreign currency forward contract	$	76	CAD	105	Bannockburn Global Forex, LLC	3/19/2024		(1)
Foreign currency forward contract	$	313	CAD	424	Bannockburn Global Forex, LLC	4/3/2024		(1)
Foreign currency forward contract	$	103	CAD	143	Bannockburn Global Forex, LLC	4/17/2024		(2)
Foreign currency forward contract	$	78	CAD	108	Bannockburn Global Forex, LLC	5/17/2024		(2)
Foreign currency forward contract	$	86	CAD	118	Bannockburn Global Forex, LLC	6/19/2024		(2)
Foreign currency forward contract	$	308	CAD	417	Bannockburn Global Forex, LLC	7/3/2024		(1)
Foreign currency forward contract	$	95	CAD	131	Bannockburn Global Forex, LLC	7/17/2024		(2)
Foreign currency forward contract	$	80	CAD	111	Bannockburn Global Forex, LLC	8/19/2024		(2)
Foreign currency forward contract	$	83	CAD	114	Bannockburn Global Forex, LLC	9/18/2024		(2)
Foreign currency forward contract	$	312	CAD	423	Bannockburn Global Forex, LLC	10/2/2024		(1)
Foreign currency forward contract	$	97	CAD	134	Bannockburn Global Forex, LLC	10/17/2024		(2)
Foreign currency forward contract	$	80	CAD	110	Bannockburn Global Forex, LLC	11/19/2024		(2)
Foreign currency forward contract	$	80	CAD	110	Bannockburn Global Forex, LLC	12/18/2024		(2)
Foreign currency forward contract	$	302	CAD	409	Bannockburn Global Forex, LLC	1/2/2025		(1)
Foreign currency forward contract	$	96	CAD	133	Bannockburn Global Forex, LLC	1/17/2025		(2)
Foreign currency forward contract	$	83	CAD	115	Bannockburn Global Forex, LLC	2/20/2025		(2)
Foreign currency forward contract	$	66	CAD	91	Bannockburn Global Forex, LLC	3/19/2025		(1)
Foreign currency forward contract	$	10,811	CAD	14,653	Bannockburn Global Forex, LLC	4/2/2025		(30)
Foreign currency forward contract	$	93	CAD	128	Bannockburn Global Forex, LLC	4/17/2025		(2)
Foreign currency forward contract	$	73	CAD	101	Bannockburn Global Forex, LLC	5/19/2025		(1)
Foreign currency forward contract	$	78	CAD	107	Bannockburn Global Forex, LLC	6/18/2025		(1)
Foreign currency forward contract	$	93	CAD	128	Bannockburn Global Forex, LLC	7/17/2025		(2)
Foreign currency forward contract	$	75	CAD	103	Bannockburn Global Forex, LLC	8/19/2025		(1)
Foreign currency forward contract	$	75	CAD	103	Bannockburn Global Forex, LLC	9/17/2025		(1)
Foreign currency forward contract	$	94	CAD	130	Bannockburn Global Forex, LLC	10/17/2025		(2)
Foreign currency forward contract	$	79	CAD	109	Bannockburn Global Forex, LLC	11/19/2025		(2)
Foreign currency forward contract	$	8,874	CAD	12,243	Bannockburn Global Forex, LLC	12/18/2025		(184)
Foreign currency forward contract	$	123	AUD	160	Bannockburn Global Forex, LLC	4/20/2023		17
Foreign currency forward contract	$	93	AUD	121	Bannockburn Global Forex, LLC	5/16/2023		12
Foreign currency forward contract	$	121	AUD	156	Bannockburn Global Forex, LLC	6/19/2023		16
Foreign currency forward contract	$	106	AUD	138	Bannockburn Global Forex, LLC	7/18/2023		14
Foreign currency forward contract	$	113	AUD	146	Bannockburn Global Forex, LLC	8/16/2023		15
Foreign currency forward contract	$	113	AUD	146	Bannockburn Global Forex, LLC	9/18/2023		15
Foreign currency forward contract	$	114	AUD	148	Bannockburn Global Forex, LLC	10/18/2023		15
Foreign currency forward contract	$	107	AUD	140	Bannockburn Global Forex, LLC	11/16/2023		14
Foreign currency forward contract	$	109	AUD	142	Bannockburn Global Forex, LLC	12/18/2023		14
Foreign currency forward contract	$	115	AUD	150	Bannockburn Global Forex, LLC	1/17/2024		15
Foreign currency forward contract	$	110	AUD	143	Bannockburn Global Forex, LLC	2/16/2024		14
Foreign currency forward contract	$	11,827	AUD	15,410	Bannockburn Global Forex, LLC	3/18/2024		1,526
							$	1,409

18

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

March 31, 2023

(in thousands, except for shares and units)

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

^(˄˄) The majority of the investments bear interest at a rate that may be determined by reference to the London Interbank Offered Rate (“LIBOR” or “L”), Secured Overnight Financing Rate (“SOFR” or “SF”), Canadian Dollar Offered Rate (“CDOR” or “C”) or Prime Rate (“Prime” or “P”) which reset daily, monthly, quarterly, or semiannually. For each such investment, the Company has provided the spread over LIBOR, SOFR, CDOR, or Prime, as applicable, and the current contractual interest rate in effect at March 31, 2023. Certain investments may be subject to an interest rate floor, or rate cap. Certain investments contain a payment-in-kind (“PIK”) provision.

^(˄˄˄) Except as otherwise noted, all of the Company’s portfolio company investments, which as of March 31, 2023 represented 179.8% of the Company’s net assets or 96.5% of the Company’s total assets, are subject to legal restrictions on sales.

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

^(˄˄˄˄˄) Percentages are based on net assets of $858,859 as of March 31, 2023.

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

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

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

^(<) This investment is treated as a non-qualifying investment under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of March 31, 2023, non-qualifying assets totaled 13.6% of the Company’s total assets.

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

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

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

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

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

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

^(*) All or a portion of this commitment was unfunded at March 31, 2023. As such, interest is earned only on the funded portion of this commitment.

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

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

^(b) This is an international company.

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

^(d) Investment position or portion thereof unsettled as of March 31, 2023.

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

^(f) As of March 31, 2023, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $959.

^(g) As of March 31, 2023, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $2,293.

^(h) As of March 31, 2023, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $8.

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

^(j) As of March 31, 2023, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $34.

^(k) As of March 31, 2023, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $540.

n/a - not applicable

See Notes to Consolidated Financial Statements.

19

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2022

(in thousands, except for shares and units)

				Interest		Acquisition							% of
Portfolio Company (˄)	Index (˄˄)	Spread (˄˄)		Rate		Date (˄˄˄)	Maturity	Principal	Amortized Cost		Fair Value (˄˄˄˄)		Net Assets (˄˄˄˄˄)
Non-Controlled/Non-Affiliate Company Investments
Senior Secured Loans
Aerospace & Defense
API Holdings III Corp. (~)	L	4.25	%	8.98	%	5/2/2019	5/8/2026	1,641	$	1,636	$	1,308	0.2	%
SI Holdings, Inc. (Integrated Polymer Solutions) (~) (~~)	L	6.00	%	10.38	%	7/25/2019	7/25/2025	1,935		1,915		1,918	0.3	%
SI Holdings, Inc. (Integrated Polymer Solutions) (~) (~~)	L	6.00	%	10.38	%	12/24/2019	7/25/2025	1,010		999		1,001	0.1	%
SI Holdings, Inc. (Integrated Polymer Solutions) (~) (~~)	L	6.00	%	10.38	%	2/17/2021	7/25/2025	1,747		1,745		1,732	0.2	%
SI Holdings, Inc. (Integrated Polymer Solutions) (~) (~~)	L	6.00	%	10.38	%	6/15/2021	7/25/2025	1,024		1,008		1,015	0.2	%
SI Holdings, Inc. (Integrated Polymer Solutions) (~) (~~)	L	6.00	%	10.38	%	8/10/2021	7/25/2025	1,000		986		991	0.1	%
SI Holdings, Inc. (Integrated Polymer Solutions) (Revolver) (*)	L	6.00	%	10.38	%	7/25/2019	7/25/2024	316		71		71	0.0	%
								8,673		8,360		8,036	1.1	%
Automotive
Born To Run, LLC (~~) (~~~)	L	6.00	%	10.73	%	4/1/2021	4/1/2027	8,865		8,729		8,531	1.1	%
Born To Run, LLC (~~)	L	6.00	%	10.73	%	4/1/2021	4/1/2027	1,207		1,207		1,162	0.2	%
Burgess Point Purchaser Corporation (fka BBB Industries LLC) (~)	SF	5.35	%	9.67	%	6/30/2022	7/25/2029	5,000		4,519		4,563	0.6	%
Lifted Trucks Holdings, LLC (~~) (~~~)	L	5.75	%	9.49	%	8/2/2021	8/2/2027	9,900		9,737		9,771	1.3	%
Lifted Trucks Holdings, LLC (Delayed Draw) (*) (**)	L	5.75	%	9.49	%	8/2/2021	8/2/2027	2,000		—		—	0.0	%
Lifted Trucks Holdings, LLC (Revolver) (*)	L	5.75	%	9.49	%	8/2/2021	8/2/2027	2,381		—		—	0.0	%
Panda Acquisition, LLC (~)	SF	6.35	%	10.28	%	12/20/2022	10/18/2028	10,000		8,201		8,200	1.1	%
Truck-Lite Co., LLC (~)	SF	6.25	%	11.14	%	7/8/2022	12/14/2026	128		125		128	0.0	%
Truck-Lite Co., LLC (~)	SF	6.25	%	11.14	%	3/11/2020	12/14/2026	3,383		3,361		3,379	0.4	%
Truck-Lite Co., LLC (~)	SF	6.25	%	11.14	%	11/23/2021	12/14/2026	628		628		627	0.1	%
Truck-Lite Co., LLC (~)	SF	6.25	%	11.14	%	3/11/2020	12/14/2026	501		501		501	0.1	%
Truck-Lite Co., LLC (~)	SF	6.25	%	11.14	%	11/23/2021	12/14/2026	557		557		556	0.1	%
Truck-Lite Co., LLC (~)	SF	6.25	%	11.14	%	11/23/2021	12/14/2026	714		714		714	0.1	%
								45,264		38,279		38,132	5.1	%
Banking
MV Receivables II, LLC (<)	L	9.75	%	13.87	%	7/29/2021	7/29/2026	10,144		9,691		9,960	1.3	%
StarCompliance MidCo, LLC (~~)	L	6.75	%	11.48	%	1/12/2021	1/12/2027	3,000		2,957		2,951	0.4	%
StarCompliance MidCo, LLC (~~)	L	6.75	%	11.48	%	10/12/2021	1/12/2027	503		495		495	0.1	%
StarCompliance MidCo, LLC (Revolver) (*)	L	6.75	%	11.14	%	1/12/2021	1/12/2027	484		121		119	0.0	%
								14,131		13,264		13,525	1.8	%
Beverage, Food & Tobacco
Sabrosura Foods, LLC et al (fka Huff Hispanic Food Holdings, LLC) (~) (~~)	L	5.50	%	9.89	%	10/18/2019	10/18/2024	5,037		4,997		4,984	0.7	%
Sabrosura Foods, LLC et al (fka Huff Hispanic Food Holdings, LLC) (~)	L	5.50	%	9.91	%	10/18/2019	10/18/2024	285		285		282	0.0	%
Sabrosura Foods, LLC et al (fka Huff Hispanic Food Holdings, LLC) (Revolver) (*)	L	5.50	%	10.23	%	10/18/2019	10/18/2024	1,286		1,020		1,009	0.1	%
LVF Holdings, Inc. (~)	L	6.25	%	8.45	%	6/10/2021	6/10/2027	3,456		3,402		3,353	0.5	%
LVF Holdings, Inc. (~)	L	6.25	%	8.45	%	6/10/2021	6/10/2027	3,308		3,308		3,208	0.4	%
LVF Holdings, Inc. (Delayed Draw) (*) (**)	L	6.25	%	8.45	%	6/10/2021	6/10/2027	802		—		—	0.0	%
LVF Holdings, Inc. (Revolver) (*)	L	6.25	%	10.98	%	6/10/2021	6/10/2027	554		366		355	0.1	%
LX/JT Intermediate Holdings, Inc. (~)	SF	6.00	%	10.42	%	3/11/2020	3/11/2025	3,281		3,248		3,237	0.4	%
LX/JT Intermediate Holdings, Inc. (Revolver) (*)	SF	6.00	%	10.42	%	3/11/2020	3/11/2025	500		—		—	0.0	%
								18,509		16,626		16,428	2.2	%

20

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2022

(in thousands, except for shares and units)

				Interest		Acquisition							% of
Portfolio Company (˄)	Index (˄˄)	Spread (˄˄)		Rate		Date (˄˄˄)	Maturity	Principal	Amortized Cost		Fair Value (˄˄˄˄)		Net Assets (˄˄˄˄˄)
Capital Equipment
Adept AG Holdings, LLC (~~~)	SF	5.50	%	10.21	%	8/11/2022	8/11/2027	6,484	$	6,362	$	6,445	0.9	%
Adept AG Holdings, LLC (<) (a)	SF	5.75	%	10.46	%	8/11/2022	8/11/2027	10,788		10,685		10,724	1.4	%
Adept AG Holdings, LLC	SF	5.50	%	9.92	%	8/11/2022	8/11/2027	1,625		1,625		1,615	0.2	%
Adept AG Holdings, LLC (Revolver) (<) (*) (a)	SF	5.75	%	10.46	%	8/11/2022	8/11/2027	1,079		—		—	0.0	%
Adept AG Holdings, LLC (Revolver) (*)	SF	5.50	%	10.21	%	8/11/2022	8/11/2027	1,300		—		—	0.0	%
CGI Automated Manufacturing, LLC (~)	SF	6.50	%	11.34	%	9/9/2022	12/17/2026	8,944		8,692		8,944	1.2	%
CGI Automated Manufacturing, LLC (~)	SF	6.50	%	11.34	%	9/30/2022	12/17/2026	5,691		5,556		5,691	0.8	%
CGI Automated Manufacturing, LLC (~)	SF	6.50	%	11.34	%	9/9/2022	12/17/2026	10,890		10,583		10,890	1.4	%
MCP Shaw Acquisitionco, LLC (~~) (~~~)	SF	6.50	%	11.06	%	2/28/2020	11/28/2025	7,777		7,691		7,789	1.0	%
MCP Shaw Acquisitionco, LLC (~~) (~~~)	SF	6.50	%	11.06	%	12/29/2021	11/28/2025	2,378		2,341		2,381	0.3	%
MCP Shaw Acquisitionco, LLC (~~~)	SF	6.50	%	11.06	%	12/29/2021	11/28/2025	782		782		783	0.1	%
MCP Shaw Acquisitionco, LLC (Revolver) (*)	SF	6.50	%	11.06	%	2/28/2020	11/28/2025	1,427		—		—	0.0	%
								59,165		54,317		55,262	7.3	%
Construction & Building
				12.23	% Cash/
Premier Roofing L.L.C. (~)	L	8.50	%	1.00	% PIK	8/31/2020	8/29/2025	3,450		3,411		3,392	0.5	%
				12.23	% Cash/
Premier Roofing L.L.C. (Revolver) (*)	L	8.50	%	1.00	% PIK	8/31/2020	8/29/2025	1,204		965		948	0.1	%
TCFIII Owl Buyer LLC (~~) (~~~)	SF	5.50	%	9.94	%	4/19/2021	4/17/2026	4,433		4,378		4,438	0.6	%
TCFIII Owl Buyer LLC (~~~)	SF	5.50	%	9.94	%	4/19/2021	4/17/2026	5,412		5,412		5,419	0.7	%
TCFIII Owl Buyer LLC (~~) (~~~)	SF	5.50	%	9.94	%	12/17/2021	4/17/2026	4,857		4,789		4,863	0.6	%
								19,356		18,955		19,060	2.5	%
Consumer Goods: Durable
Independence Buyer, Inc. (~~) (~~~)	SF	5.50	%	9.74	%	8/3/2021	8/3/2026	12,375		12,186		12,220	1.6	%
Independence Buyer, Inc. (Revolver) (*)	SF	5.50	%	9.74	%	8/3/2021	8/3/2026	2,964		—		—	0.0	%
Recycled Plastics Industries, LLC (~~) (~~~)	L	6.75	%	10.87	%	8/4/2021	8/4/2026	5,431		5,347		5,295	0.7	%
Recycled Plastics Industries, LLC (Revolver) (*)	L	6.75	%	10.87	%	8/4/2021	8/4/2026	743		—		—	0.0	%
								21,513		17,533		17,515	2.3	%
Consumer Goods: Non-Durable
Arizona Natural Resources, LLC (~)	SF	6.50	%	10.74	%	5/18/2021	5/18/2026	13,825		13,622		13,680	1.8	%
Arizona Natural Resources, LLC (~)	SF	6.50	%	10.74	%	12/15/2021	5/18/2026	2,538		2,497		2,511	0.4	%
Arizona Natural Resources, LLC (~)	SF	6.50	%	10.74	%	8/12/2022	5/18/2026	6,884		6,757		6,812	0.9	%
Arizona Natural Resources, LLC (Delayed Draw) (*) (**)	SF	6.50	%	10.74	%	8/12/2022	5/18/2026	2,958		—		—	0.0	%
Arizona Natural Resources, LLC (Revolver) (*)	SF	6.50	%	10.74	%	5/18/2021	5/18/2026	2,222		1,778		1,759	0.2	%
				11.15	% Cash/
The Kyjen Company, LLC (~) (~~)	SF	7.15	%	0.50	% PIK	5/14/2021	4/3/2026	2,959		2,936		2,925	0.4	%
The Kyjen Company, LLC	SF	7.00	%	11.42	% PIK	9/13/2022	4/3/2026	1		1		1	0.0	%
				10.92	% Cash/
The Kyjen Company, LLC (Revolver) (*)	SF	7.10	%	0.50	% PIK	5/14/2021	4/3/2026	315		268		265	0.0	%
Thrasio, LLC (~) (~~)	L	7.00	%	11.73	%	12/18/2020	12/18/2026	4,890		4,838		4,890	0.7	%
								36,592		32,697		32,843	4.4	%
Containers, Packaging & Glass
B2B Industrial Products LLC (~)	SF	6.75	%	11.41	%	12/6/2022	10/7/2026	10,000		9,753		9,750	1.3	%
Polychem Acquisition, LLC (~)	L	5.00	%	9.38	%	4/8/2019	3/17/2025	1,925		1,921		1,925	0.2	%
								11,925		11,674		11,675	1.5	%
Energy: Oil & Gas
Liquid Tech Solutions Holdings, LLC (~)	L	4.75	%	8.92	%	3/18/2021	3/17/2028	2,248		2,240		2,147	0.3	%
Par Petroleum, LLC (~)	L	6.75	%	10.58	%	1/27/2020	1/12/2026	855		859		844	0.1	%
								3,103		3,099		2,991	0.4	%
Environmental Industries
Quest Resource Management Group, LLC (~~) (~~~)	L	6.50	%	10.62	%	10/19/2020	10/20/2025	972		913		972	0.1	%
Quest Resource Management Group, LLC (~~~)	L	6.50	%	10.62	%	10/19/2020	10/20/2025	1,068		1,068		1,067	0.1	%
Quest Resource Management Group, LLC (~~) (~~~)	L	6.50	%	10.62	%	12/7/2021	10/20/2025	3,796		3,738		3,781	0.5	%
Quest Resource Management Group, LLC (Delayed Draw) (*) (**)	L	6.50	%	10.62	%	12/7/2021	10/20/2025	1,772		383		381	0.1	%
Trilon Group, LLC (~)	SF	6.25	%	10.48	%	10/28/2022	5/25/2029	5,500		5,337		5,335	0.7	%
Trilon Group, LLC (Delayed Draw) (*) (**)	SF	6.25	%	10.90	%	10/28/2022	5/25/2029	4,400		405		393	0.1	%
Volt Bidco, Inc. (~~)	SF	6.50	%	11.08	%	8/11/2021	8/11/2027	9,059		8,904		9,048	1.2	%
Volt Bidco, Inc. (Delayed Draw) (*) (**)	SF	6.50	%	11.08	% PIK	8/11/2021	8/11/2027	1,614		869		868	0.1	%
Volt Bidco, Inc. (Revolver) (*)	SF	6.50	%	11.08	%	8/11/2021	8/11/2027	956		—		—	0.0	%
								29,137		21,617		21,845	2.9	%

21

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2022

(in thousands, except for shares and units)

