0001410578-22-003005 | 10-Q | XBRL Viewer

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2022	Nov. 04, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2022
Securities Act File Number	814-00866
Entity Registrant Name	MONROE CAPITAL CORPORATION
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	27-4895840
Entity Address, State or Province	IL
Entity Address, Address Line One	311 South Wacker Drive, Suite 6400
Entity Address, City or Town	Chicago
Entity Address, Postal Zip Code	60606
City Area Code	312
Local Phone Number	258-8300
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	MRCC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		21,666,340
Entity Central Index Key	0001512931
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Assets
Total investments, at fair value (amortized cost of: $545,350 and $576,178, respectively)	$ 36,544	$ 41,125
Cash	1,289	40
Restricted cash	6,828	4,862
Unrealized gain on foreign currency forward contracts	1,965	635
Interest receivable	1,327	600
Other assets	43	12
Total assets	201,608	194,623
Debt:
Total debt	129,265	94,765
Less: Unamortized deferred financing costs	(1,720)	(2,319)
Total debt, less unamortized deferred financing costs	127,545	92,446
Interest Payable	586	242
Management fees payable	2,222	2,454
Accounts payable and accrued expenses	388	318
Directors' fees payable	35
Total liabilities	128,519	112,373
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	$ 73,089	$ 82,250
Net asset value per share	$ 10.43	$ 11.51
Revolving credit facility
Debt:
Total debt	$ 171,200	$ 151,045
2026 Notes
Debt:
Total debt	$ 130,000	130,000
SBA debentures payable
Debt:
Total debt		$ 56,900

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
Amortized Cost	$ 9,985	$ 10,954
Embedded Derivative Asset, Type [Extensible Enumeration]	Foreign currency forward contracts
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000	100,000
Common stock, shares issued	21,666	21,666
Common stock, shares outstanding	21,666	21,666

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Investment income:
Dividend income	$ 900	$ 1,025	$ 2,700	$ 3,300
Total investment income	4,075	3,250	10,593	9,913
Operating expenses:
Interest and other debt financing expenses	1,669	972	3,866	2,975
Base management fees	2,222	2,399	6,834	7,060
Incentive fees	1,565	1,578	2,747	2,828
Professional fees	203	158	580	490
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	1,872	1,130	4,446	3,465
Base management fee waivers			(55)
Incentive fee waivers			(525)	(1,057)
Net investment income before income taxes	7,128	6,383	17,961	17,049
Net realized gain (loss):
Realized gain (loss) on investments	(1)	(9,435)	(1,750)	(8,718)
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 change in unrealized gain (loss):
Unrealized gain (loss) of investments	(1,007)	(54)	(22,847)	19,980
Foreign currency forward contracts	$ 863	530	1,503	976
Foreign currency and other transactions		$ 936	$ 164	$ 650
Embedded Derivative Asset, Type [Extensible Enumeration]	Foreign currency forward contracts	Foreign currency forward contracts	Foreign currency forward contracts	Foreign currency forward contracts
Net increase (decrease) in net assets resulting from operations	$ (213)	$ 1,943	$ (4,762)	$ 10,695
Per common share data:
Net investment income per share - basic	$ 0.29	$ 0.29	$ 0.77	$ 0.78
Net investment income per share - diluted		0.29		0.78
Net increase (decrease) in net assets resulting from operations per share - basic	$ (0.03)	0.34	$ (0.33)	1.20
Net increase (decrease) in net assets resulting from operations per share - diluted		$ 0.34		$ 1.20
Weighted average common shares outstanding - basic	21,666	21,544	21,666	21,404
Weighted average common shares outstanding - diluted		21,544		21,404

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
CHANGES IN NET ASSETS
Balances at the beginning	$ 232,121	$ 244,797	$ 249,471	$ 234,434
Balances at the beginning (in shares)			21,666
Issuance of common stock, net of offering and underwriting costs		0		2,690
Distributions to stockholders	(5,416)	(5,386)	$ (16,249)	(16,098)
Balances at the end	$ 225,956	246,650	$ 225,956	246,650
Balances at the end (in shares)	21,666		21,666
Common Stock
CHANGES IN NET ASSETS
Balances at the beginning	$ 22	$ 22	$ 22	$ 21
Balances at the beginning (in shares)	21,666	21,544	21,666	21,304
Issuance of common stock, net of offering and underwriting costs		$ 0		$ 1
Issuance of common stock, net of offering and underwriting costs (in shares)				240
Distributions to stockholders			$ 0
Balances at the end	$ 22	$ 22	$ 22	$ 22
Balances at the end (in shares)	21,666	21,544	21,666	21,544
Capital in excess of par value
CHANGES IN NET ASSETS
Balances at the beginning	$ 298,687	$ 297,586	$ 298,687	$ 294,897
Issuance of common stock, net of offering and underwriting costs		0		2,689
Distributions to stockholders			0
Balances at the end	298,687	297,586	298,687	297,586
Accumulated undistributed (overdistributed) earnings
CHANGES IN NET ASSETS
Balances at the beginning	(66,588)	(52,811)	(49,238)	(60,484)
Issuance of common stock, net of offering and underwriting costs		0
Distributions to stockholders	(5,416)	(5,386)	(16,249)	(16,098)
Balances at the end	$ (72,753)	$ (50,958)	$ (72,753)	$ (50,958)

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$ (213)	$ 1,943	$ (4,762)	$ 10,695
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	9,435	1,750	8,718
Net realized (gain) loss on extinguishment of debt		$ 336	$ 1,039	$ 3,110
Embedded Derivative Asset, Type [Extensible Enumeration]	Foreign currency forward contracts	Foreign currency forward contracts	Foreign currency forward contracts	Foreign currency forward contracts
Net realized (gain) loss on foreign currency forward contracts	$ (38)	$ (20)	$ (69)	$ 55
Net realized (gain) loss on foreign currency and other transactions	1	880	38	894
Net change in unrealized (gain) loss on investments	1,007	54	22,847	(19,980)
Net change in unrealized (gain) loss on foreign currency forward contracts	(863)	(530)	(1,503)	(976)
Net change in unrealized (gain) loss on foreign currency and other transactions		(936)	(164)	(650)
Net accretion of discounts and amortization of premiums			(872)	(857)
Amortization of deferred financing costs	522	539	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)
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:
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	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
Revolving credit facility
Cash flows from financing activities:
Proceeds from borrowings			143,900	272,400
Repayments of debt			(123,599)	(253,854)
2023 Notes
Cash flows from financing activities:
Repayments of debt				(109,000)
2026 Notes
Cash flows from financing activities:
Proceeds from borrowings				130,000
SBA debentures payable
Cash flows from financing activities:
Repayments of debt			$ (56,900)	$ (58,100)

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
CONSOLIDATED STATEMENTS OF CASH FLOWS
Value of stock issued under the dividend reinvestment plan	$ 0	$ 0
Reconciliation of cash and restricted cash
Cash	1,289	7,031
Restricted cash	6,828	8,045
Total cash and restricted cash shown on the Consolidated Statements of Cash Flows	$ 7,129	$ 15,076

