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12/14/20262022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberTrident Maritime Systems, Inc, Senior Secured Loans, Two, due 2/26/20272022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberTrident Maritime Systems, Inc, Senior Secured Loans, One, due 2/26/20272022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberTrident Maritime Systems, Inc ( Revolver), Senior Secured Loans, due 2/26/20272022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberT J C Spartech Acquisition Corp., Senior Secured Loans, due 5/5/20282022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberThe Kleinfelder Group, Inc., Senior Secured Loans, due 11/29/20242022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberThe Cook & Boardman Group L L C, Senior Secured Loans, due 10/20/20252022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberT G G T S Acquisition Company, Senior Secured Loans, due 12/12/20252022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberTeneo Holdings L L C, Senior Secured Loans, due 7/11/20252022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberT E A M Public Choices, L L C, Senior Secured Loans, due 12/17/20272022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberT A T T Buyer, L L C, Senior Secured Loans, due 3/30/20292022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberTait L L C, Senior Secured Loans, due 3/28/20252022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberTait L L C ( Revolver), Senior Secured Loans, due 3/28/20252022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberS W Ingredients Holdings, L L C, Senior Secured Loans, due 7/3/20252022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberS T A T S Intermediate Holdings, L L C, Senior Secured Loans, due 7/10/20262022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberS I R V A Worldwide Inc., Senior Secured Loans, due 8/4/20252022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberSecretariat Advisors L L C, Senior Secured Loans, due 12/29/20282022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberSecretariat Advisors L L C ( Delayed Draw), Senior Secured Loans, due 12/29/20282022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberSandvine Corporation, Senior Secured Loans, due 10/31/20252022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberRunner Buyer I N C., Senior Secured Loans, due 10/23/20282022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberResearch Now Group, Inc. and Survey Sampling International, L L C, Senior Secured Loans, due 12/20/20242022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberRadiology Partners, Inc., Senior Secured Loans, due 7/9/20252022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberP V H C Holding Corp, Senior Secured Loans, due 8/5/20242022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberPort Townsend Holdings Company, Inc. and Crown Corrugated Company, Senior Secured Loans, due 4/3/20242022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberPolychem Acquisition, L L C, Senior Secured Loans, due 3/17/20252022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberPhoenix Chemical Holding Company L L C (fka Polymer Solutions Group), Senior Secured Loans, due 1/3/20232022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberP H Beauty Holdings I I I, I N C., Senior Secured Loans, due 9/26/20252022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberParagon Healthcare, Inc., Senior Secured Loans, due 1/19/20282022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberParagon Healthcare, Inc. ( Revolver), Senior Secured Loans, due 1/19/20282022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberParagon Healthcare, Inc. ( Delayed Draw), Senior Secured Loans, due 1/19/20282022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberOutput Services Group, Inc., Senior Secured Loans, due 3/27/20242022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberOrbit Purchaser L L C, Senior Secured Loans, Two, due 10/21/20242022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberOrbit Purchaser L L C, Senior Secured Loans, Three, due 10/21/20242022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberOrbit Purchaser L L C, Senior Secured Loans, One, due 10/21/20242022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberOffen, Inc., Senior Secured Loans, Two, due 6/22/20262022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberOffen, Inc., Senior Secured Loans, One, due 6/22/20262022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberNorth Haven Spartan U S Holdco, L L C, Senior Secured Loans, due 6/6/20252022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberNatus Medical Incorporated, Senior Secured Loans, due 7/20/20292022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberMinotaur Acquisition, Inc., Senior Secured Loans, due 3/27/20262022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberMc Kissock Investment Holdings, L L C, Senior Secured Loans, due 3/9/20292022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberMavenir Systems, Inc., Senior Secured Loans, due 8/18/20282022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberMac Queen Equipment, L L C, Senior Secured Loans, due 1/7/20282022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberMac Queen Equipment, L L C ( Revolver), Senior Secured Loans, due 1/7/20282022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberMac Queen Equipment, L L C ( Delayed Draw), Senior Secured Loans, due 1/7/20282022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberL W Buyer, L L C, Senior Secured Loans, due 12/30/20242022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberL S C S Holdings, Inc., Senior Secured Loans, due 12/15/20282022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberLiqui- Box Holdings, Inc., Senior Secured Loans, due 2/26/20272022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberLightbox Intermediate, L. P., Senior Secured Loans, due 5/11/20262022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberLaseraway Intermediate Holdings I I, L L C, Senior Secured Loans, due 10/14/20272022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberKeystone Purchaser, L L C, Senior Secured Loans, due 5/7/20272022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberInternational Textile Group, Inc., Senior Secured Loans, due 5/1/20242022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberIntermedia Holdings, Inc., Senior Secured Loans, due 7/21/20252022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberHarbour Benefit Holdings, Inc., Senior Secured Loans, Two, due 12/13/20242022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberHarbour Benefit Holdings, Inc., Senior Secured Loans, One, due 12/13/20242022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberH A L O Buyer, Inc., Senior Secured Loans, due 6/30/20252022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberH A H Group Holding Company L L C, Senior Secured Loans, due 10/29/20272022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberExcel Fitness Holdings, Inc., Senior Secured Loans, due 4/27/20292022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberExcel Fitness Holdings, Inc. ( Revolver), Senior Secured Loans, due 4/28/20282022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberEngage2 Excel, Inc., Senior Secured Loans, Two,due 3/7/20232022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberEngage2 Excel, Inc., Senior Secured Loans, One, due 3/7/20232022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberEngage2 Excel, Inc. ( Revolver), Senior Secured Loans, due 3/7/20232022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberEliassen Group, L L C, Senior Secured Loans, due 4/14/20282022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberEliassen Group, L L C ( Delayed Draw), Senior Secured Loans, due 4/14/20282022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberD S Parent, Inc., Senior Secured Loans, due 12/8/20282022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberDrilling Info Holdings, Inc., Senior Secured Loans, due 7/30/20252022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberDresser Utility Solutions, L L C (fka N G S U S Finco, L L C), Senior Secured Loans, Two, due 10/1/20252022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberDresser Utility Solutions, L L C (fka N G S U S Finco, L L C), Senior Secured Loans, One, due 10/1/20252022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberCorel Inc. (c), Senior Secured Loans, due 7/2/20262022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberC H A Holdings, Inc, Senior Secured Loans, Two, due 4/10/20252022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberC H A Holdings, Inc, Senior Secured Loans, One, due 4/10/20252022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberC B C Restaurant Corp., Senior Secured Loans, due 12/30/20222022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberCano Health, L L C, Senior Secured Loans, due 11/23/20272022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberCadent, L L C, Senior Secured Loans, due 9/11/20252022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberCadent, L L C ( Revolver), Senior Secured Loans, due 9/11/20252022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberBromford Industries Limited, Senior Secured Loans, Two, due 11/5/20252022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberBromford Industries Limited, Senior Secured Loans, One, due 11/5/20252022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberAvison Young ( U S A) Inc., Senior Secured Loans, due 1/30/20262022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberA Q Carver Buyer, Inc., Senior Secured Loans, due 9/23/20252022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberAnalogic Corporation, Senior Secured Loans, due 6/24/20242022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberAccelerate Auto Works Intermediate, L L C, Senior Secured Loans, due 12/1/20272022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberAccelerate Auto Works Intermediate, L L C ( Revolver), Senior Secured Loans, due 12/1/20272022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberAccelerate Auto Works Intermediate, L L C ( Delayed Draw), Senior Secured Loans, due 12/1/20272022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMember360 Holdco, Inc., Senior Secured Loans, due 8/2/20252022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMember360 Holdco, Inc. ( Delayed Draw), Senior Secured Loans, due 8/2/20252022-01-012022-09-300001512931Vinci Brands L L C (fka Incipio, L L C), Loan Two2022-01-012022-09-300001512931Vinci Brands L L C (fka Incipio, L L C), Loan Three2022-01-012022-09-300001512931Vinci Brands L L C (fka Incipio, L L C), Loan One2022-01-012022-09-300001512931Vinci Brands L L C (fka Incipio, L L C), Loan Four2022-01-012022-09-300001512931Vinci Brands L L C (fka Incipio, L L C), Loan Five2022-01-012022-09-300001512931Vinci Brands L L C (fka Incipio, L L C) ( Junior secured loan), Two2022-01-012022-09-300001512931Vinci Brands L L C (fka Incipio, L L C) ( Junior secured loan), One2022-01-012022-09-300001512931Vinci Brands L L C (fka Incipio, L L C), Equity Securities, Series C common units)2022-01-012022-09-300001512931Vinci Brands L L C (fka Incipio, L L C), (Delayed Draw)2022-01-012022-09-300001512931Summit Container Corporation ( Revolver)2022-01-012022-09-300001512931Summit Container Corporation, Investment One2022-01-012022-09-300001512931Summit Container Corporation, Equity Securities, Warrants2022-01-012022-09-300001512931S H I Holdings, Inc. ( Revolver)2022-01-012022-09-300001512931S H I Holdings, Inc., Investment One2022-01-012022-09-300001512931S H I Holdings, Inc. ( Common stock)2022-01-012022-09-300001512931SFR Holdco, LLC (LLC interest)2022-01-012022-09-300001512931SFR Holdco, LLC, Equity Securities, 24.4% of Interest2022-01-012022-09-300001512931M C Asset Management ( Industrial), L L C Promissory Note2022-01-012022-09-300001512931Luxury Optical Holdings Co.( Revolver)2022-01-012022-09-300001512931Luxury Optical Holdings Co. Investment, One2022-01-012022-09-300001512931Luxury Optical Holdings Co., Equity Securities, Preferred Units2022-01-012022-09-300001512931Luxury Optical Holdings Co., Equity Securities, Common Stock2022-01-012022-09-300001512931Luxury Optical Holdings Co. ( Delayed Draw)2022-01-012022-09-300001512931Curion Holdings, L L C, Junior Secured Loans, Two, Due 1/2/20232022-01-012022-09-300001512931Ascent Midco, L L C, ( Delayed Draw) Loan2022-01-012022-09-300001512931American Community Homes, Inc., Loan Three2022-01-012022-09-300001512931American Community Homes, Inc., Loan Five2022-01-012022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberWheel Pros, Inc., Senior Secured Loans, due 5/11/20282021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberTruck- Lite Co., L L C, Senior Secured Loans, Two, due 12/14/20262021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberTruck- Lite Co., L L C, Senior Secured Loans, One, due 12/14/20262021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberTrident Maritime Systems, Inc, Senior Secured Loans, One, due 2/26/20272021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberTrident Maritime Systems, Inc ( Revolver), Senior Secured Loans, due 2/26/20272021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberThe Octave Music Group, Inc., Senior Secured Loans, due 5/29/20252021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberThe Kleinfelder Group, Inc., Senior Secured Loans, due 11/29/20242021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberThe Cook & Boardman Group L L C, Senior Secured Loans, due 10/20/20252021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberT G G T S Acquisition Company, Senior Secured Loans, due 12/12/20252021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberTeneo Holdings L L C, Senior Secured Loans, due 7/11/20252021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberT E A M Public Choices, L L C, Senior Secured Loans, due 12/17/20272021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberTait L L C, Senior Secured Loans, due 3/28/20252021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberTait L L C ( Revolver), Senior Secured Loans, due 3/28/20252021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberS W Ingredients Holdings, L L C, Senior Secured Loans, due 7/3/20252021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberS T A T S Intermediate Holdings, L L C, Senior Secured Loans, due 7/10/20262021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberS I R V A Worldwide Inc., Senior Secured Loans, due 8/4/20252021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberSecretariat Advisors L L C, Senior Secured Loans, due 12/29/20282021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberSecretariat Advisors L L C ( Delayed Draw), Senior Secured Loans, due 12/29/20282021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberSandvine Corporation, Senior Secured Loans, due 10/31/20252021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberRunner Buyer I N C., Senior Secured Loans, due 10/23/20282021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberResearch Now Group, Inc. and Survey Sampling International, L L C, Senior Secured Loans, due 12/20/20242021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberRadiology Partners, Inc., Senior Secured Loans, due 7/9/20252021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberP V H C Holding Corp, Senior Secured Loans, due 8/5/20242021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberPort Townsend Holdings Company, Inc. and Crown Corrugated Company, Senior Secured Loans, due 4/3/20242021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberPolychem Acquisition, L L C, Senior Secured Loans, due 3/17/20252021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberPhoenix Chemical Holding Company L L C (fka Polymer Solutions Group), Senior Secured Loans, due 1/3/20232021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberP H Beauty Holdings I I I, I N C., Senior Secured Loans, due 9/26/20252021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberOutput Services Group, Inc., Senior Secured Loans, due 3/27/20242021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberOrbit Purchaser L L C, Senior Secured Loans, Two, due 10/21/20242021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberOrbit Purchaser L L C, Senior Secured Loans, Three, due 10/21/20242021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberOrbit Purchaser L L C, Senior Secured Loans, One, due 10/21/20242021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberOffen, Inc., Senior Secured Loans, Two, due 6/22/20262021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberOffen, Inc., Senior Secured Loans, One, due 6/22/20262021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberNorth Haven Spartan U S Holdco, L L C, Senior Secured Loans, due 6/6/20252021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberMinotaur Acquisition, Inc., Senior Secured Loans, due 3/27/20262021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberMavenir Systems, Inc., Senior Secured Loans, due 8/18/20282021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberL W Buyer, L L C, Senior Secured Loans, due 12/30/20242021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberL S C S Holdings, Inc., Senior Secured Loans, due 12/15/20282021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberLiqui- Box Holdings, Inc., Senior Secured Loans, due 2/26/20272021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberLightbox Intermediate, L. P., Senior Secured Loans, due 5/11/20262021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberLaseraway Intermediate Holdings I I, L L C, Senior Secured Loans, due 10/14/20272021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberKeystone Purchaser, L L C, Senior Secured Loans, due 5/7/20272021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberInternational Textile Group, Inc., Senior Secured Loans, due 5/1/20242021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberIntermedia Holdings, Inc., Senior Secured Loans, due 7/21/20252021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberHarbour Benefit Holdings, Inc., Senior Secured Loans, Two, due 12/13/20242021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberHarbour Benefit Holdings, Inc., Senior Secured Loans, One, due 12/13/20242021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberH A L O Buyer, Inc., Senior Secured Loans, due 6/30/20252021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberExcel Fitness Holdings, Inc., Senior Secured Loans, due 4/27/20292021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberEngage2 Excel, Inc., Senior Secured Loans, Two,due 3/7/20232021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberEngage2 Excel, Inc., Senior Secured Loans, One, due 3/7/20232021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberEngage2 Excel, Inc. ( Revolver), Senior Secured Loans, due 3/7/20232021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberEliassen Group, L L C, Senior Secured Loans, due 4/14/20282021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberD S Parent, Inc., Senior Secured Loans, due 12/8/20282021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberDrilling Info Holdings, Inc., Senior Secured Loans, due 7/30/20252021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberDresser Utility Solutions, L L C (fka N G S U S Finco, L L C), Senior Secured Loans, Two, due 10/1/20252021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberDresser Utility Solutions, L L C (fka N G S U S Finco, L L C), Senior Secured Loans, One, due 10/1/20252021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberCorel Inc. (c), Senior Secured Loans, due 7/2/20262021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberC H A Holdings, Inc, Senior Secured Loans, Two, due 4/10/20252021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberC H A Holdings, Inc, Senior Secured Loans, One, due 4/10/20252021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberC B C Restaurant Corp., Senior Secured Loans, due 12/30/20222021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberCano Health, L L C, Senior Secured Loans, due 11/23/20272021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberCadent, L L C, Senior Secured Loans, due 9/11/20252021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberCadent, L L C ( Revolver), Senior Secured Loans, due 9/11/20252021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberBromford Industries Limited, Senior Secured Loans, Two, due 11/5/20252021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberBromford Industries Limited, Senior Secured Loans, One, due 11/5/20252021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberB M C Acquisition, Inc., Senior Secured Loans, due 12/30/20242021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberAvison Young ( U S A) Inc., Senior Secured Loans, due 1/30/20262021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberA Q Carver Buyer, Inc., Senior Secured Loans, due 9/23/20252021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberAnalogic Corporation, Senior Secured Loans, due 6/24/20242021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberAccelerate Auto Works Intermediate, L L C, Senior Secured Loans, due 12/1/20272021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberAccelerate Auto Works Intermediate, L L C ( Revolver), Senior Secured Loans, due 12/1/20272021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberAccelerate Auto Works Intermediate, L L C ( Delayed Draw), Senior Secured Loans, due 12/1/20272021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMember360 Holdco, Inc., Senior Secured Loans, due 8/2/20252021-01-012021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMember360 Holdco, Inc. ( Delayed Draw), Senior Secured Loans, due 8/2/20252021-01-012021-12-310001512931Toojay’s Management L L C, Senior Secured Loans, Two, due 10/26/20222021-01-012021-12-310001512931Toojay’s Management L L C, Senior Secured Loans, One, due 10/26/20222021-01-012021-12-310001512931Toojay’s Management L L C ( Revolver), Senior Secured Loans, due 10/26/20222021-01-012021-12-310001512931Star Compliance Mid Co, L L C, Senior Secured Loans, Two, due 1/12/20272021-01-012021-12-310001512931Star Compliance Mid Co, L L C, Senior Secured Loans, One, due 1/12/20272021-01-012021-12-310001512931Star Compliance Mid Co, L L C, ( Revolver), Senior Secured Loans, due 1/12/20272021-01-012021-12-310001512931M V Receivables I I, L L C ( Delayed Draw), Senior Secured Loans, due 7/29/20262021-01-012021-12-310001512931Magneto & Diesel Acquisition, Inc, Senior Secured Loans, Two, due 12/8/20232021-01-012021-12-310001512931Magneto & Diesel Acquisition, Inc, Senior Secured Loans, Three, due 12/8/20232021-01-012021-12-310001512931Magneto & Diesel Acquisition, Inc, Senior Secured Loans, One, due 12/18/20232021-01-012021-12-310001512931Magneto & Diesel Acquisition, Inc. ( Revolver), Senior Secured Loans, due 12/8/20232021-01-012021-12-310001512931L X/ J T Intermediate Holdings, Inc., Senior Secured Loans, due 3/11/20252021-01-012021-12-310001512931L X/ J T Intermediate Holdings, Inc. ( Revolver), Senior Secured Loans, due 3/11/20252021-01-012021-12-310001512931L V F Holdings, Inc., Senior Secured Loans, Two, due 6/10/20272021-01-012021-12-310001512931L V F Holdings, Inc., Senior Secured Loans, One, due 6/10/20272021-01-012021-12-310001512931L V F Holdings, Inc., Senior Secured Loans, ( Delayed Draw) due 6/10/20272021-01-012021-12-310001512931L V F Holdings, Inc. ( Revolver), Senior Secured Loans, due 6/10/20272021-01-012021-12-310001512931Lifted Trucks Holdings, L L C, Senior Secured Loans, due 8/2/20272021-01-012021-12-310001512931Lifted Trucks Holdings, L L C ( Revolver), Senior Secured Loans, due 8/2/20272021-01-012021-12-310001512931Lifted Trucks Holdings, L L C ( Delayed Draw), Senior Secured Loans, due 8/2/20272021-01-012021-12-310001512931Hastings Manufacturing Company, Senior Secured Loans, due 4/24/20232021-01-012021-12-310001512931Born To Run, L L C, Senior Secured Loans, due 4/1/20272021-01-012021-12-310001512931Born To Run, L L C ( Delayed Draw) Senior Secured Loans, due 4/1/20272021-01-012021-12-310001512931mrcc:SFRHoldcoLLCMember2021-01-012021-09-300001512931Vinci Brands L L C (fka Incipio, L L C) ( Junior secured loan), Two2021-01-012021-09-300001512931Vinci Brands L L C (fka Incipio, L L C) ( Junior secured loan), One2021-01-012021-09-300001512931Vinci Brands L L C (fka Incipio, L L C), Equity Securities, Series C common units)2021-01-012021-09-300001512931Vinci Brands L L C (fka Incipio, L L C), (Delayed Draw)2021-01-012021-09-300001512931S H I Holdings, Inc. ( Common stock)2021-01-012021-09-300001512931SFR Holdco, LLC (LLC interest)2021-01-012021-09-300001512931SFR Holdco, LLC (Junior secured loan)2021-01-012021-09-300001512931Second Avenue S F R Holdings I I L L C, Equity Securities2021-01-012021-09-300001512931N E C B Collections, L L C, Equity Securities2021-01-012021-09-300001512931Mnine Holdings Inc. (Revolver)2021-01-012021-09-300001512931Mnine Holdings, Inc., Equity Securities, Class B units2021-01-012021-09-300001512931Luxury Optical Holdings Co., Equity Securities, Common Stock2021-01-012021-09-300001512931Curion Holdings, L L C, Junior Secured Loans, Two, Due 1/2/20232021-01-012021-09-300001512931Curion Holdings, L L C, Junior Secured Loans, One, Due 1/2/20232021-01-012021-09-300001512931Curion Holdings, L L C, Equity Securities, Common stock2021-01-012021-09-300001512931American Community Homes, Inc. 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Community Homes, Inc., Senior Secured Loans, Four, Acquisition Date 5/24/20172022-09-300001512931American Community Homes, Inc., Senior Secured Loans, Eight, Acquisition Date 9/30/20192022-09-300001512931American Community Homes, Inc., Loan Three2022-09-300001512931American Community Homes, Inc., Loan Five2022-09-300001512931mrcc:AscentMidcoLLCMember2022-09-300001512931mrcc:AmericanCommunityHomesInc.Member2022-09-300001512931mrcc:BusinessServicesSectorMemberus-gaap-supplement:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:JuniorLoansMember2021-12-310001512931us-gaap-supplement:TransportationSectorMembermrcc:MRCCSeniorLoanFundILLCMember2021-12-310001512931us-gaap:RealEstateSectorMembermrcc:MRCCSeniorLoanFundILLCMember2021-12-310001512931us-gaap:HealthcareSectorMemberus-gaap-supplement:InvestmentAffiliatedIssuerNoncontrolledMember2021-12-310001512931us-gaap:HealthcareSectorMembermrcc:MRCCSeniorLoanFundILLCMember2021-12-310001512931us-gaap-supplement:FoodAndBeverageSectorMembermrcc:MRCCSeniorLoanFundILLCMember2021-12-310001512931us-gaap:FinancialServicesSectorMembermrcc:MRCCSeniorLoanFundILLCMember2021-12-310001512931us-gaap-supplement:ContainerAndPackagingSectorMembermrcc:MRCCSeniorLoanFundILLCMember2021-12-310001512931us-gaap-supplement:ConsumerSectorMembermrcc:MRCCSeniorLoanFundILLCMember2021-12-310001512931us-gaap-supplement:ConstructionSectorMembermrcc:MRCCSeniorLoanFundILLCMember2021-12-310001512931us-gaap:CommercialAndIndustrialSectorMembermrcc:MRCCSeniorLoanFundILLCMember2021-12-310001512931us-gaap-supplement:ChemicalsSectorMembermrcc:MRCCSeniorLoanFundILLCMember2021-12-310001512931us-gaap-supplement:AutomotiveSectorMembermrcc:MRCCSeniorLoanFundILLCMember2021-12-310001512931us-gaap-supplement:AerospaceSectorMembermrcc:MRCCSeniorLoanFundILLCMember2021-12-310001512931mrcc:WholesaleSectorMembermrcc:MRCCSeniorLoanFundILLCMember2021-12-310001512931mrcc:UtilitiesOilGasSectorMembermrcc:MRCCSeniorLoanFundILLCMember2021-12-310001512931mrcc:TelecommunicationsSectorMembermrcc:MRCCSeniorLoanFundILLCMember2021-12-310001512931mrcc:MediaDiversifiedProductionSectorMembermrcc:MRCCSeniorLoanFundILLCMember2021-12-310001512931mrcc:MediaAdvertisingPrintingPublishingSectorMembermrcc:MRCCSeniorLoanFundILLCMember2021-12-310001512931mrcc:HotelsGamingLeisureSectorMembermrcc:MRCCSeniorLoanFundILLCMember2021-12-310001512931mrcc:EnergySectorOilAndGasMembermrcc:MRCCSeniorLoanFundILLCMember2021-12-310001512931mrcc:ConsumerSectorNon-DurableMembermrcc:MRCCSeniorLoanFundILLCMember2021-12-310001512931mrcc:ConsumerSectorDurableMembermrcc:MRCCSeniorLoanFundILLCMember2021-12-310001512931mrcc:CapitalEquipmentSectorMembermrcc:MRCCSeniorLoanFundILLCMember2021-12-310001512931mrcc:BusinessServicesSectorMembermrcc:MRCCSeniorLoanFundILLCMember2021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMember2021-12-310001512931mrcc:VinciBrandsLLCfkaIncipioLLCMember2021-09-300001512931mrcc:TJManagementHoldCoLLCMember2021-09-300001512931mrcc:SummitContainerCorporationMember2021-09-300001512931mrcc:SHIHoldingsIncMember2021-09-300001512931mrcc:SFRHoldcoLLCMember2021-09-300001512931mrcc:SecondAvenueSFRHoldingsIILLCMember2021-09-300001512931mrcc:NECBCollectionsLLCMember2021-09-300001512931mrcc:MRCCSeniorLoanFundILLCMember2021-09-300001512931mrcc:MnineHoldingsIncMember2021-09-300001512931mrcc:LuxuryOpticalHoldingsCoMember2021-09-300001512931mrcc:HFZCapitalGroupLLCMCAssetManagementCorporateLLCandMCAssetManagementIndustrialLLCMember2021-09-300001512931mrcc:FamiliaDentalGroupHoldingsLLCMember2021-09-300001512931mrcc:CurionHoldingsLLCMember2021-09-300001512931Vinci Brands L L C (fka Incipio, L L C), Loan Two2021-09-300001512931Vinci Brands L L C (fka Incipio, L L C), Loan Three2021-09-300001512931Vinci Brands L L C (fka Incipio, L L C), Loan Six2021-09-300001512931Vinci Brands L L C (fka Incipio, L L C), Loan One2021-09-300001512931Vinci Brands L L C (fka Incipio, L L C), Loan Four2021-09-300001512931Vinci Brands L L C (fka Incipio, L L C), Loan Five2021-09-300001512931Vinci Brands L L C (fka Incipio, L L C) ( Junior secured loan), Two2021-09-300001512931Vinci Brands L L C (fka Incipio, L L C) ( Junior secured loan), One2021-09-300001512931Vinci Brands L L C (fka Incipio, L L C), Equity Securities, Series C common units)2021-09-300001512931Vinci Brands L L C (fka Incipio, L L C), (Delayed Draw)2021-09-300001512931T J Management Hold Co L L C ( Revolver), Senior Secured Loans, Due 6/28/20242021-09-300001512931T J Management Hold Co L L C, Equity Securities, Common stock2021-09-300001512931Summit Container Corporation ( Revolver)2021-09-300001512931Summit Container Corporation, Investment One2021-09-300001512931S H I Holdings, Inc. ( Revolver)2021-09-300001512931S H I Holdings, Inc., Investment One2021-09-300001512931S H I Holdings, Inc. ( Common stock)2021-09-300001512931SFR Holdco, LLC (LLC interest)2021-09-300001512931SFR Holdco, LLC (Junior secured loan)2021-09-300001512931Second Avenue S F R Holdings I I L L C ( Revolver), Senior Secured Loans, Due 8/9/20242021-09-300001512931Second Avenue SFR Holdings II LLC (Delayed Draw) Loan2021-09-300001512931N E C B Collections, L L C ( Revolver), Senior Secured Loans2021-09-300001512931M R C C Senior Loan Fund I, L L C, Equity Securities2021-09-300001512931Mnine Holdings, Inc., Senior Secured Loans Due 12/30/20222021-09-300001512931Mnine Holdings Inc. (Revolver)2021-09-300001512931M C Asset Management ( Industrial), L L C Promissory Note2021-09-300001512931M C Asset Management ( Corporate), L L C, Senior Secured Loans Due 1/26/20242021-09-300001512931M C Asset Management ( Corporate), L L C ( Delayed Draw), Senior Secured Loans Due 1/26/20242021-09-300001512931Luxury Optical Holdings Co.( Revolver)2021-09-300001512931Luxury Optical Holdings Co. Investment, One2021-09-300001512931Luxury Optical Holdings Co., Equity Securities, Common Stock2021-09-300001512931Luxury Optical Holdings Co. ( Delayed Draw)2021-09-300001512931H F Z Capital Group L L C, Senior Secured Loans , Two2021-09-300001512931H F Z Capital Group L L C, Senior Secured Loans, One2021-09-300001512931Curion Holdings, L L C, Senior Secured Loans, One, Acquisition Date 5/2/20172021-09-300001512931Curion Holdings, LLC (Revolver), Senior Secured Loans, Two, Acquisition Date 5/2/20172021-09-300001512931Curion Holdings, L L C, Junior Secured Loans, Two, Due 1/2/20232021-09-300001512931Curion Holdings, L L C, Junior Secured Loans, One, Due 1/2/20232021-09-300001512931Curion Holdings, L L C, Equity Securities, Common stock2021-09-300001512931Ascent Midco, L L C, Senior Secured Loans Due 2/5/20252021-09-300001512931Ascent Midco, L L C ( Revolver), Senior Secured Loans Due 2/5/20252021-09-300001512931Ascent Midco, L L C, ( Delayed Draw) Loan2021-09-300001512931American Community Homes, Inc., Senior Secured Loans, Two, Acquisition Date 7/22/20142021-09-300001512931American Community Homes, Inc., Senior Secured Loans, Six, Acquisition Date 8/10/20182021-09-300001512931American Community Homes, Inc., Senior Secured Loans, Seven, Acquisition Date 3/29/20192021-09-300001512931American Community Homes, Inc., Senior Secured Loans, One, Acquisition Date 7/22/20142021-09-300001512931American Community Homes, Inc., Senior Secured Loans, Nine, Acquisition Date 12/30/20192021-09-300001512931American Community Homes, Inc., Senior Secured Loans, Four, Acquisition Date 5/24/20172021-09-300001512931American Community Homes, Inc., Senior Secured Loans, Eight, Acquisition Date 9/30/20192021-09-300001512931American Community Homes, Inc. ( Revolver), Senior Secured Loans Due 12/31/20262021-09-300001512931American Community Homes, Inc., Loan Three2021-09-300001512931American Community Homes, Inc., Loan Five2021-09-300001512931mrcc:AscentMidcoLLCMember2021-09-300001512931mrcc:AmericanCommunityHomesInc.Member2021-09-300001512931Forman Mills, Inc., Senior Secured Loans, One, due 12/30/20222022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberC B C Restaurant Corp., Senior Secured Loans, due 12/30/20222022-09-300001512931Witkoff/ Monroe 700 J V L L C ( Delayed Draw), Junior Secured Loans, due 7/2/20262022-09-300001512931W3 Monroe R E Debt L L C, Senior Secured Loans, due 2/4/20282022-09-300001512931Vinci Brands L L C, Unitranche Secured Loans, Two, due 2/6/20242022-09-300001512931Vinci Brands L L C, Unitranche Secured Loans, Three, due 2/6/20242022-09-300001512931Vinci Brands L L C, Unitranche Secured Loans, One, due 2/6/20242022-09-300001512931Vinci Brands L L C, Unitranche Secured Loans, Four, due 2/6/20242022-09-300001512931T J Management Hold Co L L C, Equity Securities, Common stock2022-09-300001512931S F R Holdco, L L C, Junior Secured Loans Due 7/28/20282022-09-300001512931Rockdale Blackhawk, L L C, Senior Secured Loans, no stated maturity2022-09-300001512931P K S Holdings, L L C, Equity Securities, Two, Preferred units2022-09-300001512931P K S Holdings, L L C, Equity Securities, Three, Preferred units2022-09-300001512931P K S Holdings, L L C, Equity Securities, One, Preferred units2022-09-300001512931P K S Holdings, L L C, Equity Securities, Four, Preferred units2022-09-300001512931Oceana Australian Fixed Income Trust, Senior Secured Loans, Two, due 2/25/20262022-09-300001512931Oceana Australian Fixed Income Trust, Senior Secured Loans, One, due 6/29/20262022-09-300001512931Luxury Optical Holdings Co., Equity Securities2022-09-300001512931J2 BWA Funding LLC (Delayed Draw), Senior Notes, Due 12/24/20262022-09-300001512931I D I G Parent, L L C, Equity Securities, Common stock2022-09-300001512931Florida East Coast Industries, L L C, Senior Secured Loans, due 6/28/20242022-09-300001512931Florida East Coast Industries, L L C, Junior Secured Loans, due 6/28/20242022-09-300001512931Education Corporation of America, Equity Securities, Series G Preferred Stock2022-09-300001512931Curion Holdings, LLC, Senior Secured Loans, No Maturity Date2022-09-300001512931Curion Holdings, L L C, Equity Securities, Common stock2022-09-300001512931A P C O Worldwide, Inc, Equity Securities, Class A voting common stock2022-09-300001512931Ad Theorent Holding Company, Inc. Equity Securities, common stock2022-09-300001512931us-gaap:HealthcareSectorMemberus-gaap-supplement:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2021-12-310001512931us-gaap:FinancialServicesSectorMemberus-gaap-supplement:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2021-12-310001512931us-gaap-supplement:ConsumerSectorMemberus-gaap-supplement:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:SeniorLoansMember2021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberC B C Restaurant Corp., Senior Secured Loans, due 12/30/20222021-12-310001512931Witkoff/ Monroe 700 J V L L C ( Delayed Draw), Junior Secured Loans, due 7/2/20262021-12-310001512931W3 Monroe R E Debt L L C, Senior Secured Loans, due 2/4/20282021-12-310001512931Vinci Brands L L C, Unitranche Secured Loans, Two, due 2/6/20242021-12-310001512931Vinci Brands L L C, Unitranche Secured Loans, Three, due 2/6/20242021-12-310001512931Vinci Brands L L C, Unitranche Secured Loans, One, due 2/6/20242021-12-310001512931Vinci Brands L L C, Unitranche Secured Loans, Four, due 2/6/20242021-12-310001512931Toojay’s Management L L C, Senior Secured Loans, Two, due 10/26/20222021-12-310001512931Toojay’s Management L L C, Senior Secured Loans, One, due 10/26/20222021-12-310001512931Toojay’s Management L L C ( Revolver), Senior Secured Loans, due 10/26/20222021-12-310001512931T J Management Hold Co L L C, Equity Securities, Common stock2021-12-310001512931Star Compliance Mid Co, L L C, Senior Secured Loans, Two, due 1/12/20272021-12-310001512931Star Compliance Mid Co, L L C, Senior Secured Loans, One, due 1/12/20272021-12-310001512931Star Compliance Mid Co, L L C, ( Revolver), Senior Secured Loans, due 1/12/20272021-12-310001512931Second Avenue S F R Holdings I I L L C, Junior Secured Loans, Due 7/28/20282021-12-310001512931Rockdale Blackhawk, L L C, Senior Secured Loans, no stated maturity2021-12-310001512931Oceana Australian Fixed Income Trust, Senior Secured Loans, Two, due 2/25/20262021-12-310001512931Oceana Australian Fixed Income Trust, Senior Secured Loans, One, due 6/29/20262021-12-310001512931M V Receivables I I, L L C ( Delayed Draw), Senior Secured Loans, due 7/29/20262021-12-310001512931Money Lion, Inc., Junior Secured Loans, due 3/24/20262021-12-310001512931Magneto & Diesel Acquisition, Inc, Senior Secured Loans, Two, due 12/8/20232021-12-310001512931Magneto & Diesel Acquisition, Inc, Senior Secured Loans, Three, due 12/8/20232021-12-310001512931Magneto & Diesel Acquisition, Inc, Senior Secured Loans, One, due 12/18/20232021-12-310001512931Magneto & Diesel Acquisition, Inc. ( Revolver), Senior Secured Loans, due 12/8/20232021-12-310001512931L X/ J T Intermediate Holdings, Inc., Senior Secured Loans, due 3/11/20252021-12-310001512931L X/ J T Intermediate Holdings, Inc. ( Revolver), Senior Secured Loans, due 3/11/20252021-12-310001512931L V F Holdings, Inc., Senior Secured Loans, Two, due 6/10/20272021-12-310001512931L V F Holdings, Inc., Senior Secured Loans, One, due 6/10/20272021-12-310001512931L V F Holdings, Inc., Senior Secured Loans, ( Delayed Draw) due 6/10/20272021-12-310001512931L V F Holdings, Inc. ( Revolver), Senior Secured Loans, due 6/10/20272021-12-310001512931Luxury Optical Holdings Co., Equity Securities2021-12-310001512931Lifted Trucks Holdings, L L C, Senior Secured Loans, due 8/2/20272021-12-310001512931Lifted Trucks Holdings, L L C ( Revolver), Senior Secured Loans, due 8/2/20272021-12-310001512931Lifted Trucks Holdings, L L C ( Delayed Draw), Senior Secured Loans, due 8/2/20272021-12-310001512931J2 B W A Funding L L C ( Delayed Draw), Senior Secured Loans, due 12/24/20262021-12-310001512931I D I G Parent, L L C, Equity Securities, Common stock2021-12-310001512931Hastings Manufacturing Company, Senior Secured Loans, due 4/24/20232021-12-310001512931Florida East Coast Industries, L L C, Senior Secured Loans, due 6/28/20242021-12-310001512931Florida East Coast Industries, L L C, Junior Secured Loans, due 6/28/20242021-12-310001512931Education Corporation of America, Equity Securities, Series G Preferred Stock2021-12-310001512931Curion Holdings, L L C, Senior Secured Loans, Due 8/31/20222021-12-310001512931Curion Holdings, L L C ( Revolver), Senior Secured Loans, Due 8/31/20222021-12-310001512931Curion Holdings, L L C, Junior Secured Loans, Two, Due 1/2/20232021-12-310001512931Curion Holdings, L L C, Junior Secured Loans, One, Due 1/2/20232021-12-310001512931Curion Holdings, L L C, Equity Securities, Common stock2021-12-310001512931Born To Run, L L C, Senior Secured Loans, due 4/1/20272021-12-310001512931Born To Run, L L C ( Delayed Draw) Senior Secured Loans, due 4/1/20272021-12-310001512931Ad Theorent Holding Company, Inc. Equity Securities, common stock2021-12-310001512931us-gaap:CommonStockMember2022-07-012022-09-300001512931us-gaap:AdditionalPaidInCapitalMember2022-07-012022-09-300001512931us-gaap:RetainedEarningsMember2022-07-012022-09-300001512931us-gaap:RetainedEarningsMember2022-01-012022-09-300001512931us-gaap:CommonStockMember2022-01-012022-09-300001512931us-gaap:AdditionalPaidInCapitalMember2022-01-012022-09-300001512931us-gaap:RetainedEarningsMember2021-07-012021-09-300001512931us-gaap:RetainedEarningsMember2021-01-012021-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberWheel Pros, Inc., Senior Secured Loans, due 5/11/20282022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberTruck- Lite Co., L L C, Senior Secured Loans, Two, due 12/14/20262022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberTruck-Lite Co., LLC, Senior Secured Loans, Three, due 12/14/20262022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberTruck- Lite Co., L L C, Senior Secured Loans, One, due 12/14/20262022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberTrident Maritime Systems, Inc, Senior Secured Loans, Two, due 2/26/20272022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberTrident Maritime Systems, Inc, Senior Secured Loans, One, due 2/26/20272022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberTrident Maritime Systems, Inc ( Revolver), Senior Secured Loans, due 2/26/20272022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberT J C Spartech Acquisition Corp., Senior Secured Loans, due 5/5/20282022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberThe Kleinfelder Group, Inc., Senior Secured Loans, due 11/29/20242022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberThe Cook & Boardman Group L L C, Senior Secured Loans, due 10/20/20252022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberT G G T S Acquisition Company, Senior Secured Loans, due 12/12/20252022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberTeneo Holdings L L C, Senior Secured Loans, due 7/11/20252022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberT E A M Public Choices, L L C, Senior Secured Loans, due 12/17/20272022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberT A T T Buyer, L L C, Senior Secured Loans, due 3/30/20292022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberTait L L C, Senior Secured Loans, due 3/28/20252022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberTait L L C ( Revolver), Senior Secured Loans, due 3/28/20252022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberS W Ingredients Holdings, L L C, Senior Secured Loans, due 7/3/20252022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberS T A T S Intermediate Holdings, L L C, Senior Secured Loans, due 7/10/20262022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberS I R V A Worldwide Inc., Senior Secured Loans, due 8/4/20252022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberSecretariat Advisors L L C, Senior Secured Loans, due 12/29/20282022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberSecretariat Advisors L L C ( Delayed Draw), Senior Secured Loans, due 12/29/20282022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberSandvine Corporation, Senior Secured Loans, due 10/31/20252022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberRunner Buyer I N C., Senior Secured Loans, due 10/23/20282022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberResearch Now Group, Inc. and Survey Sampling International, L L C, Senior Secured Loans, due 12/20/20242022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberRadiology Partners, Inc., Senior Secured Loans, due 7/9/20252022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberP V H C Holding Corp, Senior Secured Loans, due 8/5/20242022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberPort Townsend Holdings Company, Inc. and Crown Corrugated Company, Senior Secured Loans, due 4/3/20242022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberPolychem Acquisition, L L C, Senior Secured Loans, due 3/17/20252022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberPhoenix Chemical Holding Company L L C (fka Polymer Solutions Group), Senior Secured Loans, due 1/3/20232022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberP H Beauty Holdings I I I, I N C., Senior Secured Loans, due 9/26/20252022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberParagon Healthcare, Inc., Senior Secured Loans, due 1/19/20282022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberParagon Healthcare, Inc. ( Revolver), Senior Secured Loans, due 1/19/20282022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberParagon Healthcare, Inc. ( Delayed Draw), Senior Secured Loans, due 1/19/20282022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberOutput Services Group, Inc., Senior Secured Loans, due 3/27/20242022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberOrbit Purchaser L L C, Senior Secured Loans, Two, due 10/21/20242022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberOrbit Purchaser L L C, Senior Secured Loans, Three, due 10/21/20242022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberOrbit Purchaser L L C, Senior Secured Loans, One, due 10/21/20242022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberOffen, Inc., Senior Secured Loans, Two, due 6/22/20262022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberOffen, Inc., Senior Secured Loans, One, due 6/22/20262022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberNorth Haven Spartan U S Holdco, L L C, Senior Secured Loans, due 6/6/20252022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberNatus Medical Incorporated, Senior Secured Loans, due 7/20/20292022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberMinotaur Acquisition, Inc., Senior Secured Loans, due 3/27/20262022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberMc Kissock Investment Holdings, L L C, Senior Secured Loans, due 3/9/20292022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberMavenir Systems, Inc., Senior Secured Loans, due 8/18/20282022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberMac Queen Equipment, L L C, Senior Secured Loans, due 1/7/20282022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberMac Queen Equipment, L L C ( Revolver), Senior Secured Loans, due 1/7/20282022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberMac Queen Equipment, L L C ( Delayed Draw), Senior Secured Loans, due 1/7/20282022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberL W Buyer, L L C, Senior Secured Loans, due 12/30/20242022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberL S C S Holdings, Inc., Senior Secured Loans, due 12/15/20282022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberLiqui- Box Holdings, Inc., Senior Secured Loans, due 2/26/20272022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberLightbox Intermediate, L. P., Senior Secured Loans, due 5/11/20262022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberLaseraway Intermediate Holdings I I, L L C, Senior Secured Loans, due 10/14/20272022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberKeystone Purchaser, L L C, Senior Secured Loans, due 5/7/20272022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberInternational Textile Group, Inc., Senior Secured Loans, due 5/1/20242022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberIntermedia Holdings, Inc., Senior Secured Loans, due 7/21/20252022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberHarbour Benefit Holdings, Inc., Senior Secured Loans, Two, due 12/13/20242022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberHarbour Benefit Holdings, Inc., Senior Secured Loans, One, due 12/13/20242022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberH A L O Buyer, Inc., Senior Secured Loans, due 6/30/20252022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberH A H Group Holding Company L L C, Senior Secured Loans, due 10/29/20272022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberExcel Fitness Holdings, Inc., Senior Secured Loans, due 4/27/20292022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberExcel Fitness Holdings, Inc. ( Revolver), Senior Secured Loans, due 4/28/20282022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberEngage2 Excel, Inc., Senior Secured Loans, Two,due 3/7/20232022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberEngage2 Excel, Inc., Senior Secured Loans, One, due 3/7/20232022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberEngage2 Excel, Inc. ( Revolver), Senior Secured Loans, due 3/7/20232022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberEliassen Group, L L C, Senior Secured Loans, due 4/14/20282022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberEliassen Group, L L C ( Delayed Draw), Senior Secured Loans, due 4/14/20282022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberD S Parent, Inc., Senior Secured Loans, due 12/8/20282022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberDrilling Info Holdings, Inc., Senior Secured Loans, due 7/30/20252022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberDresser Utility Solutions, L L C (fka N G S U S Finco, L L C), Senior Secured Loans, Two, due 10/1/20252022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberDresser Utility Solutions, L L C (fka N G S U S Finco, L L C), Senior Secured Loans, One, due 10/1/20252022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberCorel Inc. (c), Senior Secured Loans, due 7/2/20262022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberC H A Holdings, Inc, Senior Secured Loans, Two, due 4/10/20252022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberC H A Holdings, Inc, Senior Secured Loans, One, due 4/10/20252022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberCano Health, L L C, Senior Secured Loans, due 11/23/20272022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberCadent, L L C, Senior Secured Loans, due 9/11/20252022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberCadent, L L C ( Revolver), Senior Secured Loans, due 9/11/20252022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberBromford Industries Limited, Senior Secured