				Interest		Acquisition							% of
Portfolio Company (˄)	Index (˄˄)	Spread (˄˄)		Rate		Date (˄˄˄)	Maturity	Principal	Amortized Cost		Fair Value (˄˄˄˄)		Net Assets (˄˄˄˄˄)
FIRE: Finance
Avalara, Inc. (~~)	SF	7.25	%	11.83	%	10/19/2022	10/19/2028	10,000	$	9,756	$	9,750	1.3	%
Avalara, Inc. (Revolver) (*)	SF	7.25	%	11.83	%	10/19/2022	10/19/2028	1,000		—		—	0.0	%
				10.22	% Cash/
Exiger LLC (~~)	SF	8.00	%	2.00	% PIK	9/30/2021	9/30/2027	14,119		13,883		14,162	1.9	%
				10.22	% Cash/
Exiger LLC (~~)	SF	8.00	%	2.00	% PIK	8/26/2022	9/30/2027	1,971		1,924		1,977	0.3	%
Exiger LLC (~~)	SF	8.00	%	10.22	% Cash/	9/30/2021	9/30/2027	4,223		4,223		4,235	0.5	%
				2.00	% PIK
				10.22	% Cash/
Exiger LLC (Delayed Draw) (*) (**)	SF	8.00	%	2.00	% PIK	8/26/2022	9/30/2027	7,000		—		—	0.0	%
				10.22	% Cash/
Exiger LLC (Revolver) (*)	SF	8.00	%	2.00	% PIK	9/30/2021	9/30/2027	1,400		—		—	0.0	%
GC Champion Acquisition LLC (~~)	SF	6.75	%	11.15	%	8/19/2022	8/18/2028	12,967		12,719		12,838	1.7	%
GC Champion Acquisition LLC (Delayed Draw) (*) (**)	SF	6.75	%	11.15	%	8/19/2022	8/18/2028	3,611		—		—	0.0	%
J2 BWA Funding LLC (Delayed Draw) (<) (*) (**)	n/a	n/a		9.00	%	12/24/2020	12/24/2026	2,850		1,350		1,345	0.2	%
J2 BWA Funding III, LLC (Delayed Draw) (<) (*) (**)	n/a	n/a		9.00	%	4/29/2022	4/28/2028	7,600		—		—	0.0	%
Oceana Australian Fixed Income Trust (~) (<) (b) (c)	n/a	n/a		11.50	%	2/25/2021	2/25/2026	7,321		8,460		7,321	1.0	%
Oceana Australian Fixed Income Trust (~) (<) (b) (c)	n/a	n/a		10.75	%	6/29/2021	6/29/2026	3,084		3,400		3,084	0.4	%
SCP Intermediate Holdings, LLC (~) (<)	SF	5.75	%	10.17	%	12/28/2022	12/28/2028	3,000		2,925		2,925	0.4	%
TEAM Public Choices, LLC (~)	SF	5.00	%	9.95	%	8/23/2022	12/17/2027	4,560		4,344		4,378	0.6	%
W3 Monroe RE Debt LLC (<)	n/a	n/a		10.00	% PIK	2/5/2021	2/4/2028	1,944		1,944		1,944	0.2	%
YS WH4 LLC (Revolver) (<) (*)	SF	7.00	%	11.44	%	7/20/2022	11/20/2025	7,700		2,604		2,604	0.3	%
								94,350		67,532		66,563	8.8	%
FIRE: Insurance
Simplicity Financial Marketing Group Holdings Inc. (~) (~~~)	L	5.75	%	10.48	%	9/23/2022	12/2/2026	9,991		9,709		9,641	1.3	%
Simplicity Financial Marketing Group Holdings Inc. (Delayed Draw) (*) (**)	L	5.75	%	10.48	%	9/23/2022	12/2/2026	14,223		—		—	0.0	%
Simplicity Financial Marketing Group Holdings Inc. (Revolver) (*)	L	5.75	%	10.48	%	9/23/2022	12/2/2026	761		—		—	0.0	%
								24,975		9,709		9,641	1.3	%
FIRE: Real Estate
300 N. Michigan Mezz, LLC (Delayed Draw) (~) (<) (*) (**)	L	14.50	%	18.62	% PIK	7/15/2020	7/15/2024	1,000		974		974	0.1	%
Avison Young (USA) Inc. (~~~) (<) (b)	SF	5.75	%	10.19	%	4/26/2019	1/30/2026	1,925		1,915		1,612	0.2	%
Avison Young (USA) Inc. (~~~) (<) (b)	SF	7.00	%	11.44	%	9/1/2022	1/30/2026	4,163		3,933		3,726	0.5	%
Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC (<)	SF	8.25	%	12.43	%	5/3/2022	4/30/2025	16,000		15,734		15,980	2.1	%
Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC (<)	SF	8.25	%	12.43	%	5/3/2022	4/30/2025	1,635		1,635		1,633	0.2	%
Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC (Revolver) (<) (*)	SF	8.25	%	12.43	%	5/3/2022	4/30/2025	8,016		3,492		3,488	0.5	%
Florida East Coast Industries, LLC (~) (<)	n/a	n/a		10.50	%	8/9/2021	6/28/2024	1,356		1,334		1,362	0.2	%
InsideRE, LLC (~~) (~~~)	L	5.75	%	10.48	%	12/22/2021	12/22/2027	7,427		7,300		7,305	1.0	%
InsideRE, LLC (Delayed Draw) (*) (**)	L	5.75	%	10.48	%	12/22/2021	12/22/2027	2,886		—		—	0.0	%
InsideRE, LLC (Revolver) (*)	L	5.75	%	10.48	%	12/22/2021	12/22/2027	965		64		64	0.0	%
NCBP Property, LLC (<)	L	9.50	%	13.62	%	12/18/2020	6/16/2023	2,500		2,494		2,507	0.3	%
								47,873		38,875		38,651	5.1	%
Healthcare & Pharmaceuticals
Appriss Health, LLC (~~)	L	7.25	%	11.54	%	5/6/2021	5/6/2027	6,484		6,380		6,497	0.9	%
Appriss Health, LLC (Revolver) (*)	L	7.25	%	11.54	%	5/6/2021	5/6/2027	433		—		—	0.0	%
Ascent Midco, LLC (~~) (~~~)	L	5.75	%	10.14	%	2/5/2020	2/5/2025	2,220		2,200		2,220	0.3	%
Ascent Midco, LLC (Revolver) (*)	L	5.75	%	10.14	%	2/5/2020	2/5/2025	403		—		—	0.0	%
Brickell Bay Acquisition Corp. (~~) (~~~)	L	6.50	%	10.24	%	2/12/2021	2/12/2026	2,820		2,776		2,771	0.4	%
				8.97	% Cash/
Caravel Autism Health, LLC (~)	SF	8.75	%	3.00	% PIK	6/30/2021	6/30/2027	8,025		7,897		7,409	1.0	%
				8.97	% Cash/
Caravel Autism Health, LLC (Delayed Draw) (*) (**)	SF	8.75	%	3.00	% PIK	6/30/2021	6/30/2027	6,000		300		277	0.0	%
				8.97	% Cash/
Caravel Autism Health, LLC (Revolver) (*)	SF	8.75	%	3.00	% PIK	6/30/2021	6/30/2027	2,016		1,816		1,677	0.2	%
Dorado Acquisition, Inc. (~) (~~)	SF	6.50	%	10.72	%	6/30/2021	6/30/2026	13,825		13,614		13,797	1.8	%
Dorado Acquisition, Inc. (~)	SF	6.76	%	11.34	%	11/27/2022	6/30/2026	11,429		11,143		11,406	1.5	%
Dorado Acquisition, Inc. (Delayed Draw) (*) (**)	SF	6.50	%	10.72	%	6/30/2021	6/30/2026	606		—		—	0.0	%
Dorado Acquisition, Inc. (Revolver)	SF	6.50	%	10.92	%	6/30/2021	6/30/2026	1,670		1,670		1,670	0.2	%
Golden State Buyer, Inc. (~) (~~~)	L	4.75	%	8.92	%	8/25/2022	6/21/2026	9,974		9,600		9,525	1.2	%
				8.08	% Cash/
INH Buyer, Inc. (~)	SF	7.00	%	3.50	% PIK	6/30/2021	6/28/2028	4,916		4,876		4,720	0.6	%
MPH Acquisition Holdings LLC (~) (<)	L	4.25	%	8.98	%	9/20/2022	9/1/2028	3,553		3,343		3,052	0.4	%
NationsBenefits, LLC (~)	SF	7.00	%	11.22	%	8/20/2021	8/26/2027	12,128		11,939		12,370	1.6	%
NationsBenefits, LLC (~)	SF	7.00	%	11.22	%	8/26/2022	8/26/2027	14,452		14,452		14,741	2.0	%
NationsBenefits, LLC (Delayed Draw) (*) (**)	SF	7.00	%	11.22	%	8/26/2022	8/26/2027	15,585		2,886		2,943	0.4	%
NationsBenefits, LLC (Revolver) (*)	SF	7.00	%	11.42	%	8/20/2021	8/26/2027	6,806		2,722		2,722	0.4	%
NQ PE Project Colosseum Midco Inc. (~) (~~~)	SF	6.00	%	10.59	%	10/4/2022	10/4/2028	14,600		14,316		14,308	1.9	%
NQ PE Project Colosseum Midco Inc. (Delayed Draw) (*) (**)	SF	6.00	%	10.59	%	10/4/2022	10/4/2028	3,244		—		—	0.0	%
NQ PE Project Colosseum Midco Inc. (Revolver) (*)	SF	6.00	%	10.59	%	10/4/2022	10/4/2028	1,825		—		—	0.0	%
OIS Management Services, LLC (~)	SF	6.00	%	10.33	%	12/14/2022	11/16/2028	10,000		9,751		9,750	1.3	%
OIS Management Services, LLC (Delayed Draw) (*) (**)	SF	6.00	%	10.33	%	12/14/2022	11/16/2028	3,846		—		—	0.0	%
OIS Management Services, LLC (Revolver) (*)	SF	6.00	%	10.33	%	12/14/2022	11/16/2028	1,154		—		—	0.0	%
QF Holdings, Inc. (~~)	L	6.25	%	10.98	%	9/19/2019	12/15/2027	4,550		4,516		4,555	0.6	%
QF Holdings, Inc. (~~)	L	6.25	%	11.02	%	12/15/2021	12/15/2027	4,368		4,312		4,372	0.6	%
QF Holdings, Inc. (~~)	L	6.25	%	10.98	%	9/19/2019	12/15/2027	910		910		911	0.1	%
QF Holdings, Inc. (Delayed Draw) (*) (**)	L	6.25	%	10.64	%	8/21/2020	12/15/2027	910		692		692	0.1	%
QF Holdings, Inc. (Revolver) (*)	L	6.25	%	10.98	%	9/19/2019	12/15/2027	1,092		—		—	0.0	%
SCP Eye Care Holdco, LLC (~)	SF	5.75	%	9.46	%	10/7/2022	10/5/2029	9,255		8,982		8,977	1.2	%
SCP Eye Care Holdco, LLC (Delayed Draw) (*) (**)	SF	5.75	%	9.46	%	10/7/2022	10/5/2029	8,053		—		—	0.0	%
SCP Eye Care Holdco, LLC (Revolver) (*)	SF	5.75	%	10.18	%	10/7/2022	10/5/2029	1,442		120		117	0.0	%
Seran BioScience, LLC (~) (~~)	SF	6.25	%	9.96	%	12/31/2020	7/8/2027	1,965		1,940		1,948	0.3	%
Seran BioScience, LLC (Delayed Draw) (*) (**)	SF	6.25	%	10.67	%	7/8/2022	7/8/2027	2,221		1,065		1,056	0.1	%
Seran BioScience, LLC (Revolver) (*)	SF	6.25	%	9.96	%	12/31/2020	7/8/2027	356		—		—	0.0	%
SIP Care Services, LLC (~) (~~)	L	5.75	%	9.99	%	12/30/2021	12/30/2026	3,772		3,709		3,583	0.5	%
SIP Care Services, LLC (Delayed Draw) (*) (**)	L	5.75	%	9.99	%	12/30/2021	12/30/2026	3,040		—		—	0.0	%
SIP Care Services, LLC (Revolver) (*)	L	5.75	%	10.07	%	12/30/2021	12/30/2026	760		152		144	0.0	%
Sound Inpatient Physicians, Inc. (~) (d)	L	2.75	%	7.14	%	10/12/2022	6/28/2025	2,821		2,321		2,309	0.3	%
				7.86	% Cash/
TigerConnect, Inc. (~~)	SF	7.25	%	3.63	% PIK	2/16/2022	2/16/2028	10,000		9,823		9,875	1.3	%
				7.86	% Cash/
TigerConnect, Inc. (Delayed Draw) (*) (**)	SF	7.25	%	3.63	% PIK	2/16/2022	2/16/2028	413		93		91	0.0	%
TigerConnect, Inc. (Revolver) (*)	SF	7.25	%	11.49	%	2/16/2022	2/16/2028	1,429		—		—	0.0	%
WebPT, Inc. (~~)	L	6.75	%	11.48	%	8/28/2019	1/18/2028	5,000		4,961		4,980	0.7	%
WebPT, Inc. (Revolver) (*)	L	6.75	%	11.91	%	8/28/2019	1/18/2028	521		201		201	0.0	%
Whistler Parent Holdings III, Inc. (~~)	SF	6.75	%	11.17	%	6/3/2022	6/2/2028	21,000		20,604		20,801	2.8	%
Whistler Parent Holdings III, Inc. (Delayed Draw) (*) (**)	SF	6.75	%	11.17	%	6/3/2022	6/2/2028	6,563		262		260	0.0	%
Whistler Parent Holdings III, Inc. (Revolver) (*)	SF	6.75	%	11.17	%	6/3/2022	6/2/2028	2,625		394		390	0.1	%
								251,080		186,738		187,117	24.8	%

22

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2022

(in thousands, except for shares and units)

				Interest		Acquisition							% of
Portfolio Company (˄)	Index (˄˄)	Spread (˄˄)		Rate		Date (˄˄˄)	Maturity	Principal	Amortized Cost		Fair Value (˄˄˄˄)		Net Assets (˄˄˄˄˄)
High Tech Industries
Acquia Inc. (~~)	L	7.00	%	10.74	%	11/1/2019	10/31/2025	15,429	$	15,224	$	15,429	2.0	%
Acquia Inc. (Revolver) (*)	L	7.00	%	12.15	%	11/1/2019	10/31/2025	588		346		346	0.0	%
				13.77	% Cash/
Amelia Holding II, LLC (~)	SF	10.26	%	1.00	% PIK	12/21/2022	12/21/2027	10,000		9,702		9,700	1.3	%
				13.77	% Cash/
Amelia Holding II, LLC (Delayed Draw) (*) (**)	SF	10.26	%	1.00	% PIK	12/21/2022	12/21/2027	3,333		—		—	0.0	%
				13.77	% Cash/
Amelia Holding II, LLC (Revolver) (*)	SF	10.26	%	1.00	% PIK	12/21/2022	12/21/2027	667		—		—	0.0	%
				8.17	% Cash/
Arcstor Midco, LLC (~) (~~)	SF	7.60	%	3.75	% PIK	3/16/2021	3/16/2027	12,075		11,897		10,992	1.5	%
BTRS Holdings Inc (~)	SF	8.00	%	12.50	%	12/16/2022	12/15/2028	10,000		9,702		9,700	1.3	%
BTRS Holdings Inc (Delayed Draw) (*) (**)	SF	8.00	%	12.50	%	12/16/2022	12/15/2028	845		—		—	0.0	%
BTRS Holdings Inc (Revolver) (*)	SF	8.00	%	12.50	%	12/16/2022	12/15/2028	1,067		—		—	0.0	%
Drawbridge Partners, LLC (~~)	SF	7.00	%	11.56	% PIK	9/1/2022	9/1/2028	15,000		14,714		14,854	2.0	%
Drawbridge Partners, LLC (Delayed Draw) (*) (**)	SF	7.00	%	11.56	% PIK	9/1/2022	9/1/2028	1,649		514		509	0.1	%
Drawbridge Partners, LLC (Revolver) (*)	SF	7.00	%	11.56	%	9/1/2022	9/1/2028	2,609		—		—	0.0	%
Fueled Digital Media, LLC (~~~)	SF	6.11	%	10.24	%	11/1/2022	11/1/2027	5,753		5,612		5,609	0.7	%
Fueled Digital Media, LLC (Delayed Draw) (*) (**)	SF	6.11	%	10.24	%	11/1/2022	11/1/2027	504		—		—	0.0	%
Fueled Digital Media, LLC (Revolver) (*)	SF	6.11	%	10.24	%	11/1/2022	11/1/2027	807		—		—	0.0	%
MarkLogic Corporation (~)	SF	6.50	%	10.85	%	5/10/2022	10/20/2025	4,003		3,935		3,985	0.5	%
MarkLogic Corporation (~) (~~)	SF	6.50	%	10.85	%	10/20/2020	10/20/2025	5,145		5,066		5,121	0.7	%
MarkLogic Corporation (~) (~~)	SF	6.50	%	10.85	%	11/23/2021	10/20/2025	480		473		478	0.1	%
MarkLogic Corporation (~)	SF	6.50	%	10.85	%	11/23/2021	10/20/2025	321		321		320	0.0	%
MarkLogic Corporation (Revolver) (*)	SF	6.50	%	10.85	%	10/20/2020	10/20/2025	404		—		—	0.0	%
Matrix Parent, Inc. (~)	SF	5.00	%	9.55	%	11/2/2022	3/1/2029	2,494		2,272		2,057	0.3	%
Medallia, Inc. (~~)	L	6.50	%	10.88	% PIK	8/15/2022	10/27/2028	11,270		11,059		11,225	1.5	%
Mindbody, Inc. (~~)	L	7.00	%	11.73	%	2/15/2019	2/14/2025	1,867		1,852		1,865	0.2	%
Mindbody, Inc. (~~)	L	7.00	%	11.73	%	9/22/2021	2/14/2025	7,387		7,387		7,375	1.0	%
Mindbody, Inc. (Revolver) (*)	L	7.00	%	11.73	%	2/15/2019	2/14/2025	190		—		—	0.0	%
Optomi, LLC (~)	SF	8.25	%	12.65	%	12/13/2022	12/16/2027	5,668		5,499		5,668	0.8	%
Optomi, LLC (~) (~~)	L	5.50	%	9.24	%	12/16/2021	12/16/2027	13,399		13,168		12,980	1.7	%
Optomi, LLC (Revolver) (*)	L	5.50	%	9.24	%	12/16/2021	12/16/2027	3,189		1,063		1,030	0.1	%
Securly, Inc. (~~)	L	7.00	%	11.41	%	4/20/2022	4/22/2027	3,702		3,636		3,642	0.4	%
Securly, Inc. (~~)	L	7.00	%	11.73	%	4/22/2021	4/22/2027	8,400		8,269		8,264	1.1	%
Securly, Inc. (~~)	L	7.00	%	11.73	%	4/22/2021	4/22/2027	1,938		1,938		1,907	0.3	%
Securly, Inc. (Delayed Draw) (*) (**)	L	7.00	%	11.69	%	4/20/2022	4/22/2027	2,585		1,809		1,780	0.2	%
Securly, Inc. (Revolver) (*)	L	7.00	%	11.73	%	4/22/2021	4/22/2027	969		—		—	0.0	%
Transact Holdings Inc. (~)	L	4.25	%	8.63	%	4/18/2019	4/30/2026	718		711		687	0.1	%
Unanet, Inc. (~)	SF	6.25	%	10.97	%	12/9/2022	12/8/2028	22,000		21,565		21,560	2.9	%
Unanet, Inc. (Delayed Draw) (*) (**)	SF	6.25	%	10.97	%	12/9/2022	12/8/2028	6,947		—		—	0.0	%
Unanet, Inc. (Revolver) (*)	SF	6.25	%	10.97	%	12/9/2022	12/8/2028	2,316		—		—	0.0	%
Watchguard Technologies, Inc. (~)	SF	5.25	%	9.57	%	8/17/2022	6/29/2029	21,101		19,752		20,225	2.7	%
								206,819		177,486		177,308	23.5	%
Hotels, Gaming & Leisure
Equine Network, LLC (~~) (~~~)	SF	6.00	%	10.24	%	12/31/2020	12/31/2025	1,474		1,452		1,465	0.2	%
Equine Network, LLC (~~) (~~~)	SF	6.00	%	10.24	%	1/29/2021	12/31/2025	668		659		664	0.1	%
Equine Network, LLC (Delayed Draw) (*) (**)	SF	6.00	%	10.24	%	12/31/2020	12/31/2025	366		—		—	0.0	%
Equine Network, LLC (Revolver) (*)	SF	6.00	%	10.30	%	12/31/2020	12/31/2025	146		110		109	0.0	%
								2,654		2,221		2,238	0.3	%

23

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2022

(in thousands, except for shares and units)

				Interest		Acquisition					Fair		% of
Portfolio Company (˄)	Index (˄˄)	Spread (˄˄)		Rate		Date (˄˄˄)	Maturity	Principal	Amortized Cost		Value (˄˄˄˄)		Net Assets (˄˄˄˄˄)
Media: Advertising, Printing & Publishing
95 Percent Buyer, LLC (~) (~~) (~~~)	L	5.50	%	9.62	%	11/24/2021	11/24/2026	17,865	$	17,575	$	17,905	2.4	%
95 Percent Buyer, LLC (Revolver) (*)	L	5.50	%	9.62	%	11/24/2021	11/24/2026	963		—		—	0.0	%
Calienger Holdings, L.L.C. (~~~)	SF	6.10	%	10.22	%	10/21/2022	10/20/2028	5,000		4,878		4,875	0.6	%
Calienger Holdings, L.L.C. (Delayed Draw) (*) (**)	SF	6.10	%	10.22	%	10/21/2022	10/20/2028	667		—		—	0.0	%
Calienger Holdings, L.L.C. (Revolver) (*)	SF	6.10	%	10.22	%	10/21/2022	10/20/2028	909		—		—	0.0	%
CE Intermediate, LLC (~)	SF	5.50	%	10.09	%	10/11/2022	7/1/2027	29,812		29,092		29,067	3.9	%
Madison Logic Holdings, Inc. (~)	SF	7.00	%	11.58	%	12/30/2022	12/29/2028	14,000		13,580		13,580	1.8	%
Madison Logic Holdings, Inc. (Revolver) (*)	SF	7.00	%	11.58	%	12/30/2022	12/30/2027	1,207		—		—	0.0	%
North Haven USHC Acquisition, Inc. (~) (~~)	SF	6.50	%	11.18	%	10/30/2020	10/30/2025	2,450		2,419		2,448	0.3	%
North Haven USHC Acquisition, Inc. (~) (~~)	SF	6.50	%	11.18	%	3/12/2021	10/30/2025	710		710		709	0.1	%
North Haven USHC Acquisition, Inc. (~)	SF	6.50	%	11.18	%	9/3/2021	10/30/2025	1,434		1,434		1,433	0.2	%
North Haven USHC Acquisition, Inc. (~)	SF	6.25	%	10.41	%	7/29/2022	10/30/2025	2,592		2,556		2,575	0.3	%
North Haven USHC Acquisition, Inc. (Delayed Draw) (*) (**)	SF	6.50	%	11.18	%	7/29/2022	10/30/2025	1,056		—		—	0.0	%
North Haven USHC Acquisition, Inc. (Revolver) (*)	SF	6.50	%	11.13	%	10/30/2020	10/30/2025	416		187		187	0.0	%
				10.98	% Cash/
NTM Acquisition Corp. (~~~)	L	7.25	%	1.00	% PIK	4/18/2019	6/7/2024	4,402		4,402		4,270	0.6	%
Really Great Reading Company, Inc. (~)	SF	6.00	%	10.83	%	12/9/2022	12/8/2028	12,000		11,701		11,700	1.5	%
Really Great Reading Company, Inc. (Delayed Draw) (*) (**)	SF	6.00	%	10.83	%	12/9/2022	12/8/2028	2,526		—		—	0.0	%
Really Great Reading Company, Inc. (Revolver) (*)	SF	6.00	%	10.83	%	12/9/2022	12/8/2028	3,200		—		—	0.0	%
Relevate Health Group, LLC (~) (~~)	SF	5.75	%	9.97	%	11/20/2020	11/20/2025	1,965		1,940		1,933	0.3	%
Relevate Health Group, LLC (~)	SF	5.75	%	9.97	%	3/28/2022	11/20/2025	5,237		5,150		5,150	0.7	%
Relevate Health Group, LLC (Delayed Draw) (*) (**)	SF	5.75	%	9.97	%	11/20/2020	11/20/2025	1,037		879		865	0.1	%
Relevate Health Group, LLC (Revolver) (*)	SF	5.75	%	9.97	%	11/20/2020	11/20/2025	789		—		—	0.0	%
Spherix Global Inc. (~) (~~)	SF	6.00	%	10.24	%	12/22/2021	12/22/2026	4,466		4,402		4,450	0.6	%
Spherix Global Inc. (Revolver) (*)	SF	6.00	%	10.24	%	12/22/2021	12/22/2026	500		—		—	0.0	%
XanEdu Publishing, Inc. (~) (~~)	SF	6.50	%	10.94	%	1/28/2020	1/28/2025	6,031		5,962		6,056	0.8	%
XanEdu Publishing, Inc. (~)	SF	6.50	%	10.94	%	8/31/2022	1/28/2025	2,397		2,344		2,406	0.3	%
XanEdu Publishing, Inc. (Revolver) (*)	SF	6.50	%	10.94	%	1/28/2020	1/28/2025	977		—		—	0.0	%
								124,608		109,211		109,609	14.5	%
Media: Broadcasting & Subscription
				4.51	% Cash/
Vice Group Holding Inc.	L	12.00	%	12.00	% PIK	5/2/2019	5/12/2023	1,268		1,268		1,243	0.2	%
				4.42	% Cash/
Vice Group Holding Inc.	L	12.00	%	12.00	% PIK	5/2/2019	5/12/2023	398		398		390	0.1	%
				4.25	% Cash/
Vice Group Holding Inc.	L	12.00	%	12.00	% PIK	5/2/2019	5/12/2023	150		150		147	0.0	%
				4.51	% Cash/
Vice Group Holding Inc.	L	12.00	%	12.00	% PIK	11/4/2019	5/12/2023	243		243		239	0.0	%
								2,059		2,059		2,019	0.3	%
Media: Diversified & Production
Bonterra, LLC (fka Cybergrants Holdings) (~~)	L	6.25	%	10.98	%	9/8/2021	9/8/2027	18,555		18,637		18,432	2.4	%
Bonterra, LLC (fka Cybergrants Holdings) (Delayed Draw) (*) (**)	L	6.25	%	10.98	%	9/8/2021	9/8/2027	1,759		—		—	0.0	%
Bonterra, LLC (fka Cybergrants Holdings) (Revolver) (*)	L	6.25	%	10.98	%	9/8/2021	9/8/2027	1,814		674		659	0.1	%
Chess.com, LLC (~~) (~~~)	L	6.50	%	11.23	%	12/31/2021	12/31/2027	12,902		12,679		12,709	1.7	%
Chess.com, LLC (Revolver) (*)	L	6.50	%	11.23	%	12/31/2021	12/31/2027	1,413		—		—	0.0	%
Crownpeak Technology, Inc. (~~)	SF	7.25	%	11.47	%	2/28/2019	2/28/2025	1,000		995		1,000	0.1	%
Crownpeak Technology, Inc. (~~)	SF	7.25	%	11.47	%	2/28/2019	2/28/2025	15		15		15	0.0	%
Crownpeak Technology, Inc. (~~)	SF	7.25	%	11.47	%	9/27/2022	2/28/2025	318		313		318	0.0	%
Crownpeak Technology, Inc. (~)	SF	7.25	%	11.41	%	9/27/2022	2/28/2025	833		833		833	0.1	%
Crownpeak Technology, Inc. (Revolver) (*)	SF	7.25	%	11.47	%	2/28/2019	2/28/2025	125		—		—	0.0	%
Research Now Group, Inc. and Survey Sampling International, LLC (~) (d)	L	5.50	%	9.89	%	11/28/2022	12/20/2024	2,493		2,257		1,888	0.3	%
Spectrum Science Communications, LLC (~~~)	SF	6.25	%	10.92	%	1/25/2022	1/25/2027	2,985		2,936		3,015	0.4	%
Spectrum Science Communications, LLC (Revolver) (*)	SF	6.25	%	10.92	%	1/25/2022	1/25/2027	600		—		—	0.0	%
Sports Operating Holdings II, LLC (~)	SF	5.75	%	10.17	%	11/3/2022	11/3/2027	4,988		4,866		4,863	0.6	%
Sports Operating Holdings II, LLC (Delayed Draw) (*) (**)	SF	5.75	%	10.17	%	11/3/2022	11/3/2027	4,000		—		—	0.0	%
Sports Operating Holdings II, LLC (Revolver) (*)	SF	5.75	%	10.17	%	11/3/2022	11/3/2027	865		—		—	0.0	%
Streamland Media MidCo LLC (~) (~~)	SF	6.75	%	11.11	%	8/26/2019	8/31/2023	1,974		1,961		1,974	0.3	%
Streamland Media MidCo LLC (~)	SF	6.75	%	11.11	%	3/7/2022	8/31/2023	535		526		535	0.1	%
								57,174		46,692		46,241	6.1	%

