UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
| x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2019
OR
| ¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission file number: 814-00866
MONROE CAPITAL CORPORATION
(Exact Name of Registrant as Specified in its Charter)
| Maryland | 27-4895840 |
| (State or Other Jurisdiction of Incorporation or Organization) |
(I.R.S. Employer Identification No.) |
| 311 South Wacker Drive, Suite 6400 Chicago, Illinois |
60606 |
| (Address of Principal Executive Office) | (Zip Code) |
(312) 258-8300
(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||
| Common Stock, par value $0.001 per share 5.75% Notes due 2023 |
MRCC MRCCL |
The Nasdaq Global Select Market The Nasdaq Global Select Market |
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ¨ | Accelerated filer | x |
| Non-accelerated filer | ¨ | Smaller reporting company | ¨ |
| Emerging growth company | ¨ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x
As of November 5, 2019, the registrant had 20,444,564 shares of common stock, $0.001 par value, outstanding.
TABLE OF CONTENTS
| 2 |
Item 1. Consolidated Financial Statements
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(in thousands, except per share data)
| September 30, 2019 | December 31, 2018 | |||||||
| (unaudited) | ||||||||
| ASSETS | ||||||||
| Investments, at fair value: | ||||||||
| Non-controlled/non-affiliate company investments | $ | 553,035 | $ | 468,720 | ||||
| Non-controlled affiliate company investments | 61,746 | 57,267 | ||||||
| Controlled affiliate company investments | 42,669 | 27,634 | ||||||
| Total investments, at fair value (amortized cost of: $675,060 and $564,124, respectively) | 657,450 | 553,621 | ||||||
| Cash | 3,199 | 3,744 | ||||||
| Restricted cash | 20,776 | 13,982 | ||||||
| Unrealized gain on foreign currency forward contracts | 83 | 16 | ||||||
| Interest receivable | 10,714 | 7,774 | ||||||
| Other assets | 576 | 692 | ||||||
| Total assets | 692,798 | 579,829 | ||||||
| LIABILITIES | ||||||||
| Debt: | ||||||||
| Revolving credit facility | 216,638 | 136,026 | ||||||
| 2023 Notes | 109,000 | 69,000 | ||||||
| SBA debentures payable | 115,000 | 115,000 | ||||||
| Total debt | 440,638 | 320,026 | ||||||
| Less: Unamortized deferred financing costs | (8,504 | ) | (6,262 | ) | ||||
| Total debt, less unamortized deferred financing costs | 432,134 | 313,764 | ||||||
| Interest payable | 1,787 | 2,550 | ||||||
| Management fees payable | 2,785 | 2,318 | ||||||
| Incentive fees payable | 853 | — | ||||||
| Accounts payable and accrued expenses | 2,814 | 2,430 | ||||||
| Directors' fees payable | 40 | — | ||||||
| Total liabilities | 440,413 | 321,062 | ||||||
| Net assets | $ | 252,385 | $ | 258,767 | ||||
| Commitments and contingencies (See Note 11) | ||||||||
| ANALYSIS OF NET ASSETS | ||||||||
| Common stock, $0.001 par value, 100,000 shares authorized, 20,445 and 20,445 shares issued and outstanding, respectively | $ | 20 | $ | 20 | ||||
| Capital in excess of par value | 288,911 | 288,911 | ||||||
| Accumulated undistributed (overdistributed) earnings | (36,546 | ) | (30,164 | ) | ||||
| Total net assets | $ | 252,385 | $ | 258,767 | ||||
| Net asset value per share | $ | 12.34 | $ | 12.66 | ||||
See Notes to Consolidated Financial Statements.
| 3 |
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except per share data)
| Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
| 2019 | 2018 | 2019 | 2018 | |||||||||||||
| Investment income: | ||||||||||||||||
| Non-controlled/non-affiliate company investments: | ||||||||||||||||
| Interest income | $ | 14,308 | $ | 10,817 | $ | 40,881 | $ | 34,305 | ||||||||
| Payment-in-kind interest income | 156 | 121 | 369 | 384 | ||||||||||||
| Dividend income | 13 | 288 | 39 | 813 | ||||||||||||
| Fee income | 57 | 188 | 686 | 1,495 | ||||||||||||
| Total investment income from non-controlled/non-affiliate company investments | 14,534 | 11,414 | 41,975 | 36,997 | ||||||||||||
| Non-controlled affiliate company investments: | ||||||||||||||||
| Interest income | 231 | 1,203 | 1,921 | 4,389 | ||||||||||||
| Payment-in-kind interest income | 1,465 | 612 | 3,567 | 1,005 | ||||||||||||
| Fee income | — | — | — | 83 | ||||||||||||
| Total investment income from non-controlled affiliate company investments | 1,696 | 1,815 | 5,488 | 5,477 | ||||||||||||
| Controlled affiliate company investments: | ||||||||||||||||
| Dividend income | 1,100 | 550 | 2,745 | 1,075 | ||||||||||||
| Total investment income from controlled affiliate company investments | 1,100 | 550 | 2,745 | 1,075 | ||||||||||||
| Total investment income | 17,330 | 13,779 | 50,208 | 43,549 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Interest and other debt financing expenses | 5,549 | 2,895 | 15,010 | 8,437 | ||||||||||||
| Base management fees | 2,785 | 2,196 | 8,029 | 6,561 | ||||||||||||
| Incentive fees | 1,469 | — | 4,237 | 1,751 | ||||||||||||
| Professional fees | 262 | 260 | 823 | 869 | ||||||||||||
| Administrative service fees | 322 | 327 | 988 | 973 | ||||||||||||
| General and administrative expenses | 281 | 338 | 793 | 739 | ||||||||||||
| Excise taxes | — | — | 10 | 11 | ||||||||||||
| Directors' fees | 40 | 37 | 115 | 111 | ||||||||||||
| Expenses before incentive fee waiver | 10,708 | 6,053 | 30,005 | 19,452 | ||||||||||||
| Incentive fee waiver | (616 | ) | — | (1,182 | ) | — | ||||||||||
| Total expenses, net of incentive fee waiver | 10,092 | 6,053 | 28,823 | 19,452 | ||||||||||||
| Net investment income | 7,238 | 7,726 | 21,385 | 24,097 | ||||||||||||
| Net gain (loss): | ||||||||||||||||
| Net realized gain (loss): | ||||||||||||||||
| Non-controlled/non-affiliate company investments | 11 | (1,414 | ) | 46 | (1,414 | ) | ||||||||||
| Non-controlled affiliate company investments | — | (4,186 | ) | — | (4,186 | ) | ||||||||||
| Foreign currency forward contracts | 16 | — | 10 | — | ||||||||||||
| Foreign currency and other transactions | (1 | ) | (11 | ) | (3 | ) | (8 | ) | ||||||||
| Net realized gain (loss) | 26 | (5,611 | ) | 53 | (5,608 | ) | ||||||||||
| Net change in unrealized gain (loss): | ||||||||||||||||
| Non-controlled/non-affiliate company investments | (1,568 | ) | (5,981 | ) | (2,029 | ) | (6,661 | ) | ||||||||
| Non-controlled affiliate company investments | (2,355 | ) | 2,396 | (5,163 | ) | (8,684 | ) | |||||||||
| Controlled affiliate company investments | (350 | ) | 275 | 85 | 978 | |||||||||||
| Foreign currency forward contracts | 60 | (58 | ) | 67 | (58 | ) | ||||||||||
| Foreign currency and other transactions | 602 | 260 | 688 | 613 | ||||||||||||
| Net change in unrealized gain (loss) | (3,611 | ) | (3,108 | ) | (6,352 | ) | (13,812 | ) | ||||||||
| Net gain (loss) | (3,585 | ) | (8,719 | ) | (6,299 | ) | (19,420 | ) | ||||||||
| Net increase (decrease) in net assets resulting from operations | $ | 3,653 | $ | (993 | ) | $ | 15,086 | $ | 4,677 | |||||||
| Per common share data: | ||||||||||||||||
| Net investment income per share - basic and diluted | $ | 0.35 | $ | 0.38 | $ | 1.05 | $ | 1.19 | ||||||||
| Net increase (decrease) in net assets resulting from operations per share - basic and diluted | $ | 0.17 | $ | (0.05 | ) | $ | 0.73 | $ | 0.23 | |||||||
| Weighted average common shares outstanding - basic and diluted | 20,445 | 20,417 | 20,445 | 20,301 | ||||||||||||
See Notes to Consolidated Financial Statements.