Loans, Two, due 11/5/20252022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberBromford Industries Limited, Senior Secured Loans, One, due 11/5/20252022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberAvison Young ( U S A) Inc., Senior Secured Loans, due 1/30/20262022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberA Q Carver Buyer, Inc., Senior Secured Loans, due 9/23/20252022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberAnalogic Corporation, Senior Secured Loans, due 6/24/20242022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberAccelerate Auto Works Intermediate, L L C, Senior Secured Loans, due 12/1/20272022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberAccelerate Auto Works Intermediate, L L C ( Revolver), Senior Secured Loans, due 12/1/20272022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberAccelerate Auto Works Intermediate, L L C ( Delayed Draw), Senior Secured Loans, due 12/1/20272022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMember360 Holdco, Inc., Senior Secured Loans, due 8/2/20252022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMember360 Holdco, Inc. ( Delayed Draw), Senior Secured Loans, due 8/2/20252022-09-300001512931Y S W H 4, L L C (Revolver), Senior Secured Loans, Due 11/20/20252022-09-300001512931Xan Edu Publishing, Inc., Senior Secured Loans, Two, due, 1/28/20252022-09-300001512931Xan Edu Publishing, Inc., Senior Secured Loans, One, due, 1/28/20252022-09-300001512931Xan Edu Publishing, Inc. ( Revolver), Senior Secured Loans, due, 1/28/20252022-09-300001512931WillowTree, LLC, Unitranche Secured Loans, due 10/9/20232022-09-300001512931Whistler Parent Holdings I I I, Inc., Senior Secured Loans, due 6/2/20282022-09-300001512931Whistler Parent Holdings I I I, Inc. ( Revolver), Senior Secured Loans, due 6/2/20282022-09-300001512931Whistler Parent Holdings I I I, Inc. ( Delayed Draw), Senior Secured Loans, due 6/2/20282022-09-300001512931V P S Holdings, L L C, Senior Secured Loans, Two, due 10/4/20242022-09-300001512931V P S Holdings, L L C, Senior Secured Loans, One, due 10/4/20242022-09-300001512931V P S Holdings, L L C ( Revolver), Senior Secured Loans, due 10/4/20242022-09-300001512931Vice Group Holding Inc., Senior Secured Loans, Two, due 11/2/20222022-09-300001512931Vice Group Holding Inc., Senior Secured Loans, Three, due 11/2/20222022-09-300001512931Vice Group Holding Inc., Senior Secured Loans, One, due 11/2/20222022-09-300001512931Vice Group Holding Inc., Senior Secured Loans, Four, due, 11/2/20222022-09-300001512931V B E1, L L C, Unitranche Secured Loans, due 11/18/20262022-09-300001512931Valudor Products L L C, Senior Secured Loans, Two, due 6/19/20232022-09-300001512931Valudor Products L L C, Senior Secured Loans, Three, due 6/19/20232022-09-300001512931Valudor Products L L C, Senior Secured Loans, One, due 6/19/2023,2022-09-300001512931Valudor Products L L C ( Revolver), Senior Secured Loans, due 6/19/20232022-09-300001512931T J Management Hold Co L L C ( Revolver), Senior Secured Loans, Due 6/28/20242022-09-300001512931Tiger Connect, Inc., Senior Secured Loans, due 2/16/20282022-09-300001512931Tiger Connect, Inc. ( Revolver), Senior Secured Loans, due 2/16/20282022-09-300001512931Tiger Connect, Inc. ( Delayed Draw), Senior Secured Loans, due 2/16/20282022-09-300001512931Thrasio, L L C, Senior Secured Loans, due 12/18/20262022-09-300001512931The Kyjen Company, L L C, Senior Secured Loans, due 4/3/20262022-09-300001512931The Kyjen Company, L L C ( Revolver), Senior Secured Loans, due 4/3/20262022-09-300001512931T C F I I I O W L Buyer L L C, Senior Secured Loans, Two, due 4/17/20262022-09-300001512931T C F I I I O W L Buyer L L C, Senior Secured Loans, Three, due 4/17/20262022-09-300001512931T C F I I I O W L Buyer L L C, Senior Secured Loans, One, due 4/17/20262022-09-300001512931Star Compliance Mid Co, L L C, Senior Secured Loans, Two, due 1/12/20272022-09-300001512931Star Compliance Mid Co, L L C, Senior Secured Loans, One, due 1/12/20272022-09-300001512931Star Compliance Mid Co, L L C, ( Revolver), Senior Secured Loans, due 1/12/20272022-09-300001512931Spherix Global Inc. , Senior Secured Loans, due, 12/22/20262022-09-300001512931Spherix Global Inc. ( Revolver), Senior Secured Loans, due, 12/22/20262022-09-300001512931Spectrum Science Communications, L L C, Senior Secured Loans, due 1/25/20272022-09-300001512931Spectrum Science Communications, L L C ( Revolver), Senior Secured Loans, due 1/25/20272022-09-300001512931Service Max, Inc., Senior Secured Loans, due 11/1/20272022-09-300001512931Service Max, Inc. ( Revolver) , Senior Secured Loans, due 11/1/20272022-09-300001512931Seran Bio Science, L L C, Senior Secured Loans, due 7/8/20272022-09-300001512931Seran Bio Science, L L C, Senior Secured Loans, Due 12/31/20252022-09-300001512931Seran Bio Science, L L C ( Revolver), Senior Secured Loans, due 7/8/20272022-09-300001512931Security Services Acquisition Sub Corp., Senior Secured Loans, Two, due 9/30/20262022-09-300001512931Security Services Acquisition Sub Corp., Senior Secured Loans, Three, due 9/30/20262022-09-300001512931Security Services Acquisition Sub Corp., Senior Secured Loans, One, due 9/30/20262022-09-300001512931Security Services Acquisition Sub Corp., Senior Secured Loans, Four, due 9/30/20262022-09-300001512931Security Services Acquisition Sub Corp., Senior Secured Loans, Five, due 9/30/20262022-09-300001512931Second Avenue S F R Holdings I I L L C ( Revolver), Senior Secured Loans, Due 8/9/20242022-09-300001512931Relevate Health Group, L L C, Senior Secured Loans, due, 11/20/20252022-09-300001512931Relevate Health Group, L L C ( Revolver), Senior Secured Loans, due, 11/20/20252022-09-300001512931Relevate Health Group, L L C ( Delayed Draw), Senior Secured Loans, due, 11/20/20252022-09-300001512931Relativity O D A L L C, Senior Secured Loans, due 5/12/20272022-09-300001512931Relativity O D A L L C ( Revolver), Senior Secured Loans, due 5/12/20272022-09-300001512931Red Zone Robotics, Inc., Senior Secured Loans, due 6/5/20232022-09-300001512931Red Zone Robotics, Inc. ( Revolver) , Senior Secured Loans, due 6/5/20232022-09-300001512931Recycled Plastics Industries, L L C, Senior Secured Loans, due 8/4/20262022-09-300001512931Recycled Plastics Industries, L L C ( Revolver), Senior Secured Loans, due 8/4/20262022-09-300001512931Quest Resource Management Group, L L C, Senior Secured Loans, Two, due 10/20/20252022-09-300001512931Quest Resource Management Group, L L C, Senior Secured Loans, Three, due 10/20/20252022-09-300001512931Quest Resource Management Group, L L C, Senior Secured Loans, One, due 10/20/20252022-09-300001512931Quest Resource Management Group, L L C ( Delayed Draw), Senior Secured Loans, due 10/20/20252022-09-300001512931Planful, Inc, Senior Secured Loans, Two, due 12/28/20262022-09-300001512931Planful, Inc, Senior Secured Loans, Three, due 12/28/20262022-09-300001512931Planful, Inc, Senior Secured Loans, One, due 12/28/20262022-09-300001512931Planful, Inc, Senior Secured Loans, Four, due 12/28/20262022-09-300001512931Planful, Inc. ( Revolver), Senior Secured Loans, due 12/28/20262022-09-300001512931Onit, Inc., Unitranche Secured Loans, due 5/2/20252022-09-300001512931North Haven USHC Acquisition, Inc, Senior Secured Loans, Three, due 10/30/20252022-09-300001512931North Haven USHC Acquisition, Inc, Senior Secured Loans, Four, due 10/30/20252022-09-300001512931North Haven U S H C Acquisition, Inc., Senior Secured Loans, due, Two, 10/30/20252022-09-300001512931North Haven U S H C Acquisition, Inc., Senior Secured Loans, due, One, 10/30/20252022-09-300001512931North Haven U S H C Acquisition, Inc. ( Revolver), Senior Secured Loans, due, 10/30/20252022-09-300001512931North Haven U S H C Acquisition, Inc. ( Delayed Draw), Senior Secured Loans, due, 10/30/20252022-09-300001512931Newforma, Inc., Senior Secured Loans, due 3/31/20232022-09-300001512931Newforma, Inc. ( Revolver) (f), Senior Secured Loans, due 3/31/20232022-09-300001512931N E C B Collections, L L C ( Revolver), Senior Secured Loans2022-09-300001512931Nearly Natural, Inc., Senior Secured loans, Two, due 12/15/20222022-09-300001512931Nearly Natural, Inc., Senior Secured loans, Three, due 12/15/20222022-09-300001512931Nearly Natural, Inc., Senior Secured loans, One, due 12/15/20222022-09-300001512931Nearly Natural, Inc., Senior Secured loans, Four, due 12/15/20222022-09-300001512931Nearly Natural, Inc.( Revolver), Senior Secured loans, due 12/15/20222022-09-300001512931N C B P Property, L L C, Senior Secured Loans, due 12/16/20222022-09-300001512931Nations Benefits L L C, Senior Secured Loans, Two, Due 8/26/20272022-09-300001512931Nations Benefits L L C, Senior Secured Loans, One, Due 8/26/20272022-09-300001512931Nations Benefits, L L C (Revolver), Senior Secured Loans, Due 8/26/20272022-09-300001512931Nations Benefits LLC Delayed Draw, Senior Secured Loans Due 8/26/20272022-09-300001512931M V Receivables I I, L L C ( Delayed Draw), Senior Secured Loans, due 7/29/20262022-09-300001512931Money Lion, Inc., Junior Secured Loans, due 5/1/20232022-09-300001512931Money Lion, Inc., Junior Secured Loans, due 3/24/20262022-09-300001512931Money Lion, Inc. ( Delayed Draw), Junior Secured Loans, due 3/24/20262022-09-300001512931Mnine Holdings, Inc (Revolver), Senior Secured Loans, due 12/30/20222022-09-300001512931Mnine Holdings, Inc., Senior Secured Loans Due 12/30/20222022-09-300001512931Mindbody, Inc., Senior Secured Loans, Two, due 2/14/20252022-09-300001512931Mindbody, Inc., Senior Secured Loans, One, due 2/14/20252022-09-300001512931Mindbody, Inc. ( Revolver) (f), Senior Secured Loans, due 2/14/20252022-09-300001512931Medallia, Inc, Senior Secured Loans, due 10/27/20282022-09-300001512931M C P Shaw Acquisitionco, L L C, Senior Secured Loans, Two, due 11/28/20252022-09-300001512931MCP Shaw Acquisitionco, LLC, Senior Secured Loans, Three, due 11/28/20252022-09-300001512931M C P Shaw Acquisitionco, L L C, Senior Secured Loans, One, due 11/28/20252022-09-300001512931M C P Shaw Acquisitionco, L L C ( Revolver), Senior Secured Loans, due 11/28/20252022-09-300001512931M C Asset Management ( Corporate), L L C, Senior Secured Loans Due 1/26/20242022-09-300001512931M C Asset Management ( Corporate), L L C ( Delayed Draw), Senior Secured Loans Due 1/26/20242022-09-300001512931Mark Logic Corporation, Senior Secured Loans, Two, due 10/20/20252022-09-300001512931Mark Logic Corporation, Senior Secured Loans, Three, due 10/20/20252022-09-300001512931Mark Logic Corporation, Senior Secured Loans, One, due 10/20/20252022-09-300001512931Mark Logic Corporation, Senior Secured Loans, Four, due 10/20/20252022-09-300001512931Mark Logic Corporation ( Revolver), Senior Secured Loans, due 10/20/20252022-09-300001512931Mammoth Holdings, L L C, Senior Secured Loans, Two, due 10/16/20232022-09-300001512931Mammoth Holdings, L L C, Senior Secured Loans, Three, due 10/16/20232022-09-300001512931Mammoth Holdings, L L C, Senior Secured Loans, One, due 10/16/20232022-09-300001512931Mammoth Holdings, L L C, Senior Secured Loans, Four, due 10/16/20232022-09-300001512931Mammoth Holdings, L L C ( Revolver), Senior Secured Loans, due 10/16/20232022-09-300001512931L X/ J T Intermediate Holdings, Inc., Senior Secured Loans, due 3/11/20252022-09-300001512931L X/ J T Intermediate Holdings, Inc. ( Revolver), Senior Secured Loans, due 3/11/20252022-09-300001512931L V F Holdings, Inc., Senior Secured Loans, Two, due 6/10/20272022-09-300001512931L V F Holdings, Inc., Senior Secured Loans, One, due 6/10/20272022-09-300001512931L V F Holdings, Inc., Senior Secured Loans, ( Delayed Draw) due 6/10/20272022-09-300001512931L V F Holdings, Inc. ( Revolver), Senior Secured Loans, due 6/10/20272022-09-300001512931Liftforward S P V I I, L L C, Senior Secured Loans, due 9/30/20222022-09-300001512931Lifted Trucks Holdings, L L C, Senior Secured Loans, due 8/2/20272022-09-300001512931Lifted Trucks Holdings, L L C ( Revolver), Senior Secured Loans, due 8/2/20272022-09-300001512931Lifted Trucks Holdings, L L C ( Delayed Draw), Senior Secured Loans, due 8/2/20272022-09-300001512931The Kyjen Company, L L C, Senior SEcured Loans, Two, Due 4/3/20262022-09-300001512931Kar Wash Holdings, LLC, Senior Secured Loans, Two, due 2/26/20272022-09-300001512931Kar Wash Holdings, LLC, Senior Secured Loans, One, due 2/26/20272022-09-300001512931Kar Wash Holdings, L L C ( Revolver), Senior Secured Loans, due 2/26/20272022-09-300001512931Kar Wash Holdings, L L C ( Delayed Draw), Senior Secured Loans, due 2/26/20272022-09-300001512931I N H Buyer, Inc., Senior Secured Loans, due 6/28/20282022-09-300001512931Independence Buyer, Inc, Senior Secured Loans, due 8/3/20262022-09-300001512931Independence Buyer, Inc. ( Revolver), Senior Secured Loans, due 8/3/20262022-09-300001512931H S4 Acquisitionco, Inc., Senior Secured Loans, due 7/9/20252022-09-300001512931H S4 Acquisitionco, Inc. ( Revolver), Senior Secured Loans, due 7/9/20252022-09-300001512931H F Z Capital Group L L C, Senior Secured Loans , Two2022-09-300001512931H F Z Capital Group L L C, Senior Secured Loans, One2022-09-300001512931Hastings Manufacturing Company, Senior Secured Loans, due 4/24/20232022-09-300001512931GC Champion Acquisition LLC, Senior Notes, Due 8/18/20282022-09-300001512931GC Champion Acquisition LLC (Delayed Draw), Senior Notes, Due 8/18/20282022-09-300001512931Forman Mills, Inc, Senior Secured Loans, Two, due 4/30/20242022-09-300001512931Forman Mills, Inc, Senior Secured Loans, One, due 4/30/20242022-09-300001512931Express Wash Acquisition Company, L L C, Senior Secured Loans, One, due 12/26/20252022-09-300001512931Express Wash Acquisition Company, L L C ( Revolver), Senior Secured Loans, due 12/26/20252022-09-300001512931Express Wash Acquisition Company, L L C ( Delayed Draw), Senior Secured Loans, Four, due 12/26/20252022-09-300001512931Equine Network, L L C, Senior Secured Loans, Two, due 12/31/20252022-09-300001512931Equine Network, L L C, Senior Secured Loans, One, due 12/31/20252022-09-300001512931Equine Network, L L C, (Revolver), Senior Secured Loans, due 12/31/20252022-09-300001512931Equine Network, L L C, (Delayed Draw), Senior Secured Loans, due 12/31/20252022-09-300001512931Education Corporation of America, Junior Secured Loans2022-09-300001512931Drawbridge Partners, LLC, Senior Secured Loans, due 9/1/20282022-09-300001512931Drawbridge Partners, LLC (Revolver), Senior Secured Loans, due 9/1/20282022-09-300001512931Drawbridge Partners, LLC (Delayed Draw), Senior Secured Loans, due 9/1/20282022-09-300001512931Dorado Acquisition, Inc., Senior Secured Loans, due 6/30/20262022-09-300001512931Dorado Acquisition, Inc. ( Revolver) , Senior Secured Loans, due 6/30/20262022-09-300001512931Dorado Acquisition, Inc. ( Delayed Draw) , Senior Secured Loans, due 6/30/20262022-09-300001512931Destination Media, Inc, Senior Secured Loans, due 4/7/20232022-09-300001512931Destination Media, Inc (Revolver), Senior Secured Loans, due 4/7/20232022-09-300001512931Crownpeak Technology, Inc., Senior Secured Loans, Two, due 2/28/20242022-09-300001512931Crownpeak Technology, Inc. Senior Secured Loans, Three, due 22/8/20242022-09-300001512931Crownpeak Technology, Inc., Senior Secured Loans, One, due 2/28/20242022-09-300001512931Crownpeak Technology, Inc. ( Revolver), Senior Secured Loans, due 2/28/20242022-09-300001512931Crownpeak Technology, Inc. (Delayed Draw), Senior Secured Loans , due 22/8/20242022-09-300001512931Chess.com, L L C, Senior Secured Loans, due 12/31/20272022-09-300001512931Chess.com, L L C ( Revolver), Senior Secured Loans, due 12/31/20272022-09-300001512931CGI Automated Manufacturing, LLC, Senior Secured Loans, Two, due 12/17/20262022-09-300001512931CGI Automated Manufacturing, LLC, Senior Secured Loans, One, due 12/17/20262022-09-300001512931Centaur ( Palm Beach) Owner L L C and Panther National Golf Club L L C, Senior Secured Loans, due 4/30/20252022-09-300001512931Centaur ( Palm Beach) Owner L L C and Panther National Golf Club L L C ( Revolver), Senior Secured Loans, due 4/30/20252022-09-300001512931Centaur ( Palm Beach) Owner L L C and Panther National Golf Club L L C ( Delayed Draw), Senior Secured Loans, due 4/30/20252022-09-300001512931Cassavant Holdings, L L C, Unitranche Secured Loans, due 9/8/20262022-09-300001512931Caravel Autism Health, L L C, Senior Secured Loans, due 6/30/20272022-09-300001512931Caravel Autism Health, L L C ( Revolver), Senior Secured Loans, due 6/30/20272022-09-300001512931Caravel Autism Health, L L C ( Delayed Draw), Senior Secured Loans, due 6/30/20272022-09-300001512931Calabrio, Inc., Senior Secured Loans, due 4/16/20272022-09-300001512931Calabrio, Inc. ( Revolver), Senior Secured Loans, due 4/16/20272022-09-300001512931Burroughs, Inc., Senior Secured Loans, due 12/22/20232022-09-300001512931Burroughs, Inc. ( Revolver), Senior Secured Loans, due 12/22/20232022-09-300001512931Brickell Bay Acquisition Corp, Senior Secured Loans, due 2/12/20262022-09-300001512931Brickell Bay Acquisition Corp. ( Delayed Draw), Senior Secured Loans, due 2/12/20262022-09-300001512931Born To Run, L L C, Senior Secured Loans, due 4/1/20272022-09-300001512931Born To Run, L L C ( Delayed Draw) Senior Secured Loans, due 4/1/20272022-09-300001512931Bonterra, L L C (fka Cybergrants Holdings), Senior Secured Loans, due 9/8/20272022-09-300001512931Bonterra, L L C (fka Cybergrants Holdings) ( Revolver), Senior Secured Loans, due 9/8/20272022-09-300001512931Bonterra, L L C (fka Cybergrants Holdings) ( Delayed Draw) , Senior Secured Loans, due 9/8/20272022-09-300001512931B L S T Operating Company, L L C, Senior Secured Loans, due 8/28/20252022-09-300001512931Attom Intermediate Holdco, L L C, Senior Secured Loans, Two, due 1/4/20242022-09-300001512931Attom Intermediate Holdco, L L C, Senior Secured Loans, Three, due 1/4/20242022-09-300001512931Attom Intermediate Holdco, L L C, Senior Secured Loans, One, due 1/4/20242022-09-300001512931Attom Intermediate Holdco, LLC, Senior Secured Loans, Four, due 1/4/20242022-09-300001512931Attom Intermediate Holdco, L L C ( Revolver), Senior Secured Loans, due 1/4/20242022-09-300001512931A S G I I, L L C, Unitranche Secured Loans, due 5/25/20282022-09-300001512931A S G I I, L L C ( Delayed Draw), Unitranche Secured Loans, 5/25/20282022-09-300001512931Ascent Midco, L L C, Senior Secured Loans Due 2/5/20252022-09-300001512931Ascent Midco, L L C ( Revolver), Senior Secured Loans Due 2/5/20252022-09-300001512931Arcstor Midco, L L C, Senior Secured Loans, due 3/16/20272022-09-300001512931Aras Corporation, Senior Secured Loans, due 4/13/20272022-09-300001512931Aras Corporation ( Revolver), Senior Secured Loans, due 4/13/20272022-09-300001512931American Community Homes, Inc., Senior Secured Loans, Two, Due 12/31/20262022-09-300001512931American Community Homes, Inc., Senior Secured Loans, Three, Due 12/31/20262022-09-300001512931American Community Homes, Inc., Senior Secured Loans, Six, Due 12/31/20262022-09-300001512931American Community Homes, Inc., Senior Secured Loans, Seven, Due 12/31/20262022-09-300001512931American Community Homes, Inc., Senior Secured Loans, One, Due 12/31/20262022-09-300001512931American Community Homes, Inc., Senior Secured Loans, Four, Due 12/31/20262022-09-300001512931American Community Homes, Inc., Senior Secured Loans, Five, Due 12/31/20262022-09-300001512931American Community Homes, Inc. ( Revolver), Senior Secured Loans Due 12/31/20262022-09-300001512931American Broadband and Telecommunications Company L L C ( Revolver), Senior Secured Loans, due 6/10/20252022-09-300001512931American Broadband and Telecommunications Company L L C ( Delayed Draw), Senior Secured Loans, due 6/10/20252022-09-300001512931mrcc:MRCCSeniorLoanFundILLCMemberWheel Pros, Inc., Senior Secured Loans, due 5/11/20282021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberTruck- Lite Co., L L C, Senior Secured Loans, Two, due 12/14/20262021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberTruck- Lite Co., L L C, Senior Secured Loans, One, due 12/14/20262021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberTrident Maritime Systems, Inc, Senior Secured Loans, One, due 2/26/20272021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberTrident Maritime Systems, Inc ( Revolver), Senior Secured Loans, due 2/26/20272021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberThe Octave Music Group, Inc., Senior Secured Loans, due 5/29/20252021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberThe Kleinfelder Group, Inc., Senior Secured Loans, due 11/29/20242021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberThe Cook & Boardman Group L L C, Senior Secured Loans, due 10/20/20252021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberT G G T S Acquisition Company, Senior Secured Loans, due 12/12/20252021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberTeneo Holdings L L C, Senior Secured Loans, due 7/11/20252021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberT E A M Public Choices, L L C, Senior Secured Loans, due 12/17/20272021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberTait L L C, Senior Secured Loans, due 3/28/20252021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberTait L L C ( Revolver), Senior Secured Loans, due 3/28/20252021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberS W Ingredients Holdings, L L C, Senior Secured Loans, due 7/3/20252021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberS T A T S Intermediate Holdings, L L C, Senior Secured Loans, due 7/10/20262021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberS I R V A Worldwide Inc., Senior Secured Loans, due 8/4/20252021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberSecretariat Advisors L L C, Senior Secured Loans, due 12/29/20282021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberSecretariat Advisors L L C ( Delayed Draw), Senior Secured Loans, due 12/29/20282021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberSandvine Corporation, Senior Secured Loans, due 10/31/20252021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberRunner Buyer I N C., Senior Secured Loans, due 10/23/20282021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberResearch Now Group, Inc. and Survey Sampling International, L L C, Senior Secured Loans, due 12/20/20242021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberRadiology Partners, Inc., Senior Secured Loans, due 7/9/20252021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberP V H C Holding Corp, Senior Secured Loans, due 8/5/20242021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberPort Townsend Holdings Company, Inc. and Crown Corrugated Company, Senior Secured Loans, due 4/3/20242021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberPolychem Acquisition, L L C, Senior Secured Loans, due 3/17/20252021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberPhoenix Chemical Holding Company L L C (fka Polymer Solutions Group), Senior Secured Loans, due 1/3/20232021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberP H Beauty Holdings I I I, I N C., Senior Secured Loans, due 9/26/20252021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberOutput Services Group, Inc., Senior Secured Loans, due 3/27/20242021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberOrbit Purchaser L L C, Senior Secured Loans, Two, due 10/21/20242021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberOrbit Purchaser L L C, Senior Secured Loans, Three, due 10/21/20242021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberOrbit Purchaser L L C, Senior Secured Loans, One, due 10/21/20242021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberOffen, Inc., Senior Secured Loans, Two, due 6/22/20262021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberOffen, Inc., Senior Secured Loans, One, due 6/22/20262021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberNorth Haven Spartan U S Holdco, L L C, Senior Secured Loans, due 6/6/20252021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberMinotaur Acquisition, Inc., Senior Secured Loans, due 3/27/20262021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberMavenir Systems, Inc., Senior Secured Loans, due 8/18/20282021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberL W Buyer, L L C, Senior Secured Loans, due 12/30/20242021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberL S C S Holdings, Inc., Senior Secured Loans, due 12/15/20282021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberLiqui- Box Holdings, Inc., Senior Secured Loans, due 2/26/20272021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberLightbox Intermediate, L. P., Senior Secured Loans, due 5/11/20262021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberLaseraway Intermediate Holdings I I, L L C, Senior Secured Loans, due 10/14/20272021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberKeystone Purchaser, L L C, Senior Secured Loans, due 5/7/20272021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberInternational Textile Group, Inc., Senior Secured Loans, due 5/1/20242021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberIntermedia Holdings, Inc., Senior Secured Loans, due 7/21/20252021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberHarbour Benefit Holdings, Inc., Senior Secured Loans, Two, due 12/13/20242021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberHarbour Benefit Holdings, Inc., Senior Secured Loans, One, due 12/13/20242021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberH A L O Buyer, Inc., Senior Secured Loans, due 6/30/20252021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberExcel Fitness Holdings, Inc., Senior Secured Loans, due 4/27/20292021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberEngage2 Excel, Inc., Senior Secured Loans, Two,due 3/7/20232021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberEngage2 Excel, Inc., Senior Secured Loans, One, due 3/7/20232021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberEngage2 Excel, Inc. ( Revolver), Senior Secured Loans, due 3/7/20232021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberEliassen Group, L L C, Senior Secured Loans, due 4/14/20282021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberD S Parent, Inc., Senior Secured Loans, due 12/8/20282021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberDrilling Info Holdings, Inc., Senior Secured Loans, due 7/30/20252021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberDresser Utility Solutions, L L C (fka N G S U S Finco, L L C), Senior Secured Loans, Two, due 10/1/20252021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberDresser Utility Solutions, L L C (fka N G S U S Finco, L L C), Senior Secured Loans, One, due 10/1/20252021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberCorel Inc. (c), Senior Secured Loans, due 7/2/20262021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberC H A Holdings, Inc, Senior Secured Loans, Two, due 4/10/20252021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberC H A Holdings, Inc, Senior Secured Loans, One, due 4/10/20252021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberCano Health, L L C, Senior Secured Loans, due 11/23/20272021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberCadent, L L C, Senior Secured Loans, due 9/11/20252021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberCadent, L L C ( Revolver), Senior Secured Loans, due 9/11/20252021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberBromford Industries Limited, Senior Secured Loans, Two, due 11/5/20252021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberBromford Industries Limited, Senior Secured Loans, One, due 11/5/20252021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberB M C Acquisition, Inc., Senior Secured Loans, due 12/30/20242021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberAvison Young ( U S A) Inc., Senior Secured Loans, due 1/30/20262021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberA Q Carver Buyer, Inc., Senior Secured Loans, due 9/23/20252021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberAnalogic Corporation, Senior Secured Loans, due 6/24/20242021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberAccelerate Auto Works Intermediate, L L C, Senior Secured Loans, due 12/1/20272021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberAccelerate Auto Works Intermediate, L L C ( Revolver), Senior Secured Loans, due 12/1/20272021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMemberAccelerate Auto Works Intermediate, L L C ( Delayed Draw), Senior Secured Loans, due 12/1/20272021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMember360 Holdco, Inc., Senior Secured Loans, due 8/2/20252021-12-310001512931mrcc:MRCCSeniorLoanFundILLCMember360 Holdco, Inc. ( Delayed Draw), Senior Secured Loans, due 8/2/20252021-12-310001512931Star Compliance Mid Co, L L C, Senior Secured Loans, Two, due 1/12/2027us-gaap-supplement:InvestmentUnaffiliatedIssuerMember2021-12-310001512931Star Compliance Mid Co, L L C, Senior Secured Loans, One, due 1/12/2027us-gaap-supplement:InvestmentUnaffiliatedIssuerMember2021-12-310001512931Star Compliance Mid Co, L L C, ( Revolver), Senior Secured Loans, due 1/12/2027us-gaap-supplement:InvestmentUnaffiliatedIssuerMember2021-12-310001512931M V Receivables I I, L L C ( Delayed Draw), Senior Secured Loans, due 7/29/2026us-gaap-supplement:InvestmentUnaffiliatedIssuerMember2021-12-310001512931Magneto & Diesel Acquisition, Inc, Senior Secured Loans, Two, due 12/8/2023us-gaap-supplement:InvestmentUnaffiliatedIssuerMember2021-12-310001512931Magneto & Diesel Acquisition, Inc, Senior Secured Loans, Three, due 12/8/2023us-gaap-supplement:InvestmentUnaffiliatedIssuerMember2021-12-310001512931Magneto & Diesel Acquisition, Inc, Senior Secured Loans, One, due 12/18/2023us-gaap-supplement:InvestmentUnaffiliatedIssuerMember2021-12-310001512931Magneto & Diesel Acquisition, Inc. ( Revolver), Senior Secured Loans, due 12/8/2023us-gaap-supplement:InvestmentUnaffiliatedIssuerMember2021-12-310001512931L X/ J T Intermediate Holdings, Inc., Senior Secured Loans, due 3/11/2025us-gaap-supplement:InvestmentUnaffiliatedIssuerMember2021-12-310001512931L X/ J T Intermediate Holdings, Inc. ( Revolver), Senior Secured Loans, due 3/11/2025us-gaap-supplement:InvestmentUnaffiliatedIssuerMember2021-12-310001512931L V F Holdings, Inc., Senior Secured Loans, Two, due 6/10/2027us-gaap-supplement:InvestmentUnaffiliatedIssuerMember2021-12-310001512931L V F Holdings, Inc., Senior Secured Loans, One, due 6/10/2027us-gaap-supplement:InvestmentUnaffiliatedIssuerMember2021-12-310001512931L V F Holdings, Inc., Senior Secured Loans, ( Delayed Draw) due 6/10/2027us-gaap-supplement:InvestmentUnaffiliatedIssuerMember2021-12-310001512931L V F Holdings, Inc. ( Revolver), Senior Secured Loans, due 6/10/2027us-gaap-supplement:InvestmentUnaffiliatedIssuerMember2021-12-310001512931Lifted Trucks Holdings, L L C, Senior Secured Loans, due 8/2/2027us-gaap-supplement:InvestmentUnaffiliatedIssuerMember2021-12-310001512931Lifted Trucks Holdings, L L C ( Revolver), Senior Secured Loans, due 8/2/2027us-gaap-supplement:InvestmentUnaffiliatedIssuerMember2021-12-310001512931Lifted Trucks Holdings, L L C ( Delayed Draw), Senior Secured Loans, due 8/2/2027us-gaap-supplement:InvestmentUnaffiliatedIssuerMember2021-12-310001512931Hastings Manufacturing Company, Senior Secured Loans, due 4/24/2023us-gaap-supplement:InvestmentUnaffiliatedIssuerMember2021-12-310001512931Born To Run, L L C, Senior Secured Loans, due 4/1/2027us-gaap-supplement:InvestmentUnaffiliatedIssuerMember2021-12-310001512931Born To Run, L L C ( Delayed Draw) Senior Secured Loans, due 4/1/2027us-gaap-supplement:InvestmentUnaffiliatedIssuerMember2021-12-310001512931Xan Edu Publishing, Inc., Senior Secured Loans, due, 1/28/20252021-12-310001512931Xan Edu Publishing, Inc. ( Revolver), Senior Secured Loans, due, 1/28/20252021-12-310001512931WillowTree, LLC, Unitranche Secured Loans, due 10/9/20232021-12-310001512931V P S Holdings, L L C, Senior Secured Loans, Two, due 10/4/20242021-12-310001512931V P S Holdings, L L C, Senior Secured Loans, One, due 10/4/20242021-12-310001512931V P S Holdings, L L C ( Revolver), Senior Secured Loans, due 10/4/20242021-12-310001512931Vice Group Holding Inc., Senior Secured Loans, Two, due 11/2/20222021-12-310001512931Vice Group Holding Inc., Senior Secured Loans, Three, due 11/2/20222021-12-310001512931Vice Group Holding Inc., Senior Secured Loans, One, due 11/2/20222021-12-310001512931Vice Group Holding Inc., Senior Secured Loans, Four, due, 11/2/20222021-12-310001512931V H T Solutions, Senior Secured Loans, due 12/21/20262021-12-310001512931V H T Solutions ( Revolver), Senior Secured Loans, due 12/21/20262021-12-310001512931V H T Solutions ( Delayed Draw), Senior Secured Loans, due 12/21/20262021-12-310001512931V B E1, L L C ( Delayed Draw), Unitranche Secured Loans, due 11/18/20262021-12-310001512931Valudor Products L L C, Senior Secured Loans, Two, due 6/19/20232021-12-310001512931Valudor Products L L C, Senior Secured Loans, Three, due 6/19/20232021-12-310001512931Valudor Products L L C, Senior Secured Loans, One, due 6/19/2023,2021-12-310001512931Valudor Products L L C ( Revolver), Senior Secured Loans, due 6/19/20232021-12-310001512931T J Management Hold Co L L C ( Revolver), Senior Secured Loans, Due 6/28/20242021-12-310001512931Thrasio, L L C, Senior Secured Loans, due 12/18/20262021-12-310001512931The Kyjen Company, L L C, Senior Secured Loans, due 4/3/20262021-12-310001512931The Kyjen Company, L L C ( Revolver), Senior Secured Loans, due 4/3/20262021-12-310001512931T C F I I I O W L Buyer L L C, Senior Secured Loans, Two, due 4/17/20262021-12-310001512931T C F I I I O W L Buyer L L C, Senior Secured Loans, Three, due 4/17/20262021-12-310001512931T C F I I I O W L Buyer L L C, Senior Secured Loans, One, due 4/17/20262021-12-310001512931Synergy Environmental Corporation, Senior Secured Loans, Two, due 9/29/20232021-12-310001512931Synergy Environmental Corporation, Senior Secured Loans, Three, due 9/29/20232021-12-310001512931Synergy Environmental Corporation, Senior Secured Loans, One, due 9/29/20232021-12-310001512931Synergy Environmental Corporation ( Revolver), Senior Secured Loans, due 9/29/20232021-12-310001512931Storm Trap, L L C, Senior Secured Loans, due 12/8/20232021-12-310001512931Storm Trap, L L C ( Revolver), Senior Secured Loans, due 12/8/20232021-12-310001512931Spherix Global Inc. , Senior Secured Loans, due, 12/22/20262021-12-310001512931Spherix Global Inc. ( Revolver), Senior Secured Loans, due, 12/22/20262021-12-310001512931Service Max, Inc., Senior Secured Loans, due 11/1/20272021-12-310001512931Service Max, Inc. ( Revolver) , Senior Secured Loans, due 11/1/20272021-12-310001512931Seran Bio Science, L L C, Senior Secured Loans, Due 12/31/20252021-12-310001512931Seran Bio Science, L L C (Revolver), Senior Secured Loans, Due 12/31/20252021-12-310001512931Security Services Acquisition Sub Corp., Senior Secured Loans, Two, due 9/30/20262021-12-310001512931Security Services Acquisition Sub Corp., Senior Secured Loans, Three, due 9/30/20262021-12-310001512931Security Services Acquisition Sub Corp., Senior Secured Loans, One, due 9/30/20262021-12-310001512931Security Services Acquisition Sub Corp., Senior Secured Loans, Four, due 9/30/20262021-12-310001512931Security Services Acquisition Sub Corp., Senior Secured Loans, Five, due 9/30/20262021-12-310001512931Second Avenue S F R Holdings I I L L C ( Revolver), Senior Secured Loans, Due 8/9/20242021-12-310001512931Relevate Health Group, L L C, Senior Secured Loans, due, 11/20/20252021-12-310001512931Relevate Health Group, L L C ( Revolver), Senior Secured Loans, due, 11/20/20252021-12-310001512931Relevate Health Group, L L C ( Delayed Draw), Senior Secured Loans, due, 11/20/20252021-12-310001512931Relativity O D A L L C, Senior Secured Loans, due 5/12/20272021-12-310001512931Relativity O D A L L C ( Revolver), Senior Secured Loans, due 5/12/20272021-12-310001512931Red Zone Robotics, Inc., Senior Secured Loans, due 6/5/20232021-12-310001512931Red Zone Robotics, Inc. ( Revolver) , Senior Secured Loans, due 6/5/20232021-12-310001512931Recycled Plastics Industries, L L C, Senior Secured Loans, due 8/4/20262021-12-310001512931Recycled Plastics Industries, L L C ( Revolver), Senior Secured Loans, due 8/4/20262021-12-310001512931Quest Resource Management Group, L L C, Senior Secured Loans, Two, due 10/20/20252021-12-310001512931Quest Resource Management Group, L L C, Senior Secured Loans, Three, due 10/20/20252021-12-310001512931Quest Resource Management Group, L L C, Senior Secured Loans, One, due 10/20/20252021-12-310001512931Quest Resource Management Group, L L C ( Delayed Draw), Senior Secured Loans, due 10/20/20252021-12-310001512931Priority Ambulance, L L C, Unitranche Secured Loans, Two, due 4/12/20222021-12-310001512931Priority Ambulance, L L C, Unitranche Secured Loans, Three, due 4/12/20222021-12-310001512931Priority Ambulance, L L C, Unitranche Secured Loans, One, due 4/12/20222021-12-310001512931Priority Ambulance, L L C, Unitranche Secured Loans, Four, due 4/12/20222021-12-310001512931Planful, Inc., Senior Secured Loans, Two, due 12/30/20242021-12-310001512931Planful, Inc., Senior Secured Loans, One, due 12/30/20242021-12-310001512931Planful, Inc. ( Revolver), Senior Secured Loans, due 12/30/20242021-12-310001512931Onit, Inc., Unitranche Secured Loans, due 5/2/20252021-12-310001512931North Haven U S H C Acquisition, Inc., Senior Secured Loans, due, Two, 10/30/20252021-12-310001512931North Haven U S H C Acquisition, Inc., Senior Secured Loans, due, One, 10/30/20252021-12-310001512931North Haven U S H C Acquisition, Inc. ( Revolver), Senior Secured Loans, due, 10/30/20252021-12-310001512931North Haven U S H C Acquisition, Inc. ( Delayed Draw), Senior Secured Loans, due, 10/30/20252021-12-310001512931Newforma, Inc., Senior Secured Loans, due 6/30/20222021-12-310001512931Newforma, Inc. ( Revolver), Senior Secured Loans, due 6/30/20222021-12-310001512931N E C B Collections, L L C ( Revolver), Senior Secured Loans2021-12-310001512931Nearly Natural, Inc., Senior Secured loans, Two, due 12/15/20222021-12-310001512931Nearly Natural, Inc., Senior Secured loans, Three, due 12/15/20222021-12-310001512931Nearly Natural, Inc., Senior Secured loans, One, due 12/15/20222021-12-310001512931Nearly Natural, Inc., Senior Secured loans, Four, due 12/15/20222021-12-310001512931Nearly Natural, Inc.( Revolver), Senior Secured loans, due 12/15/20222021-12-310001512931N C B P Property, L L C, Senior Secured Loans, due 12/16/20222021-12-310001512931Nations Benefits, L L C, Senior Secured Loans, due 8/20/20262021-12-310001512931Nations Benefits, L L C ( Revolver), Senior Secured Loans, due 8/20/20262021-12-310001512931Mnine Holdings, Inc., Senior Secured Loans Due 12/30/20222021-12-310001512931Mindbody, Inc., Senior Secured Loans, Two, due 2/14/20252021-12-310001512931Mindbody, Inc., Senior Secured Loans, One, due 2/14/20252021-12-310001512931Mindbody, Inc. ( Revolver) (f), Senior Secured Loans, due 2/14/20252021-12-310001512931M F G Chemical, L L C, Unitranche Secured Loans, Two, Due 6/23/20222021-12-310001512931M F G Chemical, L L C, Unitranche Secured Loans, One, Due 6/23/20222021-12-310001512931M C P Shaw Acquisitionco, L L C, Senior Secured Loans, Two, due 11/28/20252021-12-310001512931M C P Shaw Acquisitionco, L L C, Senior Secured Loans, One, due 11/28/20252021-12-310001512931M C P Shaw Acquisitionco, L L C ( Revolver), Senior Secured Loans, due 11/28/20252021-12-310001512931M C P Shaw Acquisitionco, L L C ( Delayed Draw), Senior Secured Loans, due 11/28/20252021-12-310001512931M C Asset Management ( Corporate), L L C, Senior Secured Loans Due 1/26/20242021-12-310001512931M C Asset Management ( Corporate), L L C ( Delayed Draw), Senior Secured Loans Due 1/26/20242021-12-310001512931Mark Logic Corporation, Senior Secured Loans, Two, due 10/20/20252021-12-310001512931Mark Logic Corporation, Senior Secured Loans, One, due 10/20/20252021-12-310001512931Mark Logic Corporation ( Revolver), Senior Secured Loans, due 10/20/20252021-12-310001512931MarkLogic Corporation (Delayed Draw), Senior Secured Loans 10/20/20252021-12-310001512931Mammoth Holdings, L L C, Senior Secured Loans, Two, due 10/16/20232021-12-310001512931Mammoth Holdings, L L C, Senior Secured Loans, Three, due 10/16/20232021-12-310001512931Mammoth Holdings, L L C, Senior Secured Loans, One, due 10/16/20232021-12-310001512931Mammoth Holdings, L L C ( Revolver), Senior Secured Loans, due 10/16/20232021-12-310001512931Mammoth Holdings, L L C ( Delayed Draw), Senior Secured Loans, due 10/16/20232021-12-310001512931Liftforward S P V I I, L L C, Senior Secured Loans, due 9/30/20222021-12-310001512931I T Global Holding L L C, Senior Secured Loans, Two, due 11/10/20232021-12-310001512931I T Global Holding L L C, Senior Secured Loans, One, due 11/10/20232021-12-310001512931I T Global Holding L L C ( Revolver), Senior Secured Loans, due 11/10/20232021-12-310001512931I N H Buyer, Inc., Senior Secured Loans, due 6/28/20282021-12-310001512931Independence Buyer, Inc, Senior Secured Loans, due 8/3/20262021-12-310001512931Independence Buyer, Inc. ( Revolver), Senior Secured Loans, due 8/3/20262021-12-310001512931I D I G Parent, L L C, Senior Secured Loans, Two, due 12/15/20262021-12-310001512931I D I G Parent, L L C, Senior Secured Loans, One, due 12/15/20262021-12-310001512931I D I G Parent, L L C ( Revolver), Senior Secured Loans, due 12/15/20262021-12-310001512931H S4 Acquisitionco, Inc., Senior Secured Loans, due 7/9/20252021-12-310001512931H S4 Acquisitionco, Inc. ( Revolver), Senior Secured Loans, due 7/9/20252021-12-310001512931H F Z Capital Group L L C, Senior Secured Loans , Two2021-12-310001512931H F Z Capital Group L L C, Senior Secured Loans, One2021-12-310001512931Forman Mills, Inc., Senior Secured Loans, Two, due 12/30/20222021-12-310001512931Forman Mills, Inc., Senior Secured Loans, Three, due 12/30/20222021-12-310001512931Forman Mills, Inc., Senior Secured Loans, One, due 12/30/20222021-12-310001512931Express Wash Acquisition Company, L L C, Senior Secured Loans, Two, due 12/26/20252021-12-310001512931Express Wash Acquisition Company, L L C, Senior Secured Loans, Three, due 12/26/20252021-12-310001512931Express Wash Acquisition Company, L L C, Senior Secured Loans, One, due 12/26/20252021-12-310001512931Express Wash Acquisition Company, L L C ( Revolver), Senior Secured Loans, due 12/26/20252021-12-310001512931Express Wash Acquisition Company, L L C ( Delayed Draw), Senior Secured Loans, Four, due 12/26/20252021-12-310001512931Equine Network, L L C, Senior Secured Loans, Two, due 12/13/20252021-12-310001512931Equine Network, L L C, Senior Secured Loans, One, due 12/13/20252021-12-310001512931Equine Network, L L C ( Revolver) , Senior Secured Loans, due 12/13/20252021-12-310001512931Equine Network, L L C ( Delayed Draw), Senior Secured Loans, due 12/13/20252021-12-310001512931Energy Services Group, L L C, Unitranche Secured Loans, Two, Due 5/4/20222021-12-310001512931Energy Services Group, L L C, Unitranche Secured Loans, Three, Due 5/4/20222021-12-310001512931Energy Services Group, L L C, Unitranche Secured Loans, One, Due 5/4/20222021-12-310001512931Education Corporation of America, Junior Secured Loans2021-12-310001512931Dorado Acquisition, Inc., Senior Secured Loans, due 6/30/20262021-12-310001512931Dorado Acquisition, Inc. ( Revolver) , Senior Secured Loans, due 6/30/20262021-12-310001512931Dorado Acquisition, Inc. ( Delayed Draw) , Senior Secured Loans, due 6/30/20262021-12-310001512931Destination Media, Inc., Senior Secured Loans, due 4/7/20222021-12-310001512931Destination Media, Inc. ( Revolver), Senior Secured Loans, due 4/7/20222021-12-310001512931Crownpeak Technology, Inc., Senior Secured Loans, Two, due 2/28/20242021-12-310001512931Crownpeak Technology, Inc., Senior Secured Loans, One, due 2/28/20242021-12-310001512931Crownpeak Technology, Inc. ( Revolver), Senior Secured Loans, due 2/28/20242021-12-310001512931Chess.com, L L C, Senior Secured Loans, due 12/31/20272021-12-310001512931Chess.com, L L C ( Revolver), Senior Secured Loans, due 12/31/20272021-12-310001512931Certify, Inc, Senior Secured Loans, Two, due 2/28/20242021-12-310001512931Certify, Inc, Senior Secured Loans, One, due 2/28/20242021-12-310001512931Certify, Inc. (Revolver), Senior Secured Loans, due 2/28/20242021-12-310001512931Cassavant Holdings, L L C, Unitranche Secured Loans, due 9/8/20262021-12-310001512931Caravel Autism Health, L L C, Senior Secured Loans, due 6/30/20272021-12-310001512931Caravel Autism Health, L L C ( Revolver), Senior Secured Loans, due 6/30/20272021-12-310001512931Caravel Autism Health, L L C ( Delayed Draw), Senior Secured Loans, due 6/30/20272021-12-310001512931Calabrio, Inc., Senior Secured Loans, due 4/16/20272021-12-310001512931Calabrio, Inc. ( Revolver), Senior Secured Loans, due 4/16/20272021-12-310001512931Burroughs, Inc., Senior Secured Loans, due 12/22/20222021-12-310001512931Burroughs, Inc. ( Revolver), Senior Secured Loans, due 12/22/20222021-12-310001512931Brightly Software Holdings, Inc. (fka Dude Solutions Holdings, Inc.), Senior Secured Loans, ( Revolver), due 6/13/20252021-12-310001512931Brightly Software Holdings, Inc. (fka Dude Solutions Holdings, Inc.), Senior Secured Loans, due 6/13/20252021-12-310001512931Brickell Bay Acquisition Corp, Senior Secured Loans, due 2/12/20262021-12-310001512931Brickell Bay Acquisition Corp. ( Delayed Draw), Senior Secured Loans, due 2/12/20262021-12-310001512931Bonterra, L L C (fka Cybergrants Holdings), Senior Secured Loans, due 9/8/20272021-12-310001512931Bonterra, L L C (fka Cybergrants Holdings) ( Revolver), Senior Secured Loans, due 9/8/20272021-12-310001512931Bonterra, L L C (fka Cybergrants Holdings) ( Delayed Draw) , Senior Secured Loans, due 9/8/20272021-12-310001512931B L S T Operating Company, L L C, Senior Secured Loans, due 8/28/20252021-12-310001512931Attom Intermediate Holdco, L L C, Senior Secured Loans, Two, due 1/4/20242021-12-310001512931Attom Intermediate Holdco, L L C, Senior Secured Loans, Three, due 1/4/20242021-12-310001512931Attom Intermediate Holdco, L L C, Senior Secured Loans, One, due 1/4/20242021-12-310001512931Attom Intermediate Holdco, L L C ( Revolver), Senior Secured Loans, due 1/4/20242021-12-310001512931Ascent Midco, L L C, Senior Secured Loans Due 2/5/20252021-12-310001512931Ascent Midco, L L C ( Revolver), Senior Secured Loans Due 2/5/20252021-12-310001512931Arcstor Midco, L L C, Senior Secured Loans, due 3/16/20272021-12-310001512931Aras Corporation, Senior Secured Loans, due 4/13/20272021-12-310001512931Aras Corporation ( Revolver), Senior Secured Loans, due 4/13/20272021-12-310001512931Apotheco, L L C, Senior Secured Loans, due 4/8/20242021-12-310001512931Apotheco, L L C ( Revolver), Senior Secured Loans, due 4/8/20242021-12-310001512931American Community Homes, Inc., Senior Secured Loans, Two, Due 3/31/20222021-12-310001512931American Community Homes, Inc., Senior Secured Loans, Three, Due 3/31/20222021-12-310001512931American Community Homes, Inc., Senior Secured Loans, Six, Due 3/31/20222021-12-310001512931American Community Homes, Inc., Senior Secured Loans, Seven, Due 3/31/20222021-12-310001512931American Community Homes, Inc., Senior Secured Loans, One, Due 3/31/20222021-12-310001512931American Community Homes, Inc., Senior Secured Loans, Four, Due 3/31/20222021-12-310001512931American Community Homes, Inc., Senior Secured Loans, Five, Due 3/31/20222021-12-310001512931Y S W H 4, L L C (Revolver), Senior Secured Loans, Due 11/20/20252022-01-012022-09-300001512931Xan Edu Publishing, Inc, Equity Securities, Class A units2022-01-012022-09-300001512931Xan Edu Publishing, Inc., Senior Secured Loans, Two, due, 1/28/20252022-01-012022-09-300001512931Xan Edu Publishing, Inc., Senior Secured Loans, One, due, 1/28/20252022-01-012022-09-300001512931Xan Edu Publishing, Inc. ( Revolver), Senior Secured Loans, due, 1/28/20252022-01-012022-09-300001512931Witkoff/ Monroe 700 J V L L C, Equity Securities, Preferred units2022-01-012022-09-300001512931Witkoff/ Monroe 700 J V L L C ( Delayed Draw), Junior Secured Loans, due 7/2/20262022-01-012022-09-300001512931WillowTree, LLC, Unitranche Secured Loans, due 10/9/20232022-01-012022-09-300001512931Whistler Parent Holdings I I I, Inc., Senior Secured Loans, due 6/2/20282022-01-012022-09-300001512931Whistler Parent Holdings I I I, Inc. ( Revolver), Senior Secured Loans, due 6/2/20282022-01-012022-09-300001512931Whistler Parent Holdings I I I, Inc. ( Delayed Draw), Senior Secured Loans, due 6/2/20282022-01-012022-09-300001512931W3 Monroe R E Debt L L C, Senior Secured Loans, due 2/4/20282022-01-012022-09-300001512931V P S Holdings, L L C, Senior Secured Loans, Two, due 10/4/20242022-01-012022-09-300001512931V P S Holdings, L L C, Senior Secured Loans, One, due 10/4/20242022-01-012022-09-300001512931V P S Holdings, L L C ( Revolver), Senior Secured Loans, due 10/4/20242022-01-012022-09-300001512931Vinci Brands L L C, Unitranche Secured Loans, Two, due 2/6/20242022-01-012022-09-300001512931Vinci Brands L L C, Unitranche Secured Loans, Three, due 2/6/20242022-01-012022-09-300001512931Vinci Brands L L C, Unitranche Secured Loans, One, due 2/6/20242022-01-012022-09-300001512931Vinci Brands L L C, Unitranche Secured Loans, Four, due 2/6/20242022-01-012022-09-300001512931Vice Group Holding Inc., Senior Secured Loans, Two, due 11/2/20222022-01-012022-09-300001512931Vice Group Holding Inc., Senior Secured Loans, Three, due 11/2/20222022-01-012022-09-300001512931Vice Group Holding Inc., Senior Secured Loans, One, due 11/2/20222022-01-012022-09-300001512931Vice Group Holding Inc., Senior Secured Loans, Four, due, 11/2/20222022-01-012022-09-300001512931V B E1, L L C, Unitranche Secured Loans, due 11/18/20262022-01-012022-09-300001512931Valudor Products L L C, Senior Secured Loans, Two, due 6/19/20232022-01-012022-09-300001512931Valudor Products L L C, Senior Secured Loans, Three, due 6/19/20232022-01-012022-09-300001512931Valudor Products L L C, Senior Secured Loans, One, due 6/19/2023,2022-01-012022-09-300001512931Valudor Products L L C ( Revolver), Senior Secured Loans, due 6/19/20232022-01-012022-09-300001512931Valudor Products L L C , Equity Securities, Class A-1 units2022-01-012022-09-300001512931Tiger Connect, Inc., Senior Secured Loans, due 2/16/20282022-01-012022-09-300001512931Tiger Connect, Inc. ( Revolver), Senior Secured Loans, due 2/16/20282022-01-012022-09-300001512931Tiger Connect, Inc. ( Delayed Draw), Senior Secured Loans, due 2/16/20282022-01-012022-09-300001512931Thrasio, L L C, Senior Secured Loans, due 12/18/20262022-01-012022-09-300001512931The Kyjen Company, L L C, Senior Secured Loans, due 4/3/20262022-01-012022-09-300001512931The Kyjen Company, L L C ( Revolver), Senior Secured Loans, due 4/3/20262022-01-012022-09-300001512931T C F I I I O W L Buyer L L C, Senior Secured Loans, Two, due 4/17/20262022-01-012022-09-300001512931T C F I I I O W L Buyer L L C, Senior Secured Loans, Three, due 4/17/20262022-01-012022-09-300001512931T C F I I I O W L Buyer L L C, Senior Secured Loans, One, due 4/17/20262022-01-012022-09-300001512931Star Compliance Mid Co, L L C, Senior Secured Loans, Two, due 1/12/20272022-01-012022-09-300001512931Star Compliance Mid Co, L L C, Senior Secured Loans, One, due 1/12/20272022-01-012022-09-300001512931Star Compliance Mid Co, L L C, ( Revolver), Senior Secured Loans, due 1/12/20272022-01-012022-09-300001512931Spherix Global Inc, Equity Securities, Class A units2022-01-012022-09-300001512931Spherix Global Inc. , Senior Secured Loans, due, 12/22/20262022-01-012022-09-300001512931Spherix Global Inc. ( Revolver), Senior Secured Loans, due, 12/22/20262022-01-012022-09-300001512931Spectrum Science Communications, L L C, Senior Secured Loans, due 1/25/20272022-01-012022-09-300001512931Spectrum Science Communications, L L C ( Revolver), Senior Secured Loans, due 1/25/20272022-01-012022-09-300001512931S F R Holdco, L L C, Junior Secured Loans Due 7/28/20282022-01-012022-09-300001512931S F R Holdco, L L C Equity Securities2022-01-012022-09-300001512931Service Max, Inc., Senior Secured Loans, due 11/1/20272022-01-012022-09-300001512931Service Max, Inc. ( Revolver) , Senior Secured Loans, due 11/1/20272022-01-012022-09-300001512931Seran Bio Science, L L C, Senior Secured Loans, due 7/8/20272022-01-012022-09-300001512931Seran Bio Science, L L C, Senior Secured Loans, Due 12/31/20252022-01-012022-09-300001512931Seran Bio Science, L L C ( Revolver), Senior Secured Loans, due 7/8/20272022-01-012022-09-300001512931Seran Bio Science, L L C, Equity Securities, common units2022-01-012022-09-300001512931Security Services Acquisition Sub Corp., Senior Secured Loans, Two, due 9/30/20262022-01-012022-09-300001512931Security Services Acquisition Sub Corp., Senior Secured Loans, Three, due 9/30/20262022-01-012022-09-300001512931Security Services Acquisition Sub Corp., Senior Secured Loans, One, due 9/30/20262022-01-012022-09-300001512931Security Services Acquisition Sub Corp., Senior Secured Loans, Four, due 9/30/20262022-01-012022-09-300001512931Security Services Acquisition Sub Corp., Senior Secured Loans, Five, due 9/30/20262022-01-012022-09-300001512931Rockdale Blackhawk, L L C, Senior Secured Loans, no stated maturity2022-01-012022-09-300001512931Relevate Health Group, L L C, Senior Secured Loans, due, 11/20/20252022-01-012022-09-300001512931Relevate Health Group, L L C ( Revolver), Senior Secured Loans, due, 11/20/20252022-01-012022-09-300001512931Relevate Health Group, L L C, Equity Securities, preferred units2022-01-012022-09-300001512931Relevate Health Group, L L C, Equity Securities, Class B common units2022-01-012022-09-300001512931Relevate Health Group, L L C ( Delayed Draw), Senior Secured Loans, due, 11/20/20252022-01-012022-09-300001512931Relativity O D A L L C, Senior Secured Loans, due 5/12/20272022-01-012022-09-300001512931Relativity O D A L L C ( Revolver), Senior Secured Loans, due 5/12/20272022-01-012022-09-300001512931Red Zone Robotics, Inc., Senior Secured Loans, due 6/5/20232022-01-012022-09-300001512931Red Zone Robotics, Inc. ( Revolver) , Senior Secured Loans, due 6/5/20232022-01-012022-09-300001512931Recycled Plastics Industries, L L C, Senior Secured Loans, due 8/4/20262022-01-012022-09-300001512931Recycled Plastics Industries, L L C ( Revolver), Senior Secured Loans, due 8/4/20262022-01-012022-09-300001512931Recorded Future, Inc, Equity Securities, Class A units2022-01-012022-09-300001512931Quest Resource Management Group, L L C, Senior Secured Loans, Two, due 10/20/20252022-01-012022-09-300001512931Quest Resource Management Group, L L C, Senior Secured Loans, Three, due 10/20/20252022-01-012022-09-300001512931Quest Resource Management Group, L L C, Senior Secured Loans, One, due 10/20/20252022-01-012022-09-300001512931Quest Resource Management Group, L L C, Equity Securities, One, Warrants2022-01-012022-09-300001512931Quest Resource Management Group, L L C, Equity Securites, Two, Warrants2022-01-012022-09-300001512931Quest Resource Management Group, L L C ( Delayed Draw), Senior Secured Loans, due 10/20/20252022-01-012022-09-300001512931Planful, Inc, Senior Secured Loans, Two, due 12/28/20262022-01-012022-09-300001512931Planful, Inc, Senior Secured Loans, Three, due 12/28/20262022-01-012022-09-300001512931Planful, Inc, Senior Secured Loans, One, due 12/28/20262022-01-012022-09-300001512931Planful, Inc, Senior Secured Loans, Four, due 12/28/20262022-01-012022-09-300001512931Planful, Inc, Equity Securities, Class A units2022-01-012022-09-300001512931Planful, Inc. ( Revolver), Senior Secured Loans, due 12/28/20262022-01-012022-09-300001512931P K S Holdings, L L C, Equity Securities, Two, Preferred units2022-01-012022-09-300001512931P K S Holdings, L L C, Equity Securities, Three, Preferred units2022-01-012022-09-300001512931P K S Holdings, L L C, Equity Securities, One, Preferred units2022-01-012022-09-300001512931P K S Holdings, L L C, Equity Securities, Four, Preferred units2022-01-012022-09-300001512931Onit, Inc., Unitranche Secured Loans, due 5/2/20252022-01-012022-09-300001512931Oceana Australian Fixed Income Trust, Senior Secured Loans, Two, due 2/25/20262022-01-012022-09-300001512931Oceana Australian Fixed Income Trust, Senior Secured Loans, One, due 6/29/20262022-01-012022-09-300001512931North Haven USHC Acquisition, Inc, Senior Secured Loans, Three, due 10/30/20252022-01-012022-09-300001512931North Haven USHC Acquisition, Inc, Senior Secured Loans, Four, due 10/30/20252022-01-012022-09-300001512931North Haven U S H C Acquisition, Inc., Senior Secured Loans, due, Two, 10/30/20252022-01-012022-09-300001512931North Haven U S H C Acquisition, Inc., Senior Secured Loans, due, One, 10/30/20252022-01-012022-09-300001512931North Haven U S H C Acquisition, Inc. ( Revolver), Senior Secured Loans, due, 10/30/20252022-01-012022-09-300001512931North Haven U S H C Acquisition, Inc. ( Delayed Draw), Senior Secured Loans, due, 10/30/20252022-01-012022-09-300001512931Newforma, Inc., Senior Secured Loans, due 3/31/20232022-01-012022-09-300001512931Newforma, Inc. ( Revolver) (f), Senior Secured Loans, due 3/31/20232022-01-012022-09-300001512931N E C B Collections, L L C, Equity Securities2022-01-012022-09-300001512931Nearly Natural, Inc, Equity Securities, Two, Class A A units2022-01-012022-09-300001512931Nearly Natural, Inc, Equity Securities, One, Class A units2022-01-012022-09-300001512931Nearly Natural, Inc., Senior Secured loans, Two, due 12/15/20222022-01-012022-09-300001512931Nearly Natural, Inc., Senior Secured loans, Three, due 12/15/20222022-01-012022-09-300001512931Nearly Natural, Inc., Senior Secured loans, One, due 12/15/20222022-01-012022-09-300001512931Nearly Natural, Inc., Senior Secured loans, Four, due 12/15/20222022-01-012022-09-300001512931Nearly Natural, Inc.