24

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2022

(in thousands, except for shares and units)

				Interest		Acquisition			Amortized		Fair Value		% of
Portfolio Company (˄)	Index (˄˄)	Spread (˄˄)		Rate		Date (˄˄˄)	Maturity	Principal	Cost		(˄˄˄˄)		Net Assets (˄˄˄˄˄)
Services: Business
Aperture Companies, LLC (~~) (~~~)	L	6.25	%	10.37	%	12/31/2021	12/31/2026	14,888	$	14,639	$	14,272	1.9	%
Aperture Companies, LLC (~~)	L	6.25	%	10.58	%	12/31/2021	12/31/2026	4,320		4,320		4,142	0.6	%
Aperture Companies, LLC (Revolver) (*)	L	6.25	%	10.37	%	12/31/2021	12/31/2026	1,347		—		—	0.0	%
				7.16	% Cash/
Aras Corporation (~)	L	7.00	%	3.75	% PIK	4/13/2021	4/13/2027	4,669		4,607		4,696	0.6	%
Aras Corporation (Revolver) (*)	L	6.50	%	9.50	%	4/13/2021	4/13/2027	325		108		108	0.0	%
Argano, LLC (~~) (~~~)	SF	5.50	%	9.72	%	6/10/2021	6/10/2026	8,986		8,854		8,885	1.2	%
Argano, LLC (~) (~~~)	SF	5.50	%	9.72	%	6/10/2021	6/10/2026	3,979		3,979		3,934	0.5	%
Argano, LLC (~)	SF	5.50	%	9.72	%	10/7/2022	6/10/2026	689		670		682	0.1	%
Argano, LLC (~)	SF	5.50	%	9.72	%	3/16/2022	6/10/2026	4,757		4,757		4,704	0.6	%
Argano, LLC (Revolver) (*)	SF	5.50	%	9.72	%	6/10/2021	6/10/2026	965		502		496	0.1	%
ecMarket Inc. and Conexiom US Inc. (~~) (<) (b)	L	6.75	%	11.48	% PIK	9/21/2021	9/21/2027	16,027		15,773		15,847	2.1	%
ecMarket Inc. and Conexiom US Inc. (~~) (<) (b)	L	6.75	%	11.48	% PIK	9/21/2021	9/21/2027	1,291		1,291		1,276	0.2	%
ecMarket Inc. and Conexiom US Inc. (Revolver) (<) (*) (b)	L	6.75	%	11.48	%	9/21/2021	9/21/2027	2,067		—		—	0.0	%
Edustaff, LLC (~)	SF	6.10	%	10.42	%	12/8/2022	12/8/2027	13,000		12,646		12,643	1.7	%
Edustaff, LLC (Revolver) (*)	SF	6.10	%	10.42	%	12/8/2022	12/8/2027	2,364		—		—	0.0	%
FusionSite Services LLC (~)	SF	5.50	%	9.06	%	10/4/2022	10/4/2027	16,098		15,786		15,777	2.1	%
FusionSite Services LLC (Delayed Draw) (*) (**)	SF	5.50	%	9.91	%	10/4/2022	10/4/2027	7,576		2,576		2,524	0.3	%
FusionSite Services LLC (Revolver) (*)	SF	5.50	%	9.06	%	10/4/2022	10/4/2027	1,326		—		—	0.0	%
HS4 Acquisitionco, Inc. (~~)	L	6.75	%	11.14	%	7/9/2019	7/9/2025	3,940		3,901		3,922	0.5	%
HS4 Acquisitionco, Inc. (~~)	L	6.75	%	11.14	%	10/6/2021	7/9/2025	4,280		4,280		4,261	0.6	%
HS4 Acquisitionco, Inc. (Revolver) (*)	L	6.75	%	11.14	%	7/9/2019	7/9/2025	325		163		162	0.0	%
iCIMS, Inc. (~~)	SF	7.25	%	11.52	%	10/24/2022	8/18/2028	8,000		7,861		7,860	1.0	%
Kingsley Gate Partners, LLC (~)	SF	6.65	%	11.12	%	12/9/2022	12/11/2028	3,000		2,941		2,940	0.4	%
Kingsley Gate Partners, LLC (Delayed Draw) (*) (**)	SF	6.65	%	11.12	%	12/9/2022	12/11/2028	3,600		—		—	0.0	%
Kingsley Gate Partners, LLC (Delayed Draw) (*) (**)	SF	6.65	%	11.12	%	12/9/2022	12/11/2028	3,000		—		—	0.0	%
Kingsley Gate Partners, LLC (Revolver) (*)	SF	6.65	%	11.12	%	12/9/2022	12/11/2028	1,200		—		—	0.0	%
Moonraker Acquisitionco LLC (~)	SF	6.00	%	10.32	%	9/30/2022	8/4/2028	7,000		6,864		7,000	0.9	%
Moonraker Acquisitionco LLC (Delayed Draw) (*) (**)	SF	6.00	%	10.32	%	9/30/2022	8/4/2028	2,333		—		—	0.0	%
Moonraker Acquisitionco LLC (Delayed Draw) (*) (**)	SF	6.00	%	10.32	%	9/30/2022	8/4/2028	2,333		—		—	0.0	%
Moonraker Acquisitionco LLC (Revolver) (*)	SF	6.00	%	10.32	%	9/30/2022	8/4/2028	933		—		—	0.0	%
Prototek LLC (~)	SF	6.50	%	10.83	%	12/8/2022	12/8/2027	8,000		7,761		7,760	1.0	%
Prototek LLC (Delayed Draw) (*) (**)	SF	6.50	%	10.83	%	12/8/2022	12/8/2027	2,457		—		—	0.0	%
Prototek LLC (Revolver) (*)	SF	6.50	%	10.83	%	12/8/2022	12/8/2027	1,843		—		—	0.0	%
Relativity ODA LLC (~)	L	7.50	%	11.89	% PIK	5/12/2021	5/12/2027	5,154		5,059		5,151	0.7	%
Relativity ODA LLC (Revolver) (*)	L	7.50	%	11.89	% PIK	5/12/2021	5/12/2027	450		—		—	0.0	%
Sundance Group Holdings, Inc. (~~)	SF	6.25	%	10.75	%	7/2/2021	7/2/2027	4,148		4,080		4,131	0.5	%
Sundance Group Holdings, Inc. (~)	SF	6.25	%	10.93	%	11/30/2022	7/2/2027	166		161		165	0.0	%
Sundance Group Holdings, Inc. (~)	SF	6.25	%	10.75	%	7/2/2021	7/2/2027	1,244		1,244		1,239	0.2	%
Sundance Group Holdings, Inc. (Revolver) (*)	SF	6.25	%	10.75	%	7/2/2021	7/2/2027	498		—		—	0.0	%
Thryv, Inc. (~) (<) (d)	L	8.50	%	12.89	%	9/7/2022	3/1/2026	9,213		9,121		9,102	1.2	%
								177,791		143,944		143,679	19.0	%
Services: Consumer
Clydesdale Holdings, LLC (~) (~~~)	SF	5.50	%	9.01	%	6/24/2022	6/23/2028	14,962		14,681		14,873	2.0	%
Clydesdale Holdings, LLC (Delayed Draw) (*) (**)	SF	5.50	%	9.95	%	6/24/2022	6/23/2028	21,221		11,721		11,650	1.5	%
Clydesdale Holdings, LLC (Revolver) (*)	SF	5.50	%	9.95	%	6/24/2022	6/23/2028	4,523		—		—	0.0	%
Denali Midco 2, LLC	SF	6.50	%	10.92	%	9/13/2022	12/22/2027	12,469		12,110		12,450	1.7	%
Denali Midco 2, LLC (Delayed Draw) (*) (**)	SF	6.50	%	10.92	%	9/13/2022	12/22/2027	12,500		2,500		2,496	0.3	%
Express Wash Acquisition Company, LLC (~)	SF	6.50	%	10.32	%	7/14/2022	7/14/2028	11,529		11,464		11,471	1.5	%
Express Wash Acquisition Company, LLC	SF	6.50	%	10.43	%	7/14/2022	7/14/2028	2,160		2,160		2,149	0.3	%
Express Wash Acquisition Company, LLC (Revolver) (*)	SF	6.50	%	10.83	%	7/14/2022	7/14/2028	536		295		293	0.0	%
Light Wave Dental Management, LLC (~) (~~)	SF	6.50	%	11.32	%	8/1/2019	1/2/2024	2,029		2,021		2,027	0.3	%
Light Wave Dental Management, LLC (~) (~~)	SF	6.50	%	11.32	%	5/3/2021	1/2/2024	1,469		1,469		1,468	0.2	%
Light Wave Dental Management, LLC (~) (~~)	SF	6.50	%	11.32	%	8/3/2021	1/2/2024	1,356		1,344		1,354	0.2	%
Light Wave Dental Management, LLC (~)	SF	6.50	%	11.32	%	8/3/2021	1/2/2024	3,382		3,382		3,379	0.5	%
Light Wave Dental Management, LLC (Delayed Draw) (~) (*) (**)	SF	6.50	%	11.32	%	6/24/2022	1/2/2024	11,464		3,298		3,295	0.4	%
Light Wave Dental Management, LLC (Revolver)	SF	6.50	%	11.32	%	5/3/2021	1/2/2024	187		187		187	0.0	%
Pacific Bells, LLC (~)	SF	4.50	%	9.34	%	11/2/2022	11/10/2028	2,939		2,754		2,770	0.4	%
Viad Corp (~) (<)	L	5.00	%	9.38	%	9/12/2022	7/30/2028	4,975		4,865		4,718	0.6	%
								107,701		74,251		74,580	9.9	%

25

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2022

(in thousands, except for shares and units)

				Interest		Acquisition			Amortized				% of
Portfolio Company (˄)	Index (˄˄)	Spread (˄˄)		Rate		Date (˄˄˄)	Maturity	Principal	Cost		Fair Value (˄˄˄˄)		Net Assets (˄˄˄˄˄)
Telecommunications
American Broadband and Telecommunications				17.50	% Cash/
Company LLC (Delayed Draw) (~) (*) (**)	P	12.00	%	2.00	% PIK	6/10/2022	6/10/2025	3,377	$	3,043	$	3,079	0.4	%
American Broadband and Telecommunications				17.50	% Cash/
Company LLC (Revolver) (*)	P	12.00	%	2.00	% PIK	6/10/2022	6/10/2025	1,000		242		236	0.0	%
Calabrio, Inc. (~~)	L	7.00	%	11.73	%	4/16/2021	4/16/2027	8,000		7,844		7,950	1.1	%
Calabrio, Inc. (Revolver) (*)	L	7.00	%	11.75	%	4/16/2021	4/16/2027	963		551		547	0.1	%
DataOnline Corp. (~) (~~)	L	6.25	%	10.98	%	11/13/2019	11/13/2025	6,305		6,233		6,084	0.8	%
DataOnline Corp. (Revolver)	L	6.25	%	10.98	%	11/13/2019	11/13/2025	844		844		815	0.1	%
EOS Finco S.A.R.L. (~~~) (<) (b)	SF	6.00	%	9.61	%	8/3/2022	8/20/2027	1,250		1,153		1,220	0.2	%
Patagonia Holdco LLC (~) (<) (b)	SF	5.75	%	9.96	%	8/5/2022	8/1/2029	14,963		12,355		12,026	1.6	%
Sandvine Corporation (~)	L	4.50	%	8.88	%	3/8/2021	10/31/2025	1,159		1,159		1,104	0.1	%
								37,861		33,424		33,061	4.4	%
Transportation: Cargo
Complete Innovations Inc. (~) (<) (a) (b)	C	6.75	%	11.36	%	12/16/2020	12/16/2025	8,116		8,518		8,080	1.1	%
Complete Innovations Inc. (~) (<) (a) (b)	C	6.75	%	11.36	%	12/16/2020	12/16/2025	1,029		1,101		1,025	0.1	%
Fiasco Enterprises, LLC (~~~)	SF	5.61	%	9.74	%	5/6/2022	5/6/2027	6,983		6,871		6,965	0.9	%
Fiasco Enterprises, LLC (~)	SF	6.61	%	10.95	%	12/15/2022	5/6/2027	8,400		8,149		8,404	1.1	%
Fiasco Enterprises, LLC (Revolver) (*)	SF	5.61	%	9.74	%	5/6/2022	5/6/2027	1,750		—		—	0.0	%
Kenco PPC Buyer LLC (~)	SF	5.50	%	9.77	%	11/17/2022	11/15/2029	21,941		21,401		21,393	2.8	%
Kenco PPC Buyer LLC (Delayed Draw) (*) (**)	SF	5.50	%	9.77	%	11/17/2022	11/15/2029	3,870		—		—	0.0	%
Kenco PPC Buyer LLC (Revolver) (*)	SF	5.50	%	9.77	%	11/17/2022	11/15/2029	4,787		—		—	0.0	%
Randys Holdings, Inc.	SF	6.50	%	10.59	%	11/1/2022	11/1/2028	17,045		16,542		16,534	2.2	%
Randys Holdings, Inc. (Delayed Draw) (*) (**)	SF	6.50	%	10.59	%	11/1/2022	11/1/2028	5,682		—		—	0.0	%
Randys Holdings, Inc. (Revolver) (*)	SF	6.50	%	10.59	%	11/1/2022	11/1/2028	2,273		358		347	0.0	%
RS Acquisition, LLC (~) (~~) (~~~)	L	6.00	%	10.12	%	12/13/2021	12/14/2026	10,918		10,738		10,634	1.4	%
RS Acquisition, LLC (Delayed Draw) (~) (*) (**)	L	6.00	%	10.12	%	12/13/2021	12/14/2026	10,073		8,303		8,087	1.1	%
RS Acquisition, LLC (Revolver) (*)	L	6.00	%	10.12	%	12/13/2021	12/14/2026	1,264		910		887	0.1	%
								104,131		82,891		82,356	10.8	%
Wholesale
IF & P Holdings Company, LLC (~) (~~~)	SF	5.25	%	8.91	%	10/6/2022	10/3/2028	23,867		23,288		23,270	3.1	%
IF & P Holdings Company, LLC (Revolver) (*)	SF	5.25	%	10.09	%	10/6/2022	10/3/2028	2,800		1,120		1,092	0.1	%
S&S Holdings LLC (~)	L	5.00	%	9.29	%	3/10/2021	3/10/2028	2,947		2,876		2,695	0.4	%
								29,614		27,284		27,057	3.6	%
Total Non-Controlled/Non-Affiliate Senior Secured Loans								1,536,058		1,238,738		1,237,432	163.9	%
Unitranche Secured Loans (<<)
Aerospace & Defense
Cassavant Holdings, LLC (~) (~~)	L	6.50	%	10.62	%	9/8/2021	9/8/2026	13,265		13,058		13,013	1.7	%
								13,265		13,058		13,013	1.7	%
Construction & Building
Inversiones DP6 (BVI) Numero Dos, Ltd. (Delayed				9.00	% Cash/
Draw) (<) (*) (**) (b)	n/a	n/a		4.75	% PIK	10/14/2022	10/14/2026	25,101		15,977		15,817	2.1	%
								25,101		15,977		15,817	2.1	%
Consumer Goods: Durable
Jumpstart Holdco, Inc. (~)	SF	5.65	%	9.61	%	4/19/2022	4/19/2028	23,441		23,010		21,857	2.9	%
								23,441		23,010		21,857	2.9	%
Environmental Industries
StormTrap, LLC (~) (~~~)	SF	5.00	%	9.22	%	3/25/2022	3/24/2028	7,516		7,397		7,516	1.0	%
StormTrap, LLC (Delayed Draw) (*) (**)	SF	5.00	%	9.22	%	3/25/2022	3/24/2028	2,222		—		—	0.0	%
								9,738		7,397		7,516	1.0	%
Healthcare & Pharmaceuticals
Evolve Biologics Inc. (~) (<)	SF	8.00	%	12.32	%	12/20/2022	12/18/2026	17,271		16,925		16,925	2.2	%
Evolve Biologics Inc. (Delayed Draw) (<) (*) (**)	SF	8.00	%	12.32	%	12/20/2022	12/18/2026	19,411		—		—	0.0	%
								36,682		16,925		16,925	2.2	%
Media: Advertising, Printing & Publishing
New Engen, Inc. (~) (~~)	SF	5.00	%	9.24	%	12/3/2021	12/3/2026	9,429		9,293		9,327	1.3	%
New Engen, Inc. (~) (~~)	SF	5.00	%	9.24	%	12/27/2021	12/3/2026	7,962		7,962		7,877	1.0	%
								17,391		17,255		17,204	2.3	%
Services: Business
ASG II, LLC (~~)	SF	6.25	%	10.67	%	5/25/2022	5/25/2028	15,000		14,720		15,000	2.0	%
ASG II, LLC (Delayed Draw) (*) (**)	SF	6.25	%	10.67	%	5/25/2022	5/25/2028	2,250		405		405	0.1	%
Onit, Inc. (~~)	SF	7.25	%	12.30	%	12/20/2021	5/2/2025	16,800		16,566		16,632	2.2	%
								34,050		31,691		32,037	4.3	%
Telecommunications
VB E1, LLC (~)	L	7.65	%	12.38	%	11/18/2020	11/18/2026	3,000		3,000		3,009	0.4	%
								3,000		3,000		3,009	0.4	%
Total Non-Controlled/Non-Affiliate Unitranche Secured Loans								162,668		128,313		127,378	16.9	%

26

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2022

(in thousands, except for shares and units)

				Interest		Acquisition							% of
Portfolio Company (˄)	Index (˄˄)	Spread (˄˄)		Rate		Date (˄˄˄)	Maturity	Principal	Amortized Cost		Fair Value (˄˄˄˄)		Net Assets (˄˄˄˄˄)
Junior Secured Loans
Banking
MoneyLion, Inc. (~) (<)	SF	9.25	%	14.07	%	3/25/2022	3/24/2026	18,750	$	18,583	$	18,445	2.5	%
MoneyLion, Inc. (~) (<)	P	5.75	%	13.25	%	8/27/2021	5/1/2023	2,500		2,484		2,497	0.3	%
MoneyLion, Inc. (Delayed Draw) (<) (*) (**)	SF	9.25	%	14.07	%	3/25/2022	3/24/2026	5,357		—		—	0.0	%
								26,607		21,067		20,942	2.8	%
FIRE: Real Estate
Florida East Coast Industries, LLC (<)	n/a	n/a		16.00	%PIK	8/9/2021	6/28/2024	3,910		3,857		3,925	0.5	%
				8.00	% Cash/
Witkoff/Monroe 700 JV LLC (Delayed Draw) (<) (*) (**)	n/a	n/a		4.00	% PIK	7/2/2021	7/2/2026	9,373		8,404		8,404	1.1	%
								13,283		12,261		12,329	1.6	%
Services: Consumer
Light Wave Dental Management, LLC	n/a	n/a		n/a	(k)	12/6/2022	9/30/2023	2,479		2,479		3,032	0.4	%
								2,479		2,479		3,032	0.4	%
Total Non-Controlled/Non-Affiliate Junior Secured Loans								42,369		35,807		36,303	4.8	%
Equity Securities (#) (##)
Automotive
Born To Run, LLC (692,841 Class A units)	—	—		—	(###)	4/1/2021	—	—		693		600	0.1	%
Lifted Trucks Holdings, LLC (158,730 Class A shares) (####)	—	—		—	(###)	8/2/2021	—	—		159		111	0.0	%
										852		711	0.1	%
Banking
MV Receivables II, LLC (1,822 shares of common stock) (<) (####)	—	—		—	(###)	7/29/2021	—	—		750		1,443	0.2	%
MV Receivables II, LLC (warrant to purchase up to 1.0% of the equity) (<) (####)	—	—		—	(###)	7/28/2021	7/28/2031	—		453		2,069	0.3	%
										1,203		3,512	0.5	%
Beverage, Food & Tobacco
Sabrosura Foods, LLC et al (fka Huff Hispanic Food Holdings, LLC) (171,429 Class A interests)	—	—		—	(###)	10/18/2019	—	—		171		4	0.0	%
Sabrosura Foods, LLC et al (fka Huff Hispanic Food Holdings, LLC) (7,022 Class AA units)	—	—		—	(###)	11/22/2022	—	—		10		7	0.0	%
										181		11	0.0	%
Capital Equipment
Adept AG Holdings, LLC (314,584 preferred units) (####)	—	—		—	(###)	8/11/2022	—	—		650		649	0.1	%
MCP Shaw Acquisitionco, LLC (95,125 Class A-2 units) (####)	—	—		—	(###)	2/28/2020	—	—		95		163	0.0	%
										745		812	0.1	%
Consumer Goods: Durable
Independence Buyer, Inc. (169 Class A units)	—	—		—	(###)	8/3/2021	—	—		169		212	0.0	%
Jumpstart Holdco, Inc. (1,566,667 Class A units)	—	—		—	(###)	4/19/2022	—	—		1,566		773	0.1	%
										1,735		985	0.1	%
Energy: Oil & Gas
QuarterNorth Energy Inc. (4,376 shares of common stock) (~)	—	—		—	(###)	1/11/2020	—	—		871		606	0.1	%
										871		606	0.1	%
Environmental Industries
Quest Resource Management Group, LLC (warrant to purchase up to 0.2% of the equity)	—	—		—	(###)	10/19/2020	3/19/2028	—		67		210	0.0	%
Quest Resource Management Group, LLC (warrant to purchase up to 0.2% of the equity)	—	—		—	(###)	10/19/2021	3/19/2028	—		—		147	0.0	%
StormTrap, LLC (640,000 Class A preferred units) (####)	n/a	n/a		8.00	% PIK	3/25/2022	—	—		640		640	0.1	%
StormTrap, LLC (640,000 Class A common units) (####)	—	—		—	(###)	3/25/2022	—	—		—		213	0.1	%
Volt Bidco, Inc. (878 shares of common stock)	—	—		—	(###)	8/11/2021	—	—		891		886	0.1	%
										1,598		2,096	0.3	%
FIRE: Finance
J2 BWA Funding LLC (0.7% profit sharing) (<) (####)	—	—		—	(###)	12/24/2020	—	—		—		—	0.0	%
J2 BWA Funding III, LLC (commitment to purchase up to 3.8% of the equity) (<) (####) (i)	—	—		—	(###)	4/29/2022	—	—		76		76	0.0	%
J2 BWA Funding III, LLC (1.2% profit sharing) (<) (####) (i)	—	—		—	(###)	4/29/2022	—	—		—		—	0.0	%
										76		76	0.0	%
FIRE: Real Estate
InsideRE, LLC (159,884 Class A common units) (####)	—	—		—	(###)	9/9/2019	—	—		160		346	0.0	%
Witkoff/Monroe 700 JV LLC (2,992 preferred units) (<)				8.00	% Cash/
(####)	n/a	n/a		4.00	% PIK	7/2/2021	—	—		3		1,462	0.2	%
										163		1,808	0.2	%

