UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

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

 

For the quarterly period ended June 30, 2021

 

OR

 

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

 

Commission file number: 814-00866

 

MONROE CAPITAL CORPORATION

(Exact Name of Registrant as Specified in its Charter)

 

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

 

(312) 258-8300

(Registrant’s Telephone Number, Including Area Code)

 

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

 

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

 

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

 

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

 

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

 

Large accelerated filer ¨ Accelerated filer ¨
       
Non-accelerated filer x Smaller reporting company ¨
       
Emerging growth company ¨    

 

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

 

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

 

As of August 2, 2021, the registrant had 21,543,540 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 June 30, 2021 (unaudited) and December 31, 2020 3
     
  Consolidated Statements of Operations for the three and six months ended June 30, 2021 and 2020 (unaudited) 4
     
  Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2021 and 2020 (unaudited) 5
     
  Consolidated Statements of Cash Flows for the six months ended June 30, 2021 and 2020 (unaudited) 6
     
  Consolidated Schedules of Investments as of June 30, 2021 (unaudited) and December 31, 2020 7
     
  Notes to Consolidated Financial Statements (unaudited) 21
     
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 50
     
Item 3. Quantitative and Qualitative Disclosures About Market Risk 72
     
Item 4. Controls and Procedures 72
     
PART II. OTHER INFORMATION 73
     
Item 1. Legal Proceedings 73
     
Item 1A. Risk Factors 73
     
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 75
     
Item 3. Defaults Upon Senior Securities 75
     
Item 4. Mine Safety Disclosures 75
     
Item 5. Other Information 75
     
Item 6. Exhibits 76
     
Signatures   77

 

2

 

 

Part I. Financial Information

Item 1. Consolidated Financial Statements

 

MONROE CAPITAL CORPORATION

 

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(in thousands, except per share data)

 

   June 30, 2021   December 31, 2020 
   (unaudited)     
ASSETS          
Investments, at fair value:          
Non-controlled/non-affiliate company investments  $379,045   $398,040 
Non-controlled affiliate company investments   109,559    109,715 
Controlled affiliate company investments   41,385    39,284 
Total investments, at fair value (amortized cost of: $569,165 and $596,103, respectively)   529,989    547,039 
Cash   21,129    6,769 
Restricted cash   29,545    25,657 
Unrealized gain on foreign currency forward contracts   333     
Interest receivable   6,900    4,606 
Other assets   1,655    1,052 
Total assets   589,551    585,123 
           
LIABILITIES          
Debt:          
Revolving credit facility   126,668    126,559 
2023 Notes       109,000 
2026 Notes   130,000     
SBA debentures payable   86,900    115,000 
Total debt   343,568    350,559 
Less: Unamortized deferred financing costs   (7,178)   (7,052)
Total debt, less unamortized deferred financing costs   336,390    343,507 
Interest payable   3,989    2,764 
Unrealized loss on foreign currency forward contracts       113 
Management fees payable   2,327    1,978 
Accounts payable and accrued expenses   2,048    2,327 
Total liabilities   344,754    350,689 
Net assets  $244,797   $234,434 
           
Commitments and contingencies (See Note 11)          
           
ANALYSIS OF NET ASSETS          
Common stock, $0.001 par value, 100,000 shares authorized, 21,544 and 21,304 shares issued and outstanding, respectively  $22   $21 
Capital in excess of par value   297,586    294,897 
Accumulated undistributed (overdistributed) earnings   (52,811)   (60,484)
Total net assets  $244,797   $234,434 
           
Net asset value per share  $11.36   $11.00 

 

See Notes to Consolidated Financial Statements.

 

3

 

MONROE CAPITAL CORPORATION

 

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except per share data)

 

   Three months ended June 30,   Six months ended June 30, 
   2021   2020   2021   2020 
Investment income:                    
Non-controlled/non-affiliate company investments:                    
Interest income  $8,079   $14,461   $16,312   $26,808 
Payment-in-kind interest income   227    855    881    926 
Dividend income   30    (92)   50    (76)
Fee income   300    2,823    777    3,021 
Total investment income from non-controlled/non-affiliate company investments   8,636    18,047    18,020    30,679 
Non-controlled affiliate company investments:                    
Interest income   1,102    45    2,664    235 
Payment-in-kind interest income   1,507    1,609    2,532    2,614 
Dividend income   44    41    86    66 
Total investment income from non-controlled affiliate company investments   2,653    1,695    5,282    2,915 
Controlled affiliate company investments:                    
Dividend income   1,075    900    2,275    2,050 
Total investment income from controlled affiliate company investments   1,075    900    2,275    2,050 
Total investment income   12,364    20,642    25,577    35,644 
                     
Operating expenses:                    
Interest and other debt financing expenses   3,842    4,555    8,295    9,385 
Base management fees   2,327    2,434    4,661    4,985 
Incentive fees   420        1,250     
Professional fees   240    322    466    537 
Administrative service fees   337    314    693    652 
General and administrative expenses   269    214    529    445 
Directors' fees   39    40    74    75 
Expenses before incentive fee waivers   7,474    7,879    15,968    16,079 
Incentive fee waiver   (420)       (1,057)    
Total expenses, net of incentive fee waivers   7,054    7,879    14,911    16,079 
Net investment income before income taxes   5,310    12,763    10,666    19,565 
Income taxes, including excise taxes   153    127    183    147 
Net investment income   5,157    12,636    10,483    19,418 
                     
Net gain (loss):                    
Net realized gain (loss):                    
Non-controlled/non-affiliate company investments   909    2,461    967    2,555 
Non-controlled affiliate company investments           (250)    
Extinguishment of debt           (2,774)    
Foreign currency forward contracts   (37)   22    (75)   18 
Foreign currency and other transactions       (1)   (14)   (16)
Net realized gain (loss)   872    2,482    (2,146)   2,557 
                     
Net change in unrealized gain (loss):                    
Non-controlled/non-affiliate company investments   4,243    (5,220)   8,884    (25,575)
Non-controlled affiliate company investments   705    98    (1,097)   (13,609)
Controlled affiliate company investments   318    4,230    2,101    (6,857)
Foreign currency forward contracts   112    (24)   446    74 
Foreign currency and other transactions   (77)   32    (286)   1,376 
Net change in unrealized gain (loss)   5,301    (884)   10,048    (44,591)
                     
Net gain (loss)   6,173    1,598    7,902    (42,034)
                     
Net increase (decrease) in net assets resulting from operations  $11,330   $14,234   $18,385   $(22,616)
                     
Per common share data:                    
Net investment income per share - basic and diluted  $0.24   $0.61   $0.49   $0.95 
Net increase (decrease) in net assets resulting from operations per share - basic and diluted  $0.53   $0.69   $0.86   $(1.10)
Weighted average common shares outstanding - basic and diluted   21,361    20,637    21,333    20,541 

 

See Notes to Consolidated Financial Statements.