| 4 |
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
(unaudited)
(in thousands)
| Common Stock | Capital in | Accumulated undistributed | ||||||||||||||||||
| Number of shares | Par value | excess of par value | (overdistributed) earnings | Total net assets | ||||||||||||||||
| Balances at June 30, 2018 | 20,279 | $ | 20 | $ | 286,651 | $ | (15,963 | ) | $ | 270,708 | ||||||||||
| Net investment income | — | — | — | 7,726 | 7,726 | |||||||||||||||
| Net realized gain (loss) | — | — | — | (5,611 | ) | (5,611 | ) | |||||||||||||
| Net change in unrealized gain (loss) | — | — | — | (3,108 | ) | (3,108 | ) | |||||||||||||
| Issuance of common stock, net of offering and underwriting costs | 166 | — | 2,193 | — | 2,193 | |||||||||||||||
| Distributions to stockholders | — | — | — | (7,156 | ) | (7,156 | ) | |||||||||||||
| Balances at September 30, 2018 | 20,445 | $ | 20 | $ | 288,844 | $ | (24,112 | ) | $ | 264,752 | ||||||||||
| Balances at June 30, 2019 | 20,445 | $ | 20 | $ | 288,911 | $ | (33,043 | ) | $ | 255,888 | ||||||||||
| Net investment income | — | — | — | 7,238 | 7,238 | |||||||||||||||
| Net realized gain (loss) | — | — | — | 26 | 26 | |||||||||||||||
| Net change in unrealized gain (loss) | — | — | — | (3,611 | ) | (3,611 | ) | |||||||||||||
| Issuance of common stock, net of offering and underwriting costs | — | — | — | — | — | |||||||||||||||
| Distributions to stockholders | — | — | — | (7,156 | ) | (7,156 | ) | |||||||||||||
| Balances at September 30, 2019 | 20,445 | $ | 20 | $ | 288,911 | $ | (36,546 | ) | $ | 252,385 | ||||||||||
| Common Stock | Capital in | Accumulated undistributed | ||||||||||||||||||
| Number of shares | Par value | excess of par value | (overdistributed) earnings | Total net assets | ||||||||||||||||
| Balances at December 31, 2017 | 20,240 | $ | 20 | $ | 286,141 | $ | (7,462 | ) | $ | 278,699 | ||||||||||
| Net investment income | — | — | — | 24,097 | 24,097 | |||||||||||||||
| Net realized gain (loss) | — | — | — | (5,608 | ) | (5,608 | ) | |||||||||||||
| Net change in unrealized gain (loss) | — | — | — | (13,812 | ) | (13,812 | ) | |||||||||||||
| Issuance of common stock, net of offering and underwriting costs | 183 | — | 2,402 | — | 2,402 | |||||||||||||||
| Distributions to stockholders | 22 | — | 301 | (21,327 | ) | (21,026 | ) | |||||||||||||
| Balances at September 30, 2018 | 20,445 | $ | 20 | $ | 288,844 | $ | (24,112 | ) | $ | 264,752 | ||||||||||
| Balances at December 31, 2018 | 20,445 | $ | 20 | $ | 288,911 | $ | (30,164 | ) | $ | 258,767 | ||||||||||
| Net investment income | — | — | — | 21,385 | 21,385 | |||||||||||||||
| Net realized gain (loss) | — | — | — | 53 | 53 | |||||||||||||||
| Net change in unrealized gain (loss) | — | — | — | (6,352 | ) | (6,352 | ) | |||||||||||||
| Issuance of common stock, net of offering and underwriting costs | — | — | — | — | — | |||||||||||||||
| Distributions to stockholders | — | — | — | (21,468 | ) | (21,468 | ) | |||||||||||||
| Balances at September 30, 2019 | 20,445 | $ | 20 | $ | 288,911 | $ | (36,546 | ) | $ | 252,385 | ||||||||||
See Notes to Consolidated Financial Statements.
| 5 |
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(in thousands)
| Nine months ended September 30, | ||||||||
| 2019 | 2018 | |||||||
| Cash flows from operating activities: | ||||||||
| Net increase (decrease) in net assets resulting from operations | $ | 15,086 | $ | 4,677 | ||||
| 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 | (46 | ) | 5,600 | |||||
| Net realized (gain) loss on foreign currency forward contracts | (10 | ) | — | |||||
| Net realized (gain) loss on foreign currency and other transactions | 3 | 8 | ||||||
| Net change in unrealized (gain) loss on investments | 7,107 | 14,367 | ||||||
| Net change in unrealized (gain) loss on foreign currency forward contracts | (67 | ) | 58 | |||||
| Net change in unrealized (gain) loss on foreign currency and other transactions | (688 | ) | (613 | ) | ||||
| Payment-in-kind interest income | (3,936 | ) | (1,389 | ) | ||||
| Payment-in-kind dividend income | — | (792 | ) | |||||
| Net accretion of discounts and amortization of premiums | (1,180 | ) | (1,837 | ) | ||||
| Proceeds from principal payments, sales of investments and settlement of forward contracts | 82,599 | 120,840 | ||||||
| Purchases of investments | (188,363 | ) | (124,944 | ) | ||||
| Amortization of deferred financing costs | 1,374 | 951 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Interest receivable | (2,940 | ) | (1,047 | ) | ||||
| Other assets | 116 | 268 | ||||||
| Interest payable | (763 | ) | (769 | ) | ||||
| Management fees payable | 467 | 132 | ||||||
| Incentive fees payable | 853 | (1,157 | ) | |||||
| Accounts payable and accrued expenses | 384 | 415 | ||||||
| Directors' fees payable | 40 | 37 | ||||||
| Net cash provided by (used in) operating activities | (89,964 | ) | 14,805 | |||||
| Cash flows from financing activities: | ||||||||
| Borrowings on revolving credit facility | 309,250 | 86,107 | ||||||
| Repayments of revolving credit facility | (227,950 | ) | (151,050 | ) | ||||
| Proceeds from 2023 Notes | 40,000 | 69,000 | ||||||
| SBA debentures borrowings | — | 5,480 | ||||||
| Payments of deferred financing costs | (3,616 | ) | (3,002 | ) | ||||
| Proceeds from shares sold, net of offering and underwriting costs | — | 2,402 | ||||||
| Stockholder distributions paid, net of stock issued under the dividend reinvestment plan of $0 and $301, respectively | (21,468 | ) | (21,026 | ) | ||||
| Net cash provided by (used in) financing activities | 96,216 | (12,089 | ) | |||||
| Net increase (decrease) in Cash and Restricted Cash | 6,252 | 2,716 | ||||||
| Effect of foreign currency exchange rates | (3 | ) | (8 | ) | ||||
| Cash and Restricted Cash, beginning of period | 17,726 | 7,199 | ||||||
| Cash and Restricted Cash, end of period | $ | 23,975 | $ | 9,907 | ||||
| Supplemental disclosure of cash flow information: | ||||||||
| Cash interest paid during the period | $ | 14,343 | $ | 8,197 | ||||
| Cash paid (refund received) for excise taxes during the period | $ | (13 | ) | $ | 91 | |||
The following tables provide a reconciliation of cash and restricted cash reported within the Consolidated Statements of Assets and Liabilities that sum to the total of the same such amounts in the Consolidated Statements of Cash Flows:
| September 30, 2019 | December 31, 2018 | |||||||
| Cash | $ | 3,199 | $ | 3,744 | ||||
| Restricted cash | 20,776 | 13,982 | ||||||
| Total cash and restricted cash shown in the Consolidated Statements of Cash Flows | $ | 23,975 | $ | 17,726 | ||||
| September 30, 2018 | December 31, 2017 | |||||||
| Cash | $ | 3,969 | $ | 4,332 | ||||
| Restricted cash | 5,938 | 2,867 | ||||||
| Total cash and restricted cash shown in the Consolidated Statements of Cash Flows | $ | 9,907 | $ | 7,199 | ||||
See Notes to Consolidated Financial Statements.