27

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2022

(in thousands, except for shares and units)

			Interest		Acquisition							% of
Portfolio Company (˄)	Index (˄˄)	Spread (˄˄)	Rate		Date (˄˄˄)	Maturity	Principal	Amortized Cost		Fair Value (˄˄˄˄)		Net Assets (˄˄˄˄˄)
Healthcare & Pharmaceuticals
Ascent Midco, LLC (725,806 Class A units) (####)	n/a	n/a	8.00	% PIK	2/5/2020	—	—	$	726	$	703	0.1	%
Dorado Acquisition, Inc. (531,783 Class A-1 units)	—	—	—	(###)	6/30/2021	—	—		578		601	0.1	%
Dorado Acquisition, Inc. (531,783 Class A-2 units)	—	—	—	(###)	6/30/2021	—	—		—		629	0.1	%
Evolve Biologics Inc. (0.1% of equity commitments) (<)	—	—	—	(###)	12/20/2022	—	—		—		—	0.0	%
Evolve Biologics Inc. (warrant to purchase up to 1.5% of the equity) (<)	—	—	—	(###)	12/20/2022	—	—		—		—	0.0	%
NationsBenefits, LLC (356,658 Series B units) (####)	n/a	n/a	5.00	% PIK	8/20/2021	—	—		2,393		2,861	0.3	%
NationsBenefits, LLC (326,667 common units) (####)	—	—	—	(###)	8/20/2021	—	—		468		201	0.0	%
NQ PE Project Colosseum Midco Inc. (1,364,614 common units)	—	—	—	(###)	10/4/2022	—	—		1,365		1,365	0.2	%
Seran BioScience, LLC (26,666 common units) (####)	—	—	—	(###)	12/31/2020	—	—		267		429	0.1	%
									5,797		6,789	0.9	%
High Tech Industries
Amelia Holding II, LLC (warrant to purchase up to 0.1% of the equity)	—	—	—	(###)	12/21/2022	12/21/2032	—		—		—	0.0	%
Drawbridge Partners, LLC (652,174 Class A-1 units)	—	—	—	(###)	9/1/2022	—	—		652		629	0.1	%
MarkLogic Corporation (435,358 Class A units)	—	—	—	(###)	10/20/2020	—	—		—		640	0.1	%
Optomi, LLC (278 Class A units) (####)	—	—	—	(###)	12/16/2021	—	—		278		512	0.1	%
Recorded Future, Inc. (40,243 Class A units) (f)	—	—	—	(###)	7/3/2019	—	—		40		113	0.0	%
Unanet, Inc. (1,621,053 shares of common stock)	—	—	—	(###)	12/5/2022	—	—		1,622		1,621	0.2	%
									2,592		3,515	0.5	%
Hotels, Gaming & Leisure
Equine Network, LLC (92 Class A units) (####)	—	—	—	(###)	12/31/2020	—	—		95		93	0.0	%
									95		93	0.0	%
Media: Advertising, Printing & Publishing
95 Percent Buyer, LLC (385,027 Class A units) (####)	n/a	n/a	8.00	% PIK	11/24/2021	—	—		385		580	0.1	%
Calienger Holdings, L.L.C. (568,181 Class A units) (####)	—	—	—	(###)	10/21/2022	—	—		568		568	0.1	%
New Engen, Inc. (417 preferred units)	n/a	n/a	8.00	%PIK	12/27/2021	—	—		417		391	0.1	%
New Engen, Inc. (5,067 Class B common units)	—	—	—	(###)	12/27/2021	—	—		5		5	0.0	%
Really Great Reading Company, Inc. (369 Series A units)	—	—	—	(###)	12/9/2022	—	—		369		369	0.0	%
Relevate Health Group, LLC (96 preferred units)	n/a	n/a	12.00	% PIK	11/20/2020	—	—		96		86	0.0	%
Relevate Health Group, LLC (96 Class B common units)	—	—	—	(###)	11/20/2020	—	—		—		—	0.0	%
Spherix Global Inc. (333 Class A units)	—	—	—	(###)	12/22/2021	—	—		333		256	0.0	%
XanEdu Publishing, Inc. (65,104 Class A units)	n/a	n/a	8.00	% PIK	1/28/2020	—	—		65		294	0.0	%
									2,238		2,549	0.3	%
Media: Diversified & Production
Chess.com, LLC (5 Class A units) (####)	—	—	—	(###)	12/31/2021	—	—		189		107	0.0	%
									189		107	0.0	%
Services: Business
Argano, LLC (56,839 common units) (####)	—	—	—	(###)	6/10/2021	—	—		270		418	0.1	%
ecMarket Inc. and Conexiom US Inc. (96,603 preferred shares) (<) (b)	—	—	—	(###)	9/21/2021	—	—		723		698	0.1	%
Edustaff, LLC (591 shares of common stock) (####)	—	—	—	(###)	12/8/2022	—	—		591		591	0.1	%
Skillsoft Corp. (26,168 Class A shares) (~) (<) (g)	—	—	—	(###)	6/11/2021	—	—		508		34	0.0	%
									2,092		1,741	0.3	%
Services: Consumer
Express Wash Acquisition Company, LLC (135,869 Class A units) (####)	n/a	n/a	8.00	% PIK	12/28/2020	—	—		140		132	0.0	%
IDIG Parent, LLC (192,908 shares of common stock) (####) (h)	—	—	—	(###)	1/4/2021	—	—		195		254	0.1	%
									335		386	0.1	%
Telecommunications
American Broadband and Telecommunications Company LLC (warrant to purchase up to 0.4% of the equity)	—	—	—	(###)	6/10/2022	6/10/2032	—		84		139	0.0	%
American Virtual Cloud Technologies, Inc. (warrant to purchase up to 4.9% of the equity)	—	—	—	(###)	12/2/2021	1/31/2029	—		—		206	0.0	%
									84		345	0.0	%
Transportation: Cargo
RS Acquisition, LLC (753,485 common units) (####)	—	—	—	(###)	1/12/2022	—	—		1,264		1,053	0.1	%
									1,264		1,053	0.1	%

28

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2022

(in thousands, except for shares and units)

				Interest		Acquisition							% of
Portfolio Company (˄)	Index (˄˄)	Spread (˄˄)		Rate		Date (˄˄˄)	Maturity	Principal	Amortized Cost		Fair Value (˄˄˄˄)		Net Assets (˄˄˄˄˄)
Wholesale
IF & P Holdings Company, LLC (1,500 Class A preferred units)	—	—		—	(###)	10/3/2022	—	—	$	1,500	$	1,500	0.2	%
IF & P Holdings Company, LLC (1,500 Class B common units)	—	—		—	(###)	10/3/2022	—	—		—		—	0.0	%
										1,500		1,500	0.2	%
Total Non-Controlled/Non-Affiliate Equity Securities										23,610		28,695	3.8	%
Total Non-Controlled/Non-Affiliate Company Investments									$	1,426,468	$	1,429,808	189.4	%
Non-Controlled Affiliate Company Investments (#####)
Senior Secured Loans
FIRE: Real Estate
Second Avenue SFR Holdings II LLC (Revolver) (<) (*)	L	7.00	%	11.12	%	8/11/2021	8/9/2024	4,875	$	4,785	$	4,755	0.6	%
								4,875		4,785		4,755	0.6	%
Services: Business
Nastel Technologies, LLC (~~)	SF	6.50	%	10.74	%	9/21/2022	9/21/2028	3,500		3,432		3,500	0.5	%
Nastel Technologies, LLC (Revolver) (*)	SF	6.50	%	10.74	%	9/21/2022	9/21/2028	368		—		—	0.0	%
								3,868		3,432		3,500	0.5	%
Transportation: Cargo
SheerTrans Solutions, LLC (~)	SF	7.50	%	11.94	%	7/29/2022	7/29/2027	5,101		5,005		5,101	0.7	%
SheerTrans Solutions, LLC (Revolver) (*)	SF	7.50	%	11.94	%	7/29/2022	7/29/2027	1,465		—		—	0.0	%
								6,566		5,005		5,101	0.7	%
Total Non-Controlled/Affiliate Senior Secured Loans								15,309		13,222		13,356	1.8	%
Junior Secured Loans
FIRE: Real Estate
SFR Holdco, LLC (<)	n/a	n/a		8.00	%	8/6/2021	7/28/2028	5,850		5,850		5,850	0.8	%
SFR Holdco, LLC (Delayed Draw) (<) (*) (**)	n/a	n/a		8.00	%	3/1/2022	7/28/2028	4,388		2,316		2,316	0.3	%
								10,238		8,166		8,166	1.1	%
Total Non-Controlled/Affiliate Junior Secured Loans								10,238		8,166		8,166	1.1	%
Equity Securities (##) (#####)
FIRE: Real Estate
SFR Holdco, LLC (13.9% of equity commitments) (<)	—	—		—	(###)	8/6/2021	—	—		3,900		3,900	0.5	%
SFR Holdco, LLC (10.5% of equity commitments) (<) (j)	—	—		—	(###)	3/1/2022	—	—		1,545		1,545	0.2	%
										5,445		5,445	0.7	%
Services: Business
Nastel Technologies, LLC (3,408 Class A units) (####)	—	—		—	(###)	9/21/2022	—	—		3,408		3,578	0.5	%
										3,408		3,578	0.5	%
Transportation: Cargo
SheerTrans Solutions, LLC (8,642,579 preferred interests) (####)	—	—		—	(###)	7/29/2022	—	—		8,643		8,643	1.1	%
										8,643		8,643	1.1	%
Total Non-Controlled/Affiliate Equity Securities										17,572		17,742	2.3	%
Total Non-Controlled/Affiliate Company Investments									$	38,884	$	39,188	5.2	%
TOTAL INVESTMENTS									$	1,465,352	$	1,468,996	194.6	%

29

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2022

(in thousands, except for shares and units)

Derivative Instruments

Foreign currency forward contracts

	Notional
	Amount		Notional Amount			Settlement	Unrealized Gain
Description	to be Purchased		to be Sold		Counterparty	Date	(Loss)
Foreign currency forward contract	$	183	CAD	248	Bannockburn Global Forex, LLC	1/5/2023	$	—
Foreign currency forward contract	$	92	CAD	127	Bannockburn Global Forex, LLC	1/19/2023		(2)
Foreign currency forward contract	$	81	CAD	113	Bannockburn Global Forex, LLC	2/17/2023		(1)
Foreign currency forward contract	$	79	CAD	109	Bannockburn Global Forex, LLC	3/17/2023		(1)
Foreign currency forward contract	$	314	CAD	426	Bannockburn Global Forex, LLC	4/5/2023		—
Foreign currency forward contract	$	93	CAD	128	Bannockburn Global Forex, LLC	4/19/2023		(2)
Foreign currency forward contract	$	79	CAD	109	Bannockburn Global Forex, LLC	5/17/2023		(1)
Foreign currency forward contract	$	87	CAD	121	Bannockburn Global Forex, LLC	6/19/2023		(2)
Foreign currency forward contract	$	316	CAD	428	Bannockburn Global Forex, LLC	7/5/2023		—
Foreign currency forward contract	$	90	CAD	124	Bannockburn Global Forex, LLC	7/19/2023		(2)
Foreign currency forward contract	$	81	CAD	112	Bannockburn Global Forex, LLC	8/17/2023		(1)
Foreign currency forward contract	$	87	CAD	120	Bannockburn Global Forex, LLC	9/19/2023		(2)
Foreign currency forward contract	$	318	CAD	431	Bannockburn Global Forex, LLC	10/3/2023		—
Foreign currency forward contract	$	84	CAD	116	Bannockburn Global Forex, LLC	10/19/2023		(2)
Foreign currency forward contract	$	75	CAD	103	Bannockburn Global Forex, LLC	11/17/2023		(1)
Foreign currency forward contract	$	77	CAD	106	Bannockburn Global Forex, LLC	12/19/2023		(1)
Foreign currency forward contract	$	316	CAD	429	Bannockburn Global Forex, LLC	1/4/2024		—
Foreign currency forward contract	$	104	CAD	143	Bannockburn Global Forex, LLC	1/17/2024		(2)
Foreign currency forward contract	$	81	CAD	112	Bannockburn Global Forex, LLC	2/19/2024		(1)
Foreign currency forward contract	$	76	CAD	105	Bannockburn Global Forex, LLC	3/19/2024		(1)
Foreign currency forward contract	$	313	CAD	424	Bannockburn Global Forex, LLC	4/3/2024		—
Foreign currency forward contract	$	103	CAD	143	Bannockburn Global Forex, LLC	4/17/2024		(2)
Foreign currency forward contract	$	78	CAD	108	Bannockburn Global Forex, LLC	5/17/2024		(1)
Foreign currency forward contract	$	86	CAD	118	Bannockburn Global Forex, LLC	6/19/2024		(2)
Foreign currency forward contract	$	308	CAD	417	Bannockburn Global Forex, LLC	7/3/2024		—
Foreign currency forward contract	$	95	CAD	131	Bannockburn Global Forex, LLC	7/17/2024		(2)
Foreign currency forward contract	$	80	CAD	111	Bannockburn Global Forex, LLC	8/19/2024		(1)
Foreign currency forward contract	$	83	CAD	114	Bannockburn Global Forex, LLC	9/18/2024		(1)
Foreign currency forward contract	$	312	CAD	423	Bannockburn Global Forex, LLC	10/2/2024		—
Foreign currency forward contract	$	97	CAD	134	Bannockburn Global Forex, LLC	10/17/2024		(2)
Foreign currency forward contract	$	80	CAD	110	Bannockburn Global Forex, LLC	11/19/2024		(1)
Foreign currency forward contract	$	80	CAD	110	Bannockburn Global Forex, LLC	12/18/2024		(1)
Foreign currency forward contract	$	302	CAD	409	Bannockburn Global Forex, LLC	1/2/2025		—
Foreign currency forward contract	$	96	CAD	133	Bannockburn Global Forex, LLC	1/17/2025		(2)
Foreign currency forward contract	$	83	CAD	115	Bannockburn Global Forex, LLC	2/20/2025		(2)
Foreign currency forward contract	$	66	CAD	91	Bannockburn Global Forex, LLC	3/19/2025		(1)
Foreign currency forward contract	$	10,811	CAD	14,653	Bannockburn Global Forex, LLC	4/2/2025		—
Foreign currency forward contract	$	93	CAD	128	Bannockburn Global Forex, LLC	4/17/2025		(2)
Foreign currency forward contract	$	73	CAD	101	Bannockburn Global Forex, LLC	5/19/2025		(1)
Foreign currency forward contract	$	78	CAD	107	Bannockburn Global Forex, LLC	6/18/2025		(1)
Foreign currency forward contract	$	93	CAD	128	Bannockburn Global Forex, LLC	7/17/2025		(2)
Foreign currency forward contract	$	75	CAD	103	Bannockburn Global Forex, LLC	8/19/2025		(1)
Foreign currency forward contract	$	75	CAD	103	Bannockburn Global Forex, LLC	9/17/2025		(1)
Foreign currency forward contract	$	94	CAD	130	Bannockburn Global Forex, LLC	10/17/2025		(2)
Foreign currency forward contract	$	79	CAD	109	Bannockburn Global Forex, LLC	11/19/2025		(1)
Foreign currency forward contract	$	8,874	CAD	12,243	Bannockburn Global Forex, LLC	12/18/2025		(159)
Foreign currency forward contract	$	118	AUD	153	Bannockburn Global Forex, LLC	1/18/2023		14
Foreign currency forward contract	$	108	AUD	140	Bannockburn Global Forex, LLC	2/16/2023		12
Foreign currency forward contract	$	102	AUD	132	Bannockburn Global Forex, LLC	3/16/2023		12
Foreign currency forward contract	$	123	AUD	160	Bannockburn Global Forex, LLC	4/20/2023		14
Foreign currency forward contract	$	93	AUD	121	Bannockburn Global Forex, LLC	5/16/2023		11
Foreign currency forward contract	$	121	AUD	156	Bannockburn Global Forex, LLC	6/19/2023		14
Foreign currency forward contract	$	106	AUD	138	Bannockburn Global Forex, LLC	7/18/2023		12
Foreign currency forward contract	$	113	AUD	146	Bannockburn Global Forex, LLC	8/16/2023		13
Foreign currency forward contract	$	113	AUD	146	Bannockburn Global Forex, LLC	9/18/2023		13
Foreign currency forward contract	$	114	AUD	148	Bannockburn Global Forex, LLC	10/18/2023		13
Foreign currency forward contract	$	107	AUD	140	Bannockburn Global Forex, LLC	11/16/2023		12
Foreign currency forward contract	$	109	AUD	142	Bannockburn Global Forex, LLC	12/18/2023		12
Foreign currency forward contract	$	115	AUD	150	Bannockburn Global Forex, LLC	1/17/2024		13
Foreign currency forward contract	$	110	AUD	143	Bannockburn Global Forex, LLC	2/16/2024		12
Foreign currency forward contract	$	11,827	AUD	15,410	Bannockburn Global Forex, LLC	3/18/2024		1,329
							$	1,296

30

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2022

(in thousands, except for shares and units)

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

(˄˄) The majority of the investments bear interest at a rate that may be determined by reference to the London Interbank Offered Rate (“LIBOR” or “L”), Secured Overnight Financing Rate (“SOFR” or “SF”), Canadian dollar Offered rate (“CDOR” or “C”) or Prime Rate (“Prime” or “P”) which reset daily, monthly, quarterly, or semiannually. For each such investment, the Company has provided the spread over LIBOR, SOFR, CDOR, or Prime, as applicable, and the current contractual interest rate in effect at December 31, 2022. Certain investments may be subject to an interest rate floor, or rate cap. Certain investments contain a payment-in-kind (“PIK”) provision.

(˄˄˄) Except as otherwise noted, all of the Company’s portfolio company investments, which as of December 31, 2022 represented 194.6% of the Company’s net assets or 95.1% of the Company’s total assets, are subject to legal restrictions on sales.

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

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

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

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

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

(<) This investment is treated as a non-qualifying investment under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2022, non-qualifying assets totaled 14.1% of the Company’s total assets.

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

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

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

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

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

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

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

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

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

(b) This is an international company.

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

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

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

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

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

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

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

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

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

n/a - not applicable

See Notes to Consolidated Financial Statements.

31

MONROE CAPITAL INCOME PLUS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(in thousands, except share and per share data)

Note 1. Organization and Principal Business

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

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

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

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

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

Note 2. Summary of Significant Accounting Policies

Basis of Presentation

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

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

Use of Estimates

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

32

Consolidation

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

Fair Value of Financial Instruments

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

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

Revenue Recognition

The Company’s revenue recognition policies are as follows:

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

Dividend income on preferred equity securities is recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies. Each distribution received from limited liability company (“LLC”) and limited partnership (“LP”) investments is evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, the Company will not record distributions from equity investments in LLCs and LPs as dividend income unless there are sufficient accumulated tax-basis earnings and profits in the LLC or LP prior to the applicable distribution. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment. For the three months ended March 31, 2023 and 2022, the Company received return of capital distributions from its equity investments of $14 and zero, 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 income accrued from PIK provisions must be paid out to stockholders in the form of distributions, even though the Company has not yet collected the cash.

33

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 $28,812 and $29,392 as of March 31, 2023 and December 31, 2022, respectively. Upfront loan origination and closing fees received for the three months ended March 31, 2023 and 2022 totaled $1,873 and $1,031, respectively. Upon the prepayment of a loan or debt security, any unamortized premium or discount or loan origination fees are recorded as interest income.

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

	Three months ended March 31,
	2023		2022
Interest income	$	41,457	$	13,167
PIK interest income		2,112		678
Dividend income (1)		105		96
Fee income		238		1,593
Prepayment gain (loss)		328		210
Accretion of discounts and amortization of premiums		1,612		643
Total investment income	$	45,852	$	16,387

(1) During the three months ended March 31, 2023 and 2022, dividend income includes PIK dividends of $93 and $92, 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. As of both March 31, 2023 and December 31, 2022, there were no borrowers with a loan or preferred equity securities on non-accrual status.

Distributions

Distributions to common stockholders are recorded on the applicable record date. The amount, if any, to be distributed to common stockholders is determined by the Board of Directors (the “Board”) at least quarterly and is generally based upon the Company’s earnings as estimated by management. Net realized capital gains, if any, are generally distributed at least annually.

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

34

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

Segments

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

Cash

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

Restricted Cash

Restricted cash includes amounts held within the SPV, SPV II and 2022 Issuer. Cash held within the SPV, SPV II and 2022 Issuer is generally restricted to use for the originations of new investments, the repayment of outstanding debt and the related payment of interest expense and the quarterly release of earnings to the Company. As of March 31, 2023 and December 31, 2022, restricted cash included $20,821 and $26,753, respectively, held within the SPV, $2,766 and $368, respectively, held within the SPV II and $8,656 and $19,367, respectively, held within the 2022 Issuer.

Unamortized Deferred Financing Costs

Deferred financing costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. As of March 31, 2023 and December 31, 2022, the Company had unamortized deferred financing costs of $11,703 and $11,914, respectively, presented as a direct reduction of the carrying amount of debt on the consolidated statements of assets and liabilities. These amounts are amortized and included in interest and other debt financing expenses on the consolidated statements of operations over the estimated average life of the borrowings. Amortization of deferred financing costs for the three months ended March 31, 2023 and 2022 was $730 and $385, respectively.

Investments Denominated in Foreign Currency

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

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

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

35

Derivative Instruments

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

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

Income Taxes

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

To qualify as a RIC under Subchapter M of the Code, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its stockholders, for each taxable year, at least 90% of its “investment company taxable income” for that year, which is generally its ordinary income plus the excess of its realized net short-term capital gains over its realized net long-term capital losses. In order for the Company not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gains in excess of capital losses for the calendar year and (iii) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. The Company, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay U.S. federal income tax and a 4% nondeductible U.S. federal excise tax on this income. For the three months ended March 31, 2023 and 2022, the Company recorded a net expense (benefit) on the consolidated statements of operations of $195 and zero for U.S. federal excise tax, respectively. As of March 31, 2023 and December 31, 2022, the Company recorded an accrual for U.S. federal excise taxes of $150 and $125, respectively, which were included in accounts payable and accrued expenses on the consolidated statements of assets and liabilities.

The Company’s consolidated Taxable Subsidiaries may be subject to U.S. federal and state corporate-level income taxes. For both the three months ended March 31, 2023 and 2022, the Company did not record a net tax expense on the consolidated statements of operations for these subsidiaries. As of both March 31, 2023 and December 31, 2022, no payables for corporate-level income taxes were accrued.