4

 

 

MONROE CAPITAL CORPORATION

 

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(unaudited)

(in thousands)

 

   Common Stock       Accumulated
undistributed
     
   Number of
shares
   Par
value
   Capital in excess
of par value
   (overdistributed)
earnings
   Total
net assets
 
Balances at March 31, 2020   20,445   $20   $288,850   $(83,518)  $205,352 
Net investment income               12,636    12,636 
Net realized gain (loss)               2,482    2,482 
Net change in unrealized gain (loss)               (884)   (884)
Issuance of common stock, net of offering and underwriting costs   825    1    6,266        6,267 
Distributions to stockholders               (5,257)   (5,257)
Balances at June 30, 2020   21,270   $21   $295,116   $(74,541)  $220,596 
                          
Balances at March 31, 2021   21,304   $21   $294,897   $(58,755)  $236,163 
Net investment income               5,157    5,157 
Net realized gain (loss)               872    872 
Net change in unrealized gain (loss)               5,301    5,301 
Issuance of common stock, net of offering and underwriting costs   240    1    2,689        2,690 
Distributions to stockholders               (5,386)   (5,386)
Balances at June 30, 2021   21,544   $22   $297,586   $(52,811)  $244,797 

 

  Common Stock       Accumulated
undistributed
     
   Number of
shares
   Par
value
   Capital in excess
of par value
   (overdistributed)
earnings
   Total
net assets
Balances at December 31, 2019   20,445   $20   $288,850   $(39,513)  $249,357 
Net investment income               19,418    19,418 
Net realized gain (loss)               2,557    2,557 
Net change in unrealized gain (loss)               (44,591)   (44,591)
Issuance of common stock, net of offering and underwriting costs   825    1    6,266        6,267 
Distributions to stockholders               (12,412)   (12,412)
Balances at June 30, 2020   21,270   $21   $295,116   $(74,541)  $220,596 
                          
Balances at December 31, 2020   21,304   $21   $294,897   $(60,484)  $234,434 
Net investment income               10,483    10,483 
Net realized gain (loss)               (2,146)   (2,146)
Net change in unrealized gain (loss)               10,048    10,048 
Issuance of common stock, net of offering and underwriting costs   240    1    2,689        2,690 
Distributions to stockholders               (10,712)   (10,712)
Balances at June 30, 2021   21,544   $22   $297,586   $(52,811)  $244,797 

 

See Notes to Consolidated Financial Statements.

 

5

 

 

MONROE CAPITAL CORPORATION

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)

 

   Six months ended June 30, 
   2021   2020 
Cash flows from operating activities:          
Net increase (decrease) in net assets resulting from operations  $18,385   $(22,616)
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   (717)   (2,555)
Net realized (gain) loss on extinguishment of debt   2,774     
Net realized (gain) loss on foreign currency forward contracts   75    (18)
Net realized (gain) loss on foreign currency and other transactions   14    16 
Net change in unrealized (gain) loss on investments   (9,888)   46,041 
Net change in unrealized (gain) loss on foreign currency forward contracts   (446)   (74)
Net change in unrealized (gain) loss on foreign currency and other transactions   286    (1,376)
Payment-in-kind interest income   (3,413)   (3,540)
Net accretion of discounts and amortization of premiums   (617)   (680)
Purchases of investments   (99,567)   (81,410)
Proceeds from principal payments, sales of investments and settlement of forward contracts   131,177    95,097 
Amortization of deferred financing costs   1,138    1,004 
Changes in operating assets and liabilities:          
Interest receivable   (2,294)   3,830 
Other assets   (603)   (596)
Interest payable   1,225    (80)
Management fees payable   349    (317)
Incentive fees payable       (1,374)
Accounts payable and accrued expenses   (279)   (157)
Net cash provided by (used in) operating activities   37,599    31,195 
           
Cash flows from financing activities:          
Borrowings on revolving credit facility   175,500    55,200 
Repayments of revolving credit facility   (175,650)   (88,100)
Repayment of 2023 Notes   (109,000)    
Proceeds from 2026 Notes   130,000     
Repayment of SBA debentures   (28,100)    
Payments of deferred financing costs   (4,038)   (939)
Proceeds from shares sold, net of offering and underwriting costs   2,690    6,267 
Stockholder distributions paid, net of stock issued under the dividend reinvestment plan of $0 and $0, respectively   (10,712)   (12,412)
Net cash provided by (used in) financing activities   (19,310)   (39,984)
           
Net increase (decrease) in Cash and Restricted cash   18,289    (8,789)
Effects of foreign currency exchange rates   (41)   (18)
Cash and Restricted cash, beginning of period   32,426    29,643 
Cash and Restricted cash, end of period  $50,674   $20,836 
           
Supplemental disclosure of cash flow information:          
Cash interest paid during the period  $5,874   $8,428 
Cash paid (refund received) for income taxes, including excise taxes during the period  $400   $85 

 

 

 

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

 

   June 30, 2021   December 31, 2020 
Cash  $21,129   $6,769 
Restricted cash   29,545    25,657 
Total cash and restricted cash shown on the Consolidated Statements of Cash Flows  $50,674   $32,426 

 

    June 30, 2020    December 31, 2019 
Cash  $7,443   $2,234 
Restricted cash   13,393    27,409 
Total cash and restricted cash shown on the Consolidated Statements of Cash Flows  $20,836   $29,643 

 

See Notes to Consolidated Financial Statements.

 

6

 

  

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

(unaudited)

June 30, 2021

(in thousands, except for shares and units)

 

Portfolio Company (a)  Spread Above
Index (b)
  Interest Rate   Acquisition
Date (c)
  Maturity  Principal  Amortized Cost  Fair Value (d)  % of
Net Assets (e)
 