| 6 |
CONSOLIDATED SCHEDULE OF INVESTMENTS
(unaudited)
September 30, 2019
(in thousands, except for shares and units)
| Portfolio Company (a) | Spread Above Index (b) | Interest Rate | Acquisition Date (c) | Maturity | Principal | Amortized Cost | Fair Value (d) | % of Net Assets (e) | ||||||||||||||||||
| Non-Controlled/Non-Affiliate Company Investments | ||||||||||||||||||||||||||
| Senior Secured Loans | ||||||||||||||||||||||||||
| Automotive | ||||||||||||||||||||||||||
| Hastings Manufacturing Company | L+ 8.25% | 10.29 | % | 4/24/2018 | 4/24/2023 | 2,850 | $ | 2,805 | $ | 2,623 | 1.0 | % | ||||||||||||||
| Magneto & Diesel Acquisition, Inc. | L+ 5.50% | 7.54 | % | 12/18/2018 | 12/18/2023 | 4,963 | 4,886 | 4,964 | 2.0 | % | ||||||||||||||||
| Magneto & Diesel Acquisition, Inc. (Revolver) (f) | L+ 5.50% | 7.54 | % | 12/18/2018 | 12/18/2023 | 500 | 125 | 125 | 0.1 | % | ||||||||||||||||
| 8,313 | 7,816 | 7,712 | 3.1 | % | ||||||||||||||||||||||
| Banking, Finance, Insurance & Real Estate | ||||||||||||||||||||||||||
| 777 SPV I LLC (Delayed Draw) (g) (h) | L+ 8.50% | 10.54 | % | 4/15/2019 | 4/14/2023 | 5,404 | 5,343 | 5,439 | 2.2 | % | ||||||||||||||||
| Echelon Funding I, LLC (Delayed Draw) (f) (g) (h) | L+ 7.50% | 9.60 | % | 2/24/2017 | 2/24/2022 | 18,900 | 14,731 | 14,731 | 5.8 | % | ||||||||||||||||
| HFZ Capital Group, LLC (h) | L+ 10.17% | 12.32% Cash/ 0.17% PIK |
(i) | 10/20/2017 | 11/12/2019 | 18,000 | 17,988 | 18,002 | 7.1 | % | ||||||||||||||||
| HFZ Member RB Portfolio LLC (Delayed Draw) (f) (g) (h) | L+ 12.00% | 14.32 | % | 10/30/2018 | 10/29/2021 | 9,000 | 5,164 | 5,086 | 2.0 | % | ||||||||||||||||
| Liftforward SPV II, LLC (f) (g) (h) | L+ 10.75% | 12.79 | % | 11/10/2016 | 11/10/2020 | 10,000 | 3,985 | 4,006 | 1.6 | % | ||||||||||||||||
| PKS Holdings, LLC (h) | L+ 12.75% | 14.85 | % | 11/30/2017 | 11/30/2022 | 1,688 | 1,549 | 1,694 | 0.7 | % | ||||||||||||||||
| PKS Holdings, LLC (Revolver) (f) (h) | L+ 10.75% | 12.85 | % | 11/30/2017 | 11/30/2022 | 80 | — | — | 0.0 | % | ||||||||||||||||
| TCP-NG (U.S.), L.L.C. (h) | L+ 7.25% | 9.35 | % | 8/23/2019 | 8/22/2024 | 3,000 | 2,952 | 2,998 | 1.2 | % | ||||||||||||||||
| TCP-NG (U.S.), L.L.C. (Revolver) (f) (h) | L+ 7.25% | 9.35 | % | 8/23/2019 | 8/22/2024 | 180 | — | — | 0.0 | % | ||||||||||||||||
| 66,252 | 51,712 | 51,956 | 20.6 | % | ||||||||||||||||||||||
| Beverage, Food & Tobacco | ||||||||||||||||||||||||||
| California Pizza Kitchen, Inc. | L+ 6.00% | 8.53 | % | 8/19/2016 | 8/23/2022 | 6,790 | 6,750 | 6,090 | 2.4 | % | ||||||||||||||||
| Toojay's Management LLC | L+ 5.50% | 7.54 | % | 10/26/2018 | 10/26/2022 | 3,474 | 3,417 | 3,470 | 1.4 | % | ||||||||||||||||
| Toojay's Management LLC | L+ 5.50% | 7.54 | % | 10/26/2018 | 10/26/2022 | 476 | 476 | 476 | 0.2 | % | ||||||||||||||||
| Toojay's Management LLC (Revolver) | L+ 5.50% | 7.54 | % | 10/26/2018 | 10/26/2022 | 318 | 318 | 318 | 0.1 | % | ||||||||||||||||
| 11,058 | 10,961 | 10,354 | 4.1 | % | ||||||||||||||||||||||
| Chemicals, Plastics & Rubber | ||||||||||||||||||||||||||
| Midwest Composite Technologies, LLC | L+ 6.50% | 8.54 | % | 8/31/2018 | 8/31/2023 | 891 | 876 | 909 | 0.4 | % | ||||||||||||||||
| Midwest Composite Technologies, LLC (Delayed Draw) (f) (g) | L+ 6.50% | 8.54 | % | 8/31/2018 | 8/31/2023 | 510 | 60 | 61 | 0.0 | % | ||||||||||||||||
| Midwest Composite Technologies, LLC (Revolver) (f) | L+ 6.50% | 8.54 | % | 8/31/2018 | 8/31/2023 | 90 | — | — | 0.0 | % | ||||||||||||||||
| Valudor Products, LLC | L+ 7.50% | 9.54 | % | 6/18/2018 | 6/19/2023 | 1,574 | 1,548 | 1,552 | 0.6 | % | ||||||||||||||||
| Valudor Products, LLC (j) | L+ 7.50% | 9.54 | % | 6/18/2018 | 6/19/2023 | 211 | 206 | 207 | 0.1 | % | ||||||||||||||||
| Valudor Products, LLC (Revolver) (f) | L+ 9.50% | 11.54 | % | 6/18/2018 | 6/19/2023 | 818 | 341 | 336 | 0.1 | % | ||||||||||||||||
| 4,094 | 3,031 | 3,065 | 1.2 | % | ||||||||||||||||||||||
| Construction & Building | ||||||||||||||||||||||||||
| Cali Bamboo, LLC | L+ 7.00% | 9.04 | % | 7/10/2015 | 7/10/2020 | 7,875 | 7,829 | 7,750 | 3.0 | % | ||||||||||||||||
| Cali Bamboo, LLC (Revolver) (f) | L+ 7.00% | 9.04 | % | 7/10/2015 | 7/10/2020 | 2,165 | 758 | 746 | 0.3 | % | ||||||||||||||||
| Construction Supply Acquisition, LLC | L+ 6.00% | 8.12 | % | 11/27/2018 | 6/30/2023 | 4,368 | 4,349 | 4,357 | 1.7 | % | ||||||||||||||||
