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 March 31, 2022

 

OR

 

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

 

Commission file number: 814-00866

 

MONROE CAPITAL CORPORATION

(Exact Name of Registrant as Specified in its Charter)

 

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

 

(312) 258-8300

(Registrant’s Telephone Number, Including Area Code)

 

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

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

 

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

 

 

 

 

 

 

TABLE OF CONTENTS

 

    Page
PART I. FINANCIAL INFORMATION 3
     
Item 1. Consolidated Financial Statements 3
     
  Consolidated Statements of Assets and Liabilities as of March 31, 2022 (unaudited) and December 31, 2021 3
     
  Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021 (unaudited) 4
     
  Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2022 and 2021 (unaudited) 5
     
  Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021 (unaudited) 6
     
  Consolidated Schedules of Investments as of March 31, 2022 (unaudited) and December 31, 2021 7
     
  Notes to Consolidated Financial Statements (unaudited) 25
     
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 49
     
Item 3. Quantitative and Qualitative Disclosures About Market Risk 68
     
Item 4. Controls and Procedures 68
     
PART II. OTHER INFORMATION 69
     
Item 1. Legal Proceedings 69
     
Item 1A. Risk Factors 69
     
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 72
     
Item 3. Defaults Upon Senior Securities 72
     
Item 4. Mine Safety Disclosures 72
     
Item 5. Other Information 72
     
Item 6. Exhibits 73
     
Signatures   74

 

 

 

 

Part I. Financial Information

Item 1. Consolidated Financial Statements

 

MONROE CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(in thousands, except per share data)

 

   March 31, 2022   December 31, 2021 
   (unaudited)     
ASSETS          
Investments, at fair value:          
Non-controlled/non-affiliate company investments  $414,135   $430,287 
Non-controlled affiliate company investments   91,644    90,281 
Controlled affiliate company investments   40,210    41,125 
Total investments, at fair value (amortized cost of: $563,635 and $576,178, respectively)   545,989    561,693 
Cash   7,337    2,622 
Restricted cash       15,459 
Unrealized gain on foreign currency forward contracts   365    781 
Interest receivable   10,431    9,476 
Other assets   720    427 
Total assets   564,842    590,458 
           
LIABILITIES          
Debt:          
Revolving credit facility   188,300    151,045 
2026 Notes   130,000    130,000 
SBA debentures payable       56,900 
Total debt   318,300    337,945 
Less: Unamortized deferred financing costs   (4,154)   (5,794)
Total debt, less unamortized deferred financing costs   314,146    332,151 
Interest payable   1,203    3,304 
Management fees payable   2,288    2,454 
Incentive fees payable       435 
Accounts payable and accrued expenses   2,269    2,643 
Directors' fees payable   35     
Total liabilities   319,941    340,987 
Net assets  $244,901   $249,471 
           
Commitments and contingencies (See Note 11)          
           
ANALYSIS OF NET ASSETS          
Common stock, $0.001 par value, 100,000 shares authorized, 21,666 and 21,666 shares issued and outstanding, respectively  $22   $22 
Capital in excess of par value   298,687    298,687 
Accumulated undistributed (overdistributed) earnings   (53,808)   (49,238)
Total net assets  $244,901   $249,471 
           
Net asset value per share  $11.30   $11.51 

 

See Notes to Consolidated Financial Statements.

 

3

 

 

MONROE CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except per share data)

 

   Three months ended
March 31,
 
   2022   2021 
Investment income:          
Non-controlled/non-affiliate company investments:          
Interest income  $8,655   $8,233 
Payment-in-kind interest income   657    654 
Dividend income   64    20 
Fee income       477 
Total investment income from non-controlled/non-affiliate company investments   9,376    9,384 
Non-controlled affiliate company investments:          
Interest income   1,006    1,562 
Payment-in-kind interest income   1,164    1,025 
Dividend income   45    42 
Total investment income from non-controlled affiliate company investments   2,215    2,629 
Controlled affiliate company investments:          
Dividend income   900    1,200 
Total investment income from controlled affiliate company investments   900    1,200 
Total investment income   12,491    13,213 
           