( Revolver), Senior Secured loans, due 12/15/20222022-01-012022-09-300001512931N C B P Property, L L C, Senior Secured Loans, due 12/16/20222022-01-012022-09-300001512931Nations Benefits L L C, Senior Secured Loans, Two, Due 8/26/20272022-01-012022-09-300001512931Nations Benefits L L C, Senior Secured Loans, One, Due 8/26/20272022-01-012022-09-300001512931Nations Benefits, L L C (Revolver), Senior Secured Loans, Due 8/26/20272022-01-012022-09-300001512931Nations Benefits, L L C, Equity Securities, Two, common units2022-01-012022-09-300001512931Nations Benefits, L L C, Equity Securities, One, Series B units2022-01-012022-09-300001512931Nations Benefits LLC Delayed Draw, Senior Secured Loans Due 8/26/20272022-01-012022-09-300001512931M V Receivables I I, L L C, Equity Securities, Due 7/28/2031, Warrants2022-01-012022-09-300001512931M V Receivables I I, L L C, Equity Securities, Common units2022-01-012022-09-300001512931M V Receivables I I, L L C ( Delayed Draw), Senior Secured Loans, due 7/29/20262022-01-012022-09-300001512931Money Lion, Inc., Junior Secured Loans, due 5/1/20232022-01-012022-09-300001512931Money Lion, Inc., Junior Secured Loans, due 3/24/20262022-01-012022-09-300001512931Money Lion, Inc. ( Delayed Draw), Junior Secured Loans, due 3/24/20262022-01-012022-09-300001512931Mnine Holdings, Inc (Revolver), Senior Secured Loans, due 12/30/20222022-01-012022-09-300001512931Mnine Holdings, Inc., Equity Securities, Class B units2022-01-012022-09-300001512931Mindbody, Inc., Senior Secured Loans, Two, due 2/14/20252022-01-012022-09-300001512931Mindbody, Inc., Senior Secured Loans, One, due 2/14/20252022-01-012022-09-300001512931Mindbody, Inc. ( Revolver) (f), Senior Secured Loans, due 2/14/20252022-01-012022-09-300001512931Medallia, Inc, Senior Secured Loans, due 10/27/20282022-01-012022-09-300001512931M C P Shaw Acquisitionco, L L C, Senior Secured Loans, Two, due 11/28/20252022-01-012022-09-300001512931MCP Shaw Acquisitionco, LLC, Senior Secured Loans, Three, due 11/28/20252022-01-012022-09-300001512931M C P Shaw Acquisitionco, L L C, Senior Secured Loans, One, due 11/28/20252022-01-012022-09-300001512931M C P Shaw Acquisitionco, L L C ( Revolver), Senior Secured Loans, due 11/28/20252022-01-012022-09-300001512931M C P Shaw Acquisitionco, L L C , Equity Securities, Class A-2 units2022-01-012022-09-300001512931M C Asset Management ( Corporate), L L C, Equity Securites2022-01-012022-09-300001512931Mark Logic Corporation, Senior Secured Loans, Two, due 10/20/20252022-01-012022-09-300001512931Mark Logic Corporation, Senior Secured Loans, Three, due 10/20/20252022-01-012022-09-300001512931Mark Logic Corporation, Senior Secured Loans, One, due 10/20/20252022-01-012022-09-300001512931Mark Logic Corporation, Senior Secured Loans, Four, due 10/20/20252022-01-012022-09-300001512931Mark Logic Corporation ( Revolver), Senior Secured Loans, due 10/20/20252022-01-012022-09-300001512931Mark Logic Corporation, Equity Securities, Class A units2022-01-012022-09-300001512931Mammoth Holdings, L L C, Senior Secured Loans, Two, due 10/16/20232022-01-012022-09-300001512931Mammoth Holdings, L L C, Senior Secured Loans, Three, due 10/16/20232022-01-012022-09-300001512931Mammoth Holdings, L L C, Senior Secured Loans, One, due 10/16/20232022-01-012022-09-300001512931Mammoth Holdings, L L C, Senior Secured Loans, Four, due 10/16/20232022-01-012022-09-300001512931Mammoth Holdings, L L C ( Revolver), Senior Secured Loans, due 10/16/20232022-01-012022-09-300001512931L X/ J T Intermediate Holdings, Inc., Senior Secured Loans, due 3/11/20252022-01-012022-09-300001512931L X/ J T Intermediate Holdings, Inc. ( Revolver), Senior Secured Loans, due 3/11/20252022-01-012022-09-300001512931L V F Holdings, Inc., Senior Secured Loans, Two, due 6/10/20272022-01-012022-09-300001512931L V F Holdings, Inc., Senior Secured Loans, One, due 6/10/20272022-01-012022-09-300001512931L V F Holdings, Inc., Senior Secured Loans, ( Delayed Draw) due 6/10/20272022-01-012022-09-300001512931L V F Holdings, Inc. ( Revolver), Senior Secured Loans, due 6/10/20272022-01-012022-09-300001512931Luxury Optical Holdings Co., Equity Securities2022-01-012022-09-300001512931Liftforward S P V I I, L L C, Senior Secured Loans, due 9/30/20222022-01-012022-09-300001512931Lifted Trucks Holdings, L L C, Senior Secured Loans, due 8/2/20272022-01-012022-09-300001512931Lifted Trucks Holdings, L L C ( Revolver), Senior Secured Loans, due 8/2/20272022-01-012022-09-300001512931Lifted Trucks Holdings, L L C, Equity Securities, Class A units2022-01-012022-09-300001512931Lifted Trucks Holdings, L L C ( Delayed Draw), Senior Secured Loans, due 8/2/20272022-01-012022-09-300001512931The Kyjen Company, L L C, Senior SEcured Loans, Two, Due 4/3/20262022-01-012022-09-300001512931Kar Wash Holdings, LLC, Senior Secured Loans, Two, due 2/26/20272022-01-012022-09-300001512931Kar Wash Holdings, LLC, Senior Secured Loans, One, due 2/26/20272022-01-012022-09-300001512931Kar Wash Holdings, L L C ( Revolver), Senior Secured Loans, due 2/26/20272022-01-012022-09-300001512931Kar Wash Holdings, L L C, Equity Securities, Class A units2022-01-012022-09-300001512931Kar Wash Holdings, L L C ( Delayed Draw), Senior Secured Loans, due 2/26/20272022-01-012022-09-300001512931J2 B W A Funding L L C, Equity Securities2022-01-012022-09-300001512931J2 BWA Funding LLC (Delayed Draw), Senior Notes, Due 12/24/20262022-01-012022-09-300001512931In Mobi Pte, Ltd, Media: Equity Securities, due 9/18/20252022-01-012022-09-300001512931I N H Buyer, Inc., Senior Secured Loans, due 6/28/20282022-01-012022-09-300001512931Independence Buyer, Inc, Senior Secured Loans, due 8/3/20262022-01-012022-09-300001512931Independence Buyer, Inc. ( Revolver), Senior Secured Loans, due 8/3/20262022-01-012022-09-300001512931Independence Buyer, Inc., Equity Securities, Class A units2022-01-012022-09-300001512931I D I G Parent, L L C, Equity Securities, Common stock2022-01-012022-09-300001512931H S4 Acquisitionco, Inc., Senior Secured Loans, due 7/9/20252022-01-012022-09-300001512931H S4 Acquisitionco, Inc. ( Revolver), Senior Secured Loans, due 7/9/20252022-01-012022-09-300001512931Hastings Manufacturing Company, Senior Secured Loans, due 4/24/20232022-01-012022-09-300001512931GC Champion Acquisition LLC, Senior Notes, Due 8/18/20282022-01-012022-09-300001512931GC Champion Acquisition LLC (Delayed Draw), Senior Notes, Due 8/18/20282022-01-012022-09-300001512931Forman Mills, Inc, Senior Secured Loans, Two, due 4/30/20242022-01-012022-09-300001512931Forman Mills, Inc, Senior Secured Loans, One, due 4/30/20242022-01-012022-09-300001512931Forman Mills, Inc, Equity Securities, Warrants2022-01-012022-09-300001512931Florida East Coast Industries, L L C, Senior Secured Loans, due 6/28/20242022-01-012022-09-300001512931Florida East Coast Industries, L L C, Junior Secured Loans, due 6/28/20242022-01-012022-09-300001512931Express Wash Acquisition Company, L L C, Senior Secured Loans, One, due 12/26/20252022-01-012022-09-300001512931Express Wash Acquisition Company, L L C ( Revolver), Senior Secured Loans, due 12/26/20252022-01-012022-09-300001512931Express Wash Acquisition Company, L L C, Equity Securities, Class A units2022-01-012022-09-300001512931Express Wash Acquisition Company, L L C ( Delayed Draw), Senior Secured Loans, Four, due 12/26/20252022-01-012022-09-300001512931Equine Network, L L C, Senior Secured Loans, Two, due 12/31/20252022-01-012022-09-300001512931Equine Network, L L C, Senior Secured Loans, One, due 12/31/20252022-01-012022-09-300001512931Equine Network, L L C, (Revolver), Senior Secured Loans, due 12/31/20252022-01-012022-09-300001512931Equine Network, L L C, Equity Securities, Class A units2022-01-012022-09-300001512931Equine Network, L L C, (Delayed Draw), Senior Secured Loans, due 12/31/20252022-01-012022-09-300001512931Education Corporation of America, Junior Secured Loans2022-01-012022-09-300001512931Education Corporation of America, Equity Securities, Series G Preferred Stock2022-01-012022-09-300001512931Drawbridge Partners, LLC, Senior Secured Loans, due 9/1/20282022-01-012022-09-300001512931Drawbridge Partners, LLC (Revolver), Senior Secured Loans, due 9/1/20282022-01-012022-09-300001512931Drawbridge Partners, L L C, Equity Securities, Class A-1 Units2022-01-012022-09-300001512931Drawbridge Partners, LLC (Delayed Draw), Senior Secured Loans, due 9/1/20282022-01-012022-09-300001512931Dorado Acquisition, Inc, Equity Securities, Two, Class A-2 units2022-01-012022-09-300001512931Dorado Acquisition, Inc, Equity Securities, One, Class A-1 units2022-01-012022-09-300001512931Dorado Acquisition, Inc., Senior Secured Loans, due 6/30/20262022-01-012022-09-300001512931Dorado Acquisition, Inc. ( Revolver) , Senior Secured Loans, due 6/30/20262022-01-012022-09-300001512931Dorado Acquisition, Inc. ( Delayed Draw) , Senior Secured Loans, due 6/30/20262022-01-012022-09-300001512931Destination Media, Inc, Senior Secured Loans, due 4/7/20232022-01-012022-09-300001512931Destination Media, Inc (Revolver), Senior Secured Loans, due 4/7/20232022-01-012022-09-300001512931Curion Holdings, LLC, Senior Secured Loans, No Maturity Date2022-01-012022-09-300001512931Curion Holdings, L L C, Equity Securities, Common stock2022-01-012022-09-300001512931Crownpeak Technology, Inc., Senior Secured Loans, Two, due 2/28/20242022-01-012022-09-300001512931Crownpeak Technology, Inc. Senior Secured Loans, Three, due 22/8/20242022-01-012022-09-300001512931Crownpeak Technology, Inc., Senior Secured Loans, One, due 2/28/20242022-01-012022-09-300001512931Crownpeak Technology, Inc. ( Revolver), Senior Secured Loans, due 2/28/20242022-01-012022-09-300001512931Crownpeak Technology, Inc. (Delayed Draw), Senior Secured Loans , due 22/8/20242022-01-012022-09-300001512931Chess.com, L L C, Senior Secured Loans, due 12/31/20272022-01-012022-09-300001512931Chess.com, L L C ( Revolver), Senior Secured Loans, due 12/31/20272022-01-012022-09-300001512931Chess.com, L L C, Equity Securities, Class A units2022-01-012022-09-300001512931CGI Automated Manufacturing, LLC, Senior Secured Loans, Two, due 12/17/20262022-01-012022-09-300001512931CGI Automated Manufacturing, LLC, Senior Secured Loans, One, due 12/17/20262022-01-012022-09-300001512931Centaur ( Palm Beach) Owner L L C and Panther National Golf Club L L C, Senior Secured Loans, due 4/30/20252022-01-012022-09-300001512931Centaur ( Palm Beach) Owner L L C and Panther National Golf Club L L C ( Revolver), Senior Secured Loans, due 4/30/20252022-01-012022-09-300001512931Centaur ( Palm Beach) Owner L L C and Panther National Golf Club L L C ( Delayed Draw), Senior Secured Loans, due 4/30/20252022-01-012022-09-300001512931Cassavant Holdings, L L C, Unitranche Secured Loans, due 9/8/20262022-01-012022-09-300001512931Caravel Autism Health, L L C, Senior Secured Loans, due 6/30/20272022-01-012022-09-300001512931Caravel Autism Health, L L C ( Revolver), Senior Secured Loans, due 6/30/20272022-01-012022-09-300001512931Caravel Autism Health, L L C ( Delayed Draw), Senior Secured Loans, due 6/30/20272022-01-012022-09-300001512931California Pizza Kitchen, Inc., Equity Securities, Common units2022-01-012022-09-300001512931Calabrio, Inc., Senior Secured Loans, due 4/16/20272022-01-012022-09-300001512931Calabrio, Inc. ( Revolver), Senior Secured Loans, due 4/16/20272022-01-012022-09-300001512931Burroughs, Inc., Senior Secured Loans, due 12/22/20232022-01-012022-09-300001512931Burroughs, Inc. ( Revolver), Senior Secured Loans, due 12/22/20232022-01-012022-09-300001512931Brickell Bay Acquisition Corp, Senior Secured Loans, due 2/12/20262022-01-012022-09-300001512931Brickell Bay Acquisition Corp. ( Delayed Draw), Senior Secured Loans, due 2/12/20262022-01-012022-09-300001512931Born To Run, L L C, Senior Secured Loans, due 4/1/20272022-01-012022-09-300001512931Born To Run, L L C, Equity Securities, Class A units2022-01-012022-09-300001512931Born To Run, L L C ( Delayed Draw) Senior Secured Loans, due 4/1/20272022-01-012022-09-300001512931Bonterra, L L C (fka Cybergrants Holdings), Senior Secured Loans, due 9/8/20272022-01-012022-09-300001512931Bonterra, L L C (fka Cybergrants Holdings) ( Revolver), Senior Secured Loans, due 9/8/20272022-01-012022-09-300001512931Bonterra, L L C (fka Cybergrants Holdings) ( Delayed Draw) , Senior Secured Loans, due 9/8/20272022-01-012022-09-300001512931B L S T Operating Company, L L C, Senior Secured Loans, due 8/28/20252022-01-012022-09-300001512931B L S T Operating Company, L L C, Equity Securities, Class A units2022-01-012022-09-300001512931Attom Intermediate Holdco, L L C, Senior Secured Loans, Two, due 1/4/20242022-01-012022-09-300001512931Attom Intermediate Holdco, L L C, Senior Secured Loans, Three, due 1/4/20242022-01-012022-09-300001512931Attom Intermediate Holdco, L L C, Senior Secured Loans, One, due 1/4/20242022-01-012022-09-300001512931Attom Intermediate Holdco, LLC, Senior Secured Loans, Four, due 1/4/20242022-01-012022-09-300001512931Attom Intermediate Holdco, L L C ( Revolver), Senior Secured Loans, due 1/4/20242022-01-012022-09-300001512931Attom Intermediate Holdco, L L C, Equity Securities, Class A units2022-01-012022-09-300001512931A S G I I, L L C, Unitranche Secured Loans, due 5/25/20282022-01-012022-09-300001512931A S G I I, L L C ( Delayed Draw), Unitranche Secured Loans, 5/25/20282022-01-012022-09-300001512931Arcstor Midco, L L C, Senior Secured Loans, due 3/16/20272022-01-012022-09-300001512931Aras Corporation, Senior Secured Loans, due 4/13/20272022-01-012022-09-300001512931Aras Corporation ( Revolver), Senior Secured Loans, due 4/13/20272022-01-012022-09-300001512931A P C O Worldwide, Inc, Equity Securities, Class A voting common stock2022-01-012022-09-300001512931American Community Homes, Inc., Senior Secured Loans, Two, Due 12/31/20262022-01-012022-09-300001512931American Community Homes, Inc., Senior Secured Loans, Three, Due 12/31/20262022-01-012022-09-300001512931American Community Homes, Inc., Senior Secured Loans, Six, Due 12/31/20262022-01-012022-09-300001512931American Community Homes, Inc., Senior Secured Loans, Seven, Due 12/31/20262022-01-012022-09-300001512931American Community Homes, Inc., Senior Secured Loans, One, Due 12/31/20262022-01-012022-09-300001512931American Community Homes, Inc., Senior Secured Loans, Four, Due 12/31/20262022-01-012022-09-300001512931American Community Homes, Inc., Senior Secured Loans, Five, Due 12/31/20262022-01-012022-09-300001512931American Broadband and Telecommunications Company L L C ( Revolver), Senior Secured Loans, due 6/10/20252022-01-012022-09-300001512931American Broadband and Telecommunications Company L L C, Equity Securities, Warrants2022-01-012022-09-300001512931American Broadband and Telecommunications Company L L C ( Delayed Draw), Senior Secured Loans, due 6/10/20252022-01-012022-09-300001512931Ad Theorent Holding Company, Inc. Equity Securities, common stock2022-01-012022-09-300001512931Toojay’s Management L L C, Senior Secured Loans, Two, due 10/26/2022us-gaap-supplement:InvestmentUnaffiliatedIssuerMember2021-01-012021-12-310001512931Toojay’s Management L L C, Senior Secured Loans, One, due 10/26/2022us-gaap-supplement:InvestmentUnaffiliatedIssuerMember2021-01-012021-12-310001512931Toojay’s Management L L C ( Revolver), Senior Secured Loans, due 10/26/2022us-gaap-supplement:InvestmentUnaffiliatedIssuerMember2021-01-012021-12-310001512931Star Compliance Mid Co, L L C, Senior Secured Loans, Two, due 1/12/2027us-gaap-supplement:InvestmentUnaffiliatedIssuerMember2021-01-012021-12-310001512931Star Compliance Mid Co, L L C, Senior Secured Loans, One, due 1/12/2027us-gaap-supplement:InvestmentUnaffiliatedIssuerMember2021-01-012021-12-310001512931Star Compliance Mid Co, L L C, ( Revolver), Senior Secured Loans, due 1/12/2027us-gaap-supplement:InvestmentUnaffiliatedIssuerMember2021-01-012021-12-310001512931M V Receivables I I, L L C ( Delayed Draw), Senior Secured Loans, due 7/29/2026us-gaap-supplement:InvestmentUnaffiliatedIssuerMember2021-01-012021-12-310001512931Magneto & Diesel Acquisition, Inc, Senior Secured Loans, Two, due 12/8/2023us-gaap-supplement:InvestmentUnaffiliatedIssuerMember2021-01-012021-12-310001512931Magneto & Diesel Acquisition, Inc, Senior Secured Loans, Three, due 12/8/2023us-gaap-supplement:InvestmentUnaffiliatedIssuerMember2021-01-012021-12-310001512931Magneto & Diesel Acquisition, Inc, Senior Secured Loans, One, due 12/18/2023us-gaap-supplement:InvestmentUnaffiliatedIssuerMember2021-01-012021-12-310001512931Magneto & Diesel Acquisition, Inc. ( Revolver), Senior Secured Loans, due 12/8/2023us-gaap-supplement:InvestmentUnaffiliatedIssuerMember2021-01-012021-12-310001512931L X/ J T Intermediate Holdings, Inc., Senior Secured Loans, due 3/11/2025us-gaap-supplement:InvestmentUnaffiliatedIssuerMember2021-01-012021-12-310001512931L X/ J T Intermediate Holdings, Inc. ( Revolver), Senior Secured Loans, due 3/11/2025us-gaap-supplement:InvestmentUnaffiliatedIssuerMember2021-01-012021-12-310001512931L V F Holdings, Inc., Senior Secured Loans, Two, due 6/10/2027us-gaap-supplement:InvestmentUnaffiliatedIssuerMember2021-01-012021-12-310001512931L V F Holdings, Inc., Senior Secured Loans, One, due 6/10/2027us-gaap-supplement:InvestmentUnaffiliatedIssuerMember2021-01-012021-12-310001512931L V F Holdings, Inc., Senior Secured Loans, ( Delayed Draw) due 6/10/2027us-gaap-supplement:InvestmentUnaffiliatedIssuerMember2021-01-012021-12-310001512931L V F Holdings, Inc. ( Revolver), Senior Secured Loans, due 6/10/2027us-gaap-supplement:InvestmentUnaffiliatedIssuerMember2021-01-012021-12-310001512931Lifted Trucks Holdings, L L C, Senior Secured Loans, due 8/2/2027us-gaap-supplement:InvestmentUnaffiliatedIssuerMember2021-01-012021-12-310001512931Lifted Trucks Holdings, L L C ( Revolver), Senior Secured Loans, due 8/2/2027us-gaap-supplement:InvestmentUnaffiliatedIssuerMember2021-01-012021-12-310001512931Lifted Trucks Holdings, L L C ( Delayed Draw), Senior Secured Loans, due 8/2/2027us-gaap-supplement:InvestmentUnaffiliatedIssuerMember2021-01-012021-12-310001512931Hastings Manufacturing Company, Senior Secured Loans, due 4/24/2023us-gaap-supplement:InvestmentUnaffiliatedIssuerMember2021-01-012021-12-310001512931Born To Run, L L C, Senior Secured Loans, due 4/1/2027us-gaap-supplement:InvestmentUnaffiliatedIssuerMember2021-01-012021-12-310001512931Born To Run, L L C ( Delayed Draw) Senior Secured Loans, due 4/1/2027us-gaap-supplement:InvestmentUnaffiliatedIssuerMember2021-01-012021-12-310001512931Xan Edu Publishing, Inc, Equity Securities, Class A units2021-01-012021-12-310001512931Xan Edu Publishing, Inc., Senior Secured Loans, due, 1/28/20252021-01-012021-12-310001512931Xan Edu Publishing, Inc. ( Revolver), Senior Secured Loans, due, 1/28/20252021-01-012021-12-310001512931Witkoff/ Monroe 700 J V L L C, Equity Securities, Preferred units2021-01-012021-12-310001512931Witkoff/ Monroe 700 J V L L C ( Delayed Draw), Junior Secured Loans, due 7/2/20262021-01-012021-12-310001512931WillowTree, LLC, Unitranche Secured Loans, due 10/9/20232021-01-012021-12-310001512931W3 Monroe R E Debt L L C, Senior Secured Loans, due 2/4/20282021-01-012021-12-310001512931V P S Holdings, L L C, Senior Secured Loans, Two, due 10/4/20242021-01-012021-12-310001512931V P S Holdings, L L C, Senior Secured Loans, One, due 10/4/20242021-01-012021-12-310001512931V P S Holdings, L L C ( Revolver), Senior Secured Loans, due 10/4/20242021-01-012021-12-310001512931Vinci Brands L L C, Unitranche Secured Loans, Two, due 2/6/20242021-01-012021-12-310001512931Vinci Brands L L C, Unitranche Secured Loans, Three, due 2/6/20242021-01-012021-12-310001512931Vinci Brands L L C, Unitranche Secured Loans, One, due 2/6/20242021-01-012021-12-310001512931Vinci Brands L L C, Unitranche Secured Loans, Four, due 2/6/20242021-01-012021-12-310001512931Vice Group Holding Inc., Senior Secured Loans, Two, due 11/2/20222021-01-012021-12-310001512931Vice Group Holding Inc., Senior Secured Loans, Three, due 11/2/20222021-01-012021-12-310001512931Vice Group Holding Inc., Senior Secured Loans, One, due 11/2/20222021-01-012021-12-310001512931Vice Group Holding Inc., Senior Secured Loans, Four, due, 11/2/20222021-01-012021-12-310001512931V H T Solutions, Senior Secured Loans, due 12/21/20262021-01-012021-12-310001512931V H T Solutions ( Revolver), Senior Secured Loans, due 12/21/20262021-01-012021-12-310001512931V H T Solutions ( Delayed Draw), Senior Secured Loans, due 12/21/20262021-01-012021-12-310001512931V B E1, L L C ( Delayed Draw), Unitranche Secured Loans, due 11/18/20262021-01-012021-12-310001512931Valudor Products L L C, Senior Secured Loans, Two, due 6/19/20232021-01-012021-12-310001512931Valudor Products L L C, Senior Secured Loans, Three, due 6/19/20232021-01-012021-12-310001512931Valudor Products L L C, Senior Secured Loans, One, due 6/19/2023,2021-01-012021-12-310001512931Valudor Products L L C ( Revolver), Senior Secured Loans, due 6/19/20232021-01-012021-12-310001512931Valudor Products L L C , Equity Securities, Class A-1 units2021-01-012021-12-310001512931T J Management Hold Co L L C ( Revolver), Senior Secured Loans, Due 6/28/20242021-01-012021-12-310001512931T J Management Hold Co L L C, Equity Securities, Common stock2021-01-012021-12-310001512931Thrasio, L L C, Senior Secured Loans, due 12/18/20262021-01-012021-12-310001512931The Kyjen Company, L L C, Senior Secured Loans, due 4/3/20262021-01-012021-12-310001512931The Kyjen Company, L L C ( Revolver), Senior Secured Loans, due 4/3/20262021-01-012021-12-310001512931T C F I I I O W L Buyer L L C, Senior Secured Loans, Two, due 4/17/20262021-01-012021-12-310001512931T C F I I I O W L Buyer L L C, Senior Secured Loans, Three, due 4/17/20262021-01-012021-12-310001512931T C F I I I O W L Buyer L L C, Senior Secured Loans, One, due 4/17/20262021-01-012021-12-310001512931Synergy Environmental Corporation, Senior Secured Loans, Two, due 9/29/20232021-01-012021-12-310001512931Synergy Environmental Corporation, Senior Secured Loans, Three, due 9/29/20232021-01-012021-12-310001512931Synergy Environmental Corporation, Senior Secured Loans, One, due 9/29/20232021-01-012021-12-310001512931Synergy Environmental Corporation ( Revolver), Senior Secured Loans, due 9/29/20232021-01-012021-12-310001512931Storm Trap, L L C, Senior Secured Loans, due 12/8/20232021-01-012021-12-310001512931Storm Trap, L L C ( Revolver), Senior Secured Loans, due 12/8/20232021-01-012021-12-310001512931Spherix Global Inc, Equity Securities, Class A units2021-01-012021-12-310001512931Spherix Global Inc. , Senior Secured Loans, due, 12/22/20262021-01-012021-12-310001512931Spherix Global Inc. ( Revolver), Senior Secured Loans, due, 12/22/20262021-01-012021-12-310001512931Service Max, Inc., Senior Secured Loans, due 11/1/20272021-01-012021-12-310001512931Service Max, Inc. ( Revolver) , Senior Secured Loans, due 11/1/20272021-01-012021-12-310001512931Seran Bio Science, L L C, Senior Secured Loans, Due 12/31/20252021-01-012021-12-310001512931Seran Bio Science, L L C (Revolver), Senior Secured Loans, Due 12/31/20252021-01-012021-12-310001512931Seran Bio Science, L L C, Equity Securities, common units2021-01-012021-12-310001512931Security Services Acquisition Sub Corp., Senior Secured Loans, Two, due 9/30/20262021-01-012021-12-310001512931Security Services Acquisition Sub Corp., Senior Secured Loans, Three, due 9/30/20262021-01-012021-12-310001512931Security Services Acquisition Sub Corp., Senior Secured Loans, One, due 9/30/20262021-01-012021-12-310001512931Security Services Acquisition Sub Corp., Senior Secured Loans, Four, due 9/30/20262021-01-012021-12-310001512931Security Services Acquisition Sub Corp., Senior Secured Loans, Five, due 9/30/20262021-01-012021-12-310001512931Second Avenue S F R Holdings I I L L C ( Revolver), Senior Secured Loans, Due 8/9/20242021-01-012021-12-310001512931Second Avenue S F R Holdings I I L L C, Junior Secured Loans, Due 7/28/20282021-01-012021-12-310001512931Second Avenue S F R Holdings I I L L C, Equity Securities2021-01-012021-12-310001512931Rockdale Blackhawk, L L C, Senior Secured Loans, no stated maturity2021-01-012021-12-310001512931Relevate Health Group, L L C, Senior Secured Loans, due, 11/20/20252021-01-012021-12-310001512931Relevate Health Group, L L C ( Revolver), Senior Secured Loans, due, 11/20/20252021-01-012021-12-310001512931Relevate Health Group, L L C, Equity Securities, preferred units2021-01-012021-12-310001512931Relevate Health Group, L L C, Equity Securities, Class B common units2021-01-012021-12-310001512931Relevate Health Group, L L C ( Delayed Draw), Senior Secured Loans, due, 11/20/20252021-01-012021-12-310001512931Relativity O D A L L C, Senior Secured Loans, due 5/12/20272021-01-012021-12-310001512931Relativity O D A L L C ( Revolver), Senior Secured Loans, due 5/12/20272021-01-012021-12-310001512931Red Zone Robotics, Inc., Senior Secured Loans, due 6/5/20232021-01-012021-12-310001512931Red Zone Robotics, Inc. ( Revolver) , Senior Secured Loans, due 6/5/20232021-01-012021-12-310001512931Recycled Plastics Industries, L L C, Senior Secured Loans, due 8/4/20262021-01-012021-12-310001512931Recycled Plastics Industries, L L C ( Revolver), Senior Secured Loans, due 8/4/20262021-01-012021-12-310001512931Recorded Future, Inc, Equity Securities, Class A units2021-01-012021-12-310001512931Quest Resource Management Group, L L C, Senior Secured Loans, Two, due 10/20/20252021-01-012021-12-310001512931Quest Resource Management Group, L L C, Senior Secured Loans, Three, due 10/20/20252021-01-012021-12-310001512931Quest Resource Management Group, L L C, Senior Secured Loans, One, due 10/20/20252021-01-012021-12-310001512931Quest Resource Management Group, L L C, Equity Securities, One, Warrants2021-01-012021-12-310001512931Quest Resource Management Group, L L C, Equity Securites, Two, Warrants2021-01-012021-12-310001512931Quest Resource Management Group, L L C ( Delayed Draw), Senior Secured Loans, due 10/20/20252021-01-012021-12-310001512931Priority Ambulance, L L C, Unitranche Secured Loans, Two, due 4/12/20222021-01-012021-12-310001512931Priority Ambulance, L L C, Unitranche Secured Loans, Three, due 4/12/20222021-01-012021-12-310001512931Priority Ambulance, L L C, Unitranche Secured Loans, One, due 4/12/20222021-01-012021-12-310001512931Priority Ambulance, L L C, Unitranche Secured Loans, Four, due 4/12/20222021-01-012021-12-310001512931Planful, Inc, Equity Securities, Class A units2021-01-012021-12-310001512931Planful, Inc., Senior Secured Loans, Two, due 12/30/20242021-01-012021-12-310001512931Planful, Inc., Senior Secured Loans, One, due 12/30/20242021-01-012021-12-310001512931Planful, Inc. ( Revolver), Senior Secured Loans, due 12/30/20242021-01-012021-12-310001512931P K S Holdings, L L C, Equity Securities, Two, Preferred units2021-01-012021-12-310001512931P K S Holdings, L L C, Equity Securities, Three, Preferred units2021-01-012021-12-310001512931P K S Holdings, L L C, Equity Securities, One, Preferred units2021-01-012021-12-310001512931P K S Holdings, L L C, Equity Securities, Four, Preferred units2021-01-012021-12-310001512931Onit, Inc., Unitranche Secured Loans, due 5/2/20252021-01-012021-12-310001512931Oceana Australian Fixed Income Trust, Senior Secured Loans, Two, due 2/25/20262021-01-012021-12-310001512931Oceana Australian Fixed Income Trust, Senior Secured Loans, One, due 6/29/20262021-01-012021-12-310001512931North Haven U S H C Acquisition, Inc., Senior Secured Loans, due, Two, 10/30/20252021-01-012021-12-310001512931North Haven U S H C Acquisition, Inc., Senior Secured Loans, due, One, 10/30/20252021-01-012021-12-310001512931North Haven U S H C Acquisition, Inc. ( Revolver), Senior Secured Loans, due, 10/30/20252021-01-012021-12-310001512931North Haven U S H C Acquisition, Inc. ( Delayed Draw), Senior Secured Loans, due, 10/30/20252021-01-012021-12-310001512931Newforma, Inc., Senior Secured Loans, due 6/30/20222021-01-012021-12-310001512931Newforma, Inc. ( Revolver), Senior Secured Loans, due 6/30/20222021-01-012021-12-310001512931N E C B Collections, L L C ( Revolver), Senior Secured Loans2021-01-012021-12-310001512931N E C B Collections, L L C, Equity Securities2021-01-012021-12-310001512931Nearly Natural, Inc, Equity Securities, Two, Class A A units2021-01-012021-12-310001512931Nearly Natural, Inc, Equity Securities, One, Class A units2021-01-012021-12-310001512931Nearly Natural, Inc., Senior Secured loans, Two, due 12/15/20222021-01-012021-12-310001512931Nearly Natural, Inc., Senior Secured loans, Three, due 12/15/20222021-01-012021-12-310001512931Nearly Natural, Inc., Senior Secured loans, One, due 12/15/20222021-01-012021-12-310001512931Nearly Natural, Inc., Senior Secured loans, Four, due 12/15/20222021-01-012021-12-310001512931Nearly Natural, Inc.( Revolver), Senior Secured loans, due 12/15/20222021-01-012021-12-310001512931N C B P Property, L L C, Senior Secured Loans, due 12/16/20222021-01-012021-12-310001512931Nations Benefits, L L C, Senior Secured Loans, due 8/20/20262021-01-012021-12-310001512931Nations Benefits, L L C ( Revolver), Senior Secured Loans, due 8/20/20262021-01-012021-12-310001512931Nations Benefits, L L C, Equity Securities, Two, common units2021-01-012021-12-310001512931Nations Benefits, L L C, Equity Securities, Three, Series A units2021-01-012021-12-310001512931M V Receivables I I, L L C, Equity Securities, Due 7/28/2031, Warrants2021-01-012021-12-310001512931M V Receivables I I, L L C, Equity Securities, Common units2021-01-012021-12-310001512931M R C C Senior Loan Fund I, L L C, Equity Securities2021-01-012021-12-310001512931Money Lion, Inc., Junior Secured Loans, due 3/24/20262021-01-012021-12-310001512931Mnine Holdings, Inc., Senior Secured Loans Due 12/30/20222021-01-012021-12-310001512931Mnine Holdings, Inc., Equity Securities, Class B units2021-01-012021-12-310001512931Mindbody, Inc., Senior Secured Loans, Two, due 2/14/20252021-01-012021-12-310001512931Mindbody, Inc., Senior Secured Loans, One, due 2/14/20252021-01-012021-12-310001512931Mindbody, Inc. ( Revolver) (f), Senior Secured Loans, due 2/14/20252021-01-012021-12-310001512931M F G Chemical, L L C, Unitranche Secured Loans, Two, Due 6/23/20222021-01-012021-12-310001512931M F G Chemical, L L C, Unitranche Secured Loans, One, Due 6/23/20222021-01-012021-12-310001512931M C P Shaw Acquisitionco, L L C, Senior Secured Loans, Two, due 11/28/20252021-01-012021-12-310001512931M C P Shaw Acquisitionco, L L C, Senior Secured Loans, One, due 11/28/20252021-01-012021-12-310001512931M C P Shaw Acquisitionco, L L C ( Revolver), Senior Secured Loans, due 11/28/20252021-01-012021-12-310001512931M C P Shaw Acquisitionco, L L C , Equity Securities, Class A-2 units2021-01-012021-12-310001512931M C P Shaw Acquisitionco, L L C ( Delayed Draw), Senior Secured Loans, due 11/28/20252021-01-012021-12-310001512931M C Asset Management ( Corporate), L L C, Senior Secured Loans Due 1/26/20242021-01-012021-12-310001512931M C Asset Management ( Corporate), L L C, Equity Securites2021-01-012021-12-310001512931M C Asset Management ( Corporate), L L C ( Delayed Draw), Senior Secured Loans Due 1/26/20242021-01-012021-12-310001512931Mark Logic Corporation, Senior Secured Loans, Two, due 10/20/20252021-01-012021-12-310001512931Mark Logic Corporation, Senior Secured Loans, One, due 10/20/20252021-01-012021-12-310001512931Mark Logic Corporation ( Revolver), Senior Secured Loans, due 10/20/20252021-01-012021-12-310001512931Mark Logic Corporation, Equity Securities, Class A units2021-01-012021-12-310001512931MarkLogic Corporation (Delayed Draw), Senior Secured Loans 10/20/20252021-01-012021-12-310001512931Mammoth Holdings, L L C, Senior Secured Loans, Two, due 10/16/20232021-01-012021-12-310001512931Mammoth Holdings, L L C, Senior Secured Loans, Three, due 10/16/20232021-01-012021-12-310001512931Mammoth Holdings, L L C, Senior Secured Loans, One, due 10/16/20232021-01-012021-12-310001512931Mammoth Holdings, L L C ( Revolver), Senior Secured Loans, due 10/16/20232021-01-012021-12-310001512931Mammoth Holdings, L L C ( Delayed Draw), Senior Secured Loans, due 10/16/20232021-01-012021-12-310001512931Luxury Optical Holdings Co., Equity Securities2021-01-012021-12-310001512931Liftforward S P V I I, L L C, Senior Secured Loans, due 9/30/20222021-01-012021-12-310001512931Lifted Trucks Holdings, L L C, Equity Securities, Class A units2021-01-012021-12-310001512931J2 B W A Funding L L C, Equity Securities2021-01-012021-12-310001512931J2 B W A Funding L L C ( Delayed Draw), Senior Secured Loans, due 12/24/20262021-01-012021-12-310001512931I T Global Holding L L C, Senior Secured Loans, Two, due 11/10/20232021-01-012021-12-310001512931I T Global Holding L L C, Senior Secured Loans, One, due 11/10/20232021-01-012021-12-310001512931I T Global Holding L L C ( Revolver), Senior Secured Loans, due 11/10/20232021-01-012021-12-310001512931In Mobi Pte, Ltd, Media: Equity Securities, due 9/18/20252021-01-012021-12-310001512931I N H Buyer, Inc., Senior Secured Loans, due 6/28/20282021-01-012021-12-310001512931Independence Buyer, Inc, Senior Secured Loans, due 8/3/20262021-01-012021-12-310001512931Independence Buyer, Inc. ( Revolver), Senior Secured Loans, due 8/3/20262021-01-012021-12-310001512931Independence Buyer, Inc., Equity Securities, Class A units2021-01-012021-12-310001512931I D I G Parent, L L C, Senior Secured Loans, Two, due 12/15/20262021-01-012021-12-310001512931I D I G Parent, L L C, Senior Secured Loans, One, due 12/15/20262021-01-012021-12-310001512931I D I G Parent, L L C ( Revolver), Senior Secured Loans, due 12/15/20262021-01-012021-12-310001512931I D I G Parent, L L C, Equity Securities, Common stock2021-01-012021-12-310001512931H S4 Acquisitionco, Inc., Senior Secured Loans, due 7/9/20252021-01-012021-12-310001512931H S4 Acquisitionco, Inc. ( Revolver), Senior Secured Loans, due 7/9/20252021-01-012021-12-310001512931H F Z Capital Group L L C, Senior Secured Loans , Two2021-01-012021-12-310001512931H F Z Capital Group L L C, Senior Secured Loans, One2021-01-012021-12-310001512931Forman Mills, Inc, Equity Securities, Warrants2021-01-012021-12-310001512931Forman Mills, Inc., Senior Secured Loans, Two, due 12/30/20222021-01-012021-12-310001512931Forman Mills, Inc., Senior Secured Loans, Three, due 12/30/20222021-01-012021-12-310001512931Forman Mills, Inc., Senior Secured Loans, One, due 12/30/20222021-01-012021-12-310001512931Florida East Coast Industries, L L C, Senior Secured Loans, due 6/28/20242021-01-012021-12-310001512931Florida East Coast Industries, L L C, Junior Secured Loans, due 6/28/20242021-01-012021-12-310001512931Familia Dental Group Holdings, L L C, Equity Securities, Class A units2021-01-012021-12-310001512931Express Wash Acquisition Company, L L C, Senior Secured Loans, Two, due 12/26/20252021-01-012021-12-310001512931Express Wash Acquisition Company, L L C, Senior Secured Loans, Three, due 12/26/20252021-01-012021-12-310001512931Express Wash Acquisition Company, L L C, Senior Secured Loans, One, due 12/26/20252021-01-012021-12-310001512931Express Wash Acquisition Company, L L C ( Revolver), Senior Secured Loans, due 12/26/20252021-01-012021-12-310001512931Express Wash Acquisition Company, L L C, Equity Securities, Class A units2021-01-012021-12-310001512931Express Wash Acquisition Company, L L C ( Delayed Draw), Senior Secured Loans, Four, due 12/26/20252021-01-012021-12-310001512931Equine Network, L L C, Senior Secured Loans, Two, due 12/13/20252021-01-012021-12-310001512931Equine Network, L L C, Senior Secured Loans, One, due 12/13/20252021-01-012021-12-310001512931Equine Network, L L C ( Revolver) , Senior Secured Loans, due 12/13/20252021-01-012021-12-310001512931Equine Network, L L C, Equity Securities, Class A units2021-01-012021-12-310001512931Equine Network, L L C ( Delayed Draw), Senior Secured Loans, due 12/13/20252021-01-012021-12-310001512931Energy Services Group, L L C, Unitranche Secured Loans, Two, Due 5/4/20222021-01-012021-12-310001512931Energy Services Group, L L C, Unitranche Secured Loans, Three, Due 5/4/20222021-01-012021-12-310001512931Energy Services Group, L L C, Unitranche Secured Loans, One, Due 5/4/20222021-01-012021-12-310001512931Education Corporation of America, Junior Secured Loans2021-01-012021-12-310001512931Education Corporation of America, Equity Securities, Series G Preferred Stock2021-01-012021-12-310001512931Dorado Acquisition, Inc, Equity Securities, Two, Class A-2 units2021-01-012021-12-310001512931Dorado Acquisition, Inc, Equity Securities, One, Class A-1 units2021-01-012021-12-310001512931Dorado Acquisition, Inc., Senior Secured Loans, due 6/30/20262021-01-012021-12-310001512931Dorado Acquisition, Inc. ( Revolver) , Senior Secured Loans, due 6/30/20262021-01-012021-12-310001512931Dorado Acquisition, Inc. ( Delayed Draw) , Senior Secured Loans, due 6/30/20262021-01-012021-12-310001512931Destination Media, Inc., Senior Secured Loans, due 4/7/20222021-01-012021-12-310001512931Destination Media, Inc. ( Revolver), Senior Secured Loans, due 4/7/20222021-01-012021-12-310001512931Curion Holdings, L L C, Senior Secured Loans, Due 8/31/20222021-01-012021-12-310001512931Curion Holdings, L L C ( Revolver), Senior Secured Loans, Due 8/31/20222021-01-012021-12-310001512931Curion Holdings, L L C, Junior Secured Loans, Two, Due 1/2/20232021-01-012021-12-310001512931Curion Holdings, L L C, Junior Secured Loans, One, Due 1/2/20232021-01-012021-12-310001512931Curion Holdings, L L C, Equity Securities, Common stock2021-01-012021-12-310001512931Crownpeak Technology, Inc., Senior Secured Loans, Two, due 2/28/20242021-01-012021-12-310001512931Crownpeak Technology, Inc., Senior Secured Loans, One, due 2/28/20242021-01-012021-12-310001512931Crownpeak Technology, Inc. ( Revolver), Senior Secured Loans, due 2/28/20242021-01-012021-12-310001512931Chess.com, L L C, Senior Secured Loans, due 12/31/20272021-01-012021-12-310001512931Chess.com, L L C ( Revolver), Senior Secured Loans, due 12/31/20272021-01-012021-12-310001512931Chess.com, L L C, Equity Securities, Class A units2021-01-012021-12-310001512931Certify, Inc, Senior Secured Loans, Two, due 2/28/20242021-01-012021-12-310001512931Certify, Inc, Senior Secured Loans, One, due 2/28/20242021-01-012021-12-310001512931Certify, Inc. (Revolver), Senior Secured Loans, due 2/28/20242021-01-012021-12-310001512931Cassavant Holdings, L L C, Unitranche Secured Loans, due 9/8/20262021-01-012021-12-310001512931Caravel Autism Health, L L C, Senior Secured Loans, due 6/30/20272021-01-012021-12-310001512931Caravel Autism Health, L L C ( Revolver), Senior Secured Loans, due 6/30/20272021-01-012021-12-310001512931Caravel Autism Health, L L C ( Delayed Draw), Senior Secured Loans, due 6/30/20272021-01-012021-12-310001512931California Pizza Kitchen, Inc., Equity Securities, Common units2021-01-012021-12-310001512931Calabrio, Inc., Senior Secured Loans, due 4/16/20272021-01-012021-12-310001512931Calabrio, Inc. ( Revolver), Senior Secured Loans, due 4/16/20272021-01-012021-12-310001512931Burroughs, Inc., Senior Secured Loans, due 12/22/20222021-01-012021-12-310001512931Burroughs, Inc. ( Revolver), Senior Secured Loans, due 12/22/20222021-01-012021-12-310001512931Brightly Software Holdings, Inc. (fka Dude Solutions Holdings, Inc.), Senior Secured Loans, ( Revolver), due 6/13/20252021-01-012021-12-310001512931Brightly Software Holdings, Inc. (fka Dude Solutions Holdings, Inc.), Senior Secured Loans, due 6/13/20252021-01-012021-12-310001512931Brickell Bay Acquisition Corp, Senior Secured Loans, due 2/12/20262021-01-012021-12-310001512931Brickell Bay Acquisition Corp. ( Delayed Draw), Senior Secured Loans, due 2/12/20262021-01-012021-12-310001512931Born To Run, L L C, Equity Securities, Class A units2021-01-012021-12-310001512931Bonterra, L L C (fka Cybergrants Holdings), Senior Secured Loans, due 9/8/20272021-01-012021-12-310001512931Bonterra, L L C (fka Cybergrants Holdings) ( Revolver), Senior Secured Loans, due 9/8/20272021-01-012021-12-310001512931Bonterra, L L C (fka Cybergrants Holdings) ( Delayed Draw) , Senior Secured Loans, due 9/8/20272021-01-012021-12-310001512931B L S T Operating Company, L L C, Senior Secured Loans, due 8/28/20252021-01-012021-12-310001512931B L S T Operating Company, L L C, Equity Securities, Class A units2021-01-012021-12-310001512931Attom Intermediate Holdco, L L C, Senior Secured Loans, Two, due 1/4/20242021-01-012021-12-310001512931Attom Intermediate Holdco, L L C, Senior Secured Loans, Three, due 1/4/20242021-01-012021-12-310001512931Attom Intermediate Holdco, L L C, Senior Secured Loans, One, due 1/4/20242021-01-012021-12-310001512931Attom Intermediate Holdco, L L C ( Revolver), Senior Secured Loans, due 1/4/20242021-01-012021-12-310001512931Attom Intermediate Holdco, L L C, Equity Securities, Class A units2021-01-012021-12-310001512931Ascent Midco, L L C, Senior Secured Loans Due 2/5/20252021-01-012021-12-310001512931Ascent Midco, L L C ( Revolver), Senior Secured Loans Due 2/5/20252021-01-012021-12-310001512931Ascent Midco, L L C, Equity Securities, Class A units2021-01-012021-12-310001512931Arcstor Midco, L L C, Senior Secured Loans, due 3/16/20272021-01-012021-12-310001512931Aras Corporation, Senior Secured Loans, due 4/13/20272021-01-012021-12-310001512931Aras Corporation ( Revolver), Senior Secured Loans, due 4/13/20272021-01-012021-12-310001512931Apotheco, L L C, Senior Secured Loans, due 4/8/20242021-01-012021-12-310001512931Apotheco, L L C ( Revolver), Senior Secured Loans, due 4/8/20242021-01-012021-12-310001512931A P C O Worldwide, Inc, Equity Securities, Class A voting common stock2021-01-012021-12-310001512931American Community Homes, Inc., Senior Secured Loans, Two, Due 3/31/20222021-01-012021-12-310001512931American Community Homes, Inc., Senior Secured Loans, Three, Due 3/31/20222021-01-012021-12-310001512931American Community Homes, Inc., Senior Secured Loans, Six, Due 3/31/20222021-01-012021-12-310001512931American Community Homes, Inc., Senior Secured Loans, Seven, Due 3/31/20222021-01-012021-12-310001512931American Community Homes, Inc., Senior Secured Loans, One, Due 3/31/20222021-01-012021-12-310001512931American Community Homes, Inc., Senior Secured Loans, Four, Due 3/31/20222021-01-012021-12-310001512931American Community Homes, Inc., Senior Secured Loans, Five, Due 3/31/20222021-01-012021-12-310001512931American Community Homes, Inc., Equity Securities Due 12/18/2024, Warrants2021-01-012021-12-310001512931Ad Theorent Holding Company, Inc. Equity Securities, common stock2021-01-012021-12-310001512931mrcc:SFRHoldcoLLCMember2022-01-012022-09-300001512931mrcc:HFZCapitalGroupLLCMCAssetManagementCorporateLLCandMCAssetManagementIndustrialLLCMember2022-01-012022-09-300001512931T J Management Hold Co L L C ( Revolver), Senior Secured Loans, Due 6/28/20242022-01-012022-09-300001512931SFR Holdco, LLC (Junior secured loan)2022-01-012022-09-300001512931Second Avenue SFR Holdings II LLC (Delayed Draw) Loan2022-01-012022-09-300001512931Mnine Holdings Inc. (Revolver)2022-01-012022-09-300001512931Ascent Midco, L L C ( Revolver), Senior Secured Loans Due 2/5/20252022-01-012022-09-300001512931American Community Homes, Inc. ( Revolver), Senior Secured Loans Due 12/31/20262022-01-012022-09-300001512931mrcc:SecondAvenueSFRHoldingsIILLCMember2021-01-012021-09-300001512931T J Management Hold Co L L C ( Revolver), Senior Secured Loans, Due 6/28/20242021-01-012021-09-300001512931Second Avenue S F R Holdings I I L L C ( Revolver), Senior Secured Loans, Due 8/9/20242021-01-012021-09-300001512931Second Avenue SFR Holdings II LLC (Delayed Draw) Loan2021-01-012021-09-300001512931Ascent Midco, L L C ( Revolver), Senior Secured Loans Due 2/5/20252021-01-012021-09-300001512931Ascent Midco, L L C, ( Delayed Draw) 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Table of Contents