The Company accounts for income taxes in conformity with ASC Topic 740 — Income Taxes (“ASC Topic 740”). ASC Topic 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in the consolidated financial statements. ASC Topic 740 requires the evaluation of tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense in the current year. It is the Company’s policy to recognize accrued interest and penalties related to uncertain tax benefits in income tax expense. The Company did not take any material uncertain income tax positions through March 31, 2023. The 2019 through 2022 tax years remain subject to examination by U.S. federal and state tax authorities.

Subsequent Events

The Company has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the consolidated financial statements were issued. There have been no subsequent events that occurred during such period that would require disclosure in this Form 10-Q or would be required to be recognized in the consolidated financial statements as of and for the three months ended March 31, 2023, except as disclosed in Note 13.

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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 three months ended March 31, 2023.

Note 3. Investments

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

	March 31, 2023				December 31, 2022
Amortized Cost:
Senior secured loans	$	1,317,582	85.8	%	$	1,251,960	85.4	%
Unitranche secured loans		129,051	8.4			128,313	8.8
Junior secured loans		44,053	2.9			43,973	3.0
Equity securities		44,974	2.9			41,106	2.8
Total	$	1,535,660	100.0	%	$	1,465,352	100.0	%

	March 31, 2023				December 31, 2022
Fair Value:
Senior secured loans	$	1,320,148	85.5	%	$	1,250,788	85.1	%
Unitranche secured loans		128,380	8.3			127,378	8.7
Junior secured loans		44,633	2.9			44,469	3.0
Equity securities		50,749	3.3			46,361	3.2
Total	$	1,543,910	100.0	%	$	1,468,996	100.0	%

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

	March 31, 2023				December 31, 2022
Amortized Cost:
International	$	62,975	4.1	%	$	62,244	4.3	%
Midwest		330,223	21.5			312,637	21.3
Northeast		274,847	17.9			245,445	16.7
Northwest		66,851	4.4			66,839	4.6
Southeast		374,990	24.4			353,079	24.1
Southwest		186,280	12.1			183,722	12.5
West		239,494	15.6			241,386	16.5
Total	$	1,535,660	100.0	%	$	1,465,352	100.0	%

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	March 31, 2023				December 31, 2022
Fair Value:
International	$	60,203	3.9	%��	$	59,706	4.1	%
Midwest		331,176	21.4			313,240	21.3
Northeast		275,666	17.9			244,305	16.6
Northwest		67,934	4.4			67,226	4.6
Southeast		383,322	24.8			360,465	24.5
Southwest		185,255	12.0			181,981	12.4
West		240,354	15.6			242,073	16.5
Total	$	1,543,910	100.0	%	$	1,468,996	100.0	%

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

	March 31, 2023				December 31, 2022
Amortized Cost:
Aerospace & Defense	$	21,446	1.4	%	$	21,418	1.5	%
Automotive		39,434	2.6			39,131	2.7
Banking		35,594	2.3			35,534	2.4
Beverage, Food & Tobacco		16,584	1.1			16,807	1.1
Capital Equipment		54,893	3.6			55,062	3.7
Construction & Building		35,102	2.3			34,932	2.4
Consumer Goods: Durable		41,730	2.7			42,278	2.9
Consumer Goods: Non-Durable		35,617	2.3			32,697	2.2
Containers, Packaging & Glass		11,663	0.7			11,674	0.8
Energy: Oil & Gas		3,092	0.2			3,970	0.3
Environmental Industries		34,900	2.3			30,612	2.1
FIRE: Finance		69,875	4.5			67,608	4.6
FIRE: Insurance		16,318	1.1			9,709	0.7
FIRE: Real Estate		80,090	5.2			69,695	4.7
Healthcare & Pharmaceuticals		227,471	14.8			209,460	14.3
High Tech Industries		185,309	12.1			180,078	12.3
Hotels, Gaming & Leisure		2,491	0.2			2,316	0.1
Media: Advertising, Printing & Publishing		135,724	8.8			128,704	8.8
Media: Broadcasting & Subscription		2,415	0.1			2,059	0.1
Media: Diversified & Production		45,061	2.9			46,881	3.2
Retail		930	0.1			—	—
Services: Business		192,177	12.5			184,567	12.6
Services: Consumer		84,194	5.5			77,065	5.3
Telecommunications		36,274	2.4			36,508	2.5
Transportation: Cargo		98,134	6.4			97,803	6.7
Wholesale		29,142	1.9			28,784	2.0
Total	$	1,535,660	100.0	%	$	1,465,352	100.0	%

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	March 31, 2023				December 31, 2022
Fair Value:
Aerospace & Defense	$	20,974	1.3	%	$	21,049	1.4	%
Automotive		38,482	2.5			38,843	2.7
Banking		37,064	2.4			37,979	2.6
Beverage, Food & Tobacco		16,212	1.0			16,439	1.1
Capital Equipment		55,272	3.6			56,074	3.8
Construction & Building		35,122	2.3			34,877	2.4
Consumer Goods: Durable		39,552	2.5			40,357	2.7
Consumer Goods: Non-Durable		35,671	2.3			32,843	2.2
Containers, Packaging & Glass		11,885	0.8			11,675	0.8
Energy: Oil & Gas		2,778	0.2			3,597	0.2
Environmental Industries		35,801	2.3			31,457	2.1
FIRE: Finance		68,987	4.5			66,639	4.5
FIRE: Insurance		16,019	1.0			9,641	0.7
FIRE: Real Estate		82,196	5.3			71,154	4.8
Healthcare & Pharmaceuticals		229,611	14.9			210,831	14.4
High Tech Industries		186,220	12.1			180,823	12.3
Hotels, Gaming & Leisure		2,484	0.2			2,331	0.2
Media: Advertising, Printing & Publishing		137,498	8.9			129,362	8.8
Media: Broadcasting & Subscription		2,376	0.1			2,019	0.1
Media: Diversified & Production		44,527	2.9			46,348	3.2
Retail		930	0.1			—	—
Services: Business		194,301	12.6			184,535	12.6
Services: Consumer		85,021	5.5			77,998	5.3
Telecommunications		36,473	2.4			36,415	2.5
Transportation: Cargo		98,663	6.4			97,153	6.6
Wholesale		29,791	1.9			28,557	2.0
Total	$	1,543,910	100.0	%	$	1,468,996	100.0	%

Note 4. Fair Value Measurements

Investments

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

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

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

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

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

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

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

For periods prior to September 30, 2022, the Board determined the fair value of the Company’s investments. Pursuant to the new SEC Rule 2a-5 of the 1940 Act, on September 30, 2022 the Board designated MC Advisors as the Company’s valuation designee (the “Valuation Designee”). The Board is responsible for oversight of the Valuation Designee. The Valuation Designee has established a valuation committee to determine in good faith the fair value of the Company’s investments, based on input of Valuation Designee’s management and personnel and independent valuation firms which are engaged at the direction of the valuation committee to assist in the valuation of certain portfolio investments lacking a readily available market quotation. The valuation committee determines fair values pursuant to a valuation policy approved by the Board and pursuant to a consistently applied valuation process.

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

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

● the Valuation Designee engages an independent valuation firm to conduct independent appraisals of a selection of investments for which market quotations are not readily available. The Valuation Designee will consult with an independent valuation firm relative to each portfolio company at least once in every calendar year, but the independent appraisals are generally received quarterly for each investment;

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

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

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

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

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

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

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

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

As of March 31, 2023, the Valuation Designee determined, in good faith, the fair value of the Company’s portfolio investments in accordance with GAAP and the Company’s valuation procedures based on the facts and circumstances known by the Company at that time, or reasonably expected to be known at that time.

Foreign Currency Forward Contracts

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

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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
March 31, 2023	Level 1		Level 2		Level 3		Total
Senior secured loans	$	—	$	—	$	1,320,148	$	1,320,148
Unitranche secured loans		—		—		128,380		128,380
Junior secured loans		—		—		44,633		44,633
Equity securities		52		—		50,697		50,749
Total investments	$	52	$	—	$	1,543,858	$	1,543,910
Foreign currency forward contracts asset (liability)	$	—	$	1,409	$	—	$	1,409

	Fair Value Measurements
December 31, 2022	Level 1		Level 2		Level 3		Total
Senior secured loans	$	—	$	—	$	1,250,788	$	1,250,788
Unitranche secured loans		—		—		127,378		127,378
Junior secured loans		—		—		44,469		44,469
Equity securities		34		—		46,327		46,361
Total investments	$	34	$	—	$	1,468,962	$	1,468,996
Foreign currency forward contracts asset (liability)	$	—	$	1,296	$	—	$	1,296

Senior secured loans, unitranche secured loans and junior secured loans are collateralized by tangible and intangible assets of the borrowers. These investments include loans to entities that have some level of challenge in obtaining financing from other, more conventional institutions, such as a bank. Interest rates on these loans are either fixed or floating and are based on current market conditions and credit ratings of the borrower. Excluding loans on non-accrual, the contractual interest rates on the loans ranged from 8.00% to 20.66% at March 31, 2023 and 7.14% to 19.50% at December 31, 2022. The maturity dates on the loans outstanding at March 31, 2023 range between May 2023 and April 2030.

The following tables provide a reconciliation of the beginning and ending balances for investments at fair value that use Level 3 inputs for the three months ended March 31, 2023 and 2022:

	Investments
	Senior		Unitranche		Junior		Equity		Total
	secured loans		secured loans		secured loans		securities		investments
Balance as of December 31, 2022	$	1,250,788	$	127,378	$	44,469	$	46,327	$	1,468,962
Net realized gain (loss) on investments		(5)		—		—		949		944
Net change in unrealized gain (loss) on investments		3,738		265		84		501		4,588
Purchases of investments and other adjustments to cost (1)		97,250		890		2,119		3,882		104,141
Proceeds from principal payments and sales of investments (2)		(31,623)		(153)		(2,039)		(962)		(34,777)
Reclassifications (3)		—		—		—		—		—
Balance as of March 31, 2023	$	1,320,148	$	128,380	$	44,633	$	50,697	$	1,543,858

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	Investments
	Senior		Unitranche		Junior		Equity		Total
	secured loans		secured loans		secured loans		securities		investments
Balance as of December 31, 2021	$	638,120	$	30,161	$	18,580	$	17,790	$	704,651
Net realized gain (loss) on investments		25		—		—		—		25
Net change in unrealized gain (loss) on investments		1,091		627		(255)		1,521		2,984
Purchases of investments and other adjustments to cost (1)		56,166		3,345		19,078		2,559		81,148
Proceeds from principal payments and sales of investments (2)		(22,238)		(34)		—		—		(22,272)
Reclassifications (3)		(17,215)		17,215		—		—		—
Balance as of March 31, 2022	$	655,949	$	51,314	$	37,403	$	21,870	$	766,536

(1) Includes purchases of new investments, effects of refinancing and restructurings, premium and discount accretion and amortization and PIK interest.

(2) Represents net proceeds from investments sold and principal paydowns received.

(3) Represents non-cash reclassification of investment type due to a restructuring.

The total net change in unrealized gain (loss) on investments included on the consolidated statements of operations for the three months ended March 31, 2023 and 2022, attributable to Level 3 investments still held at March 31, 2023 and 2022, was $5,633 and $3,164, 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 months ended March 31, 2023 and 2022.

Significant Unobservable Inputs

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

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The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of March 31, 2023 were as follows:

						Weighted
					Unobservable	Average		Range
	Fair Value			Valuation Technique	Input	Mean		Minimum		Maximum
Assets:
Senior secured loans	$	817,101		Discounted cash flow	EBITDA multiples	11.1	x	4.0	x	19.5	x
					Market yields	11.0	%	8.3	%	20.8	%
Senior secured loans		380,294		Discounted cash flow	Revenue multiples	7.3	x	1.4	x	20.0	x
					Market yields	11.4	%	9.5	%	16.6	%
Senior secured loans		2,376		Enterprise value	Revenue multiples	0.8	x	0.8	x	0.8	x
Unitranche secured loans		95,974		Discounted cash flow	EBITDA multiples	9.7	x	8.3	x	14.5	x
					Market yields	14.5	%	8.7	%	25.1	%
Unitranche secured loans		32,406		Discounted cash flow	Revenue multiples	9.4	x	6.0	x	12.5	x
					Market yields	11.4	%	11.2	%	11.7	%
Junior secured loans		44,633		Discounted cash flow	Market yields	13.0	%	12.4	%	15.6	%
Equity securities		35,515		Enterprise value	EBITDA multiples	11.8	x	4.0	x	18.6	x
Equity securities		13,172		Enterprise value	Revenue multiples	5.2	x	1.4	x	11.3	x
Equity securities		1,402		Option pricing model	Volatility	62.9	%	45.0	%	74.0	%
Total Level 3 Assets	$	1,422,873	(1)

(1) Excludes investments of $120,985 at fair value where valuation (unadjusted) is obtained from a third-party pricing service for which such disclosure is not required.

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

						Weighted
	Fair				Unobservable	Average		Range
	Value			Valuation Technique	Input	Mean		Minimum		Maximum
Assets:
Senior secured loans	$	790,762		Discounted cash flow	EBITDA multiples	10.7	x	3.8	x	18.6	x
					Market yields	10.9	%	8.7	%	22.3	%
Senior secured loans		354,158		Discounted cash flow	Revenue multiples	7.3	x	1.4	x	20.0	x
					Market yields	11.5	%	10.0	%	21.6	%
Unitranche secured loans		95,341		Discounted cash flow	EBITDA multiples	9.9	x	8.5	x	15.5	x
					Market yields	12.1	%	9.2	%	13.8	%
Unitranche secured loans		32,037		Discounted cash flow	Revenue multiples	9.3	x	5.8	x	12.5	x
					Market yields	11.8	%	11.6	%	12.1	%
Junior secured loans		44,469		Discounted cash flow	Market yields	13.7	%	12.3	%	20.4	%
Equity securities		31,060		Enterprise value	EBITDA multiples	10.9	x	3.8	x	17.9	x
Equity securities		13,400		Enterprise value	Revenue multiples	5.1	x	1.9	x	12.3	x
Equity securities		1,261		Option pricing model	Volatility	75.1	%	49.4	%	126.4	%
Total Level 3 Assets	$	1,362,488	(1)

(1) Excludes investments of $106,474 at fair value where valuation (unadjusted) is obtained from a third-party pricing service 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 Valuation Designee selects a population of public companies for each investment with similar operations and attributes of the portfolio company. Using these guideline public companies’ data, a range of multiples of enterprise value to EBITDA or revenue is calculated. The Valuation Designee selects percentages from the range of multiples for purposes of determining the portfolio company’s estimated enterprise value based on said multiple and generally the latest twelve months EBITDA or revenue of the portfolio company (or other meaningful measure). Increases (decreases) in the multiple will result in an increase (decrease) in enterprise value, resulting in an increase (decrease) in the fair value estimate of the investment.

Other Financial Assets and Liabilities

ASC Topic 820 requires disclosure of the fair value of financial instruments for which it is practical to estimate such value. The Company believes that the carrying amounts of its other financial instruments such as cash, receivables and payables approximate the fair value of such items due to the short maturity of such instruments. Fair value of the Company’s Credit Facility, Term Loan and 2022 ABS is estimated by discounting remaining payments using applicable market rates or market quotes for similar instruments at the measurement date, if applicable. As of both March 31, 2023 and December 31, 2022, the Company believes that the carrying value of its Credit Facility approximates fair value. As of both March 31, 2023 and December 31, 2022, the Company believes that the carrying value of its Term Loan approximates fair value. As of March 31, 2023 and December 31, 2022, the estimated fair value of the Company’s 2022 ABS Class A and Class B notes was $301,552 and $300,028, respectively.

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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 three months ended March 31, 2023 and 2022 were as follows:

	Fair value at						Sales and		PIK						Net
	December 31,		Transfers		Purchases		paydowns		interest		Discount		Net realized		unrealized		Fair value at
Portfolio Company	2022		in (out)		(cost)		(cost)		(cost)		accretion		gain (loss)		gain (loss)		March 31, 2023
Non-controlled affiliate company investment:
Nastel Technologies, LLC	$	3,500	$	—	$	—	$	—	$	—	$	4	$	—	$	(4)	$	3,500
Nastel Technologies, LLC (Revolver)		—		—		—		—		—		—		—		—		—
Nastel Technologies, LLC (3,408 Class A units)		3,578		—		—		—		—		—		—		537		4,115
		7,078		—		—		—		—		4		—		533		7,615
Second Avenue SFR Holdings II LLC (Revolver) (1)		4,755		—		—		—		—		—		—		(12)		4,743
		4,755		—		—		—		—		—		—		(12)		4,743
SFR Holdco, LLC (Junior secured loan)		5,850		—		—		—		—		—		—		—		5,850
SFR Holdco, LLC (Delayed draw junior secured loan)		2,316		—		1,261		—		—		—		—		—		3,577
SFR Holdco, LLC (13.9% of equity commitments)		3,900		—		—		—		—		—		—		—		3,900
SFR Holdco, LLC (10.5% of equity commitments)		1,545		—		841		—		—		—		—		—		2,386
		13,611		—		2,102		—		—		—		—		—		15,713
SheerTrans Solutions, LLC		5,101		—		—		(13)		—		6		—		(5)		5,089
SheerTrans Solutions, LLC (Revolver)		—		—		—		—		—		—		—		—		—
SheerTrans Solutions, LLC (8,642,579 preferred interests)		8,643		—		—		—		—		—		—		86		8,729
		13,744		—		—		(13)		—		6		—		81		13,818
Total non-controlled affiliate company investments	$	39,188	$	—	$	2,102	$	(13)	$	—	$	10	$	—	$	602	$	41,889

	Fair value at						Sales and		PIK						Net
	December 31,		Transfers		Purchases		paydowns		interest		Discount		Net realized		unrealized		Fair value at
Portfolio Company	2021		in (out)		(cost)		(cost)		(cost)		accretion		gain (loss)		gain (loss)		March 31, 2022
Non-controlled affiliate company investment:
Second Avenue SFR Holdings II LLC (Revolver) (1)	$	2,104	$	—	$	487	$	—	$	—	$	—	$	—	$	—	$	2,591
		2,104		—		487		—		—		—		—		—		2,591
SFR Holdco, LLC (Junior secured loan)		5,850		—		—		—		—		—		—		—		5,850
SFR Holdco, LLC (Delayed draw junior secured loan)		—		—		196		—		—		—		—		—		196
SFR Holdco, LLC (13.9% of equity commitments)		3,900		—		—		—		—		—		—		—		3,900
SFR Holdco, LLC (10.5% of equity commitments)		—		—		131		—		—		—		—		—		131
		9,750		—		327		—		—		—		—		—		10,077
Total non-controlled affiliate company investments	$	11,854	$	—	$	814	$	—	$	—	$	—	$	—	$	—	$	12,668

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

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	For the three months ended March 31,
	2023						2022
	Interest		Dividend				Interest		Dividend
Portfolio Company	Income		Income		Fee Income		Income		Income		Fee Income
Non-controlled affiliate company investments:
Nastel Technologies, LLC	$	101	$	—	$	—	$	n/a	$	n/a	$	n/a
Nastel Technologies, LLC (Revolver)		—		—		—		n/a		n/a		n/a
Nastel Technologies, LLC (Class A units)		—		—		—		n/a		n/a		n/a
		101		—		—		n/a		n/a		n/a
Second Avenue SFR Holdings II LLC (Revolver)		138		—		—		46		—		—
		138		—		—		46		—		—
SFR Holdco, LLC (Junior secured loan)		117		—		—		117		—		—
SFR Holdco, LLC (Delayed draw junior secured loan)		64		—		—		1		—		—
SFR Holdco, LLC (LLC interest)		—		—		—		—		—		—
SFR Holdco, LLC (LLC interest)		—		—		—		—		—		—
		181		—		—		118		—		—
SheerTrans Solutions, LLC		161		—		—		n/a		n/a		n/a
SheerTrans Solutions, LLC (Revolver)		2		—		—		n/a		n/a		n/a
SheerTrans Solutions, LLC (Preferred interests)		—		—		—		n/a		n/a		n/a
		163		—		—		n/a		n/a		n/a
Total non-controlled affiliate company investments	$	583	$	—	$	—	$	164	$	—	$	—

Note 6. Transactions with Related Parties

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

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

Beginning with the Effective Date, the base management fee is calculated at an annual rate of 1.25% of average total assets (reduced from 1.50%), which includes assets financed using leverage. Following any future quotation or listing of the Company’s securities on a national securities exchange (an “Exchange Listing”) or any future quotation or listing of its securities on any other public trading market, the base management fee will be calculated at an annual rate of 1.75% of average invested assets (calculated as total assets excluding cash). The base management fee is payable in arrears.

Base management fees for the three months ended March 31, 2023 and 2022 were $4,847 and $2,796, respectively. There were no base management fee waivers for both the three months ended March 31, 2023 and 2022.

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

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

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

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

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

● 100% of the Company’s pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 1.7143% (reduced from 1.76% pursuant to the fee waiver letter effective April 1, 2022) in any calendar quarter prior to an Exchange Listing or 1.88% in any calendar quarter following an Exchange Listing. This portion of the Company’s pre-incentive fee net investment income is referred to as the “catch-up” provision; and

● prior to an Exchange Listing, 12.5% of the amount of the Company’s pre-incentive fee net investment income (a reduction from 15.0% of the amount of the Company’s pre-incentive fee net income), if any, that exceeds 1.7143% (reduced from 1.76% pursuant to the fee waiver letter effective April 1, 2022) in any calendar quarter, and following an Exchange Listing, 20% of the amount of the Company’s pre-incentive fee net investment income, if any, that exceeds 1.88% in any calendar quarter.

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

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

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

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

	Three months ended March 31,
	2023		2022
Part one incentive fees (1)	$	3,439	$	1,461
Part two incentive fees (2)		712		362
Total incentive fees (3)	$	4,151	$	1,823

(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 12.5% of the sum of net realized gain (loss) plus net unrealized gain (loss).

(3) There were no incentive fee waivers during the periods presented.

The Company has entered into the Administration Agreement with MC Management, under which the Company reimburses MC Management, subject to the review and approval of the Board, for its allocable portion of overhead and other expenses, including the costs of furnishing the Company with office facilities and equipment and providing clerical, bookkeeping, record-keeping and other administrative services at such facilities, and the Company’s allocable portion of the cost of the chief financial officer and chief compliance officer and their respective staffs. To the extent that MC Management outsources any of its functions, the Company will pay the fees associated with such functions on a direct basis, without incremental profit, to MC Management. For the three months ended March 31, 2023 and 2022, the Company incurred $1,185 and $558 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 $370 and $203, respectively, was related to MC Management overhead and salary allocation and paid directly to MC Management. As of March 31, 2023 and December 31, 2022, $370 and $369, respectively, of expenses were due to MC Management under this agreement and are included in accounts payable and accrued expenses on the consolidated statements of assets and liabilities.

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

As of March 31, 2023 and December 31, 2022, the Company had accounts payable to members of the Board of $23 and zero, respectively, representing accrued and unpaid fees for their services.

Note 7. Borrowings

In accordance with the 1940 Act, the Company is permitted to borrow amounts such that its asset coverage ratio, as defined in the 1940 Act, is at least 150% after such borrowing. As of March 31, 2023 and December 31, 2022, the Company’s asset coverage ratio based on aggregate borrowings outstanding was 221% and 199%, respectively.