Operating expenses:          
Interest and other debt financing expenses   3,922    4,453 
Base management fees   2,343    2,334 
Incentive fees   408    830 
Professional fees   280    226 
Administrative service fees   330    356 
General and administrative expenses   219    260 
Directors' fees   35    35 
Expenses before base management fee and incentive fee waivers   7,537    8,494 
Base management fee waivers   (55)    
Incentive fee waivers   (408)   (637)
Total expenses, net of base management fee and incentive fee waivers   7,074    7,857 
Net investment income before income taxes   5,417    5,356 
Income taxes, including excise taxes   19    30 
Net investment income   5,398    5,326 
           
Net gain (loss):          
Net realized gain (loss):          
Non-controlled/non-affiliate company investments   (103)   58 
Non-controlled affiliate company investments       (250)
Extinguishment of debt   (1,039)   (2,774)
Foreign currency forward contracts   12    (38)
Foreign currency and other transactions   (9)   (14)
Net realized gain (loss)   (1,139)   (3,018)
           
Net change in unrealized gain (loss):          
Non-controlled/non-affiliate company investments   (1,857)   4,641 
Non-controlled affiliate company investments   (389)   (1,802)
Controlled affiliate company investments   (915)   1,783 
Foreign currency forward contracts   (416)   334 
Foreign currency and other transactions   165    (209)
Net change in unrealized gain (loss)   (3,412)   4,747 
           
Net gain (loss)   (4,551)   1,729 
           
Net increase (decrease) in net assets resulting from operations  $847   $7,055 
           
Per common share data:          
Net investment income per share - basic and diluted  $0.25   $0.25 
Net increase (decrease) in net assets resulting from operations per share - basic and diluted  $0.04   $0.33 
Weighted average common shares outstanding - basic and diluted   21,666    21,304 

 

See Notes to Consolidated Financial Statements.

 

4

 

 

MONROE CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(unaudited)

(in thousands)

 

               Accumulated     
   Common Stock       undistributed     
   Number of   Par   Capital in excess   (overdistributed)   Total 
   shares   value   of par value   earnings   net assets 
Balances at December 31, 2020   21,304   $21   $294,897   $(60,484)  $234,434 
Net investment income               5,326    5,326 
Net realized gain (loss)               (3,018)   (3,018)
Net change in unrealized gain (loss)               4,747    4,747 
Distributions to stockholders               (5,326)   (5,326)
Balances at March 31, 2021   21,304   $21   $294,897   $(58,755)  $236,163 
                          
Balances at December 31, 2021   21,666   $22   $298,687   $(49,238)  $249,471 
Net investment income               5,398    5,398 
Net realized gain (loss)               (1,139)   (1,139)
Net change in unrealized gain (loss)               (3,412)   (3,412)
Distributions to stockholders               (5,417)   (5,417)
Balances at March 31, 2022   21,666   $22   $298,687   $(53,808)  $244,901 

 

See Notes to Consolidated Financial Statements.

 

5

 

 

MONROE CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)

 

   Three months ended
March 31,
 
   2022   2021 
Cash flows from operating activities:          
Net increase (decrease) in net assets resulting from operations  $847   $7,055 
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   103    192 
Net realized (gain) loss on extinguishment of debt   1,039    2,774 
Net realized (gain) loss on foreign currency forward contracts   (12)   38 
Net realized (gain) loss on foreign currency and other transactions   9    14 
Net change in unrealized (gain) loss on investments   3,161    (4,622)
Net change in unrealized (gain) loss on foreign currency forward contracts   416    (334)
Net change in unrealized (gain) loss on foreign currency and other transactions   (165)   209 
Payment-in-kind interest income   (1,821)   (1,679)
Net accretion of discounts and amortization of premiums   (378)   (352)
Purchases of investments   (21,567)   (43,744)
Proceeds from principal payments, sales of investments and settlement of forward contracts   36,218    75,827 
Amortization of deferred financing costs   601    601 
Changes in operating assets and liabilities:          
Interest receivable   (955)   (1,338)
Other assets   (293)   11 
Interest payable   (2,101)   (955)
Management fees payable   (166)   356 
Incentive fees payable   (435)   193 
Accounts payable and accrued expenses   (374)   (464)
Directors' fees payable   35    35 
Net cash provided by (used in) operating activities   14,162    33,817 
           