CONSOLIDATED SCHEDULE OF INVESTMENTS - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Schedule of Investments [Line Items]
Interest Rate	7.62%	5.50%
Maturity	Jun. 30, 2025	Jun. 30, 2025
Principal	$ 4,786	$ 4,824
Amortized Cost	9,985	10,954
Fair Value	$ 36,544	$ 41,125
% of Net Assets	224.80%	225.20%
Number of shares held	58,779	58,779
Warrants to Purchase Percentage of Equity	22.30%	24.40%
Percentage of profit sharing	0.70%	0.70%
Percentage of units held	50.00%	20.80%
Number of units held	6,400	6,400
Percentage of interests	24.40%	50.00%
Non-US [Member]
Schedule of Investments [Line Items]
Amortized Cost	$ 11,860	$ 11,860
Fair Value	9,774	11,093
Banking
Schedule of Investments [Line Items]
Amortized Cost	16,895	5,416
Fair Value	19,083	6,712
Capital Equipment
Schedule of Investments [Line Items]
Principal	10,592	7,752
Amortized Cost	18,649	12,656
Fair Value	9,534	7,672
Consumer Goods: Durable
Schedule of Investments [Line Items]
Principal	4,661	4,711
Fair Value	3,347	4,560
Consumer Goods: Non-Durable
Schedule of Investments [Line Items]
Principal	2,399	2,418
Fair Value	1,955	2,284
Environmental Industries
Schedule of Investments [Line Items]
Amortized Cost	6,174	17,103
Fair Value	6,769	17,693
FIRE: Finance
Schedule of Investments [Line Items]
Principal	7,846	7,926
Fair Value	7,595	7,891
FIRE: Real Estate
Schedule of Investments [Line Items]
Principal	4,812	4,850
Fair Value	4,500	4,824
Healthcare & Pharmaceuticals
Schedule of Investments [Line Items]
Principal	22,503	11,593
Amortized Cost		6,308
Fair Value	20,342	$ 11,531
% of Net Assets		2.60%
High Tech Industries
Schedule of Investments [Line Items]
Principal	16,516	$ 16,985
Fair Value	15,938	16,920
Hotels, Gaming & Leisure
Schedule of Investments [Line Items]
Principal	12,142	11,356
Amortized Cost	2,579	2,662
Fair Value	10,299	10,705
Media: Advertising, Printing & Publishing
Schedule of Investments [Line Items]
Principal	4,404	4,506
Amortized Cost	17,785	13,421
Fair Value	4,227	4,296
Media: Broadcasting & Subscription
Schedule of Investments [Line Items]
Amortized Cost	2,656	2,472
Fair Value	2,642	2,477
Media: Diversified & Production
Schedule of Investments [Line Items]
Principal	14,863	15,486
Amortized Cost	29,460	23,853
Fair Value	13,864	15,413
Services: Business
Schedule of Investments [Line Items]
Principal	37,471	37,681
Fair Value	33,837	36,471
Telecommunications
Schedule of Investments [Line Items]
Principal	5,423	5,445
Amortized Cost	7,392	5,892
Fair Value	4,932	5,438
Wholesale
Schedule of Investments [Line Items]
Principal	4,786	9,310
Amortized Cost	16,020	15,810
Fair Value	4,344	9,016
Senior secured loans
Schedule of Investments [Line Items]
Principal	74,149	74,232
Amortized Cost	402,969	415,600
Fair Value	$ 402,229	$ 423,700
% of Net Assets	30.10%	28.90%
Senior secured loans \| Banking
Schedule of Investments [Line Items]
Principal	$ 10,658	$ 10,658
Amortized Cost	9,242	3,265
Fair Value	$ 9,508	$ 3,625
% of Net Assets	4.20%	1.40%
Senior secured loans \| Capital Equipment
Schedule of Investments [Line Items]
Principal	$ 20,625	$ 15,502
Amortized Cost	18,530	12,537
Fair Value	$ 18,699	$ 12,691
% of Net Assets	8.30%	5.10%
Senior secured loans \| Consumer Goods: Durable
Schedule of Investments [Line Items]
Principal	$ 11,316	$ 11,387
Amortized Cost	9,269	9,455
Fair Value	$ 9,282	$ 9,633
% of Net Assets	4.10%	3.90%
Senior secured loans \| Consumer Goods: Non-Durable
Schedule of Investments [Line Items]
Principal	$ 3,545	$ 3,568
Amortized Cost	3,513	3,464
Fair Value	$ 3,502	$ 3,510
% of Net Assets	1.50%	1.40%
Senior secured loans \| Environmental Industries
Schedule of Investments [Line Items]
Principal	$ 7,624	$ 20,124
Amortized Cost	6,107	17,036
Fair Value	$ 6,241	$ 17,238
% of Net Assets	2.80%	6.90%
Senior secured loans \| FIRE: Finance
Schedule of Investments [Line Items]
Principal	$ 24,555	$ 17,453
Amortized Cost	20,871	16,187
Fair Value	$ 18,801	$ 15,389
% of Net Assets	8.30%	6.20%
Senior secured loans \| FIRE: Real Estate
Schedule of Investments [Line Items]
Principal	$ 58,970	$ 54,281
Amortized Cost	55,587	50,717
Fair Value	$ 55,053	$ 54,096
% of Net Assets	24.30%	21.70%
Senior secured loans \| Healthcare & Pharmaceuticals
Schedule of Investments [Line Items]
Principal	$ 7,390	$ 32,977
Amortized Cost	6,197	26,305
Fair Value	$ 6,160	$ 27,724
% of Net Assets	2.70%	11.10%
Senior secured loans \| High Tech Industries
Schedule of Investments [Line Items]
Principal	$ 5,956	$ 5,193
Amortized Cost	5,647	5,165
Fair Value	$ 6,241	$ 5,771
% of Net Assets	2.80%	2.30%
Senior secured loans \| Hotels, Gaming & Leisure
Schedule of Investments [Line Items]
Principal	$ 3,104	$ 3,123
Amortized Cost	2,468	2,563
Fair Value	$ 2,465	$ 2,604
% of Net Assets	1.10%	1.10%
Senior secured loans \| Media: Advertising, Printing & Publishing
Schedule of Investments [Line Items]
Principal	$ 20,941	$ 16,337
Amortized Cost	17,501	13,137
Fair Value	$ 17,693	$ 13,322
% of Net Assets	7.80%	5.30%
Senior secured loans \| Media: Broadcasting & Subscription
Schedule of Investments [Line Items]
Principal	$ 2,656	$ 2,477
Amortized Cost	2,656	2,472
Fair Value	$ 2,642	$ 2,477
% of Net Assets	1.20%	1.00%
Senior secured loans \| Media: Diversified & Production
Schedule of Investments [Line Items]
Principal	$ 36,945	$ 26,929
Amortized Cost	29,076	23,469
Fair Value	$ 29,092	$ 23,687
% of Net Assets	12.90%	9.50%
Senior secured loans \| Services: Business
Schedule of Investments [Line Items]
Principal	$ 50,526	$ 5,404
Amortized Cost	46,691	5,025
Fair Value	$ 146	$ 5,111
% of Net Assets	0.10%	2.00%
Senior secured loans \| Telecommunications
Schedule of Investments [Line Items]
Principal	$ 6,153	$ 5,472
Amortized Cost	5,100	4,792
Fair Value	$ 5,166	$ 4,870
% of Net Assets	2.30%	2.00%
Senior secured loans \| Wholesale
Schedule of Investments [Line Items]
Principal	$ 15,830	$ 15,695
Amortized Cost	15,813	15,618
Fair Value	$ 14,428	$ 15,502
% of Net Assets	6.40%	6.20%
Unitranche secured loans
Schedule of Investments [Line Items]
Principal	$ 46,202	$ 72,498
Amortized Cost	45,671	70,977
Fair Value	$ 21,043	$ 51,494
% of Net Assets	9.30%	20.60%
Unitranche secured loans \| Consumer Goods: Durable
Schedule of Investments [Line Items]
Principal		$ 24,792
Amortized Cost		24,768
Fair Value		$ 4,950
% of Net Assets		2.00%
Unitranche secured loans \| Consumer Goods: Non-Durable
Schedule of Investments [Line Items]
Principal	$ 24,792
Amortized Cost	$ 24,768
% of Net Assets	0.00%
Unitranche secured loans \| Healthcare & Pharmaceuticals
Schedule of Investments [Line Items]
Principal		$ 12,913
Amortized Cost		12,911
Fair Value		$ 12,907
% of Net Assets		5.20%
Unitranche secured loans \| High Tech Industries
Schedule of Investments [Line Items]
Principal	$ 7,375	$ 16,965
Amortized Cost	7,344	16,809
Fair Value	$ 7,375	$ 16,977
% of Net Assets	3.30%	6.80%
Unitranche secured loans \| Services: Business
Schedule of Investments [Line Items]
Principal	$ 3,865	$ 1,500
Amortized Cost	3,518	1,472
Fair Value	$ 3,570	$ 1,472
% of Net Assets	1.50%	0.60%
Unitranche secured loans \| Telecommunications
Schedule of Investments [Line Items]
Principal	$ 2,250	$ 2,250
Amortized Cost	2,250	1,100
Fair Value	$ 2,261	$ 1,118
% of Net Assets	1.00%	0.40%
Junior secured loans
Schedule of Investments [Line Items]
Principal	$ 5,850	$ 7,614
Amortized Cost	20,386	14,317
Fair Value	$ 21,426	$ 14,364
% of Net Assets	2.60%	2.30%
Junior secured loans \| Banking
Schedule of Investments [Line Items]
Principal	$ 8,250	$ 1,500
Amortized Cost	6,690	1,488
Fair Value	$ 6,606	$ 1,522
% of Net Assets	2.90%	0.60%
Junior secured loans \| FIRE: Real Estate
Schedule of Investments [Line Items]
Principal	$ 5,850	$ 5,850
Amortized Cost	5,850	5,850
Fair Value	$ 5,850	$ 5,850
% of Net Assets	2.60%	2.30%
Junior secured loans \| Services: Business
Schedule of Investments [Line Items]
Principal		$ 1,764
Amortized Cost		$ 1
% of Net Assets		0.00%
Equity securities
Schedule of Investments [Line Items]
Amortized Cost	$ 33,674	$ 33,134
Fair Value	$ 26,776	$ 31,010
% of Net Assets	16.20%	16.50%
Equity securities \| Banking
Schedule of Investments [Line Items]
Amortized Cost	$ 963	$ 663
Fair Value	$ 2,969	$ 1,565
% of Net Assets	1.30%	0.60%
Equity securities \| Capital Equipment
Schedule of Investments [Line Items]
Amortized Cost	$ 119	$ 119
Fair Value	$ 172	$ 148
% of Net Assets	0.10%	0.10%
Equity securities \| Consumer Goods: Durable
Schedule of Investments [Line Items]
Amortized Cost	$ 81	$ 81
Fair Value	$ 100	$ 101
% of Net Assets	0.00%	0.00%
Equity securities \| Environmental Industries
Schedule of Investments [Line Items]
Amortized Cost	$ 67	$ 67
Fair Value	$ 528	$ 455
% of Net Assets	0.20%	0.20%
Equity securities \| FIRE: Finance
Schedule of Investments [Line Items]
Amortized Cost	$ 77	$ 77
Fair Value	$ 411	$ 292
% of Net Assets	0.20%	0.10%
Equity securities \| FIRE: Real Estate
Schedule of Investments [Line Items]
Amortized Cost	$ 4,693	$ 4,693
Fair Value	$ 4,651	$ 4,808
% of Net Assets	2.10%	1.90%
Equity securities \| Healthcare & Pharmaceuticals
Schedule of Investments [Line Items]
Amortized Cost	$ 6,000	$ 5,817
Fair Value	$ 3,926	$ 4,473
% of Net Assets	1.70%	1.80%
Equity securities \| High Tech Industries
Schedule of Investments [Line Items]
Amortized Cost	$ 0	$ 844
Fair Value	$ 0	$ 1,183
% of Net Assets	0.00%	0.00%
Equity securities \| Hotels, Gaming & Leisure
Schedule of Investments [Line Items]
Amortized Cost	$ 111	$ 99
Fair Value	$ 85	$ 102
% of Net Assets	0.00%	0.00%
Equity securities \| Media: Advertising, Printing & Publishing
Schedule of Investments [Line Items]
Amortized Cost	$ 284	$ 284
Fair Value	$ 2,601	$ 3,472
% of Net Assets	1.20%	1.30%
Equity securities \| Media: Diversified & Production
Schedule of Investments [Line Items]
Amortized Cost	$ 384	$ 384
Fair Value	$ 506	$ 533
% of Net Assets	0.20%	0.20%
Equity securities \| Services: Business
Schedule of Investments [Line Items]
Amortized Cost	$ 0	$ 395
Fair Value	$ 0	$ 737
% of Net Assets	0.00%	0.00%
Equity securities \| Telecommunications
Schedule of Investments [Line Items]
Amortized Cost	$ 42
Fair Value	$ 70
% of Net Assets	0.00%
Equity securities \| Wholesale
Schedule of Investments [Line Items]
Amortized Cost	$ 207	$ 192
Fair Value		$ 74
% of Net Assets	0.00%	0.00%

CONSOLIDATED SCHEDULE OF INVESTMENTS (Parenthetical) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Investments [Line Items]
Company investments as percentage of net assets		225.20%
Company investments as percentage of total assets		95.10%
Net assets	$ 225,956	$ 249,471
Qualifying assets as percentage of total assets		70.00%
Non-qualifying assets as percentage of total assets		22.50%
Equity contribution		$ 4,758
I D I G Parent, L L C
Schedule Of Investments [Line Items]
Commitment to fund equity investment	43	43
Recorded Future, Inc
Schedule Of Investments [Line Items]
Commitment to fund equity investment	$ 16	16
Familia Dental Group Holdings, L L C
Schedule Of Investments [Line Items]
Company investments as percentage of net assets	224.80%
Company investments as percentage of total assets	95.40%
Net assets	$ 225,956
Qualifying assets as percentage of total assets	70.00%
Non-qualifying assets as percentage of total assets	25.70%
Commitment to fund equity investment	$ 244	428
MRCC SBIC
Schedule Of Investments [Line Items]
Amount of not collateral revolving credit facility		4,226
Toojay's NewCo
Schedule Of Investments [Line Items]
Portion of credit bid			$ 2,386
Fair market value of loans		$ 0
Percentage of equity interest of parent			15.90%
MC Asset Management (Corporate), LLC ("Corporate")
Schedule Of Investments [Line Items]
Percentage of equity interest of parent		15.90%
MC Asset Management (Corporate), LLC ("Corporate") \| MC Asset Management (Corporate), LLC ("Corporate")
Schedule Of Investments [Line Items]
Percentage of equity interest of parent			15.90%
MC Asset Management (Industrial), LLC ("Industrial"). \| MC Asset Management (Corporate), LLC ("Corporate")
Schedule Of Investments [Line Items]
Percentage of equity interest of parent		100.00%	100.00%
HFZ Capital Group LLC
Schedule Of Investments [Line Items]
Equity contribution			$ 4,758
Vinci Brands LLC Fka Incipio, LLC Loan, Two \| MRCC SBIC
Schedule Of Investments [Line Items]
Amount of not collateral revolving credit facility		$ 54
Vinci Brands LLC Fka Incipio, LLC Loan, Three \| MRCC SBIC
Schedule Of Investments [Line Items]
Amount of not collateral revolving credit facility		4,969
Vinci Brands LLC Fka Incipio, LLC Loan, Four \| MRCC SBIC
Schedule Of Investments [Line Items]
Amount of not collateral revolving credit facility		421
Priority Ambulance, LLC, Loan, One \| MRCC SBIC
Schedule Of Investments [Line Items]
Amount of not collateral revolving credit facility		9,258
Priority Ambulance, LLC, Loan, Two \| MRCC SBIC
Schedule Of Investments [Line Items]
Amount of not collateral revolving credit facility		$ 525

Organization and Principal Business

9 Months Ended

Sep. 30, 2022

Organization and Principal Business

Organization and Principal Business

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.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2022

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

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.

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.

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.

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.

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.

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.

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.

Investments

9 Months Ended

Sep. 30, 2022

Investments

Investments

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	%


	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	%


	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.

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.

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

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

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.

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

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

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.

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

Fair Value Measurements

9 Months Ended

Sep. 30, 2022

Fair Value Measurements

Fair Value Measurements

Note 4. Fair Value Measurements

Investments

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

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

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

●

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

●

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

●

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.

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.

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.

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.

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.

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.

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.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Transactions with Affiliated Companies

9 Months Ended

Sep. 30, 2022

Transactions with Affiliated Companies

Transactions with Affiliated Companies

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.


	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

⁽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.


	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	$	—

Transactions with Related Parties

9 Months Ended

Sep. 30, 2022

Transactions with Related Parties

Transactions with Related Parties

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).

(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.

Borrowings

9 Months Ended

Sep. 30, 2022

Borrowings

Borrowings

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.

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.

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	%

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Derivative Instruments

9 Months Ended

Sep. 30, 2022

Derivative Instruments

Derivative Instruments

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.

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)

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.

Distributions

9 Months Ended

Sep. 30, 2022

Distributions

Distributions

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

Stock Issuances and Repurchases

9 Months Ended

Sep. 30, 2022

Stock Issuances and Repurchases

Stock Issuances and Repurchases

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.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-Paragraph 13
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

+ Details

Commitments and Contingencies

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies.