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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FORM 10-Q

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(Mark One)

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

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For the quarterly period ended September 30, 2022

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OR

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

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Commission file number: 814-00866

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MONROE CAPITAL CORPORATION

(Exact Name of Registrant as Specified in its Charter)

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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)

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(312) 258-8300

(Registrant’s Telephone Number, Including Area Code)

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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

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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  ¨

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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  ¨

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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.

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Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☐
Emerging growth company	☐

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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. ¨

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

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As of November 4, 2022, the registrant had 21,666,340 shares of common stock, $0.001 par value, outstanding.

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Table of Contents

TABLE OF CONTENTS

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

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2

Table of Contents

Part I. Financial Information

Item 1. Consolidated Financial Statements

MONROE CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(in thousands, except per share data)

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

​

See Notes to Consolidated Financial Statements.

​

​

3

Table of Contents

MONROE CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except per share data)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended September 30,

​

Nine months ended September 30,

​

​

2022

​

2021

​

2022

​

2021

Investment income:

​

​

​

​

Non-controlled/non-affiliate company investments:

​

​

​

​

Interest income

​

$

9,383

​

$

8,495

​

$

26,030

​

$

24,807

Payment-in-kind interest income

​

738

​

405

​

2,039

​

1,286

Dividend income

​

103

​

234

​

267

​

284

Fee income

​

412

​

288

​

1,604

​

1,065

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

​

10,636

​

9,422

​

29,940

​

27,442

Non-controlled affiliate company investments:

​

​

​

​

​

​

Interest income

​

3,830

​

1,561

​

6,202

​

4,225

Payment-in-kind interest income

​

502

​

2,508

​

2,419

​

5,040

Dividend income

​

48

​

698

​

141

​

784

Total investment income from non-controlled affiliate company investments

​

4,380

​

4,767

​

8,762

​

10,049

Controlled affiliate company investments:

​

​

​

​

Dividend income

​

900

​

1,025

​

2,700

​

3,300

Total investment income from controlled affiliate company investments

​

900

​

1,025

​

2,700

​

3,300

Total investment income

​

15,916

​

15,214

​

41,402

​

40,791

​

​

​

​

​

​

​

​

​

​

​

​

​

Operating expenses:

​

​

​

​

​

Interest and other debt financing expenses

​

4,263

​

3,924

​

11,961

​

12,219

Base management fees

​

2,222

​

2,399

​

6,834

​

7,060

Incentive fees

​

1,565

​

1,578

​

2,747

​

2,828

Professional fees

​

212

​

264

​

740

​

730

Administrative service fees

​

275

​

327

​

908

​

1,020

General and administrative expenses

​

216

​

304

​

722

​

833

Directors’ fees

​

35

​

35

​

109

​

109

Expenses before base management fee and incentive fee waivers

​

8,788

​

8,831

​

24,021

​

24,799

Base management fee waivers

​

—

​

—

​

(55)

​

—

Incentive fee waivers

​

—

​

—

​

(525)

​

(1,057)

Total expenses, net of base management fee and incentive fee waivers

​

8,788

​

8,831

​

23,441

​

23,742

Net investment income before income taxes

​

7,128

​

6,383

​

17,961

​

17,049

Income taxes, including excise taxes

​

868

​

71

​

1,289

​

254

Net investment income

​

6,260

​

6,312

​

16,672

​

16,795

​

​

​

​

​

​

​

​

​

​

​

​

​

Net gain (loss):

​

​

​

​

Net realized gain (loss):

​

​

​

​

Non-controlled/non-affiliate company investments

​

(1,666)

​

(9,435)

​

(1,749)

​

(8,468)

Non-controlled affiliate company investments

​

(1)

​

—

​

(1)

​

(250)

Extinguishment of debt

​

—

​

(336)

​

(1,039)

​

(3,110)

Foreign currency forward contracts

​

38

​

20

​

69

​

(55)

Foreign currency and other transactions

​

(1)

​

(880)

​

(38)

​

(894)

Net realized gain (loss)

​

(1,630)

​

(10,631)

​

(2,758)

​

(12,777)

​

​

​

​

​

​

​

​

​

​

​

​

​

Net change in unrealized gain (loss):

​

​

​

​

Non-controlled/non-affiliate company investments

​

(1,049)

​

11,222

​

(12,281)

​

20,106

Non-controlled affiliate company investments

​

(4,186)

​

(1,076)

​

(5,485)

​

(2,173)

Controlled affiliate company investments

​

(1,007)

​

(54)

​

(5,081)

​

2,047

Foreign currency forward contracts

​

863

​

530

​

1,503

​

976

Foreign currency and other transactions

​

—

​

936

​

164

​

650

Net change in unrealized gain (loss)

​

(5,379)

​

11,558

​

(21,180)

​

21,606

​

​

​

​

​

​

​

​

​

​

​

​

​

Net gain (loss)

​

(7,009)

​

927

​

(23,938)

​

8,829

​

​

​

​

​

​

​

​

​

​

​

​

​

Net increase (decrease) in net assets resulting from operations

​

$

(749)

​

$

7,239

​

$

(7,266)

​

$

25,624

​

​

​

​

​

​

​

​

​

​

​

​

​

Per common share data:

​

​

​

​

Net investment income per share - basic and diluted

​

$

0.29

​

$

0.29

​

$

0.77

​

$

0.78

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

​

$

(0.03)

​

$

0.34

​

$

(0.33)

​

$

1.20

Weighted average common shares outstanding - basic and diluted

​

21,666

​

21,544

​

21,666

​

21,404

​

See Notes to Consolidated Financial Statements.

​

4

Table of Contents

MONROE CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(unaudited)

(in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Accumulated

​

​

​

​

​

Common Stock

​

​

​

​

undistributed

​

​

​

​

​

​

​

Par

​

Capital in excess of

​

(overdistributed)

​

Total

​

​

Number of shares

​

value

​

par value

​

earnings

​

net assets

Balances at June 30, 2021

21,544

$

22

$

297,586

$

(52,811)

$

244,797

Net investment income

—

​

—

​

—

​

6,312

​

6,312

Net realized gain (loss)

—

​

—

​

—

​

(10,631)

​

(10,631)

Net change in unrealized gain (loss)

—

​

—

​

—

​

11,558

​

11,558

Issuance of common stock, net of offering and underwriting costs

—

​

—

​

—

​

—

​

—

Distributions to stockholders

—

​

—

​

—

​

(5,386)

​

(5,386)

Balances at September 30, 2021

21,544

$

22

$

297,586

$

(50,958)

$

246,650

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balances at June 30, 2022

21,666

​

$

22

​

$

298,687

​

$

(66,588)

​

$

232,121

Net investment income

—

​

—

​

—

​

6,260

​

6,260

Net realized gain (loss)

—

​

—

​

—

​

(1,630)

​

(1,630)

Net change in unrealized gain (loss)

—

​

—

​

—

​

(5,379)

​

(5,379)

Issuance of common stock, net of offering and underwriting costs

—

​

—

​

—

​

—

​

—

Distributions to stockholders

—

​

—

​

—

​

(5,416)

​

(5,416)

Balances at September 30, 2022

21,666

​

$

22

​

$

298,687

​

$

(72,753)

​

$

225,956

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Accumulated

​

​

​

​

​

Common Stock

​

​

​

​

undistributed

​

​

​

​

​

​

​

Par

​

Capital in excess of

​

(overdistributed)

​

Total

​

​

Number of shares

​

value

​

par value

​

earnings

​

net assets

Balances at December 31, 2020

21,304

$

21

$

294,897

$

(60,484)

$

234,434

Net investment income

—

​

—

​

—

​

16,795

​

16,795

Net realized gain (loss)

—

​

—

​

—

​

(12,777)

​

(12,777)

Net change in unrealized gain (loss)

—

​

—

​

—

​

21,606

​

21,606

Issuance of common stock, net of offering and underwriting costs

240

​

1

​

2,689

​

—

​

2,690

Distributions to stockholders

—

​

—

​

—

​

(16,098)

​

(16,098)

Balances at September 30, 2021

21,544

$

22

$

297,586

$

(50,958)

$

246,650

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balances at December 31, 2021

21,666

​

$

22

​

$

298,687

​

$

(49,238)

​

$

249,471

Net investment income

—

​

—

​

—

​

16,672

​

16,672

Net realized gain (loss)

—

​

—

​

—

​

(2,758)

​

(2,758)

Net change in unrealized gain (loss)

—

​

—

​

—

​

(21,180)

​

(21,180)

Issuance of common stock, net of offering and underwriting costs

—

​

—

​

—

​

—

​

—

Distributions to stockholders

—

​

—

​

—

​

(16,249)

​

(16,249)

Balances at September 30, 2022

21,666

​

$

22

​

$

298,687

​

$

(72,753)

​

$

225,956

​

See Notes to Consolidated Financial Statements.

​

5

Table of Contents

MONROE CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)

​

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

​

​

6

Table of Contents

MONROE CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS - (continued)

(unaudited)

(in thousands)

​

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

​

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

​

See Notes to Consolidated Financial Statements.

​

​

7

Table of Contents

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

(unaudited)

September 30, 2022

(in thousands, except for shares and units)

​

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

​

8

Table of Contents

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2022

(in thousands, except for shares and units)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Spread Above

​

Interest

​

Acquisition

​

​

​

​

​

Amortized

​

​

​

​

% of

​

Portfolio Company (˄)

​

Index (˄˄)

Rate

Date (˄˄˄)

Maturity

Principal

Cost

Fair Value (˄˄˄˄)

Net Assets (˄˄˄˄˄)

Chemicals, Plastics & Rubber

​

​

​

​

​

​

​

​

​

​

9.12

% Cash/

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Valudor Products LLC

L+

7.50

%

1.50

% PIK

​

6/18/2018

6/19/2023

1,604

$

1,598

$

1,934

0.9

%

Valudor Products LLC

L+

7.50

%

10.62

%

​

12/22/2021

6/19/2023

502

​

502

​

1,532

0.7

%

Valudor Products LLC (a)

L+

7.50

%

10.62

% PIK

​

6/18/2018

6/19/2023

253

​

252

​

249

0.1

%

Valudor Products LLC (Revolver) (*)

L+

9.50

%

12.62

%

​

6/18/2018

6/19/2023

1,095

​

315

​

315

0.1

%

​

​

​

​

​

​

​

​

​

​

​

3,454

​

2,667

​

4,030

1.8

%

Construction & Building

​

​

​

​

​

TCFIII OWL Buyer LLC

SF+

5.50

%

8.65

%

​

4/19/2021

4/17/2026

2,024

​

1,998

​

2,024

0.9

%

TCFIII OWL Buyer LLC

SF+

5.50

%

8.65

%

​

4/19/2021

4/17/2026

2,472

​

2,472

​

2,472

1.1

%

TCFIII OWL Buyer LLC

SF+

5.50

%

8.65

%

​

12/17/2021

4/17/2026

2,218

​

2,185

​

2,218

1.0

%

​

​

​

​

​

​

​

​

​

​

​

6,714

​

6,655

​

6,714

3.0

%

Consumer Goods: Durable

​

​

​

​

​

Independence Buyer, Inc.

L+

5.50

%

8.28

%

​

8/3/2021

8/3/2026

5,955

​

5,860

​

5,895

2.6

%

Independence Buyer, Inc. (Revolver) (*)

L+

5.50

%

8.28

%

​

8/3/2021

8/3/2026

1,423

​

—

​

—

0.0

%

Recycled Plastics Industries, LLC

L+

6.75

%

9.31

%

​

8/4/2021

8/4/2026

3,465

​

3,409

​

3,387

1.5

%

Recycled Plastics Industries, LLC (Revolver) (*)

L+

6.75

%

9.31

%

​

8/4/2021

8/4/2026

473

​

—

​

—

0.0

%

​

​

​

​

​

​

​

​

​

​

​

11,316

​

9,269

​

9,282

4.1

%

Consumer Goods: Non-Durable

​

​

​

​

​

​

​

​

​

​

9.81

% Cash/

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

The Kyjen Company, LLC

SF+

7.15

%

0.50

% PIK

​

5/14/2021

4/3/2026

988

​

979

​

983

0.4

%

​

​

​

​

​

9.38

% Cash/

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

The Kyjen Company, LLC

​

SF+

7.10

%

0.50

% PIK

​

9/13/2022

​

4/3/2026

​

—

​

​

—

​

​

—

​

0.0

%

​

​

​

​

​

9.38

% Cash/

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

The Kyjen Company, LLC (Revolver) (*)

SF+

7.10

%

0.50

% PIK

​

5/14/2021

4/3/2026

105

​

89

​

89

0.0

%

Thrasio, LLC

L+

7.00

%

11.17

%

​

12/18/2020

12/18/2026

2,452

​

2,445

​

2,430

1.1

%

​

​

​

​

​

​

​

​

​

​

​

3,545

​

3,513

​

3,502

1.5

%

Environmental Industries

​

​

​

​

​

Quest Resource Management Group, LLC

L+

6.50

%

9.06

%

​

10/19/2020

10/20/2025

975

​

910

​

978

0.4

%

Quest Resource Management Group, LLC

L+

6.50

%

9.06

%

​

10/19/2020

10/20/2025

1,070

​

1,070

​

1,074

0.5

%

Quest Resource Management Group, LLC

L+

6.50

%

9.06

%

​

12/7/2021

10/20/2025

3,806

​

3,743

​

3,805

1.7

%

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

L+

6.50

%

9.06

%

​

12/7/2021

10/20/2025

1,773

​

384

​

384

0.2

%

​

​

​

​

​

​

​

​

​

​

​

7,624

​

6,107

​

6,241

2.8

%

FIRE: Finance

​

​

​

​

​

GC Champion Acquisition LLC

​

SF+

6.75

%

9.77

%

​

8/19/2022

8/18/2028

2,535

​

2,485

​

2,535

​

1.1

%

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

​

SF+

6.75

%

9.77

%

​

8/19/2022

8/18/2028

704

​

—

​

—

​

0.0

%

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

​

​

n/a

​

9.00

%

​

12/24/2020

12/24/2026

2,750

​

1,138

​

1,118

​

0.5

%

Liftforward SPV II, LLC (#)

L+

10.75

%

13.87

%

​

11/10/2016

3/31/2023

413

​

413

​

399

0.2

%

Oceana Australian Fixed Income Trust (#) (b) (c)

​

n/a

​

10.75

%

​

6/29/2021

6/29/2026

2,897

​

3,400

​

2,897

1.3

%

Oceana Australian Fixed Income Trust (#) (b) (c)

​

n/a

11.50

%

​

2/25/2021

2/25/2026

6,877

​

8,460

​

6,877

3.0

%

W3 Monroe RE Debt LLC (#)

​

n/a

10.00

% PIK

​

2/5/2021

2/4/2028

3,129

​

3,129

​

3,129

1.4

%

YS WH4 LLC (Revolver) (*) (#)

SF+

7.00

%

9.95

%

​

7/20/2022

11/20/2025

5,250

​

1,846

​

1,846

0.8

%

​

​

​

​

​

​

​

​

​

​

​

24,555

​

20,871

​

18,801

8.3

%

​

9

Table of Contents

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2022

(in thousands, except for shares and units)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Spread Above

Interest

​

Acquisition

​

​

Amortized

​

​

% of

​

Portfolio Company (˄)

​

Index (˄˄)

​

Rate

Date (˄˄˄)

​

Maturity

​

Principal

​

Cost

​

Fair Value (˄˄˄˄)

​

Net Assets (˄˄˄˄˄)

​

FIRE: Real Estate

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

SF+

8.25

%

10.87

%

​

5/3/2022

4/30/2025

3,300

​

$

3,241

$

3,300

1.5

%

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

SF+

8.25

%

11.74

%

​

5/3/2022

4/30/2025

337

​

337

​

337

0.1

%

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

SF+

8.25

%

11.74

%

​

5/3/2022

4/30/2025

1,653

​

95

​

95

0.0

%

Florida East Coast Industries, LLC (#)

​

n/a

10.50

%

​

8/9/2021

6/28/2024

2,048

​

2,008

​

2,061

0.9

%

NCBP Property, LLC (#)

L+

9.50

%

12.06

%

​

12/18/2020

12/16/2022

1,950

​

1,948

​

1,952

0.9

%

​

​

​

​

​

​

​

​

​

​

​

9,288

​

7,629

​

7,745

3.4

%

Healthcare & Pharmaceuticals

​

​

​

​

​

Brickell Bay Acquisition Corp.

L+

6.50

%

8.78

%

​

2/12/2021

2/12/2026

1,885

​

1,855

​

1,849

0.8

%

Brickell Bay Acquisition Corp. (Delayed Draw) (*) (**)

L+

6.50

%

8.78

%

​

2/12/2021

2/12/2026

382

​

—

​

—

0.0

%

​

​

​

​

​

8.09

% Cash/

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Caravel Autism Health, LLC

SF+

8.75

%

3.00

% PIK

​

6/30/2021

6/30/2027

4,989

​

4,906

​

4,572

2.0

%

​

​

​

​

​

8.09

% Cash/

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

SF+

8.75

%

3.00

% PIK

​

6/30/2021

6/30/2027

3,749

​

187

​

171

0.1

%

​

​

​

​

​

8.09

% Cash/

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Caravel Autism Health, LLC (Revolver) (*)

SF+

8.75

%

3.00

% PIK

​

6/30/2021

6/30/2027

1,253

​

878

​

805

0.4

%

Dorado Acquisition, Inc.

L+

6.25

%

8.53

%

​

6/30/2021

6/30/2026

4,950

​

4,871

​

4,943

2.2

%

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

L+

6.25

%

8.53

%

​

6/30/2021

6/30/2026

216

​

—

​

—

0.0

%

Dorado Acquisition, Inc. (Revolver) (*)

L+

6.25

%

8.53

%

​

6/30/2021

6/30/2026

596

​

—

​

—

0.0

%

INH Buyer, Inc.

L+

6.00

%

9.67

%

​

6/30/2021

6/28/2028

2,917

​

2,892

​

2,707

1.2

%

NationsBenefits, LLC

SF+

7.00

%

9.61

%

​

8/20/2021

8/26/2027

3,970

​

3,905

​

4,049

1.8

%

NationsBenefits, LLC

SF+

7.00

%

10.15

%

​

8/26/2022

8/26/2027

​

4,719

​

4,719

​

4,813

2.1

%

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

SF+

7.00

%

9.61

%

​

8/26/2022

8/26/2027

​

5,089

​

—

​

—

0.0

%

NationsBenefits, LLC (Revolver) (*)

SF+

7.00

%

9.61

%

​

8/20/2021

8/26/2027

2,222

​

—

​

—

0.0

%

Rockdale Blackhawk, LLC (d)

​

n/a

​

n/a

​

​

3/31/2015

n/a

(e)

—

​

—

​

1,102

0.5

%

Seran BioScience, LLC

L+

6.25

%

8.53

%

​

12/31/2020

7/8/2027

2,463

​

2,429

​

2,450

1.1

%

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

SF+

6.25

%

9.37

%

​

7/8/2022

7/8/2027

2,778

​

822

​

818

0.3

%

Seran BioScience, LLC (Revolver) (*)

L+

6.25

%

8.53

%

​

12/31/2020

7/8/2027

444

​

—

​

—

0.0

%

​

​

​

​

​

6.35

% Cash/

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

TigerConnect, Inc.

SF+

7.25

%

3.63

% PIK

​

2/16/2022

2/16/2028

3,000

​

2,945

​

2,970

1.3

%

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

SF+

7.25

%

9.98

%

​

2/16/2022

2/16/2028

124

​

—

​

—

0.0

%

TigerConnect, Inc. (Revolver) (*)

SF+

7.25

%

9.98

%

​

2/16/2022

2/16/2028

429

​

—

​

—

0.0

%

Whistler Parent Holdings III, Inc.

SF+

6.75

%

9.90

%

​

6/3/2022

6/2/2028

4,500

​

4,413

​

4,475

2.0

%

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

​

SF+

6.75

%

9.90

%

​

6/3/2022

6/2/2028

1,406

​

—

​

—

0.0

%

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

​

SF+

6.75

%

9.90

%

​

6/3/2022

6/2/2028

563

​

—

​

—

0.0

%

​

​

​

​

​

​

​

​

​

​

​

52,644

​

34,822

​

35,724

15.8

%

​

​

10

Table of Contents

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2022

(in thousands, except for shares and units)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Spread Above

​

Interest

​

Acquisition

​

​

​

​

​

Amortized

​

​

​

​

% of

​

Portfolio Company (˄)

Index (˄˄)

​

Rate

​

Date (˄˄˄)

​

Maturity

​

Principal

​

Cost

​

Fair Value (˄˄˄˄)

​

Net Assets (˄˄˄˄˄)

​

High Tech Industries

​

​

​

​

​

Arcstor Midco, LLC

L+

7.00

%

​

10.67

%

3/16/2021

​

3/16/2027

​

4,444

​

$

4,372

​

$

4,114

​

1.8

%

Drawbridge Partners, LLC

SF+

7.00

%

​

10.03

% PIK

9/1/2022

​

9/1/2028

​

3,000

​

​

2,941

​

​

2,940

​

1.3

%

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

SF+

7.00

%

​

10.03

% PIK

9/1/2022

​

9/1/2028

​

330

​

​

23

​

​

23

​

0.0

%

Drawbridge Partners, LLC (Revolver) (*)

SF+

6.50

%

​

9.53

%

9/1/2022

​

9/1/2028

​

522

​

​

—

​

​

—

​

0.0

%

MarkLogic Corporation

SF+

6.50

%

​

9.34

%

10/20/2020

​

10/20/2025

​

3,439

​

​

3,383

​

​

3,422

​

1.5

%

MarkLogic Corporation

SF+

6.50

%

​

9.34

%

11/23/2021

​

10/20/2025

​

321

​

​

316

​

​

319

​

0.2

%

MarkLogic Corporation

​

SF+

6.50

%

​

9.34

%

5/10/2022

​

10/20/2025

​

2,675

​

​

2,627

​

​

2,662

​

1.2

%

MarkLogic Corporation

SF+

6.50

%

​

9.34

%

11/23/2021

​

10/20/2025

​

215

​

​

215

​

​

214

​

0.1

%

MarkLogic Corporation (Revolver) (*)

​

SF+

6.50

%

​

9.34

%

10/20/2020

​

10/20/2025

​

269

​

​

—

​

​

—

​

0.0

%

Medallia, Inc.

L+

6.75

%

​

9.87

% PIK

8/15/2022

​

10/27/2028

​

2,023

​

​

1,983

​

​

2,028

​

0.9

%

​

​

​

​

​

​

10.64

% Cash/

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Mindbody, Inc.

L+

8.50

%

​

1.50

% PIK

2/15/2019

​

2/14/2025

​

6,562

​

​

6,506

​

​

6,549

​

2.9

%

​

​

​

​

​

​

10.64

% Cash/

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Mindbody, Inc.

L+

8.50

%

​

1.50

% PIK

9/22/2021

​

2/14/2025

​

676

​

​

676

​

​

675

​

0.3

%

Mindbody, Inc. (Revolver) (*)

L+

8.00

%

​

11.64

%

2/15/2019

​

2/14/2025

​

667

​

​

—

​

​

—

​

0.0

%

Newforma, Inc.

L+

5.50

%

​

9.17

%

6/30/2017

​

3/31/2023

​

1,875

​

​

1,874

​

​

1,875

​

0.8

%

Newforma, Inc. (Revolver) (*)

L+

5.50

%

​

9.17

%

6/30/2017

​

3/31/2023

​

1,250

​

​

—

​

​

—

​

0.0

%

Planful, Inc.

L+

6.50

%

​

9.06

%

12/28/2018

​

12/28/2026

​

9,500

​

​

9,444

​

​

9,429

​

4.2

%

Planful, Inc.

SF+

6.50

%

​

9.90

%

9/12/2022

​

12/28/2026

​

530

​

​

517

​

​

526

​

0.2

%

Planful, Inc.

L+

6.50

%

​

9.06

%

1/11/2021

​

12/28/2026

​

1,325

​

​

1,325

​

​

1,316

​

0.6

%

Planful, Inc.

L+

6.50

%

​

9.06

%

2/11/2022

​

12/28/2026

​

884

​

​

884

​

​

877

​

0.4

%

Planful, Inc. (Revolver)

L+

6.50

%

​

9.06

%

12/28/2018

​

12/28/2026

​

442

​

​

442

​

​

439

​

0.2

%

​

​

​

​

​

​

​

​

​

​

​

40,949

​

​

37,528

​

​

37,408

​

16.6

%

Hotels, Gaming & Leisure

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Equine Network, LLC

SF+

8.00

%

​

10.63

%

12/31/2020

​

12/31/2025

​

1,724

​

​

1,697

​

​

1,696

​

0.8

%

Equine Network, LLC

SF+

8.00

%

​

10.63

%

1/29/2021

​

12/31/2025

​

782

​

​

771

​

​

769

​

0.3

%

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

SF+

8.00

%

​

10.63

%

12/31/2020

​

12/31/2025

​

427

​

​

—

​

​

—

​

0.0

%

Equine Network, LLC (Revolver) (*)

SF+

8.00

%

​

10.63

%

12/31/2020

​

12/31/2025

​

171

​

​

—

​

​

—

​

0.0

%

​

​

​

​

​

​

​

​

​

​

​

3,104

​

​

2,468

​

​

2,465

​

1.1

%

Media: Advertising, Printing & Publishing

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Destination Media, Inc.

SF+

5.50

%

​

8.65

%

4/7/2017

​

4/7/2023

​

759

​

​

759

​

​

759

​

0.3

%

Destination Media, Inc. (Revolver) (*)

SF+

5.50

%

​

8.65

%

4/7/2017

​

4/7/2023

​

542

​

​

—

​

​

—

​

0.0

%

North Haven USHC Acquisition, Inc.

SF+

6.50

%

​

10.15

%

10/30/2020

​

10/30/2025

​

2,456

​

​

2,424

​

​

2,456

​

1.1

%

North Haven USHC Acquisition, Inc.

SF+

6.50

%

​

9.14

%

7/29/2022

​

10/30/2025

​

2,605

​

​

2,567

​

​

2,588

​

1.2

%

North Haven USHC Acquisition, Inc.

SF+

6.50

%

​

10.15

%

3/12/2021

​

10/30/2025

​

713

​

​

713

​

​

713

​

0.3

%

North Haven USHC Acquisition, Inc.

SF+

6.50

%

​

10.15

%

9/3/2021

​

10/30/2025

​

1,439

​

​

1,439

​

​

1,438

​

0.6

%

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

SF+

6.50

%

​

10.15

%

7/29/2022

​

10/30/2025

​

1,056

​

​

—

​

​

—

​

0.0

%

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

SF+

6.50

%

​

10.10

%

10/30/2020

​

10/30/2025

​

416

​

​

83

​

​

83

​

0.0

%

Relevate Health Group, LLC

SF+

6.00

%

​

8.61

%

11/20/2020

​

11/20/2025

​

1,478

​

​

1,458

​

​

1,472

​

0.7

%

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

SF+

6.00

%

​

8.61

%

11/20/2020

​

11/20/2025

​

780

​

​

661

​

​

658

​

0.3

%

Relevate Health Group, LLC (Revolver) (*)

SF+

6.00

%

​

8.61

%

11/20/2020

​

11/20/2025

​

316

​

​

—

​

​

—

​

0.0

%

Spherix Global Inc.

​

SF+

5.75

%

​

8.14

%

12/22/2021

​

12/22/2026

​

1,095

​

​

1,078

​

​

1,081

​

0.5

%

Spherix Global Inc. (Revolver) (*)

​

SF+

5.75

%

​

8.14

%

12/22/2021

​

12/22/2026

​

122

​

​

—

​

​

—

​

0.0

%

XanEdu Publishing, Inc.

​

SF+

6.50

%

​

9.65

%

1/28/2020

​

1/28/2025

​

4,596

​

​

4,537

​

​

4,612

​

2.0

%

XanEdu Publishing, Inc.

​

SF+

6.50

%

​

9.65

%

8/31/2022

​

1/28/2025

​

1,826

​

​

1,782

​

​

1,833

​

0.8

%

XanEdu Publishing, Inc. (Revolver) (*)

​

SF+

6.50

%

​

9.65

%

1/28/2020

​

1/28/2025

​

742

​

​

—

​

​

—

​

0.0

%

​

​

​

​

​

​

​

​

​

​

​

​

20,941

​

​

17,501

​

​

17,693

​

7.8

%

​

​

11

Table of Contents

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2022

(in thousands, except for shares and units)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Spread Above

​

Interest

​

Acquisition

​

​

​

​

​

Amortized

​

​

​

​

% of

​

Portfolio Company (˄)

Index (˄˄)

Rate

Date (˄˄˄)

Maturity

Principal

Cost

Fair Value (˄˄˄˄)

Net Assets (˄˄˄˄˄)

Media: Broadcasting & Subscription

​

​

​

​

​

​

​

​

​

​

6.81

% Cash/

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Vice Group Holding Inc.

L+

12.00

%

8.00

% PIK

​

5/2/2019

11/2/2022

1,636

​

$

1,636

$

1,628

0.7

%

​

​

​

​

​

6.81

% Cash/

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Vice Group Holding Inc.

​

L+

12.00

%

8.00

% PIK

​

11/4/2019

11/2/2022

314

​

314

​

312

0.2

%

​

​

​

​

​

6.81

% Cash/

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Vice Group Holding Inc.

L+

12.00

%

8.00

% PIK

​

5/2/2019

11/2/2022

513

​

513

​

510

0.2

%

​

​

​

​

​

6.71

% Cash/

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Vice Group Holding Inc.

L+

12.00

%

8.00

% PIK

​

5/2/2019

11/2/2022

193

​

193

​

192

0.1

%

​

​

​

​

​

​

​

​

​

​

​

​

2,656

​

​

2,656

​

​

2,642

​

1.2

%

Media: Diversified & Production

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Attom Intermediate Holdco, LLC

L+

6.15

%

9.27

%

​

1/4/2019

1/4/2024

1,925

​

1,914

​

1,922

0.9

%

Attom Intermediate Holdco, LLC

L+

6.15

%

9.27

%

​

6/25/2020

​

1/4/2024

​

469

​

466

​

468

0.2

%

Attom Intermediate Holdco, LLC

L+

6.15

%

9.27

%

​

7/1/2021

1/4/2024

277

​

272

​

276

0.1

%

Attom Intermediate Holdco, LLC

SF+

6.15

%

9.30

%

​

8/4/2022

1/4/2024

798

​

784

​

797

0.4

%

Attom Intermediate Holdco, LLC (Revolver) (*)

L+

5.75

%

8.87

%

​

1/4/2019

1/4/2024

320

​

224

​

224

0.1

%

Bonterra, LLC (fka Cybergrants Holdings)

L+

6.25

%

9.92

%

​

9/8/2021

9/8/2027

12,799

​

12,638

​

12,559

5.6

%

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

L+

6.25

%

9.92

%

​

9/8/2021

9/8/2027

2,302

​

—

​

—

0.0

%

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

L+

6.25

%

9.92

%

​

9/8/2021

9/8/2027

1,069

​

652

​

640

0.3

%

Chess.com, LLC

L+

6.50

%

10.17

%

​

12/31/2021

12/31/2027

5,970

​

5,863

​

5,880

2.6

%

Chess.com, LLC (Revolver) (*)

L+

6.50

%

10.17

%

​

12/31/2021

12/31/2027

652

​

—

​

—

0.0

%

Crownpeak Technology, Inc.

SF+

7.25

%

9.86

%

​

2/28/2019

2/28/2024

4,000

​

3,975

​

4,000

1.8

%

Crownpeak Technology, Inc.

SF+

7.25

%

11.47

%

​

9/27/2022

2/28/2024

1,273

​

1,248

​

1,273

0.6

%

Crownpeak Technology, Inc.

SF+

7.25

%

9.86

%

​

2/28/2019

2/28/2024

60

​

60

​

60

0.0

%

Crownpeak Technology, Inc. (Delayed Draw) (*) (**)

SF+

7.25

%

9.86

%

​

9/27/2022

2/28/2024

3,333

​

—

​

—

0.0

%

Crownpeak Technology, Inc. (Revolver) (*)

SF+

7.25

%

9.86

%

​

2/28/2019

2/28/2024

500

​

—

​

—

0.0

%

Spectrum Science Communications, LLC

SF+

6.25

%

9.46

%

​

1/25/2022

1/25/2027

998

​

980

​

993

0.3

%

Spectrum Science Communications, LLC (Revolver) (*)

SF+

6.25

%

9.46

%

​

1/25/2022

1/25/2027

200

​

—

​

—

0.0

%

​

​

​

​

​

​

​

​

​

​

​

36,945

​

29,076

​

29,092

12.9

%

Retail

​

​

​

​

​

BLST Operating Company, LLC

​

L+

8.50

%

11.29

% (***)

​

8/28/2020

​

8/28/2025

​

1,147

​

​

936

​

​

1,127

​

0.5

%

​

​

​

​

10.65

% Cash/

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Forman Mills, Inc.

​

SF+

9.50

%

2.00

% PIK

​

1/14/2020

​

4/30/2024

​

1,275

​

​

1,275

​

​

1,255

​

0.5

%

​

​

​

​

10.65

% Cash/

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Forman Mills, Inc.

​

SF+

9.50

%

2.00

% PIK

​

10/4/2016

​

4/30/2024

​

7,069

​

​

7,062

​

​

6,945

​

3.1

%

​

​

​

​

​

​

​

​

​

​

​

​

9,491

​

​

9,273

​

​

9,327

​

4.1

%

Services: Business

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

5.71

% Cash/

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Aras Corporation

L+

7.00

%

3.75

% PIK

​

4/13/2021

​

4/13/2027

​

2,135

​

​

2,105

​

​

2,148

​

1.0

%

Aras Corporation (Revolver) (*)

L+

6.50

%

9.50

%

​

4/13/2021

​

4/13/2027

​

150

​

​

50

​

​

50

​

0.0

%

Burroughs, Inc.

​

SF+

6.50

%

9.11

%

​

12/22/2017

​

12/22/2023

​

5,277

​

​

5,271

​

​

5,276

​

2.3

%

Burroughs, Inc. (Revolver) (*)

​

SF+

6.50

%

9.11

%

​

12/22/2017

​

12/22/2023

​

1,215

​

​

—

​

​

—

​

0.0

%

HS4 Acquisitionco, Inc.

​

L+

6.75

%

10.42

%

​

7/9/2019

​

7/9/2025

​

9,924

​

​

9,819

​

​

9,900

​

4.4

%

HS4 Acquisitionco, Inc. (Revolver) (*)

L+

6.75

%

10.42

%

​

7/9/2019

​

7/9/2025

​

817

​

​

245

​

​

245

​

0.1

%

RedZone Robotics, Inc.

L+

6.75

%

9.87

%

​

6/1/2018

​

6/5/2023

​

205

​

​

205

​

​

205

​

0.1

%

RedZone Robotics, Inc. (Revolver) (*)

L+

6.75

%

9.87

%

​

6/1/2018

​

6/5/2023

​

158

​

​

—

​

​

—

​

0.0

%

Relativity ODA LLC

L+

7.50

%

10.59

% PIK

​

5/12/2021

​

5/12/2027

​

2,004

​

​

1,965

​

​

1,999

​

0.9

%

Relativity ODA LLC (Revolver) (*)

L+

7.50

%

10.59

% PIK

​

5/12/2021

​

5/12/2027

​

180

​

​

—

​

​

—

​

0.0

%

Security Services Acquisition Sub Corp.

SF+

6.00

%

9.03

%

​

2/15/2019

​

9/30/2026

​

3,387

​

​

3,367

​

​

3,387

​

1.5

%

Security Services Acquisition Sub Corp.

SF+

6.00

%

8.98

%

​

2/15/2019

​

9/30/2026

​

2,436

​

​

2,436

​

​

2,436

​

1.1

%

Security Services Acquisition Sub Corp.

SF+

6.00

%

9.03

%

​

9/30/2021

​

9/30/2026

​

7,920

​

​

7,849

​

​

7,940

​

3.5

%

Security Services Acquisition Sub Corp.

SF+

6.00

%

9.03

%

​

2/15/2019

​

9/30/2026

​

2,140

​

​

2,140

​

​

2,140

​

0.9

%

Security Services Acquisition Sub Corp.

SF+

6.00

%

8.98

%

​

2/15/2019

​

9/30/2026

​

1,539

​

​

1,539

​

​

1,539

​

0.7

%

ServiceMax, Inc. (#)

L+

7.00

%

9.28

% PIK

​

11/1/2021

​

11/1/2027

​

3,692

​

​

3,630

​

​

3,678

​

1.6

%

ServiceMax, Inc. (Revolver) (*) (#)

L+

7.00

%

9.28

% PIK

​

11/1/2021

​

11/1/2027

​

350

​

​

—

​

​

—

​

0.0

%

​

​

​

​

​

10.12

% Cash/

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

VPS Holdings, LLC

L+

8.00

%

1.00

% PIK

​

10/5/2018

​

10/4/2024

​

3,298

​

​

3,271

​

​

3,183

​

1.4

%

​

​

​

​

​

10.12

% Cash/

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

VPS Holdings, LLC

L+

8.00

%

1.00

% PIK

​

10/5/2018

​

10/4/2024

​

2,697

​

​

2,697

​

​

2,604

​

1.2

%

​

​

​

​

​

10.12

% Cash/

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

VPS Holdings, LLC (Revolver) (*)

L+

8.00

%

1.00

% PIK

​

10/5/2018

​

10/4/2024

​

1,002

​

​

102

​

​

99

​

0.0

%

​

​

​

​

​

​

​

​

​

​

​

50,526

​

​

46,691

​

​

46,829

​

20.7

%

​

12

Table of Contents

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2022

(in thousands, except for shares and units)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Spread Above

​

Interest

​

Acquisition

​

​

​

​

​

Amortized

​

​

​

​

% of

​

Portfolio Company (˄)

Index (˄˄)

Rate

Date (˄˄˄)

Maturity

Principal

Cost

Fair Value (˄˄˄˄)

Net Assets (˄˄˄˄˄)

​

Services: Consumer

​

​

​

​

​

Express Wash Acquisition Company, LLC

SF+

6.50

%

9.13

%

​

7/14/2022

7/14/2028

8,180

$

8,134

$

8,180

3.6

%

Express Wash Acquisition Company, LLC (Delayed Draw) (*) (**)

SF+

6.50

%

10.31

%

​

7/14/2022

7/14/2028

1,530

​

743

​

743

0.3

%

Express Wash Acquisition Company, LLC (Revolver)

SF+

6.50

%

9.15

%

​

7/14/2022

7/14/2028

379

​

379

​

379

0.2

%

Kar Wash Holdings, LLC

SF+

6.00

%

7.86

%

​

2/28/2022

2/26/2027

1,596

​

1,567

​

1,593

0.7

%

Kar Wash Holdings, LLC

​

SF+

6.00

%

8.82

%

​

2/28/2022

​

2/26/2027

​

1,143

​

​

1,143

​

​

1,141

​

0.5

%

Kar Wash Holdings, LLC (Delayed Draw) (*) (**)

SF+

6.00

%

8.99

%

​

8/3/2022

2/26/2027

2,667

​

1,600

​

1,597

0.7

%

Kar Wash Holdings, LLC (Revolver) (*)

SF+

6.00

%

7.86

%

​

2/28/2022

2/26/2027

572

​

—

​

—

0.0

%

Mammoth Holdings, LLC

SF+

6.00

%

8.34

%

​

10/16/2018

10/16/2023

1,925

​

1,914

​

1,925

0.9

%

Mammoth Holdings, LLC

SF+

6.00

%

8.34

%

​

10/16/2018

10/16/2023

4,042

​

4,042

​

4,042

1.8

%

Mammoth Holdings, LLC

SF+

6.00

%

8.34

%

​

3/12/2021

10/16/2023

6,307

​

6,307

​

6,311

2.8

%

Mammoth Holdings, LLC

SF+

6.00

%

8.34

%

​

6/15/2021

10/16/2023

1,637

​

1,637

​

1,638

0.7

%

Mammoth Holdings, LLC (Revolver) (*)

SF+

6.00

%

8.34

%

​

10/16/2018

10/16/2023

657

​

—

​

—

0.0

%

​

​

​

​

​

​

​

​

​

​

​

30,635

​

27,466

​

27,549

12.2

%

Telecommunications

​

​

​

​

​

American Broadband and Telecommunications Company LLC (Delayed Draw) (*) (**)

P+

10.00

%

16.25

%

​

6/10/2022

6/10/2025

1,844

​

1,649

​

1,663

0.7

%

American Broadband and Telecommunications Company LLC (Revolver) (*)

P+

10.00

%

16.25

%

​

6/10/2022

6/10/2025

500

​

120

​

116

0.1

%

Calabrio, Inc.

L+

7.00

%

10.67

%

​

4/16/2021

4/16/2027

3,400

​

3,331

​

3,387

1.5

%

Calabrio, Inc. (Revolver) (*)

L+

7.00

%

10.67

%

​

4/16/2021

4/16/2027

409

​

—

​

—

0.0

%

​

​

​

​

​

​

​

​

​

​

​

6,153

​

5,100

​

5,166

2.3

%

Wholesale

​

​

​

​

​

​

​

​

​

​

11.31

% Cash/

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nearly Natural, Inc.

SF+

11.50

%

4.00

% PIK

​

12/15/2017

3/31/2024

6,628

​

6,621

​

6,041

2.7

%

​

​

​

​

​

11.31

% Cash/

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nearly Natural, Inc.

SF+

11.50

%

4.00

% PIK

​

9/22/2020

3/31/2024

1,714

​

1,711

​

1,562

0.7

%

​

​

​

​

​

11.31

% Cash/

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nearly Natural, Inc.

SF+

11.50

%

4.00

% PIK

​

2/16/2021

3/31/2024

3,115

​

3,108

​

2,839

1.3

%

​

​

​

​

​

11.31

% Cash/

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nearly Natural, Inc.