Non-Controlled/Non-Affiliate Company Investments                                
Senior Secured Loans                                
Automotive                                
Born To Run, LLC   L+6.00%   7.00%  4/1/2021   4/1/2027   3,500  $3,432  $3,520   1.4%
Born To Run, LLC (Delayed Draw) (f) (g)   L+6.00%   7.00%  4/1/2021   4/1/2027   569         0.0%
Hastings Manufacturing Company   L+7.75%   8.75%  4/24/2018   4/24/2023   2,637   2,614   2,637   1.1%
Magneto & Diesel Acquisition, Inc.   L+6.05%   7.10%  12/18/2018   12/18/2023   4,875   4,829   4,875   2.0%
Magneto & Diesel Acquisition, Inc.   L+6.05%   7.10%  7/6/2020   12/18/2023   1,918   1,890   1,956   0.8%
Magneto & Diesel Acquisition, Inc. (Revolver) (f)   L+5.50%   6.55%  12/18/2018   12/18/2023   500         0.0%
                   13,999   12,765   12,988   5.3%
Banking, Finance, Insurance & Real Estate                                
J2 BWA Funding, LLC (Delayed Draw) (f) (g) (h)   n/a   9.00%  12/24/2020   12/24/2026   2,750   267   267   0.1%
Liftforward SPV II, LLC (h)   L+10.75%   11.25%  11/10/2016   12/31/2021   1,189   1,189   1,122   0.5%
NCBP Property, LLC (h)   L+9.50%   10.50%  12/18/2020   12/16/2022   1,950   1,936   1,946   0.8%
Oceana Australian Fixed Income Trust (h) (i) (j)   n/a   10.75%  6/29/2021   6/29/2026   3,394   3,400   3,394   1.4%
Oceana Australian Fixed Income Trust (h) (i) (j)   n/a   11.50%  2/25/2021   2/25/2026   8,057   8,460   8,057   3.3%
StarCompliance MidCo, LLC   L+6.75%   7.75%  1/12/2021   1/11/2027   2,000   1,963   1,998   0.8%
StarCompliance MidCo, LLC (Revolver) (f)   L+6.75%   7.75%  1/12/2021   1/11/2027   322         0.0%
US Claims Litigation Funding, LLC (Revolver) (f) (h)   L+8.75%   9.75%  11/30/2020   11/29/2024   1,500   980   998   0.4%
W3 Monroe RE Debt LLC (h)   n/a   10.00%  2/5/2021   2/4/2028   2,766   2,766   2,766   1.1%
                   23,928   20,961   20,548   8.4%
Beverage, Food & Tobacco                                
LVF Holdings, Inc.   L+6.25%   7.25%  6/10/2021   6/10/2027   1,500   1,470   1,470   0.6%
LVF Holdings, Inc. (Delayed Draw) (f) (g)   L+6.25%   7.25%  6/10/2021   6/10/2027   344         0.0%
LVF Holdings, Inc. (Delayed Draw) (f) (g)   L+6.25%   7.25%  6/10/2021   6/10/2027   1,436         0.0%
LVF Holdings, Inc. (Revolver) (f)   L+6.25%   7.25%  6/10/2021   6/10/2027   238   10   9   0.0%
LX/JT Intermediate Holdings, Inc. (k)   L+6.00%   7.50%  3/11/2020   3/11/2025   9,554   9,407   9,453   3.9%
LX/JT Intermediate Holdings, Inc. (Revolver) (f)   L+6.00%   7.50%  3/11/2020   3/11/2025   833         0.0%
Toojay's Management, LLC (l)   n/a   n/a (m)  10/26/2018   10/26/2022   1,448   1,407      0.0%
Toojay's Management, LLC (l)   n/a   n/a (m)  10/26/2018   10/26/2022   199   199      0.0%
Toojay's Management, LLC (Revolver) (l)   n/a   n/a (m)  10/26/2018   10/26/2022   66   66      0.0%
                   15,618   12,559   10,932   4.5%
Capital Equipment                                
MCP Shaw Acquisitionco, LLC (k)   L+6.50%   7.50%  2/28/2020   11/28/2025   9,873   9,720   9,849   4.0%
MCP Shaw Acquisitionco, LLC (Revolver) (f)   L+6.50%   7.50%  2/28/2020   11/28/2025   1,784         0.0%
                   11,657   9,720   9,849   4.0%
Chemicals, Plastics & Rubber                                
Valudor Products, LLC   L+7.50%   7.00% Cash/
1.50% PIK
   6/18/2018   6/19/2023   1,573   1,559   1,775   0.7%
Valudor Products, LLC (n)   L+7.50%   8.50% PIK   6/18/2018   6/19/2023   227   224   39   0.0%
Valudor Products, LLC (Revolver) (f)   L+9.50%   10.50%  6/18/2018   6/19/2023   818   614   595   0.2%
                   2,618   2,397   2,409   0.9%
Construction & Building                                
Dude Solutions Holdings, Inc.   L+7.50%   8.50%  6/14/2019   6/13/2025   9,950   9,787   9,935   4.1%
Dude Solutions Holdings, Inc. (Revolver) (f)   L+7.50%   8.50%  6/14/2019   6/13/2025   1,304         0.0%
TCFIII OWL Buyer LLC   L+6.00%   7.00%  4/19/2021   4/17/2026   2,050   2,015   2,050   0.8%
TCFIII OWL Buyer LLC (Delayed Draw) (f) (g)   L+6.00%   7.00%  4/19/2021   4/17/2026   2,500   1,881   1,881   0.8%
                   15,804   13,683   13,866   5.7%
Consumer Goods: Durable                                
Parterre Flooring & Surface Systems, LLC (k)   L+9.00%   10.00% (m)  8/22/2017   8/22/2022   6,936   5,929   76   0.0%
                   6,936   5,929   76   0.0%
Consumer Goods: Non-Durable                                
The Kyjen Company, LLC   L+6.50%   7.50%  5/14/2021   4/3/2026   998   988   996   0.4%
The Kyjen Company, LLC (Revolver) (f)   L+6.50%   7.50%  5/14/2021   4/3/2026   105   43   43   0.0%
Thrasio, LLC   L+7.00%   8.00%  12/18/2020   12/18/2026   1,492   1,458   1,515   0.6%
Thrasio, LLC (Delayed Draw) (f) (g)   L+7.00%   8.00%  12/18/2020   12/18/2026   990   300   305   0.1%
                   3,585   2,789   2,859   1.1%
Environmental Industries                                
Quest Resource Management Group, LLC   L+7.50%   8.75%  10/19/2020   10/20/2025   995   929   1,030   0.4%
Quest Resource Management Group, LLC (Delayed Draw) (f) (g)   L+7.50%   8.75%  10/19/2020   10/20/2025   1,087         0.0%
StormTrap, LLC   L+5.50%   6.50%  12/10/2018   12/8/2023   7,170   7,103   7,170   2.9%
StormTrap, LLC (Revolver) (f)   L+5.50%   6.50%  12/10/2018   12/8/2023   432         0.0%
Synergy Environmental Corporation (k)   L+6.00%   7.00%  4/29/2016   9/29/2023   2,869   2,860   2,869   1.2%
Synergy Environmental Corporation (k)   L+6.00%   7.00%  4/29/2016   9/29/2023   480   478   480   0.2%
Synergy Environmental Corporation   L+6.00%   7.00%  4/29/2016   9/29/2023   816   816   816   0.4%
Synergy Environmental Corporation (Revolver) (f)   L+6.00%   7.00%  4/29/2016   9/29/2023   671   67   67   0.0%
                   14,520   12,253   12,432   5.1%
Healthcare & Pharmaceuticals                                
American Optics Holdco, Inc. (h) (j)   L+7.00%   8.00%  9/13/2017   9/13/2022   2,104   2,092   2,104   0.9%
American Optics Holdco, Inc. (h) (j)   L+7.00%   8.00%  9/13/2017   9/13/2022   1,595   1,585   1,595   0.6%
American Optics Holdco, Inc. (Revolver) (f) (h) (j)   L+7.00%   8.00%  9/13/2017   9/13/2022   220         0.0%
American Optics Holdco, Inc. (Revolver) (f) (h) (j)   L+7.00%   8.00%  9/13/2017   9/13/2022   440         0.0%
Apotheco, LLC   L+8.50%   6.50% Cash/
3.00% PIK
   4/8/2019   4/8/2024   3,595   3,553   3,350   1.4%
Apotheco, LLC (Revolver)   L+8.50%   6.50% Cash/
3.00% PIK
   4/8/2019   4/8/2024   941   941   877   0.4%
Brickell Bay Acquisition Corp.   L+7.00%   8.00%  2/12/2021   2/12/2026   1,908   1,873   1,916   0.8%
Brickell Bay Acquisition Corp. (Delayed Draw) (f) (g)   L+7.00%   8.00%  2/12/2021   2/12/2026   382         0.0%
Caravel Autism Health, LLC   L+5.75%   6.75%  6/30/2021   6/30/2027   5,000   4,900   4,900   2.0%
Caravel Autism Health, LLC (Delayed Draw) (f) (g)   L+5.75%   6.75%  6/30/2021   6/30/2027   3,750         0.0%
Caravel Autism Health, LLC (Revolver) (f)   L+5.75%   6.75%  6/30/2021   6/30/2027   1,250         0.0%
Dorado Acquisition, Inc.   L+6.75%   7.75%  6/30/2021   6/30/2026   5,000   4,900   4,900   2.0%
Dorado Acquisition, Inc. (Delayed Draw) (f) (g)   L+6.75%   7.75%  6/30/2021   6/30/2026   216         0.0%
Dorado Acquisition, Inc. (Revolver) (f)   L+6.75%   7.75%  6/30/2021   6/30/2026   596         0.0%
INH Buyer, Inc.   L+6.00%   7.00%  6/30/2021   6/28/2028   2,946   2,917   2,917   1.2%
Rockdale Blackhawk, LLC   n/a   n/a (o)  3/31/2015   n/a (p)        1,592   0.6%
Seran BioScience, LLC   L+6.25%   7.25%  12/31/2020   12/31/2025   2,494   2,449   2,491   1.0%
Seran BioScience, LLC (Revolver) (f)   L+6.25%   7.25%  12/31/2020   12/31/2025   444         0.0%
                   32,881   25,210   26,642   10.9%