| Dude Solutions Holdings, Inc. | L+ 7.00% | 9.04 | % | 6/14/2019 | 6/13/2025 | 10,000 | 9,781 | 9,995 | 4.0 | % | ||||||||||||||||
| Dude Solutions Holdings, Inc. (Revolver) (f) | L+ 7.00% | 9.04 | % | 6/14/2019 | 6/13/2025 | 1,304 | — | — | 0.0 | % | ||||||||||||||||
| 25,712 | 22,717 | 22,848 | 9.0 | % | ||||||||||||||||||||||
| Consumer Goods: Durable | ||||||||||||||||||||||||||
| Nova Wildcat Amerock, LLC | L+ 5.75% | 7.79 | % | 10/12/2018 | 10/12/2023 | 9,392 | 9,232 | 9,393 | 3.7 | % | ||||||||||||||||
| Nova Wildcat Amerock, LLC (Revolver) (f) | L+ 5.75% | 7.79 | % | 10/12/2018 | 10/12/2023 | 931 | — | — | 0.0 | % | ||||||||||||||||
| Parterre Flooring & Surface Systems, LLC (k) | L+ 9.00% | 11.04 | % | 8/22/2017 | 8/22/2022 | 8,550 | 8,441 | 8,135 | 3.2 | % | ||||||||||||||||
| Parterre Flooring & Surface Systems, LLC (Revolver) | L+ 9.00% | 11.04 | % | 8/22/2017 | 8/22/2022 | 696 | 696 | 659 | 0.3 | % | ||||||||||||||||
| 19,569 | 18,369 | 18,187 | 7.2 | % | ||||||||||||||||||||||
| Consumer Goods: Non-Durable | ||||||||||||||||||||||||||
| Quirch Foods Holdings, LLC | L+ 6.00% | 8.05 | % | 2/14/2019 | 12/19/2025 | 1,985 | 1,966 | 1,985 | 0.8 | % | ||||||||||||||||
| 1,985 | 1,966 | 1,985 | 0.8 | % | ||||||||||||||||||||||
| Energy: Oil & Gas | ||||||||||||||||||||||||||
| BJ Services, LLC | L+ 7.00% | 9.10 | % | 1/28/2019 | 1/3/2023 | 4,387 | 4,350 | 4,384 | 1.7 | % | ||||||||||||||||
| Landpoint, LLC | L+ 10.00% | 12.04 | % | 12/17/2013 | 12/20/2019 | 1,821 | 1,820 | 1,821 | 0.7 | % | ||||||||||||||||
| Landpoint, LLC (Revolver) (f) | L+ 10.00% | 12.04 | % | 12/17/2013 | 12/20/2019 | 313 | — | — | 0.0 | % | ||||||||||||||||
| 6,521 | 6,170 | 6,205 | 2.4 | % | ||||||||||||||||||||||
| Environmental Industries | ||||||||||||||||||||||||||
| StormTrap, LLC | L+ 5.50% | 7.54 | % | 12/10/2018 | 12/8/2023 | 7,940 | 7,818 | 7,880 | 3.1 | % | ||||||||||||||||
| StormTrap, LLC (Revolver) (f) | L+ 5.50% | 7.54 | % | 12/10/2018 | 12/8/2023 | 432 | — | — | 0.0 | % | ||||||||||||||||
| Synergy Environmental Corporation (k) | L+ 7.00% | 9.04 | % | 4/29/2016 | 9/30/2021 | 2,893 | 2,864 | 2,880 | 1.1 | % | ||||||||||||||||
| Synergy Environmental Corporation (k) | L+ 7.00% | 9.04 | % | 4/29/2016 | 9/30/2021 | 484 | 479 | 481 | 0.2 | % | ||||||||||||||||
| Synergy Environmental Corporation (Delayed Draw) (f) (g) | L+ 7.00% | 9.04 | % | 4/29/2016 | 9/30/2021 | 1,310 | 827 | 823 | 0.3 | % | ||||||||||||||||
| Synergy Environmental Corporation (Revolver) (f) | L+ 7.00% | 9.04 | % | 4/29/2016 | 9/30/2021 | 671 | 471 | 469 | 0.2 | % | ||||||||||||||||
| 13,730 | 12,459 | 12,533 | 4.9 | % | ||||||||||||||||||||||
| 7 |
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
(unaudited)
September 30, 2019
(in thousands, except for shares and units)
| Portfolio Company (a) | Spread Above Index (b) | Interest Rate | Acquisition Date (c) | Maturity | Principal | Amortized Cost | Fair Value (d) | % of
Net Assets (e) | ||||||||||||||||||
| Healthcare & Pharmaceuticals | ||||||||||||||||||||||||||
| American Optics Holdco, Inc. (h) (l) | L+ 7.00% | 9.04 | % | 9/13/2017 | 9/13/2022 | 4,238 | $ | 4,182 | $ | 4,212 | 1.7 | % | ||||||||||||||
| American Optics Holdco, Inc. (h) (l) | L+ 7.00% | 9.04 | % | 9/13/2017 | 9/13/2022 | 1,648 | 1,623 | 1,638 | 0.6 | % | ||||||||||||||||
| American Optics Holdco, Inc. (Revolver) (f) (h) (l) | L+ 7.00% | 9.04 | % | 9/13/2017 | 9/13/2022 | 440 | — | — | 0.0 | % | ||||||||||||||||
| American Optics Holdco, Inc. (Revolver) (f) (h) (l) | L+ 7.00% | 9.04 | % | 9/13/2017 | 9/13/2022 | 440 | — | — | 0.0 | % | ||||||||||||||||
| Apotheco, LLC | L+ 5.25% | 7.29 | % | 4/8/2019 | 4/8/2024 | 3,491 | 3,426 | 3,491 | 1.4 | % | ||||||||||||||||
| Apotheco, LLC (Delayed Draw) (f) (g) | L+ 5.25% | 7.29 | % | 4/8/2019 | 4/8/2024 | 1,647 | — | — | 0.0 | % | ||||||||||||||||
| Apotheco, LLC (Revolver) (f) | L+ 5.25% | 7.29 | % | 4/8/2019 | 4/8/2024 | 909 | 159 | 159 | 0.1 | % | ||||||||||||||||
| Familia Dental Group Holdings, LLC (k) | L+ 8.00% | 10.04 | % | 4/8/2016 | 4/8/2021 | 5,019 | 4,988 | 4,648 | 1.8 | % | ||||||||||||||||
| Familia Dental Group Holdings, LLC | L+ 8.00% | 10.04 | % | 4/8/2016 | 4/8/2021 | 483 | 483 | 447 | 0.2 | % | ||||||||||||||||
| Familia Dental Group Holdings, LLC (Revolver) (f) | L+ 8.00% | 10.04 | % | 4/8/2016 | 4/8/2021 | 573 | 372 | 345 | 0.1 | % | ||||||||||||||||