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The Company’s outstanding debt as of March 31, 2023 and December 31, 2022 was as follows:

	As of March 31, 2023								As of December 31, 2022
	Total								Total
	Aggregate								Aggregate
	Principal								Principal
	Amount			Principal					Amount			Principal
	Committed/			Amount		Carrying			Committed/			Amount		Carrying
	Outstanding (1)			Outstanding		Value			Outstanding (1)			Outstanding		Value
Credit Facility	$	450,000		$	253,500	$	251,413	(2)	$	450,000		$	357,400	$	354,904	(2)
Term Loan		151,886			151,886		150,445	(3)		100,000			100,000		98,953	(3)
2022 ABS		306,000	(4)		306,000		297,825	(5)		306,000	(4)		306,000		297,629	(5)
Total	$	907,886		$	711,386	$	699,683		$	856,000		$	763,400	$	751,486

⁽¹⁾ Represents the total aggregate amount committed or outstanding, as applicable, under such instrument.

⁽²⁾ Represents the aggregate principal amount outstanding of the Credit Facility (as defined below), less unamortized debt issuance costs. As of March 31, 2023 and December 31, 2022, the total unamortized debt issuance costs were $2,087 and $2,496, respectively.

⁽³⁾ Represents the aggregate principal amount outstanding of the Term Loan (as defined below), less unamortized debt issuance costs. As of March 31, 2023 and December 31, 2022, the total unamortized debt issuance costs were $1,441 and $1,047, respectively.

⁽⁴⁾ As of both March 31, 2023 and December 31, 2022, the Class C Senior Secured Notes and Subordinated Notes (as defined below) totaling $36,125 and $82,875, are excluded from the total aggregate principal amount committed/outstanding amount as these notes are eliminated in consolidation.

⁽⁵⁾ Represents the aggregate principal amount outstanding of the 2022 ABS (as defined below), less unamortized debt issuance costs. As of March 31, 2023 and December 31, 2022, the total unamortized debt issuance costs were $8,175 and $8,371, respectively.

Revolving Credit Facility: The Company has a $450,000 Credit Facility with KeyBank National Association through the Company’s wholly-owned subsidiary, the SPV. The Company’s ability to borrow under the Credit Facility is subject to certain financial and restrictive covenants as well as availability under the borrowing base, which permits the Company to borrow up to 72% of the principal balance of its portfolio company investments depending on the type of investment, subject to a maximum advance rate on the portfolio of 67%. Under the terms of the Credit Facility, the SPV is permitted to reinvest available cash and make new borrowings under the Credit Facility through July 16, 2024. The maturity date of the Credit Facility is July 16, 2026. Distributions from the SPV to the Company are limited by the terms of the Credit Facility, which generally allows for the distribution of net interest income pursuant to a waterfall quarterly during the reinvestment period. As of March 31, 2023 and December 31, 2022, the fair value of investments of the Company that were held in the SPV as collateral for the Credit Facility was $671,146 and $691,225, respectively, and these investments are identified on the accompanying consolidated schedules of investments. As of March 31, 2023 and December 31, 2022, the Company had outstanding borrowings under the Credit Facility of $253,500 and $357,400, respectively.

During the reinvestment period, borrowings under the Credit Facility bear interest at an annual rate of LIBOR (one or three month, at the SPV’s option and subject to a LIBOR minimum of 0.50%) plus a margin ranging from 2.75% to a maximum of 3.00%, depending on the level of utilization of the facility and the number of obligors of eligible loans pledged as collateral in the SPV. After the reinvestment period, borrowings under the Credit Facility bear interest at an annual rate of LIBOR plus 3.25%. In addition to the stated interest rate on borrowings, the SPV is required to pay an unused commitment fee of (i) 0.50% per annum on any unused portion of the Credit Facility when the outstanding borrowings are less than or equal to 60% of the facility amount and (ii) 0.35% per annum on any unused portion of the Credit Facility when the outstanding borrowings are greater than 60% of the facility. As of March 31, 2023 and December 31, 2022, the outstanding borrowings were accruing at a weighted average interest rate of 7.4% and 6.9%, respectively.

During the three months ended March 31, 2023 and 2022, the Company incurred financing costs of $11 and $447, respectively, in conjunction with the Credit Facility, which have been capitalized within unamortized deferred financing costs and are amortized into interest and other debt financing expenses over the life of the loan.

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Term Loan: On December 20, 2022, the Company entered into the Term Loan with KeyBank National Association, as lead arranger and administrative agent, through a special purpose wholly-owned subsidiary, SPV II. The Term Loan initially allowed SPV II to borrow an aggregate principal amount of $100,000, and included an accordion feature which allows the Company, under certain circumstances, to increase the total size of the facility upon request to the administrative agent and with consent of one or more increasing or additional lenders. On February 3, 2023, the Company increased the facility amount pursuant to the accordion feature of the Term Loan from $100,000 of aggregate commitments to $155,000 of aggregate commitments and the Company borrowed up to the new aggregate commitments under the Term Loan. As of March 31, 2023 and December 31, 2022, the Company had outstanding borrowings under the Term Loan of $151,886 and $100,000, respectively. As of March 31, 2023 and December 31, 2022 the fair value of the Company’s investments held in SPV II as collateral for the Term Loan was $217,697 and $141,418, respectively, and these investments are identified on the accompanying consolidated schedules of investments.

Borrowings under the Term Loan bear interest at Adjusted Term SOFR (subject to a SOFR minimum of 0.50%) plus an applicable margin rate of 2.40% per annum during the initial period, December 20, 2022 through December 20, 2025, and 3.40% per annum during the amortization period, December 21, 2025 through December 20, 2026. The Term Loan matures on December 20, 2026, unless sooner terminated in accordance with its terms. As of March 31, 2023 and December 31, 2022, the outstanding borrowings were accruing at a weighted average interest rate of 7.1% and 6.7%, respectively.

During the three months ended March 31, 2023, the Company incurred financing costs of $508 in conjunction with the Term Loan, which have been capitalized within unamortized deferred financing costs and are amortized into interest and other debt financing expenses over the life of the loan.

Under the terms of the Term Loan, pursuant to a monthly waterfall and subject to the satisfaction of certain coverage tests and portfolio quality tests, SPV II is permitted to reinvest 25% of principal proceeds during the initial period, with the remaining 75% applied to prepay the Term Loan. During the amortization period, pursuant to a monthly waterfall, 100% of principal proceeds must be applied to prepay the Term Loan. The Term Loan contains representations and warranties and affirmative and negative covenants customary for secured financings of this type. The Term Loan also contains customary events of default (subject to certain grace periods, as applicable), including but not limited to the nonpayment of principal, interest or fees, breach of covenants, voluntary or involuntary bankruptcy proceedings and change of control of the borrower.

Asset-Backed Securitization: On April 7, 2022, the Company completed a $425,000 asset-backed securitization (the “2022 ABS”). The notes offered in the 2022 ABS were issued by the 2022 Issuer, a wholly-owned subsidiary of the Company, and are secured by a diversified portfolio of senior secured loans. The transaction was executed through a private placement of $261,375 of Class A Senior Secured Notes, which bear interest at 4.05% (the “Class A Notes”), $44,625 of Class B Senior Secured Notes, which bear interest at 5.15% (the “Class B Notes”) and $36,125 of Class C Senior Secured Notes, which bear interest at 7.75% (the “Class C Notes” and collectively with the Class A Notes and the Class B Notes, the “Secured 2022 Notes”), and $82,875 of Subordinated Notes, which do not bear interest (the “Subordinated 2022 Notes” and, together with the Secured 2022 Notes, the “2022 Notes”). The Company retained all of the Class C Notes and the Subordinated 2022 Notes. The Class A Notes and the Class B Notes are included as debt on the consolidated statements of assets and liabilities. As of both March 31, 2023 and December 31, 2022, the Class C and Subordinated Notes were eliminated in consolidation.

Through April 22, 2024, the 2022 Issuer is permitted to use all principal collections received on the underlying collateral to purchase new collateral under the direction of MC Advisors, in its capacity as collateral manager of the 2022 Issuer, in accordance with the Company’s investment strategy and subject to customary conditions set forth in the documents governing the 2022 ABS, allowing the Company to maintain the initial leverage in the 2022 ABS. The 2022 Notes are due on April 30, 2032.

As of March 31, 2023 and December 31, 2022, the fair value of investments of the Company that were held in the 2022 Issuer as collateral was $421,236 and $410,179, respectively, and these investments are identified on the consolidated schedule of investments.

Distributions from the 2022 Issuer to the Company are limited by the terms of the indenture governing the 2022 ABS, which generally allows for the payment of interest on the Secured 2022 Notes and the distribution of remaining net interest income to the holders of the Subordinated Notes pursuant to a waterfall quarterly during the reinvestment period.

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

	Three months ended March 31,
	2023			2022
Interest expense - Credit Facility	$	5,798		$	2,895
Interest expense - Term Loan		2,340			���
Interest expense - 2022 ABS		3,221			—
Amortization of deferred financing costs		730			385
Total interest and other debt financing expenses	$	12,089		$	3,280
Average debt outstanding	$	750,495		$	339,678
Average stated interest rate		6.1	%		3.4	%

Note 8. Derivative Instruments

The Company enters into foreign currency forward contracts from time to time to help mitigate the impact that an adverse change in foreign exchange rates would have on future principal and interest cash flows from the Company’s investments denominated in foreign currencies. As of March 31, 2023 and December 31, 2022, the counterparty to these foreign currency forward contracts was Bannockburn Global Forex, LLC. Net unrealized gain or loss on foreign currency forward contracts are included in net change in unrealized gain (loss) on foreign currency forward contracts and net realized gain or loss on forward currency forward contracts are included in net realized gain (loss) on foreign currency forward contracts on the accompanying consolidated statements of operations.

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Certain information related to the Company’s foreign currency forward contracts is presented below as of March 31, 2023 and December 31, 2022.

	As of March 31, 2023
				Gross		Gross
				Amount of		Amount of
	Notional Amount		Settlement	Unrealized		Unrealized
Description	to be Sold		Date	Gain		Loss		Balance Sheet location of Net Amounts
Foreign currency forward contract	CAD	426	4/5/2023	$	—	$	(1)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	128	4/19/2023		—		(2)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	109	5/17/2023		—		(2)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	121	6/19/2023		—		(2)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	428	7/5/2023		—		(1)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	124	7/19/2023		—		(2)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	112	8/17/2023		—		(2)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	120	9/19/2023		—		(2)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	431	10/3/2023		—		(1)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	116	10/19/2023		—		(2)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	103	11/17/2023		—		(1)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	106	12/19/2023		—		(1)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	429	1/4/2024		—		(1)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	143	1/17/2024		—		(2)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	112	2/19/2024		—		(2)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	105	3/19/2024		—		(1)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	424	4/3/2024		—		(1)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	143	4/17/2024		—		(2)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	108	5/17/2024		—		(2)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	118	6/19/2024		—		(2)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	417	7/3/2024		—		(1)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	131	7/17/2024		—		(2)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	111	8/19/2024		—		(2)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	114	9/18/2024		—		(2)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	423	10/2/2024		—		(1)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	134	10/17/2024		—		(2)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	110	11/19/2024		—		(2)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	110	12/18/2024		—		(2)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	409	1/2/2025		—		(1)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	133	1/17/2025		—		(2)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	115	2/20/2025		—		(2)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	91	3/19/2025		—		(1)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	14,653	4/2/2025		—		(30)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	128	4/17/2025		—		(2)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	101	5/19/2025		—		(1)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	107	6/18/2025		—		(1)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	128	7/17/2025		—		(2)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	103	8/19/2025		—		(1)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	103	9/17/2025		—		(1)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	130	10/17/2025		—		(2)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	109	11/19/2025		—		(2)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	12,243	12/18/2025		—		(184)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	160	4/20/2023		17		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	121	5/16/2023		12		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	156	6/19/2023		16		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	138	7/18/2023		14		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	146	8/16/2023		15		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	146	9/18/2023		15		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	148	10/18/2023		15		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	140	11/16/2023		14		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	142	12/18/2023		14		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	150	1/17/2024		15		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	143	2/16/2024		14		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	15,410	3/18/2024		1,526		—	Unrealized gain on foreign currency forward contracts
				$	1,687	$	(278)

53

	As of December 31, 2022
				Gross		Gross
				Amount of		Amount of
	Notional Amount		Settlement	Unrealized		Unrealized
Description	to be Sold		Date	Gain		Loss		Balance Sheet location of Net Amounts
Foreign currency forward contract	CAD	248	1/5/2023	$	—	$	—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	127	1/19/2023		—		(2)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	113	2/17/2023		—		(1)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	109	3/17/2023		—		(1)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	426	4/5/2023		—		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	128	4/19/2023		—		(2)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	109	5/17/2023		—		(1)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	121	6/19/2023		—		(2)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	428	7/5/2023		—		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	124	7/19/2023		—		(2)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	112	8/17/2023		—		(1)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	120	9/19/2023		—		(2)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	431	10/3/2023		—		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	116	10/19/2023		—		(2)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	103	11/17/2023		—		(1)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	106	12/19/2023		—		(1)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	429	1/4/2024		—		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	143	1/17/2024		—		(2)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	112	2/19/2024		—		(1)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	105	3/19/2024		—		(1)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	424	4/3/2024		—		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	143	4/17/2024		—		(2)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	108	5/17/2024		—		(1)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	118	6/19/2024		—		(2)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	417	7/3/2024		—		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	131	7/17/2024		—		(2)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	111	8/19/2024		—		(1)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	114	9/18/2024		—		(1)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	423	10/2/2024		—		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	134	10/17/2024		—		(2)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	110	11/19/2024		—		(1)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	110	12/18/2024		—		(1)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	409	1/2/2025		—		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	133	1/17/2025		—		(2)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	115	2/20/2025		—		(2)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	91	3/19/2025		—		(1)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	14,653	4/2/2025		—		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	128	4/17/2025		—		(2)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	101	5/19/2025		—		(1)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	107	6/18/2025		—		(1)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	128	7/17/2025		—		(2)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	103	8/19/2025		—		(1)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	103	9/17/2025		—		(1)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	130	10/17/2025		—		(2)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	109	11/19/2025		—		(1)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	CAD	12,243	12/18/2025		—		(159)	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	153	1/18/2023		14		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	140	2/16/2023		12		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	132	3/16/2023		12		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	160	4/20/2023		14		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	121	5/16/2023		11		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	156	6/19/2023		14		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	138	7/18/2023		12		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	146	8/16/2023		13		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	146	9/18/2023		13		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	148	10/18/2023		13		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	140	11/16/2023		12		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	142	12/18/2023		12		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	150	1/17/2024		13		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	143	2/16/2024		12		—	Unrealized gain on foreign currency forward contracts
Foreign currency forward contract	AUD	15,410	3/18/2024		1,329		—	Unrealized gain on foreign currency forward contracts
				$	1,506	$	(210)

54

For the three months ended March 31, 2023 and 2022, the Company recognized net change in unrealized gain (loss) on foreign currency forward contracts of $113 and ($533), respectively. For the three months ended March 31, 2023 and 2022, the Company recognized net realized gain (loss) on foreign currency forward contracts of $33 and $18, respectively.

Note 9. Distributions

The Company’s distributions to common stockholders are recorded on the applicable record date. The following table summarizes the distributions declared during the three months ended March 31, 2023 and 2022, respectively.

					Amount
Date	Record		Payment		Per		Distribution
Declared	Date		Date (1)		Share		Declared
Three months ended March 31, 2023:
January 13, 2023		January 17, 2023		March 31, 2023	$	0.09	$	6,217
January 13, 2023		February 15, 2023		March 31, 2023		0.08		6,208
January 13, 2023		March 15, 2023		March 31, 2023		0.08		6,208
Total distributions declared					$	0.25	$	18,633
Three months ended March 31, 2022:
January 4, 2022		January 4, 2022		March 31, 2022	$	0.07	$	2,439
January 4, 2022		February 1, 2022		March 31, 2022		0.07		2,439
January 4, 2022		March 1, 2022		March 31, 2022		0.06		2,435
Total distributions declared					$	0.20	$	7,313

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

The following tables summarize the Company’s distributions reinvested during the three months ended March 31, 2023 and 2022, respectively:

			DRIP	DRIP
	NAV		Shares	Shares
Payment Date	Per Share		Issued	Value
Three months ended March 31, 2023:
March 31, 2023	$	10.13	664,510	$	6,731
Total proceeds			664,510	$	6,731

			DRIP	DRIP
	NAV		Shares	Shares
Payment Date	Per Share		Issued	Value
Three months ended March 31, 2022:
March 31, 2022	$	10.10	217,369	$	2,195
Total proceeds			217,369	$	2,195

Note 10. Stock Issuances and Share Repurchase Program

Stock Issuances

As of March 31, 2023, the total number of shares of all classes of capital stock that the Company has the authority to issue was 100,000,000 shares of common stock, par value $0.001 per share.

55

The following table summarizes the issuance of shares during the three months ended March 31, 2023 and 2022:

	Price Per
Date	Share		Shares Issued	Proceeds
Three months ended March 31, 2023:
March 16, 2023	$	10.13	9,474,500	$	95,977
Total			9,474,500	$	95,977

	Price Per
Date	Share		Shares Issued	Proceeds
Three months ended March 31, 2022:
March 15, 2022	$	10.10	12,173,590	$	122,953
Total			12,173,590	$	122,953

During the three months ended March 31, 2023 and 2022, the Company also issued 664,510 and 217,369 shares, with an aggregate value of $6,731 and $2,195, respectively, under the DRIP as disclosed in Note 9.

Share Repurchase Program

During 2022, the Company commenced a quarterly share repurchase program in which the Company intends to repurchase, in each quarter, up to 5% of the shares of common stock outstanding as of the close of the previous calendar quarter (the “Share Repurchase Program”), subject to the discretion of the Board. Any such repurchases are subject to approval by the Board, in its discretion, and the availability of cash to fund such repurchases. The Board may amend, suspend or terminate the share repurchase program if it deems such action to be in the Company’s best interest and the best interest of the Company’s stockholders. As a result, share repurchases may not be available each quarter. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 under the Securities Exchange Act of 1934 and the 1940 Act and subject to compliance with applicable covenants and restrictions under the Company’s financing arrangements. All shares repurchased by the Company pursuant to the terms of each tender offer will be redeemed and thereafter will be authorized and unissued shares.

The following table summarizes the total shares repurchased that were validly tendered under the Share Repurchase Program and not withdrawn during the three months ended March 31, 2023:

	Price		Shares
Date	Per Share		Repurchased	Total Cost
Three months ended March 31, 2023:
March 30, 2023	$	10.13	906,750	$	9,185
Total			906,750	$	9,185

There were no shares repurchased during the three months ended March 31, 2022.

Note 11. Commitments and Contingencies

Commitments: As of March 31, 2023 and December 31, 2022, the Company had $280,522 and $319,237, respectively, in outstanding commitments to fund investments under undrawn revolvers, delayed draw commitments and subscription agreements. Management believes that the Company’s available cash balances and/or ability to draw on the Credit Facility or raise additional leverage facilities provide sufficient funds to cover its unfunded commitments as of March 31, 2023.

Indemnifications: In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties that provide general indemnification. The Company’s maximum exposure under these agreements is unknown, as these involve future claims that may be made against the Company but that have not occurred. The Company expects the risk of any future obligations under these indemnification provisions to be remote.

56

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

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

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

Note 12. Financial Highlights

The following is a schedule of financial highlights for the three months ended March 31, 2023 and 2022:

	March 31, 2023			March 31, 2022
Per share data:
Net asset value at beginning of period	$	10.13		$	10.10
Net investment income (1)		0.31			0.20
Net gain (loss) (1)		0.07			0.07
Net increase (decrease) in net assets resulting from operations (1)		0.38			0.27
Stockholder distributions declared (2)		(0.25)			(0.20)
Other (3)		(0.01)			(0.01)
Net asset value at end of period	$	10.25		$	10.16
Total return based on average net asset value (4)		9.00	%		2.38	%
Ratio/Supplemental data:
Net assets at end of period	$	858,859		$	497,611
Shares outstanding at end of period		83,765,462			48,956,121
Portfolio turnover (5)		2.31	%		3.03	%
Ratio of total investment income to average net assets (6)		23.05	%		15.33	%
Ratio of expenses to average net assets (6) (7)		9.73	%		6.64	%

(1) The per share data was derived by using the weighted average shares outstanding during the periods presented.

(2) The per share data for distributions reflects the actual amount of distributions declared during the period. Management monitors available taxable earnings, including net investment income and realized capital gains, to determine if a tax return of capital may occur for the year. To the extent the Company’s taxable earnings fall below the total amount of the Company’s distributions for that fiscal year, a portion of those distributions may be deemed a tax return of capital to the Company’s stockholders. The tax character of distributions will be determined at the end of the fiscal year. However, if the character of such distributions were determined as of March 31, 2023 and 2022, none of the distributions would have been characterized as a tax return of capital to the Company’s stockholders; this tax return of capital may differ from the return of capital calculated with reference to net investment income for financial reporting purposes.

(3) Includes the impact of different share amounts used in calculating per share data as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on shares outstanding as of a period end or transaction date.

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

(5) Ratio is not annualized.

(6) Ratios are annualized. To the extent incentive fees are included within the ratio, they are not annualized.

(7) The following is a supplemental ratio for the three months ended March 31, 2023 and 2022.

	March 31, 2023		March 31, 2022
Ratio of net investment income (loss) to average net assets (6)	13.31	%	8.69	%

57

Note 13. Subsequent Events

The Company has evaluated subsequent events through May 12, 2023, the date on which the consolidated financial statements were issued.

Distributions: On April 6, 2023, the Board declared the following regular distributions:

Record Date	Payment Date	Amount Per Share
April 17, 2023	June 30, 2023	$	0.09
May 15, 2023	June 30, 2023		0.09
June 15, 2023	June 30, 2023		0.09
Total regular dividends declared		$	0.27

Additionally, on April 6, 2023, the Board of Directors also declared a supplemental dividend of $0.01 per share, to stockholders of record as of the close of business on April 17, 2023, payable on June 30, 2023.

58

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

Except as otherwise specified, references to “we,” “us” and “our” refer to Monroe Capital Income Plus Corporation and its consolidated subsidiaries; MC Advisors refers to Monroe Capital BDC Advisors, LLC, our investment adviser and a Delaware limited liability company; MC Management refers to Monroe Capital Management Advisors, LLC, our administrator and a Delaware limited liability company; and Monroe Capital refers to Monroe Capital LLC, a Delaware limited liability company, and its subsidiaries and affiliates. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes appearing in our annual report on Form 10-K (the “Annual Report”) for the year ended December 31, 2022, filed with the U.S. Securities and Exchange Commission (“SEC”) on March 15, 2023. The information contained in this section should also be read in conjunction with our unaudited consolidated financial statements and related notes and other financial information appearing elsewhere in this quarterly report on Form 10-Q (the “Quarterly Report”).

FORWARD-LOOKING STATEMENTS

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

● our future operating results;

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

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

● the impact of 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”) or Secured Overnight Financing Rate (“SOFR”) on our operating results;

● the impact of increased competition;

● the impact of rising interest and inflation rates and the risk of recession on our business prospects and the prospects of our portfolio companies;

● our contractual arrangements and relationships with third parties;

● the valuation of our investments in portfolio companies, particularly those having no liquid trading market;

● actual and potential conflicts of interest with MC Advisors, MC Management and other affiliates of Monroe Capital;

● the ability of our portfolio companies to achieve their objectives;

● the use of borrowed money to finance a portion of our investments;

59

● the adequacy of our financing sources and working capital;

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

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

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

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

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

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

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

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

Overview

Monroe Capital Income Plus Corporation is an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes we have elected to be treated as a regulated investment company (“RIC”) under the U.S. Internal Revenue Code of 1986, as amended (the “Code”). We currently qualify and intend to continue to qualify annually to be treated as a RIC for U.S. federal income tax purposes.