Commitments and Contingencies

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.

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.

Financial Highlights

9 Months Ended

Sep. 30, 2022

Financial Highlights

Financial Highlights

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.


	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.

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2022

Summary of Significant Accounting Policies

Basis of Presentation

Use of Estimates

Consolidation

Fair Value of Financial Instruments

Revenue Recognition

The Company’s revenue recognition policies are as follows:

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.

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

Unamortized Deferred Financing Costs

Offering Costs

Investments Denominated in Foreign Currency

Derivative Instruments

Income Taxes

Subsequent Events

Recent Accounting Pronouncements

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2022

Summary of Significant Accounting Policies

Schedule of components of the Company's investment income


	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.

Investments (Tables)

9 Months Ended

Sep. 30, 2022

Investments

Schedule of composition of the investment portfolio

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	%


	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	%


	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	%


	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	%

Summary of SLF's portfolio, followed by a listing of the individual investments in SLF's portfolio

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.


	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


	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

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

(b)

(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.


	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


	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

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.

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Measurements

Summary of 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)

(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.

Summary of reconciliation of the beginning and ending balances for investments at fair value that use Level 3 inputs

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.

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.

Summary of valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets

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.

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.

Transactions with Affiliated Companies (Tables)

9 Months Ended

Sep. 30, 2022

Transactions with Affiliated Companies

Schedule of transactions with affiliated companies


							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⁾

⁽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.


	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

⁽¹⁾


	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	$	—

Transactions with Related Parties (Tables)

9 Months Ended

Sep. 30, 2022

Transactions with Related Parties

Schedule of composition of the Company's incentive fees


	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)

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

Borrowings (Tables)

9 Months Ended

Sep. 30, 2022

Borrowings

Schedule of SBA debentures


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

Schedule of interest expense, other debt financing expenses, average outstanding balances and average stated interest rates


	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	%

Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2022

Derivative Instruments

Schedule of information related to foreign currency forward contracts


	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)

Distributions (Tables)

9 Months Ended

Sep. 30, 2022

Distributions

Schedule of distributions declared


												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

Financial Highlights (Tables)

9 Months Ended

Sep. 30, 2022

Financial Highlights

Schedule of financial highlights and supplemental ratios


	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)

(3)

(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.


	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.

Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Revenue Recognition
Unamortized discounts and loan origination fees	$ 3,599		$ 3,599		$ 4,370
Upfront loan origination and closing fees	1,126	$ 1,611	1,871	$ 3,114
Investment in LLC equity in SLF
Revenue Recognition
Return of capital distribution	$ 0	$ 0	$ 290	$ 1,177

Summary of Significant Accounting Policies - Components Of Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Summary of Significant Accounting Policies
Interest income	$ 12,491	$ 9,444	$ 30,602	$ 26,905
PIK interest income	1,240	2,913	4,458	6,326
Dividend income	1,051	1,957	3,108	4,368
Fee income	412	288	1,604	1,065
Prepayment gain (loss)	495	372	758	1,270
Accretion of discounts and amortization of premiums	227	240	872	857
Total investment income	4,075	3,250	10,593	9,913
PIK dividends	124	$ 921	350	$ 1,055
Fair value of the Company's investments on non-accrual status	$ 3,484		$ 3,484		$ 14,693

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Oct. 31, 2012	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) $ / $	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) $ / £ $ / $
Summary of Significant Accounting Policies
Unamortized deferred financing costs		$ 1,720		$ 1,720		$ 2,319
Amortization of deferred financing costs		522	$ 539	1,613	$ 1,677
Deferred offering costs		182		$ 182		$ 123
Number of Investments held in portfolio company that was denominated in Great Britan pounds \| $ / £						1
Number of Investments held in portfolio company that was denominated in Australian dollars \| $ / $				1		1
Threshold minimum number of days for cash dividend to get automatically reinvested	3
U.S. federal excise tax		55	68	$ 64	251
Excise taxes receivable		29		29
Excise Taxes Payable						$ 183
U.S. federal and state corporate-level income taxes, Net tax expense		923	$ 3	1,225	$ 3
U.S. federal and state corporate-level income taxes, Accrued payables		$ 923		$ 923		$ 0

Investments - Investment portfolio, at amortized cost and fair value (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Investments
Amortized Cost	$ 9,985	$ 10,954
Fair Value	$ 36,544	$ 41,125	$ 41,331	$ 39,284
Amortized Cost, Percentage of total portfolio investments	1.80%	1.90%
Fair Value, Percentage of total portfolio investments	2.00%	2.00%
Senior secured loans
Investments
Amortized Cost	$ 402,969	$ 415,600
Fair Value	$ 402,229	$ 423,700
Amortized Cost, Percentage of total portfolio investments	73.90%	72.10%
Fair Value, Percentage of total portfolio investments	79.20%	75.40%
Unitranche secured loans
Investments
Amortized Cost	$ 45,671	$ 70,977
Fair Value	$ 21,043	$ 51,494
Amortized Cost, Percentage of total portfolio investments	8.40%	12.30%
Fair Value, Percentage of total portfolio investments	4.10%	9.20%
Junior secured loans
Investments
Amortized Cost	$ 20,386	$ 14,317
Fair Value	$ 21,426	$ 14,364
Amortized Cost, Percentage of total portfolio investments	3.70%	2.50%
Fair Value, Percentage of total portfolio investments	4.20%	2.60%
LLC equity interest in SLF
Investments
Amortized Cost	$ 42,650	$ 42,150
Fair Value	$ 36,544	$ 41,125
Amortized Cost, Percentage of total portfolio investments	7.80%	7.30%
Fair Value, Percentage of total portfolio investments	7.20%	7.30%
Equity Investments
Investments
Amortized Cost	$ 33,674	$ 33,134
Fair Value	$ 26,776	$ 31,010
Amortized Cost, Percentage of total portfolio investments	6.20%	5.80%
Fair Value, Percentage of total portfolio investments	5.30%	5.50%

Investments - Investment portfolio by geographic region (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Investments
Amortized Cost	$ 9,985	$ 10,954
Fair Value	$ 36,544	$ 41,125	$ 41,331	$ 39,284
Amortized Cost, Percentage of total portfolio investments	1.80%	1.90%
Fair Value, Percentage of total portfolio investments	2.00%	2.00%
International
Investments
Amortized Cost	$ 11,860	$ 11,860
Fair Value	$ 9,774	$ 11,093
Amortized Cost, Percentage of total portfolio investments	2.20%	2.00%
Fair Value, Percentage of total portfolio investments	1.90%	2.00%

Investments - Investment portfolio by industry (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Investments
Amortized Cost	$ 9,985	$ 10,954
Fair Value	$ 36,544	$ 41,125	$ 41,331	$ 39,284
Amortized Cost, Percentage of total portfolio investments	1.80%	1.90%
Fair Value, Percentage of total portfolio investments	2.00%	2.00%
Banking
Investments
Amortized Cost	$ 16,895	$ 5,416
Fair Value	$ 19,083	$ 6,712
Amortized Cost, Percentage of total portfolio investments	3.10%	1.00%
Fair Value, Percentage of total portfolio investments	3.80%	1.20%
Capital Equipment
Investments
Amortized Cost	$ 18,649	$ 12,656
Fair Value	$ 9,534	$ 7,672
Amortized Cost, Percentage of total portfolio investments	3.40%	2.20%
Fair Value, Percentage of total portfolio investments	3.70%	2.30%
Consumer Goods: Durable
Investments
Amortized Cost	$ 9,350	$ 9,536
Fair Value	$ 9,382	$ 9,734
Amortized Cost, Percentage of total portfolio investments	1.70%	1.70%
Fair Value, Percentage of total portfolio investments	1.80%	1.70%
Consumer Goods: Non-Durable
Investments
Amortized Cost	$ 28,281	$ 28,232
Fair Value	$ 3,502	$ 8,460
Amortized Cost, Percentage of total portfolio investments	5.20%	4.90%
Fair Value, Percentage of total portfolio investments	0.70%	1.50%
Environmental Industries
Investments
Amortized Cost	$ 6,174	$ 17,103
Fair Value	$ 6,769	$ 17,693
Amortized Cost, Percentage of total portfolio investments	1.10%	3.00%
Fair Value, Percentage of total portfolio investments	1.30%	3.20%
FIRE: Finance
Investments
Amortized Cost	$ 20,948	$ 16,264
Fair Value	$ 19,212	$ 15,681
Amortized Cost, Percentage of total portfolio investments	3.80%	2.80%
Fair Value, Percentage of total portfolio investments	3.80%	2.80%
FIRE: Real Estate
Investments
Amortized Cost	$ 80,776	$ 72,826
Fair Value	$ 80,480	$ 76,698
Amortized Cost, Percentage of total portfolio investments	14.80%	12.60%
Fair Value, Percentage of total portfolio investments	15.90%	13.60%
Healthcare & Pharmaceuticals
Investments
Amortized Cost	$ 48,466	$ 52,743
Fair Value	$ 47,732	$ 53,179
Amortized Cost, Percentage of total portfolio investments	8.90%	9.20%
Fair Value, Percentage of total portfolio investments	9.40%	9.50%
High Tech Industries
Investments
Amortized Cost	$ 51,203	$ 52,710
Fair Value	$ 52,211	$ 54,085
Amortized Cost, Percentage of total portfolio investments	9.40%	9.10%
Fair Value, Percentage of total portfolio investments	10.30%	9.60%
Hotels, Gaming & Leisure
Investments
Amortized Cost	$ 2,579	$ 2,662
Fair Value	$ 10,299	$ 10,705
Amortized Cost, Percentage of total portfolio investments	0.50%	0.50%
Fair Value, Percentage of total portfolio investments	0.50%	0.50%
Investment Funds & Vehicles
Investments
Amortized Cost	$ 42,650	$ 42,150
Fair Value	$ 36,544	$ 41,125
Amortized Cost, Percentage of total portfolio investments	7.80%	7.30%
Fair Value, Percentage of total portfolio investments	7.20%	7.30%
Media: Advertising, Printing & Publishing
Investments
Amortized Cost	$ 17,785	$ 13,421
Fair Value	$ 4,227	$ 4,296
Amortized Cost, Percentage of total portfolio investments	3.30%	2.30%
Fair Value, Percentage of total portfolio investments	4.00%	3.00%
Media: Broadcasting & Subscription
Investments
Amortized Cost	$ 2,656	$ 2,472
Fair Value	$ 2,642	$ 2,477
Amortized Cost, Percentage of total portfolio investments	0.50%	0.40%
Fair Value, Percentage of total portfolio investments	0.50%	0.50%
Media: Diversified & Production
Investments
Amortized Cost	$ 29,460	$ 23,853
Fair Value	$ 13,864	$ 15,413
Amortized Cost, Percentage of total portfolio investments	5.40%	4.10%
Fair Value, Percentage of total portfolio investments	5.80%	4.30%
Services: Business
Investments
Amortized Cost	$ 50,604	$ 69,292
Fair Value	$ 51,484	$ 71,540
Amortized Cost, Percentage of total portfolio investments	9.30%	12.00%
Fair Value, Percentage of total portfolio investments	10.10%	12.70%
Services: Consumer
Investments
Amortized Cost	$ 39,035	$ 46,284
Fair Value	$ 30,465	$ 39,248
Amortized Cost, Percentage of total portfolio investments	7.20%	8.00%
Fair Value, Percentage of total portfolio investments	6.00%	7.00%
Telecommunications
Investments
Amortized Cost	$ 7,392	$ 5,892
Fair Value	$ 4,932	$ 5,438
Amortized Cost, Percentage of total portfolio investments	1.40%	1.00%
Fair Value, Percentage of total portfolio investments	1.50%	1.10%
Wholesale
Investments
Amortized Cost	$ 16,020	$ 15,810
Fair Value	$ 4,344	$ 9,016
Amortized Cost, Percentage of total portfolio investments	2.90%	2.70%
Fair Value, Percentage of total portfolio investments	2.80%	2.80%