SF+

11.50

%

4.00

% PIK

​

8/28/2019

3/31/2024

1,868

​

1,868

​

1,703

0.7

%

​

​

​

​

​

11.31

% Cash/

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nearly Natural, Inc. (Revolver)

SF+

11.50

%

4.00

% PIK

​

12/15/2017

3/31/2024

2,505

​

2,505

​

2,283

1.0

%

​

​

​

​

​

​

​

​

​

​

​

15,830

​

15,813

​

14,428

6.4

%

Total Non-Controlled/Non-Affiliate Senior Secured Loans

​

​

​

​

​

​

​

​

​

​

393,589

​

334,146

​

334,123

147.9

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Unitranche Secured Loans (~)

​

​

​

​

​

Aerospace & Defense

​

​

​

​

​

Cassavant Holdings, LLC

L+

6.50

%

9.06

%

​

9/8/2021

9/8/2026

7,920

​

7,791

​

7,837

3.5

%

​

​

​

​

​

​

​

​

​

​

​

7,920

​

7,791

​

7,837

3.5

%

​

​

​

13

Table of Contents

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2022

(in thousands, except for shares and units)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Spread Above

​

Interest

​

Acquisition

​

​

​

​

​

Amortized

​

​

​

​

% of

​

Portfolio Company (˄)

Index (˄˄)

Rate

Date (˄˄˄)

Maturity

Principal

Cost

Fair Value (˄˄˄˄)

Net Assets (˄˄˄˄˄)

Consumer Goods: Non-Durable

​

​

​

​

​

Vinci Brands LLC

​

n/a

2.00

% PIK(***)

​

7/6/2018

2/6/2024

7,026

$

7,026

$

—

0.0

%

Vinci Brands LLC

​

n/a

2.00

% PIK(***)

​

3/9/2018

2/6/2024

3,065

​

3,065

​

—

0.0

%

Vinci Brands LLC

​

n/a

2.00

% PIK(***)

​

12/26/2014

2/6/2024

13,552

​

13,528

​

—

0.0

%

Vinci Brands LLC

​

n/a

2.00

% PIK(***)

​

12/26/2014

2/6/2024

1,149

​

1,149

​

—

0.0

%

​

​

​

​

​

​

​

​

​

​

​

24,792

​

24,768

​

—

0.0

%

High Tech Industries

​

​

​

​

WillowTree, LLC

L+

5.00

%

8.12

%

​

10/9/2018

10/9/2023

7,375

​

7,344

​

7,375

3.3

%

​

​

​

​

​

​

​

​

​

​

​

7,375

​

7,344

​

7,375

3.3

%

Services: Business

​

​

​

​

ASG II, LLC

SF+

6.25

%

9.37

%

​

5/25/2022

5/25/2028

1,900

​

1,863

​

1,900

0.8

%

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

SF+

6.25

%

9.37

%

​

5/25/2022

5/25/2028

285

​

—

​

—

0.0

%

Onit, Inc.

SF+

7.25

%

10.96

%

​

12/20/2021

5/2/2025

1,680

​

1,655

​

1,670

0.7

%

​

​

​

​

​

​

​

​

​

​

​

3,865

​

3,518

​

3,570

1.5

%

Telecommunications

​

​

​

​

VB E1, LLC

L+

7.65

%

11.32

%

​

11/18/2020

11/18/2026

2,250

​

2,250

​

2,261

1.0

%

​

​

​

​

​

​

​

​

​

​

​

2,250

​

2,250

​

2,261

1.0

%

Total Non-Controlled/Non-Affiliate Unitranche Secured Loans

​

​

​

​

​

​

​

​

​

​

46,202

​

45,671

​

21,043

9.3

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Junior Secured Loans

​

​

​

​

Banking

​

​

​

​

MoneyLion, Inc. (#)

SF+

8.50

%

12.31

%

​

3/25/2022

3/24/2026

5,250

​

5,200

​

5,112

2.3

%

MoneyLion, Inc. (#)

P+

5.75

%

12.00

%

​

8/27/2021

5/1/2023

1,500

​

1,490

​

1,494

0.6

%

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

SF+

8.50

%

12.31

%

​

3/25/2022

3/24/2026

1,500

​

—

​

—

0.0

%

​

​

​

​

​

​

​

​

​

​

​

8,250

​

6,690

​

6,606

2.9

%

FIRE: Real Estate

​

​

​

​

Florida East Coast Industries, LLC (#)

​

n/a

16.00

% PIK

​

8/9/2021

6/28/2024

1,709

​

1,681

​

1,705

0.7

%

​

​

​

​

​

8.00

% Cash/

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

n/a

4.00

% PIK

​

7/2/2021

7/2/2026

5,724

​

5,334

​

5,334

2.4

%

​

​

​

​

​

​

​

​

​

​

​

7,433

​

7,015

​

7,039

3.1

%

Services: Consumer

​

​

​

​

​

​

​

​

​

9.17

% Cash/

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Education Corporation of America

L+

11.00

%

5.50

% PIK(***)

​

9/3/2015

n/a

(e)

833

​

831

​

1,931

0.9

%

​

​

​

​

​

​

​

​

​

​

​

833

​

831

​

1,931

0.9

%

Total Non-Controlled/Non-Affiliate Junior Secured Loans

​

​

​

​

​

​

​

​

​

​

16,516

​

14,536

​

15,576

6.9

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Equity Securities (<) (###)

​

​

​

​

​

​

Automotive

​

​

​

​

​

​

Born To Run, LLC (269,438 Class A units)

​

—

—

(##)

​

4/1/2021

—

—

​

269

​

​

312

0.1

%

Lifted Trucks Holdings, LLC (111,111 Class A units) (####)

​

—

—

(##)

​

8/2/2021

—

—

​

111

​

83

0.1

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

380

​

395

0.2

%

​

14

Table of Contents

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2022

(in thousands, except for shares and units)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Spread Above

​

Interest

​

Acquisition

​

​

​

​

​

Amortized

​

​

​

​

% of

​

Portfolio Company (˄)

Index (˄˄)

Rate

Date (˄˄˄)

Maturity

Principal

Cost

Fair Value (˄˄˄˄)

Net Assets (˄˄˄˄˄)

Banking

​

​

​

​

​

MV Receivables II, LLC (1,458 common units) (#) (####)

—

—

(##)

​

7/29/2021

—

—

$

600

$

1,220

0.5

%

MV Receivables II, LLC (warrant to purchase up to 0.8% of the equity) (#) (####)

—

—

(##)

​

7/28/2021

7/28/2031

—

​

363

​

1,749

0.8

%

​

​

​

​

​

​

​

​

​

​

​

​

​

963

​

2,969

1.3

%

Beverage, Food & Tobacco

​

​

​

​

​

California Pizza Kitchen, Inc. (78,699 common units)

—

—

(##)

​

8/19/2016

—

—

​

5,468

​

1,640

0.7

%

​

​

​

​

​

​

​

​

​

​

​

​

​

5,468

​

1,640

0.7

%

Capital Equipment

​

​

​

​

​

MCP Shaw Acquisitionco, LLC (118,906 Class A-2 units) (####)

—

—

(##)

​

2/28/2020

—

—

​

119

​

172

0.1

%

​

​

​

​

​

​

​

​

​

​

​

​

​

119

​

172

0.1

%

Chemicals, Plastics & Rubber

​

​

​

​

​

Valudor Products LLC (501,014 Class A-1 units) (####)

n/a

10.00

% PIK

​

6/18/2018

—

—

​

501

​

357

0.2

%

​

​

​

​

​

​

​

​

​

​

​

​

​

501

​

357

0.2

%

Consumer Goods: Durable

​

​

​

​

​

Independence Buyer, Inc. (81 Class A units)

—

—

(##)

​

8/3/2021

—

—

​

81

​

100

0.0

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

81

​

100

0.0

%

Environmental Industries

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

—

—

(##)

​

10/19/2020

3/19/2028

—

​

67

​

311

0.1

%

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

—

—

(##)

​

10/19/2021

3/19/2028

—

​

—

​

217

0.1

%

​

​

​

​

​

​

​

​

​

​

​

​

​

67

​

528

0.2

%

FIRE: Finance

​

​

​

​

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

—

—

(##)

​

12/24/2020

—

—

​

—

​

—

0.0

%

PKS Holdings, LLC (5,680 preferred units) (#)

n/a

12.00

% PIK

​

11/30/2017

—

—

​

58

​

308

0.2

%

PKS Holdings, LLC (5,714 preferred units) (#)

n/a

12.00

% PIK

​

11/30/2017

—

—

​

9

​

48

0.0

%

PKS Holdings, LLC (132 preferred units) (#)

n/a

12.00

% PIK

​

11/30/2017

—

—

​

1

​

7

0.0

%

PKS Holdings, LLC (916 preferred units) (#)

n/a

12.00

% PIK

​

11/30/2017

—

—

​

9

​

48

0.0

%

​

​

​

​

​

​

​

​

​

​

​

​

​

77

​

411

0.2

%

FIRE: Real Estate

​

​

​

​

​

​

​

​

8.00

% Cash/

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Witkoff/Monroe 700 JV LLC (2,141 preferred units) (#) (####)

n/a

4.00

% PIK

​

7/2/2021

—

—

​

2

​

142

0.1

%

​

​

​

​

​

​

​

​

​

​

​

​

​

2

​

142

0.1

%

Healthcare & Pharmaceuticals

​

​

​

​

Dorado Acquisition, Inc. (178,891 Class A-1 units)

—

—

(##)

​

6/30/2021

—

—

​

179

​

179

0.1

%

Dorado Acquisition, Inc. (178,891 Class A-2 units)

—

—

(##)

​

6/30/2021

—

—

​

—

​

94

0.0

%

NationsBenefits, LLC (116,460 Series B units) (####)

n/a

5.00

% PIK

​

8/20/2021

—

—

​

781

​

934

0.4

%

NationsBenefits, LLC (106,667 shares of common units) (####)

—

—

(##)

​

8/20/2021

—

—

​

153

​

143

0.1

%

Seran BioScience, LLC (33,333 common units) (####)

—

—

(##)

​

12/31/2020

—

—

​

334

​

572

0.3

%

​

​

​

​

​

​

​

​

​

​

​

​

​

1,447

​

1,922

0.9

%

​

​

15

Table of Contents

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2022

(in thousands, except for shares and units)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Spread Above

​

Interest

​

Acquisition

​

​

​

​

​

Amortized

​

​

​

​

% of

Portfolio Company (˄)

Index (˄˄)

Rate

Date (˄˄˄)

Maturity

Principal

Cost

Fair Value (˄˄˄˄)

Net Assets (˄˄˄˄˄)

High Tech Industries

​

​

​

​

Drawbridge Partners, LLC (130,433 Class A-1 units)

​

—

​

—

(##)

​

9/1/2022

​

—

​

—

​

$

130

​

$

130

​

0.1

%

MarkLogic Corporation (290,239 Class A units)

—

—

(##)

​

10/20/2020

—

—

​

—

​

349

0.1

%

Planful, Inc. (473,082 Class A units)

n/a

8.00

% PIK

​

12/28/2018

—

—

​

473

​

479

0.2

%

Recorded Future, Inc. (80,486 Class A units) (f)

—

—

(##)

​

7/3/2019

—

—

​

81

​

229

0.1

%

​

​

​

​

​

​

​

​

​

​

​

​

​

684

​

1,187

0.5

%

Hotels, Gaming & Leisure

​

​

​

Equine Network, LLC (108 Class A units) (####)

—

—

(##)

​

12/31/2020

—

—

​

111

​

85

0.0

%

​

​

​

​

​

​

​

​

​

​

​

​

​

111

​

85

0.0

%

Media: Advertising, Printing & Publishing

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

AdTheorent Holding Company, Inc. (177,362 shares of common stock) (#) (g)

—

—

(##)

​

12/22/2016

—

—

​

114

​

381

0.2

%

InMobi Pte, Ltd. (warrant to purchase up to 2.8% of the equity) (#) (c)

—

—

(##)

​

9/18/2015

9/18/2025

—

​

—

​

1,953

0.9

%

Relevate Health Group, LLC (40 preferred units)

n/a

12.00

% PIK

​

11/20/2020

—

—

​

40

​

33

0.0

%

Relevate Health Group, LLC (40 Class B common units)

—

—

(##)

​

11/20/2020

—

—

​

—

​

—

0.0

%

Spherix Global Inc. (81 Class A units)

—

—

(##)

​

12/22/2021

—

—

​

81

​

55

0.0

%

XanEdu Publishing, Inc. (49,479 Class A units)

n/a

8.00

% PIK

​

1/28/2020

—

—

​

49

​

179

0.1

%

​

​

​

​

​

​

​

​

​

​

​

​

​

284

​

2,601

1.2

%

Media: Diversified & Production

​

​

​

​

Attom Intermediate Holdco, LLC (297,197 Class A units) (####)

—

—

(##)

​

1/4/2019

​

—

—

​

297

​

449

0.2

%

Chess.com, LLC (2 Class A units) (####)

—

—

(##)

​

12/31/2021

​

—

—

​

87

​

57

0.0

%

​

​

​

​

​

​

​

​

​

​

​

​

​

384

​

506

0.2

%

Retail

​

​

​

​

BLST Operating Company, LLC (139,883 Class A units) (####)

—

—

(##)

​

8/28/2020

​

—

—

​

712

​

420

0.2

%

Forman Mills, Inc. (warrant to purchase up to 2.6% of the equity)

—

—

(##)

​

1/14/2020

​

1/14/2029

—

​

—

​

337

0.1

%

Luxury Optical Holdings Co. (h)

n/a

n/a

(##)

​

9/12/2014

​

—

—

​

—

​

118

0.1

%

​

​

​

​

​

​

​

​

​

​

​

​

​

712

​

875

0.4

%

Services: Business

​

​

​

​

APCO Worldwide, Inc. (100 Class A voting common stock)

—

—

(##)

​

11/1/2017

—

—

​

395

​

939

0.4

%

​

​

​

​

​

​

​

​

​

​

​

​

​

395

​

939

0.4

%

Services: Consumer

​

​

​

​

Education Corporation of America - Series G Preferred Stock (8,333 shares)

n/a

12.00

% PIK(***)

​

9/3/2015

—

—

​

7,492

​

—

0.0

%

Express Wash Acquisition Company, LLC (121,311 Class A units) (####)

n/a

8.00

% PIK

​

12/28/2020

—

—

​

125

​

131

0.1

%

IDIG Parent, LLC (245,958 shares of common stock) (####) (i)

—

—

(##)

​

1/4/2021

—

—

​

248

​

312

0.1

%

Kar Wash Holdings, LLC (99,807 Class A units)

—

—

(##)

​

2/28/2022

—

—

​

103

​

116

0.0

%

​

​

​

​

​

​

​

​

​

​

​

​

​

7,968

​

559

0.2

%

Telecommunications

​

​

​

​

American Broadband and Telecommunications Company LLC (warrant to purchase up to 0.2% of the equity)

—

—

(##)

​

6/10/2022

6/10/2032

—

​

42

​

70

0.0

%

​

​

​

​

​

​

​

​

​

​

​

​

​

42

​

70

0.0

%

Wholesale

​

​

​

​

Nearly Natural, Inc. (152,174 Class A units)

—

—

(##)

​

12/15/2017

—

—

​

153

​

—

0.0

%

Nearly Natural, Inc. (53,781 Class AA units)

—

—

(##)

​

8/27/2021

—

—

​

54

​

—

0.0

%

​

​

​

​

​

​

​

​

​

​

​

​

​

207

​

—

0.0

%

Total Non-Controlled/Non-Affiliate Equity Securities

​

​

​

​

​

​

​

​

19,892

​

15,458

6.8

%

Total Non-Controlled/Non-Affiliate Company Investments

​

​

​

​

​

​

​

​

$

414,245

$

386,200

170.9

%

​

​

​

16

Table of Contents

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2022

(in thousands, except for shares and units)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Spread Above

​

Interest

​

Acquisition

​

​

​

​

​

Amortized

​

​

​

​

% of

Portfolio Company (˄)

Index (˄˄)

Rate

Date (˄˄˄)

Maturity

Principal

Cost

Fair Value (˄˄˄˄)

Net Assets (˄˄˄˄˄)

Non-Controlled Affiliate Company Investments (<<)

​

​

​

​

​

Senior Secured Loans

​

​

​

​

​

Beverage, Food & Tobacco

​

​

​

​

​

TJ Management HoldCo LLC (Revolver) (*)

​

L+

5.50

%

8.62

%

​

9/9/2020

6/28/2024

477

$

80

$

80

0.0

%

​

​

​

​

​

​

​

​

​

​

​

​

477

​

80

​

80

0.0

%

FIRE: Real Estate

​

​

​

​

American Community Homes, Inc.

​

SF+

8.00

%

11.15

%

​

7/22/2014

12/31/2026

10,923

​

10,923

​

9,034

4.0

%

American Community Homes, Inc.

​

SF+

14.50

%

17.65

% PIK

​

7/22/2014

12/31/2026

5,137

​

5,137

​

4,249

1.9

%

American Community Homes, Inc.

​

SF+

8.00

%

11.15

%

​

5/24/2017

12/31/2026

662

​

662

​

548

0.2

%

American Community Homes, Inc.

​

SF+

8.00

%

11.15

%

​

8/10/2018

12/31/2026

2,435

​

2,435

​

2,014

0.9

%

American Community Homes, Inc.

​

SF+

8.00

%

11.15

%

​

3/29/2019

12/31/2026

4,507

​

4,507

​

3,728

1.7

%

American Community Homes, Inc.

​

SF+

8.00

%

11.15

%

​

9/30/2019

12/31/2026

21

​

21

​

18

0.0

%

American Community Homes, Inc.

​

SF+

8.00

%

11.15

%

​

12/30/2019

12/31/2026

103

​

103

​

85

0.0

%

American Community Homes, Inc. (Revolver) (*)

​

SF+

8.00

%

11.15

%

​

3/30/2020

12/31/2026

2,500

​

—

​

—

0.0

%

HFZ Capital Group LLC (#) (j)

​

L+

12.50

%

15.06

% PIK

​

10/20/2017

n/a

(e)

13,242

​

13,242

​

15,888

7.0

%

HFZ Capital Group LLC (#) (j)

​

L+

12.50

%

15.06

% PIK

​

10/20/2017

n/a

(e)

4,758

​

4,758

​

5,708

2.5

%

MC Asset Management (Corporate), LLC (#)

​

L+

15.00

%

17.28

% PIK

​

1/26/2021

1/26/2024

8,057

​

8,057

​

8,057

3.6

%

MC Asset Management (Corporate), LLC (Delayed Draw) (*) (**) (#)

​

L+

15.00

%

17.28

% PIK

​

4/26/2021

1/26/2024

1,750

​

957

​

957

0.4

%

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

​

L+

7.00

%

9.56

%

​

8/11/2021

8/9/2024

4,875

​

4,785

​

4,767

2.1

%

​

​

​

​

​

​

​

​

​

​

​

​

58,970

​

55,587

​

55,053

24.3

%

Healthcare & Pharmaceuticals

​

​

​

​

Ascent Midco, LLC

​

L+

5.75

%

8.87

%

​

2/5/2020

2/5/2025

6,261

​

6,197

​

6,160

2.7

%

Ascent Midco, LLC (Revolver) (*)

​

L+

5.75

%

8.87

%

​

2/5/2020

2/5/2025

1,129

​

—

​

—

0.0

%

​

​

​

​

​

​

​

​

​

​

​

​

7,390

​

6,197

​

6,160

2.7

%

High Tech Industries

​

​

​

​

​

​

​

​

​

6.21

% Cash/

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Mnine Holdings, Inc.

​

SF+

8.00

%

5.00

% PIK

​

11/2/2018

12/30/2022

5,423

​

5,407

​

6,001

2.7

%

Mnine Holdings, Inc. (Revolver) (*)

​

SF+

3.00

%

6.24

%

​

8/9/2022

​

12/30/2022

​

533

​

​

240

​

​

240

​

0.1

%

​

​

​

​

​

​

​

​

​

​

​

​

5,956

​

5,647

​

6,241

2.8

%

Services: Business

​

​

​

​

Curion Holdings, LLC (k)

​

​

n/a

n/a

​

​

5/2/2017

n/a

(e)

—

​

—

​

146

0.1

%

​

​

​

​

​

​

​

​

​

​

​

​

—

​

—

​

146

0.1

%

Services: Consumer

​

​

​

​

​

NECB Collections, LLC (Revolver) (*)

​

L+

11.00

%

14.61

% PIK(***)

​

6/25/2019

n/a

(e)

1,356

​

1,312

​

426

0.2

%

​

​

​

​

​

​

​

​

​

​

​

​

1,356

​

1,312

​

426

0.2

%

Total Non-Controlled Affiliate Senior Secured Loans

​

​

​

​

​

​

​

​

​

​

​

74,149

​

68,823

​

68,106

30.1

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Junior Secured Loans

​

​

​

​

​

FIRE: Real Estate

​

​

​

​

​

SFR Holdco, LLC (#)

​

​

n/a

8.00

%

​

8/6/2021

7/28/2028

5,850

​

5,850

​

5,850

2.6

%

​

​

​

​

​

​

​

​

​

​

​

​

5,850

​

5,850

​

5,850

2.6

%

Total Non-Controlled Affiliate Company Junior Secured Loans

​

​

​

​

​

​

​

​

​

​

​

5,850

​

5,850

​

5,850

2.6

%

​

​

17

Table of Contents

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2022

(in thousands, except for shares and units)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Spread Above

​

Interest

​

Acquisition

​

​

​

​

​

Amortized

​

​

​

​

% of

Portfolio Company (˄)

Index (˄˄)

Rate

Date (˄˄˄)

Maturity

Principal

Cost

Fair Value (˄˄˄˄)

Net Assets (˄˄˄˄˄)

Equity Securities (###) (<<)

​

​

​

​

​

Beverage, Food & Tobacco

​

​

​

​

​

TJ Management HoldCo LLC (16 shares of common stock) (####)

​

—

—

(##)

​

9/9/2020

—

—

$

1,631

$

2,741

1.2

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

1,631

​

2,741

1.2

%

FIRE: Real Estate

​

​

​

​

​

American Community Homes, Inc. (warrant to purchase up to 22.3% of the equity)

​

—

—

(##)

​

10/9/2014

12/18/2024

—

​

—

​

—

0.0

%

MC Asset Management (Corporate), LLC (15.9% of interests) (#) (####) (j)

​

—

—

(##)

​

6/11/2019

—

—

​

793

​

751

0.4

%

SFR Holdco, LLC (24.4% of interests) (#)

​

—

—

(##)

​

8/6/2021

—

—

​

3,900

​

3,900

1.7

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

4,693

​

4,651

2.1

%

Healthcare & Pharmaceuticals

​

​

​

​

Ascent Midco, LLC (2,032,258 Class A units) (####)

​

n/a

8.00

% PIK

​

2/5/2020

—

—

​

2,032

​

1,418

0.6

%

Familia Dental Group Holdings, LLC (1,158 Class A units) (####) (l)

​

—

—

(##)

​

4/8/2016

—

—

​

3,968

​

2,508

1.1

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6,000

​

3,926

1.7

%

High Tech Industries

​

​

​

​

​

Mnine Holdings, Inc. (6,400 Class B units)

​

—

—

(##)

​

6/30/2020

—

—

​

—

​

—

0.0

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

—

​

—

0.0

%

Services: Business

​

​

​

​

​

Curion Holdings, LLC (58,779 shares of common stock) (k)

​

—

—

(##)

​

8/17/2018

—

—

​

—

​

—

0.0

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

—

​

—

0.0

%

Services: Consumer

​

​

​

​

​

NECB Collections, LLC (20.8% of LLC units) (####)

​

—

—

(##)

​

6/21/2019

—

—

​

1,458

​

—

0.0

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

1,458

​

—

0.0

%

Total Non-Controlled Affiliate Equity Securities

​

​

​

​

​

​

​

​

​

13,782

​

11,318

5.0

%

Total Non-Controlled Affiliate Company Investments

​

​

​

​

​

​

​

​

$

88,455

$

85,274

37.7

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Controlled Affiliate Company Investments (<<<)

​

​

​

​

Equity Securities

​

​

​

​

Investment Funds & Vehicles

​

​

​

​

MRCC Senior Loan Fund I, LLC (50.0% of the equity interests) (#)

​

—

—

​

10/31/2017

—

—

$

42,650

$

36,544

16.2

%

Total Controlled Affiliate Equity Securities

​

​

​

​

​

​

​

​

​

42,650

​

36,544

16.2

%

Total Controlled Affiliate Company Investments

​

​

​

​

​

​

​

​

$

42,650

$

36,544

16.2

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

TOTAL INVESTMENTS

​

​

​

​

​

​

​

​

​

​

​

​

$

545,350

$

508,018

224.8

%

​

Derivative Instruments

Foreign currency forward contracts

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Notional Amount

Notional Amount

​

Settlement

Unrealized Gain

Description

​

to be Purchased

​

to be Sold

​

Counterparty

​

Date

​

(Loss)

Foreign currency forward contract

​

$

117

AUD

152

Bannockburn Global Forex, LLC

10/19/2022

​

$

20

Foreign currency forward contract

​

$

105

AUD

136

Bannockburn Global Forex, LLC

11/16/2022

​

18

Foreign currency forward contract

​

$

109

AUD

142

Bannockburn Global Forex, LLC

12/16/2022

​

19

Foreign currency forward contract

​

$

118

AUD

153

Bannockburn Global Forex, LLC

1/18/2023

​

20

Foreign currency forward contract

​

$

108

AUD

140

Bannockburn Global Forex, LLC

2/16/2023

​

18

Foreign currency forward contract

​

$

102

AUD

132

Bannockburn Global Forex, LLC

3/16/2023

​

18

Foreign currency forward contract

​

$

123

AUD

160

Bannockburn Global Forex, LLC

4/20/2023

​

21

Foreign currency forward contract

​

$

93

AUD

121

Bannockburn Global Forex, LLC

5/16/2023

​

16

Foreign currency forward contract

​

$

121

AUD

156

Bannockburn Global Forex, LLC

6/19/2023

​

21

Foreign currency forward contract

​

$

107

AUD

138

Bannockburn Global Forex, LLC

7/18/2023

​

18

Foreign currency forward contract

​

$

113

AUD

146

Bannockburn Global Forex, LLC

8/16/2023

​

19

Foreign currency forward contract

​

$

113

AUD

146

Bannockburn Global Forex, LLC

9/18/2023

​

19

Foreign currency forward contract

​

$

114

AUD

148

Bannockburn Global Forex, LLC

10/18/2023

​

19

Foreign currency forward contract

​

$

107

AUD

140

Bannockburn Global Forex, LLC

11/16/2023

​

18

Foreign currency forward contract

​

$

109

AUD

142

Bannockburn Global Forex, LLC

12/18/2023

​

18

Foreign currency forward contract

​

$

115

AUD

150

Bannockburn Global Forex, LLC

1/17/2024

​

19

Foreign currency forward contract

​

$

110

AUD

143

Bannockburn Global Forex, LLC

2/16/2024

​

18

Foreign currency forward contract

​

$

11,827

AUD

15,410

Bannockburn Global Forex, LLC

3/18/2024

​

1,965

​

​

​

​

​

​

​

​

​

​

​

​

$

2,284

18

Table of Contents

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

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

(˄˄˄) Except as otherwise noted, all of the Company’s portfolio company investments, which as of September 30, 2022 represented 224.8% of the Company’s net assets or 95.4% of the Company’s total assets, are subject to legal restrictions on sales.

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

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

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

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

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

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

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

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

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

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

(*) All or a portion of this commitment was unfunded at September 30, 2022. As such, interest is earned only on the funded portion of this commitment.

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

(***) This position was on non-accrual status as of September 30, 2022, meaning that the Company has ceased accruing interest income on the position. See Note 2 in the accompanying notes to the consolidated financial statements for additional information on the Company’s accounting policies.

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

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

(c) This is an international company.

​

19

Table of Contents

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

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

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

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

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

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

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

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

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

​

n/a - not applicable

​

​

​

​

20

Table of Contents

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2021

(in thousands, except for shares and units)

​

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

​

​

21

Table of Contents

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2021

(in thousands, except for shares and units)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Spread

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Above

​

Interest

​

Acquisition

​

​

​

​

​

​

​

​

​

​

​

% of

Portfolio Company (a)

Index (b)

Rate

Date (c)

Maturity

Principal

Amortized Cost

Fair Value (d)

Net Assets (e)

Capital Equipment

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

MCP Shaw Acquisitionco, LLC (k)

SF+

6.50

%

7.50

%

​

2/28/2020

11/28/2025

9,733

​

$

9,595

​

$

9,699

3.9

%

MCP Shaw Acquisitionco, LLC

SF+

6.50

%

7.50

%

​

12/29/2021

11/28/2025

3,002

​

2,942

​

2,992

1.2

%

MCP Shaw Acquisitionco, LLC (Delayed Draw) (f) (g)

SF+

6.50

%

7.50

%

​

12/29/2021

11/28/2025

983

​

—

​

—

0.0

%

MCP Shaw Acquisitionco, LLC (Revolver) (f)

SF+

6.50

%

7.50

%

​

2/28/2020

11/28/2025

1,784

​

—

​

—

0.0

%

​

​

​

​

​

​

​

​

15,502

​

​

12,537

​

​

12,691

​

5.1

%

Chemicals, Plastics & Rubber

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

7.00

% Cash/

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Valudor Products LLC

L+

7.50

%

1.50

% PIK

​

6/18/2018

6/19/2023

1,585

​

1,574

​

1,871

0.7

%

Valudor Products LLC

L+

7.50

%

8.50

%

​

12/22/2021

6/19/2023

548

​

548

​

1,469

0.6

%

Valudor Products LLC (n)

L+

7.50

%

8.50

% PIK

​

6/18/2018

6/19/2023

237

​

234

​

230

0.1

%

Valudor Products LLC (Revolver) (f)

L+

9.50

%

10.50

%

​

6/18/2018

6/19/2023

1,095

​

480

​

479

0.2

%

​

​

​

​

​

​

​

​

3,465

​

​

2,836

​

​

4,049

​

1.6

%

Construction & Building

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Dude Solutions Holdings, Inc.

L+

6.25

%

7.25

%

​

6/14/2019

6/13/2025

9,900

​

9,755

​

9,870

4.0

%

Dude Solutions Holdings, Inc. (Revolver) (f)

L+

6.25

%

7.25

%

​

6/14/2019

6/13/2025

1,304

​

—

​

—

0.0

%

TCFIII OWL Buyer LLC

L+

6.00

%

7.00

%

​

4/19/2021

4/17/2026

2,040

​

2,008

​

2,040

0.8

%

TCFIII OWL Buyer LLC

L+

6.00

%

7.00

%

​

4/19/2021

4/17/2026

2,491

​

2,491

​

2,491

1.0

%

TCFIII OWL Buyer LLC

L+

6.00

%

7.00

%

​

12/17/2021

4/17/2026

2,235

​

2,196

​

2,235

0.9

%

​

​

​

​

​

​

​

​

17,970

​

​

16,450

​

​

16,636

​

6.7

%

Consumer Goods: Durable

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Independence Buyer, Inc.

L+

5.75

%

6.75

%

​

8/3/2021

8/3/2026

6,000

​

5,887

​

6,000

2.4

%

Independence Buyer, Inc. (Revolver) (f)

L+

5.75

%

6.75

%

​

8/3/2021

8/3/2026

1,423

​

—

​

—

0.0

%

Recycled Plastics Industries, LLC

L+

6.75

%

7.75

%

​

8/4/2021

8/4/2026

3,491

​

3,426

​

3,491

1.4

%

Recycled Plastics Industries, LLC (Revolver) (f)

L+

6.75

%

7.75

%

​

8/4/2021

8/4/2026

473

​

142

​

142

0.1

%

​

​

​

​

​

​

​

​

11,387

​

​

9,455

​

​

9,633

​

3.9

%

Consumer Goods: Non-Durable

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

The Kyjen Company, LLC

L+

6.50

%

7.50

%

​

5/14/2021

4/3/2026

993

​

983

​

997

0.4

%

The Kyjen Company, LLC (Revolver) (f)

L+

6.50

%

7.50

%

​

5/14/2021

4/3/2026

105

​

43

​

43

0.0

%

Thrasio, LLC

L+

7.00

%

8.00

%

​

12/18/2020

12/18/2026

2,470

​

2,438

​

2,470

1.0

%

​

​

​

​

​

​

​

​

3,568

​

​

3,464

​

​

3,510

​

1.4

%

Environmental Industries

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Quest Resource Management Group, LLC

L+

6.50

%

7.50

%

​

10/19/2020

10/20/2025

990

​

924

​

989

0.4

%

Quest Resource Management Group, LLC

L+

6.50

%

7.50

%

​

10/19/2020

10/20/2025

1,087

​

1,087

​

1,086

0.4

%

Quest Resource Management Group, LLC

L+

6.50

%

7.50

%

​

12/7/2021

10/20/2025

3,856

​

3,779

​

3,853

1.6

%

Quest Resource Management Group, LLC (Delayed Draw) (f) (g)

L+

6.50

%

7.50

%

​

12/7/2021

10/20/2025

1,778

​

—

​

—

0.0

%

StormTrap, LLC

L+

5.50

%

6.50

%

​

12/10/2018

12/8/2023

7,170

​

7,114

​

7,170

2.9

%

StormTrap, LLC (Revolver) (f)

L+

5.50

%

6.50

%

​

12/10/2018

12/8/2023

432

​

—

​

—

0.0

%

Synergy Environmental Corporation (k)

L+

6.00

%

7.00

%

​

4/29/2016

9/29/2023

2,853

​

2,846

​

2,853

1.1

%

Synergy Environmental Corporation (k)

L+

6.00

%

7.00

%

​

4/29/2016

9/29/2023

477

​

476

​

477

0.2

%

Synergy Environmental Corporation

L+

6.00

%

7.00

%

​

4/29/2016

9/29/2023

810

​

810

​

810

0.3

%

Synergy Environmental Corporation (Revolver) (f)

L+

6.00

%

7.00

%

​

4/29/2016

9/29/2023

671

​

—

​

—

0.0

%

​

​

​

​

​

​

​

​

​

​

​

20,124

​

17,036

​

17,238

​

6.9

%

​

​

22

Table of Contents

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2021

(in thousands, except for shares and units)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Spread

​

​

​

​

​

​

​

​

​

​

​

​

​

Above

​

Interest

​

Acquisition

​

​

​

​

​

​

​

​

Fair

​

% of

​

Portfolio Company (a)

​

Index (b)

​

Rate

​

Date (c)

​

Maturity

​

Principal

​

Amortized Cost

​

Value (d)

​

Net Assets (e)

​

FIRE: Finance

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

J2 BWA Funding LLC (Delayed Draw) (f) (g) (h)

​

n/a

9.00

%

​

12/24/2020

12/24/2026

2,710

​

$

677

​

$

677

0.3

%

Liftforward SPV II, LLC (h)

​

L+

10.75

%

11.25

%

​

11/10/2016

9/30/2022

744

​

744

​

713

0.3

%

Oceana Australian Fixed Income Trust (h) (i) (j)

​

n/a

10.75

%

​

6/29/2021

6/29/2026

3,288

​

3,400

​

3,288

1.3

%

Oceana Australian Fixed Income Trust (h) (i) (j)

​

n/a

11.50

%

​

2/25/2021

2/25/2026

7,805

​

8,460

​

7,805

3.1

%

W3 Monroe RE Debt LLC (h)

​

n/a

10.00

% PIK

​

2/5/2021

2/4/2028

2,906

​

2,906

​

2,906

1.2

%

​

​

​

​

​

​

​

​

17,453

​

​

16,187

​

​

15,389

​

6.2

%

FIRE: Real Estate

​

​

​

​

Florida East Coast Industries, LLC (h)

​

n/a

10.50

%

​

8/9/2021

6/28/2024

3,572

​

3,477

​

3,571

1.4

%

NCBP Property, LLC (h)

​

L+

9.50

%

10.50

%

​

12/18/2020

12/16/2022

1,950

​

1,940

​

1,955

0.8

%

​

​

​

​

​

​

​

​

5,522

​

​

5,417

​

​

5,526

​

2.2

%

Healthcare & Pharmaceuticals

​

​

​

​

​

​

​

​

​

6.50

% Cash/

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Apotheco, LLC

​

L+

8.50

%

3.00

% PIK

​

4/8/2019

4/8/2024

3,632

​

3,597

​

3,462

1.4

%

​

​

​

​

​

6.50

% Cash/

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Apotheco, LLC (Revolver)

​

L+

8.50

%

3.00

% PIK

​

4/8/2019

4/8/2024

955

​

955

​

910

0.4

%

Brickell Bay Acquisition Corp.

​

L+

6.50

%

7.50

%

​

2/12/2021

2/12/2026

1,899

​

1,865

​

1,889

0.7

%

Brickell Bay Acquisition Corp. (Delayed Draw) (f) (g)

​

L+

6.50

%

7.50

%

​

2/12/2021

2/12/2026

382

​

—

​

—

0.0

%

Caravel Autism Health, LLC

​

L+

5.75

%

6.75

%

​

6/30/2021

6/30/2027

5,000

​

4,906

​

4,699

1.9

%

Caravel Autism Health, LLC (Delayed Draw) (f) (g)

​

L+

5.75

%

6.75

%

​

6/30/2021

6/30/2027

3,750

​

187

​

176

0.1

%

Caravel Autism Health, LLC (Revolver) (f)

​

L+

5.75

%

6.75

%

​

6/30/2021

6/30/2027

1,250

​

625

​

587

0.2

%

Dorado Acquisition, Inc.

​

L+

6.75

%

7.75

%

​

6/30/2021

6/30/2026

4,988

​

4,895

​

4,983

2.0

%

Dorado Acquisition, Inc. (Delayed Draw) (f) (g)

​

L+

6.75

%

7.75

%

​

6/30/2021

6/30/2026

216

​

—

​

—

0.0

%

Dorado Acquisition, Inc. (Revolver) (f)

​

L+

6.75

%

7.75

%

​

6/30/2021

6/30/2026

596

​

—

​

—

0.0

%

INH Buyer, Inc.

​

L+

6.00

%

7.00

%

​

6/30/2021

6/28/2028

2,939

​

2,911

​

2,857

1.1

%

NationsBenefits, LLC

​

L+

7.00

%

8.00

%

​

8/20/2021

8/20/2026

4,000

​

3,924

​

3,993

1.6

%

NationsBenefits, LLC (Revolver) (f)

​

L+

7.00

%

8.00

%

​

8/20/2021

8/20/2026

445

​

—

​

—

0.0

%

Rockdale Blackhawk, LLC

​

n/a

n/a

(o)

​

3/31/2015

n/a

(p)

—

​

​

—

​

1,681

0.7

%

Seran BioScience, LLC

​

L+

6.25

%

7.25

%

​

12/31/2020

12/31/2025

2,481

​

2,440

​

2,487

1.0

%

Seran BioScience, LLC (Revolver) (f)

​

L+

6.25

%

7.25

%

​

12/31/2020

12/31/2025

444

​

—

​

—

0.0

%

​

​

​

​

​

​

​

​

32,977

​

​

26,305

​

​

27,724

​

11.1

%

High Tech Industries

​

​

​

​

Arcstor Midco, LLC

​

L+

7.00

%

8.00

%

​

3/16/2021

3/16/2027

4,466

​

4,386

​

4,433

1.8

%

MarkLogic Corporation

​

L+

6.00

%

7.00

%

​

10/20/2020

10/20/2025

3,465

​

3,396

​

3,517

1.4

%

MarkLogic Corporation

​

L+

6.00

%

7.00

%

​

11/23/2021

10/20/2025

323

​

317

​

330

0.1

%

MarkLogic Corporation (Delayed Draw) (f) (g)

​

L+

6.00

%

7.00

%

​

11/23/2021

10/20/2025

215

​

—

​

—

0.0

%

MarkLogic Corporation (Revolver) (f)

​

L+

6.00

%

7.00

%

​

10/20/2020

10/20/2025

269

​

—

​

—

0.0

%

​

​

​

​

​

8.00

% Cash/

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Mindbody, Inc.

​

L+

8.50

%

1.50

% PIK

​

2/15/2019

2/14/2025

6,487

​

6,415

​

6,438

2.6

%

​

​

​

​

​

8.00

% Cash/

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Mindbody, Inc.

​

L+

8.50

%

1.50

% PIK

​

9/22/2021

2/14/2025

669

​

669

​

664

0.3

%

Mindbody, Inc. (Revolver) (f)

​

L+

8.00

%

9.00

%

​

2/15/2019

2/14/2025

667

​

—

​

—

0.0

%

Newforma, Inc. (k)

​

L+

5.50

%

6.50

%

​

6/30/2017

6/30/2022

3,890

​

3,882

​

3,890

1.6

%

Newforma, Inc. (Revolver) (f)

​

L+

5.50

%

6.50

%

​

6/30/2017

6/30/2022

1,250

​

—

​

—

0.0

%

Planful, Inc.

​

L+

6.50

%

7.50

%

​

12/28/2018

12/30/2024

9,500

​

9,414

​

9,472

3.8

%

Planful, Inc.

​

L+

6.50

%

7.50

%

​

1/11/2021

12/30/2024

1,325

​

1,325

​

1,322

0.5

%

Planful, Inc. (Revolver) (f)

​

L+

6.50

%

7.50

%

​

12/28/2018

12/30/2024

442

​

88

​

88

0.0

%

​

​

​

​

​

​

​

​

32,968

​

​

29,892

​

​

30,154

​

12.1

%

Hotels, Gaming & Leisure

​

​

​

​

Equine Network, LLC

​

L+

8.00

%

9.00

%

​

12/31/2020

12/31/2025

1,737

​

1,704

​

1,733

0.7

%

Equine Network, LLC

​

L+

8.00

%

9.00

%

​

1/29/2021

12/31/2025

788

​

774

​

786

0.3

%

Equine Network, LLC (Delayed Draw) (f) (g)

​

L+

8.00

%

9.00

%

​

12/31/2020

12/31/2025

427

​

—

​

—

0.0

%

Equine Network, LLC (Revolver) (f)

​

L+

8.00

%

9.00

%

​

12/31/2020

12/31/2025

171

​

85

​

85

0.1

%

​

​

​

​

​

​

​

​

3,123

​

​

2,563

​

​

2,604

​

1.1

%

​

​

​

23

Table of Contents

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2021

(in thousands, except for shares and units)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Spread

​

​

​

​

​

​

​

​

​

​

​

​

​

Above

​

Interest

​

Acquisition

​

​

​

​

​

​

​

​

Fair

​

% of

​

Portfolio Company (a)

Index (b)

Rate

​

Date (c)

Maturity

Principal

Amortized Cost

Value (d)

Net Assets (e)

​

Media: Advertising, Printing & Publishing

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Destination Media, Inc. (k)

L+

5.50

%

6.50

%

​

4/7/2017

4/7/2022

1,738

​

$

1,736

​

$

1,738

0.7

%

Destination Media, Inc. (Revolver) (f)

L+

5.50

%

6.50

%

​

4/7/2017

4/7/2022

542

​

—

​

—

0.0

%

North Haven USHC Acquisition, Inc.

L+

6.00

%

7.00

%

​

10/30/2020

10/30/2025

2,475

​

2,435

​

2,475

1.0

%

North Haven USHC Acquisition, Inc.

L+

6.00

%

7.00

%

​

3/12/2021

10/30/2025

717

​

717

​

717

0.3

%

North Haven USHC Acquisition, Inc. (Delayed Draw) (f) (g)

L+

6.00

%

7.00

%

​

9/3/2021

10/30/2025

1,441

​

482

​

487

0.2

%

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

L+

6.00

%

7.00

%

​

10/30/2020

10/30/2025

240

​

—

​

—

0.0

%

Relevate Health Group, LLC

L+

6.00

%

7.00

%

​

11/20/2020

11/20/2025

1,489

​

1,465

​

1,504

0.6

%

Relevate Health Group, LLC (Delayed Draw) (f) (g)

L+

6.00

%

7.00

%

​

11/20/2020

11/20/2025

784

​

666

​

673

0.3

%

Relevate Health Group, LLC (Revolver) (f)

L+

6.00

%

7.00

%

​

11/20/2020

11/20/2025

316

​

—

​

—

0.0

%

Spherix Global Inc.

SF+

6.00

%

7.00

%

​

12/22/2021

12/22/2026

1,100

​

1,081

​

1,081

0.4

%

Spherix Global Inc. (Revolver) (f)

SF+

6.00

%

7.00

%

​

12/22/2021

12/22/2026

122

​

—

​

—

0.0

%

XanEdu Publishing, Inc.

L+

6.50

%

7.50

%

​

1/28/2020

1/28/2025

4,631

​

4,555

​

4,647

1.8

%

XanEdu Publishing, Inc. (Revolver) (f)

L+

6.50

%

7.50

%

​

1/28/2020

1/28/2025

742

​

—

​

—

0.0

%

​

​

​

​

​

​

​

​

16,337

​

​

13,137

​

​

13,322

​

5.3

%

Media: Broadcasting & Subscription

​

​

​

​

​

​

​

​

​

5.50

% Cash/

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Vice Group Holding Inc.

L+

12.00

%

8.00

% PIK

​

5/2/2019

11/2/2022

1,526

​

1,523

​

1,526

0.6

%

​

​

​

​

​

5.50

% Cash/

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Vice Group Holding Inc.

L+

12.00

%

8.00

% PIK

​

11/4/2019

11/2/2022

293

​

291

​

293

0.1

%

​

​

​

​

​

5.50

% Cash/

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Vice Group Holding Inc.

L+

12.00

%

8.00

% PIK

​

5/2/2019

11/2/2022

478

​

478

​

478

0.2

%

​

​

​

​

​

5.50

% Cash/

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Vice Group Holding Inc.

L+

12.00

%

8.00

% PIK

​

5/2/2019

11/2/2022

180

​

180

​

180

0.1

%

​

​

​

​

​

​

​

​

2,477

​

​

2,472

​

​

2,477

​

1.0

%

Media: Diversified & Production

​

​

​

​

Attom Intermediate Holdco, LLC

L+

6.15

%

7.15

%

​

1/4/2019

1/4/2024

1,940

​

1,923

​

1,937

0.8

%

Attom Intermediate Holdco, LLC

L+

6.15

%

7.15

%

​

6/25/2020

1/4/2024

473

​

467

​

472

0.2

%

Attom Intermediate Holdco, LLC

L+

6.15

%

7.15

%

​

7/1/2021

1/4/2024

279

​

273

​

278

0.1

%

Attom Intermediate Holdco, LLC (Revolver) (f)

L+

5.75

%

6.75

%

​

1/4/2019

1/4/2024

320

​

160

​

160

0.1

%

Chess.com, LLC

L+

6.50

%

7.50

%

​

12/31/2021

12/31/2027

6,000

​

5,880

​

5,880

2.3

%

Chess.com, LLC (Revolver) (f)

L+

6.50

%

7.50

%

​

12/31/2021

12/31/2027

652

​

—

​

—

0.0

%

Crownpeak Technology, Inc.

L+

5.75

%

6.75

%

​

2/28/2019

2/28/2024

4,000

​

3,962

​

4,000

1.6

%

Crownpeak Technology, Inc.

L+

5.75

%

6.75

%

​

2/28/2019

2/28/2024

60

​

60

​

60

0.0

%

Crownpeak Technology, Inc. (Revolver) (f)

L+

5.75

%

6.75

%

​

2/28/2019

2/28/2024

167

​

—

​

—

0.0

%

CyberGrants Holdings, LLC

L+

6.50

%

7.25

%

​

9/8/2021

9/8/2027

10,900

​

10,744

​

10,900

4.4

%

CyberGrants Holdings, LLC (Delayed Draw) (f) (g)

L+

6.50

%

7.25

%

​

9/8/2021

9/8/2027

1,069

​

—

​

—

0.0

%

CyberGrants Holdings, LLC (Revolver) (f)

L+

6.50

%

7.25

%

​

9/8/2021

9/8/2027

1,069

​

—

​

—

0.0

%

​

​

​

​

​

​

​

​

26,929

​

​

23,469

​

​

23,687

​

9.5

%

Retail

​

​

​

​

​

​

​

​

​

1.00

% Cash/

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

BLST Operating Company, LLC

L+

8.50

%

9.00

% PIK(m)

​

8/28/2020

8/28/2025

​

1,147

​

​

1,025

​

1,143

0.5

%

​

​

​

​

​

8.50

% Cash/

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Forman Mills, Inc. (k)

L+

9.50

%

2.00

% PIK

​

1/14/2020

12/30/2022

1,336

​

1,336

​

1,330

0.5

%

​

​

​

​

​

8.50

% Cash/

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Forman Mills, Inc. (k)

L+

9.50

%

2.00

% PIK

​

10/4/2016

12/30/2022

282

​

281

​

281

0.1

%

​

​

​

​

​

8.50

% Cash/

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Forman Mills, Inc. (k)

L+

9.50

%

2.00

% PIK

​

10/4/2016

12/30/2022

7,623

​

7,600

​

7,524

3.0

%

​

​

​

​

​

​

​

​

10,388

​

​

10,242

​

​

10,278

​

4.1

%

​

24

Table of Contents

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2021

(in thousands, except for shares and units)

​

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

​

​

25

Table of Contents

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2021

(in thousands, except for shares and units)

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Spread

​

​

​

​

​

​

​

​

​

​

​

​

​

Above

​

Interest

​

Acquisition

​

​

​

​

​

​

​

​

​

​

% of

​

Portfolio Company (a)

Index (b)

Rate

Date (c)

Maturity

Principal

Amortized Cost

Fair Value (d)

Net Assets (e)

​

Telecommunications

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Calabrio, Inc.

L+

7.00

%

8.00

%

​

4/16/2021

4/16/2027

3,400

​

$

3,322

​

$

3,400

1.4

%

Calabrio, Inc. (Revolver) (f)

L+

7.00

%

8.00

%

​

4/16/2021

4/16/2027

409

​

—

​

—

0.0

%

VHT Solutions

L+

7.00

%

8.00

% PIK

​

12/21/2021

12/21/2026

1,500

​

1,470

​

1,470

0.6

%

VHT Solutions (Delayed Draw) (f) (g)

L+

7.00

%

8.00

% PIK

​

12/21/2021

12/21/2026

120

​

—

​

—

0.0

%

VHT Solutions (Revolver) (f)

L+

7.00

%

8.00

% PIK

​

12/21/2021

12/21/2026

43

​

—

​

—

0.0

%

​

​

​

​

​

​

​

​

5,472

​

​

4,792

​

​

4,870

​

2.0

%

Wholesale

​

​

​

​

​

​

​

​

​

8.50

% Cash/

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nearly Natural, Inc. (k)

L+

11.50

%

4.00

% PIK

​

12/15/2017

12/15/2022

6,601

​

6,572

​

6,520

2.6

%

​

​

​

​

​

8.50

% Cash/

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nearly Natural, Inc.

