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(Revolver), Senior Secured Loans 2024-03-31 0001512931 us-gaap:FoodAndBeverageSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:SeniorLoansMember 2024-03-31 0001512931 CGI Automated Manufacturing, LLC, Senior Secured Loans 1 2024-03-31 0001512931 CGI Automated Manufacturing, LLC, Senior Secured Loans 2 2024-03-31 0001512931 us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:SeniorLoansMember mrcc:CapitalEquipmentMember 2024-03-31 0001512931 Valudor Products LLC, Senior Secured Loans 1 2024-03-31 0001512931 Valudor Products LLC, Senior Secured Loans 2 2024-03-31 0001512931 Valudor Products LLC, Senior Secured Loans 3 2024-03-31 0001512931 Valudor Products LLC (Revolver), Senior Secured Loans 2024-03-31 0001512931 us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:SeniorLoansMember mrcc:ChemicalsPlasticsRubberMember 2024-03-31 0001512931 MEI Buyer LLC, Senior Secured Loans 1 2024-03-31 0001512931 MEI Buyer LLC, Senior Secured Loans 2 2024-03-31 0001512931 MEI Buyer LLC (Delayed Draw), Senior Secured Loans 2024-03-31 0001512931 MEI Buyer LLC (Revolver), Senior Secured Loans 2024-03-31 0001512931 TCFIII OWL Buyer LLC, Senior Secured Loans 1 2024-03-31 0001512931 TCFIII OWL Buyer LLC, Senior Secured Loans 2 2024-03-31 0001512931 TCFIII OWL Buyer LLC, Senior Secured Loans 3 2024-03-31 0001512931 us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:SeniorLoansMember us-gaap:ConstructionSectorMember 2024-03-31 0001512931 Independence Buyer, Inc., Senior Secured Loans 2024-03-31 0001512931 Independence Buyer, Inc. (Revolver), Senior Secured Loans 2024-03-31 0001512931 Recycled Plastics Industries, LLC, Senior Secured Loans 2024-03-31 0001512931 Recycled Plastics Industries, LLC (Revolver), Senior Secured Loans 2024-03-31 0001512931 us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:SeniorLoansMember mrcc:ConsumerGoodsDurableSectorMember 2024-03-31 0001512931 The Kyjen Company, LLC, Senior Secured Loans 1 2024-03-31 0001512931 The Kyjen Company, LLC, Senior Secured Loans 2 2024-03-31 0001512931 The Kyjen Company, LLC (Revolver), Senior Secured Loans 2024-03-31 0001512931 Thrasio, LLC, Senior Secured Loans 2024-03-31 0001512931 mrcc:ConsumerSectorNon-DurableMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:SeniorLoansMember 2024-03-31 0001512931 Quest Resource Management Group, LLC, Senior Secured Loans 1 2024-03-31 0001512931 Quest Resource Management Group, LLC, Senior Secured Loans 2 2024-03-31 0001512931 Quest Resource Management Group, LLC, Senior Secured Loans 3 2024-03-31 0001512931 Quest Resource Management Group, LLC, Senior Secured Loans 4 2024-03-31 0001512931 us-gaap:InvestmentUnaffiliatedIssuerMember mrcc:EnvironmentalIndustriesMember us-gaap:SeniorLoansMember 2024-03-31 0001512931 Avalara, Inc., Senior Secured Loans 2024-03-31 0001512931 Avalara, Inc. (Revolver), Senior Secured Loans 2024-03-31 0001512931 GC Champion Acquisition LLC, Senior Secured Loans 1 2024-03-31 0001512931 GC Champion Acquisition LLC, Senior Secured Loans 2 2024-03-31 0001512931 GC Champion Acquisition LLC, Senior Secured Loans 3 2024-03-31 0001512931 J2 BWA Funding LLC (Revolver), Senior Secured Loans 2024-03-31 0001512931 Liftforward SPV II, LLC, Senior Secured Loans 2024-03-31 0001512931 W3 Monroe RE Debt LLC, Senior Secured Loans 2024-03-31 0001512931 W3 Monroe RE Debt LLC, Senior Secured Loans, Delayed Draw 2024-03-31 0001512931 us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:SeniorLoansMember mrcc:FireFinanceSectorMember 2024-03-31 0001512931 Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC, Senior Secured Loans 1 2024-03-31 0001512931 Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC, Senior Secured Loans 2 2024-03-31 0001512931 Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC (Delayed Draw), Senior Secured Loans 2024-03-31 0001512931 Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC (Revolver), Senior Secured Loans 2024-03-31 0001512931 us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:SeniorLoansMember mrcc:FireRealEstateSectorMember 2024-03-31 0001512931 Bluesight, Inc., Senior Secured Loans 2024-03-31 0001512931 Bluesight, Inc. (Revolver), Senior Secured Loans 2024-03-31 0001512931 Brickell Bay Acquisition Corp., Senior Secured Loans 2024-03-31 0001512931 Caravel Autism Health, LLC, Senior Secured Loans 1 2024-03-31 0001512931 Caravel Autism Health, LLC, Senior Secured Loans 2 2024-03-31 0001512931 Caravel Autism Health, LLC (Revolver), Senior Secured Loans 2024-03-31 0001512931 Dorado Acquisition, Inc., Senior Secured Loans 1 2024-03-31 0001512931 Dorado Acquisition, Inc., Senior Secured Loans 2 2024-03-31 0001512931 Dorado Acquisition, Inc. (Revolver), Senior Secured Loans 2024-03-31 0001512931 Forest Buyer, LLC, Senior Secured Loans 2024-03-31 0001512931 Forest Buyer, LLC (Delayed Draw), Senior Secured Loans 2024-03-31 0001512931 Forest Buyer, LLC (Revolver), Senior Secured Loans 2024-03-31 0001512931 INH Buyer, Inc., Senior Secured Loans 2024-03-31 0001512931 KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC), Senior Secured Loans 1 2024-03-31 0001512931 KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC), Senior Secured Loans 2 2024-03-31 0001512931 KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC) (Delayed Draw), Senior Secured Loans 2024-03-31 0001512931 KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC) (Revolver), Senior Secured Loans 2024-03-31 0001512931 NationsBenefits, LLC, Senior Secured Loans 1 2024-03-31 0001512931 NationsBenefits, LLC, Senior Secured Loans 2 2024-03-31 0001512931 NationsBenefits, LLC, Senior Secured Loans 3 2024-03-31 0001512931 NationsBenefits, LLC, Senior Secured Loans, Revolver 2024-03-31 0001512931 NQ PE Project Colosseum Midco Inc., Senior Secured Loans 2024-03-31 0001512931 NQ PE Project Colosseum Midco Inc., Senior Secured Loans, Delayed Draw 2024-03-31 0001512931 NQ PE Project Colosseum Midco Inc., Senior Secured Loans, Revolver 2024-03-31 0001512931 Seran BioScience, LLC, Senior Secured Loans 1 2024-03-31 0001512931 Seran BioScience, LLC, Senior Secured Loans 2 2024-03-31 0001512931 Seran BioScience, LLC, Senior Secured Loans 3 2024-03-31 0001512931 Seran BioScience, LLC, Senior Secured Loans, Revolver 2024-03-31 0001512931 TigerConnect, Inc., Senior Secured Loans 2024-03-31 0001512931 TigerConnect, Inc., Senior Secured Loans, Delayed Draw 2024-03-31 0001512931 TigerConnect, Inc., Senior Secured Loans, Revolver 2024-03-31 0001512931 Vero Biotech Inc., Senior Secured Loans 2024-03-31 0001512931 Whistler Parent Holdings III, Inc., Senior Secured Loans 1 2024-03-31 0001512931 Whistler Parent Holdings III, Inc., Senior Secured Loans 2 2024-03-31 0001512931 Whistler Parent Holdings III, Inc., Senior Secured Loans, Revolver 2024-03-31 0001512931 us-gaap:HealthcareSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:SeniorLoansMember 2024-03-31 0001512931 Amelia Holding II, LLC, Senior Secured Loans 1 2024-03-31 0001512931 Amelia Holding II, LLC, Senior Secured Loans 2 2024-03-31 0001512931 Amelia Holding II, LLC, Senior Secured Loans, Revolver 2024-03-31 0001512931 Arcserve Cayman Opco LP (fka Arcstor Midco, LLC), Senior Secured Loans, Delayed Draw 2024-03-31 0001512931 Drawbridge Partners, LLC, Senior Secured Loans 2024-03-31 0001512931 Drawbridge Partners, LLC, Senior Secured Loans, Delayed Draw 2024-03-31 0001512931 Drawbridge Partners, LLC, Senior Secured Loans Revolver 2024-03-31 0001512931 Medallia, Inc., Senior Secured Loans 2024-03-31 0001512931 Mindbody, Inc., Senior Secured Loans 1 2024-03-31 0001512931 Mindbody, Inc., Senior Secured Loans 2 2024-03-31 0001512931 Mindbody, Inc., Senior Secured Loans, Revolver 2024-03-31 0001512931 Planful, Inc., Senior Secured Loans 1 2024-03-31 0001512931 Planful, Inc., Senior Secured Loans 2 2024-03-31 0001512931 Planful, Inc., Senior Secured Loans 3 2024-03-31 0001512931 Planful, Inc., Senior Secured Loans 4 2024-03-31 0001512931 Planful, Inc., Senior Secured Loans 5 2024-03-31 0001512931 Planful, Inc., Senior Secured Loans, Revolver 2024-03-31 0001512931 Sparq Holdings, Inc., Senior Secured Loans 2024-03-31 0001512931 Sparq Holdings, Inc., Senior Secured Loans, Delayed Draw 2024-03-31 0001512931 Sparq Holdings, Inc., Senior Secured Loans, Revolver 2024-03-31 0001512931 mrcc:HighTechIndustriesSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:SeniorLoansMember 2024-03-31 0001512931 Destination Media, Inc., Senior Secured Loans 2024-03-31 0001512931 Destination Media, Inc., Senior Secured Loans, Delayed Draw 2024-03-31 0001512931 Destination Media, Inc., Senior Secured Loans, Revolver 2024-03-31 0001512931 North Haven USHC Acquisition, Inc., Senior Secured Loans 1 2024-03-31 0001512931 North Haven USHC Acquisition, Inc., Senior Secured Loans 2 2024-03-31 0001512931 North Haven USHC Acquisition, Inc., Senior Secured Loans 3 2024-03-31 0001512931 North Haven USHC Acquisition, Inc., Senior Secured Loans 4 2024-03-31 0001512931 North Haven USHC Acquisition, Inc., Senior Secured Loans, Delayed Draw 2024-03-31 0001512931 North Haven USHC Acquisition, Inc., Senior Secured Loans, Revolver 2024-03-31 0001512931 Relevate Health Group, LLC, Senior Secured Loans 1 2024-03-31 0001512931 Relevate Health Group, LLC, Senior Secured Loans 2 2024-03-31 0001512931 Relevate Health Group, LLC, Senior Secured Loans, Revolver 2024-03-31 0001512931 Spherix Global Inc., Senior Secured Loans 2024-03-31 0001512931 Spherix Global Inc., Senior Secured Loans, Revolver 2024-03-31 0001512931 XanEdu Publishing, Inc., Senior Secured Loans 1 2024-03-31 0001512931 XanEdu Publishing, Inc., Senior Secured Loans 2 2024-03-31 0001512931 XanEdu Publishing, Inc., Senior Secured Loans, Revolver 2024-03-31 0001512931 us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:SeniorLoansMember mrcc:MediaAdvertisingPrintingPublishingMember 2024-03-31 0001512931 Vice Acquisition Holdco, LLC, Senior Secured Loans 2024-03-31 0001512931 mrcc:MediaBroadcastingSubscriptionMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:SeniorLoansMember 2024-03-31 0001512931 Attom Intermediate Holdco, LLC, Senior Secured Loans 1 2024-03-31 0001512931 Attom Intermediate Holdco, LLC, Senior Secured Loans 2 2024-03-31 0001512931 Attom Intermediate Holdco, LLC, Senior Secured Loans 3 2024-03-31 0001512931 Attom Intermediate Holdco, LLC, Senior Secured Loans 4 2024-03-31 0001512931 Attom Intermediate Holdco, LLC, Senior Secured Loans 5 2024-03-31 0001512931 Attom Intermediate Holdco, LLC (Revolver), Senior Secured Loans 2024-03-31 0001512931 Bonterra, LLC, Senior Secured Loans 1 2024-03-31 0001512931 Bonterra, LLC, Senior Secured Loans 2 2024-03-31 0001512931 Bonterra, LLC (Revolver), Senior Secured Loans 2024-03-31 0001512931 Chess.com, LLC, Senior Secured Loans 2024-03-31 0001512931 Chess.com, LLC (Revolver), Senior Secured Loans 2024-03-31 0001512931 Crownpeak Technology, Inc., Senior Secured Loans 1 2024-03-31 0001512931 Crownpeak Technology, Inc., Senior Secured Loans 2 2024-03-31 0001512931 Crownpeak Technology, Inc., Senior Secured Loans 3 2024-03-31 0001512931 Crownpeak Technology, Inc., Senior Secured Loans 4 2024-03-31 0001512931 Crownpeak Technology, Inc. (Revolver), Senior Secured Loans 2024-03-31 0001512931 Sports Operating Holdings II, LLC, Senior Secured Loans 2024-03-31 0001512931 Sports Operating Holdings II, LLC (Delayed Draw), Senior Secured Loans 2024-03-31 0001512931 Sports Operating Holdings II, LLC (Revolver), Senior Secured Loans 2024-03-31 0001512931 V10 Entertainment, Inc., Senior Secured Loans 2024-03-31 0001512931 V10 Entertainment, Inc. (Revolver), Senior Secured Loans 2024-03-31 0001512931 mrcc:MediaDiversifiedProductionMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:SeniorLoansMember 2024-03-31 0001512931 BLST Operating Company, LLC, Senior Secured Loans 2024-03-31 0001512931 us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:RetailSectorMember us-gaap:SeniorLoansMember 2024-03-31 0001512931 Aras Corporation, Senior Secured Loans 2024-03-31 0001512931 Aras Corporation (Revolver), Senior Secured Loans 2024-03-31 0001512931 Burroughs, Inc., Senior Secured Loans 2024-03-31 0001512931 Burroughs, Inc. (Revolver), Senior Secured Loans 2024-03-31 0001512931 HS4 Acquisitionco, Inc., Senior Secured Loans 2024-03-31 0001512931 HS4 Acquisitionco, Inc. (Revolver), Senior Secured Loans 2024-03-31 0001512931 iCIMS, Inc., Senior Secured Loans 2024-03-31 0001512931 Kingsley Gate Partners, LLC, Senior Secured Loans 1 2024-03-31 0001512931 Kingsley Gate Partners, LLC, Senior Secured Loans 2 2024-03-31 0001512931 Kingsley Gate Partners, LLC (Delayed Draw), Senior Secured Loans 2024-03-31 0001512931 Kingsley Gate Partners, LLC (Revolver), Senior Secured Loans 2024-03-31 0001512931 Prototek LLC, Senior Secured Loans 2024-03-31 0001512931 Prototek LLC (Revolver), Senior Secured Loans 2024-03-31 0001512931 Relativity ODA LLC, Senior Secured Loans 2024-03-31 0001512931 Relativity ODA LLC (Revolver), Senior Secured Loans 2024-03-31 0001512931 Security Services Acquisition Sub Corp., Senior Secured Loans 1 2024-03-31 0001512931 Security Services Acquisition Sub Corp., Senior Secured Loans 2 2024-03-31 0001512931 Security Services Acquisition Sub Corp., Senior Secured Loans 3 2024-03-31 0001512931 Security Services Acquisition Sub Corp., Senior Secured Loans 4 2024-03-31 0001512931 Security Services Acquisition Sub Corp., Senior Secured Loans 5 2024-03-31 0001512931 Security Services Acquisition Sub Corp., Senior Secured Loans 6 2024-03-31 0001512931 Vhagar Purchaser, LLC, Senior Secured Loans 2024-03-31 0001512931 Vhagar Purchaser, LLC (Delayed Draw), Senior Secured Loans 2024-03-31 0001512931 Vhagar Purchaser, LLC (Revolver), Senior Secured Loans 2024-03-31 0001512931 VPS Holdings, LLC, Senior Secured Loans 1 2024-03-31 0001512931 VPS Holdings, LLC, Senior Secured Loans 2 2024-03-31 0001512931 VPS Holdings, LLC (Revolver), Senior Secured Loans 2024-03-31 0001512931 us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:SeniorLoansMember mrcc:BusinessServicesSectorMember 2024-03-31 0001512931 Express Wash Acquisition Company, LLC, Senior Secured Loans 1 2024-03-31 0001512931 Express Wash Acquisition Company, LLC, Senior Secured Loans 2 2024-03-31 0001512931 Express Wash Acquisition Company, LLC (Revolver), Senior Secured Loans 2024-03-31 0001512931 Kar Wash Holdings, LLC, Senior Secured Loans 1 2024-03-31 0001512931 Kar Wash Holdings, LLC, Senior Secured Loans 2 2024-03-31 0001512931 Kar Wash Holdings, LLC, Senior Secured Loans 2024-03-31 0001512931 Kar Wash Holdings, LLC (Revolver), Senior Secured Loans 2024-03-31 0001512931 mrcc:ServicesConsumerSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:SeniorLoansMember 2024-03-31 0001512931 American Broadband and Telecommunications Company LLC (Delayed Draw), Senior Secured Loans 2024-03-31 0001512931 American Broadband and Telecommunications Company LLC (Revolver), Senior Secured Loans 2024-03-31 0001512931 Calabrio, Inc., Senior Secured Loans 1 2024-03-31 0001512931 Calabrio, Inc., Senior Secured Loans 2 2024-03-31 0001512931 Calabrio, Inc. (Revolver), Senior Secured Loans 2024-03-31 0001512931 mrcc:TelecommunicationsMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:SeniorLoansMember 2024-03-31 0001512931 Epika Fleet Services, Inc., Senior Secured Loans 1 2024-03-31 0001512931 Epika Fleet Services, Inc., Senior Secured Loans 2 2024-03-31 0001512931 Epika Fleet Services, Inc., Senior Secured Loans, Delayed Draw 2024-03-31 0001512931 Epika Fleet Services, Inc., Senior Secured Loans, Revolver 2024-03-31 0001512931 us-gaap:TransportationSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:SeniorLoansMember 2024-03-31 0001512931 Nearly Natural, Inc., Senior Secured Loans 1 2024-03-31 0001512931 Nearly Natural, Inc., Senior Secured Loans 2 2024-03-31 0001512931 Nearly Natural, Inc., Senior Secured Loans 3 2024-03-31 0001512931 Nearly Natural, Inc., Senior Secured Loans 4 2024-03-31 0001512931 Nearly Natural, Inc. (Revolver), Senior Secured Loans 2024-03-31 0001512931 mrcc:WholesaleMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:SeniorLoansMember 2024-03-31 0001512931 us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:SeniorLoansMember 2024-03-31 0001512931 ASG II, LLC, Unitranche Secured Loans 2024-03-31 0001512931 ASG II, LLC (Delayed Draw), Unitranche Secured Loans 2024-03-31 0001512931 Onit, Inc., Unitranche Secured Loans 2024-03-31 0001512931 us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:UnitrancheDebtMember mrcc:BusinessServicesSectorMember 2024-03-31 0001512931 VB E1, LLC, Unitranche Secured Loans 2024-03-31 0001512931 mrcc:TelecommunicationsMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:UnitrancheDebtMember 2024-03-31 0001512931 us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:UnitrancheDebtMember 2024-03-31 0001512931 MoneyLion, Inc., Junior Secured Loans 2024-03-31 0001512931 mrcc:Banking1Member us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:JuniorLoansMember 2024-03-31 0001512931 Thrasio, LLC, Junior Secured Loans 1 2024-03-31 0001512931 Thrasio, LLC, Junior Secured Loans 2 2024-03-31 0001512931 us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:JuniorLoansMember mrcc:ConsumerGoodsDurableSectorMember 2024-03-31 0001512931 Florida East Coast Industries, LLC, Junior Secured Loans 2024-03-31 0001512931 Witkoff/Monroe 700 JV LLC, Junior Secured Loans 1 2024-03-31 0001512931 Witkoff/Monroe 700 JV LLC, Junior Secured Loans 2 2024-03-31 0001512931 Witkoff/Monroe 700 JV LLC (Delayed Draw), Junior Secured Loans 2024-03-31 0001512931 us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:JuniorLoansMember mrcc:FireRealEstateSectorMember 2024-03-31 0001512931 Arcstor Midco, LLC, Junior Secured Loans 1 2024-03-31 0001512931 Arcstor Midco, LLC, Junior Secured Loans 2 2024-03-31 0001512931 Arcstor Midco, LLC, Junior Secured Loans 3 2024-03-31 0001512931 mrcc:HighTechIndustriesSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:JuniorLoansMember 2024-03-31 0001512931 Vice Acquisition Holdco, LLC, Junior Secured Loans 1 2024-03-31 0001512931 Vice Acquisition Holdco, LLC, Junior Secured Loans 2 2024-03-31 0001512931 Vice Acquisition Holdco, LLC, Junior Secured Loans 3 2024-03-31 0001512931 Vice Acquisition Holdco, LLC, Junior Secured Loans 4 2024-03-31 0001512931 Vice Acquisition Holdco, LLC, Junior Secured Loans 5 2024-03-31 0001512931 Vice Acquisition Holdco, LLC, Junior Secured Loans 6 2024-03-31 0001512931 Vice Acquisition Holdco, LLC, Junior Secured Loans 7 2024-03-31 0001512931 Vice Acquisition Holdco, LLC, Junior Secured Loans 8 2024-03-31 0001512931 mrcc:MediaBroadcastingSubscriptionMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:JuniorLoansMember 2024-03-31 0001512931 Forman Mills, Inc., Junior Secured Loans 2024-03-31 0001512931 us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:JuniorLoansMember us-gaap:RetailSectorMember 2024-03-31 0001512931 Education Corporation of America, Junior Secured Loans 2024-03-31 0001512931 mrcc:ServicesConsumerSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:JuniorLoansMember 2024-03-31 0001512931 us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:JuniorLoansMember 2024-03-31 0001512931 Born To Run, LLC, Equity Securities, Class A units 2024-03-31 0001512931 Lifted Trucks Holdings, LLC, Equity Securities, Class A units 2024-03-31 0001512931 us-gaap:AutomotiveSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember 2024-03-31 0001512931 MV Receivables II, LLC, Equity Securities, Common units 2024-03-31 0001512931 MV Receivables II, LLC, Equity Securities, Warrant 2024-03-31 0001512931 mrcc:Banking1Member us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember 2024-03-31 0001512931 Valudor Products LLC, Equity Securities, Class A-1 units 2024-03-31 0001512931 us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember mrcc:ChemicalsPlasticsRubberMember 2024-03-31 0001512931 Independence Buyer, Inc., Equity Securities, Class A units 2024-03-31 0001512931 us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember mrcc:ConsumerGoodsDurableSectorMember 2024-03-31 0001512931 MEI Buyer LLC, Equity Securities, Common stock 2024-03-31 0001512931 us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:ConstructionSectorMember us-gaap:EquitySecuritiesMember 2024-03-31 0001512931 Quest Resource Management Group, LLC, Equity Securities, Warrant 1 2024-03-31 0001512931 Quest Resource Management Group, LLC, Equity Securities, Warrant 2 2024-03-31 0001512931 us-gaap:InvestmentUnaffiliatedIssuerMember mrcc:EnvironmentalIndustriesMember us-gaap:EquitySecuritiesMember 2024-03-31 0001512931 Binah Capital Group, Inc. (fka PKS Holdings, LLC), Equity Securities, Common Stock 2024-03-31 0001512931 J2 BWA Funding LLC, Equity Securities, Profit sharing 2024-03-31 0001512931 us-gaap:InvestmentUnaffiliatedIssuerMember mrcc:FireFinanceSectorMember us-gaap:EquitySecuritiesMember 2024-03-31 0001512931 Residential Homes for Rent LLC, Equity Securities, Series A preferred units 2024-03-31 0001512931 Residential Homes for Rent LLC, Warrants 2024-03-31 0001512931 Witkoff/Monroe 700 JV LLC, Equity Securities, Preferred units 2024-03-31 0001512931 us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember mrcc:FireRealEstateSectorMember 2024-03-31 0001512931 Bluesight, Inc., Equity Securities, Class A preferred units 2024-03-31 0001512931 Bluesight, Inc. , Equity Securities, Class B common units 2024-03-31 0001512931 Dorado Acquisition, Inc., Equity Securities, Class A-1 units 2024-03-31 0001512931 Dorado Acquisition, Inc., Equity Securities, Class A-2 units 2024-03-31 0001512931 Forest Buyer, LLC, Equity Securities, Class A units 2024-03-31 0001512931 Forest Buyer, LLC, Equity Securities, Class B units 2024-03-31 0001512931 KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC), Equity Securities 2024-03-31 0001512931 NationsBenefits, LLC, Equity Securities, Series B units 2024-03-31 0001512931 NationsBenefits, LLC, Equity Securities, Common units 2024-03-31 0001512931 NQ PE Project Colosseum Midco Inc., Equity Securities, Common units 2024-03-31 0001512931 Seran BioScience, LLC, Equity Securities, Common units 2024-03-31 0001512931 Vero Biotech Inc., Equity Securities, Warrant 2024-03-31 0001512931 us-gaap:HealthcareSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember 2024-03-31 0001512931 Amelia Holding II, LLC, Equity Securities, Warrant 2024-03-31 0001512931 Arcserve Cayman Opco LP (fka Arcstor Midco, LLC), Equity Securities, Class A units 2024-03-31 0001512931 Arcserve Cayman Opco LP (fka Arcstor Midco, LLC), Equity Securities, Class B units 2024-03-31 0001512931 Drawbridge Partners, LLC, Equity Securities, Class A-1 units 2024-03-31 0001512931 Planful, Inc., Equity Securities, Class A units 2024-03-31 0001512931 Planful, Inc., Equity Securities, Class B units 2024-03-31 0001512931 Recorded Future, Inc, Equity Securities Class A units 2024-03-31 0001512931 Sparq Holdings, Inc., Equity Securities, Common stock 2024-03-31 0001512931 mrcc:HighTechIndustriesSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember 2024-03-31 0001512931 Equine Network, LLC, Equity Securities, Class A units 2024-03-31 0001512931 mrcc:HotelsGamingLeisureMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember 2024-03-31 0001512931 AdTheorent Holding Company, Inc, Equity Securities, Common stock 2024-03-31 0001512931 InMobi Pte, Ltd, Equity Securities, Warrant 2024-03-31 0001512931 Relevate Health Group, LLC , Equity Securities, Preferred units 2024-03-31 0001512931 Relevate Health Group, LLC , Equity Securities, Class B common units 2024-03-31 0001512931 Spherix Global Inc., Equity Securities, Class A units 2024-03-31 0001512931 XanEdu Publishing, Inc., Equity Securities, Class A units 2024-03-31 0001512931 us-gaap:InvestmentUnaffiliatedIssuerMember mrcc:MediaAdvertisingPrintingPublishingMember us-gaap:EquitySecuritiesMember 2024-03-31 0001512931 Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.), Equity Securities, Class A units 