Investments - MRCC Senior Loan Fund I, LLC (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) item	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) item	Dec. 31, 2020 USD ($)
Investments
Number of representatives \| item			1
Percentage of equity interest	24.40%	24.40%	24.40%	24.40%	50.00%
Equity commitments	$ 50,000		$ 50,000		$ 50,000
Funded amount	42,650		42,650		42,150
Dividend income	900	$ 1,025	2,700	$ 3,300
Fair Value	36,544	41,331	36,544	41,331	41,125	$ 39,284
Outstanding commitments to fund investments under undrawn revolvers and delayed draw commitments	65,468		65,468		55,483
Principal	$ 4,786		$ 4,786		$ 4,824
Weighted average interest rate	7.62%		7.62%		5.50%
Number of portfolio company investments in SLF \| item			62		57
Largest portfolio company investment (1)	$ 6,668		$ 6,668		$ 6,720
Total of five largest portfolio company investments (1)	27,037		$ 27,037		27,074
LSW
Investments
Number of representatives \| item			1
SLF
Investments
Equity commitments	100,000		$ 100,000		100,000
Funded amount	85,300		85,300		84,300
Allocable expenses	65	$ 51	175	$ 159
Total assets, fair value	201,608		$ 201,608		$ 194,623
Number of portfolio company investments on non-accrual status \| item			2		1
Investments on non-accrual status	2,545		$ 2,545		$ 1,072
Outstanding commitments to fund investments under undrawn revolvers and delayed draw commitments	5,269		5,269		$ 2,061
SLF \| SLF Credit Facility
Investments
Maximum borrowing capacity	$ 175,000		$ 175,000
SLF \| SLF Credit Facility \| LIBOR
Investments
Interest rate, basis spread			2.10%

Investments - Schedule of Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Schedule of Investments [Line Items]
Investment Interest Rate	7.62%	5.50%
Investment Maturity Date	Jun. 30, 2025	Jun. 30, 2025
Investment Owned, Balance, Principal Amount	$ 4,786	$ 4,824
Investment Owned, at Fair Value	36,544	41,125	$ 41,331	$ 39,284
Non-US [Member]
Schedule of Investments [Line Items]
Investment Owned, at Fair Value	9,774	11,093
Banking
Schedule of Investments [Line Items]
Investment Owned, at Fair Value	19,083	6,712
Capital Equipment
Schedule of Investments [Line Items]
Investment Owned, Balance, Principal Amount	10,592	7,752
Investment Owned, at Fair Value	9,534	7,672
Consumer Goods: Durable
Schedule of Investments [Line Items]
Investment Owned, Balance, Principal Amount	4,661	4,711
Investment Owned, at Fair Value	3,347	4,560
Consumer Sector, Non- Durable [ Member]
Schedule of Investments [Line Items]
Investment Owned, Balance, Principal Amount	2,399	2,418
Investment Owned, at Fair Value	1,955	2,284
Environmental Industries
Schedule of Investments [Line Items]
Investment Owned, at Fair Value	6,769	17,693
FIRE: Finance
Schedule of Investments [Line Items]
Investment Owned, Balance, Principal Amount	7,846	7,926
Investment Owned, at Fair Value	7,595	7,891
FIRE: Real Estate
Schedule of Investments [Line Items]
Investment Owned, Balance, Principal Amount	4,812	4,850
Investment Owned, at Fair Value	4,500	4,824
Healthcare & Pharmaceuticals
Schedule of Investments [Line Items]
Investment Owned, Balance, Principal Amount	22,503	11,593
Investment Owned, at Fair Value	20,342	11,531
High Tech Industries
Schedule of Investments [Line Items]
Investment Owned, Balance, Principal Amount	16,516	16,985
Investment Owned, at Fair Value	15,938	16,920
Hotels, Gaming & Leisure
Schedule of Investments [Line Items]
Investment Owned, Balance, Principal Amount	12,142	11,356
Investment Owned, at Fair Value	10,299	10,705
Media: Advertising, Printing & Publishing
Schedule of Investments [Line Items]
Investment Owned, Balance, Principal Amount	4,404	4,506
Investment Owned, at Fair Value	4,227	4,296
Media: Broadcasting & Subscription
Schedule of Investments [Line Items]
Investment Owned, at Fair Value	2,642	2,477
Media: Diversified & Production
Schedule of Investments [Line Items]
Investment Owned, Balance, Principal Amount	14,863	15,486
Investment Owned, at Fair Value	13,864	15,413
Energy Sector, Oil and Gas [Member]
Schedule of Investments [Line Items]
Investment Owned, Balance, Principal Amount	7,599	7,780
Investment Owned, at Fair Value	7,453	7,734
Services: Business
Schedule of Investments [Line Items]
Investment Owned, Balance, Principal Amount	37,471	37,681
Investment Owned, at Fair Value	33,837	36,471
Telecommunications
Schedule of Investments [Line Items]
Investment Owned, Balance, Principal Amount	5,423	5,445
Investment Owned, at Fair Value	4,932	5,438
Utilities, Oil & Gas Sector [Member]
Schedule of Investments [Line Items]
Investment Owned, Balance, Principal Amount	1,928	1,943
Investment Owned, at Fair Value	1,862	1,888
Wholesale
Schedule of Investments [Line Items]
Investment Owned, Balance, Principal Amount	4,786	9,310
Investment Owned, at Fair Value	4,344	9,016
Senior secured loans
Schedule of Investments [Line Items]
Investment Owned, Balance, Principal Amount	74,149	74,232
Investment Owned, at Fair Value	402,229	423,700
Senior secured loans \| Banking
Schedule of Investments [Line Items]
Investment Owned, Balance, Principal Amount	10,658	10,658
Investment Owned, at Fair Value	9,508	3,625
Senior secured loans \| Capital Equipment
Schedule of Investments [Line Items]
Investment Owned, Balance, Principal Amount	20,625	15,502
Investment Owned, at Fair Value	18,699	12,691
Senior secured loans \| Consumer Goods: Durable
Schedule of Investments [Line Items]
Investment Owned, Balance, Principal Amount	11,316	11,387
Investment Owned, at Fair Value	9,282	9,633
Senior secured loans \| Consumer Sector, Non- Durable [ Member]
Schedule of Investments [Line Items]
Investment Owned, Balance, Principal Amount	3,545	3,568
Investment Owned, at Fair Value	3,502	3,510
Senior secured loans \| Environmental Industries
Schedule of Investments [Line Items]
Investment Owned, Balance, Principal Amount	7,624	20,124
Investment Owned, at Fair Value	6,241	17,238
Senior secured loans \| FIRE: Finance
Schedule of Investments [Line Items]
Investment Owned, Balance, Principal Amount	24,555	17,453
Investment Owned, at Fair Value	18,801	15,389
Senior secured loans \| FIRE: Real Estate
Schedule of Investments [Line Items]
Investment Owned, Balance, Principal Amount	58,970	54,281
Investment Owned, at Fair Value	55,053	54,096
Senior secured loans \| Healthcare & Pharmaceuticals
Schedule of Investments [Line Items]
Investment Owned, Balance, Principal Amount	7,390	32,977
Investment Owned, at Fair Value	6,160	27,724
Senior secured loans \| High Tech Industries
Schedule of Investments [Line Items]
Investment Owned, Balance, Principal Amount	5,956	5,193
Investment Owned, at Fair Value	6,241	5,771
Senior secured loans \| Hotels, Gaming & Leisure
Schedule of Investments [Line Items]
Investment Owned, Balance, Principal Amount	3,104	3,123
Investment Owned, at Fair Value	2,465	2,604
Senior secured loans \| Media: Advertising, Printing & Publishing
Schedule of Investments [Line Items]
Investment Owned, Balance, Principal Amount	20,941	16,337
Investment Owned, at Fair Value	17,693	13,322
Senior secured loans \| Media: Broadcasting & Subscription
Schedule of Investments [Line Items]
Investment Owned, Balance, Principal Amount	2,656	2,477
Investment Owned, at Fair Value	2,642	2,477
Senior secured loans \| Media: Diversified & Production
Schedule of Investments [Line Items]
Investment Owned, Balance, Principal Amount	36,945	26,929
Investment Owned, at Fair Value	29,092	23,687
Senior secured loans \| Services: Business
Schedule of Investments [Line Items]
Investment Owned, Balance, Principal Amount	50,526	5,404
Investment Owned, at Fair Value	146	5,111
Senior secured loans \| Telecommunications
Schedule of Investments [Line Items]
Investment Owned, Balance, Principal Amount	6,153	5,472
Investment Owned, at Fair Value	5,166	4,870
Senior secured loans \| Wholesale
Schedule of Investments [Line Items]
Investment Owned, Balance, Principal Amount	15,830	15,695
Investment Owned, at Fair Value	$ 14,428	$ 15,502

Fair Value Measurements - Fair value measurements of investments and foreign currency forward contracts, by major class according to the fair value hierarchy (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	$ 467,906	$ 514,265
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	508,018	561,693
Foreign currency forward contracts asset (liability)	2,284	781
Recurring \| Senior secured loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	402,229	423,700
Recurring \| Unitranche secured loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	21,043	51,494
Recurring \| Junior secured loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	21,426	14,364
Recurring \| Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	26,776	31,010
Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	381	1,041
Recurring \| Level 1 \| Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	381	1,041
Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency forward contracts asset (liability)	2,284	781
Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	471,093	519,527
Recurring \| Level 3 \| Senior secured loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	402,229	423,700
Recurring \| Level 3 \| Unitranche secured loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	21,043	51,494
Recurring \| Level 3 \| Junior secured loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	21,426	14,364
Recurring \| Level 3 \| Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	26,395	29,969
Recurring \| Measured at NAV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	$ 36,544	$ 41,125

Fair Value Measurements - Contractual interest rates (Details)	Sep. 30, 2022	Dec. 31, 2021
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contractual interest rates on loans	6.24%	6.00%
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contractual interest rates on loans	17.65%	16.00%

Fair Value Measurements - Reconciliation of the beginning and ending balances for investments at fair value that use Level 3 inputs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Reconciliation of beginning and ending balances for investments at fair value that use Level 3 inputs
Balance at the beginning	$ 497,940	$ 488,604	$ 519,527	$ 507,755
Net realized gain (loss) on investments	(1,667)	(9,435)	(1,750)	(8,718)
Net change in unrealized gain (loss) on investments	(5,068)	10,146	(17,106)	17,933
Purchases of investments and other adjustments to cost	52,915	85,407	99,105	189,004
Proceeds from principal payments and sales of investments	(73,027)	(62,309)	(128,683)	(193,561)
Balance at the end	471,093	512,413	471,093	512,413
Total net change in unrealized gain (loss) on investments attributable to Level 3 investments still held	(6,132)	973	(16,041)	8,791
Fair value, assets, transfers among Levels 1, 2 and 3	0	0	0	0
Senior secured loans
Reconciliation of beginning and ending balances for investments at fair value that use Level 3 inputs
Balance at the beginning	415,244	404,322	423,700	405,224
Net realized gain (loss) on investments	(1,672)	(9,435)	(1,693)	(9,610)
Net change in unrealized gain (loss) on investments	(3,788)	11,209	(8,838)	14,820
Purchases of investments and other adjustments to cost	52,370	73,696	88,950	174,934
Proceeds from principal payments and sales of investments	(59,925)	(54,737)	(99,890)	(160,313)
Balance at the end	402,229	425,055	402,229	425,055
Unitranche secured loans
Reconciliation of beginning and ending balances for investments at fair value that use Level 3 inputs
Balance at the beginning	34,114	45,500	51,494	64,040
Net realized gain (loss) on investments			(94)
Net change in unrealized gain (loss) on investments	10	(904)	(5,146)	(4,975)
Purchases of investments and other adjustments to cost	15	20	3,253	1,475
Proceeds from principal payments and sales of investments	(13,096)	(196)	(28,464)	(16,120)
Balance at the end	21,043	44,420	21,043	44,420
Junior secured loans
Reconciliation of beginning and ending balances for investments at fair value that use Level 3 inputs
Balance at the beginning	19,745	8,125	14,364	14,592
Net realized gain (loss) on investments	(1)		(1)
Net change in unrealized gain (loss) on investments	1,314	(47)	992	40
Purchases of investments and other adjustments to cost	368	8,479	6,071	8,647
Proceeds from principal payments and sales of investments		(7,376)		(14,098)
Balance at the end	21,426	9,181	21,426	9,181
Equity securities
Reconciliation of beginning and ending balances for investments at fair value that use Level 3 inputs
Balance at the beginning	28,837	30,657	29,969	23,899
Net realized gain (loss) on investments	6		38	892
Net change in unrealized gain (loss) on investments	(2,604)	(112)	(4,114)	8,048
Purchases of investments and other adjustments to cost	162	3,212	831	3,948
Proceeds from principal payments and sales of investments	(6)		(329)	(3,030)
Balance at the end	$ 26,395	$ 33,757	$ 26,395	$ 33,757