L+

11.50

%

4.00

% PIK

​

2/16/2021

12/15/2022

3,099

​

3,066

​

3,061

1.2

%

​

​

​

​

​

8.50

% Cash/

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nearly Natural, Inc. (k)

L+

11.50

%

4.00

% PIK

​

9/22/2020

12/15/2022

1,706

​

1,691

​

1,685

0.7

%

​

​

​

​

​

8.50

% Cash/

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nearly Natural, Inc. (k)

L+

11.50

%

4.00

% PIK

​

8/28/2019

12/15/2022

1,859

​

1,859

​

1,836

0.7

%

​

​

​

​

​

8.50

% Cash/

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nearly Natural, Inc. (Revolver)

L+

11.50

%

4.00

% PIK

​

12/15/2017

12/15/2022

2,430

​

2,430

​

2,400

1.0

%

​

​

​

​

​

​

​

​

15,695

​

​

15,618

​

​

15,502

​

6.2

%

Total Non-Controlled/Non-Affiliate Senior Secured Loans

​

​

​

​

​

​

​

398,010

​

347,073

​

351,698

141.1

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Unitranche Secured Loans (q)

​

​

​

​

Aerospace & Defense

​

​

​

​

Cassavant Holdings, LLC

L+

6.50

%

7.50

%

​

9/8/2021

9/8/2026

7,980

​

7,828

​

7,972

3.2

%

​

​

​

​

​

​

​

​

7,980

​

​

7,828

​

​

7,972

​

3.2

%

Chemicals, Plastics & Rubber

​

​

​

​

MFG Chemical, LLC (k)

L+

8.00

%

9.00

%

​

6/23/2017

6/23/2022

5,555

​

5,546

​

5,555

2.2

%

MFG Chemical, LLC

L+

8.00

%

9.00

%

​

3/15/2018

6/23/2022

543

​

543

​

543

0.2

%

​

​

​

​

​

​

​

​

6,098

​

​

6,089

​

​

6,098

​

2.4

%

Consumer Goods: Non-Durable

​

​

​

​

Vinci Brands LLC (fka Incipio, LLC)

​

n/a

2.00

% PIK(m)

​

7/6/2018

2/6/2024

7,026

​

7,026

​

4,950

2.0

%

Vinci Brands LLC (fka Incipio, LLC) (r)

​

n/a

2.00

% PIK(m)

​

3/9/2018

2/6/2024

3,065

​

3,065

​

—

0.0

%

Vinci Brands LLC (fka Incipio, LLC) (s)

​

n/a

2.00

% PIK(m)

​

12/26/2014

2/6/2024

13,552

​

13,528

​

—

0.0

%

Vinci Brands LLC (fka Incipio, LLC) (t)

​

n/a

2.00

% PIK(m)

​

12/26/2014

2/6/2024

1,149

​

1,149

​

—

0.0

%

​

​

​

​

​

​

​

​

24,792

​

​

24,768

​

​

4,950

​

2.0

%

Healthcare & Pharmaceuticals

​

​

​

​

Priority Ambulance, LLC (u)

L+

6.50

%

7.50

%

​

7/18/2018

4/12/2022

10,015

​

10,015

​

10,010

4.0

%

Priority Ambulance, LLC (v)

L+

6.50

%

7.50

%

​

4/12/2017

4/12/2022

1,253

​

1,251

​

1,253

0.5

%

Priority Ambulance, LLC

L+

6.50

%

7.50

%

​

12/13/2018

4/12/2022

655

​

655

​

655

0.3

%

Priority Ambulance, LLC

L+

6.50

%

7.50

%

​

10/22/2020

4/12/2022

990

​

990

​

989

0.4

%

​

​

​

​

​

​

​

​

12,913

​

​

12,911

​

​

12,907

​

5.2

%

High Tech Industries

​

​

​

​

Energy Services Group, LLC

L+

8.42

%

9.42

%

​

5/4/2017

5/4/2022

3,725

​

3,720

​

3,725

1.5

%

Energy Services Group, LLC (h) (w)

SN+

8.42

%

9.42

%

​

5/4/2017

5/4/2022

4,541

​

4,458

​

4,541

1.8

%

Energy Services Group, LLC

L+

8.42

%

9.42

%

​

5/4/2017

5/4/2022

1,060

​

1,047

​

1,060

0.4

%

WillowTree, LLC

L+

5.00

%

6.00

%

​

10/9/2018

10/9/2023

7,639

​

7,584

​

7,651

3.1

%

​

​

​

​

​

​

​

​

16,965

​

​

16,809

​

​

16,977

​

6.8

%

​

​

​

26

Table of Contents

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2021

(in thousands, except for shares and units)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Spread

​

​

​

​

​

​

​

​

​

​

​

​

​

Above

​

Interest

​

Acquisition

​

​

​

​

​

​

​

​

​

​

​

% of

​

Portfolio Company (a)

​

Index (b)

​

Rate

​

Date (c)

​

Maturity

​

Principal

​

Amortized Cost

​

Fair Value (d)

​

Net Assets (e)

​

Services: Business

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Onit, Inc.

L+

7.25

%

8.25

%

​

12/20/2021

5/2/2025

1,500

​

$

1,472

​

$

1,472

0.6

%

​

​

​

​

​

​

​

​

1,500

​

​

1,472

​

​

1,472

​

0.6

%

Telecommunications

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

VB E1, LLC (Delayed Draw) (f) (g)

L+

7.65

%

8.15

%

​

11/18/2020

11/18/2026

2,250

​

1,100

​

1,118

0.4

%

​

​

​

​

​

​

​

​

2,250

​

​

1,100

​

​

1,118

​

0.4

%

Total Non-Controlled/Non-Affiliate Unitranche Secured Loans

​

​

​

​

​

​

​

72,498

​

​

70,977

​

​

51,494

​

20.6

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Junior Secured Loans

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Banking

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

MoneyLion, Inc. (h)

​

n/a

12.00

%

​

8/27/2021

5/1/2023

1,500

​

1,488

​

1,522

0.6

%

​

​

​

​

​

​

​

​

1,500

​

​

1,488

​

​

1,522

​

0.6

%

FIRE: Real Estate

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Florida East Coast Industries, LLC (h)

​

n/a

16.00

% PIK

​

8/9/2021

6/28/2024

1,520

​

1,482

​

1,530

0.6

%

​

​

​

​

​

8.00

% Cash/

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Witkoff/Monroe 700 JV LLC (Delayed Draw) (f) (g) (h)

​

n/a

4.00

% PIK

​

7/2/2021

7/2/2026

5,576

​

4,665

​

4,886

2.0

%

​

​

​

​

​

​

​

​

7,096

​

​

6,147

​

​

6,416

​

2.6

%

Services: Consumer

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

5.72

% Cash/

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Education Corporation of America

L+

11.00

%

5.50

% PIK(m)

​

9/3/2015

n/a

(p)

833

​

​

831

​

576

0.2

%

​

​

​

​

​

​

​

​

833

​

​

831

​

​

576

​

0.2

%

Total Non-Controlled/Non-Affiliate Junior Secured Loans

​

​

​

​

​

​

​

9,429

​

8,466

​

8,514

3.4

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Equity Securities (x) (y)

​

​

​

​

Automotive

​

​

​

​

Born To Run, LLC (269,438 Class A units)

​

—

—

(z)

​

4/1/2021

—

—

​

269

​

293

0.1

%

Lifted Trucks Holdings, LLC (111,111 Class A units) (aa)

​

—

—

(z)

​

8/2/2021

—

—

​

111

​

109

0.1

%

​

​

​

​

​

​

​

​

​

​

​

​

380

​

​

402

​

0.2

%

Banking

​

​

​

​

MV Receivables II, LLC (729 common units) (h) (aa)

​

—

—

(z)

​

7/29/2021

—

—

​

300

​

558

0.2

%

MV Receivables II, LLC (warrant to purchase up to 0.8% of the equity) (h) (aa)

​

—

—

(z)

​

7/28/2021

7/28/2031

—

​

363

​

1,007

0.4

%

​

​

​

​

​

​

​

​

​

​

​

​

663

​

​

1,565

​

0.6

%

​

​

27

Table of Contents

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2021

(in thousands, except for shares and units)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Spread

​

​

​

​

​

​

​

​

​

​

​

​

​

Above

​

Interest

​

Acquisition

​

​

​

​

​

​

​

​

​

​

​

% of

​

Portfolio Company (a)

​

Index (b)

​

Rate

Date (c)

​

Maturity

​

Principal

​

Amortized Cost

​

Fair Value (d)

​

Net Assets (e)

​

Beverage, Food & Tobacco

​

​

​

California Pizza Kitchen, Inc. (78,699 common units)

—

—

(z)

​

8/19/2016

—

—

​

$

5,468

​

$

3,699

​

1.5

%

​

​

​

​

​

​

​

​

​

​

​

5,468

​

​

3,699

​

1.5

%

Capital Equipment

​

​

​

​

MCP Shaw Acquisitionco, LLC (118,906 Class A-2 units) (aa)

—

—

(z)

​

2/28/2020

—

—

​

119

​

148

​

0.1

%

​

​

​

​

​

​

​

​

​

​

​

119

​

​

148

​

0.1

%

Chemicals, Plastics & Rubber

​

​

​

​

Valudor Products LLC (501,014 Class A-1 units) (aa)

n/a

10.00

% PIK

​

6/18/2018

—

—

​

501

​

16

​

0.0

%

​

​

​

​

​

​

​

​

​

​

​

501

​

​

16

​

0.0

%

Consumer Goods: Durable

​

​

​

​

Independence Buyer, Inc. (81 Class A units)

—

—

(z)

​

8/3/2021

—

​

—

​

​

81

​

​

101

0.0

%

​

​

​

​

​

​

​

​

​

​

​

​

​

81

​

101

​

0.0

%

Environmental Industries

​

​

​

​

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

—

—

(z)

​

10/19/2020

3/19/2028

​

—

​

​

67

​

​

286

0.1

%

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

—

—

(z)

​

10/19/2021

3/19/2028

​

—

​

​

—

​

​

169

0.1

%

​

​

​

​

​

​

​

​

​

​

​

67

​

​

455

​

0.2

%

FIRE: Finance

​

​

​

​

J2 BWA Funding LLC (0.7% profit sharing) (h) (aa)

—

—

(z)

​

12/24/2020

—

​

—

​

​

—

​

​

—

0.0

%

PKS Holdings, LLC (5,680 preferred units) (h)

n/a

12.00

% PIK

​

11/30/2017

—

—

​

58

​

219

​

0.1

%

PKS Holdings, LLC (5,714 preferred units) (h)

n/a

12.00

% PIK

​

11/30/2017

—

—

​

9

​

34

​

0.0

%

PKS Holdings, LLC (132 preferred units) (h)

n/a

12.00

% PIK

​

11/30/2017

—

—

​

1

​

5

​

0.0

%

PKS Holdings, LLC (916 preferred units) (h)

n/a

12.00

% PIK

​

11/30/2017

—

—

​

9

​

34

​

0.0

%

​

​

​

​

​

​

​

​

​

​

​

​

​

77

​

292

​

0.1

%

FIRE: Real Estate

​

​

​

​

​

​

​

​

8.00

% Cash/

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Witkoff/Monroe 700 JV LLC (2,141 preferred units) (h) (aa)

n/a

4.00

% PIK

​

7/2/2021

—

—

​

2

​

2

​

0.0

%

​

​

​

​

​

​

​

​

​

​

​

2

​

​

2

​

0.0

%

Healthcare & Pharmaceuticals

​

​

​

​

Dorado Acquisition, Inc. (178,891 Class A-1 units)

—

—

(z)

​

6/30/2021

—

​

—

​

​

179

​

179

​

0.1

%

Dorado Acquisition, Inc. (178,891 Class A-2 units)

—

—

(z)

​

6/30/2021

—

​

—

​

​

—

​

​

9

​

0.0

%

NationsBenefits, LLC (888,889 Series A units) (aa)

n/a

9.00

% PIK

​

8/20/2021

—

—

​

736

​

714

​

0.3

%

NationsBenefits, LLC (106,667 shares of common units) (aa)

—

—

(z)

​

8/20/2021

—

—

​

153

​

67

​

0.0

%

Seran BioScience, LLC (33,333 common units) (aa)

—

—

(z)

​

12/31/2020

—

—

​

334

​

714

​

0.3

%

​

​

​

​

​

​

​

​

​

​

​

1,402

​

​

1,683

​

0.7

%

High Tech Industries

​

​

​

​

MarkLogic Corporation (290,239 Class A units)

—

—

(z)

​

10/20/2020

—

—

​

290

​

423

​

0.2

%

Planful, Inc. (473,082 Class A units)

n/a

8.00

% PIK

​

12/28/2018

—

—

​

473

​

557

​

0.2

%

Recorded Future, Inc. (80,486 Class A units) (ab)

—

—

(z)

​

7/3/2019

—

—

​

81

​

203

​

0.1

%

​

​

​

​

​

​

​

​

​

​

​

844

​

​

1,183

​

0.5

%

Hotels, Gaming & Leisure

​

​

​

​

Equine Network, LLC (99 Class A units) (aa)

—

—

(z)

​

12/31/2020

—

—

​

99

​

102

​

0.0

%

​

​

​

​

​

​

​

​

​

​

​

99

​

​

102

​

0.0

%

​

​

28

Table of Contents

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2021

(in thousands, except for shares and units)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Spread

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Above

​

Interest

​

Acquisition

​

​

​

​

​

​

​

​

​

​

​

% of

​

Portfolio Company (a)

Index (b)

Rate

Date (c)

Maturity

Principal

Amortized Cost

Fair Value (d)

Net Assets (e)

​

Media: Advertising, Printing & Publishing

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

AdTheorent Holding Company, Inc. (177,362 shares of common stock) (h) (aj)

​

—

—

(z)

​

12/22/2016

—

—

​

$

114

​

$

1,041

​

0.4

%

InMobi Pte, Ltd. (warrant to purchase up to 2.8% of the equity) (h) (j)

​

—

—

(z)

​

9/18/2015

9/18/2025

—

​

—

​

2,204

​

0.9

%

Relevate Health Group, LLC (40 preferred units)

​

n/a

12.00

% PIK

​

11/20/2020

—

—

​

40

​

40

​

0.0

%

Relevate Health Group, LLC (40 Class B common units)

​

—

—

(z)

​

11/20/2020

—

—

​

—

​

—

​

0.0

%

Spherix Global Inc. (81 Class A units)

​

—

—

(z)

​

12/22/2021

—

—

​

81

​

81

​

0.0

%

XanEdu Publishing, Inc. (49,479 Class A units)

​

n/a

8.00

% PIK

​

1/28/2020

—

—

​

49

​

106

​

0.0

%

​

​

​

​

​

​

​

​

​

​

​

​

284

​

​

3,472

​

1.3

%

Media: Diversified & Production

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Attom Intermediate Holdco, LLC (297,197 Class A units) (aa)

​

—

—

(z)

​

1/4/2019

—

—

​

297

​

446

​

0.2

%

Chess.com, LLC (2 Class A units) (aa)

​

—

—

(z)

​

12/31/2021

—

—

​

87

​

87

​

0.0

%

​

​

​

​

​

​

​

​

​

​

​

​

384

​

​

533

​

0.2

%

Retail

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

BLST Operating Company, LLC (139,883 Class A units) (aa)

​

—

—

(z)

​

8/28/2020

—

—

​

712

​

420

​

0.2

%

Forman Mills, Inc. (warrant to purchase up to 2.6% of the equity) (k)

​

—

—

(z)

​

1/14/2020

1/14/2029

—

​

—

​

702

​

0.3

%

Luxury Optical Holdings Co. (af)

​

n/a

n/a

(z)

​

9/12/2014

—

—

​

—

​

78

​

0.0

%

​

​

​

​

​

​

​

​

​

​

​

​

712

​

​

1,200

​

0.5

%

Services: Business

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

APCO Worldwide, Inc. (100 Class A voting common stock)

​

—

—

(z)

​

11/1/2017

—

—

​

395

​

737

​

0.3

%

​

​

​

​

​

​

​

​

​

​

​

​

395

​

​

737

​

0.3

%

Services: Consumer

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Education Corporation of America - Series G Preferred Stock (8,333 shares)

​

n/a

12.00

% PIK(m)

​

9/3/2015

—

—

​

7,492

​

2,281

​

0.9

%

Express Wash Acquisition Company, LLC (121,311 Class A units) (aa)

​

n/a

8.00

% PIK

​

12/28/2020

—

—

​

125

​

208

​

0.1

%

IDIG Parent, LLC (245,958 shares of common stock) (aa) (ac)

​

—

—

(z)

​

1/4/2021

—

—

​

248

​

428

​

0.2

%

​

​

​

​

​

​

​

​

​

​

​

​

7,865

​

​

2,917

​

1.2

%

Wholesale

​

​

​

​

​

Nearly Natural, Inc. (152,174 Class A units)

​

—

—

(z)

​

12/15/2017

—

—

​

153

​

69

​

0.0

%

Nearly Natural, Inc. (39,394 Class AA units)

​

—

—

(z)

​

8/27/2021

—

—

​

39

​

5

​

0.0

%

​

​

​

​

​

​

​

​

​

​

​

​

192

​

​

74

​

0.0

%

Total Non-Controlled/Non-Affiliate Equity Securities

​

​

​

​

​

​

​

19,535

​

18,581

​

7.4

%

Total Non-Controlled/Non-Affiliate Company Investments

​

​

​

​

​

​

​

$

446,051

​

$

430,287

​

172.5

%

​

​

​

29

Table of Contents

​

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2021

(in thousands, except for shares and units)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Spread

​

​

​

​

​

​

​

​

​

​

​

​

Above

​

Interest

​

Acquisition

​

​

​

​

​

​

​

​

​

​

​

% of

​

Portfolio Company (a)

​

Index (b)

​

Rate

​

Date (c)

​

Maturity

​

Principal

​

Amortized Cost

​

Fair Value (d)

​

Net Assets (e)

​

Non-Controlled Affiliate Company Investments (ad)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Senior Secured Loans

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Beverage, Food & Tobacco

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

TJ Management HoldCo LLC (Revolver) (f)

L+

5.50

%

6.50

%

​

9/9/2020

6/28/2024

477

​

$

—

​

$

—

0.0

%

​

​

​

​

​

​

​

​

477

​

​

—

​

​

—

​

0.0

%

FIRE Real Estate

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

American Community Homes, Inc.

L+

10.00

%

11.50

% PIK

​

7/22/2014

3/31/2022

10,457

​

10,457

​

10,457

4.2

%

American Community Homes, Inc.

L+

14.50

%

16.00

% PIK

​

7/22/2014

3/31/2022

4,753

​

4,753

​

4,753

1.9

%

American Community Homes, Inc.

L+

10.00

%

11.50

% PIK

​

5/24/2017

3/31/2022

634

​

634

​

634

0.3

%

American Community Homes, Inc.

L+

10.00

%

11.50

% PIK

​

8/10/2018

3/31/2022

2,331

​

2,331

​

3,164

1.3

%

American Community Homes, Inc.

L+

10.00

%

11.50

% PIK

​

3/29/2019

3/31/2022

4,315

​

4,315

​

4,357

1.8

%

American Community Homes, Inc.

L+

10.00

%

11.50

% PIK

​

9/30/2019

3/31/2022

20

​

20

​

20

0.0

%

American Community Homes, Inc.

L+

10.00

%

11.50

% PIK

​

12/30/2019

3/31/2022

99

​

99

​

99

0.0

%

HFZ Capital Group LLC (h) (ae)

L+

12.50

%

14.00

% PIK

​

10/20/2017

n/a

(p)

13,242

​

13,242

​

15,084

6.0

%

HFZ Capital Group LLC (h) (ae)

L+

12.50

%

14.00

% PIK

​

10/20/2017

n/a

(p)

4,758

​

4,758

​

5,420

2.2

%

MC Asset Management (Corporate), LLC (h)

L+

15.00

%

16.00

% PIK

​

1/26/2021

1/26/2024

7,154

​

7,154

​

7,154

2.9

%

MC Asset Management (Corporate), LLC (Delayed Draw) (f) (g) (h)

L+

15.00

%

16.00

% PIK

​

4/26/2021

1/26/2024

1,643

​

850

​

850

0.3

%

Second Avenue SFR Holdings II LLC (Revolver) (f) (h)

L+

7.00

%

7.50

%

​

8/11/2021

8/9/2024

4,875

​

2,104

​

2,104

0.8

%

​

​

​

​

​

​

​

​

54,281

​

​

50,717

​

​

54,096

​

21.7

%

Healthcare & Pharmaceuticals

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ascent Midco, LLC (k)

L+

5.50

%

6.50

%

​

2/5/2020

2/5/2025

6,392

​

6,308

​

6,392

2.6

%

Ascent Midco, LLC (Revolver) (f)

L+

5.50

%

6.50

%

​

2/5/2020

2/5/2025

1,129

​

—

​

—

0.0

%

​

​

​

​

​

​

​

​

7,521

​

​

6,308

​

​

6,392

​

2.6

%

High Tech Industries

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

4.00

% Cash/

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Mnine Holdings, Inc.

L+

8.00

%

5.00

% PIK

​

11/2/2018

12/30/2022

5,193

​

5,165

​

5,771

2.3

%

​

​

​

​

​

​

​

​

5,193

​

​

5,165

​

​

5,771

​

2.3

%

Services: Business

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Curion Holdings, LLC (ag)

​

n/a

14.00

% PIK(m)

​

5/2/2017

8/31/2022

4,533

​

4,497

​

4,561

1.8

%

Curion Holdings, LLC (Revolver) (f)

​

n/a

14.00

% PIK(m)

​

5/2/2017

8/31/2022

871

​

528

​

550

0.2

%

​

​

​

​

​

​

​

​

5,404

​

​

5,025

​

​

5,111

​

2.0

%

Services: Consumer

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

NECB Collections, LLC (Revolver) (f)

L+

11.00

%

12.00

% PIK(m)

​

6/25/2019

n/a

(p)

1,356

​

​

1,312

​

632

0.3

%

​

​

​

​

​

​

​

​

1,356

​

​

1,312

​

​

632

​

0.3

%

Total Non-Controlled Affiliate Senior Secured Loans

​

​

​

​

​

​

​

74,232

​

​

68,527

​

​

72,002

​

28.9

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Junior Secured Loans

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

FIRE: Real Estate

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Second Avenue SFR Holdings II LLC (h)

​

n/a

8.00

%

​

8/6/2021

7/28/2028

5,850

​

5,850

​

5,850

2.3

%

​

​

​

​

​

​

​

​

5,850

​

​

5,850

​

​

5,850

​

2.3

%

Services: Business

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Curion Holdings, LLC (k)

​

n/a

15.00

% PIK(m)

​

8/17/2018

1/2/2023

1,720

​

1

​

—

0.0

%

Curion Holdings, LLC (k)

​

n/a

15.00

% PIK(m)

​

8/17/2018

1/2/2023

44

​

—

​

—

0.0

%

​

​

​

​

​

​

​

​

1,764

​

​

1

​

​

—

​

0.0

%

Total Non-Controlled Affiliate Company Junior Secured Loans

​

​

​

​

​

​

​

7,614

​

​

5,851

​

​

5,850

​

2.3

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Equity Securities (y) (ad)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Beverage, Food & Tobacco

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

TJ Management HoldCo LLC (16 shares of common stock) (l) (aa)

​

—

—

(z)

​

9/9/2020

—

—

​

1,631

​

3,148

1.3

%

​

​

​

​

​

​

​

​

​

​

​

​

1,631

​

​

3,148

​

1.3

%

FIRE: Real Estate

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

American Community Homes, Inc. (warrant to purchase up to 22.3% of the equity)

​

—

—

(z)

​

10/9/2014

12/18/2024

—

​

—

​

264

0.1

%

MC Asset Management (Corporate), LLC (15.9% of interests) (h) (aa) (ae)

​

—

—

(z)

​

6/11/2019

—

—

​

793

​

644

0.2

%

Second Avenue SFR Holdings II LLC (24.4% of interests) (h)

​

—

—

(z)

​

8/6/2021

—

—

​

3,900

​

3,900

1.6

%

​

​

​

​

​

​

​

​

​

​

​

​

4,693

​

​

4,808

​

1.9

%

​

​

30

Table of Contents

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2021

(in thousands, except for shares and units)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Spread

​

​

​

​

​

​

​

​

​

​

​

​

​

Above

​

Interest

​

Acquisition

​

​

​

​

​

​

​

​

​

​

​

% of

​

Portfolio Company (a)

​

Index (b)

​

Rate

​

Date (c)

​

Maturity

​

Principal

​

Amortized Cost

​

Fair Value (d)

​

Net Assets (e)

​

Healthcare & Pharmaceuticals

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ascent Midco, LLC (2,032,258 Class A units) (aa)

​

n/a

8.00

% PIK

​

2/5/2020

—

—

​

$

2,032

​

$

2,554

1.0

%

Familia Dental Group Holdings, LLC (1,105 Class A units) (aa) (ah)

​

—

—

(z)

​

4/8/2016

—

—

​

3,785

​

1,919

0.8

%

​

​

​

​

​

​

​

​

​

​

​

​

5,817

​

​

4,473

​

1.8

%

High Tech Industries

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Mnine Holdings, Inc. (6,400 Class B units)

​

—

—

(z)

​

6/30/2020

—

—

​

—

​

—

0.0

%

​

​

​

​

​

​

​

​

​

​

​

​

​

—

​

​

—

​

0.0

%

Services: Business

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Curion Holdings, LLC (58,779 shares of common stock) (k)

​

—

—

(z)

​

8/17/2018

—

—

​

—

​

—

0.0

%

​

​

​

​

​

​

​

​

​

​

​

​

—

​

​

—

​

0.0

%

Services: Consumer

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

NECB Collections, LLC (20.8% of units) (aa)

​

—

—

(z)

​

6/21/2019

—

—

​

1,458

​

—

0.0

%

​

​

​

​

​

​

​

​

​

​

​

​

1,458

​

​

—

​

0.0

%

Total Non-Controlled Affiliate Equity Securities

​

​

​

​

​

​

​

​

​

​

​

13,599

​

​

12,429

​

5.0

%

Total Non-Controlled Affiliate Company Investments

​

​

​

​

​

​

​

​

​

​

$

87,977

​

$

90,281

​

36.2

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Controlled Affiliate Company Investments (ai)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Equity Securities

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Investment Funds & Vehicles

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

MRCC Senior Loan Fund I, LLC (50.0% of the equity interests) (h)

—

—

​

10/31/2017

—

—

​

$

42,150

​

$

41,125

16.5

%

Total Controlled Affiliate Equity Securities

​

​

​

​

​

​

42,150

​

41,125

16.5

%

Total Controlled Affiliate Company Investments

​

​

​

​

​

​

​

$

42,150

​

$

41,125

16.5

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

TOTAL INVESTMENTS

​

​

​

​

​

​

​

$

576,178

​

$

561,693

225.2

%

​

​

31

Table of Contents

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2021

(in thousands, except for shares and units)

​

Derivative Instruments

Foreign currency forward contracts

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Notional

​

​

​

​

​

​

​

​

​

Amount

​

Notional Amount

​

​

​

Settlement

​

Unrealized Gain

Description

to be Purchased

to be Sold

Counterparty

Date

(Loss)

Foreign currency forward contract

​

$

101

£

82

Bannockburn Global Forex, LLC

​

1/3/2022

​

$

(10)

Foreign currency forward contract

​

$

97

£

79

Bannockburn Global Forex, LLC

4/4/2022

​

(10)

Foreign currency forward contract

​

$

36

£

29

Bannockburn Global Forex, LLC

5/6/2022

​

(3)

Foreign currency forward contract

​

$

121

AUD

156

Bannockburn Global Forex, LLC

1/19/2022

​

8

Foreign currency forward contract

​

$

105

AUD

136

Bannockburn Global Forex, LLC

2/16/2022

​

7

Foreign currency forward contract

​

$

102

AUD

132

Bannockburn Global Forex, LLC

3/16/2022

​

6

Foreign currency forward contract

​

$

113

AUD

146

Bannockburn Global Forex, LLC

4/19/2022

​

7

Foreign currency forward contract

​

$

107

AUD

138

Bannockburn Global Forex, LLC

5/17/2022

​

7

Foreign currency forward contract

​

$

119

AUD

153

Bannockburn Global Forex, LLC

6/17/2022

​

7

Foreign currency forward contract

​

$

107

AUD

138

Bannockburn Global Forex, LLC

7/18/2022

​

7

Foreign currency forward contract

​

$

108

AUD

140

Bannockburn Global Forex, LLC

8/16/2022

​

7

Foreign currency forward contract

​

$

118

AUD

153

Bannockburn Global Forex, LLC

9/16/2022

​

7

Foreign currency forward contract

​

$

117

AUD

152

Bannockburn Global Forex, LLC

10/19/2022

​

7

Foreign currency forward contract

​

$

105

AUD

136

Bannockburn Global Forex, LLC

11/16/2022

​

6

Foreign currency forward contract

​

$

109

AUD

142

Bannockburn Global Forex, LLC

12/16/2022

​

7

Foreign currency forward contract

​

$

118

AUD

153

Bannockburn Global Forex, LLC

1/18/2023

​

7

Foreign currency forward contract

​

$

108

AUD

140

Bannockburn Global Forex, LLC

2/16/2023

​

6

Foreign currency forward contract

​

$

102

AUD

132

Bannockburn Global Forex, LLC

3/16/2023

​

6

Foreign currency forward contract

​

$

123

AUD

160

Bannockburn Global Forex, LLC

4/20/2023

​

7

Foreign currency forward contract

​

$

93

AUD

121

Bannockburn Global Forex, LLC

5/16/2023

​

5

Foreign currency forward contract

​

$

121

AUD

156

Bannockburn Global Forex, LLC

6/19/2023

​

7

Foreign currency forward contract

​

$

107

AUD

138

Bannockburn Global Forex, LLC

7/18/2023

​

6

Foreign currency forward contract

​

$

113

AUD

146

Bannockburn Global Forex, LLC

8/16/2023

​

6

Foreign currency forward contract

​

$

113

AUD

146

Bannockburn Global Forex, LLC

9/18/2023

​

6

Foreign currency forward contract

​

$

114

AUD

148

Bannockburn Global Forex, LLC

10/18/2023

​

6

Foreign currency forward contract

​

$

107

AUD

140

Bannockburn Global Forex, LLC

11/16/2023

​

6

Foreign currency forward contract

​

$

109

AUD

142

Bannockburn Global Forex, LLC

12/18/2023

​

6

Foreign currency forward contract

​

$

115

AUD

150

Bannockburn Global Forex, LLC

1/17/2024

​

6

Foreign currency forward contract

​

$

110

AUD

143

Bannockburn Global Forex, LLC

2/16/2024

​

6

Foreign currency forward contract

​

$

11,827

AUD

15,410

Bannockburn Global Forex, LLC

3/18/2024

​

635

​

​

​

​

​

​

​

​

​

​

​

​

$

781

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

(b)

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

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

(d)

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

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

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

32

Table of Contents

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2021

(in thousands, except for shares and units)

​

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

(h)

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

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

(j)	This is an international company.

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

(l)

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

(m)	This position was on non-accrual status as of December 31, 2021, meaning that the Company has ceased accruing interest income on the position. See Note 2 in the accompanying notes to the consolidated financial statements for additional information on the Company’s accounting policies.

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

(o)

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

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

(q)

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

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

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

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

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

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

33

Table of Contents

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2021

(in thousands, except for shares and units)

​

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

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

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

(z)	Represents a non-income producing security.

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

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

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

(ad)

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

(ae)

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

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

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

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

(ai)

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

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

n/a - not applicable

​

​

34

Table of Contents

MONROE CAPITAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(in thousands, except share and per share data)

Note 1. Organization and Principal Business

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

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

​

Note 2. Summary of Significant Accounting Policies

Basis of Presentation

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

Use of Estimates

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

Consolidation

As permitted under ASC Topic 946, the Company will generally not consolidate its investment in a portfolio company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the results of the Company’s wholly-owned subsidiaries, including MRCC SBIC (through its dissolution date) and its wholly-owned general partner MCC SBIC GP, LLC, and the Company’s wholly-owned taxable subsidiaries (the “Taxable Subsidiaries”) in its consolidated financial statements. The purpose of the Taxable Subsidiaries is to permit the Company to hold equity investments in portfolio companies that are taxed as partnerships for U.S. federal income tax purposes while complying with the “source of income” requirements contained in the RIC tax provisions. The Taxable Subsidiaries are not consolidated with the Company for U.S. federal corporate income tax purposes, and each Taxable Subsidiary is subject to U.S. federal corporate income tax on its taxable income. All intercompany balances and transactions have been eliminated. The Company does not consolidate its non-controlling interest in MRCC Senior Loan Fund I, LLC (“SLF”). See further description of the Company’s investment in SLF in Note 3.

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Fair Value of Financial Instruments

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

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

Revenue Recognition

The Company’s revenue recognition policies are as follows:

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

Dividend income on preferred equity securities is recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies. Each distribution received from limited liability company (“LLC”) and limited partnership (“LP”) investments is evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, the Company will not record distributions from equity investments in LLCs and LPs as dividend income unless there are sufficient accumulated tax-basis earnings and profits in the LLC or LP prior to the applicable distribution. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment. For the three and nine months ended September 30, 2022, the Company received return of capital distributions from its equity investments and its investment in LLC equity in SLF of zero and $290, respectively. For the three and nine months ended September 30, 2021, the Company received return of capital distributions from its equity investments and its investment in LLC equity in SLF of zero and $1,177, respectively.

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

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

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

​

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

​

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

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

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

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

Non-accrual: Loans or preferred equity securities are placed on non-accrual status when principal, interest or dividend payments become materially past due, or when there is reasonable doubt that principal, interest or dividends will be collected. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans are restored to accrual status when past due principal, interest, or dividends are paid, or are expected to be paid, and, in management’s judgment are likely to remain current. The fair value of the Company’s investments on non-accrual status totaled $3,484 and $14,693 at September 30, 2022 and December 31, 2021, respectively.

Distributions

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

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

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

Segments

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

Cash

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

Restricted Cash

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

Unamortized Deferred Financing Costs

Deferred financing costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. As of September 30, 2022 and December 31, 2021, the Company had unamortized deferred financing costs of $3,223 and $5,794 respectively, presented as a direct reduction of the carrying amount of debt on the consolidated statements of assets and liabilities. These amounts are amortized and included in interest and other debt financing expenses on the consolidated statements of operations over the estimated average life of the borrowings. Amortization of deferred financing costs for the three and nine months ended September 30, 2022 was $522 and $1,613, respectively. Amortization of deferred financing costs for the three and nine months ended September 30, 2021 was $539 and $1,677, respectively.

Offering Costs

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

Investments Denominated in Foreign Currency

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

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

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

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

Derivative Instruments

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

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

Income Taxes

The Company has elected to be treated as a RIC under Subchapter M of the Code and operates in a manner so as to qualify for the tax treatment available to RICs. To maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements and distribute to stockholders, for each taxable year, at least 90% of the Company’s “investment company taxable income,” which is generally the Company’s net ordinary income plus the excess, if any, of realized net short-term capital gains over realized net long-term capital losses. If the Company qualifies as a RIC and satisfies the annual distribution requirement, the Company will not have to pay corporate-level federal income taxes on any income that the Company distributes to its stockholders. The Company intends to make distributions in an amount sufficient to maintain RIC status each year and to avoid any federal income taxes on income. The Company is also subject to nondeductible federal excise taxes if the Company does not distribute at least 98% of net ordinary income, 98.2% of any capital gain net income, if any, and any recognized and undistributed income from prior years for which it paid no federal income taxes. To the extent that the Company determines that its estimated current year annual taxable income may exceed estimated current year dividend distributions, the Company accrues excise tax, calculated as 4% of the estimated excess taxable income, if any, as taxable income is earned. For the three and nine months ended September 30, 2022, the Company recorded a net (benefit) expense on the consolidated statements of operations of ($55) and $64, respectively, for U.S. federal excise tax. For the three and nine months ended September 30, 2021, the Company recorded a net expense on the consolidated statements of operations of $68 and $251, respectively, for U.S. federal excise tax. As of September 30, 2022 and December 31, 2021, the Company had a receivable of $29 and a payable of $183 for excise taxes, respectively, which were included in accounts payable and accrued expenses on the Company’s consolidated statements of assets and liabilities.

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

The Company accounts for income taxes in conformity with ASC Topic 740 — Income Taxes (“ASC Topic 740”). ASC Topic 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in the consolidated financial statements. ASC Topic 740 requires the evaluation of tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense in the current year. It is the Company’s policy to recognize accrued interest and penalties related to uncertain tax benefits in income tax expense. The Company did not take any material uncertain income tax positions through September 30, 2022. The 2018 through 2021 tax years remain subject to examination by U.S. federal and state tax authorities.

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Subsequent Events

The Company has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the consolidated financial statements were issued. There have been no subsequent events that occurred during such period that would require disclosure in this Form 10-Q or would be required to be recognized in the consolidated financial statements as of and for the nine months ended September 30, 2022.

Recent Accounting Pronouncements

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

​

Note 3. Investments

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

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

​

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

​

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

​

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

​

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

​

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

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

​

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

​

MRCC Senior Loan Fund I, LLC

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

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

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

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

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Table of Contents

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

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

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

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

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

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

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

​

43

Table of Contents

MRCC SENIOR LOAN FUND I, LLC

CONSOLIDATED SCHEDULE OF INVESTMENTS

(unaudited)

September 30, 2022

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Spread Above

​

Interest

​

​

​

​

​

​

​

​

Portfolio Company (a)

​

Index (b)

Rate (b)

Maturity

Principal

Fair Value

Non-Controlled/Non-Affiliate Company Investments

​

​

​

​

​

​

​

​

​

​

​

​

​

Senior Secured Loans

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Aerospace & Defense

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Bromford Industries Limited (c)

P+

5.25

%

11.50

%

​

11/5/2025

​

​

2,744

$

2,578

Bromford Industries Limited (c)

P+

5.25

%

11.50

%

​

11/5/2025

​

1,829

​

1,719

Trident Maritime Systems, Inc.

L+

5.00

%

8.67

%

​

2/26/2027

​

2,453

​

2,439

Trident Maritime Systems, Inc.

L+

5.00

%

8.67

%

​

2/26/2027

​

746

​

742

Trident Maritime Systems, Inc. (Revolver) (d)

L+

5.00

%

8.05

%

​

2/26/2027

​

319

​

122

​

​

​

​

​

​

​

​

8,091

​

7,600

Automotive

​

​

​

​

​

​

​

​

​

​

​

​

Accelerate Auto Works Intermediate, LLC

L+

4.75

%

7.82

%

​

12/1/2027

​

1,395

​

1,395

Accelerate Auto Works Intermediate, LLC (Delayed Draw) (d)

L+

4.75

%

7.82

%

​

12/1/2027

​

388

​

—

Accelerate Auto Works Intermediate, LLC (Revolver) (d)

L+

4.75

%

7.82

%

​

12/1/2027

​

132

​

—

Truck-Lite Co., LLC

SF+

6.25

%

8.93

%

​

12/14/2026

​

1,696

​

1,697

Truck-Lite Co., LLC

SF+

6.25

%

8.93

%

​

12/14/2026

​

251

​

252

Truck-Lite Co., LLC

SF+

6.25

%

8.93

%

​

12/14/2026

​

43

​

43

Wheel Pros, Inc.

L+

4.50

%

7.55

%

​

5/11/2028

​

1,937

​

1,433

​

​

​

​

​

​

​

​

​

​

5,842

​

4,820

Beverage, Food & Tobacco

​

​

​

​

​

​

​

​

​

​

​

​

​

​

CBC Restaurant Corp.

​

n/a

5.00

% PIK(e)

​

12/30/2022

​

1,066

​

828

SW Ingredients Holdings, LLC

L+

4.75

%

7.56

%

​

7/3/2025

​

3,591

​

3,587

​

​

​

​

​

​

​

​

​

​

4,657

​

4,415

Capital Equipment

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Analogic Corporation

L+

5.25

%

8.06

%

​

6/24/2024

​

4,715

​

4,494

DS Parent, Inc.

L+

5.75

%

9.92

%

​

12/8/2028

​

2,888

​

2,781

MacQueen Equipment, LLC

L+

5.25

%

8.92

%

​

1/7/2028

​

2,101

​

2,101

MacQueen Equipment, LLC (Delayed Draw) (d)

L+

5.25

%

8.92

%

​

1/7/2028

​

592

​

69

MacQueen Equipment, LLC (Revolver) (d)

L+

5.25

%

8.92

%

​

1/7/2028

​

296

​

89

​

​

​

​

​

​

​

​

​

10,592

​

9,534

Chemicals, Plastics & Rubber

​

​

​

​

​

​

​

​

​

​

​

​

​

Phoenix Chemical Holding Company LLC (fka Polymer Solutions Group)

L+

7.00

%

10.12

%

​

1/3/2023

​

1,149

​

1,144

TJC Spartech Acquisition Corp.

L+

4.75

%

7.10

%

​

5/5/2028

​

4,264

​

4,126

​

​

​

​

​

​

​

​

​

​

5,413

​

5,270

Construction & Building

​

​

​

​

​

​

​

​

​

​

​

​

​

​

The Cook & Boardman Group LLC

SF+

5.75

%

8.48

%

​

10/20/2025

​

2,887

​

2,710

​

​

​

​

​

​

​

​

​

​

2,887

​

2,710

Consumer Goods: Durable

​

​

​

​

​

​

​

​

​

​

​

​

​

​

International Textile Group, Inc.

L+

5.00

%

7.28

%

​

5/1/2024

​

1,676

​

1,307

Runner Buyer INC.

L+

5.50

%

8.57

%

​

10/23/2028

​

2,985

​

2,040

​

​

​

​

​

​

​

​

​

​

4,661

​

3,347

Consumer Goods: Non-Durable

​

​

​

​

​

​

​

​

​

​

​

​

​

​

PH Beauty Holdings III, INC.

L+

5.00

%

8.07

%

​

9/26/2025

​

2,399

​

1,955

​

​

​

​

​

​

​

​

​

​

2,399

​

1,955

Containers, Packaging & Glass

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Liqui-Box Holdings, Inc.

L+

4.50

%

7.57

%

​

2/26/2027

​

4,236

​

3,816

Polychem Acquisition, LLC

L+

5.00

%

8.12

%

​

3/17/2025

​

2,895

​

2,895

​

​

​

​

​

7.88

% Cash/

​

​

​

​

​

​

​

​

Port Townsend Holdings Company, Inc. and Crown Corrugated Company

SF+

6.75

%

2.00

% PIK(e)

​

4/3/2024

​

4,820

​

1,717

PVHC Holding Corp

L+

4.75

%

8.42

%

​

8/5/2024

​

3,192

​

3,080

​

​

​

​

​

​

​

​

​

​

15,143

​

11,508

Energy: Oil & Gas

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Drilling Info Holdings, Inc.

L+

4.25

%

7.37

%

​

7/30/2025

​

4,481

​

4,335

Offen, Inc.

L+

5.00

%

7.88

%

​

6/22/2026

​

2,249

​

2,249

Offen, Inc.

L+

5.00

%

7.88

%

​

6/22/2026

​

869

​

869

​

​

​

​

​

​

​

​

​

​

7,599

​

7,453

FIRE: Finance

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Harbour Benefit Holdings, Inc.

L+

5.25

%

8.92

%

​

12/13/2024

​

2,913

​

2,892

Harbour Benefit Holdings, Inc.

L+

5.25

%

8.37

%

​

12/13/2024

​

64

​

64

Minotaur Acquisition, Inc.

SF+

5.00

%

8.13

%

​

3/27/2026

​

4,869

​

4,639

​

​

​

​

​

​

​

​

​

​

7,846

​

7,595

FIRE: Real Estate

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Avison Young (USA) Inc. (c)

SF+

5.75

%

8.90

%

​

1/30/2026

​

4,812

​

4,500

​

​

​

​

​

​

​

​

​

​

4,812

​

4,500

​

​

44

Table of Contents

MRCC SENIOR LOAN FUND I, LLC

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2022

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Spread Above

​

Interest

​

​

​

​

​

​

​

​

Portfolio Company (a)

Index (b)

Rate (b)

​

Maturity

Principal

Fair Value

Healthcare & Pharmaceuticals

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cano Health, LLC

SF+

4.00

%

7.13

%

​

11/23/2027

​

​

1,975

$

1,921

HAH Group Holding Company LLC

SF+

5.00

%

8.71

%

​

10/29/2027

​

2,985

​

2,851

LSCS Holdings, Inc.

L+

4.50

%

8.17

%

​

12/15/2028

​

1,832

​

1,764

Natus Medical Incorporated

SF+

5.50

%

8.68

%

​

7/20/2029

​

​

5,000

​

4,675

Paragon Healthcare, Inc.

SF+

5.75

%

8.49

%

​

1/19/2028

​

2,254

​

2,240

Paragon Healthcare, Inc. (Delayed Draw) (d)

SF+

5.75

%

8.49

%

​

1/19/2028

​

​

245

​

—

Paragon Healthcare, Inc. (Revolver) (d)

SF+

5.75

%

8.49

%

​

1/19/2028

​

490

​

—

Radiology Partners, Inc.

L+

4.25

%

7.33

%

​

7/9/2025

​

4,760

​

4,032

TEAM Public Choices, LLC

L+

5.00

%

7.81

%

​

12/17/2027

​

2,962

​

2,859

​

​

​

​

​

​

​

​

​

​

22,503

​

20,342

High Tech Industries

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Corel Inc. (c)

L+

5.00

%

8.07

%

​

7/2/2026

​

3,650

​

3,394

Lightbox Intermediate, L.P.

L+

5.00

%

8.67

%

​

5/11/2026

​

4,838

​

4,668

LW Buyer, LLC

L+

5.00

%

8.67

%

​

12/30/2024

​

4,838

​

4,765

TGG TS Acquisition Company

L+

6.50

%

10.17

%

​

12/12/2025

​

3,190

​

3,111

​

​

​

​

​

​

​

​

​

​

16,516

​

15,938

Hotels, Gaming & Leisure

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Excel Fitness Holdings, Inc.

SF+

5.25

%

8.08

%

​

4/27/2029

​

4,375

​

4,112

Excel Fitness Holdings, Inc. (Revolver) (d)

SF+

5.25

%

8.03

%

​

4/28/2028

​

625

​

42

North Haven Spartan US Holdco, LLC

L+

5.00

%

8.17

%

​

6/6/2025

​

2,280

​

2,143

Tait LLC

L+

5.00

%

7.28

%

​

3/28/2025

​

4,093

​

3,817

Tait LLC (Revolver) (d)

P+

4.00

%

10.25

%

​

3/28/2025

​

769

​

185

​

​

​

​

​

​

​

​

​

​

12,142

​

10,299

Media: Advertising, Printing & Publishing

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cadent, LLC

L+

6.50

%

10.17

%

​

9/11/2025

​

4,237

​

4,227

Cadent, LLC (Revolver) (d)

L+

6.50

%

10.17

%

​

9/11/2025

​

167

​

—

​

​

​

​

​

​

​

​

​

​

4,404

​

4,227

Media: Diversified & Production

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Research Now Group, Inc. and Survey Sampling International, LLC

L+

5.50

%

8.84

%

​

12/20/2024

​

6,667

​

6,054

STATS Intermediate Holdings, LLC

L+

5.25

%

8.19

%

​

7/10/2026

​

4,863

​

4,599

TA TT Buyer, LLC

SF+

5.00

%

8.98

%

​

3/30/2029

​

3,333

​

3,211

​

​

​

​

​

​

​

​

​

​

14,863

​

13,864

Services: Business

​

​

​

​

​

​

​

​

​

​

​

​

​

​

AQ Carver Buyer, Inc.

L+

5.00

%

8.67

%

​

9/23/2025

​

4,850

​

4,704

CHA Holdings, Inc

L+

4.50

%

8.17

%

​

4/10/2025

​

1,965

​

1,886

CHA Holdings, Inc

L+

4.50

%

8.17

%

​

4/10/2025

​

414

​

398

Eliassen Group, LLC

SF+

5.75

%

9.30

%

​

4/14/2028

​

3,259

​

3,221

Eliassen Group, LLC (Delayed Draw) (d)

SF+

5.75

%

9.13

%

​

4/14/2028

​

741

​

110

Engage2Excel, Inc.

L+

7.25

%

10.92

%

​

3/7/2023

​

4,293

​

4,255

Engage2Excel, Inc.

L+

7.25

%

10.92

%

​

3/7/2023

​

775

​

768

Engage2Excel, Inc. (Revolver) (d)

P+

6.25

%

12.50

%

​

3/7/2023

​

554

​

452

Orbit Purchaser LLC

L+

4.50

%

8.17

%

​

10/21/2024

​

2,413

​

2,195

Orbit Purchaser LLC

L+

4.50

%

8.17

%

​

10/21/2024

​

1,863

​

1,695

Orbit Purchaser LLC

L+

4.50

%

8.17

%

​

10/21/2024

​

545

​

496

​

​

​

​

​

8.30

%Cash/

​

​

​

​

​

​

​

​

Output Services Group, Inc.

SF+

6.75

%

1.50

% PIK

​

6/29/2026

​

4,801

​

3,409

Secretariat Advisors LLC

L+

4.75

%

8.42

%

​

12/29/2028

​

1,697

​

1,638

Secretariat Advisors LLC (Delayed Draw) (d)

L+

4.75

%

8.42

%

​

12/29/2028

​

270

​

—

SIRVA Worldwide Inc.

L+

5.50

%

9.17

%

​

8/4/2025

​

1,813

​

1,645

Teneo Holdings LLC

SF+

5.25

%

8.38

%

​

7/11/2025

​

4,850

​

4,597

The Kleinfelder Group, Inc.

L+

5.25

%

8.92

%

​

11/29/2024

​

2,368

​

2,368

​

​

​

​

​

​

​

​

​

​

37,471

​

33,837

Services: Consumer

​

​

​

​

​

​

​

​

​

​

​

​

​

​

360Holdco, Inc.