Cash flows from financing activities:          
Borrowings on revolving credit facility   71,700    113,600 
Repayments of revolving credit facility   (34,299)   (147,450)
Repayment of 2023 Notes       (109,000)
Proceeds from 2026 Notes       130,000 
Repayment of SBA debentures   (56,900)   (28,100)
Payments of deferred financing costs       (4,038)
Stockholder distributions paid, net of stock issued under the dividend reinvestment plan of $0 and $0, respectively   (5,417)   (5,326)
Net cash provided by (used in) financing activities   (24,916)   (50,314)
           
Net increase (decrease) in Cash and Restricted cash   (10,754)   (16,497)
Effect of foreign currency exchange rates   10    (41)
Cash and Restricted cash, beginning of period   18,081    32,426 
Cash and Restricted cash, end of period  $7,337   $15,888 
           
Supplemental disclosure of cash flow information:          
Cash interest paid during the period  $5,386   $4,774 
Cash paid for income taxes, including excise taxes during the period  $276   $400 

 

 

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, 2022   December 31, 2021 
Cash  $7,337   $2,622 
Restricted cash       15,459 
Total cash and restricted cash shown on the Consolidated Statements of Cash Flows  $7,337   $18,081 

 

   March 31, 2021   December 31, 2020 
Cash  $7,723   $6,769 
Restricted cash   8,165    25,657 
Total cash and restricted cash shown on the Consolidated Statements of Cash Flows  $15,888   $32,426 

 

See Notes to Consolidated Financial Statements.

 

6

 

 

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

(unaudited)