| Rockdale Blackhawk, LLC (DIP Facility) | n/a | 15.10 | % | 8/30/2018 | n/a | (m) | 198 | 198 | 198 | 0.1 | % | |||||||||||||||
| Rockdale Blackhawk, LLC (DIP Facility) | n/a | 15.10 | % | 8/6/2018 | n/a | (m) | 8,877 | 8,877 | 8,877 | 3.5 | % | |||||||||||||||
| Rockdale Blackhawk, LLC | L+ 13.00% | 15.04 | %(n) | 3/31/2015 | 3/31/2020 | 10,923 | 10,465 | 8,842 | 3.5 | % | ||||||||||||||||
| 38,886 | 34,773 | 32,857 | 13.0 | % | ||||||||||||||||||||||
| High Tech Industries | ||||||||||||||||||||||||||
| Host Analytics, Inc. | L+ 6.00% | 8.10 | % | 12/28/2018 | 12/28/2023 | 9,500 | 9,332 | 9,481 | 3.8 | % | ||||||||||||||||
| Host Analytics, Inc. (Revolver) (f) | L+ 6.00% | 8.10 | % | 12/28/2018 | 12/28/2023 | 442 | — | — | 0.0 | % | ||||||||||||||||
| Mindbody, Inc. | L+ 7.00% | 9.06 | % | 2/15/2019 | 2/14/2025 | 6,333 | 6,220 | 6,330 | 2.5 | % | ||||||||||||||||
| Mindbody, Inc. (Revolver) (f) | L+ 7.00% | 9.06 | % | 2/15/2019 | 2/14/2025 | 667 | — | — | 0.0 | % | ||||||||||||||||
| Newforma, Inc. (k) | L+ 5.50% | 7.60 | % | 6/30/2017 | 6/30/2022 | 13,345 | 13,224 | 13,345 | 5.3 | % | ||||||||||||||||
| Newforma, Inc. (Revolver) (f) | L+ 5.50% | 7.60 | % | 6/30/2017 | 6/30/2022 | 1,250 | — | — | 0.0 | % | ||||||||||||||||
| Prototek Sheetmetal Fabrication, LLC | L+ 7.50% | 9.54 | % | 12/11/2017 | 12/12/2022 | 3,368 | 3,321 | 3,349 | 1.3 | % | ||||||||||||||||
| Prototek Sheetmetal Fabrication, LLC | L+ 7.50% | 9.54 | % | 6/27/2019 | 12/12/2022 | 1,600 | 1,570 | 1,591 | 0.6 | % | ||||||||||||||||
| Prototek Sheetmetal Fabrication, LLC | L+ 7.50% | 9.54 | % | 12/11/2017 | 12/12/2022 | 2,301 | 2,301 | 2,288 | 0.9 | % | ||||||||||||||||
| Prototek Sheetmetal Fabrication, LLC (Revolver) (f) | L+ 7.50% | 9.54 | % | 12/11/2017 | 12/12/2022 | 233 | — | — | 0.0 | % | ||||||||||||||||
| Recorded Future, Inc. | L+ 6.75% | 8.79 | % | 7/3/2019 | 7/3/2025 | 7,333 | 7,190 | 7,332 | 2.9 | % | ||||||||||||||||
| Recorded Future, Inc. (Delayed Draw) (f) (g) | L+ 6.75% | 8.79 | % | 7/3/2019 | 7/3/2025 | 587 | — | — | 0.0 | % | ||||||||||||||||
| Recorded Future, Inc. (Revolver) (f) | L+ 6.75% | 8.79 | % | 7/3/2019 | 7/3/2025 | 880 | — | — | 0.0 | % | ||||||||||||||||
| RPL Bidco Limited (h) (l) (o) | L+ 7.50% | 8.26 | % | 11/9/2017 | 11/9/2023 | 13,207 | 14,073 | 13,208 | 5.2 | % | ||||||||||||||||
| RPL Bidco Limited (Delayed Draw) (f) (g) (h) (l) (o) | L+ 7.50% | 8.26 | % | 5/22/2018 | 11/9/2023 | 1,966 | — | — | 0.0 | % | ||||||||||||||||
| RPL Bidco Limited (Revolver) (f) (h) (l) (o) | L+ 7.50% | 8.26 | % | 11/9/2017 | 11/9/2023 | 492 | — | — | 0.0 | % | ||||||||||||||||
| WillowTree, LLC | L+ 5.50% | 7.54 | % | 10/9/2018 | 10/9/2023 | 7,920 | 7,802 | 7,964 | 3.2 | % | ||||||||||||||||
| WillowTree, LLC (Revolver) (f) | L+ 5.50% | 7.54 | % | 10/9/2018 | 10/9/2023 | 1,000 | 962 | 962 | 0.4 | % | ||||||||||||||||
| 72,424 | 65,995 | 65,850 | 26.1 | % | ||||||||||||||||||||||
| Hotels, Gaming & Leisure | ||||||||||||||||||||||||||
| TRG, LLC | L+ 12.96% | 9.60%
Cash/ 5.46% PIK | (p) | 12/23/2014 | 2/14/2020 | 17,110 | 17,094 | 18,308 | 7.2 | % | ||||||||||||||||
| TRG, LLC (CapEx) | L+ 9.50% | 9.60%
Cash/ 2.00% PIK | 9/1/2015 | 2/14/2020 | 1,363 | 1,362 | 1,458 | 0.6 | % | |||||||||||||||||
| TRG, LLC (Revolver) (f) | L+ 9.50% | 11.60 | % | 12/23/2014 | 2/14/2020 | 262 | 131 | 140 | 0.1 | % | ||||||||||||||||
| 18,735 | 18,587 | 19,906 | 7.9 | % | ||||||||||||||||||||||
| Media: Advertising, Printing & Publishing | ||||||||||||||||||||||||||
| AdTheorent, Inc. | L+ 8.50% | 10.60 | % | 12/22/2016 | 12/22/2021 | 3,460 | 3,425 | 3,465 | 1.4 | % | ||||||||||||||||
| Destination Media, Inc. (k) | L+ 5.50% | 7.54 | % | 4/7/2017 | 4/7/2022 | 4,825 | 4,783 | 4,867 | 1.9 | % | ||||||||||||||||
| Destination Media, Inc. (Revolver) (f) | L+ 5.50% | 7.54 | % | 4/7/2017 | 4/7/2022 | 542 | — | — | 0.0 | % | ||||||||||||||||
| MC Sign Lessor Corp. | L+ 7.00% | 9.11 | % | 12/22/2017 | 8/30/2024 | 15,720 | 15,636 | 15,779 | 6.3 | % | ||||||||||||||||
| MC Sign Lessor Corp. (Revolver) (f) | L+ 7.00% | 9.11 | % | 12/22/2017 | 8/30/2024 | 3,490 | 1,047 | 1,047 | 0.4 | % | ||||||||||||||||
| 28,037 | 24,891 | 25,158 | 10.0 | % | ||||||||||||||||||||||
| Media: Broadcasting & Subscription | ||||||||||||||||||||||||||
| Vice Group Holding Inc. | L+ 12.00% | 6.62%
Cash/ 8.00% PIK | 5/2/2019 | 11/2/2022 | 1,225 | 1,213 | 1,219 | 0.5 | % | |||||||||||||||||