2024-03-31 0001512931 mrcc:MediaBroadcastingSubscriptionMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember 2024-03-31 0001512931 Attom Intermediate Holdco, LLC, Equity Securities, Class A units 2024-03-31 0001512931 Chess.com, LLC, Equity Securities, Class A units 2024-03-31 0001512931 V10 Entertainment, Inc. , Equity Securities, Common units 2024-03-31 0001512931 mrcc:MediaDiversifiedProductionMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember 2024-03-31 0001512931 BLST Operating Company, LLC, Equity Securities, Class A units 2024-03-31 0001512931 us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:RetailSectorMember us-gaap:EquitySecuritiesMember 2024-03-31 0001512931 APCO Worldwide, Inc., Equity Securities, Class A voting common stock 2024-03-31 0001512931 us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember mrcc:BusinessServicesSectorMember 2024-03-31 0001512931 Education Corporation of America - Series G Preferred Stock 2024-03-31 0001512931 Express Wash Acquisition Company, LLC, Equity Securities, Class A common units 2024-03-31 0001512931 Express Wash Acquisition Company, LLC, Class A preferred units 2024-03-31 0001512931 Express Wash Acquisition Company, LLC, Equity Securities, Class B preferred units 2024-03-31 0001512931 Express Wash Acquisition Company, LLC, Equity Securities, Class B common units 2024-03-31 0001512931 IDIG Parent, LLC, Equity Securities, Common stock 2024-03-31 0001512931 Kar Wash Holdings, LLC 1, Equity Securities, Class A units 2024-03-31 0001512931 Kar Wash Holdings, LLC, Equity Securities, Series A Preferred Stock 2024-03-31 0001512931 mrcc:ServicesConsumerSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember 2024-03-31 0001512931 American Broadband and Telecommunications Company LLC, Warrants 2024-03-31 0001512931 mrcc:TelecommunicationsMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember 2024-03-31 0001512931 Epika Fleet Services, Inc., Senior Preferred Stock 2024-03-31 0001512931 us-gaap:TransportationSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember 2024-03-31 0001512931 Nearly Natural, Inc.1, Equity Securities, Class A units 2024-03-31 0001512931 Nearly Natural, Inc. 2, Equity Securities, Class AA units 2024-03-31 0001512931 mrcc:WholesaleMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember 2024-03-31 0001512931 us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember 2024-03-31 0001512931 TJ Management HoldCo LLC, Senior Secured Loans, Revolver 2024-03-31 0001512931 us-gaap:FoodAndBeverageSectorMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember us-gaap:SeniorLoansMember 2024-03-31 0001512931 American Community Homes, Inc., Senior Secured Loans 1 2024-03-31 0001512931 American Community Homes, Inc., Senior Secured Loans 2 2024-03-31 0001512931 American Community Homes, Inc., Senior Secured Loans 3 2024-03-31 0001512931 American Community Homes, Inc., Senior Secured Loans 4 2024-03-31 0001512931 American Community Homes, Inc., Senior Secured Loans 5 2024-03-31 0001512931 American Community Homes, Inc., Senior Secured Loans 6 2024-03-31 0001512931 American Community Homes, Inc., Senior Secured Loans 7 2024-03-31 0001512931 American Community Homes, Inc., Senior Secured Loans (Revolver)2024-03-31 0001512931 HFZ Capital Group LLC, Senior Secured Loans 1 2024-03-31 0001512931 HFZ Capital Group LLC, Senior Secured Loans 2 2024-03-31 0001512931 MC Asset Management (Corporate), LLC, Senior Secured Loans 1 2024-03-31 0001512931 MC Asset Management (Corporate), LLC, Senior Secured Loans 2 2024-03-31 0001512931 Second Avenue SFR Holdings II LLC, Senior Secured Loans (Revolver) 2024-03-31 0001512931 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember us-gaap:SeniorLoansMember mrcc:FireRealEstateSectorMember 2024-03-31 0001512931 Mnine Holdings, Inc., Senior Secured Loans 1 2024-03-31 0001512931 Mnine Holdings, Inc., Senior Secured Loans 2 2024-03-31 0001512931 Mnine Holdings, Inc., Revolver, Senior Secured Loans 2024-03-31 0001512931 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember mrcc:HighTechIndustriesSectorMember us-gaap:SeniorLoansMember 2024-03-31 0001512931 NECB Collections, LLC, Senior Secured Loans, Revolver 2024-03-31 0001512931 mrcc:ServicesConsumerSectorMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember us-gaap:SeniorLoansMember 2024-03-31 0001512931 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember us-gaap:SeniorLoansMember 2024-03-31 0001512931 SFR Holdco, LLC, Junior Secured Loans 2024-03-31 0001512931 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember us-gaap:JuniorLoansMember mrcc:FireRealEstateSectorMember 2024-03-31 0001512931 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember us-gaap:JuniorLoansMember 2024-03-31 0001512931 TJ Management HoldCo LLC, Equity Securities, Common stock 2024-03-31 0001512931 us-gaap:FoodAndBeverageSectorMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember us-gaap:EquitySecuritiesMember 2024-03-31 0001512931 American Community Homes, Inc., Equity Securities, Common stock 2024-03-31 0001512931 MC Asset Management (Corporate), LLC, Equity Securities 2024-03-31 0001512931 SFR Holdco, LLC, Equity Securities 2024-03-31 0001512931 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember us-gaap:EquitySecuritiesMember mrcc:FireRealEstateSectorMember 2024-03-31 0001512931 Ascent Midco, LLC, Equity Securities, Class A units 2024-03-31 0001512931 Familia Dental Group Holdings, LLC, Equity Securities, Class A units 2024-03-31 0001512931 us-gaap:HealthcareSectorMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember us-gaap:EquitySecuritiesMember 2024-03-31 0001512931 Mnine Holdings, Inc., Equity Securities, Class B units 2024-03-31 0001512931 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember mrcc:HighTechIndustriesSectorMember us-gaap:EquitySecuritiesMember 2024-03-31 0001512931 NECB Collections, LLC, Equity Securities 2024-03-31 0001512931 mrcc:ServicesConsumerSectorMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember us-gaap:EquitySecuritiesMember 2024-03-31 0001512931 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember us-gaap:EquitySecuritiesMember 2024-03-31 0001512931 MRCC Senior Loan Fund I, LLC, Equity Securities 2024-03-31 0001512931 us-gaap:InvestmentAffiliatedIssuerControlledMember us-gaap:EquitySecuritiesMember 2024-03-31 0001512931 mrcc:FamiliaDentalGroupHoldingsLLCMember 2024-01-01 2024-03-31 0001512931 mrcc:RecordedFutureIncMember 2024-03-31 0001512931 mrcc:V10EntertainmentInc.Member 2024-03-31 0001512931 mrcc:IDIGParentLLCMember 2024-03-31 0001512931 mrcc:McAssetManagementCorporateLlcCorporateMember mrcc:McAssetManagementCorporateLlcCorporateMember 2021-12-31 0001512931 mrcc:McAssetManagementCorporateLlcCorporateMember mrcc:McAssetManagementIndustrialLlcIndustrialMember 2021-12-31 0001512931 mrcc:HfzCapitalGroupLlcMember 2021-12-31 0001512931 Born To Run, LLC, Senior Secured Loans 1 2023-12-31 0001512931 Born To Run, LLC, Senior Secured Loans 2 2023-12-31 0001512931 Hastings Manufacturing Company, Senior Secured Loans 1 2023-12-31 0001512931 Hastings Manufacturing Company, Senior Secured Loans 2 2023-12-31 0001512931 Hastings Manufacturing Company, Senior Secured Loans 3 2023-12-31 0001512931 Hastings Manufacturing Company (Revolver), Senior Secured Loans 2023-12-31 0001512931 Lifted Trucks Holdings, LLC, Senior Secured Loans 2023-12-31 0001512931 Lifted Trucks Holdings, LLC (Revolver), Senior Secured Loans 2023-12-31 0001512931 Panda Acquisition, LLC, Senior Secured Loans 2023-12-31 0001512931 us-gaap:AutomotiveSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:SeniorLoansMember 2023-12-31 0001512931 MV Receivables II, LLC, Senior Secured Loans 2023-12-31 0001512931 StarCompliance MidCo, LLC, Senior Secured Loans 1 2023-12-31 0001512931 StarCompliance MidCo, LLC, Senior Secured Loans 2 2023-12-31 0001512931 StarCompliance MidCo, LLC, Senior Secured Loans 3 2023-12-31 0001512931 StarCompliance MidCo, LLC (Revolver), Senior Secured Loans 2023-12-31 0001512931 mrcc:Banking1Member us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:SeniorLoansMember 2023-12-31 0001512931 LVF Holdings, Inc., Senior Secured Loans 1 2023-12-31 0001512931 LVF Holdings, Inc., Senior Secured Loans 2 2023-12-31 0001512931 LVF Holdings, Inc. (Revolver), Senior Secured Loans 2023-12-31 0001512931 us-gaap:FoodAndBeverageSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:SeniorLoansMember 2023-12-31 0001512931 CGI Automated Manufacturing, LLC, Senior Secured Loans 1 2023-12-31 0001512931 CGI Automated Manufacturing, LLC, Senior Secured Loans 2 2023-12-31 0001512931 us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:SeniorLoansMember mrcc:CapitalEquipmentMember 2023-12-31 0001512931 Valudor Products LLC, Senior Secured Loans 1 2023-12-31 0001512931 Valudor Products LLC, Senior Secured Loans 2 2023-12-31 0001512931 Valudor Products LLC, Senior Secured Loans 3 2023-12-31 0001512931 Valudor Products LLC (Revolver), Senior Secured Loans 2023-12-31 0001512931 us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:SeniorLoansMember us-gaap:ChemicalsSectorMember 2023-12-31 0001512931 MEI Buyer LLC, Senior Secured Loans 2023-12-31 0001512931 MEI Buyer LLC (Delayed Draw), Senior Secured Loans 2023-12-31 0001512931 MEI Buyer LLC (Revolver), Senior Secured Loans 2023-12-31 0001512931 TCFIII OWL Buyer LLC, Senior Secured Loans 1 2023-12-31 0001512931 TCFIII OWL Buyer LLC, Senior Secured Loans 2 2023-12-31 0001512931 TCFIII OWL Buyer LLC, Senior Secured Loans 3 2023-12-31 0001512931 us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:SeniorLoansMember us-gaap:ConstructionSectorMember 2023-12-31 0001512931 Independence Buyer, Inc., Senior Secured Loans 2023-12-31 0001512931 Independence Buyer, Inc. (Revolver), Senior Secured Loans 2023-12-31 0001512931 Recycled Plastics Industries, LLC, Senior Secured Loans 2023-12-31 0001512931 Recycled Plastics Industries, LLC (Revolver), Senior Secured Loans 2023-12-31 0001512931 us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:SeniorLoansMember mrcc:ConsumerGoodsDurableSectorMember 2023-12-31 0001512931 The Kyjen Company, LLC, Senior Secured Loans 1 2023-12-31 0001512931 The Kyjen Company, LLC, Senior Secured Loans 2 2023-12-31 0001512931 The Kyjen Company, LLC (Revolver), Senior Secured Loans 2023-12-31 0001512931 Thrasio, LLC, Senior Secured Loans 2023-12-31 0001512931 mrcc:ConsumerSectorNon-DurableMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:SeniorLoansMember 2023-12-31 0001512931 Quest Resource Management Group, LLC, Senior Secured Loans 1 2023-12-31 0001512931 Quest Resource Management Group, LLC, Senior Secured Loans 2 2023-12-31 0001512931 Quest Resource Management Group, LLC, Senior Secured Loans 3 2023-12-31 0001512931 Quest Resource Management Group, LLC, Senior Secured Loans 4 2023-12-31 0001512931 us-gaap:InvestmentUnaffiliatedIssuerMember mrcc:EnvironmentalIndustriesMember us-gaap:SeniorLoansMember 2023-12-31 0001512931 Avalara, Inc., Senior Secured Loans 2023-12-31 0001512931 Avalara, Inc. (Revolver), Senior Secured Loans 2023-12-31 0001512931 GC Champion Acquisition LLC, Senior Secured Loans 1 2023-12-31 0001512931 GC Champion Acquisition LLC, Senior Secured Loans 2 2023-12-31 0001512931 GC Champion Acquisition LLC, Senior Secured Loans 3 2023-12-31 0001512931 J2 BWA Funding LLC (Revolver), Senior Secured Loans 2023-12-31 0001512931 Liftforward SPV II, LLC, Senior Secured Loans 2023-12-31 0001512931 W3 Monroe RE Debt LLC, Senior Secured Loans 2023-12-31 0001512931 W3 Monroe RE Debt LLC (Delayed Draw), Senior Secured Loans 2023-12-31 0001512931 us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:SeniorLoansMember mrcc:FireFinanceSectorMember 2023-12-31 0001512931 Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC, Senior Secured Loans 2023-12-31 0001512931 Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC, Senior Secured Loans2 2023-12-31 0001512931 Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC (Delayed Draw), Senior Secured Loans 2023-12-31 0001512931 Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC (Revolver), Senior Secured Loans 2023-12-31 0001512931 us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:SeniorLoansMember mrcc:FireRealEstateSectorMember 2023-12-31 0001512931 Bluesight, Inc., Senior Secured Loans 2023-12-31 0001512931 Bluesight, Inc. (Revolver), Senior Secured Loans 2023-12-31 0001512931 Brickell Bay Acquisition Corp., Senior Secured Loans 2023-12-31 0001512931 Caravel Autism Health, LLC, Senior Secured Loans 1 2023-12-31 0001512931 Caravel Autism Health, LLC, Senior Secured Loans 2 2023-12-31 0001512931 Caravel Autism Health, LLC (Revolver), Senior Secured Loans 2023-12-31 0001512931 Dorado Acquisition, Inc., Senior Secured Loans 1 2023-12-31 0001512931 Dorado Acquisition, Inc., Senior Secured Loans 2 2023-12-31 0001512931 Dorado Acquisition, Inc. (Revolver), Senior Secured Loans 2023-12-31 0001512931 INH Buyer, Inc., Senior Secured Loans 2023-12-31 0001512931 KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC), Senior Secured Loans 2023-12-31 0001512931 KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC) (Delayed Draw), Senior Secured Loans 2023-12-31 0001512931 KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC) (Revolver), Senior Secured Loans 2023-12-31 0001512931 NationsBenefits, LLC, Senior Secured Loans 1 2023-12-31 0001512931 NationsBenefits, LLC, Senior Secured Loans 2 2023-12-31 0001512931 NationsBenefits, LLC, Senior Secured Loans 3 2023-12-31 0001512931 NationsBenefits, LLC (Revolver), Senior Secured Loans 2023-12-31 0001512931 NQ PE Project Colosseum Midco Inc., Senior Secured Loans 2023-12-31 0001512931 NQ PE Project Colosseum Midco Inc. (Delayed Draw), Senior Secured Loans 2023-12-31 0001512931 NQ PE Project Colosseum Midco Inc. (Revolver), Senior Secured Loans 2023-12-31 0001512931 Seran BioScience, LLC, Senior Secured Loans 1 2023-12-31 0001512931 Seran BioScience, LLC, Senior Secured Loans 2 2023-12-31 0001512931 Seran BioScience, LLC (Delayed Draw), Senior Secured Loans 2023-12-31 0001512931 Seran BioScience, LLC (Revolver), Senior Secured Loans 2023-12-31 0001512931 TigerConnect, Inc., Senior Secured Loans 2023-12-31 0001512931 TigerConnect, Inc. (Delayed Draw), Senior Secured Loans 2023-12-31 0001512931 TigerConnect, Inc. (Revolver), Senior Secured Loans 2023-12-31 0001512931 Vero Biotech Inc., Senior Secured Loans 2023-12-31 0001512931 Whistler Parent Holdings III, Inc., Senior Secured Loans 1 2023-12-31 0001512931 Whistler Parent Holdings III, Inc., Senior Secured Loans 2 2023-12-31 0001512931 Whistler Parent Holdings III, Inc. (Revolver), Senior Secured Loans 2023-12-31 0001512931 us-gaap:HealthcareSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:SeniorLoansMember 2023-12-31 0001512931 Amelia Holding II, LLC, Senior Secured Loans 2023-12-31 0001512931 Amelia Holding II, LLC (Delayed Draw), Senior Secured Loans 2023-12-31 0001512931 Amelia Holding II, LLC (Revolver), Senior Secured Loans 2023-12-31 0001512931 Arcstor Midco, LLC, Senior Secured Loans 2023-12-31 0001512931 Drawbridge Partners, LLC, Senior Secured Loans 2023-12-31 0001512931 Drawbridge Partners, LLC (Delayed Draw), Senior Secured Loans 2023-12-31 0001512931 Drawbridge Partners, LLC (Revolver), Senior Secured Loans 2023-12-31 0001512931 Medallia, Inc., Senior Secured Loans 2023-12-31 0001512931 Mindbody, Inc., Senior Secured Loans 1 2023-12-31 0001512931 Mindbody, Inc., Senior Secured Loans 2 2023-12-31 0001512931 Mindbody, Inc. (Revolver), Senior Secured Loans 2023-12-31 0001512931 Planful, Inc., Senior Secured Loans 1 2023-12-31 0001512931 Planful, Inc., Senior Secured Loans 2 2023-12-31 0001512931 Planful, Inc., Senior Secured Loans 3 2023-12-31 0001512931 Planful, Inc., Senior Secured Loans 4 2023-12-31 0001512931 Planful, Inc., Senior Secured Loans 5 2023-12-31 0001512931 Planful, Inc. (Revolver), Senior Secured Loans 2023-12-31 0001512931 Sparq Holdings, Inc., Senior Secured Loans 2023-12-31 0001512931 Sparq Holdings, Inc. (Delayed Draw), Senior Secured Loans 2023-12-31 0001512931 Sparq Holdings, Inc. (Revolver), Senior Secured Loans 2023-12-31 0001512931 mrcc:HighTechIndustriesSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:SeniorLoansMember 2023-12-31 0001512931 Destination Media, Inc., Senior Secured Loans 2023-12-31 0001512931 Destination Media, Inc. (Delayed Draw), Senior Secured Loans 2023-12-31 0001512931 Destination Media, Inc. (Revolver), Senior Secured Loans 2023-12-31 0001512931 North Haven USHC Acquisition, Inc., Senior Secured Loans 1 2023-12-31 0001512931 North Haven USHC Acquisition, Inc., Senior Secured Loans 2 2023-12-31 0001512931 North Haven USHC Acquisition, Inc., Senior Secured Loans 3 2023-12-31 0001512931 North Haven USHC Acquisition, Inc., Senior Secured Loans 4 2023-12-31 0001512931 North Haven USHC Acquisition, Inc. (Delayed Draw), Senior Secured Loans 2023-12-31 0001512931 North Haven USHC Acquisition, Inc. (Revolver), Senior Secured Loans 2023-12-31 0001512931 Relevate Health Group, LLC, Senior Secured Loans 1 2023-12-31 0001512931 Relevate Health Group, LLC, Senior Secured Loans 2 2023-12-31 0001512931 Relevate Health Group, LLC (Revolver), Senior Secured Loans 2023-12-31 0001512931 Spherix Global Inc., Senior Secured Loans 2023-12-31 0001512931 Spherix Global Inc. (Revolver), Senior Secured Loans 2023-12-31 0001512931 XanEdu Publishing, Inc., Senior Secured Loans 1 2023-12-31 0001512931 XanEdu Publishing, Inc., Senior Secured Loans 2 2023-12-31 0001512931 XanEdu Publishing, Inc. (Revolver), Senior Secured Loans 2023-12-31 0001512931 us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:SeniorLoansMember mrcc:MediaAdvertisingPrintingPublishingMember 2023-12-31 0001512931 Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.), Senior Secured Loans 1 2023-12-31 0001512931 Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.), Senior Secured Loans 2 2023-12-31 0001512931 Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.) (Delayed Draw), Senior Secured Loans 2023-12-31 0001512931 mrcc:MediaBroadcastingSubscriptionMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:SeniorLoansMember 2023-12-31 0001512931 Attom Intermediate Holdco, LLC, Senior Secured Loans 1 2023-12-31 0001512931 Attom Intermediate Holdco, LLC, Senior Secured Loans 2 2023-12-31 0001512931 Attom Intermediate Holdco, LLC, Senior Secured Loans 3 2023-12-31 0001512931 Attom Intermediate Holdco, LLC, Senior Secured Loans 4 2023-12-31 0001512931 Attom Intermediate Holdco, LLC, Senior Secured Loans 5 2023-12-31 0001512931 Attom Intermediate Holdco, LLC (Revolver), Senior Secured Loans 2023-12-31 0001512931 Bonterra, LLC, Senior Secured Loans 1 2023-12-31 0001512931 Bonterra, LLC, Senior Secured Loans 2 2023-12-31 0001512931 Bonterra, LLC (Revolver), Senior Secured Loans 2023-12-31 0001512931 Chess.com, LLC, Senior Secured Loans 2023-12-31 0001512931 Chess.com, LLC (Revolver), Senior Secured Loans 2023-12-31 0001512931 Crownpeak Technology, Inc., Senior Secured Loans 1 2023-12-31 0001512931 Crownpeak Technology, Inc., Senior Secured Loans 2 2023-12-31 0001512931 Crownpeak Technology, Inc., Senior Secured Loans 3 2023-12-31 0001512931 Crownpeak Technology, Inc., Senior Secured Loans 4 2023-12-31 0001512931 Crownpeak Technology, Inc. (Revolver), Senior Secured Loans 2023-12-31 0001512931 Sports Operating Holdings II, LLC, Senior Secured Loans 2023-12-31 0001512931 Sports Operating Holdings II, LLC (Delayed Draw), Senior Secured Loans 2023-12-31 0001512931 Sports Operating Holdings II, LLC (Revolver), Senior Secured Loans 2023-12-31 0001512931 V10 Entertainment, Inc., Senior Secured Loans 2023-12-31 0001512931 V10 Entertainment, Inc. (Revolver), Senior Secured Loans 2023-12-31 0001512931 mrcc:MediaDiversifiedProductionMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:SeniorLoansMember 2023-12-31 0001512931 BLST Operating Company, LLC, Senior Secured Loans 2023-12-31 0001512931 us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:RetailSectorMember us-gaap:SeniorLoansMember 2023-12-31 0001512931 Aras Corporation, Senior Secured Loans 2023-12-31 0001512931 Aras Corporation (Revolver), Senior Secured Loans 2023-12-31 0001512931 Burroughs, Inc., Senior Secured Loans 2023-12-31 0001512931 Burroughs, Inc. (Revolver), Senior Secured Loans 2023-12-31 0001512931 HS4 Acquisitionco, Inc., Senior Secured Loans 2023-12-31 0001512931 HS4 Acquisitionco, Inc. (Revolver), Senior Secured Loans 2023-12-31 0001512931 iCIMS, Inc., Senior Secured Loans 2023-12-31 0001512931 Kingsley Gate Partners, LLC, Senior Secured Loans 1 2023-12-31 0001512931 Kingsley Gate Partners, LLC, Senior Secured Loans 2 2023-12-31 0001512931 Kingsley Gate Partners, LLC (Delayed Draw), Senior Secured Loans 2023-12-31 0001512931 Kingsley Gate Partners, LLC (Revolver), Senior Secured Loans 2023-12-31 0001512931 Prototek LLC, Senior Secured Loans 2023-12-31 0001512931 Prototek LLC (Revolver), Senior Secured Loans 2023-12-31 0001512931 Relativity ODA LLC, Senior Secured Loans 2023-12-31 0001512931 Relativity ODA LLC (Revolver), Senior Secured Loans 2023-12-31 0001512931 Security Services Acquisition Sub Corp., Senior Secured Loans 1 2023-12-31 0001512931 Security Services Acquisition Sub Corp., Senior Secured Loans 2 2023-12-31 0001512931 Security Services Acquisition Sub Corp., Senior Secured Loans 3 2023-12-31 0001512931 Security Services Acquisition Sub Corp., Senior Secured Loans 4 2023-12-31 0001512931 Security Services Acquisition Sub Corp., Senior Secured Loans 5 2023-12-31 0001512931 Vhagar Purchaser, LLC, Senior Secured Loans 2023-12-31 0001512931 Vhagar Purchaser, LLC (Delayed Draw), Senior Secured Loans 2023-12-31 0001512931 Vhagar Purchaser, LLC (Revolver), Senior Secured Loans 2023-12-31 0001512931 VPS Holdings, LLC, Senior Secured Loans 1 2023-12-31 0001512931 VPS Holdings, LLC, Senior Secured Loans 2 2023-12-31 0001512931 VPS Holdings, LLC (Revolver), Senior Secured Loans 2023-12-31 0001512931 us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:SeniorLoansMember mrcc:BusinessServicesSectorMember 2023-12-31 0001512931 Express Wash Acquisition Company, LLC, Senior Secured Loans 1 2023-12-31 0001512931 Express Wash Acquisition Company, LLC, Senior Secured Loans 2 2023-12-31 0001512931 Express Wash Acquisition Company, LLC (Revolver), Senior Secured Loans 2023-12-31 0001512931 Kar Wash Holdings, LLC, Senior Secured Loans 1 2023-12-31 0001512931 Kar Wash Holdings, LLC, Senior Secured Loans 2 2023-12-31 0001512931 Kar Wash Holdings, LLC (Delayed Draw), Senior Secured Loans 2023-12-31 0001512931 Kar Wash Holdings, LLC (Revolver), Senior Secured Loans 2023-12-31 0001512931 mrcc:ServicesConsumerSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:SeniorLoansMember 2023-12-31 0001512931 American Broadband and Telecommunications Company LLC (Delayed Draw), Senior Secured Loans 2023-12-31 0001512931 American Broadband and Telecommunications Company LLC (Revolver), Senior Secured Loans 2023-12-31 0001512931 Calabrio, Inc., Senior Secured Loans 2023-12-31 0001512931 Calabrio, Inc. (Delayed Draw), Senior Secured Loans 2023-12-31 0001512931 Calabrio, Inc. (Revolver), Senior Secured Loans 2023-12-31 0001512931 mrcc:TelecommunicationsMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:SeniorLoansMember 2023-12-31 0001512931 Nearly Natural, Inc., Senior Secured Loans 1 2023-12-31 0001512931 Nearly Natural, Inc., Senior Secured Loans 2 2023-12-31 0001512931 Nearly Natural, Inc., Senior Secured Loans 3 2023-12-31 0001512931 Nearly Natural, Inc., Senior Secured Loans 4 2023-12-31 0001512931 Nearly Natural, Inc. (Revolver), Senior Secured Loans 2023-12-31 0001512931 mrcc:WholesaleMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:SeniorLoansMember 2023-12-31 0001512931 us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:SeniorLoansMember 2023-12-31 0001512931 Cassavant Holdings, LLC, Unitranche Secured Loans 2023-12-31 0001512931 us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:AerospaceSectorMember us-gaap:UnitrancheDebtMember 