March 31, 2022

(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%    7.01%  4/1/2021   4/1/2027   3,474   $3,414   $3,492   1.4%
Born To Run, LLC (Delayed Draw) (f) (g)   L+6.00%    7.01%  4/1/2021   4/1/2027   569   33   34   0.0%
Hastings Manufacturing Company   L+7.25%    8.25%  4/24/2018   4/24/2023   2,468   2,456   2,468   1.0%
Lifted Trucks Holdings, LLC   L+5.75%    6.75%  8/2/2021   8/2/2027   6,983   6,855   6,955   2.9%
Lifted Trucks Holdings, LLC (Delayed Draw) (f) (g)   L+5.75%    6.75%  8/2/2021   8/2/2027   1,400         0.0%
Lifted Trucks Holdings, LLC (Revolver) (f)   L+5.75%    6.75%  8/2/2021   8/2/2027   1,667         0.0%
Magneto & Diesel Acquisition, Inc.   L+5.50%    6.50%  12/18/2018   12/18/2023   4,838   4,805   4,838   2.0%
Magneto & Diesel Acquisition, Inc.   L+5.50%    6.50%  7/6/2020   12/18/2023   1,904   1,884   1,923   0.8%
Magneto & Diesel Acquisition, Inc.   L+5.50%    6.50%  8/4/2021   12/18/2023   79   78   80   0.0%
Magneto & Diesel Acquisition, Inc. (Revolver) (f)   L+5.50%    6.50%  12/18/2018   12/18/2023   500         0.0%
                   23,882   19,525   19,790   8.1%
Banking                                
MV Receivables II, LLC (Delayed Draw) (f) (g) (h)   L+9.75%    11.25%  7/29/2021   7/29/2026   8,000   1,694   1,997   0.8%
StarCompliance MidCo, LLC   L+6.75%    7.75%  1/12/2021   1/12/2027   2,000   1,967   2,000   0.8%
StarCompliance MidCo, LLC   L+6.75%    7.75%  10/12/2021   1/12/2027   336   329   336   0.2%
StarCompliance MidCo, LLC (Revolver) (f)   L+6.75%    7.75%  1/12/2021   1/12/2027   322         0.0%
                   10,658   3,990   4,333   1.8%
Beverage, Food & Tobacco                                
LVF Holdings, Inc.   L+6.25%    7.26%  6/10/2021   6/10/2027   1,496   1,470   1,496   0.6%
LVF Holdings, Inc.   L+6.25%    7.26%  6/10/2021   6/10/2027   1,432   1,432   1,432   0.6%
LVF Holdings, Inc. (Delayed Draw) (f) (g)   L+6.25%    7.26%  6/10/2021   6/10/2027   344         0.0%
LVF Holdings, Inc. (Revolver) (f)   L+6.25%    7.26%  6/10/2021   6/10/2027   238   147   147   0.1%
LX/JT Intermediate Holdings, Inc.   SF+6.00%    7.50%  3/11/2020   3/11/2025   5,518   5,448   5,424   2.2%
LX/JT Intermediate Holdings, Inc. (Revolver) (f)   SF+6.00%    7.50%  3/11/2020   3/11/2025   833         0.0%
Toojay's Management LLC (i)   n/a    n/a(j)  10/26/2018   10/26/2022   1,448   1,407      0.0%
Toojay's Management LLC (i)   n/a    n/a(j)  10/26/2018   10/26/2022   199   199      0.0%
Toojay's Management LLC (Revolver) (i)   n/a    n/a(j)  10/26/2018   10/26/2022   66   66      0.0%
                   11,574   10,169   8,499   3.5%
Capital Equipment                                
MCP Shaw Acquisitionco, LLC   SF+6.50%    7.50%  2/28/2020   11/28/2025   9,733   9,605   9,709   4.0%
MCP Shaw Acquisitionco, LLC   SF+6.50%    7.50%  12/29/2021   11/28/2025   2,995   2,938   2,987   1.2%
MCP Shaw Acquisitionco, LLC (Delayed Draw) (f) (g)   SF+6.50%    7.50%  12/29/2021   11/28/2025   983         0.0%
MCP Shaw Acquisitionco, LLC (Revolver) (f)   SF+6.50%    7.50%  2/28/2020   11/28/2025   1,784   595   595   0.2%