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

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We are a specialty finance company that is focused on providing financing solutions primarily to lower middle-market companies in the United States and Canada. We seek to provide investors with attractive risk-adjusted returns and downside protection associated with investing in asset based and secured corporate private credit opportunities in a manner that is decoupled from public markets’ volatility. We seek to provide attractive risk-adjusted returns and downside protection by investing primarily in secured private credit transactions and assets, targeting investments that have significant downside protection through a focus on asset coverage. We expect to invest primarily in: (i) senior secured and junior secured and unsecured loans, notes, bonds, preferred equity (including preferred partnership equity), convertible debt and other securities; (ii) unitranche secured loans (a combination of senior secured and junior secured debt in the same facility in which we syndicate a “first out” portion of the loan to an investor and retain a “last out” portion of the loan) and securities; (iii) asset-based loans and securities; (iv) small business loans and leases; (v) structured debt and structured equity; (vi) syndicated loans; (vii) securitized debt and subordinated notes of collateralized loan obligations facilities, asset-backed securities and other securitized products and warehouse loan facilities; (viii) opportunities to acquire illiquid investments from other third-party funds as a result of liquidity constraints resulting from investor redemptions and market dislocations; and (ix) capital investments in the secondary markets. As of March 31, 2023, our portfolio included approximately 85.5% senior secured loans, 8.3% unitranche secured loans, 2.9% junior secured loans and 3.3% equity securities, compared to December 31, 2022, when our portfolio included approximately 85.1% senior secured loans, 8.7% unitranche secured loans, 3.0% junior secured loans and 3.2% equity securities. We expect that the companies in which we invest may be leveraged, often as a result of leveraged buyouts or other recapitalization transactions, and, in certain cases, will not be rated by national ratings agencies. If such companies were rated, we believe that they would typically receive a rating below investment grade (between BB and CCC under the Standard & Poor’s system) from the national rating agencies.

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

Stock Issuances and Share Repurchase Program

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

The following table summarizes the issuance of shares of our common stock pursuant to the Second Private Offering during the three months ended March 31, 2023 and 2022 (in thousands except shares and per share data):

	Price Per
Date	Share		Shares Issued	Proceeds
Three months ended March 31, 2023:
March 16, 2023	$	10.13	9,474,500	$	95,977
Total			9,474,500	$	95,977

	Price Per
Date	Share		Shares Issued	Proceeds
Three months ended March 31, 2022:
March 15, 2022	$	10.10	12,173,590	$	122,953
Total			12,173,590	$	122,953

Share Repurchase Program: During 2022, we commenced a quarterly share repurchase program in which we intend to repurchase, in each quarter, up to 5% of the shares of common stock outstanding as of the close of the previous calendar quarter (the “Share Repurchase Program”), subject to the discretion of our Board. Any such repurchases are subject to approval by our Board, in its discretion, and the availability of cash to fund such repurchases. Our Board may amend, suspend or terminate the share repurchase program if it deems such action to be in our best interest and the best interest of our stockholders.

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The following table summarizes the total shares repurchased that were validly tendered under the Share Repurchase Program and not withdrawn during the three months ended March 31, 2023 (in thousands except shares and per share data):

	Price Per
Date	Share		Shares Repurchased	Proceeds
Three months ended March 31, 2023:
March 30, 2023	$	10.13	906,750	$	9,185
Total			906,750	$	9,185

There were no shares repurchased during the three months ended March 31, 2022.

Investment income

We generate interest income on the debt investments in portfolio company investments that we originate or acquire. Our debt investments, whether in the form of senior secured, unitranche secured or junior secured debt, typically have an initial term of three to seven years and bear interest at a fixed or floating rate. In some instances, we receive payments on our debt investments based on scheduled amortization of the outstanding balances. In addition, we receive repayments of some of our debt investments prior to their scheduled maturity date. In some cases, our investments provide for deferred interest of payment-in-kind (“PIK”) interest. In addition, we may generate revenue in the form of commitment, origination, amendment, structuring or due diligence fees, fees for providing managerial assistance and consulting fees. Loan origination fees, original issue discount and market discount or premium are capitalized, and we accrete or amortize such amounts as interest income. We record prepayment premiums and prepayment gains (losses) on loans as interest income. As the frequency or volume of the repayments which trigger these prepayment premiums and prepayment gains (losses) may fluctuate significantly from period to period, the associated interest income recorded may also fluctuate significantly from period to period. Interest and fee income is recorded on the accrual basis to the extent we expect to collect such amounts. Interest income is accrued based upon the outstanding principal amount and contractual terms of debt and preferred equity investments. Interest is accrued on a daily basis. We record fees on loans based on the determination of whether the fee is considered a yield enhancement or payment for a service. If the fee is considered a yield enhancement associated with a funding of cash on a loan, the fee is generally deferred and recognized into interest income using the effective interest method if captured in the cost basis or using the straight-line method if the loan is unfunded and therefore there is no cost basis. If the fee is not considered a yield enhancement because a service was provided, and the fee is payment for that service, the fee is deemed earned and recognized as fee income in the period the service is completed.

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

Expenses

Our primary operating expenses include the payment of base management and incentive fees to MC Advisors under the investment advisory agreement entered into on December 5, 2018 (the “Investment Advisory Agreement”), the payment of fees to MC Management for our allocable portion of overhead and other expenses under the administration agreement entered into on December 5, 2018 (the “Administration Agreement”), and other operating costs. See Note 6 to our consolidated financial statements and “Related Party Transactions” below for additional information on our Investment Advisory Agreement and Administration Agreement. Our expenses also include interest expense on indebtedness. We bear all other out-of-pocket costs and expenses of our operations and transactions.

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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 March 31, 2023, we invested $49.1 million in seven new portfolio companies, $51.3 million in 48 existing portfolio companies and had $34.8 million in aggregate amount of sales and principal repayments, resulting in net investments of $65.6 million for the period.

During the three months ended March 31, 2022, we invested $21.2 million in three new portfolio companies, $58.6 million in 29 existing portfolio companies and had $22.3 million in aggregate amount of sales and principal repayments, resulting in net investments of $57.5 million for the period.

The following table shows portfolio yield by security type:

	March 31, 2023				December 31, 2022
	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	11.3	%	11.3	%	10.8	%	10.8	%
Unitranche secured loans	12.6		13.0		11.0		11.3
Junior secured loans	11.7		11.7		11.9		11.9
Equity securities	6.6		6.6		6.6		6.6
Total	11.4	%	11.4	%	10.8	%	10.8	%

(1) The weighted average annualized contractual coupon yield at period end is computed by dividing (a) the interest income on our debt investments and preferred equity investments (with a stated coupon rate) at the period end contractual coupon rate for each investment by (b) the par value of our debt investments and the cost basis of our preferred equity investments.

(2) The weighted average annualized effective yield on portfolio investments at period end is computed by dividing (a) interest income on our debt investments and preferred equity investments (with a stated coupon rate) at the period end effective rate for each investment by (b) the par value of our debt investments and the cost basis of our preferred equity investments. The weighted average annualized effective yield on portfolio investments is a metric on the investment portfolio alone and does not represent a return to stockholders. This metric is not inclusive of our fees and expenses, the impact of leverage on the investment portfolio or sales load that may be paid by stockholders.

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

	March 31, 2023				December 31, 2022
Fair Value:
Senior secured loans	$	1,320,148	85.5	%	$	1,250,788	85.1	%
Unitranche secured loans		128,380	8.3			127,378	8.7
Junior secured loans		44,633	2.9			44,469	3.0
Equity securities		50,749	3.3			46,361	3.2
Total	$	1,543,910	100.0	%	$	1,468,996	100.0	%

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Our portfolio composition at March 31, 2023 remained relatively consistent with our portfolio at December 31, 2022. Our effective yields at March 31, 2023 increased from December 31, 2022, driven primarily by increases in LIBOR and SOFR. All of our loans were above the interest rate floors at March 31, 2023.

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

	March 31, 2023				December 31, 2022
Fair Value:
Aerospace & Defense	$	20,974	1.3	%	$	21,049	1.4	%
Automotive		38,482	2.5			38,843	2.7
Banking		37,064	2.4			37,979	2.6
Beverage, Food & Tobacco		16,212	1.0			16,439	1.1
Capital Equipment		55,272	3.6			56,074	3.8
Construction & Building		35,122	2.3			34,877	2.4
Consumer Goods: Durable		39,552	2.5			40,357	2.7
Consumer Goods: Non-Durable		35,671	2.3			32,843	2.2
Containers, Packaging & Glass		11,885	0.8			11,675	0.8
Energy: Oil & Gas		2,778	0.2			3,597	0.2
Environmental Industries		35,801	2.3			31,457	2.1
FIRE: Finance		68,987	4.5			66,639	4.5
FIRE: Insurance		16,019	1.0			9,641	0.7
FIRE: Real Estate		82,196	5.3			71,154	4.8
Healthcare & Pharmaceuticals		229,611	14.9			210,831	14.4
High Tech Industries		186,220	12.1			180,823	12.3
Hotels, Gaming & Leisure		2,484	0.2			2,331	0.2
Media: Advertising, Printing & Publishing		137,498	8.9			129,362	8.8
Media: Broadcasting & Subscription		2,376	0.1			2,019	0.1
Media: Diversified & Production		44,527	2.9			46,348	3.2
Retail		930	0.1			—	—
Services: Business		194,301	12.6			184,535	12.6
Services: Consumer		85,021	5.5			77,998	5.3
Telecommunications		36,473	2.4			36,415	2.5
Transportation: Cargo		98,663	6.4			97,153	6.6
Wholesale		29,791	1.9			28,557	2.0
Total	$	1,543,910	100.0	%	$	1,468,996	100.0	%

Portfolio Asset Quality

MC Advisors’ portfolio management staff closely monitors all credits, with senior portfolio managers covering agented and more complex investments. MC Advisors segregates our capital markets investments by industry. The MC Advisors’ monitoring process and projections developed by Monroe Capital both have daily, weekly, monthly and quarterly components and related reports, each to evaluate performance against historical, budget and underwriting expectations. MC Advisors’ analysts will monitor performance using standard industry software tools to provide consistent disclosure of performance. When necessary, MC Advisors will update our internal risk ratings, borrowing base criteria and covenant compliance reports.

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As part of the monitoring process, MC Advisors regularly assesses the risk profile of each of our investments and rates each of them based on an internal proprietary system that uses the categories listed below, which we refer to as MC Advisors’ investment performance risk rating. For any investment rated in Grades 3, 4 or 5, MC Advisors, through its internal Portfolio Management Group (“PMG”), will increase its monitoring intensity and prepare regular updates for the investment committee, summarizing current operating results and material impending events and suggesting recommended actions. The PMG is responsible for oversight and management of any investments rated in Grades 3, 4, or 5. MC Advisors monitors and, when appropriate, changes the investment ratings assigned to each investment in our portfolio. In connection with our valuation process, MC Advisors reviews these investment performance risk ratings on a quarterly basis. The investment performance risk rating system is described as follows:

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

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

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

The following table shows the distribution of our investments on the 1 to 5 investment performance risk rating scale as of March 31, 2023 (in thousands):

	Investments at		Percentage of
Investment Performance Risk Rating	Fair Value		Total Investments
1	$	—	—	%
2		1,427,850	92.5
3		115,452	7.4
4		608	0.1
5		—	—
Total	$	1,543,910	100	%

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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, 2022 (in thousands):

	Investments at		Percentage of
Investment Performance Risk Rating	Fair Value		Total Investments
1	$	—	—	%
2		1,396,200	95.0
3		72,190	4.9
4		606	0.1
5		—	—
Total	$	1,468,996	100.0	%

As of both March 31, 2023 and December 31, 2022, there were no borrowers with a loan or preferred equity securities on non-accrual status.

Results of Operations

Operating results were as follows (in thousands):

	Three months ended
	March 31,
	2023		2022
Total investment income	$	45,852	$	16,387
Total operating expenses		22,295		8,472
Net investment income before income taxes		23,557		7,915
Income taxes, including excise taxes		195		—
Net investment income		23,362		7,915
Net realized gain (loss) on investments		944		25
Net realized gain (loss) on foreign currency forward contracts		33		18
Net realized gain (loss) on foreign currency and other transactions		(4)		—
Net realized gain (loss)		973		43
Net change in unrealized gain (loss) on investments		4,606		2,903
Net change in unrealized gain (loss) on foreign currency forward contracts		113		(533)
Net unrealized gain (loss) on foreign currency and other transactions		(1)		—
Net change in unrealized gain (loss)		4,718		2,370
Net increase (decrease) in net assets resulting from operations	$	29,053	$	10,328

Investment Income

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

	Three months ended
	March 31,
	2023		2022
Interest income	$	41,457	$	13,167
PIK interest income		2,112		678
Dividend income (1)		105		96
Fee income		238		1,593
Prepayment gain (loss)		328		210
Accretion of discounts and amortization of premiums		1,612		643
Total investment income	$	45,852	$	16,387

(1) During the three months ended March 31, 2023 and 2022, dividend income includes PIK dividends of $93 and $92, respectively.

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The increase in investment income of $29.5 million during the three months ended March 31, 2023, as compared to the three months ended March 31, 2022, is primarily the result of an increase in interest income due to the growth of our investment portfolio and increases in effective rates on the portfolio as a result of the rising interest rate environment.

Operating Expenses

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

	Three months ended
	March 31,
	2023		2022
Interest and other debt financing expenses	$	12,089	$	3,280
Base management fees (1)		4,847		2,796
Incentive fees (2)		4,151		1,823
Professional fees		310		145
Administrative service fees		370		203
General and administrative expenses		505		210
Directors’ fees		23		15
Total operating expenses	$	22,295	$	8,472

(1) Base management fees for the three months ended March 31, 2023 and 2022 were $4,847 and $2,796, respectively. MC Advisors did not elect to voluntarily waive any of such base management fees for both the three months ended March 31, 2023 and 2022.

(2) Incentive fees for the three months ended March 31, 2023 and 2022 were $4,151 and $1,823, comprised of part one incentive fees of $3,439 and $1,461 and part two capital gains incentive fees of $712 and $362, respectively. MC Advisors did not elect to voluntarily waive any incentive fees during both the three months ended March 31, 2023 and 2022. See Note 6 to our consolidated financial statements and “Capital Gains Incentive Fee” for additional information.

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

	Three months ended
	March 31,
	2023			2022
Interest expense - Credit Facility	$	5,798		$	2,772
Interest expense - Term Loan		2,340			—
Interest expense - 2022 ABS		3,221			—
Amortization of deferred financing costs		730			508
Total interest and other debt financing expenses	$	12,089		$	3,280
Average debt outstanding	$	750,495		$	339,678
Average stated interest rate		6.1	%		3.4	%

The increase in operating expenses of $13.8 million during the three months ended March 31, 2023, as compared to the three months ended March 31, 2022, is primarily a result of increases in interest expense, base management fees and incentive fees. The increase in interest expense is the result of the increase in average borrowings to support portfolio growth and an increase in the effective interest rate on our debt as a result of the rising interest rate environment. The increases in base management fees and incentive fees were primarily the result of portfolio growth and increases in our net investment income, respectively.

Income Taxes, Including Excise Taxes

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

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Depending on the level of taxable income earned in a tax year, we may choose to carry forward such taxable income in excess of current year dividend distributions from such current year taxable income into the next year and pay U.S. federal income tax at corporate rates and a 4% excise tax on such income, as required. To the extent that we determine that our estimated current year annual taxable income may exceed estimated current year dividend distributions, we accrue excise tax, if any, on estimated excess taxable income as such taxable income is earned. For the three months ended March 31, 2023 and 2022, we recorded a net expense on the consolidated statements of operations of $0.2 million and zero, 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 both the three months ended March 31, 2023 and 2022, we recorded a net tax expense of zero on the consolidated statements of operations for these subsidiaries.

Net Realized Gain (Loss)

During the three months ended March 31, 2023 and 2022, we had sales of investments of $4.5 million and $10.1 million, respectively, resulting in $0.9 million and $25 thousand of net realized gain (loss) on investments, respectively.

We have entered and may continue to enter into foreign currency forward contracts to reduce our exposure to foreign currency exchange rate fluctuations. During the three months ended March 31, 2023 and 2022, we had $33 thousand and $18 thousand net realized gain (loss) on foreign currency forward contracts, respectively. During the three months ended March 31, 2023 and 2022, we had ($4) thousand and zero of net realized gain (loss) on foreign currency and other transactions, respectively.

Net Change in Unrealized Gain (Loss)

For the three months ended March 31, 2023 and 2022, our investments had $4.6 million and $2.9 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.

We estimate that approximately $7.9 million of the net unrealized gain on investments during the three months ended March 31, 2023 was attributable to broad market movements and improvements in fundamental performance at our portfolio companies. These increases were offset by $3.3 million in net unrealized losses attributable to certain underlying portfolio companies that have underlying credit or fundamental performance concerns resulting in a risk rating of Grade 3, 4 or 5 on our investment performance risk rating scale that were still held as of March 31, 2023.

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

For the three months ended March 31, 2023 and 2022, our foreign currency forward contracts had $0.1 million and ($0.5) million of net change in unrealized gain (loss), respectively.

Net Increase (Decrease) in Net Assets Resulting from Operations

For the three months ended March 31, 2023 and 2022, the net increase (decrease) in net assets resulting from operations was $29.1 million and $10.3 million, respectively. Based on the weighted average shares of common stock outstanding for the three months ended March 31, 2023 and 2022, our per share net increase (decrease) in net assets resulting from operations was $0.38 and $0.27, respectively.

The $18.8 million increase during the three months ended March 31, 2023, is primarily the result of increased net investment income due to the significant portfolio growth and increases in effective interest rates on the portfolio as a result of the rising interest rate environment and increases in net unrealized mark-to-market gains on investments during the three months ended March 31, 2023.

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Liquidity and Capital Resources

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

As of March 31, 2023, we had $4.3 million in cash, $20.8 million in restricted cash at MC Income Plus Financing SPV LLC (the “SPV”), $2.8 million in restricted cash at MC Income Plus Financing SPV II LLC (the “SPV II”), $8.6 million in restricted cash at Monroe Capital Income Plus ABS Funding, LLC (the “2022 Issuer”). Additionally, we had $253.5 million debt outstanding on our Credit Facility, $151.9 million debt outstanding on our Term Loan and $306.0 million debt outstanding on our 2022 ABS (as defined below). We had $196.5 million available for additional borrowings on our revolving credit facility, subject to borrowing base availability. See “Borrowings” below for additional information.

In accordance with the 1940 Act, we are permitted to borrow amounts such that our asset coverage ratio, as defined in the 1940 Act, is at least 150% after such borrowing. As of March 31, 2023 and December 31, 2022, our asset coverage ratio based on aggregate borrowings outstanding was 221% and 199%, respectively.

Cash Flows

For the three months ended March 31, 2023 and 2022, we experienced a net increase (decrease) in cash and restricted cash of ($15.6) million and $1.5 million, respectively. For the three months ended March 31, 2023 and 2022, operating activities used $38.0 million and $48.5 million of cash, respectively, primarily as a result of purchases of portfolio investments, partially offset by principal repayments on and sales of portfolio investments and net investment income. During the three months ended March 31, 2023 and 2022, we generated $22.4 million and $50.0 million from financing activities, primarily as a result of net borrowings on our debt facilities and the proceeds from issuance of common stock, partially offset by distributions to stockholders.

Capital Resources

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

As a BDC, we are generally not permitted to issue and sell our common stock at a price below net asset value (“NAV”) per share. We may, however, sell our common stock, or warrants, options or rights to acquire our common stock, at a price below the then-current NAV per share of our common stock if our board of directors (the “Board”), including our independent directors, determines that such sale is in the best interests of us and our stockholders, and if our stockholders have approved such sales. As of March 31, 2023 and December 31, 2022, we had 83,765,462 and 74,533,202 shares outstanding, respectively.

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Distributions

Distributions to common stockholders are recorded on the applicable record date. The amount, if any, to be distributed to common stockholders is determined by our Board at least quarterly and is generally based upon our earnings estimated by management. Net realized capital gains, if any, are generally distributed at least annually.

The determination of the tax attributes for our distributions is made annually, based upon our taxable income for the full year and distributions paid for the full year. Ordinary dividend distributions from a RIC do not qualify for the preferential tax rate on qualified dividend income from domestic corporations and qualified foreign corporations, except to the extent that the RIC received the income in the form of qualifying dividends from domestic corporations and qualified foreign corporations. The tax attributes for distributions will generally include both ordinary income and capital gains, but may also include qualified dividends or return of capital. Distributions to stockholders for the three months ended March 31, 2023 and 2022, totaled $18.6 million ($0.25 per share) and $7.3 million ($0.20 per share), respectively. The tax character of such distributions is determined at the end of the fiscal year.

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

Borrowings

The Company’s outstanding debt as of March 31, 2023 and December 31, 2022 was as follows (in thousands):

	As of March 31, 2023									As of December 31, 2022
	Total								Total
	Aggregate								Aggregate
	Principal								Principal
	Amount			Principal					Amount			Principal
	Committed/			Amount		Carrying			Committed/			Amount		Carrying
	Outstanding (1)			Outstanding		Value			Outstanding (1)			Outstanding		Value
Credit Facility	$	450,000		$	253,500	$	251,413	(2)​	$	450,000		$	357,400	$	354,904	(2)​
Term Loan		151,886			151,886		150,445	(3)​		100,000			100,000		98,953	(3)​
2022 ABS		306,000	(4)​		306,000		297,825	(5)​		306,000	(4)​		306,000		297,629	(5)​
Total	$	907,886		$	711,386	$	699,683		$	856,000		$	763,400	$	751,486

(1) Represents the total aggregate amount committed or outstanding, as applicable, under such instrument.

(2) Represents the aggregate principal amount outstanding of the Credit Facility (as defined below), less unamortized debt issuance costs. As of March 31, 2023 and December 31, 2022, the total unamortized debt issuance costs were $2.1 million and $2.5 million, respectively.

(3) Represents the aggregate principal amount outstanding of the Term Loan (as defined below), less unamortized debt issuance costs. As of March 31, 2023 and December 31, 2022, the total unamortized debt issuance costs were $1.4 million and $1.0 million, respectively.

(4) As of both March 31, 2023 and December 31, 2022, the Class C Senior Secured Notes and Subordinated Notes (as defined below) totaling $36.1 million and $82.9 million, are excluded from the total aggregate principal amount committed/outstanding amount as these notes are eliminated in consolidation.

(5) Represents the aggregate principal amount outstanding of the 2022 ABS (as defined below), less unamortized debt issuance costs. As of March 31, 2023 and December 31, 2022, the total unamortized debt issuance costs were $8.2 million and $8.4 million, respectively.

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Revolving Credit Facility: We have a $450.0 million senior secured revolving credit facility (the “Credit Facility”) with KeyBank National Association, as agent, through our wholly-owned subsidiary, the SPV. Our ability to borrow under the Credit Facility is subject to certain financial and restrictive covenants as well as availability under the borrowing base, which permits us to borrow up to 72% of the principal balance of our portfolio company investments depending on the type of investment, subject to a maximum advance rate on the portfolio of 67%. Under the terms of the Credit Facility, the SPV is permitted to reinvest available cash and make new borrowings under the Credit Facility through July 16, 2024. The maturity date of the Credit Facility is July 16, 2026. Distributions from the SPV to us are limited by the terms of the Credit Facility, which generally allows for the distribution of net interest income pursuant to a waterfall quarterly during the reinvestment period. As of March 31, 2023 and December 31, 2022, the fair value of our investments held in the SPV as collateral for the Credit Facility was $671.1 and $691.2 million, respectively, and these investments are identified on the accompanying consolidated schedules of investments. As of March 31, 2023 and December 31, 2022, we had outstanding borrowings under the Credit Facility of $253.5 million and $357.4 million, respectively.