2023-12-31 0001512931 ASG II, LLC, Unitranche Secured Loans 2023-12-31 0001512931 ASG II, LLC (Delayed Draw), Unitranche Secured Loans 2023-12-31 0001512931 Onit, Inc., Unitranche Secured Loans 2023-12-31 0001512931 us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:UnitrancheDebtMember mrcc:BusinessServicesSectorMember 2023-12-31 0001512931 VB E1, LLC, Unitranche Secured Loans 2023-12-31 0001512931 mrcc:TelecommunicationsMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:UnitrancheDebtMember 2023-12-31 0001512931 us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:UnitrancheDebtMember 2023-12-31 0001512931 MoneyLion, Inc., Junior Secured Loans 2023-12-31 0001512931 mrcc:Banking1Member us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:JuniorLoansMember 2023-12-31 0001512931 Florida East Coast Industries, LLC, Junior Secured Loans 2023-12-31 0001512931 Witkoff/Monroe 700 JV LLC, Junior Secured Loans 1 2023-12-31 0001512931 Witkoff/Monroe 700 JV LLC, Junior Secured Loans 2 2023-12-31 0001512931 Witkoff/Monroe 700 JV LLC (Delayed Draw), Junior Secured Loans 2023-12-31 0001512931 us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:JuniorLoansMember mrcc:FireRealEstateSectorMember 2023-12-31 0001512931 Arcstor Midco, LLC, Junior Secured Loans 1 2023-12-31 0001512931 Arcstor Midco, LLC, Junior Secured Loans 2 2023-12-31 0001512931 mrcc:HighTechIndustriesSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:JuniorLoansMember 2023-12-31 0001512931 Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.), Junior Secured Loans 1 2023-12-31 0001512931 Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.), Junior Secured Loans 2 2023-12-31 0001512931 Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.), Junior Secured Loans 3 2023-12-31 0001512931 Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.), Junior Secured Loans 4 2023-12-31 0001512931 Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.), Junior Secured Loans 2023-12-31 0001512931 mrcc:MediaBroadcastingSubscriptionMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:JuniorLoansMember 2023-12-31 0001512931 Forman Mills, Inc., Junior Secured Loans 2023-12-31 0001512931 us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:JuniorLoansMember us-gaap:RetailSectorMember 2023-12-31 0001512931 Education Corporation of America, Junior Secured Loans 2023-12-31 0001512931 mrcc:ServicesConsumerSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:JuniorLoansMember 2023-12-31 0001512931 us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:JuniorLoansMember 2023-12-31 0001512931 Born To Run, LLC, Equity Securities, Class A units 2023-12-31 0001512931 Lifted Trucks Holdings, LLC, Equity Securities, Class A units 2023-12-31 0001512931 us-gaap:AutomotiveSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember 2023-12-31 0001512931 MV Receivables II, LLC, Equity Securities, Common units 2023-12-31 0001512931 MV Receivables II, LLC, Equity Securities, Warrant 2023-12-31 0001512931 mrcc:Banking1Member us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember 2023-12-31 0001512931 Valudor Products LLC, Equity Securities, Class A-1 units 2023-12-31 0001512931 us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember us-gaap:ChemicalsSectorMember 2023-12-31 0001512931 Independence Buyer, Inc., Equity Securities, Class A units 2023-12-31 0001512931 us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember mrcc:ConsumerGoodsDurableSectorMember 2023-12-31 0001512931 MEI Buyer LLC, Equity Securities, Common stock 2023-12-31 0001512931 us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:ConstructionSectorMember us-gaap:EquitySecuritiesMember 2023-12-31 0001512931 Quest Resource Management Group, LLC, Equity Securities, Warrant 1 2023-12-31 0001512931 Quest Resource Management Group, LLC, Equity Securities, Warrant 2 2023-12-31 0001512931 us-gaap:InvestmentUnaffiliatedIssuerMember mrcc:EnvironmentalIndustriesMember us-gaap:EquitySecuritiesMember 2023-12-31 0001512931 J2 BWA Funding LLC, Equity Securities, Profit sharing 2023-12-31 0001512931 PKS Holdings, LLC, Equity Securities, Preferred units 1 2023-12-31 0001512931 PKS Holdings, LLC, Equity Securities, Preferred units 2 2023-12-31 0001512931 PKS Holdings, LLC, Equity Securities, Preferred units 3 2023-12-31 0001512931 PKS Holdings, LLC, Equity Securities, Preferred units 4 2023-12-31 0001512931 us-gaap:InvestmentUnaffiliatedIssuerMember mrcc:FireFinanceSectorMember us-gaap:EquitySecuritiesMember 2023-12-31 0001512931 Witkoff/Monroe 700 JV LLC, Equity Securities, Preferred units 2023-12-31 0001512931 us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember mrcc:FireRealEstateSectorMember 2023-12-31 0001512931 Bluesight, Inc., Equity Securities, Class A preferred units 2023-12-31 0001512931 Bluesight, Inc. , Equity Securities, Class B common units 2023-12-31 0001512931 Dorado Acquisition, Inc., Equity Securities, Class A-1 units 2023-12-31 0001512931 Dorado Acquisition, Inc., Equity Securities, Class A-2 units 2023-12-31 0001512931 KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC), Equity Securities 2023-12-31 0001512931 NationsBenefits, LLC, Equity Securities, Series B units 2023-12-31 0001512931 NationsBenefits, LLC, Equity Securities, Common units 2023-12-31 0001512931 NQ PE Project Colosseum Midco Inc., Equity Securities, Common units 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(fka International Textile Group, Inc.), Common units 2024-03-31 0001512931 us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember mrcc:MRCCSeniorLoanFundILLCMember mrcc:ConsumerGoodsDurableSectorMember 2024-03-31 0001512931 Polyventive Lender Holding Company LLC mrcc:MRCCSeniorLoanFundILLCMember 2024-03-31 0001512931 us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember mrcc:MRCCSeniorLoanFundILLCMember mrcc:ChemicalsPlasticsRubberMember 2024-03-31 0001512931 Avison Young (USA) Inc., Class A preferred shares mrcc:MRCCSeniorLoanFundILLCMember 2024-03-31 0001512931 Avison Young (USA) Inc., Class F common shares mrcc:MRCCSeniorLoanFundILLCMember 2024-03-31 0001512931 us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember mrcc:FireRealEstateSectorMember mrcc:MRCCSeniorLoanFundILLCMember 2024-03-31 0001512931 Output Services Group, Inc., (Class A units)mrcc:MRCCSeniorLoanFundILLCMember 2024-03-31 0001512931 mrcc:ServicesBusinessSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember mrcc:MRCCSeniorLoanFundILLCMember 2024-03-31 0001512931 us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember mrcc:MRCCSeniorLoanFundILLCMember 2024-03-31 0001512931 Trident Maritime Systems, Inc. 1 mrcc:MRCCSeniorLoanFundILLCMember 2023-12-31 0001512931 Trident Maritime Systems, Inc. 2 mrcc:MRCCSeniorLoanFundILLCMember 2023-12-31 0001512931 Trident Maritime Systems, Inc. 3 mrcc:MRCCSeniorLoanFundILLCMember 2023-12-31 0001512931 Trident Maritime Systems, Inc. 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(Class B units)2024-01-01 2024-03-31 0001512931 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember mrcc:MnineHoldingsIncMember 2023-12-31 0001512931 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember mrcc:MnineHoldingsIncMember 2024-01-01 2024-03-31 0001512931 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember mrcc:MnineHoldingsIncMember 2024-03-31 0001512931 NECB Collections, LLC (Revolver)2023-12-31 0001512931 NECB Collections, LLC (Revolver)2024-01-01 2024-03-31 0001512931 NECB Collections, LLC (Revolver)2024-03-31 0001512931 NECB Collections, LLC, LLC, Equity Interest 2024-03-31 0001512931 NECB Collections, LLC, LLC, Equity Interest 2023-12-31 0001512931 NECB Collections, LLC, LLC, Equity Interest 2024-01-01 2024-03-31 0001512931 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember mrcc:NECBCollectionsLLCMember 2023-12-31 0001512931 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember mrcc:NECBCollectionsLLCMember 2024-01-01 2024-03-31 0001512931 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember mrcc:NECBCollectionsLLCMember 2024-03-31 0001512931 Second Avenue SFR Holdings II LLC (Revolver)2023-12-31 0001512931 Second Avenue SFR Holdings II LLC (Revolver)2024-01-01 2024-03-31 0001512931 Second Avenue SFR Holdings II LLC (Revolver)2024-03-31 0001512931 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember mrcc:SecondAvenueSFRHoldingsIILLCMember 2023-12-31 0001512931 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember mrcc:SecondAvenueSFRHoldingsIILLCMember 2024-01-01 2024-03-31 0001512931 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember mrcc:SecondAvenueSFRHoldingsIILLCMember 2024-03-31 0001512931 SFR Holdco, LLC (Junior secured loan)2023-12-31 0001512931 SFR Holdco, LLC (Junior secured loan)2024-01-01 2024-03-31 0001512931 SFR Holdco, LLC (Junior secured loan)2024-03-31 0001512931 SFR Holdco, LLC, Equity Interest 2024-03-31 0001512931 SFR Holdco, LLC, Equity Interest 2023-12-31 0001512931 SFR Holdco, LLC, Equity Interest 2024-01-01 2024-03-31 0001512931 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember mrcc:SFRHoldcoLLCMember 2023-12-31 0001512931 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember mrcc:SFRHoldcoLLCMember 2024-01-01 2024-03-31 0001512931 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember mrcc:SFRHoldcoLLCMember 2024-03-31 0001512931 TJ Management HoldCo, LLC (Revolver)2023-12-31 0001512931 TJ Management HoldCo, LLC (Revolver)2024-01-01 2024-03-31 0001512931 TJ Management HoldCo, LLC (Revolver)2024-03-31 0001512931 TJ Management HoldCo, LLC, Common stock)2024-03-31 0001512931 TJ Management HoldCo, LLC, Common stock)2023-12-31 0001512931 TJ Management HoldCo, LLC, Common stock)2024-01-01 2024-03-31 0001512931 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember mrcc:TJManagementHoldCoLLCMember 2023-12-31 0001512931 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember mrcc:TJManagementHoldCoLLCMember 2024-01-01 2024-03-31 0001512931 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember mrcc:TJManagementHoldCoLLCMember 2024-03-31 0001512931 MRCC Senior Loan Fund I, LLC 2023-12-31 0001512931 MRCC Senior Loan Fund I, LLC 2024-01-01 2024-03-31 0001512931 MRCC Senior Loan Fund I, LLC 2024-03-31 0001512931 us-gaap:InvestmentAffiliatedIssuerControlledMember mrcc:MRCCSeniorLoanFundILLCMember 2023-12-31 0001512931 us-gaap:InvestmentAffiliatedIssuerControlledMember mrcc:MRCCSeniorLoanFundILLCMember 2024-01-01 2024-03-31 0001512931 us-gaap:InvestmentAffiliatedIssuerControlledMember mrcc:MRCCSeniorLoanFundILLCMember 2024-03-31 0001512931 American Community Homes, Inc., Senior Secured Loans 1 2022-12-31 0001512931 American Community Homes, Inc., Senior Secured Loans 1 2023-01-01 2023-03-31 0001512931 American Community Homes, Inc., Senior Secured Loans 1 2023-03-31 0001512931 American Community Homes, Inc., Senior Secured Loans 2 2022-12-31 0001512931 American Community Homes, Inc., Senior Secured Loans 2 2023-01-01 2023-03-31 0001512931 American Community Homes, Inc., Senior Secured Loans 2 2023-03-31 0001512931 American Community Homes, Inc., Senior Secured Loans 3 2022-12-31 0001512931 American Community Homes, Inc., Senior Secured Loans 3 2023-01-01 2023-03-31 0001512931 American Community Homes, Inc., Senior Secured Loans 3 2023-03-31 0001512931 American Community Homes, Inc., Senior Secured Loans 4 2022-12-31 0001512931 American Community Homes, Inc., Senior Secured Loans 4 2023-01-01 2023-03-31 0001512931 American Community Homes, Inc., Senior Secured Loans 4 2023-03-31 0001512931 American Community Homes, Inc., Senior Secured Loans 5 2022-12-31 0001512931 American Community Homes, Inc., Senior Secured Loans 5 2023-01-01 2023-03-31 0001512931 American Community Homes, Inc., Senior Secured Loans 5 2023-03-31 0001512931 American Community Homes, Inc., Senior Secured Loans 6 2022-12-31 0001512931 American Community Homes, Inc., Senior Secured Loans 6 2023-01-01 2023-03-31 0001512931 American Community Homes, Inc., Senior Secured Loans 6 2023-03-31 0001512931 American Community Homes, Inc., Senior Secured Loans 7 2022-12-31 0001512931 American Community Homes, Inc., Senior Secured Loans 7 2023-01-01 2023-03-31 0001512931 American Community Homes, Inc., Senior Secured Loans 7 2023-03-31 0001512931 American Community Homes, Inc. (Revolver)2022-12-31 0001512931 American Community Homes, Inc. (Revolver)2023-01-01 2023-03-31 0001512931 American Community Homes, Inc. (Revolver)2023-03-31 0001512931 American Community Homes, Inc., Common stock 2023-03-31 0001512931 American Community Homes, Inc., Common stock 2022-12-31 0001512931 American Community Homes, Inc., Common stock 2023-01-01 2023-03-31 0001512931 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember mrcc:AmericanCommunityHomesInc.Member 2022-12-31 0001512931 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember mrcc:AmericanCommunityHomesInc.Member 2023-01-01 2023-03-31 0001512931 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember mrcc:AmericanCommunityHomesInc.Member 2023-03-31 0001512931 Ascent Midco, LLC 2022-12-31 0001512931 Ascent Midco, LLC 2023-01-01 2023-03-31 0001512931 Ascent Midco, LLC 2023-03-31 0001512931 Ascent Midco, LLC (Revolver)2022-12-31 0001512931 Ascent Midco, LLC (Revolver)2023-01-01 2023-03-31 0001512931 Ascent Midco, LLC (Revolver)2023-03-31 0001512931 Ascent Midco, LLC, Class A units 2023-03-31 0001512931 Ascent Midco, LLC, Class A units 2022-12-31 0001512931 Ascent Midco, LLC, Class A units 2023-01-01 2023-03-31 0001512931 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember mrcc:AscentMidcoLLCMember 2022-12-31 0001512931 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember mrcc:AscentMidcoLLCMember 2023-01-01 2023-03-31 0001512931 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember mrcc:AscentMidcoLLCMember 2023-03-31 0001512931 C Parent Holdings, LLC.2022-12-31 0001512931 C Parent Holdings, LLC.2023-01-01 2023-03-31 0001512931 C Parent Holdings, LLC.2023-03-31 0001512931 C Parent Holdings, LLC., Common stock 2023-03-31 0001512931 C Parent Holdings, LLC., Common stock 2022-12-31 0001512931 C Parent Holdings, LLC., Common stock 2023-01-01 2023-03-31 0001512931 mrcc:CParentHoldingsLLC.Member us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2022-12-31 0001512931 mrcc:CParentHoldingsLLC.Member us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2023-01-01 2023-03-31 0001512931 mrcc:CParentHoldingsLLC.Member us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2023-03-31 0001512931 Familia Dental Group Holdings, LLC (Class A units)2023-03-31 0001512931 Familia Dental Group Holdings, LLC (Class A units)2022-12-31 0001512931 Familia Dental Group Holdings, LLC (Class A units)2023-01-01 2023-03-31 0001512931 mrcc:FamiliaDentalGroupHoldingsLLCMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2022-12-31 0001512931 mrcc:FamiliaDentalGroupHoldingsLLCMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2023-01-01 2023-03-31 0001512931 mrcc:FamiliaDentalGroupHoldingsLLCMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2023-03-31 0001512931 HFZ Capital Group, LLC 1 2022-12-31 0001512931 HFZ Capital Group, LLC 1 2023-01-01 2023-03-31 0001512931 HFZ Capital Group, LLC 1 2023-03-31 0001512931 HFZ Capital Group, LLC 2 2022-12-31 0001512931 HFZ Capital Group, LLC 2 2023-01-01 2023-03-31 0001512931 HFZ Capital Group, LLC 2 2023-03-31 0001512931 MC Asset Management (Corporate), LLC 2022-12-31 0001512931 MC Asset Management (Corporate), LLC 2023-01-01 2023-03-31 0001512931 MC Asset Management (Corporate), LLC 2023-03-31 0001512931 MC Asset Management (Corporate), LLC (Delayed Draw)2022-12-31 0001512931 MC Asset Management (Corporate), LLC (Delayed Draw)2023-01-01 2023-03-31 0001512931 MC Asset Management (Corporate), LLC (Delayed Draw)2023-03-31 0001512931 MC Asset Management (Corporate), LLC, Equity interest 2023-03-31 0001512931 MC Asset Management (Corporate), LLC, Equity interest 2022-12-31 0001512931 MC Asset Management (Corporate), LLC, Equity interest 2023-01-01 2023-03-31 0001512931 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember mrcc:HFZCapitalGroupLLCAndMCAssetManagementCorporateLLCMember 2022-12-31 0001512931 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember mrcc:HFZCapitalGroupLLCAndMCAssetManagementCorporateLLCMember 2023-01-01 2023-03-31 0001512931 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember mrcc:HFZCapitalGroupLLCAndMCAssetManagementCorporateLLCMember 2023-03-31 0001512931 Mnine Holdings, Inc.2022-12-31 0001512931 Mnine Holdings, Inc.2023-01-01 2023-03-31 0001512931 Mnine Holdings, Inc.2023-03-31 0001512931 Mnine Holdings, Inc. (Revolver)2022-12-31 0001512931 Mnine Holdings, Inc. (Revolver)2023-01-01 2023-03-31 0001512931 Mnine Holdings, Inc. (Revolver)2023-03-31 0001512931 Mnine Holdings, Inc. (Class B units)2023-03-31 0001512931 Mnine Holdings, Inc. (Class B units)2022-12-31 0001512931 Mnine Holdings, Inc. (Class B units)2023-01-01 2023-03-31 0001512931 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember mrcc:MnineHoldingsIncMember 2022-12-31 0001512931 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember mrcc:MnineHoldingsIncMember 2023-01-01 2023-03-31 0001512931 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember mrcc:MnineHoldingsIncMember 2023-03-31 0001512931 NECB Collections, LLC (Revolver)2022-12-31 0001512931 NECB Collections, LLC (Revolver)2023-01-01 2023-03-31 0001512931 NECB Collections, LLC (Revolver)2023-03-31 0001512931 NECB Collections, LLC, LLC (Units)2023-03-31 0001512931 NECB Collections, LLC, LLC (Units)2022-12-31 0001512931 NECB Collections, LLC, LLC (Units)2023-01-01 2023-03-31 0001512931 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember mrcc:NECBCollectionsLLCMember 2022-12-31 0001512931 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember mrcc:NECBCollectionsLLCMember 2023-01-01 2023-03-31 0001512931 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember mrcc:NECBCollectionsLLCMember 2023-03-31 0001512931 Second Avenue SFR Holdings II LLC (Revolver)2022-12-31 0001512931 Second Avenue SFR Holdings II LLC (Revolver)2023-01-01 2023-03-31 0001512931 Second Avenue SFR Holdings II LLC (Revolver)2023-03-31 0001512931 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember mrcc:SecondAvenueSFRHoldingsIILLCMember 2022-12-31 0001512931 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember mrcc:SecondAvenueSFRHoldingsIILLCMember 2023-01-01 2023-03-31 0001512931 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember mrcc:SecondAvenueSFRHoldingsIILLCMember 2023-03-31 0001512931 SFR Holdco, LLC (Junior secured loan)2022-12-31 0001512931 SFR Holdco, LLC (Junior secured loan)2023-01-01 2023-03-31 0001512931 SFR Holdco, LLC (Junior secured loan)2023-03-31 0001512931 SFR Holdco, LLC, Equity interests 2023-03-31 0001512931 SFR Holdco, LLC, Equity interests 2022-12-31 0001512931 SFR Holdco, LLC, Equity interests 2023-01-01 2023-03-31 0001512931 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember mrcc:SFRHoldcoLLCMember 2022-12-31 0001512931 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember mrcc:SFRHoldcoLLCMember 2023-01-01 2023-03-31 0001512931 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember mrcc:SFRHoldcoLLCMember 2023-03-31 0001512931 TJ Management HoldCo, LLC (Revolver)2022-12-31 0001512931 TJ Management HoldCo, LLC (Revolver)2023-01-01 2023-03-31 0001512931 TJ Management HoldCo, LLC (Revolver)2023-03-31 0001512931 TJ Management HoldCo, LLC, Common stock 2023-03-31 0001512931 TJ Management HoldCo, LLC, Common stock 2022-12-31 0001512931 TJ Management HoldCo, LLC, Common stock 2023-01-01 2023-03-31 0001512931 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember mrcc:TJManagementHoldCoLLCMember 2022-12-31 0001512931 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember mrcc:TJManagementHoldCoLLCMember 2023-01-01 2023-03-31 0001512931 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember mrcc:TJManagementHoldCoLLCMember 2023-03-31 0001512931 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2022-12-31 0001512931 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2023-03-31 0001512931 MRCC Senior Loan Fund I, LLC 2022-12-31 0001512931 MRCC Senior Loan Fund I, LLC 2023-01-01 2023-03-31 0001512931 MRCC Senior Loan Fund I, LLC 2023-03-31 0001512931 us-gaap:InvestmentAffiliatedIssuerControlledMember mrcc:MRCCSeniorLoanFundILLCMember 2022-12-31 0001512931 us-gaap:InvestmentAffiliatedIssuerControlledMember mrcc:MRCCSeniorLoanFundILLCMember 2023-01-01 2023-03-31 0001512931 us-gaap:InvestmentAffiliatedIssuerControlledMember mrcc:MRCCSeniorLoanFundILLCMember 2023-03-31 0001512931 us-gaap:InvestmentAffiliatedIssuerControlledMember 2022-12-31 0001512931 us-gaap:InvestmentAffiliatedIssuerControlledMember 2023-03-31 0001512931 mrcc:AmericanCommunityHomesInc.Member 2022-12-29 0001512931 American Community Homes, Inc. 1 2024-01-01 2024-03-31 0001512931 American Community Homes, Inc. 1 2023-01-01 2023-03-31 0001512931 American Community Homes, Inc. 2 2024-01-01 2024-03-31 0001512931 American Community Homes, Inc. 2 2023-01-01 2023-03-31 0001512931 American Community Homes, Inc. 3 2024-01-01 2024-03-31 0001512931 American Community Homes, Inc. 3 2023-01-01 2023-03-31 0001512931 American Community Homes, Inc. 4 2024-01-01 2024-03-31 0001512931 American Community Homes, Inc. 4 2023-01-01 2023-03-31 0001512931 American Community Homes, Inc. 5 2024-01-01 2024-03-31 0001512931 American Community Homes, Inc. 5 2023-01-01 2023-03-31 0001512931 American Community Homes, Inc. 6 2024-01-01 2024-03-31 0001512931 American Community Homes, Inc. 6 2023-01-01 2023-03-31 0001512931 American Community Homes, Inc. 7 2024-01-01 2024-03-31 0001512931 American Community Homes, Inc. 7 2023-01-01 2023-03-31 0001512931 American Community Homes, Inc., Revolver 2024-01-01 2024-03-31 0001512931 American Community Homes, Inc., Revolver 2023-01-01 2023-03-31 0001512931 Ascent Midco, LLC 2024-01-01 2024-03-31 0001512931 Ascent Midco, LLC, Revolver 2024-01-01 2024-03-31 0001512931 Ascent Midco, LLC, Revolver 2023-01-01 2023-03-31 0001512931 Ascent Midco, LLC, Class A units 2024-01-01 2024-03-31 0001512931 Familia Dental Group Holdings, LLC, Class A units 2024-01-01 2024-03-31 0001512931 Familia Dental Group Holdings, LLC, Class A units 2023-01-01 2023-03-31 0001512931 MC Asset Management (Corporate), LLC 2024-01-01 2024-03-31 0001512931 MC Asset Management (Corporate), LLC, Delayed Draw 2024-01-01 2024-03-31 0001512931 MC Asset Management (Corporate), LLC, Delayed Draw 2023-01-01 2023-03-31 0001512931 MC Asset Management (Corporate), LLC, LLC interest 2024-01-01 2024-03-31 0001512931 MC Asset Management (Corporate), LLC, LLC interest 2023-01-01 2023-03-31 0001512931 Mnine Holdings, Inc. 1 2023-01-01 2023-03-31 0001512931 Mnine Holdings, Inc. 2 2023-01-01 2023-03-31 0001512931 Mnine Holdings, Inc., Revolver 2024-01-01 2024-03-31 0001512931 Mnine Holdings, Inc., Revolver 2023-01-01 2023-03-31 0001512931 Mnine Holdings, Inc., Class B units 2024-01-01 2024-03-31 0001512931 Mnine Holdings, Inc., Class B units 2023-01-01 2023-03-31 0001512931 NECB Collections, LLC, Revolver 2024-01-01 2024-03-31 0001512931 NECB Collections, LLC, Revolver 2023-01-01 2023-03-31 0001512931 NECB Collections, LLC, LLC units 2024-01-01 2024-03-31 0001512931 NECB Collections, LLC, LLC units 2023-01-01 2023-03-31 0001512931 Second Avenue SFR Holdings II LLC, Revolver 2024-01-01 2024-03-31 0001512931 Second Avenue SFR Holdings II LLC, Revolver 2023-01-01 2023-03-31 0001512931 SFR Holdco, LLC, Junior secured loan 2024-01-01 2024-03-31 0001512931 SFR Holdco, LLC, Junior secured loan 2023-01-01 2023-03-31 0001512931 SFR Holdco, LLC, LLC interest 2024-01-01 2024-03-31 0001512931 SFR Holdco, LLC, LLC interest 2023-01-01 2023-03-31 0001512931 TJ Management HoldCo, LLC, Revolver 2024-01-01 2024-03-31 0001512931 TJ Management HoldCo, LLC, Revolver 2023-01-01 2023-03-31 0001512931 TJ 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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)