Transactions with Affiliated Companies - Fair Value Roll Forward (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Transactions with Affiliated Companies, Fair value Roll Forward
Fair value at the beginning	$ 41,125	$ 39,284
Transfers in (out)		(7,009)
Purchases (cost)	500	16,932
Sales and paydowns (cost)	(5,247)	(26,556)
PIK Interest (cost)	2,419	5,040
Discount accretion	31	47
Net realized gain (loss)	(1)	(250)
Net unrealized gain (loss)	(5,081)	2,047
Fair value at the ending	$ 36,544	$ 41,331
Warrants to purchase percentage of equity	22.30%	19.50%	24.40%
Number of units held	6,400	6,400	6,400
Number of shares held	58,779	16	58,779
Percentage of equity interest	24.40%	24.40%	50.00%
Percentage of units held	50.00%	20.80%	20.80%

Transactions with Affiliated Companies - Income Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Investments in and Advances to Affiliates [Line Items]
Interest income	$ 4,075	$ 3,250	$ 8,621	$ 9,265
Dividend income	$ 900	$ 1,025	$ 2,700	$ 3,300

Transactions with Related Parties (Details) $ in Thousands	3 Months Ended		9 Months Ended
Transactions with Related Parties (Details) $ in Thousands	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) item component	Sep. 30, 2021 USD ($)
Transactions with Related Parties
Base management fees	$ 2,222	$ 2,399	$ 6,834	$ 7,060
MC Advisors
Transactions with Related Parties
Number of components \| component			2
Initial base management fee, Percentage			1.75%
Base management fee, percentage			1.00%
Percentage of average invested assets			200.00%
Leverage ratio	1		1
Base management fees	$ 2,222	2,399	$ 6,834	7,060
Base management fees, voluntary waiver amount	$ 0	$ 0	$ 55	$ 0
Incentive fee payable in arrears, percentage			20.00%
Incentive fee payable, threshold quarterly hurdle rate			2.00%
Incentive fee payable, threshold annual hurdle rate			8.00%
Incentive fee limitation, percentage			20.00%
Period of preceding calendar quarters \| item			11
Threshold ordinary income incentive fee payable, percentage			20.00%
Threshold ordinary income incentive fee limitation, percentage			20.00%
Second part Incentive fee payable, percentage			20.00%

Transactions with Related Parties - Composition of the Company's incentive fees (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Transactions with Related Parties
Total incentive fees, net of incentive fee waiver	$ 1,565	$ 1,578	$ 2,747	$ 2,828
MC Advisors
Transactions with Related Parties
Part one incentive fees (1)	1,565	1,578	2,747	2,828
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
Second part Incentive fee payable, percentage			20.00%

Transactions with Related Parties - Administrative agreement (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Transactions with Related Parties
Administrative agreement service fee	$ 275	$ 327	$ 908	$ 1,020
MC Management
Transactions with Related Parties
Administrative expenses	703	895	2,370	2,583
Administrative agreement service fee	275	$ 327	908	$ 1,020
MC Management \| Accounts payable and accrued expenses
Transactions with Related Parties
Amount due to related party	275		275		$ 337
Members of Board
Transactions with Related Parties
Accounts payable	$ 35		$ 35		$ 0

- Definition

Carrying amount as of the balance sheet date of obligations due all related parties.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(C))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03.17)
-URI https://asc.fasb.org/extlink&oid=126734703&loc=d3e572229-122910

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.15(3),(4))
-URI https://asc.fasb.org/extlink&oid=126897435&loc=d3e534808-122878

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

+ Details

Borrowings (Details) £ in Thousands, $ in Thousands	3 Months Ended			9 Months Ended
Borrowings (Details) £ in Thousands, $ in Thousands	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2021 GBP (£)	Sep. 30, 2022 USD ($)	Sep. 30, 2022 GBP (£)	Sep. 30, 2021 USD ($)	Sep. 30, 2021 GBP (£)	Aug. 15, 2022	Feb. 15, 2022	Dec. 31, 2021 USD ($)	Dec. 31, 2021 GBP (£)
Borrowings
Minimum asset coverage ratio	150.00%			150.00%
Asset coverage Ratio	175.00%			175.00%						189.00%	189.00%
Unrealized gain (loss) on foreign currency and other transactions		$ 936		$ 164		$ 650
Realized gain (loss) on foreign currency and other transactions	$ (1)	(880)		(38)		(894)
Outstanding borrowings	129,265			129,265						$ 94,765
Notes 2026
Borrowings
Interest rate								4.75%	4.75%
Outstanding borrowings	$ 130,000			$ 130,000						$ 130,000
Revolving credit facility
Borrowings
Asset coverage Ratio	150.00%			150.00%
Maximum borrowing capacity	$ 255,000			$ 255,000
Maximum borrowing capacity, Percentage of the fair market value of its portfolio company investments				72.50%	72.50%
Consolidated total net assets	$ 150,000			$ 150,000
Consolidated total net assets, Percentage of net proceeds from sales of equity securities after March 1, 2019	65.00%			65.00%
Percentage of distributions in cash or property other than common stock	115.00%			115.00%
Borrowings	$ 171,200			$ 171,200							£ 3,433
Unrealized gain (loss) on foreign currency and other transactions	$ 0	939		157		680
Repayments of borrowings \| £			£ 12,667		£ 3,433		£ 12,667
Realized gain (loss) on foreign currency and other transactions		$ (866)		$ (11)		$ (866)
Interest rate	2.625%			2.625%
Interest rate, daily rate per annum	1.625%			1.625%
Weighted average interest rate	5.70%			5.70%						3.10%	3.10%
Revolving credit facility \| Minimum
Borrowings
Assets to debt ratio	1			1
Senior Debt coverage ratio	1			1
Revolving credit facility \| Maximum
Borrowings
Maximum borrowing capacity	$ 400,000			$ 400,000
Assets to debt ratio	1.5			1.5
Senior Debt coverage ratio	2			2
Revolving credit facility \| Available maximum borrowing capacity percentage less than 35%
Borrowings
Commitment fee				0.50%	0.50%
Available maximum borrowing capacity, percentage	35.00%			35.00%
Revolving credit facility \| Available Maximum Borrowing Capacity Percentage Equal To or Greater Than 35 Percent
Borrowings
Commitment fee				1.00%	1.00%
Available maximum borrowing capacity, percentage	35.00%			35.00%
Revolving credit facility \| LIBOR
Borrowings
Interest rate, basis spread				1.00%	1.00%
Interest rate, floor	0.50%			0.50%
Revolving credit facility \| Federal funds rate
Borrowings
Interest rate	0.50%			0.50%
Revolving credit facility \| Denominated in U.S. dollar
Borrowings
Borrowings										$ 146,400
Revolving credit facility \| Denominated in non-U.S. dollar
Borrowings
Borrowings										$ 4,645

Borrowings - SBA Debentures (Details) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended
	Mar. 01, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Borrowings
Loss on Extinguishment of debt	$ 1,039	$ (336)	$ (1,039)	$ (3,110)
Outstanding borrowings			127,545		$ 92,446
SBA Debentures \| MRCC SBIC
Borrowings
Net gain (loss) on extinguishment of debt	$ 1,039
Leverageable capital			$ 0		57,624
Outstanding borrowings					56,900
SBA Debentures, Interest rate 3.4% \| MRCC SBIC
Borrowings
Interest rate			3.40%
Outstanding borrowings					2,920
SBA Debentures, Interest rate 3.3% \| MRCC SBIC
Borrowings
Interest rate			3.30%
Outstanding borrowings					14,800
SBA Debentures, Interest rate 2.9% \| MRCC SBIC
Borrowings
Interest rate			2.90%
Outstanding borrowings					7,080
SBA Debentures with Interest Rate 3.2 Percent \| MRCC SBIC
Borrowings
Interest rate			3.20%
Outstanding borrowings					$ 32,100

Borrowings - Components of the Company's interest expense and other debt financing expenses, average outstanding balances and average stated interest rates (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Debt Instrument [Line Items]
Amortization of deferred financing costs	$ 522	$ 539	$ 1,613	$ 1,677
Total interest and other debt financing expenses	1,669	972	3,866	2,975
Average debt outstanding	$ 292,879	$ 329,542	$ 315,166	$ 332,028
Average stated interest rate	5.00%	4.00%	4.30%	4.20%
Note 2023
Debt Instrument [Line Items]
Interest expense				$ 837
Notes 2026
Debt Instrument [Line Items]
Interest expense	$ 1,555	$ 1,544	$ 4,665	4,220
SBA Debentures
Debt Instrument [Line Items]
Interest expense		632	292	2,220
Revolving credit facility
Debt Instrument [Line Items]
Interest expense	$ 2,186	$ 1,209	$ 5,391	$ 3,265