During the reinvestment period, borrowings under the Credit Facility bear interest at an annual rate of LIBOR (one or three month, at the SPV’s option and subject to a LIBOR minimum of 0.50%) plus a margin ranging from 2.75% to a maximum of 3.00%, depending on the level of utilization of the facility and the number of obligors of eligible loans pledged as collateral in the SPV. After the reinvestment period, borrowings under the Credit Facility bear interest at an annual rate of LIBOR plus 3.25%. In addition to the stated interest rate on borrowings, the SPV is required to pay an unused commitment fee of (i) 0.50% per annum on any unused portion of the Credit Facility when the outstanding borrowings are less than or equal to 60% of the facility amount and (ii) 0.35% per annum on any unused portion of the Credit Facility when the outstanding borrowings are greater than 60% of the facility amount. As of March 31, 2023 and December 31, 2022, the outstanding borrowings were accruing at a weighted average interest rate of 7.4% and 6.9%, respectively.

During the three months ended March 31, 2023 and 2022, we incurred financing costs of $11 thousand and $0.4 million, respectively, in conjunction with the Credit Facility, which have been capitalized within unamortized deferred financing costs and are amortized into interest and other debt financing expenses over the life of the loan.

Term Loan: On December 20, 2022, we entered into a senior term credit facility (the “Term Loan”) with KeyBank National Association, as lead arranger and administrative agent, through a special purpose wholly-owned subsidiary, MC Income Plus Financing SPV II (the “SPV II”) as borrower. The Term Loan initially allowed SPV II to borrow an aggregate principal amount of $100.0 million, and included an accordion feature which allows the us, under certain circumstances, to increase the total size of the facility upon request to the administrative agent and with consent of one or more additional lenders. On February 3, 2023, we increased the facility amount pursuant to the accordion feature of the Term Loan from $100.0 million of aggregate commitments to $155.0 million of aggregate commitments and we borrowed up to the new aggregate commitments under the Term Loan. As of March 31, 2023 and December 31, 2022, we had outstanding borrowings under the Term Loan of $151.9 million and $100.0 million, respectively. As of March 31, 2023 and December 31, 2022 the fair value of our investments held in SPV II as collateral for the Term Loan was $217.7 million and $141.4 million, respectively, and these investments are identified on the accompanying consolidated schedules of investments.

Borrowings under the Term Loan bear interest at Adjusted Term SOFR (subject to a SOFR minimum of 0.50%) plus an applicable margin rate of 2.40% per annum during the initial period, December 20, 2022 through December 20, 2025, and 3.40% per annum during the amortization period, December 21, 2025 through December 20, 2026. The Term Loan matures on December 20, 2026, unless sooner terminated in accordance with its terms. As of March 31, 2023 and December 31, 2022, the outstanding borrowings were accruing at a weighted average interest rate of 7.1% and 6.7%, respectively.

During the three months ended March 31, 2023, we incurred financing costs of $0.5 million in conjunction with the Term Loan, which have been capitalized within unamortized deferred financing costs and are amortized into interest and other debt financing expenses over the life of the loan.

Under the terms of the Term Loan, pursuant to a monthly waterfall and subject to the satisfaction of certain coverage tests and portfolio quality tests, SPV II is permitted to reinvest 25% of principal proceeds during the initial period, with the remaining 75% applied to prepay the Term Loan. During the amortization period, pursuant to a monthly waterfall, 100% of principal proceeds must be applied to prepay the Term Loan. The Term Loan contains representations and warranties and affirmative and negative covenants customary for secured financings of this type. The Term Loan also contains customary events of default (subject to certain grace periods, as applicable), including but not limited to the nonpayment of principal, interest or fees, breach of covenants, voluntary or involuntary bankruptcy proceedings and change of control of the borrower.

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Asset-Backed Securitization: On April 7, 2022, we completed a $425.0 million asset-backed securitization (the “2022 ABS”). The notes offered in the 2022 ABS were issued by the 2022 Issuer, a wholly-owned subsidiary, and are secured by a diversified portfolio of senior secured loans. The transaction was executed through a private placement of $261.4 million of Class A Senior Secured Notes, which bear interest at 4.05% (the “Class A Notes”), $44.6 million of Class B Senior Secured Notes, which bear interest at 5.15% (the “Class B Notes”) and $36.1 million of Class C Senior Secured Notes, which bear interest at 7.75% (the “Class C Notes” and collectively with the Class A Notes and the Class B Notes, the “Secured 2022 Notes”), and $82.9 million of Subordinated Notes, which do not bear interest (the “Subordinated 2022 Notes” and, together with the Secured 2022 Notes, the “2022 Notes”). We retained all of the Class C Notes and the Subordinated 2022 Notes. The Class A Notes and the Class B Notes are included as debt on the accompanying consolidated statements of assets and liabilities. As of both March 31, 2023 and December 31, 2022, the Class C and Subordinated Notes were eliminated in consolidation.

Through April 22, 2024, the 2022 Issuer is permitted to use all principal collections received on the underlying collateral to purchase new collateral under the direction of MC Advisors, in its capacity as collateral manager of the 2022 Issuer, in accordance with our investment strategy and subject to customary conditions set forth in the documents governing the 2022 ABS, allowing us to maintain the initial leverage in the 2022 ABS. The 2022 Notes are due on April 30, 2032.

As of March 31, 2023 and December 31, 2022, the fair value of our investments held in the 2022 Issuer as collateral was $421.2 million and $410.2 million, respectively, and these investments are identified on the accompanying consolidated schedule of investments.

Distributions from the 2022 Issuer to us are limited by the terms of the indenture governing the 2022 ABS, which generally allows for the payment of interest on the Secured 2022 Notes and the distribution of remaining net interest income to the holders of the Subordinated Notes pursuant to a waterfall quarterly during the reinvestment period.

Related Party Transactions

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

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

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

● Theodore L. Koenig, our Chief Executive Officer and Chairman of our Board is also a manager of MC Advisors and the Chairman and Chief Executive Officer of MC Management. Lewis W. Solimene, Jr., our Chief Financial Officer and Chief Investment Officer and is also a managing director of MC Management.

● We have a license agreement with Monroe Capital LLC, under which Monroe Capital LLC has agreed to grant us a non-exclusive, royalty-free license to use the name “Monroe Capital” for specified purposes in our business.

In addition, we have adopted a formal code of ethics that governs the conduct of MC Advisors’ officers, directors and employees. Our officers and directors also remain subject to the duties imposed by both the 1940 Act and the Maryland General Corporation Law.

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Commitments and Contingencies and Off-Balance Sheet Arrangements

As of March 31, 2023 and December 31, 2022, we had outstanding commitments to fund investments under undrawn revolvers, delayed draw commitments and subscription agreements totaling $280.5 million and $319.2 million, respectively. We believe that our available cash balances and/or ability to draw on the Credit Facility or raise additional leverage facilities provide sufficient funds to cover our unfunded commitments as of March 31, 2023. Additionally, we have entered into certain contracts with other parties that contain a variety of indemnification provisions. Our maximum exposure under these arrangements is unknown. However, we have not experienced claims or losses pursuant to these contracts and believe the risk of loss related to such indemnification provisions to be remote.

Off-Balance Sheet Arrangements

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

Market Trends

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

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

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

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

Competition from Other Lenders: We believe that many traditional bank lenders, in recent years, de-emphasized their service and product offerings to middle-market businesses in favor of lending to large corporate clients and managing capital market transactions. In addition, many commercial banks face significant balance sheet constraints as they seek to build capital and meet future regulatory capital requirements. These factors may result in opportunities for alternative funding sources to middle-market companies and therefore drive increased new investment opportunities for us. Conversely, there has been a significant amount of capital raised over the past several years dedicated to middle market lending which has increased competitive pressure in the BDC and investment company marketplace for senior and subordinated debt which in turn could result in lower yields and weaker financial covenants for new assets.

Pricing and Deal Structures: We believe that the volatility in global markets over the last several years and current macroeconomic issues including changes in bank regulations for middle-market banks has reduced access to, and availability of, debt capital to middle-market companies, causing a reduction in competition and generally more favorable capital structures and deal terms. Sizable recent capital raises in the private debt marketplace have created significantly increased competition over the last few years, reducing available pricing and creating less favorable capital structures; however, we believe that current market conditions for our target market may continue to create favorable opportunities to invest at attractive risk-adjusted returns.

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Market Environment: We believe that middle market investments are attractive in the current uncertain market environment where inflationary pressures have reached historical highs and where we are enduring a rate-hiking regime. Directly originated middle market loans have demonstrated the ability to outperform competing asset classes through varying economic cycles including downturns and prior periods of monetary policy tightening. Through the global financial crisis, the rising rate environment in 2005-2006, market bottom in 2008 and the subsequent recovery period, as well as throughout the COVID-19 pandemic, middle market direct lending has historically generated considerable yield premium with more favorable capital structures for lenders, resulting in higher returns when compared to the market for U.S. high yield bonds and U.S. traded loans. ⁽¹⁾ Middle market direct lending offers a natural hedge to rising rates with floating rate structures that benefit from higher interest rates. Further, we believe that middle market direct lending provides broad diversification, a mitigant to an environment where there is increased risk of default rate activity. We believe that direct lending volumes will continue outpacing syndicated loan transaction volumes due to capital requirements and liquidity constraints faced by banks and in the broadly syndicated markets. Since the fourth quarter of 2022, the volume of leveraged buyouts (“LBO”) financed in the direct lending market has been significantly higher than the volume of syndicated LBOs. Alongside retracting valuations, the middle market also saw a consistent trend toward lower leverage and loan-to-value structures coupled with increase spreads. ⁽²⁾ That said, we note that a softening macroeconomic environment, the lingering effect of inflationary pressure and supply chain disruption and elevated interest rates could result in increased default rates. If default rates become more prevalent, we would expect to experience decreased net interest income, lower yields and increased risk of credit loss. However, we believe that Monroe Capital’s scale, product suite, diversification, and strong historical recovery rate track record will continue to allow us to find attractive investment opportunities and navigate this uncertain market environment while generating attractive risk-adjusted returns.

(1) As of December 31, 2022. Credit Suisse for US Traded Loans represented by the Credit Suisse Leveraged Loan Index, Bloomberg Barclays Indices for US IG Credit. Cliffwater for Direct Lending by the Cliffwater Direct Lending Index (CDLI). ICE, Bank of America for US High Yield represented by the ICE BofA High Yield Index.

(2) Refinitiv LPC’s 4Q22 Sponsored Middle Market Private Deals Analysis – January 2023.

Recent Developments

Distributions: On April 6, 2023, the Board of Directors (the “Board”) declared the following regular distributions:

Record Date	Payment Date	Amount Per Share
April 17, 2023	June 30, 2023	$	0.09
May 15, 2023	June 30, 2023		0.09
June 15, 2023	June 30, 2023		0.09
Total regular dividends declared		$	0.27

Additionally, on April 6, 2023, the Board also declared a supplemental dividend of $0.01 per share, to stockholders of record as of the close of business on April 17, 2023, payable on June 30, 2023.

Significant Accounting Estimates and Critical Accounting Policies

Revenue Recognition

We record interest and fee income on an accrual basis to the extent that we expect to collect such amounts. For loans and debt securities with contractual PIK interest, we do not accrue PIK interest if the portfolio company valuation indicates that such PIK interest is not collectible. We do not accrue as a receivable interest on loans and debt securities if we have reason to doubt our ability to collect such interest. Loan origination fees, original issue discount and market discount or premium are capitalized, and then we amortize such amounts using the effective interest method as interest income over the life of the investment. Upon the prepayment of a loan or debt security, any unamortized premium or discount or loan origination fees are recorded as interest income. We record prepayment premiums on loans and debt securities as interest income when we receive such amounts. Interest income is accrued based upon the outstanding principal amount and contractual terms of debt and preferred equity investments. Interest is accrued on a daily basis. We record fees on loans based on the determination of whether the fee is considered a yield enhancement or payment for a service. If the fee is considered a yield enhancement associated with a funding of cash on a loan, the fee is generally deferred and recognized into interest income using the effective interest method if captured in the cost basis or using the straight-line method if the loan is unfunded and therefore there is no cost basis. If the fee is not considered a yield enhancement because a service was provided, and the fee is payment for that service, the fee is deemed earned and recognized as fee income in the period the service is completed.

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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, the Valuation Designee values investments for which market quotations are readily available and within a recent date at such market quotations. When doing so, the Valuation Designee determines whether the quote obtained is sufficient in accordance with generally accepted accounting principles in the United States of America (“GAAP”) to determine the fair value of the security. Debt and equity securities that are not publicly traded or whose market prices are not readily available or whose market prices are not regularly updated are valued at fair value as determined in good faith by the Valuation Designee. Because we expect that there will not be a readily available market for many of the investments in our portfolio, we expect to value many of our portfolio investments at fair value as determined in good faith by our Valuation Designee using a documented valuation policy and a consistently applied valuation process. Such determination of fair values may involve subjective judgments and estimates. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize amounts that are different from the amounts presented and such differences could be material.

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

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

● our Valuation Designee engages an independent valuation firm to conduct independent appraisals of a selection of investments for which market quotations are not readily available. We will consult with an independent valuation firm relative to each portfolio company at least once in every calendar year, but the independent appraisals are generally received quarterly for each investment;

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

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

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

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

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

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

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

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

As of March 31, 2023, our Valuation Designee determined, in good faith, the fair value of our investment portfolio in accordance with GAAP and our valuation procedures based on the facts and circumstances known by us at that time, or reasonably expected to be known at that time.

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

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

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Capital Gains Incentive Fee

Pursuant to the terms of the Investment Advisory Agreement with MC Advisors, the incentive fee on capital gains earned on liquidated investments of our portfolio is determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Advisory Agreement). This fee equals 12.5% (reduced from 15.0% as a result of MC Advisors April 18, 2022 agreement to permanently waive a portion of the incentive fees starting on January 1, 2022) of our incentive fee capital gains (i.e., our realized capital gains on a cumulative basis from inception, calculated as of the end of the applicable period, net of all realized capital losses and unrealized capital depreciation on a cumulative basis), less the aggregate amount of any previously paid capital gains incentive fees. On a quarterly basis, we accrue for the capital gains incentive fee by calculating such fee as if it were due and payable as of the end of such period.

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

During the three months ended March 31, 2023, we accrued capital gains incentive fees of $0.7 million based on the performance of our portfolio, $0.1 million of which was payable to MC Advisors as a result of realized gains. The remaining $0.6 million, was based on unrealized appreciation, none of which was payable to MC Advisors under the Investment Advisory Agreement.

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 three months ended March 31, 2023.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are subject to financial market risks, including valuation risk, interest rate risk, currency risk and inflation and supply chain risk. The prices of securities held by us may decline in response to certain events, including those directly involving the companies we invest in; conditions affecting the general economy; overall market changes; legislative reform; local, regional, national or global political, social or economic instability, including related to the COVID-19 pandemic and rising inflation; and interest rate fluctuations.

Valuation Risk

Our investments may not have readily available market quotations (as such term is defined in Rule 2a-5), and those investments which do not have readily available market quotations are valued at fair value as determined in good faith by our Valuation Designee in accordance with our valuation policy. There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period, 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.

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Interest Rate Risk

The majority of the loans in our portfolio have floating interest rates and we expect that our loans in the future may also have floating interest rates. These loans are usually based on a floating LIBOR or SOFR and typically have interest rate re-set provisions that adjust applicable interest rates under such loans to current market rates on a monthly or quarterly basis. The majority of the loans in our current portfolio have interest rate floors that will effectively convert the loans to fixed rate loans in the event interest rates decrease. In addition, our Credit Facility and Term Loan have a floating interest rate provision, whereas our Secured 2022 Notes have fixed interest rates until maturity. We expect that other credit facilities into which we may enter in the future may also have floating interest rate provisions.

Assuming that the consolidated statement of assets and liabilities as of March 31, 2023 was to remain constant and that we took no actions to alter our existing interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes in interest rates (in thousands):

	Increase		Increase		Net increase
	(decrease) in		(decrease) in		(decrease) in net
Change in Interest Rates	interest income		interest expense		investment income
Down 25 basis points	$	(3,663)	$	(1,013)	$	(2,650)
Up 100 basis points		14,808		4,830		9,978
Up 200 basis points		29,440		8,884		20,556
Up 300 basis points		44,065		12,938		31,127

Although we believe that this analysis is indicative of our existing sensitivity to interest rate changes, it does not adjust for changes in the credit market, credit quality, the size and composition of the assets in our portfolio and other business developments, including borrowing under the Credit Facility, Term Loan 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 Canadian dollars and Australian dollars) related to certain investments. Such investments are translated into U.S. dollars based on the spot rate at each balance sheet date, exposing us to movements in the exchange rate. We may also enter into foreign currency forward contracts to mitigate foreign currency exposure. As of March 31, 2023, we had foreign currency forward contracts in place for CAD 34.0 million and AUD 17.0 million associated with future principal and interest payments on certain investments.

Inflation and Supply Chain Risk

Economic activity has continued to accelerate across sectors and regions. Nevertheless, due to global supply chain issues, geopolitical events, a rise in energy prices and strong consumer demand as economies continue to reopen, inflation is showing signs of acceleration in the U.S. and globally. Inflation is likely to continue in the near to medium-term, particularly in the U.S., with the possibility that monetary policy may tighten in response. Persistent inflationary pressures could affect our portfolio companies’ profit margins.

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ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

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

Changes in Internal Control Over Financial Reporting

No change occurred in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) during the three months ended March 31, 2023 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II

OTHER INFORMATION

Item 1. Legal Proceedings

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

Item 1A. Risk Factors

In addition to the other information set forth in this report, you should carefully consider the risk factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on March 15, 2023, which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report on Form 10-K are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results. Other than as set forth below, there have been no material changes to the risk factors discussed in Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2022.

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Our business and our portfolio companies may be susceptible to economic slowdowns or recessions and to risks related to bank impairments or failures.

Many of the portfolio companies in which we have invested or expect to make investments are likely to be susceptible to economic slowdowns or recessions and may be unable to repay our loans during such periods. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could prevent us from increasing our investments and harm business, financial condition, operating results and prospects. In March 2023, the Federal Deposit Insurance Corporation (“FDIC”) took control of Silicon Valley Bank and Signature Bank and subsequently in May 2023 of First Republic Bank due to liquidity concerns and concerns have arisen regarding the stability of other banks and financial institutions. Also, the impairment or failure of one or more banks with whom the Company, its portfolio companies, and/or the Adviser transact may inhibit the ability of the Company or its portfolio companies to access depository accounts. In such cases, the Company may be forced to delay or forgo investments, resulting in lower Company performance. In the event of such a failure of a banking institution where the Company or one or more of its portfolio companies holds depository accounts, access to such accounts could be restricted and U.S. FDIC protection may not be available for balances in excess of amounts insured by the FDIC. In such instances, the Company and its affected portfolio companies would not recover such excess, uninsured amounts. To the extent that the Company or the portfolio companies are impacted, their ability to access existing cash, cash equivalents and investments, or to access existing or enter into new banking arrangements or facilities to service our portfolio companies, may be threatened.

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

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

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

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

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

We maintain a revolving credit facility and term loan credit facility and use other borrowed funds and may borrow additional money, which is generally considered a speculative investment technique. As a result:

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

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

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

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

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

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

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

	Assumed Return on Our Portfolio
	(Net of Expenses) (1)
	‑10%		‑5%		0%		5%		10%
Corresponding return to common stockholder (2)(3)	‑26.52	%	‑16.29	%	‑6.06	%	4.17	%	14.40	%

(1) The assumed return on our portfolio is required by regulation of the SEC to assist investors in understanding the effects of leverage and is not a prediction of, and does not represent, our projected or actual performance.

(2) Assumes $1.5 billion in total assets, $789.7 million in debt outstanding, of which $763.4 million is senior securities outstanding, $754.9 million in net assets and an average cost of funds of 5.79%, which was the weighted average interest rate of borrowings on our revolving credit facility, term loan credit facility, and ABS Notes as of December 31, 2022. The interest rates on our revolving credit facility and term loan credit facility are variable rates. Actual interest payments may be different.

(3) In order for us to cover our annual interest payments on indebtedness, we must achieve annual returns on our December 31, 2022 total portfolio assets of at least 2.96%.

The interest rates of our revolving and term loan credit facilities and loans to our portfolio companies that extend beyond 2023 might be subject to change based on recent regulatory changes, including the discontinuation of LIBOR.

The London Interbank Offered Rate (“LIBOR”), is the basic rate of interest used in lending transactions between banks on the London interbank market and has been widely used as a reference for setting the interest rate on loans globally. In July 2017, the Financial Conduct Authority announced its intention to cease sustaining the LIBOR, by the end of 2021. As of January 1, 2023, USD LIBOR is available in five settings (overnight, one-month, three-month, six-month and 12-month). The ICE Benchmark Administration has stated that it will cease to publish all remaining USD LIBOR settings immediately following their publication on June 30, 2023.

In April 2018, the Federal Reserve Bank of New York began publishing its alternative rate, the Secured Overnight Financing Rate (“SOFR”). The Bank of England followed suit in April 2018 by publishing its proposed alternative rate, the Sterling Overnight Index Average (“SONIA”). Each of SOFR and SONIA significantly differ from LIBOR, both in each actual rate and how each rate is calculated, and therefore it is unclear whether and when markets will adopt either of these rates as a widely accepted replacement for LIBOR.

As such, when LIBOR is discontinued, if a replacement rate is not widely agreed upon or if a replacement rate is significantly different from LIBOR, it could cause a disruption in the credit markets generally. Such a disruption could have an adverse impact on the market value of and/or transferability of any LIBOR-linked securities, loans, and other financial obligations or extensions of credit held by or due to us or on our overall financial condition or results of operations. It is not possible to predict the effect of any of these developments, and any future initiatives to regulate, reform or change the manner of administration of LIBOR could result in adverse consequences to the rate of interest payable and receivable on, market value of and market liquidity for LIBOR-based financial instruments.

Most of our new investments are indexed to SOFR; however, we have material contracts that are indexed to LIBOR. Certain contracts have an orderly market transition already in process; however, other contracts, will need to be renegotiated to replace LIBOR with an alternative reference rate. Following the replacement of LIBOR, some or all of our credit agreements with our portfolio companies may bear interest at a lower interest rate, which could have an adverse impact on the value and liquidity of our investment in these portfolio companies and, as a result on our results of operations.

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In addition, the transition from LIBOR to SOFR, SONIA or other alternative reference rates may also introduce operational risks in our accounting, financial reporting, loan servicing, liability management and other aspects of our business.

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

On March 16, 2023, we issued 9,474,500 shares of our common stock, par value $0.01 per share, at a price of $10.13 per share for proceeds of $95,976,682.

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

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

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

None.

Item 5. Other Information

None.

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Item 6. Exhibits

Exhibit
Number	Description of Document
3.1	Articles of Incorporation (1)
3.2	Articles of Amendment and Restatement (2)
3.3	Amended and Restated Bylaws (3)
31.1	Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)
31.2	Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)
32.1	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith)
101.INS	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Labels Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (Embedded within the Inline XBRL document and included in Exhibit)
(1)​	Previously filed as an exhibit to amendment no. 1 to the registration Statement on Form 10 (File No. 000-55941) filed with the SEC on July 30, 2018.
(2)​	Previously filed as an exhibit to the current report on Form 8-K filed with the SEC on December 7, 2018.
(3)​	Previously filed as an exhibit to the current report on Form 8-K filed with the SEC on April 29, 2022.

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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: May 12, 2023	By	/s/ Theodore L. Koenig
		Theodore L. Koenig
		Chairman, Chief Executive Officer and Director
		(Principal Executive Officer)
		Monroe Capital Income Plus Corporation
Date: May 12, 2023	By	/s/ Lewis W. Solimene, Jr.
		Lewis W. Solimene, Jr.
		Chief Financial Officer and Chief Investment Officer
		(Principal Financial and Accounting Officer)
		Monroe Capital Income Plus Corporation

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