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

For the quarterly period ended March 31, 2024
or

o | 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)
Not Applicable
(Former Name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:

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

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

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. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
As of May 7, 2024, the registrant had 21,666,340 shares of common stock, $0.001 par value, outstanding.

Table of Contents
TABLE OF CONTENTS

|  | Page
PART I. FINANCIAL INFORMATION | 3
Item 1. | Consolidated Financial Statements | 3
| Consolidated Statements of Assets and Liabilities as of March 3 1, 202 4 (unaudited) and December 31, 2023 | 3
| Consolidated Statements of Operations for the three months ended March 3 1, 202 4 and 202 3 (unaudited) | 4
| Consolidated Statements of Changes in Net Assets for the three months ended March 3 1, 202 4 and 202 3 (unaudited) | 5
| Consolidated Statements of Cash Flows for the three months ended March 3 1, 202 4 and 202 3 (unaudited) | 6
| Consolidated Schedules of Investments as of March 3 1, 202 4 (unaudited) and December 31, 2023 | 7
| Notes to Consolidated Financial Statements (unaudited) | 33
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 65
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 91
Item 4. | Controls and Procedures | 93
PART II. OTHER INFORMATION | 94
Item 1. | Legal Proceedings | 94
Item 1A. | Risk Factors | 94
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 94
Item 3. | Defaults Upon Senior Securities | 94
Item 4. | Mine Safety Disclosures | 94
Item 5. | Other Information | 94
Item 6. | Exhibits | 95
Signatures |  | 96

2

Table of Contents
Part I. Financial Information
Item 1. Consolidated Financial Statements
MONROE CAPITAL CORPORATION
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(in thousands, except per share data)

| March 31, 2024 |  | December 31, 2023
| (unaudited) |  |
ASSETS |  |  |
Investments, at fair value: |  |  |
Non-controlled/non-affiliate company investments | $ | 384,266 |  |  | $ | 371,723 |
Non-controlled affiliate company investments | 83,633 |  |  | 83,541 |
Controlled affiliate company investments | 32,990 |  |  | 33,122 |
Total investments, at fair value (amortized cost of: $525,658 and $510,876, respectively) | 500,889 |  |  | 488,386 |
Cash and cash equivalents | 4,856 |  |  | 4,958 |
Interest and dividend receivable | 20,885 |  |  | 19,349 |
Other assets | 858 |  |  | 493 |
Total assets | 527,488 |  |  | 513,186 |
LIABILITIES |  |  |
Debt: |  |  |
Revolving credit facility | 191,700 |  |  | 174,100 |
2026 Notes | 130,000 |  |  | 130,000 |
Total debt | 321,700 |  |  | 304,100 |
Less: Unamortized deferred financing costs | (2,908) |  |  | (3,235) |
Total debt, less unamortized deferred financing costs | 318,792 |  |  | 300,865 |
Interest payable | 1,621 |  |  | 3,078 |
Management fees payable | 2,048 |  |  | 2,100 |
Incentive fees payable | 1,368 |  |  | 1,319 |
Accounts payable and accrued expenses | 2,081 |  |  | 2,100 |
Directors’ fees payable | 76 |  |  | — |
Total liabilities | 325,986 |  |  | 309,462 |
Net assets | $ | 201,502 |  |  | $ | 203,724 |
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 | 298,127 |  |  | 298,127 |
Accumulated undistributed (overdistributed) earnings | (96,647) |  |  | (94,425) |
Total net assets | $ | 201,502 |  |  | $ | 203,724 |
Net asset value per share | $ | 9.30 |  |  | $ | 9.40 |

See Notes to Consolidated Financial Statements.
3

Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except per share data)

| Three months ended March 31, |  |
| 2024 |  | 2023 |  |  |  |
Investment income: |  |  |  |  |  |  |
Non-controlled/non-affiliate company investments: |  |  |  |  |  |  |
Interest income | $ | 10,830 |  |  | $ | 11,710 |  |  |  |  |
Payment-in-kind interest income | 808 |  |  | 885 |  |  |  |  |
Dividend income | 59 |  |  | 146 |  |  |  |  |
Fee income | 37 |  |  | 310 |  |  |  |  |
Total investment income from non-controlled/non-affiliate company investments | 11,734 |  |  | 13,051 |  |  |  |  |
Non-controlled affiliate company investments: |  |  |  |  |  |  |
Interest income | 1,188 |  |  | 1,417 |  |  |  |  |
Payment-in-kind interest income | 1,307 |  |  | 1,387 |  |  |  |  |
Dividend income | 53 |  |  | 49 |  |  |  |  |
Total investment income from non-controlled affiliate company investments | 2,548 |  |  | 2,853 |  |  |  |  |
Controlled affiliate company investments: |  |  |  |  |  |  |
Dividend income | 900 |  |  | 900 |  |  |  |  |
Total investment income from controlled affiliate company investments | 900 |  |  | 900 |  |  |  |  |
Total investment income | 15,182 |  |  | 16,804 |  |  |  |  |
Operating expenses: |  |  |  |  |  |  |
Interest and other debt financing expenses | 5,507 |  |  | 5,514 |  |  |  |  |
Base management fees | 2,048 |  |  | 2,200 |  |  |  |  |
Incentive fees | 1,368 |  |  | 1,657 |  |  |  |  |
Professional fees | 268 |  |  | 128 |  |  |  |  |
Administrative service fees | 209 |  |  | 255 |  |  |  |  |
General and administrative expenses | 218 |  |  | 155 |  |  |  |  |
Directors’ fees | 76 |  |  | 35 |  |  |  |  |
Total operating expenses | 9,694 |  |  | 9,944 |  |  |  |  |
Net investment income before income taxes | 5,488 |  |  | 6,860 |  |  |  |  |
Income taxes, including excise taxes | 18 |  |  | 233 |  |  |  |  |
Net investment income | 5,470 |  |  | 6,627 |  |  |  |  |
Net gain (loss): |  |  |  |  |  |  |
Net realized gain (loss): |  |  |  |  |  |  |
Non-controlled/non-affiliate company investments | 4 |  |  | 706 |  |  |  |  |
Foreign currency forward contracts | — |  |  | 37 |  |  |  |  |
Foreign currency and other transactions | — |  |  | (3) |  |  |  |  |
Net realized gain (loss) | 4 |  |  | 740 |  |  |  |  |
Net change in unrealized gain (loss): |  |  |  |  |  |  |
Non-controlled/non-affiliate company investments | (1,344) |  |  | (3,417) |  |  |  |  |
Non-controlled affiliate company investments | (803) |  |  | (1,025) |  |  |  |  |
Controlled affiliate company investments | (132) |  |  | 254 |  |  |  |  |
Foreign currency forward contracts | — |  |  | 180 |  |  |  |  |
Net change in unrealized gain (loss) | (2,279) |  |  | (4,008) |  |  |  |  |
Net gain (loss) | (2,275) |  |  | (3,268) |  |  |  |  |
Net increase (decrease) in net assets resulting from operations | $ | 3,195 |  |  | $ | 3,359 |  |  |  |  |
Per common share data: |  |  |  |  |  |  |
Net investment income per share - basic and diluted | $ | 0.25 |  |  | $ | 0.31 |  |  |  |  |
Net increase (decrease) in net assets resulting from operations per share - basic and diluted | $ | 0.15 |  |  | $ | 0.16 |  |  |  |  |
Weighted average common shares outstanding - basic and diluted | 21,666 |  | 21,666 |  |  |  |

See Notes to Consolidated Financial Statements.
4

Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
(unaudited)
(in thousands)

| Common Stock |  |  |  | Accumulated undistributed (overdistributed) earnings |  |
| Number of shares |  | Par value |  | Capital in excess of par value |  |  | Total net assets
Balances at December 31, 2022 | 21,666 |  | $ | 22 |  |  | $ | 298,700 |  |  | $ | (73,703) |  |  | $ | 225,019 |
Net investment income | — |  | — |  |  | — |  |  | 6,627 |  |  | 6,627 |
Net realized gain (loss) | — |  | — |  |  | — |  |  | 740 |  |  | 740 |
Net change in unrealized gain (loss) | — |  | — |  |  | — |  |  | (4,008) |  |  | (4,008) |
Distributions to stockholders | — |  | — |  |  | — |  |  | (5,417) |  |  | (5,417) |
Balances at March 31, 2023 | 21,666 |  | $ | 22 |  |  | $ | 298,700 |  |  | $ | (75,761) |  |  | $ | 222,961 |
Balances at December 31, 2023 | 21,666 |  | $ | 22 |  |  | $ | 298,127 |  |  | $ | (94,425) |  |  | $ | 203,724 |
Net investment income | — |  | — |  |  | — |  |  | 5,470 |  |  | 5,470 |
Net realized gain (loss) | — |  | — |  |  | — |  |  | 4 |  |  | 4 |
Net change in unrealized gain (loss) | — |  | — |  |  | — |  |  | (2,279) |  |  | (2,279) |
Distributions to stockholders | — |  | — |  |  | — |  |  | (5,417) |  |  | (5,417) |
Balances at March 31, 2024 | 21,666 |  | $ | 22 |  |  | $ | 298,127 |  |  | $ | (96,647) |  |  | $ | 201,502 |

See Notes to Consolidated Financial Statements.
5

Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(in thousands)

| Three months ended March 31,
| 2024 |  | 2023
Cash flows from operating activities: |  |  |
Net increase (decrease) in net assets resulting from operations | $ | 3,195 |  |  | $ | 3,359 |
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 | (4) |  |  | (706) |
Net realized (gain) loss on foreign currency forward contracts | — |  |  | (37) |
Net realized (gain) loss on foreign currency and other transactions | — |  |  | 3 |
Net change in unrealized (gain) loss on investments | 2,279 |  |  | 4,188 |
Net change in unrealized (gain) loss on foreign currency forward contracts | — |  |  | (180) |
Payment-in-kind interest income | (2,115) |  |  | (2,272) |
Net accretion of discounts and amortization of premiums | (251) |  |  | (360) |
Purchases of investments | (24,200) |  |  | (22,314) |
Proceeds from principal payments, sales of investments and settlement of forward contracts | 12,087 |  |  | 30,441 |
Amortization of deferred financing costs | 327 |  |  | 321 |
Changes in operating assets and liabilities: |  |  |
Interest and dividend receivable | (1,536) |  |  | (1,632) |
Other assets | (365) |  |  | (119) |
Interest payable | (1,457) |  |  | (1,372) |
Management fees payable | (52) |  |  | (21) |
Incentive fees payable | 49 |  |  | 277 |
Accounts payable and accrued expenses | (318) |  |  | (887) |
Directors’ fees payable | 76 |  |  | 35 |
Net cash provided by (used in) operating activities | (12,285) |  |  | 8,724 |
Cash flows from financing activities: |  |  |
Borrowings on revolving credit facility | 28,600 |  |  | 33,500 |
Repayments of revolving credit facility | (11,000) |  |  | (35,300) |
Payments of deferred financing costs | — |  |  | (25) |
Stockholder distributions paid | (5,417) |  |  | (5,417) |
Net cash provided by (used in) financing activities | 12,183 |  |  | (7,242) |
Net increase (decrease) in Cash and cash equivalents | (102) |  |  | 1,482 |
Effect of foreign currency exchange rates | — |  |  | (3) |
Cash and cash equivalents, beginning of period | 4,958 |  |  | 5,450 |
Cash and cash equivalents, end of period | $ | 4,856 |  |  | $ | 6,929 |
Supplemental disclosure of cash flow information: |  |  |
Cash interest paid during the period | $ | 6,601 |  |  | $ | 6,529 |
Cash paid for income taxes, including excise taxes during the period | $ | 357 |  |  | $ | 318 |

See Notes to Consolidated Financial Statements.
6

Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS
(unaudited)
March 31, 2024
(in thousands, except for shares and units)

Portfolio Company (^) |  | Index (^^) |  | Spread (^^) |  | Interest Rate |  | Acquisition Date (^^^) |  | Maturity |  | Principal |  | Amortized Cost |  | Fair Value (^^^^) |  | % of Net Assets (^^^^^)
Non-Controlled/Non-Affiliate Company Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Senior Secured Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Automotive |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Born To Run, LLC |  | SF |  | 6.26 | % |  | 11.57% (***) |  | 4/1/2021 |  | 4/1/2027 |  | 3,430 |  |  | $ | 3,387 |  |  | $ | 1,752 |  |  | 0.9 | %
Born To Run, LLC |  | SF |  | 6.26 | % |  | 11.57% (***) |  | 4/1/2021 |  | 4/1/2027 |  | 467 |  |  | 467 |  |  | 239 |  |  | 0.1 | %
Hastings Manufacturing Company |  | SF |  | 7.60 | % |  | 12.93 | % |  | 4/24/2018 |  | 12/30/2025 |  | 1,843 |  |  | 1,843 |  |  | 1,843 |  |  | 0.9 | %
Hastings Manufacturing Company |  | SF |  | 7.60 | % |  | 12.93 | % |  | 3/29/2023 |  | 12/30/2025 |  | 662 |  |  | 662 |  |  | 662 |  |  | 0.3 | %
Hastings Manufacturing Company |  | SF |  | 7.60 | % |  | 12.93 | % |  | 12/18/2023 |  | 12/30/2025 |  | 2,034 |  |  | 2,019 |  |  | 2,075 |  |  | 1.0 | %
Hastings Manufacturing Company (Revolver) (*) |  | SF |  | 7.60 | % |  | 12.93 | % |  | 3/29/2023 |  | 12/30/2025 |  | 691 |  |  | — |  |  | — |  |  | 0.0 | %
Lifted Trucks Holdings, LLC |  | SF |  | 5.85 | % |  | 11.18 | % |  | 8/2/2021 |  | 8/2/2027 |  | 6,843 |  |  | 6,759 |  |  | 6,702 |  |  | 3.3 | %
Lifted Trucks Holdings, LLC (Revolver) (*) |  | SF |  | 5.90 | % |  | 11.25 | % |  | 8/2/2021 |  | 8/2/2027 |  | 1,667 |  |  | 889 |  |  | 871 |  |  | 0.5 | %
Panda Acquisition, LLC |  | SF |  | 6.35 | % |  | 11.66 | % |  | 12/20/2022 |  | 10/18/2028 |  | 4,359 |  |  | 3,689 |  |  | 3,716 |  |  | 1.9 | %
|  |  |  |  |  |  |  |  |  |  |  | 21,996 |  |  | 19,715 |  |  | 17,860 |  |  | 8.9 | %
Banking |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MV Receivables II, LLC (#) |  | SF |  | 9.75 | % |  | 15.08 | % |  | 7/29/2021 |  | 7/29/2026 |  | 8,100 |  |  | 7,737 |  |  | 7,477 |  |  | 3.7 | %
StarCompliance MidCo, LLC |  | SF |  | 6.35 | % |  | 11.65 | % |  | 1/12/2021 |  | 1/12/2027 |  | 2,000 |  |  | 1,979 |  |  | 1,998 |  |  | 1.0 | %
StarCompliance MidCo, LLC |  | SF |  | 6.35 | % |  | 11.65 | % |  | 10/12/2021 |  | 1/12/2027 |  | 335 |  |  | 331 |  |  | 335 |  |  | 0.2 | %
StarCompliance MidCo, LLC |  | SF |  | 6.35 | % |  | 11.65 | % |  | 5/31/2023 |  | 1/12/2027 |  | 256 |  |  | 251 |  |  | 256 |  |  | 0.1 | %
StarCompliance MidCo, LLC (Revolver) (*) |  | SF |  | 6.35 | % |  | 11.65 | % |  | 1/12/2021 |  | 1/12/2027 |  | 323 |  |  | 223 |  |  | 222 |  |  | 0.1 | %
|  |  |  |  |  |  |  |  |  |  |  | 11,014 |  |  | 10,521 |  |  | 10,288 |  |  | 5.1 | %
Beverage, Food & Tobacco |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
LVF Holdings, Inc. |  | SF |  | 5.90 | % |  | 11.21 | % |  | 6/10/2021 |  | 6/10/2027 |  | 1,463 |  |  | 1,445 |  |  | 1,463 |  |  | 0.7 | %
LVF Holdings, Inc. |  | SF |  | 5.90 | % |  | 11.21 | % |  | 6/10/2021 |  | 6/10/2027 |  | 1,400 |  |  | 1,400 |  |  | 1,400 |  |  | 0.7 | %
LVF Holdings, Inc. (Revolver) (*) |  | SF |  | 5.90 | % |  | 11.21 | % |  | 6/10/2021 |  | 6/10/2027 |  | 238 |  |  | — |  |  | — |  |  | 0.0 | %
|  |  |  |  |  |  |  |  |  |  |  | 3,101 |  |  | 2,845 |  |  | 2,863 |  |  | 1.4 | %
Capital Equipment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CGI Automated Manufacturing, LLC |  | SF |  | 7.26 | % |  | 12.56 | % |  | 9/9/2022 |  | 12/17/2026 |  | 3,850 |  |  | 3,770 |  |  | 3,826 |  |  | 1.9 | %
CGI Automated Manufacturing, LLC |  | SF |  | 7.26 | % |  | 12.56 | % |  | 9/30/2022 |  | 12/17/2026 |  | 1,105 |  |  | 1,085 |  |  | 1,098 |  |  | 0.5 | %
|  |  |  |  |  |  |  |  |  |  |  | 4,955 |  |  | 4,855 |  |  | 4,924 |  |  | 2.4 | %
Chemicals, Plastics & Rubber |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Valudor Products LLC |  | SF |  | 7.61 | % |  | 11.44% Cash/ 1.50% PIK |  | 6/18/2018 |  | 12/31/2024 |  | 1,587 |  |  | 1,587 |  |  | 1,822 |  |  | 0.9 | %
Valudor Products LLC (a) |  | SF |  | 7.50 | % |  | 12.94% PIK |  | 6/18/2018 |  | 12/31/2024 |  | 305 |  |  | 305 |  |  | 291 |  |  | 0.1 | %
Valudor Products LLC |  | SF |  | 7.61 | % |  | 12.94 | % |  | 12/22/2021 |  | 12/31/2024 |  | 502 |  |  | 502 |  |  | 1,358 |  |  | 0.7 | %
Valudor Products LLC (Revolver) (*) |  | SF |  | 7.61 | % |  | 12.94 | % |  | 6/18/2018 |  | 12/31/2024 |  | 1,095 |  |  | 55 |  |  | 54 |  |  | 0.0 | %
|  |  |  |  |  |  |  |  |  |  |  | 3,489 |  |  | 2,449 |  |  | 3,525 |  |  | 1.7 | %

7

Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2024
(in thousands, except for shares and units)

Portfolio Company (^) |  | Index (^^) |  | Spread (^^) |  | Interest Rate |  | Acquisition Date (^^^) |  | Maturity |  | Principal |  | Amortized Cost |  | Fair Value (^^^^) |  | % of Net Assets (^^^^^)
Construction & Building |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MEI Buyer LLC |  | SF |  | 6.50 | % |  | 11.83 | % |  | 6/30/2023 |  | 6/29/2029 |  | 1,990 |  |  | $ | 1,936 |  |  | $ | 2,010 |  |  | 1.0 | %
MEI Buyer LLC |  | SF |  | 5.25 | % |  | 10.58 | % |  | 1/9/2024 |  | 6/30/2029 |  | 1,114 |  |  | 1,104 |  |  | 1,114 |  |  | 0.6 | %
MEI Buyer LLC (Delayed Draw) (*) (**) |  | SF |  | 6.50 | % |  | 11.83 | % |  | 6/30/2023 |  | 6/29/2029 |  | 317 |  |  | — |  |  | — |  |  | 0.0 | %
MEI Buyer LLC (Revolver) (*) |  | SF |  | 6.50 | % |  | 11.83 | % |  | 6/30/2023 |  | 6/29/2029 |  | 410 |  |  | — |  |  | — |  |  | 0.0 | %
TCFIII OWL Buyer LLC |  | SF |  | 5.61 | % |  | 10.94 | % |  | 4/19/2021 |  | 4/17/2026 |  | 1,994 |  |  | 1,977 |  |  | 1,994 |  |  | 1.0 | %
TCFIII OWL Buyer LLC |  | SF |  | 5.61 | % |  | 10.94 | % |  | 4/19/2021 |  | 4/17/2026 |  | 2,434 |  |  | 2,434 |  |  | 2,434 |  |  | 1.2 | %
TCFIII OWL Buyer LLC |  | SF |  | 5.61 | % |  | 10.94 | % |  | 12/17/2021 |  | 4/17/2026 |  | 2,185 |  |  | 2,165 |  |  | 2,185 |  |  | 1.1 | %
|  |  |  |  |  |  |  |  |  |  |  | 10,444 |  |  | 9,616 |  |  | 9,737 |  |  | 4.9 | %
Consumer Goods: Durable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Independence Buyer, Inc. |  | SF |  | 5.90 | % |  | 11.21 | % |  | 8/3/2021 |  | 8/3/2026 |  | 5,345 |  |  | 5,290 |  |  | 5,251 |  |  | 2.6 | %
Independence Buyer, Inc. (Revolver) (*) |  | SF |  | 5.90 | % |  | 11.21 | % |  | 8/3/2021 |  | 8/3/2026 |  | 1,423 |  |  | — |  |  | — |  |  | 0.0 | %
Recycled Plastics Industries, LLC |  | SF |  | 7.60 | % |  | 12.18% Cash/ 0.75% PIK |  | 8/4/2021 |  | 8/4/2026 |  | 2,808 |  |  | 2,778 |  |  | 2,787 |  |  | 1.4 | %
Recycled Plastics Industries, LLC (Revolver) (*) |  | SF |  | 7.60 | % |  | 12.18% Cash/ 0.75% PIK |  | 8/4/2021 |  | 8/4/2026 |  | 284 |  |  | — |  |  | — |  |  | 0.0 | %
|  |  |  |  |  |  |  |  |  |  |  | 9,860 |  |  | 8,068 |  |  | 8,038 |  |  | 4.0 | %
Consumer Goods: Non-Durable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
The Kyjen Company, LLC |  | SF |  | 7.75 | % |  | 12.06% Cash/ 1.00% PIK |  | 5/14/2021 |  | 4/3/2026 |  | 988 |  |  | 982 |  |  | 982 |  |  | 0.5 | %
The Kyjen Company, LLC |  | SF |  | 7.50 | % |  | 12.96% PIK |  | 9/13/2022 |  | 4/3/2026 |  | 1 |  |  | 1 |  |  | 1 |  |  | 0.0 | %
The Kyjen Company, LLC (Revolver) (*) |  | SF |  | 7.75 | % |  | 12.06% Cash/ 1.00% PIK |  | 5/14/2021 |  | 4/3/2026 |  | 105 |  |  | — |  |  | — |  |  | 0.0 | %
Thrasio, LLC |  | SF |  | 8.11 | % |  | 13.44% (***) |  | 3/5/2024 |  | 7/1/2024 |  | 348 |  |  | 132 |  |  | 135 |  |  | 0.1 | %
|  |  |  |  |  |  |  |  |  |  |  | 1,442 |  |  | 1,115 |  |  | 1,118 |  |  | 0.6 | %
Environmental Industries |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Quest Resource Management Group, LLC |  | SF |  | 7.11 | % |  | 12.44 | % |  | 10/19/2020 |  | 10/19/2026 |  | 849 |  |  | 793 |  |  | 854 |  |  | 0.4 | %
Quest Resource Management Group, LLC |  | SF |  | 7.11 | % |  | 12.44 | % |  | 10/19/2020 |  | 10/19/2026 |  | 933 |  |  | 933 |  |  | 938 |  |  | 0.5 | %
Quest Resource Management Group, LLC |  | SF |  | 7.11 | % |  | 12.44 | % |  | 12/7/2021 |  | 10/19/2026 |  | 3,316 |  |  | 3,285 |  |  | 3,316 |  |  | 1.6 | %
Quest Resource Management Group, LLC |  | SF |  | 7.11 | % |  | 12.44 | % |  | 12/7/2021 |  | 10/19/2026 |  | 334 |  |  | 334 |  |  | 334 |  |  | 0.2 | %
|  |  |  |  |  |  |  |  |  |  |  | 5,432 |  |  | 5,345 |  |  | 5,442 |  |  | 2.7 | %
FIRE: Finance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Avalara, Inc. |  | SF |  | 7.25 | % |  | 12.56 | % |  | 10/19/2022 |  | 10/19/2028 |  | 4,000 |  |  | 3,918 |  |  | 4,038 |  |  | 2.0 | %
Avalara, Inc. (Revolver) (*) |  | SF |  | 7.25 | % |  | 12.56 | % |  | 10/19/2022 |  | 10/19/2028 |  | 400 |  |  | — |  |  | — |  |  | 0.0 | %
GC Champion Acquisition LLC |  | SF |  | 6.25 | % |  | 11.71 | % |  | 8/19/2022 |  | 8/18/2028 |  | 2,522 |  |  | 2,482 |  |  | 2,544 |  |  | 1.3 | %
GC Champion Acquisition LLC |  | SF |  | 6.25 | % |  | 11.71 | % |  | 8/19/2022 |  | 8/18/2028 |  | 701 |  |  | 701 |  |  | 707 |  |  | 0.4 | %
GC Champion Acquisition LLC |  | SF |  | 6.50 | % |  | 11.96 | % |  | 8/1/2023 |  | 8/18/2028 |  | 2,102 |  |  | 2,044 |  |  | 2,136 |  |  | 1.1 | %
J2 BWA Funding LLC (Revolver) (*) (#) |  | n/a |  | n/a |  | 10.00 | % |  | 12/24/2020 |  | 12/24/2026 |  | 2,750 |  |  | 1,623 |  |  | 1,623 |  |  | 0.8 | %
Liftforward SPV II, LLC (#) |  | SF |  | 10.86 | % |  | 16.19% PIK |  | 11/10/2016 |  | 9/30/2024 |  | 263 |  |  | 263 |  |  | 237 |  |  | 0.1 | %
W3 Monroe RE Debt LLC (#) |  | n/a |  | n/a |  | 10.00% PIK |  | 2/5/2021 |  | 2/4/2028 |  | 3,631 |  |  | 3,631 |  |  | 3,713 |  |  | 1.8 | %
W3 Monroe RE Debt LLC (Delayed Draw) (*) (**) (#) |  | n/a |  | n/a |  | 10.00% PIK |  | 3/31/2023 |  | 2/4/2028 |  | 274 |  |  | 226 |  |  | 231 |  |  | 0.1 | %
|  |  |  |  |  |  |  |  |  |  |  | 16,643 |  |  | 14,888 |  |  | 15,229 |  |  | 7.6 | %

8

Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2024
(in thousands, except for shares and units)

Portfolio Company (^) |  | Index (^^) |  | Spread (^^) |  | Interest Rate |  | Acquisition Date (^^^) |  | Maturity |  | Principal |  | Amortized Cost |  | Fair Value (^^^^) |  | % of Net Assets (^^^^^)
FIRE: Real Estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC (#) |  | SF |  | 8.25 | % |  | 13.57 | % |  | 5/3/2022 |  | 4/30/2025 |  | 2,784 |  |  | $ | 2,761 |  |  | $ | 2,805 |  |  | 1.4 | %
Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC (#) |  | SF |  | 8.25 | % |  | 13.57 | % |  | 5/3/2022 |  | 4/30/2025 |  | 285 |  |  | 285 |  |  | 287 |  |  | 0.2 | %
Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC (Delayed Draw) (*) (**) (#) |  | SF |  | 8.25 | % |  | 13.57 | % |  | 10/6/2023 |  | 4/30/2027 |  | 837 |  |  | 474 |  |  | 478 |  |  | 0.2 | %
Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC (Revolver) (*) (#) |  | SF |  | 8.25 | % |  | 13.58 | % |  | 5/3/2022 |  | 4/30/2025 |  | 1,395 |  |  | 656 |  |  | 656 |  |  | 0.3 | %
|  |  |  |  |  |  |  |  |  |  |  | 5,301 |  |  | 4,176 |  |  | 4,226 |  |  | 2.1 | %
Healthcare & Pharmaceuticals |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bluesight, Inc. |  | SF |  | 7.25 | % |  | 12.55 | % |  | 7/17/2023 |  | 7/17/2029 |  | 2,000 |  |  | 1,945 |  |  | 1,998 |  |  | 1.0 | %
Bluesight, Inc. (Revolver) (*) |  | SF |  | 7.25 | % |  | 12.55 | % |  | 7/17/2023 |  | 7/17/2029 |  | 174 |  |  | — |  |  | — |  |  | 0.0 | %
Brickell Bay Acquisition Corp. |  | SF |  | 6.65 | % |  | 11.98 | % |  | 2/12/2021 |  | 2/12/2026 |  | 1,856 |  |  | 1,833 |  |  | 1,856 |  |  | 0.9 | %
Caravel Autism Health, LLC |  | SF |  | 5.76 | % |  | 11.09 | % |  | 6/30/2021 |  | 6/30/2027 |  | 4,999 |  |  | 4,937 |  |  | 4,999 |  |  | 2.5 | %
Caravel Autism Health, LLC |  | SF |  | 5.76 | % |  | 11.09 | % |  | 6/30/2021 |  | 6/30/2027 |  | 1,389 |  |  | 1,389 |  |  | 1,389 |  |  | 0.7 | %
Caravel Autism Health, LLC (Revolver) (*) |  | SF |  | 5.76 | % |  | 11.09 | % |  | 6/30/2021 |  | 6/30/2027 |  | 1,269 |  |  | 244 |  |  | 244 |  |  | 0.1 | %
Dorado Acquisition, Inc. |  | SF |  | 6.85 | % |  | 12.18 | % |  | 6/30/2021 |  | 6/30/2026 |  | 4,875 |  |  | 4,824 |  |  | 4,756 |  |  | 2.4 | %
Dorado Acquisition, Inc. |  | SF |  | 6.90 | % |  | 12.23 | % |  | 11/27/2022 |  | 6/30/2026 |  | 4,041 |  |  | 3,972 |  |  | 3,942 |  |  | 2.0 | %
Dorado Acquisition, Inc. (Revolver) (*) |  | SF |  | 6.85 | % |  | 12.18 | % |  | 6/30/2021 |  | 6/30/2026 |  | 596 |  |  | — |  |  | — |  |  | 0.0 | %
Forest Buyer, LLC |  | SF |  | 5.75 | % |  | 11.07 | % |  | 3/15/2024 |  | 3/15/2030 |  | 4,000 |  |  | 3,866 |  |  | 3,900 |  |  | 1.9 | %
Forest Buyer, LLC (Delayed Draw) (*) (**) |  | SF |  | 5.75 | % |  | 11.07 | % |  | 3/15/2024 |  | 3/15/2030 |  | 1,250 |  |  | — |  |  | — |  |  | 0.0 | %
Forest Buyer, LLC (Revolver) (*) |  | SF |  | 5.75 | % |  | 11.07 | % |  | 3/15/2024 |  | 3/15/2030 |  | 750 |  |  | — |  |  | — |  |  | 0.0 | %
INH Buyer, Inc. |  | SF |  | 7.00 | % |  | 8.91% Cash/ 3.50% PIK |  | 6/30/2021 |  | 6/28/2028 |  | 3,026 |  |  | 3,006 |  |  | 2,309 |  |  | 1.1 | %
KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC) |  | SF |  | 7.00 | % |  | 12.31 | % |  | 2/1/2023 |  | 2/1/2029 |  | 4,963 |  |  | 4,838 |  |  | 4,963 |  |  | 2.5 | %
KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC) |  | SF |  | 7.00 | % |  | 12.29 | % |  | 2/6/2024 |  | 2/1/2029 |  | 2,128 |  |  | 2,066 |  |  | 2,128 |  |  | 1.1 | %
KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC) (Delayed Draw) (*) (**) |  | SF |  | 7.00 | % |  | 12.31 | % |  | 2/1/2023 |  | 2/1/2029 |  | 1,702 |  |  | 989 |  |  | 989 |  |  | 0.5 | %
KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC) (Revolver) (*) |  | SF |  | 7.00 | % |  | 12.33 | % |  | 2/1/2023 |  | 2/1/2029 |  | 813 |  |  | 461 |  |  | 461 |  |  | 0.2 | %
NationsBenefits, LLC |  | SF |  | 7.10 | % |  | 12.43 | % |  | 8/20/2021 |  | 8/26/2027 |  | 3,910 |  |  | 3,867 |  |  | 3,949 |  |  | 2.0 | %
NationsBenefits, LLC |  | SF |  | 7.10 | % |  | 12.43 | % |  | 8/26/2022 |  | 8/26/2027 |  | 4,660 |  |  | 4,660 |  |  | 4,707 |  |  | 2.3 | %
NationsBenefits, LLC |  | SF |  | 7.10 | % |  | 12.43 | % |  | 8/26/2022 |  | 8/26/2027 |  | 5,052 |  |  | 5,052 |  |  | 5,103 |  |  | 2.5 | %
NationsBenefits, LLC (Revolver) (*) |  | SF |  | 7.10 | % |  | 12.43 | % |  | 8/20/2021 |  | 8/26/2027 |  | 2,222 |  |  | 1,556 |  |  | 1,556 |  |  | 0.8 | %
NQ PE Project Colosseum Midco Inc. |  | SF |  | 5.65 | % |  | 10.95 | % |  | 10/4/2022 |  | 10/4/2028 |  | 3,456 |  |  | 3,401 |  |  | 3,491 |  |  | 1.7 | %