| Vice Group Holding Inc. (Delayed Draw) (f) (g) | L+ 9.00% | 11.62 | % | 5/2/2019 | 11/2/2022 | 400 | — | — | 0.0 | % | ||||||||||||||||
| Vice Group Holding Inc. (Delayed Draw) (f) (g) | L+ 9.00% | 11.62 | % | 5/2/2019 | 11/2/2022 | 400 | — | — | 0.0 | % | ||||||||||||||||
| 2,025 | 1,213 | 1,219 | 0.5 | % | ||||||||||||||||||||||
| Media: Diversified & Production | ||||||||||||||||||||||||||
| Attom Intermediate Holdco, LLC | L+ 5.75% | 7.79 | % | 1/4/2019 | 1/4/2024 | 1,985 | 1,950 | 1,984 | 0.8 | % | ||||||||||||||||
| Attom Intermediate Holdco, LLC (Revolver) (f) | L+ 5.75% | 7.79 | % | 1/4/2019 | 1/4/2024 | 320 | — | — | 0.0 | % | ||||||||||||||||
| Crownpeak Technology, Inc. | L+ 6.25% | 8.35 | % | 2/28/2019 | 2/28/2024 | 4,000 | 3,928 | 4,029 | 1.6 | % | ||||||||||||||||
| Crownpeak Technology, Inc. (Delayed Draw) (f) (g) | L+ 6.25% | 8.37 | % | 2/28/2019 | 2/28/2024 | 333 | 60 | 60 | 0.0 | % | ||||||||||||||||
| Crownpeak Technology, Inc. (Revolver) (f) | L+ 6.25% | 8.37 | % | 2/28/2019 | 2/28/2024 | 167 | — | — | 0.0 | % | ||||||||||||||||
| 6,805 | 5,938 | 6,073 | 2.4 | % | ||||||||||||||||||||||
| 8 |
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
(unaudited)
September 30, 2019
(in thousands, except for shares and units)
| Portfolio Company (a) | Spread Above Index (b) | Interest Rate | Acquisition Date (c) | Maturity | Principal | Amortized Cost | Fair Value (d) | % of
Net Assets (e) | ||||||||||||||||||
| Retail | ||||||||||||||||||||||||||
| Bluestem Brands, Inc. | L+ 7.50% | 9.54 | % | 6/26/2015 | 11/6/2020 | 2,315 | $ | 2,309 | $ | 1,756 | 0.7 | % | ||||||||||||||
| Forman Mills, Inc. (k) | L+ 9.50% | 9.54%
Cash/ 2.00% PIK | 10/4/2016 | 10/4/2021 | 8,202 | 8,125 | 7,628 | 3.0 | % | |||||||||||||||||
| LuLu's Fashion Lounge, LLC | L+ 9.00% | 11.04 | % | 8/21/2017 | 8/29/2022 | 4,250 | 4,168 | 4,182 | 1.7 | % | ||||||||||||||||
| The Worth Collection, Ltd. (k) | L+ 8.50% | 6.29%
Cash/ 4.25% PIK | (n) | 9/29/2016 | 9/29/2021 | 10,709 | 10,364 | 6,816 | 2.7 | % | ||||||||||||||||
| Yandy Holding, LLC | L+ 11.00% | 13.04 | % | 9/30/2014 | n/a | (m) | 3,643 | 3,643 | 3,639 | 1.4 | % | |||||||||||||||
| Yandy Holding, LLC (Revolver) (f) | L+ 11.00% | 13.04 | % | 9/30/2014 | n/a | (m) | 907 | — | — | 0.0 | % | |||||||||||||||
| 30,026 | 28,609 | 24,021 | 9.5 | % | ||||||||||||||||||||||
| Services: Business | ||||||||||||||||||||||||||
| APCO Worldwide, Inc. | L+ 8.00% | 10.04 | % | 6/30/2017 | 6/30/2022 | 4,687 | 4,629 | 4,641 | 1.8 | % | ||||||||||||||||
| Arcserve (USA) LLC | L+ 6.00% | 8.12 | % | 5/1/2019 | 5/1/2024 | 4,785 | 4,694 | 4,792 | 1.9 | % | ||||||||||||||||
| Atlas Sign Industries of FLA, LLC (k) | L+ 11.50% | 12.54%
Cash/ 1.00% PIK | 5/14/2018 | 5/15/2023 | 3,518 | 3,323 | 3,300 | 1.3 | % | |||||||||||||||||
| Burroughs, Inc. (k) | L+ 8.00% | 9.60%
Cash/ 0.50% PIK | 12/22/2017 | 12/22/2022 | 5,790 | 5,728 | 5,679 | 2.3 | % | |||||||||||||||||
| Burroughs, Inc. (Revolver) (f) | L+ 8.00% | 9.60%
Cash/ 0.50% PIK | 12/22/2017 | 12/22/2022 | 1,215 | 1,165 | 1,165 | 0.5 | % | |||||||||||||||||
| Certify, Inc. | L+ 5.75% | 7.79 | % | 2/28/2019 | 2/28/2024 | 9,000 | 8,876 | 8,921 | 3.5 | % | ||||||||||||||||
| Certify, Inc. (Delayed Draw) (f) (g) | L+ 5.75% | 7.79 | % | 2/28/2019 | 2/28/2024 | 1,227 | 409 | 406 | 0.2 | % | ||||||||||||||||
| Certify, Inc. (Revolver) (f) | L+ 5.75% | 7.79 | % | 2/28/2019 | 2/28/2024 | 409 | — | — | 0.0 | % | ||||||||||||||||
| First Call Resolution, LLC (k) | L+ 7.00% | 9.10 | % | 9/22/2017 | 9/22/2022 | 3,721 | 3,679 | 3,758 | 1.5 | % | ||||||||||||||||
| First Call Resolution, LLC | L+ 7.00% | 9.10 | % | 9/28/2018 | 9/22/2022 | 9,077 | 8,960 | 9,167 | 3.6 | % | ||||||||||||||||
| HaystackID LLC | L+ 6.50% | 8.54 | % | 1/14/2019 | 1/12/2024 | 4,962 | 4,876 | 4,958 | 2.0 | % | ||||||||||||||||
| HaystackID LLC (Revolver) (f) | L+ 6.50% | 8.54 | % | 1/14/2019 | 1/12/2024 | 403 | 81 | 80 | 0.0 | % | ||||||||||||||||
| HS4 Acquisitionco, Inc. | L+ 6.75% | 8.85 | % | 7/9/2019 | 7/9/2025 | 10,050 | 9,853 | 10,040 | 4.0 | % | ||||||||||||||||
| HS4 Acquisitionco, Inc. (Revolver) (f) | L+ 6.75% | 8.85 | % | 7/9/2019 | 7/9/2025 | 817 | — | — | 0.0 | % | ||||||||||||||||
| IT Global Holding LLC | L+ 9.00% | 11.04 | % | 11/15/2018 | 11/10/2023 | 10,303 | 10,124 | 10,281 | 4.1 | % | ||||||||||||||||
| IT Global Holding LLC | L+ 9.00% | 11.04 | % | 7/19/2019 | 11/10/2023 | 3,840 | 3,764 | 3,832 | 1.5 | % | ||||||||||||||||