 

7

 

 

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

June 30, 2021

(in thousands, except for shares and units)

 

Portfolio Company (a)  Spread Above
Index (b)
  Interest Rate   Acquisition
Date (c)
  Maturity  Principal  Amortized Cost  Fair Value (d)  % of
Net Assets (e)
 
High Tech Industries                                
Arcstor Midco, LLC   L+7.00%   8.00%  3/16/2021   3/16/2027   4,489  $4,402  $4,518   1.8%
MarkLogic Corporation   L+6.00%   7.00%  10/20/2020   10/20/2025   3,483   3,407   3,552   1.5%
MarkLogic Corporation (Revolver) (f)   L+6.00%   7.00%  10/20/2020   10/20/2025   269         0.0%
Mindbody, Inc.   L+8.50%   8.00% Cash/
1.50% PIK
   2/15/2019   2/14/2025   6,438   6,358   6,328   2.6%
Mindbody, Inc. (Revolver) (f)   L+8.00%   9.00%  2/15/2019   2/14/2025   667         0.0%
Newforma, Inc. (k)   L+5.00%   6.00%  6/30/2017   6/30/2022   10,921   10,884   10,921   4.5%
Newforma, Inc. (Revolver) (f)   L+5.00%   6.00%  6/30/2017   6/30/2022   1,250         0.0%
Planful, Inc.   L+6.50%   7.50%  12/28/2018   12/30/2024   9,500  9,396   9,462   3.9%
Planful, Inc. (Delayed Draw) (f) (g)   L+6.50%   7.50%  1/11/2021   12/30/2024   1,325   884   880   0.4%
Planful, Inc. (Revolver) (f)   L+6.50%   7.50%  12/28/2018   12/30/2024   442   88   88   0.0%
RPL Bidco Limited (h) (j) (q)   L+7.00%   7.50%  11/9/2017   11/9/2023   14,478   13,776   14,478   5.9%
RPL Bidco Limited (h) (j) (q)   L+7.00%   7.50%  5/22/2018   11/9/2023   1,798   1,639   1,798   0.7%
RPL Bidco Limited (h) (j) (q)   L+7.00%   7.50%  3/3/2021   11/9/2023   1,245   1,256   1,245   0.5%
RPL Bidco Limited (Revolver) (f) (h) (j) (q)   L+7.00%   7.50%  11/9/2017   11/9/2023   553         0.0%
                   56,858   52,090   53,270   21.8%
Hotels, Gaming & Leisure                                
Equine Network, LLC   L+8.00%   9.00%  12/31/2020   12/31/2025   1,746   1,710   1,757   0.7%
Equine Network, LLC   L+8.00%   9.00%  1/29/2021   12/31/2025   792   777   796   0.3%
Equine Network, LLC (Delayed Draw) (f) (g)   L+8.00%   9.00%  12/31/2020   12/31/2025   427         0.0%
Equine Network, LLC (Revolver) (f)   L+8.00%   9.00%  12/31/2020   12/31/2025   171         0.0%
                   3,136   2,487   2,553   1.0%
Media: Advertising, Printing & Publishing                                
AdTheorent Holding Company, LLC   L+8.50%   9.00%  12/22/2016   12/22/2021   2,575   2,569   2,575   1.0%
Destination Media, Inc. (k)   L+5.50%   6.50%  4/7/2017   4/7/2022   4,125   4,113   4,125   1.7%
Destination Media, Inc. (Revolver) (f)   L+5.50%   6.50%  4/7/2017   4/7/2022   542         0.0%
North Haven USHC Acquisition, Inc.   L+6.00%   7.00%  10/30/2020   10/30/2025   2,488   2,443   2,512   1.0%
North Haven USHC Acquisition, Inc. (Delayed Draw) (f) (g)   P+5.00%   8.25%  3/12/2021   10/30/2025   721   206   208   0.1%
North Haven USHC Acquisition, Inc. (Revolver) (f)   L+6.00%   7.00%  10/30/2020   10/30/2025   240         0.0%
Relevate Health Group, LLC   L+6.25%   7.25%  11/20/2020   11/20/2025   1,496   1,470   1,526   0.6%
Relevate Health Group, LLC (Delayed Draw) (f) (g)   L+6.25%   7.25%  11/20/2020   11/20/2025   788   669   683   0.3%
Relevate Health Group, LLC (Revolver) (f)   L+6.25%   7.25%  11/20/2020   11/20/2025   316         0.0%
XanEdu Publishing, Inc.   L+6.50%   7.50%  1/28/2020   1/28/2025   1,876   1,848   1,883   0.8%
XanEdu Publishing, Inc. (Revolver) (f)   L+6.50%   7.50%  1/28/2020   1/28/2025   495         0.0%
                   15,662   13,318   13,512   5.5%
Media: Broadcasting & Subscription                                
Vice Group Holding, Inc.   L+12.00%   5.50% Cash/
8.00% PIK
   5/2/2019   11/2/2022   1,466   1,461   1,466   0.6%
Vice Group Holding, Inc.   L+12.00%   5.50% Cash/
8.00% PIK
   11/4/2019   11/2/2022   281   279   281   0.1%
Vice Group Holding, Inc.   L+12.00%   5.50% Cash/
8.00% PIK
   5/2/2019   11/2/2022   460   460   460   0.2%
Vice Group Holding, Inc.   L+12.00%   5.50% Cash/
8.00% PIK
   5/2/2019   11/2/2022   173   173   173   0.1%
                   2,380   2,373   2,380   1.0%
Media: Diversified & Production                                
Attom Intermediate Holdco, LLC   L+5.75%   6.75%  1/4/2019   1/4/2024   1,950   1,929   1,950   0.8%
Attom Intermediate Holdco, LLC   L+7.50%   8.75%  6/25/2020   1/4/2024   475   468   475   0.2%
Attom Intermediate Holdco, LLC (Revolver) (f)   L+5.75%   6.75%  1/4/2019   1/4/2024   320         0.0%
Crownpeak Technology, Inc.   L+6.25%   7.25%  2/28/2019   2/28/2024   4,000   3,955   4,000   1.6%
Crownpeak Technology, Inc.   L+6.25%   7.25%  2/28/2019   2/28/2024   60   60   60   0.0%
Crownpeak Technology, Inc. (Revolver) (f)   L+6.25%   7.25%  2/28/2019   2/28/2024   167         0.0%
EveryAction Intermediate Holding Corporation   L+7.00%   8.00%  4/30/2021   4/30/2027   11,560   11,340   11,560   4.8%
EveryAction Intermediate Holding Corporation (Revolver) (f)   L+7.00%   8.00%  4/30/2021   4/30/2027   706         0.0%
                   19,238   17,752   18,045   7.4%
Retail                                
BLST Operating Company, LLC   L+8.50%   1.00% Cash/
9.00% PIK
(m)  8/28/2020   8/28/2025   1,259   1,192   1,253   0.5%
Forman Mills, Inc. (k)   L+9.50%   8.50% Cash/ 2.00% PIK
 