9

Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2024
(in thousands, except for shares and units)

Portfolio Company (^) |  | Index (^^) |  | Spread (^^) |  | Interest Rate |  | Acquisition Date (^^^) |  | Maturity |  | Principal |  | Amortized Cost |  | Fair Value (^^^^) |  | % of Net Assets (^^^^^)
NQ PE Project Colosseum Midco Inc. (Delayed Draw) (*) (**) |  | SF |  | 5.65 | % |  | 10.95 | % |  | 10/4/2022 |  | 10/4/2028 |  | 778 |  |  | $ | — |  |  | $ | — |  |  | 0.0 | %
NQ PE Project Colosseum Midco Inc. (Revolver) (*) |  | SF |  | 5.65 | % |  | 10.95 | % |  | 10/4/2022 |  | 10/4/2028 |  | 438 |  |  | — |  |  | — |  |  | 0.0 | %
Seran BioScience, LLC |  | SF |  | 6.25 | % |  | 11.58 | % |  | 12/31/2020 |  | 7/8/2027 |  | 2,425 |  |  | 2,406 |  |  | 2,425 |  |  | 1.2 | %
Seran BioScience, LLC |  | SF |  | 6.25 | % |  | 11.54 | % |  | 7/8/2022 |  | 7/8/2027 |  | 2,751 |  |  | 2,751 |  |  | 2,751 |  |  | 1.3 | %
Seran BioScience, LLC |  | SF |  | 6.25 | % |  | 11.49 | % |  | 8/21/2023 |  | 7/8/2027 |  | 1,444 |  |  | 1,444 |  |  | 1,444 |  |  | 0.7 | %
Seran BioScience, LLC (Revolver) (*) |  | SF |  | 6.25 | % |  | 11.58 | % |  | 12/31/2020 |  | 7/8/2027 |  | 444 |  |  | — |  |  | — |  |  | 0.0 | %
TigerConnect, Inc. |  | SF |  | 6.90 | % |  | 12.21 | % |  | 2/16/2022 |  | 2/16/2028 |  | 3,000 |  |  | 2,957 |  |  | 2,951 |  |  | 1.5 | %
TigerConnect, Inc. (Delayed Draw) (*) (**) |  | SF |  | 6.90 | % |  | 12.21 | % |  | 2/16/2022 |  | 2/16/2028 |  | 225 |  |  | 163 |  |  | 160 |  |  | 0.1 | %
TigerConnect, Inc. (Revolver) (*) |  | SF |  | 6.90 | % |  | 12.21 | % |  | 2/16/2022 |  | 2/16/2028 |  | 429 |  |  | — |  |  | — |  |  | 0.0 | %
Vero Biotech Inc. |  | P |  | 3.75 | % |  | 12.25 | % |  | 12/29/2023 |  | 1/2/2029 |  | 2,500 |  |  | 2,476 |  |  | 2,500 |  |  | 1.2 | %
Whistler Parent Holdings III, Inc. |  | SF |  | 8.90 | % |  | 9.46% Cash/ 4.75% PIK |  | 6/3/2022 |  | 6/2/2028 |  | 4,609 |  |  | 4,538 |  |  | 4,414 |  |  | 2.2 | %
Whistler Parent Holdings III, Inc. |  | SF |  | 8.90 | % |  | 9.46% Cash/ 4.75% PIK |  | 6/3/2022 |  | 6/2/2028 |  | 58 |  |  | 58 |  |  | 55 |  |  | 0.0 | %
Whistler Parent Holdings III, Inc. (Revolver) |  | SF |  | 8.90 | % |  | 9.46% Cash/ 4.75% PIK |  | 6/3/2022 |  | 6/2/2028 |  | 576 |  |  | 576 |  |  | 552 |  |  | 0.3 | %
|  |  |  |  |  |  |  |  |  |  |  | 78,808 |  |  | 70,275 |  |  | 69,992 |  |  | 34.7 | %
High Tech Industries |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amelia Holding II, LLC |  | SF |  | 10.26 | % |  | 14.56% Cash/ 1.00% PIK |  | 12/21/2022 |  | 12/21/2027 |  | 2,026 |  |  | 1,978 |  |  | 2,036 |  |  | 1.0 | %
Amelia Holding II, LLC |  | SF |  | 10.26 | % |  | 14.56% Cash/ 1.00% PIK |  | 12/21/2022 |  | 12/21/2027 |  | 669 |  |  | 669 |  |  | 672 |  |  | 0.3 | %
Amelia Holding II, LLC (Revolver) (*) |  | SF |  | 10.26 | % |  | 14.56% Cash/ 1.00% PIK |  | 12/21/2022 |  | 12/21/2027 |  | 133 |  |  | — |  |  | — |  |  | 0.0 | %
Arcserve Cayman Opco LP (fka Arcstor Midco, LLC) (Delayed Draw) (*) (**) |  | SF |  | 8.11 | % |  | 13.44% PIK (***) |  | 1/2/2024 |  | 1/2/2027 |  | 551 |  |  | 149 |  |  | 331 |  |  | 0.2 | %
Drawbridge Partners, LLC |  | SF |  | 6.75 | % |  | 12.05 | % |  | 9/1/2022 |  | 9/1/2028 |  | 3,000 |  |  | 2,952 |  |  | 3,029 |  |  | 1.5 | %
Drawbridge Partners, LLC (Delayed Draw) (*) (**) |  | SF |  | 6.75 | % |  | 12.05 | % |  | 9/1/2022 |  | 9/1/2028 |  | 874 |  |  | 496 |  |  | 501 |  |  | 0.2 | %
Drawbridge Partners, LLC (Revolver) (*) |  | SF |  | 6.75 | % |  | 12.05 | % |  | 9/1/2022 |  | 9/1/2028 |  | 522 |  |  | — |  |  | — |  |  | 0.0 | %
Medallia, Inc. |  | SF |  | 6.60 | % |  | 7.91% Cash/ 4.00% PIK |  | 8/15/2022 |  | 10/27/2028 |  | 2,161 |  |  | 2,130 |  |  | 2,165 |  |  | 1.1 | %
Mindbody, Inc. |  | SF |  | 7.15 | % |  | 12.46 | % |  | 2/15/2019 |  | 9/30/2025 |  | 6,536 |  |  | 6,514 |  |  | 6,536 |  |  | 3.2 | %
Mindbody, Inc. |  | SF |  | 7.15 | % |  | 12.46 | % |  | 9/22/2021 |  | 9/30/2025 |  | 207 |  |  | 207 |  |  | 207 |  |  | 0.1 | %
Mindbody, Inc. (Revolver) (*) |  | SF |  | 7.15 | % |  | 12.46 | % |  | 2/15/2019 |  | 9/30/2025 |  | 667 |  |  | — |  |  | — |  |  | 0.0 | %
Planful, Inc. |  | SF |  | 6.76 | % |  | 12.09 | % |  | 12/28/2018 |  | 12/28/2026 |  | 9,500 |  |  | 9,500 |  |  | 9,500 |  |  | 4.7 | %
Planful, Inc. |  | SF |  | 6.76 | % |  | 12.09 | % |  | 9/12/2022 |  | 12/28/2026 |  | 530 |  |  | 526 |  |  | 530 |  |  | 0.3 | %
Planful, Inc. |  | SF |  | 6.76 | % |  | 12.09 | % |  | 1/11/2021 |  | 12/28/2026 |  | 1,326 |  |  | 1,326 |  |  | 1,326 |  |  | 0.7 | %
Planful, Inc. |  | SF |  | 6.76 | % |  | 12.09 | % |  | 2/11/2022 |  | 12/28/2026 |  | 884 |  |  | 884 |  |  | 884 |  |  | 0.4 | %
Planful, Inc. |  | SF |  | 6.76 | % |  | 12.09 | % |  | 4/5/2023 |  | 12/28/2026 |  | 707 |  |  | 691 |  |  | 707 |  |  | 0.4 | %
Planful, Inc. (Revolver) (*) |  | SF |  | 6.50 | % |  | 11.81 | % |  | 12/28/2018 |  | 12/28/2026 |  | 1,105 |  |  | 119 |  |  | 119 |  |  | 0.1 | %
Sparq Holdings, Inc. |  | SF |  | 6.25 | % |  | 11.43 | % |  | 6/16/2023 |  | 6/15/2029 |  | 993 |  |  | 965 |  |  | 1,002 |  |  | 0.5 | %
Sparq Holdings, Inc. (Delayed Draw) (*) (**) |  | SF |  | 6.25 | % |  | 11.56 | % |  | 6/16/2023 |  | 6/15/2029 |  | 222 |  |  | 56 |  |  | 56 |  |  | 0.0 | %

10

Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2024
(in thousands, except for shares and units)

Portfolio Company (^) |  | Index (^^) |  | Spread (^^) |  | Interest Rate |  | Acquisition Date (^^^) |  | Maturity |  | Principal |  | Amortized Cost |  | Fair Value (^^^^) |  | % of Net Assets (^^^^^)
Sparq Holdings, Inc. (Revolver) (*) |  | SF |  | 6.25 | % |  | 11.56 | % |  | 6/16/2023 |  | 6/15/2029 |  | 205 |  |  | $ | — |  |  | $ | — |  |  | 0.0 | %
|  |  |  |  |  |  |  |  |  |  |  | 32,818 |  |  | 29,162 |  |  | 29,601 |  |  | 14.7 | %
Media: Advertising, Printing & Publishing |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Destination Media, Inc. |  | SF |  | 7.25 | % |  | 12.43 | % |  | 6/21/2023 |  | 6/21/2028 |  | 993 |  |  | 961 |  |  | 1,012 |  |  | 0.5 | %
Destination Media, Inc. (Delayed Draw) (*) (**) |  | SF |  | 7.15 | % |  | 12.45 | % |  | 6/21/2023 |  | 6/21/2028 |  | 500 |  |  | 61 |  |  | 62 |  |  | 0.0 | %
Destination Media, Inc. (Revolver) (*) |  | SF |  | 7.15 | % |  | 12.45 | % |  | 6/21/2023 |  | 6/21/2028 |  | 103 |  |  | 21 |  |  | 21 |  |  | 0.0 | %
North Haven USHC Acquisition, Inc. |  | SF |  | 6.60 | % |  | 11.91 | % |  | 10/30/2020 |  | 10/30/2025 |  | 2,419 |  |  | 2,401 |  |  | 2,419 |  |  | 1.2 | %
North Haven USHC Acquisition, Inc. |  | SF |  | 6.35 | % |  | 11.67 | % |  | 7/29/2022 |  | 10/30/2025 |  | 2,559 |  |  | 2,539 |  |  | 2,559 |  |  | 1.3 | %
North Haven USHC Acquisition, Inc. |  | SF |  | 6.60 | % |  | 11.91 | % |  | 3/12/2021 |  | 10/30/2025 |  | 701 |  |  | 701 |  |  | 701 |  |  | 0.3 | %
North Haven USHC Acquisition, Inc. |  | SF |  | 6.60 | % |  | 11.91 | % |  | 9/3/2021 |  | 10/30/2025 |  | 1,416 |  |  | 1,416 |  |  | 1,416 |  |  | 0.7 | %
North Haven USHC Acquisition, Inc. (Delayed Draw) (*) (**) |  | SF |  | 6.35 | % |  | 11.68 | % |  | 7/29/2022 |  | 10/30/2025 |  | 1,055 |  |  | 357 |  |  | 357 |  |  | 0.2 | %
North Haven USHC Acquisition, Inc. (Revolver) (*) |  | SF |  | 6.60 | % |  | 11.92 | % |  | 10/30/2020 |  | 10/30/2025 |  | 416 |  |  | 187 |  |  | 187 |  |  | 0.1 | %
Relevate Health Group, LLC |  | SF |  | 6.35 | % |  | 11.68 | % |  | 11/20/2020 |  | 11/20/2025 |  | 1,455 |  |  | 1,445 |  |  | 1,440 |  |  | 0.7 | %
Relevate Health Group, LLC |  | SF |  | 6.35 | % |  | 11.68 | % |  | 11/20/2020 |  | 11/20/2025 |  | 651 |  |  | 651 |  |  | 644 |  |  | 0.3 | %
Relevate Health Group, LLC (Revolver) (*) |  | SF |  | 6.35 | % |  | 11.68 | % |  | 11/20/2020 |  | 11/20/2025 |  | 316 |  |  | 84 |  |  | 84 |  |  | 0.0 | %
Spherix Global Inc. |  | SF |  | 6.36 | % |  | 11.69 | % |  | 12/22/2021 |  | 12/22/2026 |  | 946 |  |  | 936 |  |  | 916 |  |  | 0.5 | %
Spherix Global Inc. (Revolver) (*) |  | SF |  | 6.36 | % |  | 11.69 | % |  | 12/22/2021 |  | 12/22/2026 |  | 122 |  |  | — |  |  | — |  |  | 0.0 | %
XanEdu Publishing, Inc. |  | SF |  | 6.61 | % |  | 11.94 | % |  | 1/28/2020 |  | 1/28/2025 |  | 4,441 |  |  | 4,420 |  |  | 4,441 |  |  | 2.2 | %
XanEdu Publishing, Inc. |  | SF |  | 6.61 | % |  | 11.94 | % |  | 8/31/2022 |  | 1/28/2025 |  | 1,765 |  |  | 1,749 |  |  | 1,769 |  |  | 0.9 | %
XanEdu Publishing, Inc. (Revolver) (*) |  | SF |  | 6.61 | % |  | 11.94 | % |  | 1/28/2020 |  | 1/28/2025 |  | 742 |  |  | — |  |  | — |  |  | 0.0 | %
|  |  |  |  |  |  |  |  |  |  |  | 20,600 |  |  | 17,929 |  |  | 18,028 |  |  | 8.9 | %
Media: Broadcasting & Subscription |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Vice Acquisition Holdco, LLC |  | SF |  | 8.00 | % |  | 13.57% PIK (***) |  | 2/15/2024 |  | 1/31/2028 |  | 238 |  |  | 216 |  |  | 422 |  |  | 0.2 | %
|  |  |  |  |  |  |  |  |  |  |  | 238 |  |  | 216 |  |  | 422 |  |  | 0.2 | %
Media: Diversified & Production |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Attom Intermediate Holdco, LLC |  | SF |  | 6.86 | % |  | 12.19 | % |  | 1/4/2019 |  | 7/3/2025 |  | 1,895 |  |  | 1,886 |  |  | 1,863 |  |  | 0.9 | %
Attom Intermediate Holdco, LLC |  | SF |  | 6.86 | % |  | 12.19 | % |  | 6/25/2020 |  | 7/3/2025 |  | 462 |  |  | 462 |  |  | 454 |  |  | 0.2 | %
Attom Intermediate Holdco, LLC |  | SF |  | 6.86 | % |  | 12.19 | % |  | 7/1/2021 |  | 7/3/2025 |  | 273 |  |  | 269 |  |  | 268 |  |  | 0.1 | %
Attom Intermediate Holdco, LLC |  | SF |  | 6.86 | % |  | 12.19 | % |  | 8/4/2022 |  | 7/3/2025 |  | 786 |  |  | 786 |  |  | 773 |  |  | 0.4 | %
Attom Intermediate Holdco, LLC |  | SF |  | 6.86 | % |  | 12.19 | % |  | 12/22/2022 |  | 7/3/2025 |  | 397 |  |  | 391 |  |  | 390 |  |  | 0.2 | %
Attom Intermediate Holdco, LLC (Revolver) |  | SF |  | 6.86 | % |  | 12.19 | % |  | 1/4/2019 |  | 7/3/2025 |  | 320 |  |  | 320 |  |  | 315 |  |  | 0.2 | %
Bonterra, LLC |  | SF |  | 7.25 | % |  | 12.55 | % |  | 9/8/2021 |  | 9/8/2027 |  | 13,437 |  |  | 13,317 |  |  | 13,252 |  |  | 6.6 | %
Bonterra, LLC |  | SF |  | 8.00 | % |  | 13.35% PIK |  | 9/28/2023 |  | 9/8/2027 |  | 2,034 |  |  | 2,009 |  |  | 2,052 |  |  | 1.0 | %
Bonterra, LLC (Revolver) (*) |  | SF |  | 7.25 | % |  | 12.58 | % |  | 9/8/2021 |  | 9/8/2027 |  | 1,069 |  |  | 556 |  |  | 548 |  |  | 0.3 | %
Chess.com, LLC |  | SF |  | 6.60 | % |  | 11.90 | % |  | 12/31/2021 |  | 12/31/2027 |  | 5,880 |  |  | 5,799 |  |  | 5,865 |  |  | 2.9 | %
Chess.com, LLC (Revolver) (*) |  | SF |  | 6.60 | % |  | 11.90 | % |  | 12/31/2021 |  | 12/31/2027 |  | 652 |  |  | — |  |  | — |  |  | 0.0 | %
Crownpeak Technology, Inc. |  | SF |  | 6.75 | % |  | 12.06 | % |  | 2/28/2019 |  | 2/28/2025 |  | 4,000 |  |  | 4,000 |  |  | 4,000 |  |  | 2.0 | %
Crownpeak Technology, Inc. |  | SF |  | 6.75 | % |  | 12.22 | % |  | 9/27/2022 |  | 2/28/2025 |  | 1,273 |  |  | 1,263 |  |  | 1,275 |  |  | 0.6 | %
Crownpeak Technology, Inc. |  | SF |  | 6.75 | % |  | 12.06 | % |  | 2/28/2019 |  | 2/28/2025 |  | 60 |  |  | 60 |  |  | 60 |  |  | 0.0 | %
Crownpeak Technology, Inc. |  | SF |  | 6.75 | % |  | 11.90 | % |  | 9/27/2022 |  | 2/28/2025 |  | 3,333 |  |  | 3,333 |  |  | 3,338 |  |  | 1.7 | %

11

Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2024
(in thousands, except for shares and units)

Portfolio Company (^) |  | Index (^^) |  | Spread (^^) |  | Interest Rate |  | Acquisition Date (^^^) |  | Maturity |  | Principal |  | Amortized Cost |  | Fair Value (^^^^) |  | % of Net Assets (^^^^^)
Crownpeak Technology, Inc. (Revolver) (*) |  | SF |  | 6.75 | % |  | 12.07 | % |  | 2/28/2019 |  | 2/28/2025 |  | 500 |  |  | $ | 333 |  |  | $ | 333 |  |  | 0.2 | %
Sports Operating Holdings II, LLC |  | SF |  | 5.85 | % |  | 11.18 | % |  | 11/3/2022 |  | 11/3/2027 |  | 2,955 |  |  | 2,899 |  |  | 2,977 |  |  | 1.5 | %
Sports Operating Holdings II, LLC (Delayed Draw) (*) (**) |  | SF |  | 5.85 | % |  | 11.18 | % |  | 11/3/2022 |  | 11/3/2027 |  | 2,398 |  |  | 241 |  |  | 242 |  |  | 0.1 | %
Sports Operating Holdings II, LLC (Revolver) (*) |  | SF |  | 5.85 | % |  | 11.18 | % |  | 11/3/2022 |  | 11/3/2027 |  | 519 |  |  | — |  |  | — |  |  | 0.0 | %
V10 Entertainment, Inc. |  | SF |  | 7.10 | % |  | 12.43 | % |  | 1/12/2023 |  | 1/12/2028 |  | 3,970 |  |  | 3,874 |  |  | 4,035 |  |  | 2.0 | %
V10 Entertainment, Inc. (Revolver) (*) |  | SF |  | 7.10 | % |  | 12.43 | % |  | 1/12/2023 |  | 1/12/2028 |  | 458 |  |  | — |  |  | — |  |  | 0.0 | %
|  |  |  |  |  |  |  |  |  |  |  | 46,671 |  |  | 41,798 |  |  | 42,040 |  |  | 20.9 | %
Retail |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BLST Operating Company, LLC |  | SF |  | 9.50 | % |  | 1.00% Cash/ 12.94% PIK |  | 8/28/2020 |  | 8/28/2025 |  | 682 |  |  | 445 |  |  | 627 |  |  | 0.3 | %
|  |  |  |  |  |  |  |  |  |  |  | 682 |  |  | 445 |  |  | 627 |  |  | 0.3 | %
Services: Business |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aras Corporation |  | SF |  | 6.90 | % |  | 8.98% Cash/ 3.25% PIK |  | 4/13/2021 |  | 4/13/2027 |  | 2,252 |  |  | 2,235 |  |  | 2,251 |  |  | 1.1 | %
Aras Corporation (Revolver) |  | SF |  | 6.65 | % |  | 11.98 | % |  | 4/13/2021 |  | 4/13/2027 |  | 150 |  |  | 150 |  |  | 150 |  |  | 0.1 | %
Burroughs, Inc. |  | SF |  | 8.60 | % |  | 12.93% Cash/ 1.00% PIK |  | 12/22/2017 |  | 12/20/2024 |  | 4,826 |  |  | 4,826 |  |  | 4,826 |  |  | 2.4 | %
Burroughs, Inc. (Revolver) |  | SF |  | 8.60 | % |  | 12.93% Cash/ 1.00% PIK |  | 12/22/2017 |  | 12/20/2024 |  | 1,215 |  |  | 1,215 |  |  | 1,215 |  |  | 0.6 | %
HS4 Acquisitionco, Inc. |  | SF |  | 5.85 | % |  | 11.18 | % |  | 7/9/2019 |  | 7/9/2025 |  | 9,774 |  |  | 9,720 |  |  | 9,774 |  |  | 4.9 | %
HS4 Acquisitionco, Inc. (Revolver) (*) |  | SF |  | 5.85 | % |  | 11.18 | % |  | 7/9/2019 |  | 7/9/2025 |  | 817 |  |  | 549 |  |  | 549 |  |  | 0.3 | %
iCIMS, Inc. |  | SF |  | 7.25 | % |  | 12.58 | % |  | 10/24/2022 |  | 8/18/2028 |  | 2,500 |  |  | 2,464 |  |  | 2,522 |  |  | 1.3 | %
Kingsley Gate Partners, LLC |  | SF |  | 6.65 | % |  | 11.98 | % |  | 12/9/2022 |  | 12/11/2028 |  | 594 |  |  | 584 |  |  | 589 |  |  | 0.3 | %
Kingsley Gate Partners, LLC |  | SF |  | 6.65 | % |  | 11.98 | % |  | 12/9/2022 |  | 12/11/2028 |  | 191 |  |  | 191 |  |  | 189 |  |  | 0.1 | %
Kingsley Gate Partners, LLC (Delayed Draw) (*) (**) |  | SF |  | 6.65 | % |  | 11.98 | % |  | 12/9/2022 |  | 12/11/2028 |  | 600 |  |  | 131 |  |  | 130 |  |  | 0.1 | %
Kingsley Gate Partners, LLC (Revolver) (*) |  | SF |  | 6.65 | % |  | 11.98 | % |  | 12/9/2022 |  | 12/11/2028 |  | 240 |  |  | — |  |  | — |  |  | 0.0 | %
Prototek LLC |  | SF |  | 7.85 | % |  | 12.43% Cash/ 0.75% PIK |  | 12/8/2022 |  | 12/8/2027 |  | 2,481 |  |  | 2,421 |  |  | 2,241 |  |  | 1.1 | %
Prototek LLC (Revolver) (*) |  | SF |  | 7.85 | % |  | 12.43% Cash/ 0.75% PIK |  | 12/8/2022 |  | 12/8/2027 |  | 288 |  |  | — |  |  | — |  |  | 0.0 | %
Relativity ODA LLC |  | SF |  | 6.60 | % |  | 11.93 | % |  | 5/12/2021 |  | 5/12/2027 |  | 2,107 |  |  | 2,076 |  |  | 2,107 |  |  | 1.0 | %
Relativity ODA LLC (Revolver) (*) |  | SF |  | 6.60 | % |  | 11.93 | % |  | 5/12/2021 |  | 5/12/2027 |  | 180 |  |  | — |  |  | — |  |  | 0.0 | %
Security Services Acquisition Sub Corp. |  | SF |  | 6.10 | % |  | 11.43 | % |  | 2/15/2019 |  | 9/30/2026 |  | 3,336 |  |  | 3,324 |  |  | 3,336 |  |  | 1.6 | %
Security Services Acquisition Sub Corp. |  | SF |  | 6.10 | % |  | 11.43 | % |  | 2/15/2019 |  | 9/30/2026 |  | 2,399 |  |  | 2,399 |  |  | 2,399 |  |  | 1.2 | %
Security Services Acquisition Sub Corp. |  | SF |  | 6.10 | % |  | 11.43 | % |  | 9/30/2021 |  | 9/30/2026 |  | 7,800 |  |  | 7,731 |  |  | 7,800 |  |  | 3.9 | %
Security Services Acquisition Sub Corp. |  | SF |  | 6.10 | % |  | 11.43 | % |  | 2/15/2019 |  | 9/30/2026 |  | 2,108 |  |  | 2,108 |  |  | 2,108 |  |  | 1.0 | %
Security Services Acquisition Sub Corp. |  | SF |  | 6.10 | % |  | 11.43 | % |  | 2/15/2019 |  | 9/30/2026 |  | 1,516 |  |  | 1,516 |  |  | 1,516 |  |  | 0.8 | %
Security Services Acquisition Sub Corp. |  | SF |  | 6.10 | % |  | 11.43 | % |  | 3/1/2024 |  | 9/30/2026 |  | 2,793 |  |  | 2,739 |  |  | 2,800 |  |  | 1.4 | %
Vhagar Purchaser, LLC |  | SF |  | 6.75 | % |  | 12.08 | % |  | 6/9/2023 |  | 6/11/2029 |  | 3,000 |  |  | 2,920 |  |  | 3,000 |  |  | 1.5 | %
Vhagar Purchaser, LLC (Delayed Draw) (*) (**) |  | SF |  | 6.75 | % |  | 12.08 | % |  | 6/9/2023 |  | 6/11/2029 |  | 667 |  |  | 150 |  |  | 150 |  |  | 0.1 | %
Vhagar Purchaser, LLC (Revolver) (*) |  | SF |  | 6.75 | % |  | 12.08 | % |  | 6/9/2023 |  | 6/11/2029 |  | 333 |  |  | — |  |  | — |  |  | 0.0 | %
VPS Holdings, LLC |  | SF |  | 7.11 | % |  | 12.44 | % |  | 10/5/2018 |  | 10/4/2024 |  | 2,303 |  |  | 2,298 |  |  | 2,315 |  |  | 1.1 | %