                   15,495   13,138   13,291   5.4%
Chemicals, Plastics & Rubber                                
Valudor Products LLC   L+7.50%    7.00% Cash/
1.50% PIK
   6/18/2018   6/19/2023   1,589   1,580   1,894   0.8%
Valudor Products LLC   L+7.50%    8.50%  12/22/2021   6/19/2023   548   548   1,495   0.6%
Valudor Products LLC (k)   L+7.50%    8.50% PIK   6/18/2018   6/19/2023   242   240   236   0.1%
Valudor Products LLC (Revolver) (f)   L+9.50%    10.50%  6/18/2018   6/19/2023   1,095   644   644   0.2%
                   3,474   3,012   4,269   1.7%
Construction & Building                                
Brightly Software Holdings, Inc. (fka Dude Solutions Holdings, Inc.)   L+6.25%    7.26%  6/14/2019   6/13/2025   9,875   9,742   9,845   4.0%
Brightly Software Holdings, Inc. (fka Dude Solutions Holdings, Inc.) (Revolver) (f)   L+6.25%    7.26%  6/14/2019   6/13/2025   1,304   522   520   0.2%
TCFIII OWL Buyer LLC   L+6.00%    7.00%  4/19/2021   4/17/2026   2,035   2,005   2,035   0.9%
TCFIII OWL Buyer LLC   L+6.00%    7.00%  4/19/2021   4/17/2026   2,484   2,484   2,484   1.0%
TCFIII OWL Buyer LLC   L+6.00%    7.00%  12/17/2021   4/17/2026   2,229   2,193   2,229   0.9%
                   17,927   16,946   17,113   7.0%
Consumer Goods: Durable                                
Independence Buyer, Inc.   L+5.75%    6.75%  8/3/2021   8/3/2026   5,985   5,879   5,985   2.5%
Independence Buyer, Inc. (Revolver) (f)   L+5.75%    6.75%  8/3/2021   8/3/2026   1,423         0.0%
Recycled Plastics Industries, LLC   L+6.75%    7.75%  8/4/2021   8/4/2026   3,483   3,421   3,469   1.4%
Recycled Plastics Industries, LLC (Revolver) (f)   L+6.75%    7.75%  8/4/2021   8/4/2026   473   331   330   0.1%
                   11,364   9,631   9,784   4.0%
Consumer Goods: Non-Durable                                
The Kyjen Company, LLC   L+6.50%    7.50%  5/14/2021   4/3/2026   990   981   994   0.4%
The Kyjen Company, LLC (Revolver) (f)   L+6.50%    7.50%  5/14/2021   4/3/2026   105   29   29   0.0%
Thrasio, LLC   L+7.00%    8.01%  12/18/2020   12/18/2026   2,464   2,455   2,455   1.0%
                   3,559   3,465   3,478   1.4%
Environmental Industries                                
Quest Resource Management Group, LLC   L+6.50%    7.50%  10/19/2020   10/20/2025   988   922   987   0.4%
Quest Resource Management Group, LLC   L+6.50%    7.50%  10/19/2020   10/20/2025   1,084   1,084   1,084   0.4%
Quest Resource Management Group, LLC   L+6.50%    7.50%  12/7/2021   10/20/2025   3,856   3,784   3,839   1.6%
Quest Resource Management Group, LLC (Delayed Draw) (f) (g)   L+6.50%    7.50%  12/7/2021   10/20/2025   1,778   389   387   0.2%
Synergy Environmental Corporation   L+6.00%    7.00%  4/29/2016   9/29/2023   2,845   2,840   2,845   1.1%
Synergy Environmental Corporation   L+6.00%    7.00%  4/29/2016   9/29/2023   476   476   476   0.2%
Synergy Environmental Corporation   L+6.00%    7.00%  4/29/2016   9/29/2023   806   806   806   0.3%
Synergy Environmental Corporation (Revolver) (f)   L+6.00%    7.00%  4/29/2016   9/29/2023   671         0.0%