  1/14/2020   12/30/2022   1,336   1,336   1,323   0.5%
Forman Mills, Inc. (k)   L+9.50%   8.50% Cash/
2.00% PIK
   10/4/2016   12/30/2022   601   600   595   0.2%
Forman Mills, Inc. (k)   L+9.50%   8.50% Cash/
2.00% PIK
   10/4/2016   12/30/2022   7,623   7,614   7,242   3.0%
LuLu's Fashion Lounge, LLC   L+9.50%   8.00% Cash/
2.50% PIK
   8/21/2017   8/29/2022   3,987   3,955   3,409   1.4%
The Worth Collection, Ltd. (k)   L+8.50%   9.00% (m)  9/29/2016   9/29/2021   10,587   10,248      0.0%
                   25,393   24,945   13,822   5.6%
Services: Business                                
Aras Corporation   L+7.00%   8.00%  4/13/2021   4/13/2027   1,500   1,471   1,518   0.6%
Aras Corporation (Delayed Draw) (f) (g)   L+7.00%   8.00%  4/13/2021   4/13/2027   200         0.0%
Aras Corporation (Revolver) (f)   L+7.00%   8.00%  4/13/2021   4/13/2027   150         0.0%
Atlas Sign Industries of FLA, LLC (k)   L+11.50%   11.50% Cash/
1.00% PIK
   5/14/2018   5/15/2023   3,581   3,386   3,581   1.5%
Burroughs, Inc. (k)   L+6.50%   7.50%  12/22/2017   12/22/2022   5,651   5,619   5,651   2.3%
Burroughs, Inc. (Revolver) (f)   L+6.50%   7.50%  12/22/2017   12/22/2022   1,220         0.0%
Certify, Inc.   L+5.75%   6.75%  2/28/2019   2/28/2024   9,000   8,922   9,000   3.7%
Certify, Inc.   L+5.75%   6.75%  2/28/2019   2/28/2024   1,227   1,227   1,227   0.5%
Certify, Inc. (Revolver) (f)   L+5.75%   6.75%  2/28/2019   2/28/2024   409   102   102   0.0%
HS4 Acquisitionco, Inc.   L+6.75%   7.75%  7/9/2019   7/9/2025   10,050   9,905   9,950   4.1%
HS4 Acquisitionco, Inc. (Revolver) (f)   L+6.75%   7.75%  7/9/2019   7/9/2025   817         0.0%
IT Global Holding, LLC   L+9.00%   10.00%  11/15/2018   11/10/2023   7,559   7,477   7,560   3.1%
IT Global Holding, LLC   L+9.00%   10.00%  7/19/2019   11/10/2023   2,819   2,780   2,819   1.2%
IT Global Holding, LLC (Revolver)   L+9.00%   10.00%  11/15/2018   11/10/2023   875   875   875   0.4%
RedZone Robotics, Inc.   L+6.75%   7.75%  6/1/2018   6/5/2023   217   215   217   0.1%
RedZone Robotics, Inc. (Revolver) (f)   L+6.75%   7.75%  6/1/2018   6/5/2023   158         0.0%
Relativity ODA, LLC   L+7.50%   8.50% PIK   5/12/2021   5/12/2027   1,814   1,769   1,807   0.7%
Relativity ODA, LLC (Revolver) (f)   L+7.50%   8.50% PIK   5/12/2021   5/12/2027   180         0.0%
Security Services Acquisition Sub Corp. (k)   L+6.00%   7.00%  2/15/2019   2/15/2024   3,421   3,384   3,421   1.4%
Security Services Acquisition Sub Corp. (k)   L+6.00%   7.00%  2/15/2019   2/15/2024   2,461   2,461   2,461   1.0%
Security Services Acquisition Sub Corp. (k)   L+6.00%   7.00%  2/15/2019   2/15/2024   2,162   2,162   2,162   0.9%
Security Services Acquisition Sub Corp.   L+6.00%   7.00%  2/15/2019   2/15/2024   1,555   1,555   1,555   0.6%
VPS Holdings, LLC   L+7.00%   8.00%  10/5/2018   10/4/2024   3,538   3,494   3,254   1.3%
VPS Holdings, LLC   L+7.00%   8.00%  10/5/2018   10/4/2024   2,889   2,889   2,656   1.1%
VPS Holdings, LLC (Revolver) (f)   L+7.00%   8.00%  10/5/2018   10/4/2024   1,000   100   92   0.0%
                   64,453   59,793   59,908   24.5%