| IT Global Holding LLC (Revolver) | L+ 9.00% | 11.04 | % | 11/15/2018 | 11/10/2023 | 875 | 875 | 875 | 0.3 | % | ||||||||||||||||
| Kaseya Traverse, Inc. | L+ 6.50% | 7.72%
Cash/ 1.00% PIK | 5/3/2019 | 5/2/2025 | 6,010 | 5,895 | 5,988 | 2.4 | % | |||||||||||||||||
| Kaseya Traverse, Inc. (Delayed Draw) (f) (g) | L+ 6.50% | 7.69%
Cash/ 1.00% PIK | 5/3/2019 | 5/2/2025 | 723 | 94 | 94 | 0.0 | % | |||||||||||||||||
| Kaseya Traverse, Inc. (Revolver) (f) | L+ 6.50% | 8.60 | % | 5/3/2019 | 5/2/2025 | 506 | 145 | 144 | 0.1 | % | ||||||||||||||||
| Madison Logic, Inc. (k) | L+ 8.00% | 10.04 | % | 11/30/2016 | 11/30/2021 | 9,681 | 9,582 | 9,681 | 3.8 | % | ||||||||||||||||
| Madison Logic, Inc. (Revolver) (f) | L+ 8.00% | 10.04 | % | 11/30/2016 | 11/30/2021 | 988 | — | — | 0.0 | % | ||||||||||||||||
| RedZone Robotics, Inc. | L+ 8.75% | 8.79%
Cash/ 2.00% PIK | 6/1/2018 | 6/5/2023 | 646 | 636 | 588 | 0.2 | % | |||||||||||||||||
| RedZone Robotics, Inc. (Revolver) (f) | L+ 6.75% | 8.79 | % | 6/1/2018 | 6/5/2023 | 158 | — | — | 0.0 | % | ||||||||||||||||
| Security Services Acquisition Sub Corp. (k) | L+ 6.00% | 8.03 | % | 2/15/2019 | 2/15/2024 | 3,483 | 3,422 | 3,476 | 1.4 | % | ||||||||||||||||
| Security Services Acquisition Sub Corp. (Delayed Draw) (f) (g) (k) | L+ 6.00% | 8.03 | % | 2/15/2019 | 2/15/2024 | 2,496 | 1,766 | 1,763 | 0.7 | % | ||||||||||||||||
| Security Services Acquisition Sub Corp. (Delayed Draw) (f) (g) (k) | L+ 6.00% | 8.03 | % | 2/15/2019 | 2/15/2024 | 2,186 | 520 | 518 | 0.2 | % | ||||||||||||||||
| Security Services Acquisition Sub Corp. (Revolver) (f) | L+ 6.00% | 8.03 | % | 2/15/2019 | 2/15/2024 | 1,042 | 104 | 104 | 0.1 | % | ||||||||||||||||
| TRP Construction Group, LLC (k) | L+ 7.50% | 9.54 | % | 10/5/2017 | 10/5/2022 | 7,863 | 7,760 | 7,800 | 3.1 | % | ||||||||||||||||
| TRP Construction Group, LLC | L+ 7.50% | 9.54 | % | 9/5/2018 | 10/5/2022 | 6,709 | 6,709 | 6,655 | 2.6 | % | ||||||||||||||||
| TRP Construction Group, LLC (Revolver) (f) | L+ 7.50% | 9.54 | % | 10/5/2017 | 10/5/2022 | 2,133 | — | — | 0.0 | % | ||||||||||||||||
| VPS Holdings, LLC | L+ 7.00% | 9.04 | % | 10/5/2018 | 10/4/2024 | 4,906 | 4,819 | 4,818 | 1.9 | % | ||||||||||||||||
| VPS Holdings, LLC | L+ 7.00% | 9.04 | % | 10/5/2018 | 10/4/2024 | 4,000 | 4,000 | 3,928 | 1.6 | % | ||||||||||||||||
| VPS Holdings, LLC (Revolver) (f) | L+ 7.00% | 9.04 | % | 10/5/2018 | 10/4/2024 | 1,000 | 100 | 100 | 0.1 | % | ||||||||||||||||
| 129,209 | 116,588 | 117,552 | 46.7 | % | ||||||||||||||||||||||
| Services: Consumer | ||||||||||||||||||||||||||
| Mammoth Holdings, LLC | L+ 6.00% | 8.32 | % | 10/16/2018 | 10/16/2023 | 1,985 | 1,952 | 1,981 | 0.8 | % | ||||||||||||||||
| Mammoth Holdings, LLC (Delayed Draw) (f) (g) | L+ 6.00% | 8.32 | % | 10/16/2018 | 10/16/2023 | 4,167 | 3,260 | 3,253 | 1.3 | % | ||||||||||||||||
| Mammoth Holdings, LLC (Revolver) (f) | L+ 6.00% | 8.32 | % | 10/16/2018 | 10/16/2023 | 500 | — | — | 0.0 | % | ||||||||||||||||
| PeopleConnect Intermediate, LLC | L+ 6.50% | 8.61 | % | 7/1/2015 | 7/1/2020 | 4,072 | 4,056 | 4,072 | 1.6 | % | ||||||||||||||||
| PeopleConnect Intermediate, LLC | L+ 12.50% | 14.61 | % | 7/1/2015 | 7/1/2020 | 4,536 | 4,516 | 4,529 | 1.8 | % | ||||||||||||||||
| PeopleConnect Intermediate, LLC (Revolver) (f) | L+ 9.50% | 11.61 | % | 7/1/2015 | 7/1/2020 | 236 | — | — | 0.0 | % | ||||||||||||||||
| 15,496 | 13,784 | 13,835 | 5.5 | % | ||||||||||||||||||||||
| Wholesale | ||||||||||||||||||||||||||
| Mid-West Wholesale Hardware Co. (q) | L+ 8.00% | 10.04 | % | 2/9/2017 | 2/9/2022 | 19,423 | 19,184 | 19,423 | 7.7 | % | ||||||||||||||||
| Mid-West Wholesale Hardware Co. (Revolver) (f) | L+ 8.00% | 10.04 | % | 2/9/2017 | 2/9/2022 | 5,491 | 5,034 | 5,034 | 2.0 | % | ||||||||||||||||
| Nearly Natural, Inc. (k) | L+ 7.00% | 9.10 | % | 12/15/2017 | 12/15/2022 | 6,878 | 6,782 | 6,811 | 2.7 | % | ||||||||||||||||
| Nearly Natural, Inc. (Delayed Draw) (f) (g) (k) | L+ 7.00% | 9.10 | % | 8/28/2019 | 12/15/2022 | 1,924 | 349 | 346 | 0.1 | % | ||||||||||||||||
| Nearly Natural, Inc. (Revolver) (f) | L+ 7.00% | 9.10 | % | 12/15/2017 | 12/15/2022 | 1,522 | 457 | 457 | 0.2 | % | ||||||||||||||||
| 35,238 | 31,806 | 32,071 | 12.7 | % | ||||||||||||||||||||||
| Total Non-Controlled/Non-Affiliate Senior Secured Loans | 534,115 | 477,385 | 473,387 | 187.6 | % | |||||||||||||||||||||