12

Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2024
(in thousands, except for shares and units)

Portfolio Company (^) |  | Index (^^) |  | Spread (^^) |  | Interest Rate |  | Acquisition Date (^^^) |  | Maturity |  | Principal |  | Amortized Cost |  | Fair Value (^^^^) |  | % of Net Assets (^^^^^)
VPS Holdings, LLC |  | SF |  | 7.11 | % |  | 12.44 | % |  | 10/5/2018 |  | 10/4/2024 |  | 1,896 |  |  | $ | 1,896 |  |  | $ | 1,906 |  |  | 0.9 | %
VPS Holdings, LLC (Revolver) |  | SF |  | 7.11 | % |  | 12.44 | % |  | 10/5/2018 |  | 10/4/2024 |  | 1,003 |  |  | 1,003 |  |  | 1,003 |  |  | 0.5 | %
|  |  |  |  |  |  |  |  |  |  |  | 57,369 |  |  | 54,646 |  |  | 54,876 |  |  | 27.3 | %
Services: Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Express Wash Acquisition Company, LLC |  | SF |  | 6.76 | % |  | 12.09 | % |  | 7/14/2022 |  | 7/14/2028 |  | 7,067 |  |  | 7,035 |  |  | 7,067 |  |  | 3.5 | %
Express Wash Acquisition Company, LLC |  | SF |  | 6.76 | % |  | 12.09 | % |  | 7/14/2022 |  | 7/14/2028 |  | 1,509 |  |  | 1,509 |  |  | 1,509 |  |  | 0.7 | %
Express Wash Acquisition Company, LLC (Revolver) (*) |  | SF |  | 6.76 | % |  | 12.09 | % |  | 7/14/2022 |  | 7/14/2028 |  | 379 |  |  | 209 |  |  | 209 |  |  | 0.1 | %
Kar Wash Holdings, LLC |  | SF |  | 6.26 | % |  | 11.59 | % |  | 2/28/2022 |  | 2/26/2027 |  | 1,572 |  |  | 1,551 |  |  | 1,572 |  |  | 0.8 | %
Kar Wash Holdings, LLC |  | SF |  | 6.26 | % |  | 11.59 | % |  | 2/28/2022 |  | 2/26/2027 |  | 1,126 |  |  | 1,126 |  |  | 1,126 |  |  | 0.6 | %
Kar Wash Holdings, LLC |  | SF |  | 6.26 | % |  | 11.59 | % |  | 8/3/2022 |  | 2/26/2027 |  | 2,644 |  |  | 2,644 |  |  | 2,644 |  |  | 1.3 | %
Kar Wash Holdings, LLC (Revolver) (*) |  | SF |  | 6.26 | % |  | 11.59 | % |  | 2/28/2022 |  | 2/26/2027 |  | 571 |  |  | — |  |  | — |  |  | 0.0 | %
|  |  |  |  |  |  |  |  |  |  |  | 14,868 |  |  | 14,074 |  |  | 14,127 |  |  | 7.0 | %
Telecommunications |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
American Broadband and Telecommunications Company LLC (Delayed Draw) (*) (**) |  | P |  | 12.00 | % |  | 18.50% Cash/ 2.00% PIK |  | 6/10/2022 |  | 6/10/2025 |  | 1,377 |  |  | 1,278 |  |  | 1,423 |  |  | 0.7 | %
American Broadband and Telecommunications Company LLC (Revolver) (*) |  | P |  | 12.00 | % |  | 18.50% Cash/ 2.00% PIK |  | 6/10/2022 |  | 6/10/2025 |  | 500 |  |  | 124 |  |  | 124 |  |  | 0.1 | %
Calabrio, Inc. |  | SF |  | 7.13 | % |  | 12.45 | % |  | 4/16/2021 |  | 4/16/2027 |  | 3,400 |  |  | 3,350 |  |  | 3,400 |  |  | 1.7 | %
Calabrio, Inc. |  | SF |  | 7.13 | % |  | 12.45 | % |  | 12/19/2023 |  | 4/16/2027 |  | 499 |  |  | 499 |  |  | 503 |  |  | 0.2 | %
Calabrio, Inc. (Revolver) (*) |  | SF |  | 7.13 | % |  | 12.45 | % |  | 4/16/2021 |  | 4/16/2027 |  | 409 |  |  | — |  |  | — |  |  | 0.0 | %
|  |  |  |  |  |  |  |  |  |  |  | 6,185 |  |  | 5,251 |  |  | 5,450 |  |  | 2.7 | %
Transportation: Cargo |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Epika Fleet Services, Inc. |  | SF |  | 5.75 | % |  | 11.08 | % |  | 3/18/2024 |  | 3/18/2029 |  | 3,000 |  |  | 2,940 |  |  | 2,940 |  |  | 1.5 | %
Epika Fleet Services, Inc. |  | SF |  | 5.75 | % |  | 11.08 | % |  | 3/18/2024 |  | 3/18/2029 |  | 1,731 |  |  | 1,713 |  |  | 1,713 |  |  | 0.9 | %
Epika Fleet Services, Inc. (Delayed Draw) (*) (**) |  | SF |  | 5.75 | % |  | 11.08 | % |  | 3/18/2024 |  | 3/18/2029 |  | 865 |  |  | — |  |  | — |  |  | 0.0 | %
Epika Fleet Services, Inc. (Revolver) (*) |  | SF |  | 5.75 | % |  | 11.08 | % |  | 3/18/2024 |  | 3/18/2029 |  | 652 |  |  | 44 |  |  | 64 |  |  | 0.0 | %
|  |  |  |  |  |  |  |  |  |  |  | 6,248 |  |  | 4,697 |  |  | 4,717 |  |  | 2.4 | %
Wholesale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Nearly Natural, Inc. |  | SF |  | 11.50 | % |  | 12.83% Cash/ 4.00% PIK |  | 12/15/2017 |  | 12/31/2024 |  | 6,626 |  |  | 6,626 |  |  | 6,377 |  |  | 3.2 | %
Nearly Natural, Inc. |  | SF |  | 11.50 | % |  | 12.83% Cash/ 4.00% PIK |  | 9/22/2020 |  | 12/31/2024 |  | 1,718 |  |  | 1,718 |  |  | 1,654 |  |  | 0.8 | %
Nearly Natural, Inc. |  | SF |  | 11.50 | % |  | 12.83% Cash/ 4.00% PIK |  | 2/16/2021 |  | 12/31/2024 |  | 3,126 |  |  | 3,126 |  |  | 3,009 |  |  | 1.5 | %
Nearly Natural, Inc. |  | SF |  | 11.50 | % |  | 12.83% Cash/ 4.00% PIK |  | 8/28/2019 |  | 12/31/2024 |  | 1,871 |  |  | 1,871 |  |  | 1,801 |  |  | 0.9 | %
Nearly Natural, Inc. (Revolver) |  | SF |  | 11.50 | % |  | 12.83% Cash/ 4.00% PIK |  | 12/15/2017 |  | 12/31/2024 |  | 2,709 |  |  | 2,709 |  |  | 2,607 |  |  | 1.3 | %
|  |  |  |  |  |  |  |  |  |  |  | 16,050 |  |  | 16,050 |  |  | 15,448 |  |  | 7.7 | %
Total Non-Controlled/Non-Affiliate Senior Secured Loans |  |  |  |  |  |  |  |  |  |  |  | 374,214 |  |  | 338,136 |  |  | 338,578 |  |  | 168.2 | %

13

Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2024
(in thousands, except for shares and units)

Portfolio Company (^) |  | Index (^^) |  | Spread (^^) |  | Interest Rate |  | Acquisition Date (^^^) |  | Maturity |  | Principal |  | Amortized Cost |  | Fair Value (^^^^) |  | % of Net Assets (^^^^^)
Unitranche Secured Loans (~) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Services: Business |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ASG II, LLC |  | SF |  | 6.40 | % |  | 11.71 | % |  | 5/25/2022 |  | 5/25/2028 |  | 1,900 |  |  | $ | 1,871 |  |  | $ | 1,895 |  |  | 1.0 | %
ASG II, LLC (Delayed Draw) (*) (**) |  | SF |  | 6.40 | % |  | 11.71 | % |  | 5/25/2022 |  | 5/25/2028 |  | 285 |  |  | 267 |  |  | 266 |  |  | 0.1 | %
Onit, Inc. |  | SF |  | 7.50 | % |  | 12.73 | % |  | 12/20/2021 |  | 5/2/2025 |  | 1,680 |  |  | 1,669 |  |  | 1,680 |  |  | 0.8 | %
|  |  |  |  |  |  |  |  |  |  |  | 3,865 |  |  | 3,807 |  |  | 3,841 |  |  | 1.9 | %
Telecommunications |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
VB E1, LLC |  | SF |  | 7.75 | % |  | 13.05 | % |  | 11/18/2020 |  | 11/18/2026 |  | 2,250 |  |  | 2,250 |  |  | 2,250 |  |  | 1.1 | %
|  |  |  |  |  |  |  |  |  |  |  | 2,250 |  |  | 2,250 |  |  | 2,250 |  |  | 1.1 | %
Total Non-Controlled/Non-Affiliate Unitranche Secured Loans |  |  |  |  |  |  |  |  |  |  |  | 6,115 |  |  | 6,057 |  |  | 6,091 |  |  | 3.0 | %
Junior Secured Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Banking |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MoneyLion, Inc. (#) |  | SF |  | 9.51 | % |  | 14.82 | % |  | 3/25/2022 |  | 3/24/2026 |  | 4,875 |  |  | 4,842 |  |  | 4,875 |  |  | 2.4 | %
|  |  |  |  |  |  |  |  |  |  |  | 4,875 |  |  | 4,842 |  |  | 4,875 |  |  | 2.4 | %
Consumer Goods: Non-Durable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Thrasio, LLC |  | SF |  | 10.11 | % |  | 15.44% PIK (***) |  | 3/1/2024 |  | 7/1/2024 |  | 135 |  |  | 135 |  |  | 135 |  |  | 0.1 | %
Thrasio, LLC |  | P |  | 8.00 | % |  | 16.50% (***) |  | 12/18/2020 |  | 12/18/2026 |  | 2,297 |  |  | 2,297 |  |  | 945 |  |  | 0.4 | %
|  |  |  |  |  |  |  |  |  |  |  | 2,432 |  |  | 2,432 |  |  | 1,080 |  |  | 0.5 | %
FIRE: Real Estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Florida East Coast Industries, LLC (#) |  | n/a |  | n/a |  | 16.00% PIK |  | 8/9/2021 |  | 6/28/2024 |  | 785 |  |  | $ | 784 |  |  | $ | 785 |  |  | 0.4 | %
Witkoff/Monroe 700 JV LLC (#) |  | n/a |  | n/a |  | 8.00% Cash/ 4.00% PIK |  | 7/2/2021 |  | 7/2/2026 |  | 6,971 |  |  | 6,971 |  |  | 6,872 |  |  | 3.4 | %
Witkoff/Monroe 700 JV LLC (#) |  | n/a |  | n/a |  | 8.00% Cash/ 4.00% PIK |  | 5/16/2023 |  | 7/2/2026 |  | 1,206 |  |  | 1,206 |  |  | 1,189 |  |  | 0.6 | %
Witkoff/Monroe 700 JV LLC (Delayed Draw) (*) (**) (#) |  | n/a |  | n/a |  | 8.00% Cash/ 4.00% PIK |  | 9/25/2023 |  | 7/22/2026 |  | 2,164 |  |  | 2,155 |  |  | 2,125 |  |  | 1.1 | %
|  |  |  |  |  |  |  |  |  |  |  | 11,126 |  |  | 11,116 |  |  | 10,971 |  |  | 5.5 | %
High Tech Industries |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Arcserve Cayman Opco LP (fka Arcstor Midco, LLC) |  | n/a |  | 9.00 | % |  | 9.00% PIK (***) |  | 8/29/2023 |  | 7/2/2029 |  | 161 |  |  | 150 |  |  | 164 |  |  | 0.1 | %
Arcserve Cayman Opco LP (fka Arcstor Midco, LLC) |  | n/a |  | 9.00 | % |  | 9.00% PIK (***) |  | 7/14/2023 |  | 7/2/2029 |  | 165 |  |  | 150 |  |  | 167 |  |  | 0.1 | %
Arcserve Cayman Opco LP (fka Arcstor Midco, LLC) |  | n/a |  | n/a |  | n/a (***) |  | 3/16/2021 |  | 3/16/2027 |  | 370 |  |  | 363 |  |  | — |  |  | 0.0 | %
|  |  |  |  |  |  |  |  |  |  |  | 696 |  |  | 663 |  |  | 331 |  |  | 0.2 | %

14

Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2024
(in thousands, except for shares and units)

Portfolio Company (^) |  | Index (^^) |  | Spread (^^) |  | Interest Rate |  | Acquisition Date (^^^) |  | Maturity |  | Principal |  | Amortized Cost |  | Fair Value (^^^^) |  | % of Net Assets (^^^^^)
Media: Broadcasting & Subscription |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Vice Acquisition Holdco, LLC |  | n/a |  | n/a |  | n/a (***) |  | 5/2/2019 |  | n/a (c) |  | 637 |  |  | $ | 637 |  |  | $ | — |  |  | 0.0 | %
Vice Acquisition Holdco, LLC |  | n/a |  | n/a |  | n/a (***) |  | 11/4/2019 |  | n/a (c) |  | 122 |  |  | 122 |  |  | — |  |  | 0.0 | %
Vice Acquisition Holdco, LLC |  | n/a |  | n/a |  | n/a (***) |  | 5/2/2019 |  | n/a (c) |  | 200 |  |  | 200 |  |  | — |  |  | 0.0 | %
Vice Acquisition Holdco, LLC |  | n/a |  | n/a |  | n/a (***) |  | 5/2/2019 |  | n/a (c) |  | 76 |  |  | 76 |  |  | — |  |  | 0.0 | %
Vice Acquisition Holdco, LLC |  | SF |  | 8.26 | % |  | 13.57% PIK (***) |  | 7/31/2023 |  | 1/31/2028 |  | 528 |  |  | 528 |  |  | 402 |  |  | 0.2 | %
Vice Acquisition Holdco, LLC |  | SF |  | 8.26 | % |  | 13.57% PIK (***) |  | 7/31/2023 |  | 1/31/2028 |  | 671 |  |  | 671 |  |  | 628 |  |  | 0.3 | %
Vice Acquisition Holdco, LLC |  | SF |  | 8.26 | % |  | 13.57% PIK (***) |  | 7/31/2023 |  | 1/31/2028 |  | 203 |  |  | 203 |  |  | 190 |  |  | 0.1 | %
Vice Acquisition Holdco, LLC |  | SF |  | 8.26 | % |  | 13.57% PIK (***) |  | 9/8/2023 |  | 1/31/2028 |  | 359 |  |  | 353 |  |  | 331 |  |  | 0.2 | %
|  |  |  |  |  |  |  |  |  |  |  | 2,796 |  |  | 2,790 |  |  | 1,551 |  |  | 0.8 | %
Retail |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forman Mills, Inc. |  | n/a |  | 3.90 | % |  | 3.90% PIK (***) |  | 4/27/2023 |  | 6/20/2028 |  | 1,308 |  |  | 1,308 |  |  | 840 |  |  | 0.4 | %
|  |  |  |  |  |  |  |  |  |  |  | 1,308 |  |  | 1,308 |  |  | 840 |  |  | 0.4 | %
Services: Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Education Corporation of America |  | P |  | 11.00 | % |  | 14.00% Cash/ 5.50% PIK (***) |  | 9/3/2015 |  | n/a (c) |  | 833 |  |  | 831 |  |  | 2,246 |  |  | 1.1 | %
|  |  |  |  |  |  |  |  |  |  |  | 833 |  |  | 831 |  |  | 2,246 |  |  | 1.1 | %
Total Non-Controlled/Non-Affiliate Junior Secured Loans |  |  |  |  |  |  |  |  |  |  |  | 24,066 |  |  | 23,982 |  |  | 21,894 |  |  | 10.9 | %
Equity Securities (<) (###) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Automotive |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Born To Run, LLC (269,438 Class A units) |  | — |  | — |  |  | — (***) |  | 4/1/2021 |  | — |  |  | — |  |  | 269 |  |  | — |  |  | 0.0 | %
Lifted Trucks Holdings, LLC (111,111 Class A units) (####) |  | — |  | — |  |  | — (##) |  | 8/2/2021 |  | — |  |  | — |  |  | 111 |  |  | 64 |  |  | 0.0 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  | 380 |  |  | 64 |  |  | 0.0 | %
Banking |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MV Receivables II, LLC (1,458 common units) (#) (####) |  | — |  | — |  |  | — (##) |  | 7/29/2021 |  | — |  |  | — |  |  | 600 |  |  | — |  |  | 0.0 | %
MV Receivables II, LLC (warrant to purchase up to 0.8% of the equity) (#) (####) |  | — |  | — |  |  | — (##) |  | 7/28/2021 |  | 7/28/2031 |  | — |  |  | 363 |  |  | — |  |  | 0.0 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  | 963 |  |  | — |  |  | 0.0 | %
Chemicals, Plastics & Rubber |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Valudor Products LLC (501,014 Class A-1 units) (####) |  | n/a |  | n/a |  | 10.00% PIK |  | 6/18/2018 |  | — |  |  | — |  |  | 501 |  |  | — |  |  | 0.0 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  | 501 |  |  | — |  |  | 0.0 | %
Consumer Goods: Durable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Independence Buyer, Inc. (81 Class A units) |  | — |  | — |  |  | — (##) |  | 8/3/2021 |  | — |  |  | — |  |  | 81 |  |  | 49 |  |  | 0.0 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  | 81 |  |  | 49 |  |  | 0.0 | %

15

Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2024
(in thousands, except for shares and units)

Portfolio Company (^) |  | Index (^^) |  | Spread (^^) |  | Interest Rate |  | Acquisition Date (^^^) |  | Maturity |  | Principal |  | Amortized Cost |  | Fair Value (^^^^) |  | % of Net Assets (^^^^^)
Construction & Building |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MEI Buyer LLC (155 shares of common stock) |  | — |  | — |  |  | — (##) |  | 6/30/2023 |  | — |  |  | — |  |  | $ | 178 |  |  | $ | 200 |  |  | 0.1 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  | 178 |  |  | 200 |  |  | 0.1 | %
Environmental Industries |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Quest Resource Management Group, LLC (warrant to purchase up to 0.2% of the equity) |  | — |  | — |  |  | — (##) |  | 10/19/2020 |  | 3/17/2028 |  | — |  |  | 67 |  |  | 252 |  |  | 0.1 | %
Quest Resource Management Group, LLC (warrant to purchase up to 0.2% of the equity) |  | — |  | — |  |  | — (##) |  | 10/19/2021 |  | 3/17/2028 |  | — |  |  | — |  |  | 177 |  |  | 0.1 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  | 67 |  |  | 429 |  |  | 0.2 | %
FIRE: Finance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Binah Capital Group, Inc. (fka PKS Holdings, LLC) (34,801 shares of common stock) (#) (d) |  | — |  | — |  |  | — (##) |  | 3/15/2024 |  | — |  |  | — |  |  | 234 |  |  | 451 |  |  | 0.2 | %
J2 BWA Funding LLC (0.3% profit sharing) (#) (####) |  | — |  | — |  |  | — (##) |  | 12/24/2020 |  | — |  |  | — |  |  | — |  |  | 38 |  |  | 0.0 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  | 234 |  |  | 489 |  |  | 0.2 | %
FIRE: Real Estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential Homes for Rent LLC (255,311 Series A preferred units) (#) (####) |  | — |  | — |  |  | — (##) |  | 3/5/2024 |  | — |  |  | — |  |  | 1,114 |  |  | 1,114 |  |  | 0.6 | %
Residential Homes for Rent LLC (warrant to purchase up to 0.7% of the equity) (#) (####) |  | — |  | — |  |  | — (##) |  | 3/5/2024 |  | 3/5/2034 |  | — |  |  | — |  |  | — |  |  | 0.0 | %
Witkoff/Monroe 700 JV LLC (2,141 preferred units) (#) (####) |  | — |  | — |  |  | — (##) |  | 7/2/2021 |  | — |  |  | — |  |  | 3 |  |  | 2,556 |  |  | 1.3 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  | 1,117 |  |  | 3,670 |  |  | 1.9 | %
Healthcare & Pharmaceuticals |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bluesight, Inc. (21 Class A preferred units) |  | n/a |  | n/a |  | 9.00% PIK |  | 7/17/2023 |  | — |  |  | — |  |  | 21 |  |  | 19 |  |  | 0.0 | %
Bluesight, Inc. (11,087 Class B common units) |  | — |  | — |  |  | — (##) |  | 7/17/2023 |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.0 | %
Dorado Acquisition, Inc. (189,922 Class A-1 units) |  | — |  | — |  |  | — (##) |  | 6/30/2021 |  | — |  |  | — |  |  | 207 |  |  | 209 |  |  | 0.1 | %
Dorado Acquisition, Inc. (189,922 Class A-2 units) |  | — |  | — |  |  | — (##) |  | 6/30/2021 |  | — |  |  | — |  |  | — |  |  | 98 |  |  | 0.1 | %
Forest Buyer, LLC (300 Class A units) (####) |  | n/a |  | n/a |  | 8.00% PIK |  | 3/15/2024 |  | — |  |  | — |  |  | 300 |  |  | 300 |  |  | 0.1 | %
Forest Buyer, LLC (300 Class B units) (####) |  | n/a |  | n/a |  | 8.00% PIK |  | 3/15/2024 |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.0 | %
KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC) (0.1% shares of the equity) |  | — |  | — |  |  | — (##) |  | 1/31/2023 |  | — |  |  | — |  |  | 491 |  |  | 329 |  |  | 0.2 | %
NationsBenefits, LLC (120,760 Series B units) (####) |  | n/a |  | n/a |  | 5.00% PIK |  | 8/20/2021 |  | — |  |  | — |  |  | 816 |  |  | 1,527 |  |  | 0.8 | %
NationsBenefits, LLC (106,667 shares of common units) (####) |  | — |  | — |  |  | — (##) |  | 8/20/2021 |  | — |  |  | — |  |  | 153 |  |  | 496 |  |  | 0.2 | %
NQ PE Project Colosseum Midco Inc. (327,133 common units) |  | — |  | — |  |  | — (##) |  | 10/4/2022 |  | — |  |  | — |  |  | 327 |  |  | 260 |  |  | 0.1 | %
Seran BioScience, LLC (33,333 common units) (####) |  | — |  | — |  |  | — (##) |  | 12/31/2020 |  | — |  |  | — |  |  | 334 |  |  | 832 |  |  | 0.4 | %
Vero Biotech Inc. (warrant to purchase up to 0.2% of the equity) |  | — |  | — |  |  | — (##) |  | 12/29/2023 |  | 12/29/2033 |  | — |  |  | — |  |  | 28 |  |  | 0.0 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  | 2,649 |  |  | 4,098 |  |  | 2.0 | %

16

Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2024
(in thousands, except for shares and units)

Portfolio Company (^) |  | Index (^^) |  | Spread (^^) |  | Interest Rate |  | Acquisition Date (^^^) |  | Maturity |  | Principal |  | Amortized Cost |  | Fair Value (^^^^) |  | % of Net Assets (^^^^^)
High Tech Industries |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amelia Holding II, LLC (warrant to purchase up to 0.1% of the equity) |  | — |  | — |  |  | — (##) |  | 12/21/2022 |  | 12/21/2032 |  | — |  |  | $ | — |  |  | $ | 28 |  |  | 0.0 | %
Arcserve Cayman Opco LP (fka Arcstor Midco, LLC) (59,211 Class A common units) |  | — |  | — |  |  | — (##) |  | 3/16/2021 |  | — |  |  | — |  |  | 4,119 |  |  | 495 |  |  | 0.2 | %
Arcserve Cayman Opco LP (fka Arcstor Midco, LLC) (110,294 Class B common units) |  | — |  | — |  |  | — ##) |  | 1/2/2024 |  | — |  |  | — |  |  | — |  |  | 922 |  |  | 0.5 | %
Drawbridge Partners, LLC (130,433 Class A-1 units) |  | — |  | — |  |  | — (##) |  | 9/1/2022 |  | — |  |  | — |  |  | 130 |  |  | 154 |  |  | 0.1 | %
Planful, Inc. (473,082 Class A units) |  | n/a |  | n/a |  | 8.00% PIK |  | 12/28/2018 |  | — |  |  | — |  |  | 473 |  |  | 992 |  |  | 0.5 | %
Planful, Inc. (35,791 Class B units) |  | — |  | — |  |  | — (##) |  | 5/3/2023 |  | — |  |  | — |  |  | — |  |  | 24 |  |  | 0.0 | %
Recorded Future, Inc. (80,486 Class A units) (e) |  | — |  | — |  |  | — (##) |  | 7/3/2019 |  | — |  |  | — |  |  | 81 |  |  | 268 |  |  | 0.1 | %
Sparq Holdings, Inc. (300,000 shares of common stock) |  | — |  | — |  |  | — (##) |  | 6/15/2023 |  | — |  |  | — |  |  | 300 |  |  | 317 |  |  | 0.2 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  | 5,103 |  |  | 3,200 |  |  | 1.6 | %
Hotels, Gaming & Leisure |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equine Network, LLC (108 Class A units) (####) |  | — |  | — |  |  | — (##) |  | 12/31/2020 |  | — |  |  | — |  |  | 111 |  |  | 140 |  |  | 0.1 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  | 111 |  |  | 140 |  |  | 0.1 | %
Media: Advertising, Printing & Publishing |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AdTheorent Holding Company, Inc. (177,362 shares of common stock) (#) (d) |  | — |  | — |  |  | — (##) |  | 12/22/2016 |  | — |  |  | — |  |  | 114 |  |  | 569 |  |  | 0.3 | %
InMobi Pte, Ltd. (warrant to purchase up to 2.8% of the equity) (#) (b) |  | — |  | — |  |  | — (##) |  | 9/18/2015 |  | 9/18/2025 |  | — |  |  | — |  |  | 1,763 |  |  | 0.9 | %
Relevate Health Group, LLC (40 preferred units) |  | n/a |  | n/a |  | 12.00% PIK |  | 11/20/2020 |  | — |  |  | — |  |  | 40 |  |  | 17 |  |  | 0.0 | %
Relevate Health Group, LLC (40 Class B common units) |  | — |  | — |  |  | — (##) |  | 11/20/2020 |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.0 | %
Spherix Global Inc. (81 Class A units) |  | — |  | — |  |  | — (##) |  | 12/22/2021 |  | — |  |  | — |  |  | 81 |  |  | 27 |  |  | 0.0 | %
XanEdu Publishing, Inc. (49,479 Class A units) |  | n/a |  | n/a |  | 8.00% PIK |  | 1/28/2020 |  | — |  |  | — |  |  | 49 |  |  | 266 |  |  | 0.1 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  | 284 |  |  | 2,642 |  |  | 1.3 | %
Media: Broadcasting & Subscription |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.) (1,480,000 Class A units) |  | — |  | — |  |  | — (##) |  | 7/31/2023 |  | — |  |  | — |  |  | 1,480 |  |  | — |  |  | 0.0 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  | 1,480 |  |  | — |  |  | 0.0 | %
Media: Diversified & Production |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Attom Intermediate Holdco, LLC (297,197 Class A units) (####) |  | — |  | — |  |  | — (##) |  | 1/4/2019 |  | — |  |  | — |  |  | 297 |  |  | 352 |  |  | 0.2 | %
Chess.com, LLC (2 Class A units) (####) |  | — |  | — |  |  | — (##) |  | 12/31/2021 |  | — |  |  | — |  |  | 87 |  |  | 75 |  |  | 0.0 | %
V10 Entertainment, Inc. (392,157 shares of common units) (f) |  | — |  | — |  |  | — (##) |  | 1/12/2023 |  | — |  |  | — |  |  | 203 |  |  | 154 |  |  | 0.1 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  | 587 |  |  | 581 |  |  | 0.3 | %
Retail |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BLST Operating Company, LLC (139,883 Class A units) (####) |  | — |  | — |  |  | — (##) |  | 8/28/2020 |  | — |  |  | — |  |  | 712 |  |  | 419 |  |  | 0.2 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  | 712 |  |  | 419 |  |  | 0.2 | %
Services: Business |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
APCO Worldwide, Inc. (100 Class A voting common stock) |  | — |  | — |  |  | — (##) |  | 11/1/2017 |  | — |  |  | — |  |  | 395 |  |  | 988 |  |  | 0.5 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  | 395 |  |  | 988 |  |  | 0.5 | %