                   12,504   10,301   10,424   4.2%
FIRE: Finance                                
J2 BWA Funding LLC (Delayed Draw) (f) (g) (h)   n/a    9.00%  12/24/2020   12/24/2026   2,710   940   926   0.4%
Liftforward SPV II, LLC (h)   L+10.75%    11.25%  11/10/2016   9/30/2022   557   557   543   0.2%
Oceana Australian Fixed Income Trust (h) (l) (m)   n/a    10.75%  6/29/2021   6/29/2026   3,387   3,400   3,387   1.4%
Oceana Australian Fixed Income Trust (h) (l) (m)   n/a    11.50%  2/25/2021   2/25/2026   8,040   8,460   8,040   3.3%
W3 Monroe RE Debt LLC (h)   n/a    10.00% PIK   2/5/2021   2/4/2028   2,982   2,982   2,982   1.2%
                   17,676   16,339   15,878   6.5%
FIRE: Real Estate                                
Florida East Coast Industries, LLC (h)   n/a    10.50%  8/9/2021   6/28/2024   2,301   2,246   2,278   0.9%
NCBP Property, LLC (h)   L+9.50%    10.50%  12/18/2020   12/16/2022   1,950   1,943   1,953   0.8%
                   4,251   4,189   4,231   1.7%
Healthcare & Pharmaceuticals                                
Apotheco, LLC   L+8.50%    6.50% Cash/
3.00% PIK
   4/8/2019   4/8/2024   3,651   3,620   3,502   1.4%
Apotheco, LLC (Revolver)   L+8.50%    6.50% Cash/
3.00% PIK
   4/8/2019   4/8/2024   962   962   923   0.4%
Brickell Bay Acquisition Corp.   L+6.50%    7.50%  2/12/2021   2/12/2026   1,894   1,862   1,901   0.8%
Brickell Bay Acquisition Corp. (Delayed Draw) (f) (g)   L+6.50%    7.50%  2/12/2021   2/12/2026   382         0.0%
Caravel Autism Health, LLC   L+5.75%    6.75%  6/30/2021   6/30/2027   4,988   4,898   4,634   1.9%
Caravel Autism Health, LLC (Delayed Draw) (f) (g)   L+5.75%    6.75%  6/30/2021   6/30/2027   3,749   187   173   0.1%
Caravel Autism Health, LLC (Revolver) (f)   L+5.75%    6.75%  6/30/2021   6/30/2027   1,250   625   581   0.2%
Dorado Acquisition, Inc.   L+6.25%    7.25%  6/30/2021   6/30/2026   4,975   4,888   4,973   2.0%
Dorado Acquisition, Inc. (Delayed Draw) (f) (g)   L+6.25%    7.25%  6/30/2021   6/30/2026   216         0.0%
Dorado Acquisition, Inc. (Revolver) (f)   L+6.25%    7.25%  6/30/2021   6/30/2026   596         0.0%
INH Buyer, Inc.   L+6.00%    7.01%  6/30/2021   6/28/2028   2,932   2,905   2,848   1.2%
NationsBenefits, LLC   L+7.00%    8.00%  8/20/2021   8/20/2026   3,990   3,919   4,070   1.7%
NationsBenefits, LLC (Revolver) (f)   L+7.00%    8.00%  8/20/2021   8/20/2026   445         0.0%
Rockdale Blackhawk, LLC   n/a    n/a(n)  3/31/2015   n/a(o)        1,681   0.7%
Seran BioScience, LLC   L+6.25%    7.25%  12/31/2020   12/31/2025   2,475   2,437   2,478   1.0%
Seran BioScience, LLC (Revolver) (f)   L+6.25%    7.25%  12/31/2020   12/31/2025   444         0.0%
TigerConnect, Inc.   SF+6.75%    7.75%  2/16/2022   2/16/2028   3,000   2,942   3,000   1.2%
TigerConnect, Inc. (Delayed Draw) (f) (g)   SF+6.75%    7.75%  2/16/2022   2/16/2028   124         0.0%
TigerConnect, Inc. (Revolver) (f)   SF+6.75%    7.75%  2/16/2022   2/16/2028   429         0.0%
                   36,502   29,245   30,764   12.6%