Derivative Instruments (Details) £ in Thousands, $ in Thousands, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2022 AUD ($)	Dec. 31, 2021 AUD ($)	Dec. 31, 2021 GBP (£)
Derivative Instruments, Gain (Loss) [Line Items]
Gross Amount of Unrealized Gain			$ 2,284		$ 804
Gross Amount of Unrealized Loss					(23)
Derivative Asset, Statement of Financial Position [Extensible Enumeration]							Derivative Asset	Derivative Asset
Net change in unrealized gain (loss) on foreign currency forward contracts	$ 863	$ 530	1,503	$ 976
Foreign currency forward contracts
Derivative Instruments, Gain (Loss) [Line Items]
Net change in unrealized gain (loss) on foreign currency forward contracts	863	530	1,503	976
Net realized gain (loss) on foreign currency forward contracts	$ 38	$ 20	69	$ (55)
Foreign currency forward contract with Settlement Date 1/3/2022
Derivative Instruments, Gain (Loss) [Line Items]
Notional Amount to be Sold \| £								£ 82
Gross Amount of Unrealized Loss					(10)
Foreign currency forward contract with Settlement Date 4/4/2022
Derivative Instruments, Gain (Loss) [Line Items]
Notional Amount to be Sold \| £								79
Gross Amount of Unrealized Loss					(10)
Foreign currency forward contract with Settlement Date 5/6/2022
Derivative Instruments, Gain (Loss) [Line Items]
Notional Amount to be Sold \| £								£ 29
Gross Amount of Unrealized Loss					(3)
Foreign currency forward contract with Settlement Date 1/19/2022
Derivative Instruments, Gain (Loss) [Line Items]
Notional Amount to be Sold							$ 156
Gross Amount of Unrealized Gain					8
Foreign currency forward contract with Settlement Date 2/16/2022
Derivative Instruments, Gain (Loss) [Line Items]
Notional Amount to be Sold							136
Gross Amount of Unrealized Gain					7
Foreign currency forward contract with Settlement Date 3/16/2022
Derivative Instruments, Gain (Loss) [Line Items]
Notional Amount to be Sold							132
Gross Amount of Unrealized Gain					6
Foreign currency forward contract with Settlement Date 4/19/2022
Derivative Instruments, Gain (Loss) [Line Items]
Notional Amount to be Sold							146
Gross Amount of Unrealized Gain					7
Foreign currency forward contract with Settlement Date 5/17/2022
Derivative Instruments, Gain (Loss) [Line Items]
Notional Amount to be Sold							138
Gross Amount of Unrealized Gain					7
Foreign currency forward contract with Settlement Date 6/17/2022
Derivative Instruments, Gain (Loss) [Line Items]
Notional Amount to be Sold							153
Gross Amount of Unrealized Gain					7
Foreign currency forward contract with Settlement Date 7/18/2022
Derivative Instruments, Gain (Loss) [Line Items]
Notional Amount to be Sold							138
Gross Amount of Unrealized Gain					7
Foreign currency forward contract with Settlement Date 8/16/2022
Derivative Instruments, Gain (Loss) [Line Items]
Notional Amount to be Sold							140
Gross Amount of Unrealized Gain					7
Foreign currency forward contract with Settlement Date 9/16/2022
Derivative Instruments, Gain (Loss) [Line Items]
Notional Amount to be Sold							153
Gross Amount of Unrealized Gain					7
Foreign currency forward contract with Settlement Date 10/19/2022
Derivative Instruments, Gain (Loss) [Line Items]
Notional Amount to be Sold						$ 152	152
Gross Amount of Unrealized Gain			20		7
Foreign currency forward contract with Settlement Date 11/16/2022
Derivative Instruments, Gain (Loss) [Line Items]
Notional Amount to be Sold						136	136
Gross Amount of Unrealized Gain			18		6
Foreign currency forward contract with Settlement Date 12/16/2022
Derivative Instruments, Gain (Loss) [Line Items]
Notional Amount to be Sold						142	142
Gross Amount of Unrealized Gain			19		7
Foreign currency forward contract with Settlement Date 1/18/2023
Derivative Instruments, Gain (Loss) [Line Items]
Notional Amount to be Sold						153	153
Gross Amount of Unrealized Gain			20		7
Foreign currency forward contract with Settlement Date 2/16/2023
Derivative Instruments, Gain (Loss) [Line Items]
Notional Amount to be Sold						140	140
Gross Amount of Unrealized Gain			18		6
Foreign currency forward contract with Settlement Date 3/16/2023
Derivative Instruments, Gain (Loss) [Line Items]
Notional Amount to be Sold						132	132
Gross Amount of Unrealized Gain			18		6
Foreign currency forward contract with Settlement Date 4/20/2023
Derivative Instruments, Gain (Loss) [Line Items]
Notional Amount to be Sold						160	160
Gross Amount of Unrealized Gain			21		7
Foreign currency forward contract with Settlement Date 5/16/2023
Derivative Instruments, Gain (Loss) [Line Items]
Notional Amount to be Sold						121	121
Gross Amount of Unrealized Gain			16		5
Foreign currency forward contract with Settlement Date 6/19/2023
Derivative Instruments, Gain (Loss) [Line Items]
Notional Amount to be Sold						156	156
Gross Amount of Unrealized Gain			21		7
Foreign currency forward contract with Settlement Date 7/18/2023
Derivative Instruments, Gain (Loss) [Line Items]
Notional Amount to be Sold						138	138
Gross Amount of Unrealized Gain			18		6
Foreign currency forward contract with Settlement Date 8/16/2023
Derivative Instruments, Gain (Loss) [Line Items]
Notional Amount to be Sold						146	146
Gross Amount of Unrealized Gain			19		6
Foreign currency forward contract with Settlement Date 9/18/2023
Derivative Instruments, Gain (Loss) [Line Items]
Notional Amount to be Sold						146	146
Gross Amount of Unrealized Gain			19		6
Foreign currency forward contract with Settlement Date 10/18/2023
Derivative Instruments, Gain (Loss) [Line Items]
Notional Amount to be Sold						148	148
Gross Amount of Unrealized Gain			19		6
Foreign currency forward contract with Settlement Date 11/16/2023
Derivative Instruments, Gain (Loss) [Line Items]
Notional Amount to be Sold						140	140
Gross Amount of Unrealized Gain			18		6
Foreign currency forward contract with Settlement Date 12/18/2023
Derivative Instruments, Gain (Loss) [Line Items]
Notional Amount to be Sold						142	142
Gross Amount of Unrealized Gain			18		6
Foreign currency forward contract with Settlement Date 1/17/2024
Derivative Instruments, Gain (Loss) [Line Items]
Notional Amount to be Sold						150	150
Gross Amount of Unrealized Gain			19		6
Foreign currency forward contract with Settlement Date 2/16/2024
Derivative Instruments, Gain (Loss) [Line Items]
Notional Amount to be Sold						143	143
Gross Amount of Unrealized Gain			18		6
Foreign currency forward contract with Settlement Date 3/18/2024
Derivative Instruments, Gain (Loss) [Line Items]
Notional Amount to be Sold						$ 15,410	$ 15,410
Gross Amount of Unrealized Gain			$ 1,965		$ 635

Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Distributions
Date Declared	Sep. 01, 2022	Jun. 01, 2022	Mar. 02, 2022	Sep. 02, 2021	Jun. 02, 2021	Mar. 02, 2021
Record Date	Sep. 15, 2022	Jun. 15, 2022	Mar. 16, 2022	Sep. 16, 2021	Jun. 16, 2021	Mar. 16, 2021
Payment Date	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
Amount Per Share	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.75	$ 0.75
Cash Distribution	$ 5,416	$ 5,416	$ 5,417	$ 5,386	$ 5,386	$ 5,326	$ 16,249	$ 16,098
DRIP Shares Repurchased in Open Market	20,789	29,655	25,229	35,623	31,277	35,611	75,673	102,511
Cost of DRIP Shares Repurchased	$ 164	$ 280	$ 276	$ 369	$ 343	$ 364	$ 720	$ 1,076

Stock Issuances and Repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	May 12, 2017
Stock Issuances and Repurchases
Gross proceeds from issue of common stock	$ 0		$ 2,690
ATM offering
Stock Issuances and Repurchases
Maximum value of common stock available for sale				$ 50,000
Number of stock issued		0	240,000
Average price	$ 11.43		$ 11.43
Gross proceeds from issue of common stock			$ 2,743
Underwriter's discounts and commissions			41
Offering costs			12
Net proceeds from issuance of shares			$ 2,690

Commitments and Contingencies (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Commitments
Unfunded commitments	$ 65,468	$ 55,483
SLF
Commitments
Unfunded commitments	$ 7,350	$ 7,850

Financial Highlights - Schedule of financial highlights (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Per share data:
Net asset value at beginning of period	$ 11.51	$ 11.00
Net investment income	0.77	0.78
Net gain (loss)	(1.10)	0.42
Net increase (decrease) in net assets resulting from operations	(0.33)	1.20
Stockholder distributions - income	(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 average net asset value	(3.05%)	10.65%
Ratio/Supplemental data:
Ratio of net investment income to average net assets	9.67%	9.58%
Ratio of total expenses, net of base management fee and incentive fee waivers, to average net assets	13.58%	13.09%

Financial Highlights - (Details)	9 Months Ended
Financial Highlights - (Details)	Sep. 30, 2022	Sep. 30, 2021
Financial Highlights
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	0.93%	0.74%
Ratio of waived incentive fees to average net assets	0.22%	0.44%

N-2

9 Months Ended

Sep. 30, 2022

Cover [Abstract]

Entity Central Index Key

0001512931

Amendment Flag

false

Securities Act File Number

814-00866

Document Type

10-Q

Entity Registrant Name

MONROE CAPITAL CORPORATION

Entity Address, Address Line One

311 South Wacker Drive, Suite 6400

Entity Address, City or Town

Chicago

Entity Address, State or Province

Entity Address, Postal Zip Code

60606

City Area Code

312

Local Phone Number

258-8300

Entity Emerging Growth Company

false

General Description of Registrant [Abstract]

Investment Objectives and Practices [Text Block]

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

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.

Risk Factors [Table Text Block]

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.

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

●

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

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


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

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

(2)

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

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

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

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

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

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

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

Effects of Leverage [Table Text Block]


	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)

(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%.

Russian Invasion Of Ukraine [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

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

Act 1940 Allowing Additional Leverage [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

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

Revolving Credit Facility And Use Other Borrowed Funds Exposing To Risks Associated With Leverage [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

●

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

●

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

●

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


	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)

(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%.

Risks Associated With Our Revolving Credit Facility Limiting Ability To Incur Additional Indebtedness [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

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.