 

8

 

 

MONROE CAPITAL CORPORATION 

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

June 30, 2021

(in thousands, except for shares and units)

 

Portfolio Company (a)  Spread Above
Index (b)
  Interest Rate   Acquisition
Date (c)
  Maturity  Principal  Amortized
Cost
  Fair Value (d)  % of
Net Assets (e)
 
Services: Consumer                                
Express Wash Acquisition Company, LLC   L+6.50%   7.50%  12/28/2020   12/26/2025   3,219  $3,167  $3,203   1.3%
Express Wash Acquisition Company, LLC (Revolver) (f)   L+6.50%   7.50%  12/28/2020   12/26/2025   1,000         0.0%
IDIG Parent, LLC   L+6.50%   7.50%  12/15/2020   12/15/2026   5,544   5,442   5,551   2.3%
IDIG Parent, LLC (Delayed Draw) (f) (g)   L+6.00%   7.00%  12/15/2020   12/15/2026   918         0.0%
IDIG Parent, LLC (Revolver) (f)   L+6.00%   7.00%  12/15/2020   12/15/2026   429         0.0%
Mammoth Holdings, LLC   L+6.00%   7.00%  10/16/2018   10/16/2023   1,950   1,930   1,952   0.8%
Mammoth Holdings, LLC   L+6.00%   7.00%  10/16/2018   10/16/2023   4,094   4,094   4,098   1.7%
Mammoth Holdings, LLC (Delayed Draw) (f) (g)   L+6.00%   7.00%  6/15/2021   10/16/2023   1,646         0.0%
Mammoth Holdings, LLC (Delayed Draw) (f) (g)   L+6.00%   7.00%  3/12/2021   10/16/2023   6,386   6,075   6,081   2.5%
Mammoth Holdings, LLC (Revolver) (f)   L+6.00%   7.00%  10/16/2018   10/16/2023   657         0.0%
                   25,843   20,708   20,885   8.6%
Telecommunications                                
Calabrio, Inc.   L+7.00%   8.00%  4/16/2021   4/16/2027   3,400   3,317   3,400   1.4%
Calabrio, Inc. (Revolver) (f)   L+7.00%   8.00%  4/16/2021   4/16/2027   409         0.0%
                   3,809   3,317   3,400   1.4%
Wholesale                                
Nearly Natural, Inc. (k)   L+7.00%   8.00%  12/15/2017   12/15/2022   6,510   6,467   6,510   2.7%
Nearly Natural, Inc.   L+7.00%   8.00%  2/16/2021   12/15/2022   3,056   3,008   3,056   1.3%
Nearly Natural, Inc. (k)   L+7.00%   8.00%  9/22/2020   12/15/2022   1,682   1,661   1,682   0.7%
Nearly Natural, Inc. (k)   L+7.00%   8.00%  8/28/2019   12/15/2022   1,834   1,834   1,834   0.7%
Nearly Natural, Inc. (Revolver) (f)   L+7.00%   8.00%  12/15/2017   12/15/2022   2,397   1,598   1,598   0.6%
                   15,479   14,568   14,680   6.0%
Total Non-Controlled/Non-Affiliate Senior Secured Loans                  373,797   329,617   315,056   128.7%
                                 
Unitranche Secured Loans (r)                                
Chemicals, Plastics & Rubber                                
MFG Chemical, LLC (k)   L+8.00%   9.00%  6/23/2017   6/23/2022   6,441   6,419   6,438   2.6%
MFG Chemical, LLC   L+8.00%   9.00%  3/15/2018   6/23/2022   630   630   629   0.3%
                   7,071   7,049   7,067   2.9%
Healthcare & Pharmaceuticals                                
Priority Ambulance, LLC (s)   L+6.50%   7.50%  7/18/2018   4/12/2022   10,015   10,015   9,990   4.1%
Priority Ambulance, LLC (t)   L+6.50%   7.50%  4/12/2017   4/12/2022   1,253   1,246   1,250   0.5%
Priority Ambulance, LLC   L+6.50%   7.50%  12/13/2018   4/12/2022   663   663   662   0.3%
Priority Ambulance, LLC   L+6.50%   7.50%  10/22/2020   4/12/2022   1,002   1,002   1,000   0.4%
                   12,933   12,926   12,902   5.3%
High Tech Industries                                
Energy Services Group, LLC   L+8.42%   9.42%  5/4/2017   5/4/2022   3,837   3,826   3,837   1.6%
Energy Services Group, LLC (h) (q)   L+8.42%   9.42%  5/4/2017   5/4/2022   4,779   4,579   4,779   2.0%
Energy Services Group, LLC   L+8.42%   9.42%  5/4/2017   5/4/2022   1,092   1,078   1,092   0.4%
WillowTree, LLC   L+5.00%   6.00%  10/9/2018   10/9/2023   7,740   7,671   7,709   3.1%
                   17,448   17,154   17,417   7.1%
Telecommunications                                
VB E1, LLC (Delayed Draw) (f) (g)   L+8.50%   9.00%  11/18/2020   11/18/2026   2,250   1,100   1,105   0.4%
                   2,250   1,100   1,105   0.4%
Total Non-Controlled/Non-Affiliate Unitranche Secured Loans                  39,702   38,229   38,491   15.7%
                                 
Junior Secured Loans                                
Beverage, Food & Tobacco                                
California Pizza Kitchen, Inc.   L+13.50%   1.00% Cash/
14.00% PIK
(m)  8/19/2016   5/23/2025   1,264   1,260   1,279   0.5%
CSM Bakery Solutions, LLC   L+7.75%   8.75%  5/23/2013   2/4/2022   6,116   6,116   6,080   2.5%
                   7,380   7,376   7,359   3.0%
Services: Consumer                                
Education Corporation of America   L+11.00%   5.65% Cash/
5.50% PIK
(m)  9/3/2015   n/a(p)  833   831   766   0.3%
                   833   831   766   0.3%
Total Non-Controlled/Non-Affiliate Junior Secured Loans                  8,213   8,207   8,125   3.3%
                                 