SF+

4.75

%

7.88

%

​

8/2/2025

​

2,151

​

2,140

360Holdco, Inc. (Delayed Draw) (d)

SF+

4.75

%

7.88

%

​

8/2/2025

​

827

​

66

Laseraway Intermediate Holdings II, LLC

L+

5.75

%

8.23

%

​

10/14/2027

​

2,206

​

2,170

McKissock Investment Holdings, LLC

SF+

5.00

%

8.73

%

​

3/9/2029

​

2,494

​

2,419

​

​

​

​

​

​

​

​

​

​

7,678

​

6,795

Telecommunications

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Intermedia Holdings, Inc.

L+

6.00

%

9.12

%

​

7/21/2025

​

1,765

​

1,548

Mavenir Systems, Inc.

L+

4.75

%

7.71

%

​

8/18/2028

​

1,658

​

1,434

Sandvine Corporation

L+

4.50

%

8.17

%

​

10/31/2025

​

2,000

​

1,950

​

​

​

​

​

​

​

​

​

​

5,423

​

4,932

Transportation: Cargo

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Keystone Purchaser, LLC

L+

5.25

%

9.42

%

​

5/7/2027

​

4,980

​

4,974

​

​

​

​

​

​

​

​

​

​

4,980

​

4,974

Utilities: Oil & Gas

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Dresser Utility Solutions, LLC (fka NGS US Finco, LLC)

L+

4.25

%

7.37

%

​

10/1/2025

​

1,682

​

1,623

Dresser Utility Solutions, LLC (fka NGS US Finco, LLC)

L+

5.25

%

8.37

%

​

10/1/2025

​

246

​

239

​

​

​

​

​

​

​

​

​

​

1,928

​

1,862

Wholesale

​

​

​

​

​

​

​

​

​

​

​

​

​

​

HALO Buyer, Inc.

L+

4.50

%

7.62

%

​

6/30/2025

​

4,786

​

4,344

​

​

​

​

​

​

​

​

​

​

4,786

​

4,344

TOTAL INVESTMENTS

​

​

​

​

​

​

​

​

​

​

​

$

192,121

​

45

Table of Contents

MRCC SENIOR LOAN FUND I, LLC

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2022

​

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

(b)

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

(c)	This is an international company.

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

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

​

​

46

Table of Contents

MRCC SENIOR LOAN FUND I, LLC

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2021

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Spread  Above

​

​

​

​

​

​

Portfolio Company (a)

​

Index (b)

​

Interest Rate (b)

​

Maturity

​

Principal

​

Fair Value

Non-Controlled/Non-Affiliate Company Investments

​

​

​

​

​

​

​

​

​

​

​

​

​

Senior Secured Loans

​

​

​

Aerospace & Defense

​

​

​

Bromford Industries Limited (c)

P+

4.25

%

7.50

%

​

11/5/2025

2,744

​

$

2,692

Bromford Industries Limited (c)

P+

4.25

%

7.50

%

​

11/5/2025

1,829

​

1,794

Trident Maritime Systems, Inc.

L+

5.50

%

6.50

%

​

2/26/2027

2,467

​

2,478

Trident Maritime Systems, Inc. (Revolver) (d)

L+

5.50

%

6.50

%

​

2/26/2027

265

​

—

​

​

​

​

​

​

​

​

7,305

​

​

6,964

Automotive

​

​

​

Accelerate Auto Works Intermediate, LLC

L+

4.75

%

5.75

%

​

12/1/2027

1,454

​

1,436

Accelerate Auto Works Intermediate, LLC (Delayed Draw) (d)

L+

4.75

%

5.75

%

​

12/1/2027

388

​

—

Accelerate Auto Works Intermediate, LLC (Revolver) (d)

L+

4.75

%

5.75

%

​

12/1/2027

132

​

—

Truck-Lite Co., LLC

L+

6.25

%

7.25

%

​

12/14/2026

1,709

​

1,718

Truck-Lite Co., LLC

L+

6.25

%

7.25

%

​

12/14/2026

253

​

255

Wheel Pros, Inc.

L+

4.50

%

5.25

%

​

5/11/2028

1,952

​

1,951

​

​

​

​

​

​

​

​

5,888

​

​

5,360

Beverage, Food & Tobacco

​

​

​

CBC Restaurant Corp.

​

n/a

5.00

% PIK (f)

​

12/30/2022

1,116

​

1,072

SW Ingredients Holdings, LLC

L+

4.75

%

5.75

%

​

7/3/2025

3,619

​

3,619

​

​

​

​

​

​

​

​

4,735

​

​

4,691

Capital Equipment

​

​

​

Analogic Corporation

L+

5.25

%

6.25

%

​

6/24/2024

4,752

​

4,702

DS Parent, Inc. (e)

L+

5.75

%

6.50

%

​

12/8/2028

3,000

​

2,970

​

​

​

​

​

​

​

​

7,752

​

​

7,672

Chemicals, Plastics & Rubber

​

​

​

Polymer Solutions Group

L+

7.00

%

8.00

%

​

1/3/2023

1,178

​

1,169

​

​

​

​

​

​

​

​

1,178

​

​

1,169

Construction & Building

​

​

​

The Cook & Boardman Group LLC

L+

5.75

%

6.75

%

​

10/20/2025

2,910

​

2,838

​

​

​

​

​

​

​

​

2,910

​

​

2,838

Consumer Goods: Durable

​

​

​

International Textile Group, Inc.

L+

5.00

%

5.13

%

​

5/1/2024

1,711

​

1,590

Runner Buyer INC. (e)

L+

5.50

%

6.25

%

​

10/23/2028

3,000

​

2,970

​

​

​

​

​

​

​

​

4,711

​

​

4,560

Consumer Goods: Non-Durable

​

​

​

PH Beauty Holdings III, INC.

L+

5.00

%

5.18

%

​

9/26/2025

2,418

​

2,284

​

​

​

​

​

​

​

​

2,418

​

​

2,284

Containers, Packaging & Glass

​

​

​

Liqui-Box Holdings, Inc.

L+

4.50

%

5.50

%

​

2/26/2027

4,268

​

3,991

Polychem Acquisition, LLC

L+

5.00

%

5.50

%

​

3/17/2025

2,918

​

2,917

​

​

​

​

​

5.75

% Cash/

​

​

​

​

​

​

​

Port Townsend Holdings Company, Inc. and Crown Corrugated Company

L+

6.75

%

2.00

% PIK

​

4/3/2024

4,751

​

4,238

PVHC Holding Corp

L+

4.75

%

5.75

%

​

8/5/2024

3,217

​

2,976

​

​

​

​

​

​

​

​

15,154

​

​

14,122

Energy: Oil & Gas

​

​

​

Drilling Info Holdings, Inc.

L+

4.25

%

4.35

%

​

7/30/2025

4,516

​

4,471

Offen, Inc.

L+

5.00

%

5.10

%

​

6/22/2026

2,388

​

2,387

Offen, Inc.

L+

5.00

%

5.10

%

​

6/22/2026

876

​

876

​

​

​

​

​

​

​

​

7,780

​

​

7,734

FIRE: Finance

​

​

​

Harbour Benefit Holdings, Inc.

L+

5.25

%

6.25

%

​

12/13/2024

2,948

​

2,932

Harbour Benefit Holdings, Inc.

L+

5.25

%

6.25

%

​

12/13/2024

66

​

65

Minotaur Acquisition, Inc. (e)

L+

4.75

%

4.85

%

​

3/27/2026

4,912

​

4,894

​

​

​

​

​

​

​

​

7,926

​

​

7,891

FIRE: Real Estate

​

​

​

Avison Young (USA) Inc. (c)

L+

5.75

%

5.97

%

​

1/30/2026

4,850

​

4,824

​

​

​

​

​

​

​

​

4,850

​

​

4,824

Healthcare & Pharmaceuticals

​

​

​

Cano Health, LLC (e)

​

SF+

4.00

%

4.51

%

​

11/23/2027

​

1,995

​

​

1,997

LSCS Holdings, Inc. (e)

L+

4.50

%

5.00

%

​

12/15/2028

1,846

​

1,849

Radiology Partners, Inc.

L+

4.25

%

4.35

%

​

7/9/2025

4,760

​

4,700

TEAM Public Choices, LLC (e)

L+

5.00

%

6.00

%

​

12/17/2027

2,992

​

2,985

​

​

​

​

​

​

​

​

11,593

​

​

11,531

​

​

47

Table of Contents

MRCC SENIOR LOAN FUND I, LLC

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

December 31, 2021

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Spread Above

​

​

​

​

​

​

Portfolio Company (a)

Index (b)

Interest Rate (b)

Maturity

Principal

Fair Value

High Tech Industries

​

​

​

​

​

​

​

​

​

Corel Inc. (c)

L+

5.00

%

5.18

%

​

7/2/2026

3,800

​

$

3,797

Lightbox Intermediate, L.P.

L+

5.00

%

5.13

%

​

5/11/2026

4,875

​

4,814

LW Buyer, LLC

L+

5.00

%

5.14

%

​

12/30/2024

4,875

​

4,863

TGG TS Acquisition Company

L+

6.50

%

6.60

%

​

12/12/2025

3,435

​

3,446

​

​

​

​

​

​

​

​

16,985

​

​

16,920

Hotels, Gaming & Leisure

​

​

​

Excel Fitness Holdings, Inc.

L+

5.25

%

6.25

%

​

10/7/2025

4,165

​

4,155

North Haven Spartan US Holdco, LLC

L+

5.00

%

6.00

%

​

6/6/2025

2,297

​

2,037

Tait LLC

L+

5.00

%

5.14

%

​

3/28/2025

4,125

​

3,785

Tait LLC (Revolver)

P+

4.00

%

7.25

%

​

3/28/2025

769

​

728

​

​

​

​

​

​

​

​

11,356

​

​

10,705

Media: Advertising, Printing & Publishing

​

​

​

Cadent, LLC

L+

5.00

%

6.00

%

​

9/11/2023

4,339

​

4,296

Cadent, LLC (Revolver) (d)

L+

5.00

%

6.00

%

​

9/11/2023

167

​

—

​

​

​

​

​

​

​

​

4,506

​

​

4,296

Media: Diversified & Production

​

​

​

Research Now Group, Inc. and Survey Sampling International, LLC

L+

5.50

%

6.50

%

​

12/20/2024

6,720

​

6,645

STATS Intermediate Holdings, LLC

L+

5.25

%

5.41

%

​

7/10/2026

4,900

​

4,897

The Octave Music Group, Inc.

L+

6.00

%

7.00

%

​

5/29/2025

3,866

​

3,871

​

​

​

​

​

​

​

​

15,486

​

​

15,413

Services: Business

​

​

​

AQ Carver Buyer, Inc.

L+

5.00

%

6.00

%

​

9/23/2025

4,888

​

4,900

CHA Holdings, Inc

L+

4.50

%

5.50

%

​

4/10/2025

1,980

​

1,901

CHA Holdings, Inc

L+

4.50

%

5.50

%

​

4/10/2025

418

​

401

Eliassen Group LLC

L+

4.25

%

4.35

%

​

11/5/2024

3,956

​

3,956

​

​

​

​

​

7.00

% Cash/

​

​

​

​

​

​

​

Engage2Excel, Inc.

L+

8.00

%

2.00

% PIK

​

3/7/2023

4,326

​

4,329

​

​

​

​

​

7.00

% Cash/

​

​

​

​

​

​

​

Engage2Excel, Inc.

L+

8.00

%

2.00

% PIK

​

3/7/2023

781

​

781

​

​

​

​

​

7.00

% Cash/

​

​

​

​

​

​

​

Engage2Excel, Inc. (Revolver) (d)

L+

8.00

%

2.00

% PIK

​

3/7/2023

555

​

541

Orbit Purchaser LLC

L+

4.50

%

5.50

%

​

10/21/2024

2,431

​

2,425

Orbit Purchaser LLC

L+

4.50

%

5.50

%

​

10/21/2024

1,877

​

1,873

Orbit Purchaser LLC

L+

4.50

%

5.50

%

​

10/21/2024

549

​

548

Output Services Group, Inc.

L+

4.50

%

5.50

%

​

3/27/2024

4,815

​

4,145

Secretariat Advisors LLC (e)

L+

4.75

%

5.50

%

​

12/29/2028

1,710

​

1,693

Secretariat Advisors LLC (d) (e)

L+

4.75

%

5.50

%

​

12/29/2028

270

​

—

SIRVA Worldwide Inc.

L+

5.50

%

5.60

%

​

8/4/2025

1,850

​

1,683

Teneo Holdings LLC

L+

5.25

%

6.25

%

​

7/11/2025

4,888

​

4,908

The Kleinfelder Group, Inc.

L+

5.25

%

6.25

%

​

11/29/2024

2,387

​

2,387

​

​

​

​

​

​

​

​

37,681

​

​

36,471

Services: Consumer

​

​

​

360Holdco, Inc.

L+

4.75

%

5.75

%

​

8/2/2025

2,168

​

2,161

360Holdco, Inc. (Delayed Draw) (d)

L+

4.75

%

5.75

%

​

8/2/2025

827

​

—

Laseraway Intermediate Holdings II, LLC

L+

5.75

%

6.50

%

​

10/14/2027

2,222

​

2,214

​

​

​

​

​

​

​

​

5,217

​

​

4,375

Telecommunications

​

​

​

Intermedia Holdings, Inc.

L+

6.00

%

7.00

%

​

7/21/2025

1,778

​

1,770

Mavenir Systems, Inc.

L+

4.75

%

5.25

%

​

8/18/2028

1,667

​

1,669

Sandvine Corporation

L+

4.50

%

4.60

%

​

10/31/2025

2,000

​

1,999

​

​

​

​

​

​

​

​

5,445

​

​

5,438

Transportation: Cargo

​

​

​

Keystone Purchaser, LLC (e)

L+

6.25

%

7.25

%

​

5/7/2027

3,000

​

2,947

​

​

​

​

​

​

​

​

3,000

​

​

2,947

Utilities: Oil & Gas

​

​

​

NGS US Finco, LLC

L+

4.25

%

5.25

%

​

10/1/2025

1,695

​

1,644

NGS US Finco, LLC

L+

5.25

%

6.25

%

​

10/1/2025

248

​

244

​

​

​

​

​

​

​

​

1,943

​

​

1,888

Wholesale

​

​

​

BMC Acquisition, Inc.

L+

5.25

%

6.25

%

​

12/30/2024

4,486

​

4,469

HALO Buyer, Inc.

L+

4.50

%

5.50

%

​

6/30/2025

4,824

​

4,547

​

​

​

​

​

​

​

​

9,310

​

​

9,016

​

​

​

​

​

​

​

​

​

​

​

​

​

​

TOTAL INVESTMENTS

​

​

​

​

​

$

189,109

​

48

Table of Contents

MRCC SENIOR LOAN FUND I, LLC

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

December 31, 2021

​

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

(b)

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

(c)	This is an international company.

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

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

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

​

49

Table of Contents

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

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended September 30,

​

Nine months ended September 30,

​

2022

2021

2022

2021

​

​

(unaudited)

​

(unaudited)

Investment income:

​

​

​

​

Interest income

​

$

4,075

​

$

3,250

​

$

10,593

​

$

9,913

Total investment income

​

4,075

​

3,250

​

10,593

​

9,913

Expenses:

​

​

​

​

​

​

​

​

Interest and other debt financing expenses

​

1,669

​

972

​

3,866

​

2,975

Professional fees

​

203

​

158

​

580

​

490

Total expenses

​

1,872

​

1,130

​

4,446

​

3,465

Net investment income (loss)

​

2,203

​

2,120

​

6,147

​

6,448

Net gain (loss):

​

​

​

​

​

​

​

​

Net change in unrealized gain (loss)

​

(2,416)

​

(177)

​

(10,909)

​

4,247

Net gain (loss)

​

(2,416)

​

(177)

​

(10,909)

​

4,247

Net increase (decrease) in members’ capital

​

$

(213)

​

$

1,943

​

$

(4,762)

​

$

10,695

​

​

​

Note 4. Fair Value Measurements

Investments

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

50

Table of Contents

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

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

●

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

●

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

●

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

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

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

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

●

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

●

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

●

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

●

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

●

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

51

Table of Contents

●

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

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

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

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

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

As of September 30, 2022, the Valuation Designee determined, in good faith, the fair value of the Company’s portfolio investments in accordance with GAAP and the Company’s valuation procedures based on the facts and circumstances known by the Company at that time, or reasonably expected to be known at that time.

Foreign Currency Forward Contracts

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

52

Table of Contents

Fair Value Disclosures

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements

September 30, 2022

​

Level 1

​

Level 2

​

Level 3

​

Total

Investments:

​

​

​

​

Senior secured loans

​

$

—

​

$

—

​

$

402,229

​

$

402,229

Unitranche secured loans

​

—

​

—

​

21,043

​

21,043

Junior secured loans

​

—

​

—

​

21,426

​

21,426

Equity securities

​

381

​

—

​

26,395

​

26,776

Investments measured at NAV (1) (2)

​

—

​

—

​

—

​

36,544

Total investments

​

$

381

​

$

—

​

$

471,093

​

$

508,018

Foreign currency forward contracts asset (liability)

​

$

—

​

$

2,284

​

$

—

​

$

2,284

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements

December 31, 2021

​

Level 1

​

Level 2

​

Level 3

​

Total

Investments:

​

​

​

​

Senior secured loans

​

$

—

​

$

—

​

$

423,700

​

$

423,700

Unitranche secured loans

​

—

​

—

​

51,494

​

51,494

Junior secured loans

​

—

​

—

​

14,364

​

14,364

Equity securities

​

1,041

​

—

​

29,969

​

31,010

Investments measured at NAV (1) (2)

​

—

​

—

​

—

​

41,125

Total investments

​

$

1,041

​

$

—

​

$

519,527

​

$

561,693

Foreign currency forward contracts asset (liability)

​

$

—

​

$

781

​

$

—

​

$

781

(1)

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

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

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

53

Table of Contents

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Investments

​

​

Senior

​

Unitranche

​

Junior

​

Equity

​

Total Level 3

​

​

secured loans

​

secured loans

​

secured loans

​

securities

​

investments

Balance as of June 30, 2022

$

415,244

$

34,114

$

19,745

$

28,837

$

497,940

Net realized gain (loss) on investments

​

(1,672)

​

—

​

(1)

​

6

​

(1,667)

Net change in unrealized gain (loss) on investments

​

(3,788)

​

10

​

1,314

​

(2,604)

​

(5,068)

Purchases of investments and other adjustments to cost (1)

​

52,370

​

15

​

368

​

162

​

52,915

Proceeds from principal payments and sales of investments (2)

​

(59,925)

​

(13,096)

​

—

​

(6)

​

(73,027)

Balance as of September 30, 2022

​

$

402,229

​

$

21,043

​

$

21,426

​

$

26,395

​

$

471,093

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Investments

​

​

Senior

​

Unitranche

​

Junior

​

Equity

​

Total Level 3

​

​

secured loans

​

secured loans

​

secured loans

​

securities

​

investments

Balance as of December 31, 2021

$

423,700

$

51,494

$

14,364

$

29,969

$

519,527

Net realized gain (loss) on investments

​

(1,693)

​

(94)

​

(1)

​

38

​

(1,750)

Net change in unrealized gain (loss) on investments

​

(8,838)

​

(5,146)

​

992

​

(4,114)

​

(17,106)

Purchases of investments and other adjustments to cost (1)

​

88,950

​

3,253

​

6,071

​

831

​

99,105

Proceeds from principal payments and sales of investments (2)

​

(99,890)

​

(28,464)

​

—

​

(329)

​

(128,683)

Balance as of September 30, 2022

​

$

402,229

​

$

21,043

​

$

21,426

​

$

26,395

​

$

471,093

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

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

54

Table of Contents

The following tables provide a reconciliation of the beginning and ending balances for investments at fair value that use Level 3 inputs for the three and nine months ended September 30, 2021:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Investments

​

​

Senior

​

Unitranche

​

Junior

​

Equity

​

Total Level 3

​

​

secured loans

​

secured loans

​

secured loans

​

securities

​

investments

Balance as of June 30, 2021

$

404,322

$

45,500

$

8,125

$

30,657

$

488,604

Net realized gain (loss) on investments

​

(9,435)

​

—

​

—

​

—

​

(9,435)

Net change in unrealized gain (loss) on investments

​

11,209

​

(904)

​

(47)

​

(112)

​

10,146

Purchases of investments and other adjustments to cost (1)

​

73,696

​

20

​

8,479

​

3,212

​

85,407

Proceeds from principal payments and sales of investments (2)

​

(54,737)

​

(196)

​

(7,376)

​

—

​

(62,309)

Balance as of September 30, 2021

​

$

425,055

​

$

44,420

​

$

9,181

​

$

33,757

​

$

512,413

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Investments

​

​

Senior

​

Unitranche

​

Junior

​

Equity

​

Total Level 3

​

​

secured loans

​

secured loans

​

secured loans

​

securities

​

Investments

Balance as of December 31, 2020

$

405,224

$

64,040

$

14,592

$

23,899

$

507,755

Net realized gain (loss) on investments

​

(9,610)

​

—

​

—

​

892

​

(8,718)

Net change in unrealized gain (loss) on investments

​

14,820

​

(4,975)

​

40

​

8,048

​

17,933

Purchases of investments and other adjustments to cost (1)

​

174,934

​

1,475

​

8,647

​

3,948

​

189,004

Proceeds from principal payments and sales of investments (2)

​

(160,313)

​

(16,120)

​

(14,098)

​

(3,030)

​

(193,561)

Balance as of September 30, 2021

​

$

425,055

​

$

44,420

​

$

9,181

​

$

33,757

​

$

512,413

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

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

The total net change in unrealized gain (loss) on investments included on the consolidated statements of operations for the three and nine months ended September 30, 2022, attributable to Level 3 investments still held at September 30, 2022, was ($6,132) and ($16,041), respectively. The total net change in unrealized gain (loss) on investments included on the consolidated statements of operations for the three and nine months ended September 30, 2021, attributable to Level 3 investments still held at September 30, 2021, was $973 and $8,791, respectively. Reclassifications impacting Level 3 of the fair value hierarchy are reported as transfers in or out of Level 3 as of the beginning of the period in which the reclassifications occur. There were no transfers among Levels 1, 2 and 3 during the three and nine months ended September 30, 2022 and 2021.

Significant Unobservable Inputs

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

55

Table of Contents

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted

​

​

​

​

​

​

​

​

​

​

Unobservable

​

Average

​

Range

​

Fair Value

Valuation Technique

Input

Mean

Minimum

Maximum

Assets:

​

​

​

​

​

​

​

​

​

​

​

​

​

Senior secured loans

​

$

261,758

Discounted cash flow

EBITDA multiples

8.9

x

4.0

x

20.5

x

​

​

​

​

​

Market yields

​

12.6

%

8.0

%

21.5

%

Senior secured loans

​

111,354

Discounted cash flow

Revenue multiples

4.6

x

0.2

x

12.3

x

​

​

​

​

​

Market yields

​

11.9

%

9.5

%

19.1

%

Senior secured loans

​

19,676

Enterprise value

Book value multiples

1.2

x

1.2

x

1.2

x

Senior secured loans

​

6,241

Enterprise value

Revenue multiples

2.8

x

2.8

x

2.8

x

Senior secured loans

​

2,073

Liquidation

Probability weighting of alternative outcomes

78.4

%

32.5

%

100.0

%

Unitranche secured loans

​

17,473

Discounted cash flow

EBITDA multiples

10.0

x

8.8

x

11.3

x

​

​

​

​

Market yields

11.1

%

10.8

%

12.3

%

Unitranche secured loans

​

3,570

Discounted cash flow

​

Revenue multiples

​

8.9

x

5.7

x

12.5

x

​

​

​

​

Market yields

11.9

%

11.7

%

12.0

%

Junior secured loans

​

19,495

Discounted cash flow

Market yields

17.2

%

11.6

%

27.5

%

Junior secured loans

​

1,931

Liquidation

Probability weighting of alternative outcomes

231.7

%

231.7

%

231.7

%

Equity securities

​

13,713

Enterprise value

EBITDA multiples

8.5

x

4.0

x

15.8

x

Equity securities

​

7,728

Enterprise value

Revenue multiples

2.7

x

0.2

x

12.3

x

Equity securities

​

2,483

Option pricing model

Volatility

65.3

%

48.0

%

70.0

%

Equity securities

​

411

Discounted cash flow

EBITDA multiples

7.0

x

7.0

x

7.0

x

Total Level 3 Assets

​

$

467,906

(1)

​

​

​

​

​

​

(1)	Excludes loans of $3,187 at fair value where valuation (unadjusted) is obtained from a third-party pricing service for which such disclosure is not required.

56

Table of Contents

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of December 31, 2021 were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted

​

​

​

​

​

Fair

​

​

​

Unobservable

​

Average

​

Range

​

​

Value

​

Valuation Technique

​

Input

​

Mean

​

Minimum

​

Maximum

Assets:

​

​

Senior secured loans

​

$

305,252

Discounted cash flow

EBITDA multiples

7.7

x

5.0

x

20.0

x

​

​

Market yields

9.6

%

5.3

%

20.0

%

Senior secured loans

​

79,913

Discounted cash flow

Revenue multiples

6.5

x

0.5

x

13.0

x

​

​

​

​

​

Market yields

​

8.4

%

5.2

%

13.1

%

Senior secured loans

​

23,484

Enterprise value

Book value multiples

1.5

x

1.5

x

1.5

x

Senior secured loans

​

5,771

Enterprise value

Revenue multiples

2.8

x

2.8

x

2.8

x

Senior secured loans

​

5,111

Enterprise value

EBITDA multiples

6.5

x

6.5

x

6.5

x

Senior secured loans

​

3,026

Liquidation

Probability weighting of alternative outcomes

88.2

%

48.2

%

100.0

%

Unitranche secured loans

​

45,072

Discounted cash flow

EBITDA multiples

8.4

x

5.5

x

11.0

x

​

​

​

​

​

​

Market yields

8.5

%

7.3

%

13.3

%

Unitranche secured loans

​

4,950

Enterprise value

Revenue multiples

0.6

x

0.6

x

0.6

x

Unitranche secured loans

​

1,472

Discounted cash flow

Revenue multiples

14.0

x

14.0

x

14.0

x

​

​

​

​

​

​

Market yields

​

8.3

%

8.3

%

8.3

%

Junior secured loans

​

12,266

Discounted cash flow

Market yields

15.8

%

8.0

%

25.1

%

Junior secured loans

​

1,522

Discounted cash flow

Revenue multiples

15.0

x

15.0

x

15.0

x

​

​

​

​

​

​

Market yields

2.0

%

2.0

%

2.0

%

Junior secured loans

​

576

Liquidation

Probability weighting of alternative outcomes

69.1

%

69.1

%

69.1

%

Equity securities

​

15,688

Enterprise value

EBITDA multiples

5.6

x

4.5

x

15.1

x

Equity securities

​

6,448

Enterprise value

Revenue multiples

4.8

x

0.6

x

12.3

x

Equity securities

​

2,281

Liquidation

Probability weighting of alternative outcomes

24.4

%

24.4

%

24.4

%

Equity securities

​

714

Discounted cash flow

EBITDA multiples

13.3

x

13.3

x

13.3

x

​

​

​

​

​

Market yields

​

12.3

%

12.3

%

12.3

%

Equity securities

​

455

Option pricing model

Volatility

42.5

%

42.5

%

42.5

%

Equity securities

​

264

Enterprise value

Tangible book value multiples

1.5

x

1.5

x

1.5

x

Total Level 3 Assets

​

$

514,265

(1)

​

​

​

​

​

​

​

​

​

​

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

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

57

Table of Contents

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

Other Financial Assets and Liabilities

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

58

Table of Contents

Note 5. Transactions with Affiliated Companies

An affiliated company is a company in which the Company has an ownership interest of 5% or more of its voting securities. A controlled affiliate company is a company in which the Company has an ownership interest of more than 25% of its voting securities. Please see the Company’s consolidated schedule of investments for the type of investment, principal amount, interest rate including the spread, and the maturity date. Transactions related to the Company’s investments with affiliates for the nine months ended September 30, 2022 and 2021 were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Sales and

​

PIK

​

​

​

​

​

​

​

Net

​

​

​

​

​

Fair value at

​

Transfers

​

Purchases

​

paydowns

​

interest

​

Discount

​

Net realized

​

unrealized

​

Fair value at

Portfolio Company

​

December 31, 2021

in (out)

(cost)

(cost)

(cost)

accretion

gain (loss)

gain (loss)

September 30, 2022

Non-controlled affiliate company investment:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

American Community Homes, Inc.

​

$

10,457

​

$

—

​

$

—

​

$

—

​

$

466

​

$

—

​

$

—

​

$

(1,889)

​

$

9,034

American Community Homes, Inc.

​

4,753

​

—

​

​

—

​

​

—

​

​

384

​

​

—

​

​

—

​

​

(888)

​

​

4,249

American Community Homes, Inc.

​

634

​

—

​

​

—

​

​

—

​

​

28

​

​

—

​

​

—

​

​

(114)

​

​

548

American Community Homes, Inc.

​

3,164

​

—

​

​

—

​

​

—

​

​

104

​

​

—

​

​

—

​

​

(1,254)

​

​

2,014

American Community Homes, Inc.

​

4,357

​

—

​

​

—

​

​

—

​

​

192

​

​

—

​

​

—

​

​

(821)

​

​

3,728

American Community Homes, Inc.

​

20

​

—

​

​

—

​

​

—

​

​

1

​

​

—

​

​

—

​

​

(3)

​

​

18

American Community Homes, Inc.

​

99

​

—

​

​

—

​

​

—

​

​

4

​

​

—

​

​

—

​

​

(18)

​

​

85

American Community Homes, Inc. (Revolver)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

American Community Homes, Inc. (warrant to purchase up to 22.3% of the equity)

​

264

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

(264)

​

​

—

​

​

23,748

​

—

​

​

—

​

​

—

​

​

1,179

​

​

—

​

​

—

​

​

(5,251)

​

​

19,676

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ascent Midco, LLC

​

6,392

​

—

​

​

—

​

​

(130)

​

​

—

​

​

19

​

​

—

​

​

(121)

​

​

6,160

Ascent Midco, LLC (Revolver)

​

—

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Ascent Midco, LLC (2,032,258 Class A units)

​

2,554

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

(1,136)

​

​

1,418

​

​

8,946

​

—

​

​

—

​

​

(130)

​

​

—

​

​

19

​

​

—

​

​

(1,257)

​

​

7,578

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Curion Holdings, LLC (1)

​

4,561

​

—

​

​

—

​

​

(4,497)

​

​

—

​

​

—

​

​

—

​

​

82

​

​

146

Curion Holdings, LLC (Revolver) (1)

​

550

​

—

​

​

92

​

​

(620)

​

​

—

​

​

—

​

​

—

​

​

(22)

​

​

—

Curion Holdings, LLC (Junior secured loan) (1)

​

—

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

(1)

​

​

1

​

​

—

Curion Holdings, LLC (Junior secured loan) (1)

​

—

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Curion Holdings, LLC (58,779 shares of common stock) (1)

​

—

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

5,111

​

—

​

​

92

​

​

(5,117)

​

​

—

​

​

—

​

​

(1)

​

​

61

​

​

146

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Familia Dental Group Holdings, LLC (1,158 Class A units)

​

1,919

​

—

​

​

183

​

​

—

​

​

—

​

​

—

​

​

—

​

​

406

​

​

2,508

​

​

1,919

​

—

​

​

183

​

​

—

​

​

—

​

​

—

​

​

—

​

​

406

​

​

2,508

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

HFZ Capital Group, LLC

​

15,084

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

804

​

​

15,888

HFZ Capital Group, LLC

​

5,420

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

288

​

​

5,708

MC Asset Management (Corporate), LLC

​

7,154

​

—

​

​

—

​

​

—

​

​

903

​

​

—

​

​

—

​

​

—

​

​

8,057

MC Asset Management (Corporate), LLC (Delayed Draw)

​

850

​

—

​

​

—

​

​

—

​

​

107

​

​

—

​

​

—

​

​

—

​

​

957

MC Asset Management (Corporate), LLC (15.9% interests)

​

644

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

107

​

​

751

​

​

29,152

​

—

​

​

—

​

​

—

​

​

1,010

​

​

—

​

​

—

​

​

1,199

​

​

31,361

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Mnine Holdings, Inc.

​

5,771

​

—

​

​

—

​

​

—

​

​

230

​

​

12

​

​

—

​

​

(12)

​

​

6,001

Mnine Holdings, Inc. (Revolver)

​

​

—

​

​

—

​

​

240

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

240

Mnine Holdings, Inc. (6,400 Class B units)

​

—

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

5,771

​

—

​

​

240

​

​

—

​

​

230

​

​

12

​

​

—

​

​

(12)

​

​

6,241

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

NECB Collections, LLC (Revolver)

​

632

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

(206)

​

​

426

NECB Collections, LLC (20.8% of units)

​

—

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

632

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

(206)

​

​

426

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Second Avenue SFR Holdings II LLC (Revolver) (2)

​

2,104

​

—

​

​

2,681

​

​

—

​

​

—

​

​

—

​

​

—

​

​

(18)

​

​

4,767

​

​

2,104

​

—

​

​

2,681

​

​

—

​

​

—

​

​

—

​

​

—

​

​

(18)

​

​

4,767

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

SFR Holdco, LLC (Junior secured loan)

​

5,850

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

5,850

SFR Holdco, LLC (24.4% of interests)

​

3,900

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

3,900

​

​

9,750

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

9,750

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

TJ Management HoldCo LLC (Revolver)

​

—

​

—

​

​

80

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

80

TJ Management HoldCo LLC (16 shares of common stock)

​

3,148

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

(407)

​

​

2,741

​

​

3,148

​

—

​

​

80

​

​

—

​

​

—

​

​

—

​

​

—

​

​

(407)

​

​

2,821

Total non-controlled affiliate company investments

​

$

90,281

​

$

—

​

$

3,276

​

$

(5,247)

​

$

2,419

​

$

31

​

$

(1)

​

$

(5,485)

​

$

85,274

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Controlled affiliate company investments:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

MRCC Senior Loan Fund I, LLC

​

$

41,125

​

$

—

​

$

500

​

$

—

​

$

—

​

$

—

​

$

—

​

$

(5,081)

​

$

36,544

​

​

41,125

​

—

​

500

​

—

​

—

​

—

​

—

​

(5,081)

​

​

36,544

Total Controlled affiliate company investments

​

$

41,125

​

$

—

​

$

500

​

$

—

​

$

—

​

$

—

​

$

—

​

$

(5,081)

​

$

36,544

(1)

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

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

​

59

Table of Contents

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair value at

​

​

​

​

Sales and

PIK

​

​

Net

Net

Fair value at

​

​

December 31,

​

Transfers

​

Purchases

​

paydowns

​

interest

​

Discount

​

realized

​

unrealized

​

September

Portfolio Company

​

2020

​

in (out)

​

(cost)

​

(cost)

​

(cost)

​

accretion

​

gain (loss)

​

gain (loss)

​

30, 2021

Non-controlled affiliate company investment:

​

​

​

​

​

​

​

​

​

American Community Homes, Inc.

​

$

9,401

​

$

—

​

$

—

​

$

(90)

​

$

848

​

$

—

​

$

—

​

$

—

​

$

10,159

American Community Homes, Inc.

​

6,239

​

—

​

—

​

(2,229)

​

556

​

—

​

—

​

—

​

4,566

American Community Homes, Inc.

​

825

​

—

​

—

​

(838)

​

13

​

—

​

—

​

—

​

-

American Community Homes, Inc.

​

570

​

—

​

—

​

(5)

​

51

​

—

​

—

​

—

​

616

American Community Homes, Inc.

​

335

​

—

​

—

​

(341)

​

6

​

—

​

—

​

—

​

-

American Community Homes, Inc.

​

2,915

​

—

​

—

​

(20)

​

189

​

—

​

—

​

14

​

3,098

American Community Homes, Inc.

​

3,879

​

—

​

—

​

(37)

​

350

​

—

​

—

​

42

​

4,234

American Community Homes, Inc.

​

18

​

—

​

—

​

—

​

2

​

—

​

—

​

—

​

20

American Community Homes, Inc.

​

89

​

—

​

—

​

(1)

​

8

​

—

​

—

​

—

​

96

American Community Homes, Inc. (Revolver)

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

-

American Community Homes, Inc. (warrant to purchase up to 22.3% of the equity)

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

350

​

350

​

​

24,271

​

—

​

—

​

(3,561)

​

2,023

​

—

​

—

​

406

​

23,139

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ascent Midco, LLC

​

6,997

​

—

​

—

​

(513)

​

—

​

19

​

—

​

(30)

​

6,473

Ascent Midco, LLC (Delayed Draw)

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

-

Ascent Midco, LLC (Revolver)

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

-

Ascent Midco, LLC (2,032,258 Class A units)

​

3,016

​

—

​

—

​

—

​

—

​

—

​

—

​

95

​

3,111

​

​

10,013

​

—

​

—

​

(513)

​

—

​

19

​

—

​

65

​

9,584

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Curion Holdings, LLC

​

3,159

​

—

​

—

​

—

​

—

​

—

​

—

​

731

​

3,890

Curion Holdings, LLC (Revolver)

​

820

​

—

​

—

​

—

​

—

​

—

​

—

​

10

​

830

Curion Holdings, LLC (Junior secured loan)

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

Curion Holdings, LLC (Junior secured loan)

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

Curion Holdings, LLC (58,779 shares of common stock)

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

​

3,979

​

—

​

—

​

—

​

—

​

—

​

—

​

741

​

4,720

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Familia Dental Group Holdings, LLC (1,052 Class A units)

​

3,118

​

—

​

—

​

—

​

—

​

—

​

—

​

(677)

​

2,441

​

​

3,118

​

—

​

—

​

—

​

—

​

—

​

—

​

(677)

​

2,441

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

HFZ Capital Group, LLC

​

13,106

​

—

​

—

​

—

​

—

​

—

​

—

​

1,708

​

14,814

HFZ Capital Group, LLC

​

4,709

​

—

​

—

​

—

​

—

​

—

​

—

​

613

​

5,322

MC Asset Management (Corporate), LLC

​

—

​

—

​

6,423

​

—

​

450

​

—

​

—

​

—

​

6,873

MC Asset Management (Corporate), LLC (Delayed Draw)

​

—

​

—

​

793

​

—

​

23

​

—

​

—

​

—

​

816

MC Asset Management (Corporate), LLC (15.9% interests)

​

785

​

—

​

—

​

—

​

-

​

—

​

—

​

(65)

​

720

MC Asset Management (Industrial), LLC

​

11,579

​

—

​

—

​

(11,365)

​

1,170

​

1

​

—

​

(884)

​

501

​

​

30,179

​

—

​

7,216

​

(11,365)

​

1,643

​

1

​

—

​

1,372

​

29,046

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Incipio, LLC (1)

​

1,764

​

—

​

—

​

—

​

-

​

—

​

—

​

(1,764)

​

—

Incipio, LLC (1)

​

4,227

​

(1,562)

​

—

​

—

​

48

​

—

​

—

​

(2,713)

​

—

Incipio, LLC (1)

​

1,805

​

(1,732)

​

—

​

—

​

15

​

—

​

—

​

(88)

​

—

Incipio, LLC (1)

​

761

​

(730)

​

—

​

—

​

6

​

—

​

—

​

(37)

​

—

Incipio, LLC (1)

​

1,519

​

(1,458)

​

—

​

—

​

13

​

—

​

—

​

(74)

​

—

Incipio, LLC (1)

​

1,488

​

(1,527)

​

108

​

—

​

9

​

—

​

—

​

(78)

​

—

Incipio, LLC (Junior secured loan) (1)

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

Incipio, LLC (Junior secured loan) (1)

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

Incipio, LLC (1,774 shares of Series C common units) (1)

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

​

11,564

​

(7,009)

​

108

​

—

​

91

​

—

​

—

​

(4,754)

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Luxury Optical Holdings Co.

​

1,430

​

—

​

—

​

—

​

134

​

—

​

—

​

38

​

1,602

Luxury Optical Holdings Co. (Delayed Draw)

​

624

​

—

​

1,729

​

(93)

​

—

​

—

​

—

​

93

​

2,353

Luxury Optical Holdings Co. (Revolver)

​

66

​

—

​

—

​

—

​

6

​

—

​

—

​

2

​

74

Luxury Optical Holdings Co. (91 preferred units)

​

2,476

​

—

​

—

​

—

​

694

​

—

​

—

​

434

​

3,604

Luxury Optical Holdings Co. (86 shares of common stock)

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

-

​

-

​

​

4,596

​

—

​

1,729

​

(93)

​

834

​

—

​

—

​

567

​

7,633

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Mnine Holdings, Inc.

​

12,356

​

—

​

—

​

(191)

​

449

​

27

​

—

​

(46)

​

12,595

Mnine Holdings, Inc. (6,400 Class B units)

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

-

​

​

12,356

​

—

​

—

​

(191)

​

449

​

27

​

—

​

(46)

​

12,595

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

NECB Collections, LLC (Revolver)

​

834

​

—

​

—

​

—

​

—

​

—

​

—

​

(147)

​

687

NECB Collections, LLC (20.8% of units)

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

-

​

​

834

​

—

​

—

​

—

​

—

​

—

​

—

​

(147)

​

687

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

SHI Holdings, Inc.

​

188

​

—

​

—

​

—

​

—

​

—

​

—

​

(57)

​

131

SHI Holdings, Inc. (Revolver)

​

297

​

—

​

—

​

—

​

—

​

—

​

—

​

(89)

​

208

SHI Holdings, Inc. (24 shares of common stock)

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

-

​

​

485

​

—

​

—

​

—

​

—

​

—

​

—

​

(146)

​

339

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Second Avenue SFR Holdings II LLC (Revolver)

​

​

—

​

​

—

​

​

642

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

642

Second Avenue SFR Holdings II LLC (Delayed Draw)

​

​

—

​

​

—

​

​

1,101

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

1,101

Second Avenue SFR Holdings II LLC (24.4 % of interests)

​

​

—

​

​

—

​

​

734

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

734

​

​

​

—

​

​

—

​

​

2,477

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

2,477

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Summit Container Corporation

​

3,204

​

—

​

—

​

(3,019)

​

—

​

—

​

(250)

​

65

​

—

Summit Container Corporation (Revolver)

​

1,654

​

—

​

5,402

​

(7,059)

​

—

​

—

​

—

​

3

​

—

Summit Container Corporation (warrant to purchase up to 19.5% of the equity)

​

139

​

—

​

—

​

—

​

—

​

—

​

—

​

(139)

​

—

​

​

4,997

​

—

​

5,402

​

(10,078)

​

—

​

—

​

(250)

​

(71)

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

TJ Management HoldCo, LLC (Revolver)

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

TJ Management HoldCo, LLC (16 shares of common stock)

​

3,323

​

—

​

—

​

(755)

​

—

​

—

​

—

​

517

​

3,085

​

​

3,323

​

—

​

—

​

(755)

​

—

​

—

​

—

​

517

​

3,085

Total non-controlled affiliate company investments

​

$

109,715

​

$

(7,009)

​

$

16,932

​

$

(26,556)

​

$

5,040

​

$

47

​

$

(250)

​

$

(2,173)

​

$

95,746

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Controlled affiliate company investments:

​

​

​

​

​

​

​

​

​

MRCC Senior Loan Fund I, LLC

​

$

39,284

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

2,047

​

$

41,331

​

​

39,284

​

—

​

—

​

—

​

—

​

—

​

—

​

2,047

​

41,331

Total controlled affiliate company investments

​

$

39,284

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

2,047

​

$

41,331

​

60

Table of Contents

(1)

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

​

61

Table of Contents

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the nine months ended September 30,

​

​

2022

​

2021

​

​

Interest

​

Dividend

​

​

​

​

Interest

​

Dividend

​

​

​

Portfolio Company

​

Income

Income

Fee Income

Income

Income

Fee Income

Non-controlled affiliate company investments:

​

​

​

​

​

​

American Community Homes, Inc.

​

$

878

​

$

—

​

$

—

​

$

846

​

$

—

​

$

—

American Community Homes, Inc.

​

575

​

—

​

—

​

553

​

—

​

—

American Community Homes, Inc.

​

n/a

​

n/a

​

n/a

​

13

​

—

​

—

American Community Homes, Inc.

​

53

​

—

​

—

​

51

​

—

​

—

American Community Homes, Inc.

​

n/a

​

n/a

​

n/a

​

5

​

—

​

—

American Community Homes, Inc.

​

196

​

—

​

—

​

188

​

—

​

—

American Community Homes, Inc.

​

362

​

—

​

—

​

349

​

—

​

—

American Community Homes, Inc.

​

2

​

—

​

—

​

27

​

—

​

—

American Community Homes, Inc.

​

8

​

—

​

—

​

9

​

—

​

—

American Community Homes, Inc. (Revolver)

​

19

​

—

​

—

​

—

​

—

​

—

American Community Homes, Inc. (Warrant)

​

—

​

—

​

—

​

—

​

—

​

—

​

​

2,093

​

—

​

—

​

2,041

​

—

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ascent Midco, LLC

​

359

​

—

​

—

​

359

​

—

​

—

Ascent Midco, LLC (Delayed Draw)

​

n/a

​

n/a

​

n/a

​

9

​

—

​

—

Ascent Midco, LLC (Revolver)

​

3

​

—

​

—

​

3

​

—

​

—

Ascent Midco, LLC (Class A units)

​

—

​

141

​

—

​

—

​

130

​

—

​

​

362

​

141

​

—

​

371

​

130

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Curion Holdings, LLC

​

1,766

​

—

​

—

​

—

​

—

​

—

Curion Holdings, LLC (Revolver)

​

294

​

—

​

—

​

—

​

—

​

—

Curion Holdings, LLC (Junior secured loan)

​

—

​

—

​

—

​

—

​

—

​

—

Curion Holdings, LLC (Junior secured loan)

​

—

​

—

​

—

​

—

​

—

​

—

Curion Holdings, LLC (Common stock)

​

—

​

—

​

—

​

—

​

—

​

—

​

​

2,060

​

—

​

—

​

—

​

—

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Familia Dental Group Holdings, LLC (Class A units)

​

—

​

—

​

—

​

—

​

—

​

—

​

​

—

​

—

​

—

​

—

​

—

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

HFZ Capital Group, LLC

​

1,430

​

—

​

—

​

1,406

​

—

​

—

HFZ Capital Group, LLC

​

514

​

—

​

—

​

505

​

—

​

—

MC Asset Management (Corporate), LLC

​

940

​

—

​

—

​

731

​

—

​

—

MC Asset Management (Corporate), LLC (Delayed Draw)

​

111

​

—

​

—

​

56

​

—

​

—

MC Asset Management (Corporate), LLC (LLC interest)

​

—

​

—

​

—

​

—

​

—

​

—

MC Asset Management (Industrial), LLC

​

n/a

​

n/a

​

n/a

​

2,113

​

—

​

—

​

​

2,995

​

—

​

—

​

4,811

​

—

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Incipio, LLC

​

n/a

​

n/a

​

n/a

​

—

​

—

​

—

Incipio, LLC

​

n/a

​

n/a

​

n/a

​

—

​

—

​

—

Incipio, LLC

​

n/a

​

n/a

​

n/a

​

—

​

—

​

—

Incipio, LLC

​

n/a

​

n/a

​

n/a

​

—

​

—

​

—

Incipio, LLC

​

n/a

​

n/a

​

n/a

​

—

​

—

​

—

Incipio, LLC (Delayed Draw)

​

n/a

​

n/a

​

n/a

​

—

​

—

​

—

Incipio, LLC (Junior secured loan)

​

n/a

​

n/a

​

n/a

​

—

​

—

​

—

Incipio, LLC (Junior secured loan)

​

n/a

​

n/a

​

n/a

​

—

​

—

​

—

Incipio, LLC (Common units)

​

n/a

​

n/a

​

n/a

​

—

​

—

​

—

​

​

n/a

​

n/a

​

n/a

​

—

​

—

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Luxury Optical Holdings Co.

​

n/a

​

n/a

​

n/a

​

135

​

—

​

—

Luxury Optical Holdings Co. (Delayed Draw)

​

n/a

​

n/a

​

n/a

​

74

​

—

​

—

Luxury Optical Holdings Co. (Revolver)

​

n/a

​

n/a

​

n/a

​

6

​

—

​

—

Luxury Optical Holdings Co. (Preferred units)

​

n/a

​

n/a

​

n/a

​

694

​

654

​

—

Luxury Optical Holdings Co. (Common stock)

​

n/a

​

n/a

​

n/a

​

—

​

—

​

—

​

​

n/a

​

n/a

​

n/a

​

909

​

654

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Mnine Holdings, Inc.

​

567

​

—

​

—

​

1,019

​

—

​

—

Mnine Holdings, Inc. (Revolver)

​

​

2

​

​

—

​

​

—

​

​

n/a

​

​

n/a

​

​

n/a

Mnine Holdings, Inc. (Class B units)

​

—

​

—

​

—

​

—

​

—

​

—

​

​

569

​

—

​

—

​

1,019

​

—

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

NECB Collections, LLC (Revolver)

​

—

​

—

​

—

​

—

​

—

​

—

NECB Collections, LLC (LLC units)

​

—

​

—

​

—

​

—

​

—

​

—

​

​

—

​

—

​

—

​

—

​

—

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Second Avenue SFR Holdings II LLC (Delayed Draw)

​

n/a

​

n/a

​

n/a

​

8

​

—

​

—

Second Avenue SFR Holdings II LLC (Revolver)

​

182

​

—

​

—

​

5

​

—

​

—

​

​

​

182

​

​

—

​

​

—

​

​

13

​

​

—

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

SFR Holdco, LLC (Junior secured loan)

​

351

​

—

​

—

​

—

​

—

​

—

SFR Holdco, LLC (LLC interest)

​

—

​

—

​

—

​

—

​

—

​

—

​

​

351

​

—

​

—

​

—

​

—

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

SHI Holdings, Inc.