Label	Element	Value
Derivative Liability, Notional Amount	us-gaap_DerivativeLiabilityNotionalAmount	$ 152,000
Derivative Liability, Notional Amount	us-gaap_DerivativeLiabilityNotionalAmount	136,000
Derivative Liability, Notional Amount	us-gaap_DerivativeLiabilityNotionalAmount	142,000
Derivative Liability, Notional Amount	us-gaap_DerivativeLiabilityNotionalAmount	153,000
Derivative Liability, Notional Amount	us-gaap_DerivativeLiabilityNotionalAmount	140,000
Derivative Liability, Notional Amount	us-gaap_DerivativeLiabilityNotionalAmount	132,000
Derivative Liability, Notional Amount	us-gaap_DerivativeLiabilityNotionalAmount	160,000
Derivative Liability, Notional Amount	us-gaap_DerivativeLiabilityNotionalAmount	121,000
Derivative Liability, Notional Amount	us-gaap_DerivativeLiabilityNotionalAmount	156,000
Derivative Liability, Notional Amount	us-gaap_DerivativeLiabilityNotionalAmount	138,000
Derivative Liability, Notional Amount	us-gaap_DerivativeLiabilityNotionalAmount	146,000
Derivative Liability, Notional Amount	us-gaap_DerivativeLiabilityNotionalAmount	146,000
Derivative Liability, Notional Amount	us-gaap_DerivativeLiabilityNotionalAmount	148,000
Derivative Liability, Notional Amount	us-gaap_DerivativeLiabilityNotionalAmount	140,000
Derivative Liability, Notional Amount	us-gaap_DerivativeLiabilityNotionalAmount	142,000
Derivative Liability, Notional Amount	us-gaap_DerivativeLiabilityNotionalAmount	150,000
Derivative Liability, Notional Amount	us-gaap_DerivativeLiabilityNotionalAmount	143,000
Derivative Liability, Notional Amount	us-gaap_DerivativeLiabilityNotionalAmount	$ 15,410,000
Derivative Liability, Notional Amount	us-gaap_DerivativeLiabilityNotionalAmount	$ 82,000
Derivative Liability, Notional Amount	us-gaap_DerivativeLiabilityNotionalAmount	79,000
Derivative Liability, Notional Amount	us-gaap_DerivativeLiabilityNotionalAmount	$ 29,000
Derivative Liability, Notional Amount	us-gaap_DerivativeLiabilityNotionalAmount	$ 156,000
Derivative Liability, Notional Amount	us-gaap_DerivativeLiabilityNotionalAmount	136,000
Derivative Liability, Notional Amount	us-gaap_DerivativeLiabilityNotionalAmount	132,000
Derivative Liability, Notional Amount	us-gaap_DerivativeLiabilityNotionalAmount	146,000
Derivative Liability, Notional Amount	us-gaap_DerivativeLiabilityNotionalAmount	138,000
Derivative Liability, Notional Amount	us-gaap_DerivativeLiabilityNotionalAmount	153,000
Derivative Liability, Notional Amount	us-gaap_DerivativeLiabilityNotionalAmount	138,000
Derivative Liability, Notional Amount	us-gaap_DerivativeLiabilityNotionalAmount	140,000
Derivative Liability, Notional Amount	us-gaap_DerivativeLiabilityNotionalAmount	153,000
Derivative Liability, Notional Amount	us-gaap_DerivativeLiabilityNotionalAmount	152,000
Derivative Liability, Notional Amount	us-gaap_DerivativeLiabilityNotionalAmount	136,000
Derivative Liability, Notional Amount	us-gaap_DerivativeLiabilityNotionalAmount	142,000
Derivative Liability, Notional Amount	us-gaap_DerivativeLiabilityNotionalAmount	153,000
Derivative Liability, Notional Amount	us-gaap_DerivativeLiabilityNotionalAmount	140,000
Derivative Liability, Notional Amount	us-gaap_DerivativeLiabilityNotionalAmount	132,000
Derivative Liability, Notional Amount	us-gaap_DerivativeLiabilityNotionalAmount	160,000
Derivative Liability, Notional Amount	us-gaap_DerivativeLiabilityNotionalAmount	121,000
Derivative Liability, Notional Amount	us-gaap_DerivativeLiabilityNotionalAmount	156,000
Derivative Liability, Notional Amount	us-gaap_DerivativeLiabilityNotionalAmount	138,000
Derivative Liability, Notional Amount	us-gaap_DerivativeLiabilityNotionalAmount	146,000
Derivative Liability, Notional Amount	us-gaap_DerivativeLiabilityNotionalAmount	146,000
Derivative Liability, Notional Amount	us-gaap_DerivativeLiabilityNotionalAmount	148,000
Derivative Liability, Notional Amount	us-gaap_DerivativeLiabilityNotionalAmount	140,000
Derivative Liability, Notional Amount	us-gaap_DerivativeLiabilityNotionalAmount	142,000
Derivative Liability, Notional Amount	us-gaap_DerivativeLiabilityNotionalAmount	150,000
Derivative Liability, Notional Amount	us-gaap_DerivativeLiabilityNotionalAmount	143,000
Derivative Liability, Notional Amount	us-gaap_DerivativeLiabilityNotionalAmount	$ 15,410,000
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Derivative Asset, Counterparty Name [Extensible Enumeration]	us-gaap_DerivativeAssetCounterpartyNameExtensibleList	mrcc:BannockburnGlobalForexLlcMember
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Derivative Asset, Counterparty Name [Extensible Enumeration]	us-gaap_DerivativeAssetCounterpartyNameExtensibleList	mrcc:BannockburnGlobalForexLlcMember
Derivative Asset, Counterparty Name [Extensible Enumeration]	us-gaap_DerivativeAssetCounterpartyNameExtensibleList	mrcc:BannockburnGlobalForexLlcMember
Derivative Asset, Counterparty Name [Extensible Enumeration]	us-gaap_DerivativeAssetCounterpartyNameExtensibleList	mrcc:BannockburnGlobalForexLlcMember
Derivative Asset, Counterparty Name [Extensible Enumeration]	us-gaap_DerivativeAssetCounterpartyNameExtensibleList	mrcc:BannockburnGlobalForexLlcMember
Derivative Asset, Counterparty Name [Extensible Enumeration]	us-gaap_DerivativeAssetCounterpartyNameExtensibleList	mrcc:BannockburnGlobalForexLlcMember
Derivative Asset, Counterparty Name [Extensible Enumeration]	us-gaap_DerivativeAssetCounterpartyNameExtensibleList	mrcc:BannockburnGlobalForexLlcMember
Derivative Asset, Counterparty Name [Extensible Enumeration]	us-gaap_DerivativeAssetCounterpartyNameExtensibleList	mrcc:BannockburnGlobalForexLlcMember
Derivative Asset, Counterparty Name [Extensible Enumeration]	us-gaap_DerivativeAssetCounterpartyNameExtensibleList	mrcc:BannockburnGlobalForexLlcMember
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Derivative Asset, Counterparty Name [Extensible Enumeration]	us-gaap_DerivativeAssetCounterpartyNameExtensibleList	mrcc:BannockburnGlobalForexLlcMember
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Derivative Asset, Counterparty Name [Extensible Enumeration]	us-gaap_DerivativeAssetCounterpartyNameExtensibleList	mrcc:BannockburnGlobalForexLlcMember
Derivative Asset, Counterparty Name [Extensible Enumeration]	us-gaap_DerivativeAssetCounterpartyNameExtensibleList	mrcc:BannockburnGlobalForexLlcMember
Derivative Asset, Counterparty Name [Extensible Enumeration]	us-gaap_DerivativeAssetCounterpartyNameExtensibleList	mrcc:BannockburnGlobalForexLlcMember
Derivative Asset, Counterparty Name [Extensible Enumeration]	us-gaap_DerivativeAssetCounterpartyNameExtensibleList	mrcc:BannockburnGlobalForexLlcMember
Derivative Asset, Counterparty Name [Extensible Enumeration]	us-gaap_DerivativeAssetCounterpartyNameExtensibleList	mrcc:BannockburnGlobalForexLlcMember
Derivative Asset, Counterparty Name [Extensible Enumeration]	us-gaap_DerivativeAssetCounterpartyNameExtensibleList	mrcc:BannockburnGlobalForexLlcMember
Derivative Asset, Counterparty Name [Extensible Enumeration]	us-gaap_DerivativeAssetCounterpartyNameExtensibleList	mrcc:BannockburnGlobalForexLlcMember
Derivative Asset, Counterparty Name [Extensible Enumeration]	us-gaap_DerivativeAssetCounterpartyNameExtensibleList	mrcc:BannockburnGlobalForexLlcMember
Derivative Asset, Counterparty Name [Extensible Enumeration]	us-gaap_DerivativeAssetCounterpartyNameExtensibleList	mrcc:BannockburnGlobalForexLlcMember
Derivative Asset, Counterparty Name [Extensible Enumeration]	us-gaap_DerivativeAssetCounterpartyNameExtensibleList	mrcc:BannockburnGlobalForexLlcMember
Derivative Asset, Counterparty Name [Extensible Enumeration]	us-gaap_DerivativeAssetCounterpartyNameExtensibleList	mrcc:BannockburnGlobalForexLlcMember
Derivative Asset, Counterparty Name [Extensible Enumeration]	us-gaap_DerivativeAssetCounterpartyNameExtensibleList	mrcc:BannockburnGlobalForexLlcMember
Derivative Asset, Counterparty Name [Extensible Enumeration]	us-gaap_DerivativeAssetCounterpartyNameExtensibleList	mrcc:BannockburnGlobalForexLlcMember
Derivative Asset, Counterparty Name [Extensible Enumeration]	us-gaap_DerivativeAssetCounterpartyNameExtensibleList	mrcc:BannockburnGlobalForexLlcMember
Derivative Asset, Counterparty Name [Extensible Enumeration]	us-gaap_DerivativeAssetCounterpartyNameExtensibleList	mrcc:BannockburnGlobalForexLlcMember
Derivative Asset, Notional Amount	us-gaap_DerivativeAssetNotionalAmount	$ 117,000
Derivative Asset, Notional Amount	us-gaap_DerivativeAssetNotionalAmount	105,000
Derivative Asset, Notional Amount	us-gaap_DerivativeAssetNotionalAmount	109,000
Derivative Asset, Notional Amount	us-gaap_DerivativeAssetNotionalAmount	118,000
Derivative Asset, Notional Amount	us-gaap_DerivativeAssetNotionalAmount	108,000
Derivative Asset, Notional Amount	us-gaap_DerivativeAssetNotionalAmount	102,000
Derivative Asset, Notional Amount	us-gaap_DerivativeAssetNotionalAmount	123,000
Derivative Asset, Notional Amount	us-gaap_DerivativeAssetNotionalAmount	93,000
Derivative Asset, Notional Amount	us-gaap_DerivativeAssetNotionalAmount	121,000
Derivative Asset, Notional Amount	us-gaap_DerivativeAssetNotionalAmount	107,000
Derivative Asset, Notional Amount	us-gaap_DerivativeAssetNotionalAmount	113,000
Derivative Asset, Notional Amount	us-gaap_DerivativeAssetNotionalAmount	113,000
Derivative Asset, Notional Amount	us-gaap_DerivativeAssetNotionalAmount	114,000
Derivative Asset, Notional Amount	us-gaap_DerivativeAssetNotionalAmount	107,000
Derivative Asset, Notional Amount	us-gaap_DerivativeAssetNotionalAmount	109,000
Derivative Asset, Notional Amount	us-gaap_DerivativeAssetNotionalAmount	115,000
Derivative Asset, Notional Amount	us-gaap_DerivativeAssetNotionalAmount	110,000
Derivative Asset, Notional Amount	us-gaap_DerivativeAssetNotionalAmount	11,827,000
Derivative Asset, Notional Amount	us-gaap_DerivativeAssetNotionalAmount	101,000
Derivative Asset, Notional Amount	us-gaap_DerivativeAssetNotionalAmount	97,000
Derivative Asset, Notional Amount	us-gaap_DerivativeAssetNotionalAmount	36,000
Derivative Asset, Notional Amount	us-gaap_DerivativeAssetNotionalAmount	121,000
Derivative Asset, Notional Amount	us-gaap_DerivativeAssetNotionalAmount	105,000
Derivative Asset, Notional Amount	us-gaap_DerivativeAssetNotionalAmount	102,000
Derivative Asset, Notional Amount	us-gaap_DerivativeAssetNotionalAmount	113,000
Derivative Asset, Notional Amount	us-gaap_DerivativeAssetNotionalAmount	107,000
Derivative Asset, Notional Amount	us-gaap_DerivativeAssetNotionalAmount	119,000
Derivative Asset, Notional Amount	us-gaap_DerivativeAssetNotionalAmount	107,000
Derivative Asset, Notional Amount	us-gaap_DerivativeAssetNotionalAmount	108,000
Derivative Asset, Notional Amount	us-gaap_DerivativeAssetNotionalAmount	118,000
Derivative Asset, Notional Amount	us-gaap_DerivativeAssetNotionalAmount	117,000
Derivative Asset, Notional Amount	us-gaap_DerivativeAssetNotionalAmount	105,000
Derivative Asset, Notional Amount	us-gaap_DerivativeAssetNotionalAmount	109,000
Derivative Asset, Notional Amount	us-gaap_DerivativeAssetNotionalAmount	118,000
Derivative Asset, Notional Amount	us-gaap_DerivativeAssetNotionalAmount	108,000
Derivative Asset, Notional Amount	us-gaap_DerivativeAssetNotionalAmount	102,000
Derivative Asset, Notional Amount	us-gaap_DerivativeAssetNotionalAmount	123,000
Derivative Asset, Notional Amount	us-gaap_DerivativeAssetNotionalAmount	93,000
Derivative Asset, Notional Amount	us-gaap_DerivativeAssetNotionalAmount	121,000
Derivative Asset, Notional Amount	us-gaap_DerivativeAssetNotionalAmount	107,000
Derivative Asset, Notional Amount	us-gaap_DerivativeAssetNotionalAmount	113,000
Derivative Asset, Notional Amount	us-gaap_DerivativeAssetNotionalAmount	113,000
Derivative Asset, Notional Amount	us-gaap_DerivativeAssetNotionalAmount	114,000
Derivative Asset, Notional Amount	us-gaap_DerivativeAssetNotionalAmount	107,000
Derivative Asset, Notional Amount	us-gaap_DerivativeAssetNotionalAmount	109,000
Derivative Asset, Notional Amount	us-gaap_DerivativeAssetNotionalAmount	115,000
Derivative Asset, Notional Amount	us-gaap_DerivativeAssetNotionalAmount	110,000
Derivative Asset, Notional Amount	us-gaap_DerivativeAssetNotionalAmount	$ 11,827,000
Derivative, Maturity Date	us-gaap_DerivativeMaturityDates	Oct. 19, 2022
Derivative, Maturity Date	us-gaap_DerivativeMaturityDates	Nov. 16, 2022
Derivative, Maturity Date	us-gaap_DerivativeMaturityDates	Dec. 16, 2022
Derivative, Maturity Date	us-gaap_DerivativeMaturityDates	Jan. 18, 2023
Derivative, Maturity Date	us-gaap_DerivativeMaturityDates	Feb. 16, 2023
Derivative, Maturity Date	us-gaap_DerivativeMaturityDates	Mar. 16, 2023
Derivative, Maturity Date	us-gaap_DerivativeMaturityDates	Apr. 20, 2023
Derivative, Maturity Date	us-gaap_DerivativeMaturityDates	May 16, 2023
Derivative, Maturity Date	us-gaap_DerivativeMaturityDates	Jun. 19, 2023
Derivative, Maturity Date	us-gaap_DerivativeMaturityDates	Jul. 18, 2023
Derivative, Maturity Date	us-gaap_DerivativeMaturityDates	Aug. 16, 2023
Derivative, Maturity Date	us-gaap_DerivativeMaturityDates	Sep. 18, 2023
Derivative, Maturity Date	us-gaap_DerivativeMaturityDates	Oct. 18, 2023
Derivative, Maturity Date	us-gaap_DerivativeMaturityDates	Nov. 16, 2023
Derivative, Maturity Date	us-gaap_DerivativeMaturityDates	Dec. 18, 2023
Derivative, Maturity Date	us-gaap_DerivativeMaturityDates	Jan. 17, 2024
Derivative, Maturity Date	us-gaap_DerivativeMaturityDates	Feb. 16, 2024
Derivative, Maturity Date	us-gaap_DerivativeMaturityDates	Mar. 18, 2024
Derivative, Maturity Date	us-gaap_DerivativeMaturityDates	Jan. 03, 2022
Derivative, Maturity Date	us-gaap_DerivativeMaturityDates	Apr. 04, 2022
Derivative, Maturity Date	us-gaap_DerivativeMaturityDates	May 06, 2022
Derivative, Maturity Date	us-gaap_DerivativeMaturityDates	Jan. 19, 2022
Derivative, Maturity Date	us-gaap_DerivativeMaturityDates	Feb. 16, 2022
Derivative, Maturity Date	us-gaap_DerivativeMaturityDates	Mar. 16, 2022
Derivative, Maturity Date	us-gaap_DerivativeMaturityDates	Apr. 19, 2022
Derivative, Maturity Date	us-gaap_DerivativeMaturityDates	May 17, 2022
Derivative, Maturity Date	us-gaap_DerivativeMaturityDates	Jun. 17, 2022
Derivative, Maturity Date	us-gaap_DerivativeMaturityDates	Jul. 18, 2022
Derivative, Maturity Date	us-gaap_DerivativeMaturityDates	Aug. 16, 2022
Derivative, Maturity Date	us-gaap_DerivativeMaturityDates	Sep. 16, 2022
Derivative, Maturity Date	us-gaap_DerivativeMaturityDates	Oct. 19, 2022
Derivative, Maturity Date	us-gaap_DerivativeMaturityDates	Nov. 16, 2022
Derivative, Maturity Date	us-gaap_DerivativeMaturityDates	Dec. 16, 2022
Derivative, Maturity Date	us-gaap_DerivativeMaturityDates	Jan. 18, 2023
Derivative, Maturity Date	us-gaap_DerivativeMaturityDates	Feb. 16, 2023
Derivative, Maturity Date	us-gaap_DerivativeMaturityDates	Mar. 16, 2023
Derivative, Maturity Date	us-gaap_DerivativeMaturityDates	Apr. 20, 2023
Derivative, Maturity Date	us-gaap_DerivativeMaturityDates	May 16, 2023
Derivative, Maturity Date	us-gaap_DerivativeMaturityDates	Jun. 19, 2023
Derivative, Maturity Date	us-gaap_DerivativeMaturityDates	Jul. 18, 2023
Derivative, Maturity Date	us-gaap_DerivativeMaturityDates	Aug. 16, 2023
Derivative, Maturity Date	us-gaap_DerivativeMaturityDates	Sep. 18, 2023
Derivative, Maturity Date	us-gaap_DerivativeMaturityDates	Oct. 18, 2023
Derivative, Maturity Date	us-gaap_DerivativeMaturityDates	Nov. 16, 2023
Derivative, Maturity Date	us-gaap_DerivativeMaturityDates	Dec. 18, 2023
Derivative, Maturity Date	us-gaap_DerivativeMaturityDates	Jan. 17, 2024
Derivative, Maturity Date	us-gaap_DerivativeMaturityDates	Feb. 16, 2024
Derivative, Maturity Date	us-gaap_DerivativeMaturityDates	Mar. 18, 2024
Payable for Open Trades	mrcc_PayableForOpenTrades	$ 19,367,000
Liabilities and Equity	us-gaap_LiabilitiesAndStockholdersEquity	201,608,000
Liabilities and Equity	us-gaap_LiabilitiesAndStockholdersEquity	$ 194,623,000