Equity Securities (u) (v)                                
Automotive                                
Born To Run, LLC (269,438 Class A units)     (x)  4/1/2021         269   266   0.1%
                       269   266   0.1%
Banking, Finance, Insurance & Real Estate                                
J2 BWA Funding, LLC (0.7% profit sharing) (h) (w)     (x)  12/24/2020               0.0%
PKS Holdings, LLC (5,680 preferred units) (h)   n/a   12.00% PIK   11/30/2017         58   234   0.1%
PKS Holdings, LLC (5,714 preferred units) (h)   n/a   12.00% PIK   11/30/2017         9   36   0.0%
PKS Holdings, LLC (132 preferred units) (h)   n/a   12.00% PIK   11/30/2017         1   5   0.0%
PKS Holdings, LLC (916 preferred units) (h)   n/a   12.00% PIK   11/30/2017         9   36   0.0%
                       77   311   0.1%
Beverage, Food & Tobacco                                
California Pizza Kitchen, Inc. (78,699 preferred units)     (x)  8/19/2016         5,468   4,466   1.8%
                       5,468   4,466   1.8%
Capital Equipment                                
MCP Shaw Acquisitionco, LLC (118,906 Class A-2 units) (w)     (x)  2/28/2020         119   168   0.1%
                       119   168   0.1%
Chemicals, Plastics & Rubber                                
Valudor Products, LLC (501,014 Class A-1 units) (w)   n/a   10.00% PIK(m)  6/18/2018         501      0.0%
                       501      0.0%
Environmental Industries                                
Quest Resource Holding Corporation (warrant to purchase up to 0.2% of the equity)     (x)  10/19/2020   3/19/2028      67   223   0.1%
                       67   223   0.1%
Healthcare & Pharmaceuticals                                
Dorado Acquisition, Inc. (178,891 Class A-1 units)     (x)  6/30/2021         179   179   0.1%
Dorado Acquisition, Inc. (178,891 Class A-2 units)     (x)  6/30/2021               0.0%
Seran BioScience, LLC (33,333 common units) (w)     (x)  12/31/2020         334   493   0.2%
                       513   672   0.3%
High Tech Industries                                
Answers Finance, LLC (76,539 shares of common stock)     (x)  4/14/2017         2,284   13   0.0%
MarkLogic Corporation (290,239 Class A units)     (x)  10/20/2020         290   454   0.2%
Planful, Inc. (473,082 Class A units)   n/a    8.00% PIK   12/28/2018         473   553   0.2%
Recorded Future, Inc. (80,486 Class A units) (y)     (x)  7/3/2019         81   171   0.1%
                       3,128   1,191   0.5%
Hotels, Gaming & Leisure                                
Equine Network, LLC (99 Class A units) (w)   n/a    10.00% PIK   12/31/2020         99   92   0.0%
                       99   92   0.0%
Media: Advertising, Printing & Publishing                                
AdTheorent Holding Company, LLC (128,866 Class A voting units)     (x)  12/22/2016         129   648   0.3%
InMobi Pte, Ltd. (warrant to purchase up to 2.8% of the equity) (h) (j)     (x)  9/18/2015   9/18/2025         1,818   0.7%
Relevate Health Group, LLC (40 preferred units)   n/a    12.00% PIK   11/20/2020         40   40   0.0%
Relevate Health Group, LLC (40 Class B common units)     (x)  11/20/2020            6   0.0%
XanEdu Publishing, Inc. (49,479 Class A units)   n/a   8.00% PIK   1/28/2020         49   77   0.0%
                       218   2,589   1.0%

 

9

 

 

 

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

June 30, 2021

(in thousands, except for shares and units)

 

Portfolio Company (a)   Spread Above
Index (b)
  Interest Rate   Acquisition
Date (c)
  Maturity  Principal  Amortized
Cost
  Fair Value (d)  % of
Net Assets (e)
 
Media: Diversified & Production                                 
Attom Intermediate Holdco, LLC (297,197 Class A units) (w)      (x)  1/4/2019        $297  $454   0.2%
                        297   454   0.2%
Retail                                 
BLST Operating Company, LLC (139,883 Class A units) (w)      (x)  8/28/2020         712   154   0.1%
Forman Mills, Inc. (warrant to purchase up to 2.6% of the equity) (k)      (x)  1/14/2020   1/14/2029         356   0.1%
                        712   510   0.2%
Services: Business                                 
APCO Worldwide, Inc. (100 Class A voting common stock)      (x)  11/1/2017         395   433   0.2%
Atlas Sign Industries of FLA, LLC (warrant to purchase up to 3.0% of the equity) (k)      (x)  5/14/2018   5/14/2026      125   239   0.1%
                        520   672   0.3%
Services: Consumer                                 
Education Corporation of America - Series G Preferred Stock (8,333 shares)    n/a   12.00% PIK(m)  9/3/2015         7,492   5,117   2.1%
Express Wash Acquisition Company, LLC (100,000 Class A units) (w)    n/a    8.00% PIK   12/28/2020         100   144   0.1%
IDIG Parent, LLC (245,958 shares of common stock) (w) (z)      (x)  1/4/2021         248   318   0.1%
                        7,840   5,579   2.3%
Wholesale                                 
Nearly Natural, Inc. (152,174 Class A units)      (x)  12/15/2017         153   180   0.1%
                        153   180   0.1%
Total Non-Controlled/Non-Affiliate Equity Securities                       19,981   17,373   7.1%
Total Non-Controlled/Non-Affiliate Company Investments                      $396,034  $379,045   154.8%
                                  