 

7

 

 

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

March 31, 2022

(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%    8.01%  3/16/2021   3/16/2027   4,455  $4,379  $4,261   1.7%
MarkLogic Corporation   L+6.00%    7.00%  10/20/2020   10/20/2025   3,456   3,392   3,508   1.4%
MarkLogic Corporation   L+6.00%    7.00%  11/23/2021   10/20/2025   322   316   328   0.1%
MarkLogic Corporation (Delayed Draw) (f) (g)   L+6.00%    7.00%  11/23/2021   10/20/2025   215         0.0%
MarkLogic Corporation (Revolver) (f)   L+6.00%    7.00%  10/20/2020   10/20/2025   269         0.0%
Mindbody, Inc.   L+8.50%    8.38% Cash/
1.50% PIK
   2/15/2019   2/14/2025   6,511   6,445   6,488   2.7%
Mindbody, Inc.   L+8.50%    8.38% Cash/
1.50% PIK
   9/22/2021   2/14/2025   671   671   669   0.3%
Mindbody, Inc. (Revolver) (f)   L+8.00%    9.38%  2/15/2019   2/14/2025   667         0.0%
Newforma, Inc.   L+5.50%    6.51%  6/30/2017   6/29/2022   3,702   3,699   3,702   1.5%
Newforma, Inc. (Revolver) (f)   L+5.50%    6.51%  6/30/2017   6/29/2022   1,250         0.0%
Planful, Inc.   L+6.50%    7.50%  12/28/2018   12/30/2024   9,500   9,426   9,476   3.9%
Planful, Inc.   L+6.50%    7.50%  1/11/2021   12/30/2024   1,325   1,325   1,322   0.5%
Planful, Inc. (Delayed Draw) (f) (g)   L+6.50%    7.50%  2/11/2022   12/30/2024   884   663   661   0.3%
Planful, Inc. (Revolver)   L+6.50%    7.50%  12/28/2018   12/30/2024   442   442   441   0.2%
                   33,669   30,758   30,856   12.6%
Hotels, Gaming & Leisure                                
Equine Network, LLC   L+6.00%    7.00%  12/31/2020   12/31/2025   1,733   1,702   1,717   0.7%
Equine Network, LLC   L+6.00%    7.00%  1/29/2021   12/31/2025   786   773   779   0.3%
Equine Network, LLC (Delayed Draw) (f) (g)   L+6.00%    7.00%  12/31/2020   12/31/2025   427         0.0%
Equine Network, LLC (Revolver) (f)   L+6.00%    7.00%  12/31/2020   12/31/2025   171   85   85   0.0%
                   3,117   2,560   2,581   1.0%
Media: Advertising, Printing & Publishing                                
Destination Media, Inc.   SF+5.50%    6.50%  4/7/2017   10/7/2022   1,400   1,400   1,400   0.6%
Destination Media, Inc. (Revolver) (f)   SF+5.50%    6.50%  4/7/2017   10/7/2022   542         0.0%
North Haven USHC Acquisition, Inc.   L+6.00%    7.00%  10/30/2020   10/30/2025   2,469   2,431   2,469   1.0%
North Haven USHC Acquisition, Inc.   L+6.00%    7.00%  3/12/2021   10/30/2025   715   715   715   0.3%
North Haven USHC Acquisition, Inc. (Delayed Draw) (f) (g)   L+6.00%    7.00%  9/3/2021   10/30/2025   1,440   481   485   0.2%
North Haven USHC Acquisition, Inc. (Revolver) (f)   L+6.00%    7.00%  10/30/2020   10/30/2025   240         0.0%
Relevate Health Group, LLC   L+6.00%    7.00%  11/20/2020   11/20/2025   1,485   1,463   1,492   0.6%
Relevate Health Group, LLC (Delayed Draw) (f) (g)   L+6.00%    7.00%  11/20/2020   11/20/2025   783   664   668   0.3%
Relevate Health Group, LLC (Revolver) (f)   L+6.00%    7.00%  11/20/2020   11/20/2025   316         0.0%
Spherix Global Inc.   SF+6.00%    7.00%  12/22/2021   12/22/2026   1,100   1,082   1,100   0.4%
Spherix Global Inc. (Revolver) (f)   SF+6.00%    7.00%  12/22/2021   12/22/2026   122         0.0%
XanEdu Publishing, Inc.   L+6.50%    7.50%  1/28/2020   1/28/2025   4,619   4,550   4,635   1.9%
XanEdu Publishing, Inc. (Revolver) (f)   L+6.50%    7.50%  1/28/2020   1/28/2025   742         0.0%
                   15,973   12,786   12,964   5.3%
Media: Broadcasting & Subscription                                
Vice Group Holding Inc.   L+12.00%    5.50% Cash/
8.00% PIK
   5/2/2019   11/2/2022   1,558   1,555   1,558   0.6%
Vice Group Holding Inc.   L+12.00%    5.50% Cash/
8.00% PIK
   11/4/2019   11/2/2022   299   298   299   0.1%
Vice Group Holding Inc.   L+12.00%    5.50% Cash/
8.00% PIK
   5/2/2019   11/2/2022   488   488   488   0.2%
Vice Group Holding Inc.   L+12.00%    5.50% Cash/
8.00% PIK
   5/2/2019   11/2/2022   184   184   184   0.1%
                   2,529   2,525   2,529   1.0%
Media: Diversified & Production                                
Attom Intermediate Holdco, LLC   L+6.15%    7.15%  1/4/2019   1/4/2024   1,935   1,920   1,933   0.8%
Attom Intermediate Holdco, LLC   L+6.15%    7.15%  6/25/2020   1/4/2024   472   467   471   0.2%
Attom Intermediate Holdco, LLC   L+6.15%    7.15%  7/1/2021   1/4/2024   278   273   278   0.1%
Attom Intermediate Holdco, LLC (Revolver) (f)   L+5.75%    6.75%  1/4/2019   1/4/2024   320   224   224   0.1%