- Definition

Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.

+ References + Details

Fair Value Measurements - Valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets and liabilities (Details) $ in Thousands	Sep. 30, 2022 USD ($) item	Dec. 31, 2021 USD ($) item
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value \| $	$ 467,906	$ 514,265
Loans at fair value where valuation (unadjusted) is obtained from third-party pricing service \| $	3,187	5,262
2026 Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Estimated fair value of notes \| $	116,739
Senior secured loans \| Discounted cash flow \| EBITDA multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value \| $	$ 261,758	$ 305,252
Senior secured loans \| Discounted cash flow \| EBITDA multiples \| Weighted Average Mean
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.089	0.077
Senior secured loans \| Discounted cash flow \| EBITDA multiples \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.040	0.050
Senior secured loans \| Discounted cash flow \| EBITDA multiples \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.205	0.200
Senior secured loans \| Discounted cash flow \| EBITDA Market Yields \| Weighted Average Mean
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.126	0.096
Senior secured loans \| Discounted cash flow \| EBITDA Market Yields \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.080	0.053
Senior secured loans \| Discounted cash flow \| EBITDA Market Yields \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.215	0.200
Senior secured loans \| Discounted cash flow \| Revenue Market Yields \| Weighted Average Mean
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.119	0.084
Senior secured loans \| Discounted cash flow \| Revenue Market Yields \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.095	0.052
Senior secured loans \| Discounted cash flow \| Revenue Market Yields \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.191	0.131
Senior secured loans \| Discounted cash flow \| Revenue multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value \| $	$ 111,354	$ 79,913
Senior secured loans \| Discounted cash flow \| Revenue multiples \| Weighted Average Mean
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.046	0.065
Senior secured loans \| Discounted cash flow \| Revenue multiples \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.002	0.005
Senior secured loans \| Discounted cash flow \| Revenue multiples \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.123	0.130
Senior secured loans \| Enterprise value \| EBITDA multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value \| $		$ 5,111
Senior secured loans \| Enterprise value \| EBITDA multiples \| Weighted Average Mean
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input		0.065
Senior secured loans \| Enterprise value \| EBITDA multiples \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input		0.065
Senior secured loans \| Enterprise value \| EBITDA multiples \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input		0.065
Senior secured loans \| Enterprise value \| Revenue multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value \| $	$ 6,241	$ 5,771
Senior secured loans \| Enterprise value \| Revenue multiples \| Weighted Average Mean
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.028	0.028
Senior secured loans \| Enterprise value \| Revenue multiples \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.028	0.028
Senior secured loans \| Enterprise value \| Revenue multiples \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.028	0.028
Senior secured loans \| Enterprise value \| Book value multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value \| $	$ 19,676	$ 23,484
Senior secured loans \| Enterprise value \| Book value multiples \| Weighted Average Mean
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.012	0.015
Senior secured loans \| Enterprise value \| Book value multiples \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.012	0.015
Senior secured loans \| Enterprise value \| Book value multiples \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.012	0.015
Senior secured loans \| Liquidation \| Probability weighting of alternative outcomes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value \| $	$ 2,073	$ 3,026
Senior secured loans \| Liquidation \| Probability weighting of alternative outcomes \| Weighted Average Mean
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.784	0.882
Senior secured loans \| Liquidation \| Probability weighting of alternative outcomes \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.325	0.482
Senior secured loans \| Liquidation \| Probability weighting of alternative outcomes \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	1.000	1.000
Unitranche secured loans \| Discounted cash flow \| EBITDA multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value \| $	$ 17,473	$ 45,072
Unitranche secured loans \| Discounted cash flow \| EBITDA multiples \| Weighted Average Mean
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.100	0.084
Unitranche secured loans \| Discounted cash flow \| EBITDA multiples \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.088	0.055
Unitranche secured loans \| Discounted cash flow \| EBITDA multiples \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.113	0.110
Unitranche secured loans \| Discounted cash flow \| EBITDA Market Yields \| Weighted Average Mean
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.111	0.085
Unitranche secured loans \| Discounted cash flow \| EBITDA Market Yields \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.108	0.073
Unitranche secured loans \| Discounted cash flow \| EBITDA Market Yields \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.123	0.133
Unitranche secured loans \| Discounted cash flow \| Revenue Market Yields \| Weighted Average Mean
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.119	0.083
Unitranche secured loans \| Discounted cash flow \| Revenue Market Yields \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.117	0.083
Unitranche secured loans \| Discounted cash flow \| Revenue Market Yields \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.120	0.083
Unitranche secured loans \| Discounted cash flow \| Revenue multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value \| $	$ 3,570	$ 1,472
Unitranche secured loans \| Discounted cash flow \| Revenue multiples \| Weighted Average Mean
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.089	0.140
Unitranche secured loans \| Discounted cash flow \| Revenue multiples \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.057	0.140
Unitranche secured loans \| Discounted cash flow \| Revenue multiples \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.125	0.140
Unitranche secured loans \| Enterprise value \| Revenue multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value \| $		$ 4,950
Unitranche secured loans \| Enterprise value \| Revenue multiples \| Weighted Average Mean
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input		0.006
Unitranche secured loans \| Enterprise value \| Revenue multiples \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input		0.006
Unitranche secured loans \| Enterprise value \| Revenue multiples \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input		0.006
Junior secured loans \| Discounted cash flow \| Market yields
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value \| $	$ 19,495	$ 12,266
Junior secured loans \| Discounted cash flow \| Market yields \| Weighted Average Mean
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.172	0.158
Junior secured loans \| Discounted cash flow \| Market yields \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.116	0.080
Junior secured loans \| Discounted cash flow \| Market yields \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.275	0.251
Junior secured loans \| Discounted cash flow \| Revenue Market Yields \| Weighted Average Mean
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input		0.020
Junior secured loans \| Discounted cash flow \| Revenue Market Yields \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input		0.020
Junior secured loans \| Discounted cash flow \| Revenue Market Yields \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input		0.020
Junior secured loans \| Discounted cash flow \| Revenue multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value \| $		$ 1,522
Junior secured loans \| Discounted cash flow \| Revenue multiples \| Weighted Average Mean
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input		0.150
Junior secured loans \| Discounted cash flow \| Revenue multiples \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input		0.150
Junior secured loans \| Discounted cash flow \| Revenue multiples \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input		0.150
Junior secured loans \| Liquidation \| Probability weighting of alternative outcomes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value \| $	$ 1,931	$ 576
Junior secured loans \| Liquidation \| Probability weighting of alternative outcomes \| Weighted Average Mean
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	2.317	0.691
Junior secured loans \| Liquidation \| Probability weighting of alternative outcomes \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	2.317	0.691
Junior secured loans \| Liquidation \| Probability weighting of alternative outcomes \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	2.317	0.691
Equity securities \| Discounted cash flow \| EBITDA multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value \| $	$ 411	$ 714
Equity securities \| Discounted cash flow \| EBITDA multiples \| Weighted Average Mean
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.070	0.133
Equity securities \| Discounted cash flow \| EBITDA multiples \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.070	0.133
Equity securities \| Discounted cash flow \| EBITDA multiples \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.070	0.133
Equity securities \| Discounted cash flow \| EBITDA Market Yields \| Weighted Average Mean
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input		0.123
Equity securities \| Discounted cash flow \| EBITDA Market Yields \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input		0.123
Equity securities \| Discounted cash flow \| EBITDA Market Yields \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input		0.123
Equity securities \| Enterprise value \| EBITDA multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value \| $	$ 13,713	$ 15,688
Equity securities \| Enterprise value \| EBITDA multiples \| Weighted Average Mean
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.085	0.056
Equity securities \| Enterprise value \| EBITDA multiples \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.040	0.045
Equity securities \| Enterprise value \| EBITDA multiples \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.158	0.151
Equity securities \| Enterprise value \| Revenue multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value \| $	$ 7,728	$ 6,448
Equity securities \| Enterprise value \| Revenue multiples \| Weighted Average Mean
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.027	0.048
Equity securities \| Enterprise value \| Revenue multiples \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.002	0.006
Equity securities \| Enterprise value \| Revenue multiples \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.123	0.123
Equity securities \| Enterprise value \| Book value multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value \| $		$ 264
Equity securities \| Enterprise value \| Book value multiples \| Weighted Average Mean
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input		0.015
Equity securities \| Enterprise value \| Book value multiples \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input		0.015
Equity securities \| Enterprise value \| Book value multiples \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input		0.015
Equity securities \| Liquidation \| Probability weighting of alternative outcomes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value \| $		$ 2,281
Equity securities \| Liquidation \| Probability weighting of alternative outcomes \| Weighted Average Mean
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input		0.244
Equity securities \| Liquidation \| Probability weighting of alternative outcomes \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input		0.244
Equity securities \| Liquidation \| Probability weighting of alternative outcomes \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input		0.244
Equity securities \| Option pricing model \| Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value \| $	$ 2,483	$ 455
Equity securities \| Option pricing model \| Volatility \| Weighted Average Mean
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.653	0.425
Equity securities \| Option pricing model \| Volatility \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.480	0.425
Equity securities \| Option pricing model \| Volatility \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.700	0.425