17

Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2024
(in thousands, except for shares and units)

Portfolio Company (^) |  | Index (^^) |  | Spread (^^) |  | Interest Rate |  | Acquisition Date (^^^) |  | Maturity |  | Principal |  | Amortized Cost |  | Fair Value (^^^^) |  | % of Net Assets (^^^^^)
Services: Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Education Corporation of America - Series G Preferred Stock (8,333 shares) |  | n/a |  | n/a |  | 12.00% PIK (***) |  | 9/3/2015 |  | — |  |  | — |  |  | $ | 7,492 |  |  | $ | — |  |  | 0.0 | %
Express Wash Acquisition Company, LLC (31,200 Class A common units) (####) |  | — |  | — |  |  | — (##) |  | 11/15/2023 |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.0 | %
Express Wash Acquisition Company, LLC (31 Class A preferred units) (####) |  | n/a |  | n/a |  | 8.00% PIK |  | 11/15/2023 |  | — |  |  | — |  |  | 31 |  |  | 28 |  |  | 0.0 | %
Express Wash Acquisition Company, LLC (146,770 Class B common units) (####) |  | — |  | — |  |  | — (##) |  | 11/15/2023 |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.0 | %
Express Wash Acquisition Company, LLC (147 Class B preferred units) (####) |  | — |  | — |  |  | — (##) |  | 11/15/2023 |  | — |  |  | — |  |  | 151 |  |  | — |  |  | 0.0 | %
IDIG Parent, LLC (245,958 shares of common stock) (####) (g) |  | — |  | — |  |  | — (##) |  | 1/4/2021 |  | — |  |  | — |  |  | 250 |  |  | 306 |  |  | 0.2 | %
Kar Wash Holdings, LLC (99,807 Class A units) |  | — |  | — |  |  | — (##) |  | 2/28/2022 |  | — |  |  | — |  |  | 103 |  |  | 102 |  |  | 0.1 | %
Kar Wash Holdings, LLC - Series A Preferred Stock (8,619 shares) |  | — |  | — |  |  | — (##) |  | 6/27/2023 |  | — |  |  | — |  |  | 11 |  |  | 11 |  |  | 0.0 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  | 8,038 |  |  | 447 |  |  | 0.3 | %
Telecommunications |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
American Broadband and Telecommunications Company LLC (warrant to purchase up to 0.2% of the equity) |  | — |  | — |  |  | — (##) |  | 6/10/2022 |  | 6/10/2032 |  | — |  |  | 42 |  |  | 46 |  |  | 0.0 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  | 42 |  |  | 46 |  |  | 0.0 | %
Transportation: Cargo |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Epika Fleet Services, Inc. - Senior Preferred Stock (7,826 shares) |  | — |  | — |  |  | — (##) |  | 3/18/2024 |  | — |  |  | — |  |  | 196 |  |  | 196 |  |  | 0.1 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  | 196 |  |  | 196 |  |  | 0.1 | %
Wholesale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Nearly Natural, Inc. (152,174 Class A units) |  | — |  | — |  |  | — (##) |  | 12/15/2017 |  | — |  |  | — |  |  | 153 |  |  | — |  |  | 0.0 | %
Nearly Natural, Inc. (61,087 Class AA units) |  | — |  | — |  |  | — (##) |  | 8/27/2021 |  | — |  |  | — |  |  | 61 |  |  | 45 |  |  | 0.0 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  | 214 |  |  | 45 |  |  | 0.0 | %
Total Non-Controlled/Non-Affiliate Equity Securities |  |  |  |  |  |  |  |  |  |  |  |  |  | 23,332 |  |  | 17,703 |  |  | 8.8 | %
Total Non-Controlled/Non-Affiliate Company Investments |  |  |  |  |  |  |  |  |  |  |  |  |  | 391,507 |  |  | 384,266 |  |  | 190.9 | %
Non-Controlled Affiliate Company Investments (<<) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Senior Secured Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beverage, Food & Tobacco |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
TJ Management HoldCo LLC (Revolver) (*) |  | SF |  | 5.61 | % |  | 10.94 | % |  | 9/9/2020 |  | 6/28/2024 |  | 477 |  |  | — |  |  | — |  |  | 0.0 | %
|  |  |  |  |  |  |  |  |  |  |  | 477 |  |  | — |  |  | — |  |  | 0.0 | %

18

Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2024
(in thousands, except for shares and units)

Portfolio Company (^) |  | Index (^^) |  | Spread (^^) |  | Interest Rate |  | Acquisition Date (^^^) |  | Maturity |  | Principal |  | Amortized Cost |  | Fair Value (^^^^) |  | % of Net Assets (^^^^^)
FIRE: Real Estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
American Community Homes, Inc. |  | SF |  | 2.11 | % |  | 7.44% PIK |  | 7/22/2014 |  | 12/31/2026 |  | 12,890 |  |  | $ | 12,890 |  |  | $ | 8,085 |  |  | 4.0 | %
American Community Homes, Inc. |  | SF |  | 2.11 | % |  | 7.44% PIK |  | 7/22/2014 |  | 12/31/2026 |  | 6,343 |  |  | 6,343 |  |  | 3,978 |  |  | 2.0 | %
American Community Homes, Inc. |  | SF |  | 2.11 | % |  | 7.44% PIK |  | 5/24/2017 |  | 12/31/2026 |  | 781 |  |  | 781 |  |  | 490 |  |  | 0.2 | %
American Community Homes, Inc. |  | SF |  | 2.11 | % |  | 7.44% PIK |  | 8/10/2018 |  | 12/31/2026 |  | 2,873 |  |  | 2,873 |  |  | 1,802 |  |  | 0.9 | %
American Community Homes, Inc. |  | SF |  | 2.11 | % |  | 7.44% PIK |  | 3/29/2019 |  | 12/31/2026 |  | 5,319 |  |  | 5,319 |  |  | 3,336 |  |  | 1.7 | %
American Community Homes, Inc. |  | SF |  | 2.11 | % |  | 7.44% PIK |  | 9/30/2019 |  | 12/31/2026 |  | 25 |  |  | 25 |  |  | 16 |  |  | 0.0 | %
American Community Homes, Inc. |  | SF |  | 2.11 | % |  | 7.44% PIK |  | 12/30/2019 |  | 12/31/2026 |  | 122 |  |  | 122 |  |  | 77 |  |  | 0.0 | %
American Community Homes, Inc. (Revolver) (*) |  | SF |  | 2.11 | % |  | 7.44% PIK |  | 3/30/2020 |  | 12/31/2026 |  | 2,500 |  |  | — |  |  | — |  |  | 0.0 | %
HFZ Capital Group LLC (#) (h) |  | P |  | 9.46 | % |  | 17.96% PIK |  | 10/20/2017 |  | n/a (c) |  | 13,242 |  |  | 13,242 |  |  | 17,500 |  |  | 8.7 | %
HFZ Capital Group LLC (#) (h) |  | P |  | 9.46 | % |  | 17.96% PIK |  | 10/20/2017 |  | n/a (c) |  | 4,758 |  |  | 4,758 |  |  | 6,288 |  |  | 3.1 | %
MC Asset Management (Corporate), LLC (#) (h) |  | SF |  | 15.00 | % |  | 20.33% PIK |  | 1/26/2021 |  | 1/26/2029 |  | 10,771 |  |  | 10,771 |  |  | 10,771 |  |  | 5.3 | %
MC Asset Management (Corporate), LLC (#) (h) |  | SF |  | 15.00 | % |  | 20.33% PIK |  | 4/26/2021 |  | 1/26/2029 |  | 3,210 |  |  | 3,210 |  |  | 3,210 |  |  | 1.6 | %
Second Avenue SFR Holdings II LLC (Revolver) (*) (#) |  | SF |  | 7.00 | % |  | 12.33 | % |  | 8/11/2021 |  | 8/9/2024 |  | 4,875 |  |  | 3,323 |  |  | 3,323 |  |  | 1.6 | %
|  |  |  |  |  |  |  |  |  |  |  | 67,709 |  |  | 63,657 |  |  | 58,876 |  |  | 29.1 | %
High Tech Industries |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mnine Holdings, Inc. |  | SF |  | 8.26 | % |  | 13.56% PIK |  | 11/2/2018 |  | 12/30/2024 |  | 6,346 |  |  | 6,346 |  |  | 6,119 |  |  | 3.1 | %
Mnine Holdings, Inc. |  | SF |  | 8.26 | % |  | 13.56% PIK |  | 7/27/2023 |  | 12/30/2024 |  | 56 |  |  | 55 |  |  | 54 |  |  | 0.0 | %
Mnine Holdings, Inc. (Revolver) (*) |  | SF |  | 7.26 | % |  | 12.57 | % |  | 8/9/2022 |  | 12/30/2024 |  | 747 |  |  | — |  |  | — |  |  | 0.0 | %
|  |  |  |  |  |  |  |  |  |  |  | 7,149 |  |  | 6,401 |  |  | 6,173 |  |  | 3.1 | %
Services: Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NECB Collections, LLC (Revolver) (*) |  | L |  | 11.00 | % |  | 16.94% (***) |  | 6/25/2019 |  | n/a (c) |  | 1,356 |  |  | 1,312 |  |  | 424 |  |  | 0.2 | %
|  |  |  |  |  |  |  |  |  |  |  | 1,356 |  |  | 1,312 |  |  | 424 |  |  | 0.2 | %
Total Non-Controlled Affiliate Senior Secured Loans |  |  |  |  |  |  |  |  |  |  |  | 76,691 |  |  | 71,370 |  |  | 65,473 |  |  | 32.4 | %
Junior Secured Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FIRE: Real Estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
SFR Holdco, LLC (#) |  | n/a |  | n/a |  | 8.00 | % |  | 8/6/2021 |  | 7/28/2028 |  | 5,850 |  |  | 5,850 |  |  | 5,533 |  |  | 2.7 | %
|  |  |  |  |  |  |  |  |  |  |  | 5,850 |  |  | 5,850 |  |  | 5,533 |  |  | 2.7 | %
Total Non-Controlled Affiliate Company Junior Secured Loans |  |  |  |  |  |  |  |  |  |  |  | 5,850 |  |  | 5,850 |  |  | 5,533 |  |  | 2.7 | %
Equity Securities (<<) (###) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beverage, Food & Tobacco |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
TJ Management HoldCo LLC (16 shares of common stock) (####) |  | — |  | — |  |  | — (##) |  | 9/9/2020 |  | — |  |  | — |  |  | 1,631 |  |  | 3,324 |  |  | 1.6 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  | 1,631 |  |  | 3,324 |  |  | 1.6 | %
FIRE: Real Estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
American Community Homes, Inc. (4,940 shares of common stock) |  | — |  | — |  |  | — (##) |  | 12/29/2022 |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.0 | %
MC Asset Management (Corporate), LLC (15.9% of interests) (#) (####) (h) |  | — |  | — |  |  | — (##) |  | 6/11/2019 |  | — |  |  | — |  |  | 793 |  |  | 842 |  |  | 0.4 | %
SFR Holdco, LLC (24.4% of interests) (#) |  | — |  | — |  |  | — (##) |  | 8/6/2021 |  | — |  |  | — |  |  | 3,900 |  |  | 4,446 |  |  | 2.2 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  | 4,693 |  |  | 5,288 |  |  | 2.6 | %

19

Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2024
(in thousands, except for shares and units)

Portfolio Company (^) |  | Index (^^) |  | Spread (^^) |  | Interest Rate |  | Acquisition Date (^^^) |  | Maturity |  | Principal |  | Amortized Cost |  | Fair Value (^^^^) |  | % of Net Assets (^^^^^)
Healthcare & Pharmaceuticals |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ascent Midco, LLC (2,032,258 Class A units) (####) |  | n/a |  | n/a |  | 8.00% PIK |  | 2/5/2020 |  | — |  |  | — |  |  | $ | 2,032 |  |  | $ | 1,652 |  |  | 0.8 | %
Familia Dental Group Holdings, LLC (1,304 Class A units) (####) |  | — |  | — |  |  | — (##) |  | 4/8/2016 |  | — |  |  | — |  |  | 4,467 |  |  | 2,363 |  |  | 1.2 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  | 6,499 |  |  | 4,015 |  |  | 2.0 | %
High Tech Industries |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mnine Holdings, Inc. (6,400 Class B units) |  | — |  | — |  |  | — (##) |  | 6/30/2020 |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.0 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | 0.0 | %
Services: Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NECB Collections, LLC (20.8% of LLC units) (####) |  | — |  | — |  |  | — (##) |  | 6/21/2019 |  | — |  |  | — |  |  | 1,458 |  |  | — |  |  | 0.0 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  | 1,458 |  |  | — |  |  | 0.0 | %
Total Non-Controlled Affiliate Equity Securities |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 14,281 |  |  | $ | 12,627 |  |  | 6.2 | %
Total Non-Controlled Affiliate Company Investments |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 91,501 |  |  | $ | 83,633 |  |  | 41.3 | %
Controlled Affiliate Company Investments (<<<) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment Funds & Vehicles |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MRCC Senior Loan Fund I, LLC (50.0% of the equity interests) (#) |  | — |  | — |  |  | — |  |  | 10/31/2017 |  | — |  |  | — |  |  | 42,650 |  |  | 32,990 |  |  | 16.4 | %
Total Controlled Affiliate Equity Securities |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 42,650 |  |  | $ | 32,990 |  |  | 16.4 | %
Total Controlled Affiliate Company Investments |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 42,650 |  |  | $ | 32,990 |  |  | 16.4 | %
TOTAL INVESTMENTS |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 525,658 |  |  | $ | 500,889 |  |  | 248.6 | %

20

Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2024
(in thousands, except for shares and units)
Derivative Instruments
Foreign currency forward contracts
There were no foreign currency forward contracts held as of March 31, 2024.
________________________________________________________
(^)All of the Company’s investments are issued by eligible portfolio companies, as defined in the Investment Company Act of 1940 (the “1940 Act”), unless otherwise noted. All of the Company’s investments are issued by U.S. portfolio companies unless otherwise noted.
(^^)The majority of the investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “SF”) or Prime Rate ("Prime" or "P") which reset daily, monthly, quarterly or semiannually. For each such investment, the Company has provided the spread over SOFR or Prime, as applicable, and the current contractual interest rate in effect at March 31, 2024. Certain investments may be subject to an interest rate floor or rate cap. Certain investments contain a payment-in-kind ("PIK") provision.
(^^^)Except as otherwise noted, all of the Company’s portfolio company investments, which as of March 31, 2024 represented 248.6% of the Company’s net assets or 95.0% of the Company’s total assets, are subject to legal restrictions on sales.
(^^^^)Because there is no readily available market value for these investments, the fair value of these investments is determined in good faith using significant unobservable inputs by the Valuation Designee. (See Note 4 in the accompanying notes to the consolidated financial statements).
(^^^^^)Percentages are based on net assets of $201,502 as of March 31, 2024.
(~)The Company structures its unitranche secured loans as senior secured loans. The Company obtains security interests in the assets of these portfolio companies that serve as collateral in support of the repayment of these loans. This collateral may take the form of first-priority liens on the assets of a portfolio company. Generally, the Company syndicates a “first out” portion of the loan to an investor and retains a “last out” portion of the loan, in which case the “first out” portion of the loan will generally receive priority with respect to payments of principal, interest and any other amounts due thereunder. Unitranche structures combine characteristics of traditional first lien senior secured as well as second lien and subordinated loans and the Company’s unitranche secured loans will expose the Company to the risks associated with second lien and subordinated loans and may limit the Company’s recourse or ability to recover collateral upon a portfolio company’s bankruptcy. Unitranche secured loans typically provide for moderate loan amortization in the initial years of the facility, with the majority of the amortization deferred until loan maturity. Unitranche secured loans generally allow the borrower to make a large lump sum payment of principal at the end of the loan term, and there is a risk of loss if the borrower is unable to pay the lump sum or refinance the amount owed at maturity. In many cases the Company, together with its affiliates, are the sole or majority lender of these unitranche secured loans, which can afford the Company additional influence with a borrower in terms of monitoring and, if necessary, remediation in the event of underperformance.
(<)Represents less than 5% ownership of the portfolio company’s voting securities.
(<<)As defined in the 1940 Act, the Company is deemed to be an “Affiliated Person” of the portfolio company as it owns 5% or more of the portfolio company’s voting securities. See Note 5 in the accompanying notes to the consolidated financial statements for additional information on transactions in which the issuer was an Affiliated Person (but not a portfolio company that the Company is deemed to control).
(<<<)As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” of and to “Control” this portfolio company as it owns more than 25% of the portfolio company’s voting securities. See Note 5 in the accompanying notes to the consolidated financial statements for additional information on transactions in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to Control.
(#)This investment is treated as a non-qualifying investment under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of March 31, 2024, non-qualifying assets totaled 23.6% of the Company’s total assets.
(##)Represents a non-income producing security.
(###)Ownership of certain equity investments may occur through a holding company or partnership.
(####)Investment is held by a taxable subsidiary of the Company. See Note 2 in the accompanying notes to the consolidated financial statements for additional information on the Company’s wholly-owned taxable subsidiaries.
(*)All or a portion of this commitment was unfunded at March 31, 2024. As such, interest is earned only on the funded portion of this commitment.
(**)This delayed draw loan requires that certain financial covenants be met by the portfolio company prior to any fundings.
(***)This position was on non-accrual status as of March 31, 2024, meaning that the Company has ceased accruing interest income on the position. See Note 2 in the accompanying notes to the consolidated financial statements for additional information on the Company’s accounting policies.
(a)This investment represents a note convertible to preferred shares of the borrower.
(b)This is an international company.
(c)This is a demand note with no stated maturity.
(d)The fair value of this investment was valued using Level 1 inputs. See Note 4 in the accompanying notes to the consolidated financial statements.
(e)As of March 31, 2024, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $16.
(f)As of March 31, 2024, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $189.
(g)As of March 31, 2024, the Company was party to a subscription agreement with a commitment to fund an equity investment of $43.
(h)The Company restructured its investments in HFZ Capital Group LLC (“HFZ”) and HFZ Member RB portfolio, LLC (“Member RB”) during 2020. As part of the restructuring of HFZ, the Company obtained a 15.9% equity interest in MC Asset Management (Corporate), LLC (“Corporate”). As part of the Member RB restructuring, the Company exchanged its loan in Member RB for a promissory note in MC Asset Management (Industrial), LLC (“Industrial”). Corporate owns 100% of the equity of Industrial. In conjunction with these restructurings, the Company participated $4,758 of principal of its loan to HFZ as an equity contribution to Industrial. This participation did not qualify for sale accounting under ASC Topic 860–Transfers and Servicing because the sale did not meet the definition of a “participating interest”, as defined in the guidance, in order for sale treatment to be allowed. As a result, the Company continues to reflect its full investment in HFZ but has split the loan into two investments.
n/a - not applicable
See Notes to Consolidated Financial Statements.
21

MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2023
(in thousands, except for shares and units)

Portfolio Company (^) |  | Index (^^) |  | Spread (^^) |  | Interest Rate |  | Acquisition Date (^^^) |  | Maturity |  | Principal |  | Amortized Cost |  | Fair Value (^^^^) |  | % of Net Assets (^^^^^)
Non-Controlled/Non-Affiliate Company Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Senior Secured Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Automotive |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Born To Run, LLC |  | SF |  | 6.26 | % |  | 11.64 | % |  | 4/1/2021 |  | 4/1/2027 |  | 3,430 |  |  | $ | 3,387 |  |  | $ | 2,565 |  |  | 1.3 | %
Born To Run, LLC |  | SF |  | 6.26 | % |  | 11.64 | % |  | 4/1/2021 |  | 4/1/2027 |  | 467 |  |  | 467 |  |  | 349 |  |  | 0.2 | %
Hastings Manufacturing Company |  | SF |  | 7.60 | % |  | 12.96 | % |  | 4/24/2018 |  | 12/31/2025 |  | 1,850 |  |  | 1,850 |  |  | 1,850 |  |  | 0.9 | %
Hastings Manufacturing Company |  | SF |  | 7.60 | % |  | 12.96 | % |  | 3/29/2023 |  | 12/31/2025 |  | 664 |  |  | 664 |  |  | 664 |  |  | 0.3 | %
Hastings Manufacturing Company |  | SF |  | 7.60 | % |  | 12.96 | % |  | 12/18/2023 |  | 12/31/2025 |  | 2,039 |  |  | 2,019 |  |  | 2,080 |  |  | 1.0 | %
Hastings Manufacturing Company (Revolver) (*) |  | SF |  | 7.60 | % |  | 12.96 | % |  | 3/29/2023 |  | 12/31/2025 |  | 691 |  |  | — |  |  | — |  |  | 0.0 | %
Lifted Trucks Holdings, LLC |  | SF |  | 5.85 | % |  | 11.16 | % |  | 8/2/2021 |  | 8/2/2027 |  | 6,860 |  |  | 6,770 |  |  | 6,682 |  |  | 3.3 | %
Lifted Trucks Holdings, LLC (Revolver) (*) |  | SF |  | 5.90 | % |  | 11.29 | % |  | 8/2/2021 |  | 8/2/2027 |  | 1,667 |  |  | 556 |  |  | 541 |  |  | 0.3 | %
Panda Acquisition, LLC |  | SF |  | 6.35 | % |  | 11.70 | % |  | 12/20/2022 |  | 10/18/2028 |  | 4,388 |  |  | 3,688 |  |  | 3,707 |  |  | 1.8 | %
|  |  |  |  |  |  |  |  |  |  |  | 22,056 |  |  | 19,401 |  |  | 18,438 |  |  | 9.1 | %
Banking |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MV Receivables II, LLC (#) |  | SF |  | 9.75 | % |  | 15.09 | % |  | 7/29/2021 |  | 7/29/2026 |  | 8,100 |  |  | 7,737 |  |  | 7,695 |  |  | 3.8 | %
StarCompliance MidCo, LLC |  | SF |  | 6.85 | % |  | 12.20 | % |  | 1/12/2021 |  | 1/12/2027 |  | 2,000 |  |  | 1,977 |  |  | 1,993 |  |  | 1.0 | %
StarCompliance MidCo, LLC |  | SF |  | 6.85 | % |  | 12.20 | % |  | 10/12/2021 |  | 1/12/2027 |  | 335 |  |  | 331 |  |  | 334 |  |  | 0.2 | %
StarCompliance MidCo, LLC |  | SF |  | 6.85 | % |  | 12.20 | % |  | 5/31/2023 |  | 1/12/2027 |  | 256 |  |  | 251 |  |  | 255 |  |  | 0.1 | %
StarCompliance MidCo, LLC (Revolver) (*) |  | SF |  | 6.85 | % |  | 12.20 | % |  | 1/12/2021 |  | 1/12/2027 |  | 323 |  |  | 190 |  |  | 190 |  |  | 0.1 | %
|  |  |  |  |  |  |  |  |  |  |  | 11,014 |  |  | 10,486 |  |  | 10,467 |  |  | 5.2 | %
Beverage, Food & Tobacco |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
LVF Holdings, Inc. |  | SF |  | 5.90 | % |  | 11.25 | % |  | 6/10/2021 |  | 6/10/2027 |  | 1,466 |  |  | 1,447 |  |  | 1,466 |  |  | 0.7 | %
LVF Holdings, Inc. |  | SF |  | 5.90 | % |  | 11.25 | % |  | 6/10/2021 |  | 6/10/2027 |  | 1,403 |  |  | 1,403 |  |  | 1,403 |  |  | 0.7 | %
LVF Holdings, Inc. (Revolver) (*) |  | SF |  | 5.90 | % |  | 11.25 | % |  | 6/10/2021 |  | 6/10/2027 |  | 238 |  |  | — |  |  | — |  |  | 0.0 | %
|  |  |  |  |  |  |  |  |  |  |  | 3,107 |  |  | 2,850 |  |  | 2,869 |  |  | 1.4 | %
Capital Equipment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CGI Automated Manufacturing, LLC |  | SF |  | 7.26 | % |  | 12.61 | % |  | 9/9/2022 |  | 12/17/2026 |  | 3,875 |  |  | 3,789 |  |  | 3,802 |  |  | 1.9 | %
CGI Automated Manufacturing, LLC |  | SF |  | 7.26 | % |  | 12.61 | % |  | 9/30/2022 |  | 12/17/2026 |  | 1,112 |  |  | 1,091 |  |  | 1,091 |  |  | 0.5 | %
|  |  |  |  |  |  |  |  |  |  |  | 4,987 |  |  | 4,880 |  |  | 4,893 |  |  | 2.4 | %
Chemicals, Plastics & Rubber |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Valudor Products LLC |  | SF |  | 7.61 | % |  | 11.47% Cash/ 1.50% PIK |  | 6/18/2018 |  | 12/31/2024 |  | 1,581 |  |  | 1,581 |  |  | 1,875 |  |  | 0.9 | %
Valudor Products LLC (a) |  | SF |  | 7.50 | % |  | 12.97% PIK |  | 6/18/2018 |  | 12/31/2024 |  | 295 |  |  | 295 |  |  | 287 |  |  | 0.1 | %
Valudor Products LLC |  | SF |  | 7.61 | % |  | 12.97 | % |  | 12/22/2021 |  | 12/31/2024 |  | 502 |  |  | 502 |  |  | 1,464 |  |  | 0.7 | %
Valudor Products LLC (Revolver) (*) |  | SF |  | 7.61 | % |  | 12.97 | % |  | 6/18/2018 |  | 12/31/2024 |  | 1,095 |  |  | 55 |  |  | 54 |  |  | 0.0 | %
|  |  |  |  |  |  |  |  |  |  |  | 3,473 |  |  | 2,433 |  |  | 3,680 |  |  | 1.7 | %
Construction & Building |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MEI Buyer LLC |  | SF |  | 6.50 | % |  | 11.86 | % |  | 6/30/2023 |  | 6/29/2029 |  | 1,995 |  |  | 1,938 |  |  | 2,035 |  |  | 1.0 | %
MEI Buyer LLC (Delayed Draw) (*) (**) |  | SF |  | 6.50 | % |  | 11.86 | % |  | 6/30/2023 |  | 6/29/2029 |  | 317 |  |  | — |  |  | — |  |  | 0.0 | %
MEI Buyer LLC (Revolver) (*) |  | SF |  | 6.50 | % |  | 11.84 | % |  | 6/30/2023 |  | 6/29/2029 |  | 410 |  |  | 7 |  |  | 7 |  |  | 0.0 | %
TCFIII OWL Buyer LLC |  | SF |  | 5.61 | % |  | 10.97 | % |  | 4/19/2021 |  | 4/17/2026 |  | 1,999 |  |  | 1,980 |  |  | 1,994 |  |  | 1.0 | %
TCFIII OWL Buyer LLC |  | SF |  | 5.61 | % |  | 10.97 | % |  | 4/19/2021 |  | 4/17/2026 |  | 2,441 |  |  | 2,441 |  |  | 2,434 |  |  | 1.2 | %
TCFIII OWL Buyer LLC |  | SF |  | 5.61 | % |  | 10.97 | % |  | 12/17/2021 |  | 4/17/2026 |  | 2,190 |  |  | 2,168 |  |  | 2,185 |  |  | 1.1 | %
|  |  |  |  |  |  |  |  |  |  |  | 9,352 |  |  | 8,534 |  |  | 8,655 |  |  | 4.3 | %