Non-Controlled Affiliate Company Investments (aa)                                 
Senior Secured Loans                                 
Banking, Finance, Insurance & Real Estate                                 
American Community Homes, Inc.    L+10.00%   11.50% PIK   7/22/2014   12/31/2021   9,866  $9,866  $9,866   4.0%
American Community Homes, Inc.    L+14.50%   16.00% PIK   7/22/2014   12/31/2021   4,384   4,384   4,384   1.8%
American Community Homes, Inc.    L+10.00%   11.50% PIK   5/24/2017   12/31/2021   598   598   598   0.3%
American Community Homes, Inc.    L+10.00%   11.50% PIK   8/10/2018   12/31/2021   2,200   2,200   3,225   1.3%
American Community Homes, Inc.    L+10.00%   11.50% PIK   3/29/2019   12/31/2021   4,071   4,071   4,113   1.7%
American Community Homes, Inc.    L+10.00%   11.50% PIK   9/30/2019   12/31/2021   19   19   19   0.0%
American Community Homes, Inc.    L+10.00%   11.50% PIK   12/30/2019   12/31/2021   94   94   94   0.0%
HFZ Capital Group, LLC (h) (ab)    L+12.50%   14.00% PIK   10/20/2017   n/a(p)  13,242   13,242   14,543   5.9%
HFZ Capital Group, LLC (h) (ab)    L+12.50%   14.00% PIK   10/20/2017   n/a(p)  4,758   4,758   5,225   2.1%
MC Asset Management (Corporate), LLC (h)    L+15.00%   16.00% PIK   1/26/2021   1/26/2024   6,606   6,606   6,606   2.7%
MC Asset Management (Corporate), LLC (Delayed Draw) (f) (g) (h)    L+15.00%   16.00% PIK   4/26/2021   1/26/2024   1,586   793   793   0.3%
MC Asset Management (Industrial), LLC (h) (ab)    L+17.00%   18.00% PIK   6/11/2019   10/30/2024   11,320   11,314   12,100   5.0%
                    58,744   57,945   61,566   25.1%
Beverage, Food & Tobacco                                 
TJ Management HoldCo, LLC (Revolver) (f) (l)    L+5.50%   6.50%  9/9/2020   6/28/2024   477         0.0%
                    477         0.0%
Healthcare & Pharmaceuticals                                 
Ascent Midco, LLC (k)    L+5.50%   6.50%  2/5/2020   2/5/2025   6,427   6,332   6,491   2.7%
Ascent Midco, LLC (Delayed Draw) (f) (g) (k)    L+5.50%   6.50%  2/5/2020   2/5/2025   2,838         0.0%
Ascent Midco, LLC (Revolver) (f)    L+5.50%   6.50%  2/5/2020   2/5/2025   1,129         0.0%
SHI Holdings, Inc. (k)   L+10.75%   10.85% PIK(m)  7/10/2014   n/a(p)  2,899   2,897   132   0.0%
SHI Holdings, Inc. (Revolver) (f)   L+10.75%   10.85% PIK(m)  7/10/2014   n/a(p)  4,667   4,585   208   0.1%
                    17,960   13,814   6,831   2.8%
High Tech Industries                                 
Mnine Holdings, Inc.    L+8.00%   4.00% Cash/
5.00% PIK
   11/2/2018   12/30/2022   12,066   11,982   12,643   5.2%
                    12,066   11,982   12,643   5.2%
Retail                                 
Luxury Optical Holdings Co.    L+8.00%   9.00% PIK(m)  9/12/2014   12/15/2021   1,481   1,481   1,481   0.6%
Luxury Optical Holdings Co. (Delayed Draw) (f) (g)    L+11.50%   12.50%  (m)  9/29/2017   12/15/2021   3,565   1,413   1,506   0.7%
Luxury Optical Holdings Co. (Revolver)    L+8.00%   9.00% PIK(m)  9/12/2014   12/15/2021   68   68   68   0.0%
                    5,114   2,962   3,055   1.3%
Services: Business                                 
Curion Holdings, LLC (k)    n/a   14.00% PIK(m)  5/2/2017   5/2/2022   4,226   4,189   3,602   1.5%
Curion Holdings, LLC (Revolver) (f)    n/a   14.00% PIK(m)  5/2/2017   5/2/2022   871   836   825   0.3%
                    5,097   5,025   4,427   1.8%
Services: Consumer                                 
NECB Collections, LLC (Revolver) (f)    L+11.00%   12.00% PIK(m)  6/25/2019   n/a(p)  1,356   1,312   744   0.3%
                    1,356   1,312   744   0.3%
Total Non-Controlled Affiliate Senior Secured Loans                   100,814   93,040   89,266   36.5%
                                  
Unitranche Secured Loans (r)                                 
Consumer Goods: Non-Durable                                 
Incipio, LLC (ac)    L+8.50%   9.50% PIK(m)  12/26/2014   8/22/2022   14,701   14,677      0.0%
Incipio, LLC (ad)    L+8.50%   9.50% PIK(m)  3/9/2018   8/22/2022   4,326   4,326   1,562   0.7%
Incipio, LLC    L+8.50%   9.50% PIK(m)  7/6/2018   8/22/2022   1,833   1,833   1,732   0.7%
Incipio, LLC    L+8.50%   9.50% PIK(m)  1/15/2020   8/22/2022   1,543   1,543   1,458   0.6%
Incipio, LLC    L+8.50%   9.50% PIK(m)  4/17/2019   8/22/2022   772   772   730   0.3%
Incipio, LLC    L+8.50%   9.50% PIK(m)  7/8/2020   8/22/2022   1,615   1,615   1,527   0.6%
                    24,790   24,766   7,009   2.9%
Total Non-Controlled Affiliate Unitranche Secured Loans                   24,790   24,766   7,009   2.9%
                                  
Junior Secured Loans                                 
Consumer Goods: Non-Durable                                 
Incipio, LLC (ae)    n/a   10.70% PIK(m)  6/18/2018   8/22/2022   3,766         0.0%
Incipio, LLC (af)    n/a   10.70% PIK(m)  6/18/2018   8/22/2022   7,194         0.0%
                    10,960         0.0%
Services: Business                                 
Curion Holdings, LLC (k)    n/a   15.00% PIK(m)  8/17/2018   1/2/2023   1,720   1      0.0%
Curion Holdings, LLC (k)    n/a   15.00% PIK(m)  8/17/2018   1/2/2023   44         0.0%
                    1,764   1      0.0%
Total Non-Controlled Affiliate Company Junior Secured Loans                   12,724   1      0.0%
                                  
Equity Securities (v) (aa)                                 
Banking, Finance, Insurance & Real Estate                                 
American Community Homes, Inc. (warrant to purchase up to 22.3% of the equity)      (x)  10/9/2014   12/18/2024         584   0.2%
MC Asset Management (Corporate), LLC (15.9% of interests) (h) (w) (ab)      (x)  6/11/2019         793   886   0.4%
                        793   1,470   0.6%
Beverage, Food & Tobacco                                 
TJ Management HoldCo, LLC (16 shares of common stock) (l) (w)      (x)  9/9/2020         1,631   2,821   1.1%
                        1,631   2,821   1.1%

 

10

 

 

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

June 30, 2021

(in thousands, except for shares and units)

 

Portfolio Company (a)  Spread Above
Index (b)
  Interest Rate   Acquisition
Date (c)
  Maturity  Principal  Amortized
Cost
  Fair Value (d)  % of
Net Assets (e)
 
Consumer Goods: Non-Durable                                
Incipio, LLC (1,774 shares of Series C common units) (w)     (x)  7/6/2018        $  $   0.0%
                             0.0%
Healthcare & Pharmaceuticals                                
Ascent Midco, LLC (2,032,258 Class A units) (w)   n/a   8.00% PIK   2/5/2020         2,032   3,430   1.4%
Familia Dental Group Holdings, LLC (1,052 Class A units) (w) (ag)     (x)  4/8/2016         3,602   3,178   1.3%
SHI Holdings, Inc. (24 shares of common stock)     (x)  12/14/2016         27      0.0%
                       5,661   6,608   2.7%
High Tech Industries                                
Mnine Holdings, Inc. (6,400 Class B units)  &nbs