​

n/a

​

n/a

​

n/a

​

—

​

—

​

—

SHI Holdings, Inc. (Revolver)

​

n/a

​

n/a

​

n/a

​

—

​

—

​

—

SHI Holdings, Inc. (Common stock)

​

n/a

​

n/a

​

n/a

​

—

​

—

​

—

​

​

n/a

​

n/a

​

n/a

​

—

​

—

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Summit Container Corporation

​

n/a

​

n/a

​

n/a

​

57

​

—

​

—

Summit Container Corporation (Revolver)

​

n/a

​

n/a

​

n/a

​

35

​

—

​

—

Summit Container Corporation (Warrant)

​

n/a

​

n/a

​

n/a

​

—

​

—

​

—

​

​

n/a

​

n/a

​

n/a

​

92

​

—

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

TJ Management HoldCo, LLC (Revolver)

​

9

​

—

​

—

​

9

​

—

​

—

TJ Management HoldCo, LLC (Common stock)

​

—

​

—

​

—

​

—

​

—

​

—

​

​

9

​

—

​

—

​

9

​

—

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total non-controlled affiliate company investments

​

$

8,621

​

$

141

​

$

—

​

$

9,265

​

$

784

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Controlled affiliate company investments:

​

​

​

​

​

​

MRCC Senior Loan Fund I, LLC

​

$

—

​

$

2,700

​

$

—

​

$

—

​

$

3,300

​

$

—

​

​

—

​

2,700

​

—

​

—

​

3,300

​

—

Total controlled affiliate company investments

​

$

—

​

$

2,700

​

$

—

​

$

—

​

$

3,300

​

$

—

​

​

62

Table of Contents

Note 6. Transactions with Related Parties

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

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

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

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

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

​

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

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

(2)

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

63

Table of Contents

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

The Company has entered into an administration agreement with MC Management (the “Administration Agreement”), under which the Company reimburses MC Management, subject to the review and approval of the Board, for its allocable portion of overhead and other expenses, including the costs of furnishing the Company with office facilities and equipment and providing clerical, bookkeeping, record-keeping and other administrative services at such facilities, and the Company’s allocable portion of the cost of the chief financial officer and chief compliance officer and their respective staffs. To the extent that MC Management outsources any of its functions, the Company will pay the fees associated with such functions on a direct basis, without incremental profit to MC Management. For the three and nine months ended September 30, 2022, the Company incurred $703 and $2,370, respectively, in administrative expenses (included within Professional fees, Administrative service fees and General and administrative expenses on the consolidated statements of operations) under the Administration Agreement, of which $275 and $908, respectively, was related to MC Management overhead and salary allocation and paid directly to MC Management. For the three and nine months ended September 30, 2021, the Company incurred $895 and $2,583, respectively, in administrative expenses (included within Professional fees, Administrative service fees and General and administrative expenses on the consolidated statements of operations) under the Administration Agreement, of which $327 and $1,020, respectively, was related to MC Management overhead and salary allocation and paid directly to MC Management. As of September 30, 2022 and December 31, 2021, $275 and $337, respectively, of expenses were due to MC Management under this agreement and are included in accounts payable and accrued expenses on the consolidated statements of assets and liabilities.

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

As of September 30, 2022 and December 31, 2021, the Company had accounts payable to members of the Board of $35 and zero, representing accrued and unpaid fees for their services.

​

Note 7. Borrowings

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

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

​

64

Table of Contents

The Company’s ability to borrow under the revolving credit facility is subject to availability under the borrowing base, which permits the Company to borrow up to 72.5% of the fair market value of its portfolio company investments depending on the type of investment the Company holds and whether the investment is quoted. The Company’s ability to borrow is also subject to certain concentration limits, and continued compliance with the representations, warranties and covenants given by the Company under the facility. The revolving credit facility contains certain financial and restrictive covenants, including, but not limited to, the Company’s maintenance of: (1) minimum consolidated total net assets at least equal to $150,000 plus 65% of the net proceeds to the Company from sales of its equity securities after March 1, 2019; (2) a ratio of total assets (less total liabilities other than indebtedness) to total indebtedness of not less than 1.5 to 1; and (3) a senior debt coverage ratio of at least 2 to 1. The revolving credit facility also requires the Company to undertake customary indemnification obligations with respect to ING Capital LLC and other members of the lending group and to reimburse the lenders for expenses associated with entering into the credit facility. The revolving credit facility also has customary provisions regarding events of default, including events of default for nonpayment, change in control transactions at both Monroe Capital Corporation and MC Advisors, failure to comply with financial and negative covenants, and failure to maintain the Company’s relationship with MC Advisors. If the Company incurs an event of default under the revolving credit facility and fails to remedy such default under any applicable grace period, if any, then the entire revolving credit facility could become immediately due and payable, which would materially and adversely affect the Company’s liquidity, financial condition, results of operations and cash flows.

The Company’s revolving credit facility also imposes certain conditions that may limit the amount of the Company’s distributions to stockholders. Distributions payable in the Company’s common stock under the DRIP are not limited by the revolving credit facility. Distributions in cash or property other than common stock are generally limited to 115% of the amount of distributions required to maintain the Company’s status as a RIC.

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

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

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

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Table of Contents

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

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

​

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

​

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

​

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

​

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

​

​

​

Note 8. Derivative Instruments

The Company enters into foreign currency forward contracts from time to time to help mitigate the impact that an adverse change in foreign exchange rates would have on future interest cash flows from the Company’s investments denominated in foreign currencies. As of September 30, 2022 and December 31, 2021, the counterparty to these foreign currency forward contracts was Bannockburn Global Forex, LLC. Net unrealized gain or loss on foreign currency forward contracts are included in net change in unrealized gain (loss) on foreign currency forward contracts and net realized gain or loss on forward currency forward contracts are included in net realized gain (loss) on foreign currency forward contracts on the accompanying consolidated statements of operations.

66

Table of Contents

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of September 30, 2022

​

​

​

​

​

​

​

Gross

​

Gross

​

​

​

​

​

​

​

​

​

Amount of

​

Amount of

​

​

Notional Amount

Settlement

Unrealized

Unrealized

​

Description

​

to be Sold

​

Date

​

Gain

​

Loss

Balance Sheet location of Net Amounts

Foreign currency forward contract

​

AUD

152

​

10/19/2022

​

$

20

​

$

—

​

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

​

AUD

136

​

11/16/2022

​

18

​

—

​

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

​

AUD

142

​

12/16/2022

​

19

​

—

​

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

​

AUD

153

​

1/18/2023

​

20

​

—

​

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

​

AUD

140

​

2/16/2023

​

18

​

—

​

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

​

AUD

132

​

3/16/2023

​

18

​

—

​

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

​

AUD

160

​

4/20/2023

​

21

​

—

​

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

​

AUD

121

​

5/16/2023

​

16

​

—

​

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

​

AUD

156

​

6/19/2023

​

21

​

—

​

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

​

AUD

138

​

7/18/2023

​

18

​

—

​

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

​

AUD

146

​

8/16/2023

​

19

​

—

​

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

​

AUD

146

​

9/18/2023

​

19

​

—

​

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

​

AUD

148

​

10/18/2023

​

19

​

—

​

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

​

AUD

140

​

11/16/2023

​

18

​

—

​

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

​

AUD

142

​

12/18/2023

​

18

​

—

​

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

​

AUD

150

​

1/17/2024

​

19

​

—

​

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

​

AUD

143

​

2/16/2024

​

18

​

—

​

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

​

AUD

15,410

​

3/18/2024

​

1,965

​

—

​

Unrealized gain on foreign currency forward contracts

​

​

​

​

​

​

​

$

2,284

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of December 31, 2021

​

​

​

​

​

​

​

​

Gross

​

Gross

​

​

​

​

Notional

​

​

​

Amount of

​

Amount of

​

​

​

​

Amount to be

​

Settlement

​

Unrealized

​

Unrealized

​

​

Description

​

Sold

Date

Gain

Loss

Balance Sheet location of Net Amounts

Foreign currency forward contract

​

£

82

​

1/3/2022

​

$

—

​

$

(10)

​

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

​

£

​

79

​

4/4/2022

​

​

—

​

​

(10)

​

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

​

£

​

29

​

5/6/2022

​

​

—

​

​

(3)

​

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

AUD

156

1/19/2022

​

8

​

—

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

AUD

136

2/16/2022

​

7

​

—

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

AUD

132

3/16/2022

​

6

​

—

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

AUD

146

4/19/2022

​

7

​

—

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

AUD

138

5/17/2022

​

7

​

—

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

AUD

153

6/17/2022

​

7

​

—

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

AUD

138

7/18/2022

​

7

​

—

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

AUD

140

8/16/2022

​

7

​

—

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

AUD

153

9/16/2022

​

7

​

—

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

AUD

152

10/19/2022

​

7

​

—

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

AUD

136

11/16/2022

​

6

​

—

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

AUD

142

12/16/2022

​

7

​

—

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

AUD

153

1/18/2023

​

7

​

—

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

AUD

140

2/16/2023

​

6

​

—

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

AUD

132

3/16/2023

​

6

​

—

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

AUD

160

4/20/2023

​

7

​

—

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

AUD

121

5/16/2023

​

5

​

—

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

AUD

156

6/19/2023

​

7

​

—

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

AUD

138

7/18/2023

​

6

​

—

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

AUD

146

8/16/2023

​

6

​

—

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

AUD

146

9/18/2023

​

6

​

—

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

AUD

148

10/18/2023

​

6

​

—

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

AUD

140

11/16/2023

​

6

​

—

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

AUD

142

12/18/2023

​

6

​

—

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

AUD

150

1/17/2024

​

6

​

—

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

AUD

143

2/16/2024

​

6

​

—

Unrealized gain on foreign currency forward contracts

Foreign currency forward contract

AUD

15,410

3/18/2024

​

635

​

—

Unrealized gain on foreign currency forward contracts

​

​

​

​

​

​

​

​

$

804

​

$

(23)

​

​

​

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

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

​

Note 9. Distributions

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

DRIP Shares

​

​

​

​

​

​

​

​

​

​

Amount

​

​

​

​

DRIP

​

DRIP

​

Repurchased

​

Cost of

Date

​

Record

​

Payment

​

Per

​

Cash

​

Shares

​

Shares

​

in the Open

​

DRIP Shares

Declared

​

Date

​

Date

​

Share

​

Distribution

​

Issued

​

Value

​

Market

​

Repurchased

Nine months ended September 30, 2022:

March 2, 2022

​

​

March 16, 2022

​

​

March 31, 2022

​

$

0.25

​

$

5,417

​

—

​

$

—

​

25,229

​

$

276

June 1, 2022

​

​

June 15, 2022

​

​

June 30, 2022

​

​

0.25

​

​

5,416

​

—

​

​

—

​

29,655

​

​

280

September 1, 2022

​

​

September 15, 2022

​

​

September 30, 2022

​

​

0.25

​

​

5,416

​

—

​

​

—

​

20,789

​

​

164

Total distributions declared

​

​

​

​

​

​

$

0.75

​

$

16,249

—

​

$

—

75,673

$

720

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine months ended September 30, 2021:

March 2, 2021

​

​

March 16, 2021

​

​

March 31, 2021

​

$

0.25

​

$

5,326

—

​

$

—

35,611

​

$

364

June 2, 2021

​

​

June 16, 2021

​

​

June 30, 2021

​

​

0.25

​

​

5,386

​

—

​

​

—

​

31,277

​

​

343

September 2, 2021

​

​

September 16, 2021

​

​

September 30, 2021

​

0.25

​

5,386

—

​

—

35,623

​

369

Total distributions declared

​

​

​

​

​

​

​

$

0.75

​

$

16,098

—

​

$

—

102,511

​

$

1,076

​

​

​

Note 10. Stock Issuances and Repurchases

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

​

Note 11. Commitments and Contingencies

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

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

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

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

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

​

Note 12. Financial Highlights

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

​

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

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

(2)

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

(3)

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

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

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

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

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​

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

(7)	Ratios are not annualized.

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

​

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

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

FORWARD-LOOKING STATEMENTS

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

●

our future operating results;

●

our business prospects and the prospects of our portfolio companies;

●

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

●

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

●

the impact of the Russian invasion of Ukraine on our portfolio companies and the global economy and general uncertainty surrounding the financial and political stability of the United States, the United Kingdom, the European Union and China;

●

the impact of a protracted decline in the liquidity of credit markets on our business;

●

the impact of changes in London Interbank Offered Rate (“LIBOR”) on our operating results;

●

the impact of increased competition;

●

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

●

our contractual arrangements and relationships with third parties;

●

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

●

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

●

the ability of our portfolio companies to achieve their objectives;

●

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

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●

the adequacy of our financing sources and working capital;

●

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

●

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

●

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

●

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

●

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

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

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

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

Overview

Monroe Capital Corporation is an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes, we have elected to be treated as a regulated investment company (“RIC”) under the subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). We are a specialty finance company focused on providing financing solutions primarily to lower middle-market companies in the United States and Canada. We provide customized financing solutions focused primarily on senior secured, junior secured and unitranche secured (a combination of senior secured and junior secured debt in the same facility in which we syndicate a “first out” portion of the loan to an investor and retain a “last out” portion of the loan) debt and, to a lesser extent, unsecured subordinated debt and equity, including equity co-investments in preferred and common stock, and warrants.

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

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

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

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

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

Investment income

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

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

Expenses

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

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Net gain (loss)

We recognize realized gains or losses on investments, foreign currency forward contracts and foreign currency and other transactions based on the difference between the net proceeds from the disposition and the cost basis without regard to unrealized gains or losses previously recognized within net realized gain (loss) on the consolidated statements of operations. We record current period changes in fair value of investments, foreign currency forward contracts, foreign currency and other transactions within net change in unrealized gain (loss) on the consolidated statements of operations.

Portfolio and Investment Activity

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

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

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

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

The following table shows portfolio yield by security type:

​

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

(1)

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

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(2)

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

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

​

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

​

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

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

​

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

​

Portfolio Asset Quality

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

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

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

​

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

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

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

​

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

​

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The following table shows the distribution of our investments on the 1 to 5 investment performance risk rating scale as of December 31, 2021 (in thousands):

​

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

​

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

Results of Operations

Operating results were as follows (in thousands):

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

​

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

​

Investment Income

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

​

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

​

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

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

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

​

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

Operating Expenses

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

​

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

​

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

(1)

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

(2)

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

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

​

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

​

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

​

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

Income Taxes, Including Excise Taxes

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

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

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

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Net Realized Gain (Loss)

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

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

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

Net Change in Unrealized Gain (Loss)

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

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

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

For the nine months ended September 30, 2022 and 2021, our investments had ($22.8) million and $20.0 million of net change in unrealized gain (loss), respectively. During the nine months ended September 30, 2022, the net change in unrealized loss on investments was primarily attributable to overall market volatility and spread widening in the loan market, including approximately $5.1 million of unrealized losses attributable to our investment in SLF. Additionally, approximately $15.6 million in net unrealized losses were attributable to portfolio companies that have underlying credit performance concerns resulting in a risk rating of Grade 3, 4 or 5 on our investment performance risk rating scale that were still held as of September 30, 2022.

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

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

Net Increase (Decrease) in Net Assets Resulting from Operations

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

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

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

Liquidity and Capital Resources

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

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

Cash Flows

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

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Capital Resources

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

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

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

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

Borrowings

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

Our ability to borrow under the revolving credit facility is subject to availability under the borrowing base, which permits us to borrow up to 72.5% of the fair market value of our portfolio company investments depending on the type of investment we hold and whether the investment is quoted. Our ability to borrow is also subject to certain concentration limits, and continued compliance with the representations, warranties and covenants given by us under the facility. The revolving credit facility contains certain financial and restrictive covenants, including, but not limited to, our maintenance of: (1) minimum consolidated total net assets at least equal to $150.0 million plus 65% of the net proceeds to us from sales of our equity securities after March 1, 2019; (2) a ratio of total assets (less total liabilities other than indebtedness) to total indebtedness of not less than 1.5 to 1; and (3) a senior debt coverage ratio of at least 2 to 1. The revolving credit facility also requires us to undertake customary indemnification obligations with respect to ING Capital LLC and other members of the lending group and to reimburse the lenders for expenses associated with entering into the credit facility. The revolving credit facility also has customary provisions regarding events of default, including events of default for nonpayment, change in control transactions at both Monroe Capital Corporation and MC Advisors, failure to comply with financial and negative covenants, and failure to maintain our relationship with MC Advisors. If we incur an event of default under the revolving credit facility and fail to remedy such default under any applicable grace period, if any, then the entire revolving credit facility could become immediately due and payable, which would materially and adversely affect our liquidity, financial condition, results of operations and cash flows.

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Our revolving credit facility also imposes certain conditions that may limit the amount of our distributions to stockholders. Distributions payable in our common stock under the DRIP are not limited by the revolving credit facility. Distributions in cash or property other than common stock are generally limited to 115% of the amount of distributions required to maintain our status as a RIC.

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

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

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

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

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

​

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

​

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Distributions

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

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

MRCC Senior Loan Fund I, LLC

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

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

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

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

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

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

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

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

​

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

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

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

​

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Table of Contents

MRCC SENIOR LOAN FUND I, LLC

CONSOLIDATED SCHEDULE OF INVESTMENTS

(unaudited)

September 30, 2022

(in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Spread Above

​

Interest

​

​

​

​

​

​

​

​

Portfolio Company (a)

​

Index (b)

Rate (b)

Maturity

Principal

Fair Value

Non-Controlled/Non-Affiliate Company Investments

​

​

​

​

​

​

​

​

​

​

​

​

​

Senior Secured Loans

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Aerospace & Defense

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Bromford Industries Limited (c)

P+

5.25

%

11.50

%

​

11/5/2025

​

​

2,744

$

2,578

Bromford Industries Limited (c)

P+

5.25

%

11.50

%

​

11/5/2025

​

1,829

​

1,719

Trident Maritime Systems, Inc.

L+

5.00

%

8.67

%

​

2/26/2027

​

2,453

​

2,439

Trident Maritime Systems, Inc.

L+

5.00

%

8.67

%

​

2/26/2027

​

746

​

742

Trident Maritime Systems, Inc. (Revolver) (d)

L+

5.00

%

8.05

%

​

2/26/2027

​

319

​

122

​

​

​

​

​

​

​

​

8,091

​

7,600

Automotive

​

​

​

​

​

​

​

​

​

​

​

​

Accelerate Auto Works Intermediate, LLC

L+

4.75

%

7.82

%

​

12/1/2027

​

1,395

​

1,395

Accelerate Auto Works Intermediate, LLC (Delayed Draw) (d)

L+

4.75

%

7.82

%

​

12/1/2027

​

388

​

—

Accelerate Auto Works Intermediate, LLC (Revolver) (d)

L+

4.75

%

7.82

%

​

12/1/2027

​

132

​

—

Truck-Lite Co., LLC

SF+

6.25

%

8.93

%

​

12/14/2026

​

1,696

​

1,697

Truck-Lite Co., LLC

SF+

6.25

%

8.93

%

​

12/14/2026

​

251

​

252

Truck-Lite Co., LLC

SF+

6.25

%

8.93

%

​

12/14/2026

​

43

​

43

Wheel Pros, Inc.

L+

4.50

%

7.55

%

​

5/11/2028

​

1,937

​

1,433

​

​

​

​

​

​

​

​

​

​

5,842

​

4,820

Beverage, Food & Tobacco

​

​

​

​

​

​

​

​

​

​

​

​

​

​

CBC Restaurant Corp.

​

n/a

5.00

% PIK(e)

​

12/30/2022

​

1,066

​

828

SW Ingredients Holdings, LLC

L+

4.75

%

7.56

%

​

7/3/2025

​

3,591

​

3,587

​

​

​

​

​

​

​

​

​

​

4,657

​

4,415

Capital Equipment

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Analogic Corporation

L+

5.25

%

8.06

%

​

6/24/2024

​

4,715

​

4,494

DS Parent, Inc.

L+

5.75

%

9.92

%

​

12/8/2028

​

2,888

​

2,781

MacQueen Equipment, LLC

L+

5.25

%

8.92

%

​

1/7/2028

​

2,101

​

2,101

MacQueen Equipment, LLC (Delayed Draw) (d)

L+

5.25

%

8.92

%

​

1/7/2028

​

592

​

69

MacQueen Equipment, LLC (Revolver) (d)

L+

5.25

%

8.92

%

​

1/7/2028

​

296

​

89

​

​

​

​

​

​

​

​

​

10,592

​

9,534

Chemicals, Plastics & Rubber

​

​

​

​

​

​

​

​

​

​

​

​

​

Phoenix Chemical Holding Company LLC (fka Polymer Solutions Group)

L+

7.00

%

10.12

%

​

1/3/2023

​

1,149

​

1,144

TJC Spartech Acquisition Corp.

L+

4.75

%

7.10

%

​

5/5/2028

​

4,264

​

4,126

​

​

​

​

​

​

​

​

​

​

5,413

​

5,270

Construction & Building

​

​

​

​

​

​

​

​

​

​

​

​

​

​

The Cook & Boardman Group LLC

SF+

5.75

%

8.48

%

​

10/20/2025

​

2,887

​

2,710

​

​

​

​

​

​

​

​

​

​

2,887

​

2,710

Consumer Goods: Durable

​

​

​

​

​

​

​

​

​

​

​

​

​

​

International Textile Group, Inc.

L+

5.00

%

7.28

%

​

5/1/2024

​

1,676

​

1,307

Runner Buyer INC.

L+

5.50

%

8.57

%

​

10/23/2028

​

2,985

​

2,040

​

​

​

​

​

​

​

​

​

​

4,661

​

3,347

Consumer Goods: Non-Durable

​

​

​

​

​

​

​

​

​

​

​

​

​

​

PH Beauty Holdings III, INC.

L+

5.00

%

8.07

%

​

9/26/2025

​

2,399

​

1,955

​

​

​

​

​

​

​

​

​

​

2,399

​

1,955

Containers, Packaging & Glass

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Liqui-Box Holdings, Inc.

L+

4.50

%

7.57

%

​

2/26/2027

​

4,236

​

3,816

Polychem Acquisition, LLC

L+

5.00

%

8.12

%

​

3/17/2025

​

2,895

​

2,895

​

​

​

​

​

7.88

% Cash/

​

​

​

​

​

​

​

​

Port Townsend Holdings Company, Inc. and Crown Corrugated Company

SF+

6.75

%

2.00

% PIK(e)

​

4/3/2024

​

4,820

​

1,717

PVHC Holding Corp

L+

4.75

%

8.42

%

​

8/5/2024

​

3,192

​

3,080

​

​

​

​

​

​

​

​

​

​

15,143

​

11,508

Energy: Oil & Gas

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Drilling Info Holdings, Inc.

L+

4.25

%

7.37

%

​

7/30/2025

​

4,481

​

4,335

Offen, Inc.

L+

5.00

%

7.88

%

​

6/22/2026

​

2,249

​

2,249

Offen, Inc.

L+

5.00

%

7.88

%

​

6/22/2026

​

869

​

869

​

​

​

​

​

​

​

​

​

​

7,599

​

7,453

FIRE: Finance

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Harbour Benefit Holdings, Inc.

L+

5.25

%

8.92

%

​

12/13/2024

​

2,913

​

2,892

Harbour Benefit Holdings, Inc.

L+

5.25

%

8.37

%

​

12/13/2024

​

64

​

64

Minotaur Acquisition, Inc.

SF+

5.00

%

8.13

%

​

3/27/2026

​

4,869

​

4,639

​

​

​

​

​

​

​

​

​

​

7,846

​

7,595

FIRE: Real Estate

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Avison Young (USA) Inc. (c)

SF+

5.75

%

8.90

%

​

1/30/2026

​

4,812

​

4,500

​

​

​

​

​

​

​

​

​

​

4,812

​

4,500

​

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Table of Contents

MRCC SENIOR LOAN FUND I, LLC

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2022

(in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Spread Above

​

Interest

​

​

​

​

​

​

​

​

Portfolio Company (a)

Index (b)

Rate (b)

​

Maturity

Principal

Fair Value

Healthcare & Pharmaceuticals

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cano Health, LLC

SF+

4.00

%

7.13

%

​

11/23/2027

​

​

1,975

$

1,921

HAH Group Holding Company LLC

SF+

5.00

%

8.71

%

​

10/29/2027

​

2,985

​

2,851

LSCS Holdings, Inc.

L+

4.50

%

8.17

%

​

12/15/2028

​

1,832

​

1,764

Natus Medical Incorporated

SF+

5.50

%

8.68

%

​

7/20/2029

​

​

5,000

​

4,675

Paragon Healthcare, Inc.

SF+

5.75

%

8.49

%

​

1/19/2028

​

2,254

​

2,240

Paragon Healthcare, Inc. (Delayed Draw) (d)

SF+

5.75

%

8.49

%

​

1/19/2028

​

​

245

​

—

Paragon Healthcare, Inc. (Revolver) (d)

SF+

5.75

%

8.49

%

​

1/19/2028

​

490

​

—

Radiology Partners, Inc.

L+

4.25

%

7.33

%

​

7/9/2025

​

4,760

​

4,032

TEAM Public Choices, LLC

L+

5.00

%

7.81

%

​

12/17/2027

​

2,962

​

2,859

​

​

​

​

​

​

​

​

​

​

22,503

​

20,342

High Tech Industries

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Corel Inc. (c)

L+

5.00

%

8.07

%

​

7/2/2026

​

3,650

​

3,394

Lightbox Intermediate, L.P.

L+

5.00

%

8.67

%

​

5/11/2026

​

4,838

​

4,668

LW Buyer, LLC

L+

5.00

%

8.67

%

​

12/30/2024

​

4,838

​

4,765

TGG TS Acquisition Company

L+

6.50

%

10.17

%

​

12/12/2025

​

3,190

​

3,111

​

​

​

​

​

​

​

​

​

​

16,516

​

15,938

Hotels, Gaming & Leisure

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Excel Fitness Holdings, Inc.

SF+

5.25

%

8.08

%

​

4/27/2029

​

4,375

​

4,112

Excel Fitness Holdings, Inc. (Revolver) (d)

SF+

5.25

%

8.03

%

​

4/28/2028

​

625

​

42

North Haven Spartan US Holdco, LLC

L+

5.00

%

8.17

%

​

6/6/2025

​

2,280

​

2,143

Tait LLC

L+

5.00

%

7.28

%

​

3/28/2025

​

4,093

​

3,817

Tait LLC (Revolver) (d)

P+

4.00

%

10.25

%

​

3/28/2025

​

769

​

185

​

​

​

​

​

​

​

​

​

​

12,142

​

10,299

Media: Advertising, Printing & Publishing

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cadent, LLC

L+

6.50

%

10.17

%

​

9/11/2025

​

4,237

​

4,227

Cadent, LLC (Revolver) (d)

L+

6.50

%

10.17

%

​

9/11/2025

​

167

​

—

​

​

​

​

​

​

​

​

​

​

4,404

​

4,227

Media: Diversified & Production

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Research Now Group, Inc. and Survey Sampling International, LLC

L+

5.50

%

8.84

%

​

12/20/2024

​

6,667

​

6,054

STATS Intermediate Holdings, LLC

L+

5.25

%

8.19

%

​

7/10/2026

​

4,863

​

4,599

TA TT Buyer, LLC

SF+

5.00

%

8.98

%

​

3/30/2029

​

3,333

​

3,211

​

​

​

​

​

​

​

​

​

​

14,863

​

13,864

Services: Business

​

​

​

​

​

​

​

​

​

​

​

​

​

​

AQ Carver Buyer, Inc.

L+

5.00

%

8.67

%

​

9/23/2025

​

4,850

​

4,704

CHA Holdings, Inc

L+

4.50

%

8.17

%

​

4/10/2025

​

1,965

​

1,886

CHA Holdings, Inc

L+

4.50

%

8.17

%

​

4/10/2025

​

414

​

398

Eliassen Group, LLC

SF+

5.75

%

9.30

%

​

4/14/2028

​

3,259

​

3,221

Eliassen Group, LLC (Delayed Draw) (d)

SF+

5.75

%

9.13

%

​

4/14/2028

​

741

​

110

Engage2Excel, Inc.

L+

7.25

%

10.92

%

​

3/7/2023

​

4,293

​

4,255

Engage2Excel, Inc.

L+

7.25

%

10.92

%

​

3/7/2023

​

775

​

768

Engage2Excel, Inc. (Revolver) (d)

P+

6.25

%

12.50

%

​

3/7/2023

​

554

​

452

Orbit Purchaser LLC

L+

4.50

%

8.17

%

​

10/21/2024

​

2,413

​

2,195

Orbit Purchaser LLC

L+

4.50

%

8.17

%

​

10/21/2024

​

1,863

​

1,695

Orbit Purchaser LLC

L+

4.50

%

8.17

%

​

10/21/2024

​

545

​

496

​

​

​

​

​

8.30

%Cash/

​

​

​

​

​

​

​

​

Output Services Group, Inc.

SF+

6.75

%

1.50

% PIK

​

6/29/2026

​

4,801

​

3,409

Secretariat Advisors LLC

L+

4.75

%

8.42

%

​

12/29/2028

​

1,697

​

1,638

Secretariat Advisors LLC (Delayed Draw) (d)

L+

4.75

%

8.42

%

​

12/29/2028

​

270

​

—

SIRVA Worldwide Inc.

L+

5.50

%

9.17

%

​

8/4/2025

​

1,813

​

1,645

Teneo Holdings LLC

SF+

5.25

%

8.38

%

​

7/11/2025

​

4,850

​

4,597

The Kleinfelder Group, Inc.

L+

5.25

%

8.92

%

​

11/29/2024

​

2,368

​

2,368

​

​

​

​

​

​

​

​

​

​

37,471

​

33,837

Services: Consumer

​

​

​

​

​

​

​

​

​

​

​

​

​

​

360Holdco, Inc.

SF+

4.75

%

7.88

%

​

8/2/2025

​

2,151

​

2,140

360Holdco, Inc. (Delayed Draw) (d)

SF+

4.75

%

7.88

%

​

8/2/2025

​

827

​

66

Laseraway Intermediate Holdings II, LLC

L+

5.75

%

8.23

%

​

10/14/2027

​

2,206

​

2,170

McKissock Investment Holdings, LLC

SF+

5.00

%

8.73

%

​

3/9/2029

​

2,494

​

2,419

​

​

​

​

​

​

​

​

​

​

7,678

​

6,795

Telecommunications

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Intermedia Holdings, Inc.

L+

6.00

%

9.12

%

​

7/21/2025

​

1,765

​

1,548

Mavenir Systems, Inc.

L+

4.75

%

7.71

%

​

8/18/2028

​

1,658

​

1,434

Sandvine Corporation

L+

4.50

%

8.17

%

​

10/31/2025

​

2,000

​

1,950

​

​

​

​

​

​

​

​

​

​

5,423

​

4,932

Transportation: Cargo

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Keystone Purchaser, LLC

L+

5.25

%

9.42

%

​

5/7/2027

​

4,980

​

4,974

​

​

​

​

​

​

​

​

​

​

4,980

​

4,974

Utilities: Oil & Gas

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Dresser Utility Solutions, LLC (fka NGS US Finco, LLC)

L+

4.25

%

7.37

%

​

10/1/2025

​

1,682

​

1,623

Dresser Utility Solutions, LLC (fka NGS US Finco, LLC)

L+

5.25

%

8.37

%

​

10/1/2025

​

246

​

239

​

​

​

​

​

​

​

​

​

​

1,928

​

1,862

Wholesale

​

​

​

​

​

​

​

​

​

​

​

​

​

​

HALO Buyer, Inc.

L+

4.50

%

7.62

%

​

6/30/2025

​

4,786

​

4,344

​

​

​

​

​

​

​

​

​

​

4,786

​

4,344

TOTAL INVESTMENTS

​

​

​

​

​

​

​

​

​

​

​

$

192,121

​

89

Table of Contents

MRCC SENIOR LOAN FUND I, LLC

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2022

(in thousands)

​

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

(b)

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

(c)	This is an international company.

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

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

​

​

90

Table of Contents

MRCC SENIOR LOAN FUND I, LLC

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2021

(in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Spread

​

​

​

​

​

​

​

​

Above

​

​

​

​

​

​

​

​

​

​

Portfolio Company (a)

​

Index (b)

​

Interest Rate (b)

​

Maturity

​

Principal

​

Fair Value

Non-Controlled/Non-Affiliate Company Investments

​

​

​

Senior Secured Loans

​

​

​

Aerospace & Defense

​

​

​

Bromford Industries Limited (c)

P+

4.25

%

7.50

%

​

11/5/2025

2,744

​

$

2,692

Bromford Industries Limited (c)

P+

4.25

%

7.50

%

​

11/5/2025

1,829

​

1,794

Trident Maritime Systems, Inc.

L+

5.50

%

6.50

%

​

2/26/2027

2,467

​

2,478

Trident Maritime Systems, Inc. (Revolver) (d)

L+

5.50

%

6.50

%

​

2/26/2027

265

​

—

​

​

​

​

​

​

​

​

​

7,305

​

6,964

Automotive

​

​

​

Accelerate Auto Works Intermediate, LLC

L+

4.75

%

5.75

%

​

12/1/2027

1,454

​

1,436

Accelerate Auto Works Intermediate, LLC (Delayed Draw) (d)

L+

4.75

%

5.75

%

​

12/1/2027

388

​

—

Accelerate Auto Works Intermediate, LLC (Revolver) (d)

L+

4.75

%

5.75

%

​

12/1/2027

132

​

—

Truck-Lite Co., LLC

L+

6.25

%

7.25

%

​

12/14/2026

1,709

​

1,718

Truck-Lite Co., LLC

L+

6.25

%

7.25

%

​

12/14/2026

253

​

255

Wheel Pros, Inc.

L+

4.50

%

5.25

%

​

5/11/2028

1,952

​

1,951

​

​

​

​

​

​

​

​

5,888

​

​

5,360

Beverage, Food & Tobacco

​

​

​

CBC Restaurant Corp.

​

n/a

5.00

% PIK (f)

​

12/30/2022

1,116

​

1,072

SW Ingredients Holdings, LLC

L+

4.75

%

5.75

%

​

7/3/2025

3,619

​

3,619

​

​

​

​

​

​

​

​

4,735

​

​

4,691

Capital Equipment

​

​

​

Analogic Corporation

L+

5.25

%

6.25

%

​

6/24/2024

4,752

​

4,702

DS Parent, Inc. (e)

L+

5.75

%

6.50

%

​

12/8/2028

3,000

​

2,970

​

​

​

​

​

​

​

​

7,752

​

​

7,672

Chemicals, Plastics & Rubber

​

​

​

Polymer Solutions Group

L+

7.00

%

8.00

%

​

1/3/2023

1,178

​

1,169

​

​

​

​

​

​

​

​

1,178

​

​

1,169

Construction & Building

​

​

​

The Cook & Boardman Group LLC

L+

5.75

%

6.75

%

​

10/20/2025

2,910

​

2,838

​

​

​

​

​

​

​

​

2,910

​

​

2,838

Consumer Goods: Durable

​

​

​

International Textile Group, Inc.

L+

5.00

%

5.13

%

​

5/1/2024

1,711

​

1,590

Runner Buyer INC. (e)

L+

5.50

%

6.25

%

​

10/23/2028

3,000

​

2,970

​

​

​

​

​

​

​

​

4,711

​

​

4,560

Consumer Goods: Non-Durable

​

​

​

PH Beauty Holdings III, INC.

L+

5.00

%

5.18

%

​

9/26/2025

2,418

​

2,284

​

​

​

​

​

​

​

​

2,418

​

​

2,284

Containers, Packaging & Glass

​

​

​

Liqui-Box Holdings, Inc.

L+

4.50

%

5.50

%

​

2/26/2027

4,268

​

3,991

Polychem Acquisition, LLC

L+

5.00

%

5.50

%

​

3/17/2025

2,918

​

2,917

​

​

​

​

​

5.75

% Cash/

​

​

​

​

​

​

​

Port Townsend Holdings Company, Inc. and Crown Corrugated Company

L+

6.75

%

2.00

% PIK

​

4/3/2024

4,751

​

4,238

PVHC Holding Corp

L+

4.75

%

5.75

%

​

8/5/2024

3,217

​

2,976

​

​

​

​

​

​

​

​

15,154

​

​

14,122

Energy: Oil & Gas

​

​

​

Drilling Info Holdings, Inc.

L+

4.25

%

4.35

%

​

7/30/2025

4,516

​

4,471

Offen, Inc.

L+

5.00

%

5.10

%

​

6/22/2026

2,388

​

2,387

Offen, Inc.

L+

5.00

%

5.10

%

​

6/22/2026

876

​

876

​

​

​

​

​

​

​

​

7,780

​

​

7,734

FIRE: Finance

​

​

​

Harbour Benefit Holdings, Inc.

L+

5.25

%

6.25

%

​

12/13/2024

2,948

​

2,932

Harbour Benefit Holdings, Inc.

L+

5.25

%

6.25

%

​

12/13/2024

66

​

65

Minotaur Acquisition, Inc. (e)

L+

4.75

%

4.85

%

​

3/27/2026

4,912

​

4,894

​

​

​

​

​

​

​

​

7,926

​

​

7,891

FIRE: Real Estate

​

​

​

Avison Young (USA) Inc. (c)

L+

5.75

%

5.97

%

​

1/30/2026

4,850

​

4,824

​

​

​

​

​

​

​

​

4,850

​

​

4,824

Healthcare & Pharmaceuticals

​

​

​

Cano Health, LLC (e)

SF+

4.00

%

4.51

%

​

11/23/2027

1,995

​

1,997

LSCS Holdings, Inc. (e)

L+

4.50

%

5.00

%

​

12/15/2028

1,846

​

1,849

Radiology Partners, Inc.

L+

4.25

%

4.35

%

​

7/9/2025

4,760

​

4,700

TEAM Public Choices, LLC (e)

L+

5.00

%

6.00

%

​

12/17/2027

2,992

​

2,985

​

​

​

​

​

​

​

​

11,593

​

​

11,531

High Tech Industries

​

​

​

Corel Inc. (c)

L+

5.00

%

5.18

%

​

7/2/2026

3,800

​

3,797

Lightbox Intermediate, L.P.

L+

5.00

%

5.13

%

​

5/11/2026

4,875

​

4,814

LW Buyer, LLC

L+

5.00

%

5.14

%

​

12/30/2024

4,875

​

4,863

TGG TS Acquisition Company

L+

6.50

%

6.60

%

​

12/12/2025

3,435

​

3,446

​

​

​

​

​

​

​

​

16,985

​

​

16,920

​

91

Table of Contents

MRCC SENIOR LOAN FUND I, LLC

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

December 31, 2021

(in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Spread

​

​

​

​

​

​

​

Above

​

​

​

​

​

​

​

​

​

​

Portfolio Company (a)

​

Index (b)

​

Interest Rate (b)

​

Maturity

​

Principal

​

Fair Value

Hotels, Gaming & Leisure

​

​

​

​

​

​

​

​

​

​

​

​

​

Excel Fitness Holdings, Inc.

​

L+

5.25

%

6.25

%

​

10/7/2025

​

4,165

​

$

4,155

North Haven Spartan US Holdco, LLC

L+

5.00

%

6.00

%

​

6/6/2025

2,297

​

2,037

Tait LLC

L+

5.00

%

5.14

%

​

3/28/2025

4,125

​

3,785

Tait LLC (Revolver)

P+

4.00

%

7.25

%

​

3/28/2025

769

​

728

​

​

​

​

​

​

​

​

11,356

​

​

10,705

Media: Advertising, Printing & Publishing

​

​

​

Cadent, LLC

L+

5.00

%

6.00

%

​

9/11/2023

4,339

​

4,296

Cadent, LLC (Revolver) (d)

L+

5.00

%

6.00

%

​

9/11/2023

167

​

—

​

​

​

​

​

​

​

​

4,506

​

​

4,296

Media: Diversified & Production

​

​

​

Research Now Group, Inc. and Survey Sampling International, LLC

L+

5.50

%

6.50

%

​

12/20/2024

6,720

​

6,645

STATS Intermediate Holdings, LLC

L+

5.25

%

5.41

%

​

7/10/2026

4,900

​

4,897

The Octave Music Group, Inc.

L+

6.00

%

7.00

%

​

5/29/2025

3,866

​

3,871

​

​

​

​

​

​

​

​

15,486

​

​

15,413

Services: Business

​

​

​

AQ Carver Buyer, Inc.

L+

5.00

%

6.00

%

​

9/23/2025

4,888

​

4,900

CHA Holdings, Inc

L+

4.50

%

5.50

%

​

4/10/2025

1,980

​

1,901

CHA Holdings, Inc

L+

4.50

%

5.50

%

​

4/10/2025

418

​

401

Eliassen Group LLC

L+

4.25

%

4.35

%

​

11/5/2024

3,956

​

3,956

​

​

​

​

​

7.00

% Cash/

​

​

​

​

​

​

​

Engage2Excel, Inc.

L+

8.00

%

2.00

% PIK

​

3/7/2023

4,326

​

4,329

​

​

​

​

​

7.00

% Cash/

​

​

​

​

​

​

​

Engage2Excel, Inc.

L+

8.00

%

2.00

% PIK

​

3/7/2023

781

​

781

​

​

​

​

​

7.00

% Cash/

​

​

​

​

​

​

​

Engage2Excel, Inc. (Revolver) (d)

L+

8.00

%

2.00

% PIK

​

3/7/2023

555

​

541

Orbit Purchaser LLC

L+

4.50

%

5.50

%

​

10/21/2024

2,431

​

2,425

Orbit Purchaser LLC

L+

4.50

%

5.50

%

​

10/21/2024

1,877

​

1,873

Orbit Purchaser LLC

L+

4.50

%

5.50

%

​

10/21/2024

549

​

548

Output Services Group, Inc.

L+

4.50

%

5.50

%

​

3/27/2024

4,815

​

4,145

Secretariat Advisors LLC (e)

L+

4.75

%

5.50

%

​

12/29/2028

1,710

​

1,693

Secretariat Advisors LLC (d) (e)

L+

4.75

%

5.50

%

​

12/29/2028

270

​

—

SIRVA Worldwide Inc.

L+

5.50

%

5.60

%

​

8/4/2025

1,850

​

1,683

Teneo Holdings LLC

L+

5.25

%

6.25

%

​

7/11/2025

4,888

​

4,908

The Kleinfelder Group, Inc.

L+

5.25

%

6.25

%

​

11/29/2024

2,387

​

2,387

​

​

​

​

​

​

​

​

37,681

​

​

36,471

Services: Consumer

​

​

​

360Holdco, Inc.

L+

4.75

%

5.75

%

​

8/2/2025

2,168

​

2,161

360Holdco, Inc. (Delayed Draw) (d)

L+

4.75

%

5.75

%

​

8/2/2025

827

​

—

Laseraway Intermediate Holdings II, LLC

L+

5.75

%

6.50

%

​

10/14/2027

2,222

​

2,214

​

​

​

​

​

​

​

​

5,217

​

​

4,375

Telecommunications

​

​

​

Intermedia Holdings, Inc.

L+

6.00

%

7.00

%

​

7/21/2025

1,778

​

1,770

Mavenir Systems, Inc.

L+

4.75

%

5.25

%

​

8/18/2028

1,667

​

1,669

Sandvine Corporation

L+

4.50

%

4.60

%

​

10/31/2025

2,000

​

1,999

​

​

​

​

​

​

​

​

5,445

​

​

5,438

Transportation: Cargo

​

​

​

Keystone Purchaser, LLC (e)

L+

6.25

%

7.25

%

​

5/7/2027

3,000

​

2,947

​

​

​

​

​

​

​

​

3,000

​

​

2,947

Utilities: Oil & Gas

​

​

​

NGS US Finco, LLC

L+

4.25

%

5.25

%

​

10/1/2025

1,695

​

1,644

NGS US Finco, LLC

L+

5.25

%

6.25

%

​

10/1/2025

248

​

244

​

​

​

​

​

​

​

​

1,943

​

​

1,888

Wholesale

​

​

​

BMC Acquisition, Inc.

L+

5.25

%

6.25

%

​

12/30/2024

4,486

​

4,469

HALO Buyer, Inc.

L+

4.50

%

5.50

%

​

6/30/2025

4,824

​

4,547

​

​

​

​

​

​

​

​

9,310

​

​

9,016

​

​

​

​

​

​

​

​

​

​

​

​

​

​

TOTAL INVESTMENTS

​

​

​

​

​

$

189,109

​

​

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MRCC SENIOR LOAN FUND I, LLC

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

December 31, 2021

(in thousands)

​

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

(b)

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

(c)	This is an international company.

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

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

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

​

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

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended September 30,

Nine months ended September 30,

​

​

2022

2021

​

2022

2021

​

​

(unaudited)

​

(unaudited)

Investment income:

​

​

​

​

Interest income

​

$

4,075

​

$

3,250

​

$

10,593

​

$

9,913

Total investment income

​

4,075

​

3,250

​

10,593

​

9,913

Expenses:

​

​

​

​

​

​

Interest and other debt financing expenses

​

1,669

​

972

​

3,866

​

2,975

Professional fees

​

203

​

158

​

580

​

490

Total expenses

​

1,872

​

1,130

​

4,446

​

3,465

Net investment income (loss)

​

2,203

​

2,120

​

6,147

​

6,448

Net gain (loss):

​

​

​

​

​

​

Net change in unrealized gain (loss)

​

(2,416)

​

(177)

​

(10,909)

​

4,247

Net gain (loss)

​

(2,416)

​

(177)

​

(10,909)

​

4,247

Net increase (decrease) in members’ capital

​

$

(213)

​

$

1,943

​

$

(4,762)

​

$

10,695

​

Related Party Transactions

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

●

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

●

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

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●

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

●

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

●

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

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

Commitments and Contingencies and Off-Balance Sheet Arrangements

Commitments and Contingencies

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

Off-Balance Sheet Arrangements

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

Market Trends

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

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

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

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

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

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

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

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

​

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Significant Accounting Estimates and Critical Accounting Policies

Revenue Recognition

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

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

Valuation of Portfolio Investments

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

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

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

●

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

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Table of Contents

●

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

●

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

●

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

●

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

●

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

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

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

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

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

As of September 30, 2022, our Valuation Designee determined, in good faith, the fair value of our investment portfolio in accordance with GAAP and our valuation procedures based on the facts and circumstances known by us at that time, or reasonably expected to be known at that time.

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

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

Capital Gains Incentive Fee

Pursuant to the terms of the Investment Advisory Agreement with MC Advisors, the incentive fee on capital gains earned on liquidated investments of our portfolio is determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Advisory Agreement). This fee equals 20% of our incentive fee capital gains (i.e., our realized capital gains on a cumulative basis from inception, calculated as of the end of the applicable period, net of all realized capital losses and unrealized capital depreciation on a cumulative basis), less the aggregate amount of any previously paid capital gains incentive fees. On a quarterly basis, we accrue for the capital gains incentive fee by calculating such fee as if it were due and payable as of the end of such period.

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

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

New Accounting Pronouncements

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

​

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

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

​

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Valuation Risk

Our investments may not have readily available market quotations (as such term is defined in Rule 2a-5), and those investments which do not have readily available market quotations are valued at fair value as determined in good faith by our Valuation Designee in accordance with our valuation policy. There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period, including as a result of the impact of the COVID-19 pandemic on the economy and financial and capital markets. Because of the inherent uncertainty of valuation, these estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and it is possible that the difference could be material.

In accordance with Rule 2a-5, our Board periodically assesses and manages material risks associated with the determination of the fair value of our investments.

Interest Rate Risk

The majority of the loans in our portfolio have floating interest rates, and we expect that our loans in the future may also have floating interest rates. These loans are usually based on a floating LIBOR or SOFR and typically have interest rate re-set provisions that adjust applicable interest rates under such loans to current market rates on a monthly or quarterly basis. The majority of the loans in our current portfolio have interest rate floors which will effectively convert the loans to fixed rate loans in the event interest rates decrease. In addition, our revolving credit facility has a floating interest rate provision, whereas our 2026 Notes have fixed interest rates until maturity. We expect that other credit facilities into which we may enter in the future may also have floating interest rate provisions.

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

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

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

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

Currency Risk

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

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Inflation and Supply Chain Risk

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

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ITEM 4. CONTROLS AND PROCEDURES

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

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

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PART II

OTHER INFORMATION

Item 1. Legal Proceedings

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

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Item 1A. Risk Factors

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

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

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

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

The 1940 Act generally prohibits us from incurring indebtedness unless immediately after such borrowing we have an asset coverage for total borrowings of at least 200% (i.e., the amount of debt may not exceed half of the value of our total assets). However, under the Small Business Credit Availability Act (the “SBCAA”), which became law in March 2018, BDCs have the ability to elect to become subject to a lower asset coverage requirement of 150% (i.e., the amount of debt may not exceed two-thirds of the value of our total assets), subject to the receipt of the requisite board or stockholder approvals under the SBCAA and satisfaction of certain other conditions.

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

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

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

We maintain a revolving credit facility, have issued debt securities and may borrow money, including through the issuance of additional debt securities or preferred stock, to leverage our capital structure, which is generally considered a speculative investment technique. As a result:

●

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

●

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

●

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

●

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

●

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

●

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

●

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

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●

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

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

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​	​	​	​	​	​	​	​	​	​	​	​
​		Assumed Return on Our Portfolio
​	​	(Net of Expenses) (1)
​		‑10%	​	‑5%	​	0%	​	5%	​	10%	​
Corresponding return to common stockholder (2)(3)		‑28.81	%	‑16.98	%	‑5.15	%	6.69	%	18.52	%

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

(2)

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

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

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

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

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

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

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

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

None.

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Item 3. Defaults Upon Senior Securities

None.

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Item 4. Mine Safety Disclosures

None.

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Item 5. Other Information

None.

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Item 6. Exhibits

Exhibit
Number		Description of Document
3.1		Amended and Restated Articles of Incorporation of Monroe Capital Corporation (Incorporated by reference to Exhibit (a)(1) of the Registrant’s Pre-Effective Amendment No. 8 to the Registration Statement on Form N-2 (File No. 333-172601) filed on October 18, 2012)
3.2		Bylaws of Monroe Capital Corporation (Incorporated by reference to Exhibit (b)(1) of the Registrant’s Pre-Effective Amendment No. 8 to the Registration Statement on Form N-2 (File No. 333-172601) filed on October 18, 2012)
31.1		Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)
31.2		Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)
32.1		Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith)
​	​	​
101.INS	​	Inline XBRL Instance Document
101.SCH	​	Inline XBRL Taxonomy Extension Schema Document
101.DEF	​	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	​	Inline XBRL Taxonomy Extension Labels Linkbase Document
101.PRE	​	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	​	Cover Page Interactive Data File (Embedded within the Inline XBRL document and included in Exhibit)

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SIGNATURES

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

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

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