Chess.com, LLC   L+6.50%    7.51%  12/31/2021   12/31/2027   6,000   5,886   6,000   2.5%
Chess.com, LLC (Revolver) (f)   L+6.50%    7.51%  12/31/2021   12/31/2027   652         0.0%
Crownpeak Technology, Inc.   L+5.75%    6.75%  2/28/2019   2/28/2024   4,000   3,967   3,999   1.6%
Crownpeak Technology, Inc.   L+5.75%    6.75%  2/28/2019   2/28/2024   60   60   60   0.0%
Crownpeak Technology, Inc. (Revolver) (f)   L+5.75%    6.75%  2/28/2019   2/28/2024   167         0.0%
CyberGrants Holdings, LLC   L+6.50%    7.25%  9/8/2021   9/8/2027   12,728   12,555   12,728   5.2%
CyberGrants Holdings, LLC (Delayed Draw) (f) (g)   L+6.50%    7.25%  9/8/2021   9/8/2027   2,374         0.0%
CyberGrants Holdings, LLC (Revolver) (f)   L+6.50%    7.50%  9/8/2021   9/8/2027   1,069   748   748   0.3%
Spectrum Science Communications, LLC   SF+6.50%    7.50%  1/25/2022   1/25/2027   1,000   981   1,000   0.4%
Spectrum Science Communications, LLC (Revolver) (f)   SF+6.50%    7.50%  1/25/2022   1/25/2027   200         0.0%
                   31,255   27,081   27,441   11.2%
Retail                                
BLST Operating Company, LLC   L+8.50%    1.00% Cash/
9.00% PIK
(j)  8/28/2020   8/28/2025   1,147   996   1,143   0.5%
Forman Mills, Inc.   L+9.50%    8.50% Cash/
2.00% PIK
   1/14/2020   12/30/2022   1,336   1,336   1,334   0.6%
Forman Mills, Inc.   L+9.50%    8.50% Cash/
2.00% PIK
   10/4/2016   12/30/2022   123   122   122   0.0%
Forman Mills, Inc.   L+9.50%    8.50% Cash/
2.00% PIK
   10/4/2016   12/30/2022   7,623   7,606   7,608   3.1%
                   10,229   10,060   10,207   4.2%
Services: Business                                
Aras Corporation   L+7.00%    4.25% Cash/
3.75% PIK
   4/13/2021   4/13/2027   2,095   2,062   2,133   0.9%
Aras Corporation (Revolver) (f)   L+7.00%    4.25% Cash/
3.75% PIK
   4/13/2021   4/13/2027   150         0.0%
Burroughs, Inc.   L+7.50%    8.50%  12/22/2017   12/22/2022   5,426   5,408   5,426   2.2%
Burroughs, Inc. (Revolver) (f)   L+7.50%    8.50%  12/22/2017   12/22/2022   1,220         0.0%
Certify, Inc.   L+5.50%    6.50%  2/28/2019   2/28/2024   4,394   4,367   4,378   1.8%
Certify, Inc.   L+5.50%    6.50%  1/21/2022   2/28/2024   499   490   498   0.2%
Certify, Inc.   L+5.50%    6.50%  2/28/2019   2/28/2024   599   599   597   0.2%
Certify, Inc. (Delayed Draw) (f) (g)   L+5.50%    6.50%  1/21/2022   2/28/2024   499         0.0%
Certify, Inc. (Revolver) (f)   L+5.50%    6.50%  2/28/2019   2/28/2024   200   50   50   0.0%
HS4 Acquisitionco, Inc.   L+6.75%    7.76%  7/9/2019   7/9/2025   9,975   9,854   9,955   4.1%
HS4 Acquisitionco, Inc. (Revolver) (f)   L+6.75%    7.76%  7/9/2019   7/9/2025   817   123   122   0.0%
IT Global Holding LLC (h)   L+9.00%    10.00%  11/15/2018   11/10/2023   3,339   3,314   4,333   1.8%
IT Global Holding LLC (h)   L+9.00%    10.00%  7/19/2019   11/10/2023   1,246   1,233   1,617   0.7%
IT Global Holding LLC (Revolver) (h)   L+9.00%    10.00%  11/15/2018   11/10/2023   875   875   1,033   0.4%
RedZone Robotics, Inc.   L+6.75%    7.75%  6/1/2018   6/5/2023   210   209   210   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+6.50%    7.50% PIK   5/12/2021   5/12/2027   1,925   1,884   1,933   0.8%
Relativity ODA LLC (Revolver) (f)   L+6.50%    7.50% PIK   5/12/2021   5/12/2027   180         0.0%
Security Services Acquisition Sub Corp.   L+6.00%    7.00%  9/30/2021   9/30/2026   7,960   7,866   7,932   3.2%
Security Services Acquisition Sub Corp.   L+6.00%    7.00%  2/15/2019   9/30/2026   3,404   3,377   3,392   1.4%
Security Services Acquisition Sub Corp.   L+6.00%    7.00%  2/15/2019   9/30/2026   2,449   2,449   2,440   1.0%
Security Services Acquisition Sub Corp.   L+6.00%    7.00%  2/15/2019   9/30/2026   2,151   2,151   2,144   0.9%
Security Services Acquisition Sub Corp.   L+6.00%    7.00%  2/15/2019   9/30/2026   1,547   1,547   1,541   0.6%
ServiceMax, Inc. (h)   L+7.00%    8.00% PIK   11/1/2021   11/1/2027   3,572   3,506   3,554   1.5%
ServiceMax, Inc. (Revolver) (f) (h)   L+7.00%    8.00% PIK   11/1/2021   11/1/2027   350         0.0%
VPS Holdings, LLC   L+9.00%    8.00% Cash/
2.00% PIK
   10/5/2018   10/4/2024   3,402   3,370   3,349   1.4%
VPS Holdings, LLC   L+9.00%    8.00% Cash/
2.00% PIK
   10/5/2018   10/4/2024   2,781   2,781   2,737   1.1%
VPS Holdings, LLC (Revolver) (f)   L+9.00%    8.00% Cash/
2.00% PIK
   10/5/2018   10/4/2024   1,001   101   101   0.0%
                   62,424   57,616   59,475   24.3%
Services: Consumer