| 9 |
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
(unaudited)
September 30, 2019
(in thousands, except for shares and units)
| Portfolio Company (a) | Spread Above Index (b) | Interest Rate | Acquisition Date (c) | Maturity | Principal | Amortized Cost | Fair Value (d) | % of
Net Assets (e) | ||||||||||||||||||
| Unitranche Secured Loans (r) | ||||||||||||||||||||||||||
| Chemicals, Plastics & Rubber | ||||||||||||||||||||||||||
| MFG Chemical, LLC (k) | L+ 6.00% | 8.04 | % | 6/23/2017 | 6/23/2022 | 10,477 | $ | 10,381 | $ | 10,178 | 4.0 | % | ||||||||||||||
| MFG Chemical, LLC | L+ 6.00% | 8.04 | % | 3/15/2018 | 6/23/2022 | 1,124 | 1,124 | 1,091 | 0.4 | % | ||||||||||||||||
| 11,601 | 11,505 | 11,269 | 4.4 | % | ||||||||||||||||||||||
| Construction & Building | ||||||||||||||||||||||||||
| Inland Pipe Rehabilitation LLC | L+ 5.50% | 7.60 | % | 12/27/2018 | 12/26/2024 | 12,406 | 12,178 | 12,515 | 5.0 | % | ||||||||||||||||
| 12,406 | 12,178 | 12,515 | 5.0 | % | ||||||||||||||||||||||
| Consumer Goods: Durable | ||||||||||||||||||||||||||
| RugsUSA, LLC | L+ 6.50% | 8.55 | % | 5/2/2018 | 4/28/2023 | 4,000 | 3,971 | 3,992 | 1.6 | % | ||||||||||||||||
| 4,000 | 3,971 | 3,992 | 1.6 | % | ||||||||||||||||||||||
| Healthcare & Pharmaceuticals | ||||||||||||||||||||||||||
| Priority Ambulance, LLC (s) | L+ 6.50% | 8.60 | % | 7/18/2019 | 4/12/2022 | 10,015 | 10,015 | 10,015 | 4.0 | % | ||||||||||||||||
| Priority Ambulance, LLC (t) | L+ 6.50% | 8.60 | % | 4/12/2017 | 4/12/2022 | 1,253 | 1,232 | 1,255 | 0.5 | % | ||||||||||||||||
| Priority Ambulance, LLC (Delayed Draw) (f) (g) | L+ 6.50% | 8.60 | % | 7/18/2019 | 4/12/2022 | 246 | — | — | 0.0 | % | ||||||||||||||||
| Priority Ambulance, LLC (Delayed Draw) (f) (g) | L+ 6.50% | 8.60 | % | 12/13/2018 | 4/12/2022 | 2,480 | 691 | 692 | 0.2 | % | ||||||||||||||||
| 13,994 | 11,938 | 11,962 | 4.7 | % | ||||||||||||||||||||||
| High Tech Industries | ||||||||||||||||||||||||||
| Energy Services Group, LLC | L+ 8.42% | 10.46 | % | 5/4/2017 | 5/4/2022 | 4,226 | 4,192 | 4,210 | 1.7 | % | ||||||||||||||||
| Energy Services Group, LLC (h) (o) | L+ 8.42% | 9.42 | % | 5/4/2017 | 5/4/2022 | 4,677 | 5,001 | 4,665 | 1.8 | % | ||||||||||||||||
| Energy Services Group, LLC | L+ 8.42% | 10.46 | % | 5/4/2017 | 5/4/2022 | 1,203 | 1,188 | 1,198 | 0.5 | % | ||||||||||||||||
| Mnine Holdings, Inc. | P+ 8.75% | 13.50 | % | 11/2/2018 | 11/2/2023 | 7,940 | 7,803 | 7,747 | 3.1 | % | ||||||||||||||||
| 18,046 | 18,184 | 17,820 | 7.1 | % | ||||||||||||||||||||||
| Total Non-Controlled/Non-Affiliate Unitranche Secured Loans | 60,047 | 57,776 | 57,558 | 22.8 | % | |||||||||||||||||||||
| Junior Secured Loans | ||||||||||||||||||||||||||
| Beverage, Food & Tobacco | ||||||||||||||||||||||||||
| CSM Bakery Supplies, LLC | L+ 7.75% | 10.04 | % | 5/23/2013 | 7/5/2021 | 5,792 | 5,792 | 5,387 | 2.1 | % | ||||||||||||||||
| 5,792 | 5,792 | 5,387 | 2.1 | % | ||||||||||||||||||||||
| High Tech Industries | ||||||||||||||||||||||||||
| Micro Holdings Corp. | L+ 7.50% | 9.54 | % | 8/16/2017 | 8/18/2025 | 3,000 | 2,974 | 3,022 | 1.2 | % | ||||||||||||||||
| 3,000 | 2,974 | 3,022 | 1.2 | % | ||||||||||||||||||||||
| Media: Diversified & Production | ||||||||||||||||||||||||||
| The Octave Music Group, Inc. | L+ 8.25% | 10.32 | % | 5/29/2015 | 5/27/2022 | 4,355 | 4,323 | 4,355 | 1.7 | % | ||||||||||||||||
| 4,355 | 4,323 | 4,355 | 1.7 | % | ||||||||||||||||||||||
| Services: Consumer | ||||||||||||||||||||||||||
| Education Corporation of America | L+ 11.00% | 7.60% Cash/ 5.50% PIK |
(n) | 9/3/2015 | 3/31/2020 | 833 | 831 | 757 | 0.3 | % | ||||||||||||||||
| 833 | 831 | 757 | 0.3 | % | ||||||||||||||||||||||
| Total Non-Controlled/Non-Affiliate Junior Secured Loans | 13,980 | 13,920 | 13,521 | 5.3 | % | |||||||||||||||||||||
| Equity Securities (u) (v) | ||||||||||||||||||||||||||
| Banking, Finance, Insurance & Real Estate | ||||||||||||||||||||||||||
| PKS Holdings, LLC (warrant to purchase up to 0.8% of the equity) (h) | — | — | (w) | 11/30/2017 | 11/30/2027 | — | 116 | 7 | 0.0 | % | ||||||||||||||||
| 116 | 7 | 0.0 | % | |||||||||||||||||||||||
| Chemicals, Plastics & Rubber | ||||||||||||||||||||||||||
| Valudor Products, LLC (501,014 class A-1 units) | n/a | 10.00% PIK | 6/18/2018 | — | — | 501 | 276 | 0.1 | % | |||||||||||||||||
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