22

Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2023
(in thousands, except for shares and units)

Portfolio Company (^) |  | Index (^^) |  | Spread (^^) |  | Interest Rate |  | Acquisition Date (^^^) |  | Maturity |  | Principal |  | Amortized Cost |  | Fair Value (^^^^) |  | % of Net Assets (^^^^^)
Consumer Goods: Durable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Independence Buyer, Inc. |  | SF |  | 5.90 | % |  | 11.28 | % |  | 8/3/2021 |  | 8/3/2026 |  | 5,499 |  |  | $ | 5,436 |  |  | $ | 5,410 |  |  | 2.6 | %
Independence Buyer, Inc. (Revolver) (*) |  | SF |  | 5.90 | % |  | 11.28 | % |  | 8/3/2021 |  | 8/3/2026 |  | 1,423 |  |  | — |  |  | — |  |  | 0.0 | %
Recycled Plastics Industries, LLC |  | SF |  | 7.60 | % |  | 12.19% Cash/ 0.75% PIK |  | 8/4/2021 |  | 8/4/2026 |  | 2,811 |  |  | 2,778 |  |  | 2,776 |  |  | 1.4 | %
Recycled Plastics Industries, LLC (Revolver) (*) |  | SF |  | 7.60 | % |  | 12.19% Cash/ 0.75% PIK |  | 8/4/2021 |  | 8/4/2026 |  | 284 |  |  | — |  |  | — |  |  | 0.0 | %
|  |  |  |  |  |  |  |  |  |  |  | 10,017 |  |  | 8,214 |  |  | 8,186 |  |  | 4.0 | %
Consumer Goods: Non-Durable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
The Kyjen Company, LLC |  | SF |  | 7.75 | % |  | 12.13% Cash/ 1.00% PIK |  | 5/14/2021 |  | 4/3/2026 |  | 988 |  |  | 982 |  |  | 978 |  |  | 0.5 | %
The Kyjen Company, LLC |  | SF |  | 7.50 | % |  | 12.96% PIK |  | 9/13/2022 |  | 4/3/2026 |  | 1 |  |  | 1 |  |  | 1 |  |  | 0.0 | %
The Kyjen Company, LLC (Revolver) (*) |  | SF |  | 7.75 | % |  | 12.13% Cash/ 1.00% PIK |  | 5/14/2021 |  | 4/3/2026 |  | 105 |  |  | — |  |  | — |  |  | 0.0 | %
Thrasio, LLC |  | SF |  | 7.26 | % |  | 12.61% (***) |  | 12/18/2020 |  | 12/18/2026 |  | 2,433 |  |  | 2,432 |  |  | 1,408 |  |  | 0.7 | %
|  |  |  |  |  |  |  |  |  |  |  | 3,527 |  |  | 3,415 |  |  | 2,387 |  |  | 1.2 | %
Environmental Industries |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Quest Resource Management Group, LLC |  | SF |  | 6.61 | % |  | 11.96 | % |  | 10/19/2020 |  | 10/20/2025 |  | 852 |  |  | 795 |  |  | 857 |  |  | 0.4 | %
Quest Resource Management Group, LLC |  | SF |  | 6.61 | % |  | 11.96 | % |  | 10/19/2020 |  | 10/20/2025 |  | 935 |  |  | 935 |  |  | 941 |  |  | 0.5 | %
Quest Resource Management Group, LLC |  | SF |  | 6.61 | % |  | 11.96 | % |  | 12/7/2021 |  | 10/20/2025 |  | 3,326 |  |  | 3,289 |  |  | 3,326 |  |  | 1.6 | %
Quest Resource Management Group, LLC |  | SF |  | 6.61 | % |  | 11.96 | % |  | 12/7/2021 |  | 10/20/2025 |  | 335 |  |  | 335 |  |  | 335 |  |  | 0.2 | %
|  |  |  |  |  |  |  |  |  |  |  | 5,448 |  |  | 5,354 |  |  | 5,459 |  |  | 2.7 | %
FIRE: Finance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Avalara, Inc. |  | SF |  | 7.25 | % |  | 12.60 | % |  | 10/19/2022 |  | 10/19/2028 |  | 4,000 |  |  | 3,915 |  |  | 4,040 |  |  | 2.0 | %
Avalara, Inc. (Revolver) (*) |  | SF |  | 7.25 | % |  | 12.60 | % |  | 10/19/2022 |  | 10/19/2028 |  | 400 |  |  | — |  |  | — |  |  | 0.0 | %
GC Champion Acquisition LLC |  | SF |  | 6.25 | % |  | 11.71 | % |  | 8/19/2022 |  | 8/18/2028 |  | 2,528 |  |  | 2,486 |  |  | 2,528 |  |  | 1.2 | %
GC Champion Acquisition LLC |  | SF |  | 6.25 | % |  | 11.71 | % |  | 8/19/2022 |  | 8/18/2028 |  | 702 |  |  | 702 |  |  | 702 |  |  | 0.3 | %
GC Champion Acquisition LLC |  | SF |  | 6.50 | % |  | 11.96 | % |  | 8/1/2023 |  | 8/18/2028 |  | 2,107 |  |  | 2,046 |  |  | 2,125 |  |  | 1.0 | %
J2 BWA Funding LLC (Revolver) (*) (#) |  | n/a |  | n/a |  | 10.00 | % |  | 12/24/2020 |  | 12/24/2026 |  | 2,750 |  |  | 1,578 |  |  | 1,578 |  |  | 0.8 | %
Liftforward SPV II, LLC (#) |  | SF |  | 10.86 | % |  | 16.22% PIK |  | 11/10/2016 |  | 3/31/2024 |  | 253 |  |  | 253 |  |  | 233 |  |  | 0.1 | %
W3 Monroe RE Debt LLC (#) |  | n/a |  | n/a |  | 10.00% PIK |  | 2/5/2021 |  | 2/4/2028 |  | 3,542 |  |  | 3,542 |  |  | 3,631 |  |  | 1.8 | %
W3 Monroe RE Debt LLC (Delayed Draw) (*) (**) (#) |  | n/a |  | n/a |  | 10.00% PIK |  | 3/31/2023 |  | 2/4/2028 |  | 270 |  |  | 172 |  |  | 176 |  |  | 0.1 | %
|  |  |  |  |  |  |  |  |  |  |  | 16,552 |  |  | 14,694 |  |  | 15,013 |  |  | 7.3 | %
FIRE: Real Estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC (#) |  | SF |  | 8.25 | % |  | 13.60 | % |  | 5/3/2022 |  | 4/30/2025 |  | 2,784 |  |  | 2,755 |  |  | 2,812 |  |  | 1.4 | %
Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC (#) |  | SF |  | 8.25 | % |  | 13.60 | % |  | 5/3/2022 |  | 4/30/2025 |  | 285 |  |  | 285 |  |  | 287 |  |  | 0.1 | %
Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC (Delayed Draw) (*) (**) (#) |  | SF |  | 8.25 | % |  | 13.61 | % |  | 10/6/2023 |  | 4/30/2027 |  | 837 |  |  | 317 |  |  | 322 |  |  | 0.1 | %
Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC (Revolver) (*) (#) |  | SF |  | 8.25 | % |  | 13.60 | % |  | 5/3/2022 |  | 4/30/2025 |  | 1,395 |  |  | 546 |  |  | 546 |  |  | 0.3 | %
|  |  |  |  |  |  |  |  |  |  |  | 5,301 |  |  | 3,903 |  |  | 3,967 |  |  | 1.9 | %
Healthcare & Pharmaceuticals |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bluesight, Inc. |  | SF |  | 7.25 | % |  | 12.61 | % |  | 7/17/2023 |  | 7/17/2029 |  | 2,000 |  |  | 1,942 |  |  | 1,996 |  |  | 1.0 | %
Bluesight, Inc. (Revolver) (*) |  | SF |  | 7.25 | % |  | 12.61 | % |  | 7/17/2023 |  | 7/17/2029 |  | 174 |  |  | — |  |  | — |  |  | 0.0 | %
Brickell Bay Acquisition Corp. |  | SF |  | 6.65 | % |  | 12.04 | % |  | 2/12/2021 |  | 2/12/2026 |  | 1,861 |  |  | 1,836 |  |  | 1,861 |  |  | 0.9 | %
Caravel Autism Health, LLC |  | SF |  | 5.76 | % |  | 11.16 | % |  | 6/30/2021 |  | 6/30/2027 |  | 5,012 |  |  | 4,946 |  |  | 4,969 |  |  | 2.4 | %
Caravel Autism Health, LLC |  | SF |  | 5.76 | % |  | 11.16 | % |  | 6/30/2021 |  | 6/30/2027 |  | 1,392 |  |  | 1,392 |  |  | 1,380 |  |  | 0.7 | %
Caravel Autism Health, LLC (Revolver) (*) |  | SF |  | 5.76 | % |  | 11.16 | % |  | 6/30/2021 |  | 6/30/2027 |  | 1,269 |  |  | 244 |  |  | 244 |  |  | 0.1 | %
Dorado Acquisition, Inc. |  | SF |  | 6.85 | % |  | 12.19 | % |  | 6/30/2021 |  | 6/30/2026 |  | 4,888 |  |  | 4,831 |  |  | 4,743 |  |  | 2.3 | %
Dorado Acquisition, Inc. |  | SF |  | 6.90 | % |  | 12.29 | % |  | 11/27/2022 |  | 6/30/2026 |  | 4,051 |  |  | 3,975 |  |  | 3,932 |  |  | 1.9 | %
Dorado Acquisition, Inc. (Revolver) (*) |  | SF |  | 6.85 | % |  | 12.19 | % |  | 6/30/2021 |  | 6/30/2026 |  | 596 |  |  | — |  |  | — |  |  | 0.0 | %

23

Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2023
(in thousands, except for shares and units)

Portfolio Company (^) |  | Index (^^) |  | Spread (^^) |  | Interest Rate |  | Acquisition Date (^^^) |  | Maturity |  | Principal |  | Amortized Cost |  | Fair Value (^^^^) |  | % of Net Assets (^^^^^)
INH Buyer, Inc. |  | SF |  | 7.00 | % |  | 8.95% Cash/ 3.50% PIK |  | 6/30/2021 |  | 6/28/2028 |  | 3,026 |  |  | $ | 3,005 |  |  | $ | 2,936 |  |  | 1.4 | %
KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC) |  | SF |  | 6.75 | % |  | 12.13 | % |  | 2/1/2023 |  | 2/1/2029 |  | 4,975 |  |  | 4,843 |  |  | 4,975 |  |  | 2.4 | %
KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC) (Delayed Draw) (*) (**) |  | SF |  | 6.75 | % |  | 12.14 | % |  | 2/1/2023 |  | 2/1/2029 |  | 1,702 |  |  | 989 |  |  | 989 |  |  | 0.5 | %
KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC) (Revolver) (*) |  | SF |  | 6.75 | % |  | 12.13 | % |  | 2/1/2023 |  | 2/1/2029 |  | 813 |  |  | 352 |  |  | 352 |  |  | 0.2 | %
NationsBenefits, LLC |  | SF |  | 7.10 | % |  | 12.44 | % |  | 8/20/2021 |  | 8/26/2027 |  | 3,920 |  |  | 3,873 |  |  | 3,951 |  |  | 1.9 | %
NationsBenefits, LLC |  | SF |  | 7.10 | % |  | 12.44 | % |  | 8/26/2022 |  | 8/26/2027 |  | 4,672 |  |  | 4,672 |  |  | 4,708 |  |  | 2.3 | %
NationsBenefits, LLC |  | SF |  | 7.10 | % |  | 12.44 | % |  | 8/26/2022 |  | 8/26/2027 |  | 5,065 |  |  | 5,065 |  |  | 5,104 |  |  | 2.5 | %
NationsBenefits, LLC (Revolver) (*) |  | SF |  | 7.10 | % |  | 12.44 | % |  | 8/20/2021 |  | 8/26/2027 |  | 2,222 |  |  | 889 |  |  | 889 |  |  | 0.5 | %
NQ PE Project Colosseum Midco Inc. |  | SF |  | 5.65 | % |  | 11.00 | % |  | 10/4/2022 |  | 10/4/2028 |  | 3,465 |  |  | 3,407 |  |  | 3,500 |  |  | 1.7 | %
NQ PE Project Colosseum Midco Inc. (Delayed Draw) (*) (**) |  | SF |  | 5.65 | % |  | 11.00 | % |  | 10/4/2022 |  | 10/4/2028 |  | 778 |  |  | — |  |  | — |  |  | 0.0 | %
NQ PE Project Colosseum Midco Inc. (Revolver) (*) |  | SF |  | 5.65 | % |  | 11.00 | % |  | 10/4/2022 |  | 10/4/2028 |  | 438 |  |  | — |  |  | — |  |  | 0.0 | %
Seran BioScience, LLC |  | SF |  | 6.25 | % |  | 11.64 | % |  | 12/31/2020 |  | 7/8/2027 |  | 2,431 |  |  | 2,409 |  |  | 2,431 |  |  | 1.2 | %
Seran BioScience, LLC |  | SF |  | 6.25 | % |  | 11.66 | % |  | 7/8/2022 |  | 7/8/2027 |  | 2,757 |  |  | 2,757 |  |  | 2,757 |  |  | 1.4 | %
Seran BioScience, LLC (Delayed Draw) (*) (**) |  | SF |  | 6.25 | % |  | 11.66 | % |  | 8/21/2023 |  | 7/8/2027 |  | 1,444 |  |  | 333 |  |  | 333 |  |  | 0.2 | %
Seran BioScience, LLC (Revolver) (*) |  | SF |  | 6.25 | % |  | 11.64 | % |  | 12/31/2020 |  | 7/8/2027 |  | 444 |  |  | — |  |  | — |  |  | 0.0 | %
TigerConnect, Inc. |  | SF |  | 6.90 | % |  | 12.28 | % |  | 2/16/2022 |  | 2/16/2028 |  | 3,000 |  |  | 2,955 |  |  | 2,940 |  |  | 1.4 | %
TigerConnect, Inc. (Delayed Draw) (*) (**) |  | SF |  | 6.90 | % |  | 12.28 | % |  | 2/16/2022 |  | 2/16/2028 |  | 225 |  |  | 136 |  |  | 133 |  |  | 0.1 | %
TigerConnect, Inc. (Revolver) (*) |  | SF |  | 6.90 | % |  | 12.28 | % |  | 2/16/2022 |  | 2/16/2028 |  | 429 |  |  | — |  |  | — |  |  | 0.0 | %
Vero Biotech Inc. |  | P |  | 3.75 | % |  | 12.25 | % |  | 12/29/2023 |  | 12/28/2029 |  | 2,500 |  |  | 2,475 |  |  | 2,475 |  |  | 1.2 | %
Whistler Parent Holdings III, Inc. |  | SF |  | 8.90 | % |  | 9.53% Cash/ 4.75% PIK |  | 6/3/2022 |  | 6/2/2028 |  | 4,554 |  |  | 4,481 |  |  | 4,509 |  |  | 2.2 | %
Whistler Parent Holdings III, Inc. |  | SF |  | 8.90 | % |  | 9.53% Cash/ 4.75% PIK |  | 6/3/2022 |  | 6/2/2028 |  | 57 |  |  | 57 |  |  | 56 |  |  | 0.0 | %
Whistler Parent Holdings III, Inc. (Revolver) |  | SF |  | 8.90 | % |  | 9.53% Cash/ 4.75% PIK |  | 6/3/2022 |  | 6/2/2028 |  | 569 |  |  | 569 |  |  | 564 |  |  | 0.3 | %
|  |  |  |  |  |  |  |  |  |  |  | 70,729 |  |  | 62,433 |  |  | 62,727 |  |  | 30.7 | %
High Tech Industries |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amelia Holding II, LLC |  | SF |  | 10.26 | % |  | 14.61% Cash/ 1.00% PIK |  | 12/21/2022 |  | 12/21/2027 |  | 2,021 |  |  | 1,970 |  |  | 2,028 |  |  | 1.0 | %
Amelia Holding II, LLC (Delayed Draw) (*) (**) |  | SF |  | 10.26 | % |  | 14.61% Cash/ 1.00% PIK |  | 12/21/2022 |  | 12/21/2027 |  | 668 |  |  | 508 |  |  | 510 |  |  | 0.3 | %
Amelia Holding II, LLC (Revolver) (*) |  | SF |  | 10.00 | % |  | 14.36% Cash/ 1.00% PIK |  | 12/21/2022 |  | 12/21/2027 |  | 133 |  |  | 27 |  |  | 27 |  |  | 0.0 | %
Arcstor Midco, LLC |  | SF |  | 8.10 | % |  | 13.46% PIK (***) |  | 8/29/2023 |  | 3/16/2027 |  | 155 |  |  | 150 |  |  | 155 |  |  | 0.1 | %
Drawbridge Partners, LLC |  | SF |  | 6.75 | % |  | 12.10 | % |  | 9/1/2022 |  | 9/1/2028 |  | 3,000 |  |  | 2,950 |  |  | 3,001 |  |  | 1.5 | %
Drawbridge Partners, LLC (Delayed Draw) (*) (**) |  | SF |  | 6.75 | % |  | 12.10 | % |  | 9/1/2022 |  | 9/1/2028 |  | 874 |  |  | 496 |  |  | 496 |  |  | 0.2 | %
Drawbridge Partners, LLC (Revolver) (*) |  | SF |  | 6.75 | % |  | 12.10 | % |  | 9/1/2022 |  | 9/1/2028 |  | 522 |  |  | — |  |  | — |  |  | 0.0 | %
Medallia, Inc. |  | SF |  | 6.60 | % |  | 7.95% Cash/ 4.00% PIK |  | 8/15/2022 |  | 10/27/2028 |  | 2,140 |  |  | 2,107 |  |  | 2,141 |  |  | 1.1 | %
Mindbody, Inc. |  | SF |  | 7.15 | % |  | 12.53 | % |  | 2/15/2019 |  | 2/14/2025 |  | 6,536 |  |  | 6,507 |  |  | 6,536 |  |  | 3.2 | %
Mindbody, Inc. |  | SF |  | 7.15 | % |  | 12.53 | % |  | 9/22/2021 |  | 2/14/2025 |  | 474 |  |  | 474 |  |  | 474 |  |  | 0.2 | %
Mindbody, Inc. (Revolver) (*) |  | SF |  | 7.15 | % |  | 12.53 | % |  | 2/15/2019 |  | 2/14/2025 |  | 667 |  |  | — |  |  | — |  |  | 0.0 | %
Planful, Inc. |  | SF |  | 6.76 | % |  | 12.16 | % |  | 12/28/2018 |  | 12/28/2026 |  | 9,500 |  |  | 9,500 |  |  | 9,500 |  |  | 4.7 | %
Planful, Inc. |  | SF |  | 6.76 | % |  | 12.16 | % |  | 9/12/2022 |  | 12/28/2026 |  | 530 |  |  | 524 |  |  | 530 |  |  | 0.3 | %
Planful, Inc. |  | SF |  | 6.76 | % |  | 12.16 | % |  | 1/11/2021 |  | 12/28/2026 |  | 1,326 |  |  | 1,326 |  |  | 1,326 |  |  | 0.7 | %
Planful, Inc. |  | SF |  | 6.76 | % |  | 12.16 | % |  | 2/11/2022 |  | 12/28/2026 |  | 884 |  |  | 884 |  |  | 884 |  |  | 0.4 | %
Planful, Inc. |  | SF |  | 6.76 | % |  | 12.16 | % |  | 4/5/2023 |  | 12/28/2026 |  | 707 |  |  | 688 |  |  | 708 |  |  | 0.3 | %
Planful, Inc. (Revolver) |  | SF |  | 6.76 | % |  | 12.16 | % |  | 12/28/2018 |  | 12/28/2026 |  | 442 |  |  | 442 |  |  | 442 |  |  | 0.2 | %
Sparq Holdings, Inc. |  | SF |  | 6.25 | % |  | 11.43 | % |  | 6/16/2023 |  | 6/15/2029 |  | 995 |  |  | 967 |  |  | 1,011 |  |  | 0.5 | %

24

Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2023
(in thousands, except for shares and units)

Portfolio Company (^) |  | Index (^^) |  | Spread (^^) |  | Interest Rate |  | Acquisition Date (^^^) |  | Maturity |  | Principal |  | Amortized Cost |  | Fair Value (^^^^) |  | % of Net Assets (^^^^^)
Sparq Holdings, Inc. (Delayed Draw) (*) (**) |  | SF |  | 6.25 | % |  | 11.43 | % |  | 6/16/2023 |  | 6/15/2029 |  | 222 |  |  | $ | — |  |  | $ | — |  |  | 0.0 | %
Sparq Holdings, Inc. (Revolver) (*) |  | SF |  | 6.25 | % |  | 11.43 | % |  | 6/16/2023 |  | 6/15/2029 |  | 205 |  |  | — |  |  | — |  |  | 0.0 | %
|  |  |  |  |  |  |  |  |  |  |  | 32,001 |  |  | 29,520 |  |  | 29,769 |  |  | 14.7 | %
Media: Advertising, Printing & Publishing |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Destination Media, Inc. |  | SF |  | 7.25 | % |  | 12.43 | % |  | 6/21/2023 |  | 6/21/2028 |  | 995 |  |  | 963 |  |  | 1,010 |  |  | 0.5 | %
Destination Media, Inc. (Delayed Draw) (*) (**) |  | SF |  | 7.00 | % |  | 12.35 | % |  | 6/21/2023 |  | 6/21/2028 |  | 500 |  |  | 61 |  |  | 62 |  |  | 0.0 | %
Destination Media, Inc. (Revolver) (*) |  | SF |  | 7.00 | % |  | 12.35 | % |  | 6/21/2023 |  | 6/21/2028 |  | 103 |  |  | 21 |  |  | 21 |  |  | 0.0 | %
North Haven USHC Acquisition, Inc. |  | SF |  | 6.60 | % |  | 11.95 | % |  | 10/30/2020 |  | 10/30/2025 |  | 2,425 |  |  | 2,404 |  |  | 2,399 |  |  | 1.2 | %
North Haven USHC Acquisition, Inc. |  | SF |  | 6.35 | % |  | 11.73 | % |  | 7/29/2022 |  | 10/30/2025 |  | 2,566 |  |  | 2,542 |  |  | 2,528 |  |  | 1.2 | %
North Haven USHC Acquisition, Inc. |  | SF |  | 6.60 | % |  | 11.95 | % |  | 3/12/2021 |  | 10/30/2025 |  | 703 |  |  | 703 |  |  | 695 |  |  | 0.3 | %
North Haven USHC Acquisition, Inc. |  | SF |  | 6.60 | % |  | 11.95 | % |  | 9/3/2021 |  | 10/30/2025 |  | 1,419 |  |  | 1,419 |  |  | 1,404 |  |  | 0.7 | %
North Haven USHC Acquisition, Inc. (Delayed Draw) (*) (**) |  | SF |  | 6.35 | % |  | 11.76 | % |  | 7/29/2022 |  | 10/30/2025 |  | 1,056 |  |  | 358 |  |  | 353 |  |  | 0.2 | %
North Haven USHC Acquisition, Inc. (Revolver) (*) |  | SF |  | 6.60 | % |  | 12.00 | % |  | 10/30/2020 |  | 10/30/2025 |  | 416 |  |  | 104 |  |  | 103 |  |  | 0.1 | %
Relevate Health Group, LLC |  | SF |  | 6.10 | % |  | 11.44 | % |  | 11/20/2020 |  | 11/20/2025 |  | 1,459 |  |  | 1,446 |  |  | 1,445 |  |  | 0.7 | %
Relevate Health Group, LLC |  | SF |  | 6.10 | % |  | 11.44 | % |  | 11/20/2020 |  | 11/20/2025 |  | 653 |  |  | 653 |  |  | 647 |  |  | 0.3 | %
Relevate Health Group, LLC (Revolver) (*) |  | SF |  | 6.10 | % |  | 11.43 | % |  | 11/20/2020 |  | 11/20/2025 |  | 316 |  |  | 84 |  |  | 84 |  |  | 0.0 | %
Spherix Global Inc. |  | SF |  | 6.36 | % |  | 11.71 | % |  | 12/22/2021 |  | 12/22/2026 |  | 1,081 |  |  | 1,068 |  |  | 1,048 |  |  | 0.5 | %
Spherix Global Inc. (Revolver) (*) |  | SF |  | 6.36 | % |  | 11.71 | % |  | 12/22/2021 |  | 12/22/2026 |  | 122 |  |  | — |  |  | — |  |  | 0.0 | %
XanEdu Publishing, Inc. |  | SF |  | 6.50 | % |  | 11.97 | % |  | 1/28/2020 |  | 1/28/2025 |  | 4,441 |  |  | 4,413 |  |  | 4,441 |  |  | 2.2 | %
XanEdu Publishing, Inc. |  | SF |  | 6.50 | % |  | 11.97 | % |  | 8/31/2022 |  | 1/28/2025 |  | 1,765 |  |  | 1,744 |  |  | 1,768 |  |  | 0.9 | %
XanEdu Publishing, Inc. (Revolver) (*) |  | SF |  | 6.50 | % |  | 11.97 | % |  | 1/28/2020 |  | 1/28/2025 |  | 742 |  |  | — |  |  | — |  |  | 0.0 | %
|  |  |  |  |  |  |  |  |  |  |  | 20,762 |  |  | 17,983 |  |  | 18,008 |  |  | 8.8 | %
Media: Broadcasting & Subscription |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.) (c) |  | SF |  | 8.26 | % |  | 13.64% PIK |  | 7/31/2023 |  | 1/31/2028 |  | 671 |  |  | 671 |  |  | 658 |  |  | 0.3 | %
Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.) (c) |  | SF |  | 8.26 | % |  | 13.64% PIK |  | 7/31/2023 |  | 1/31/2028 |  | 203 |  |  | 203 |  |  | 199 |  |  | 0.1 | %
Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.) (Delayed Draw) (*) (**) (c) |  | SF |  | 8.00 | % |  | 13.65% PIK |  | 9/8/2023 |  | 1/31/2028 |  | 353 |  |  | 297 |  |  | 292 |  |  | 0.2 | %
|  |  |  |  |  |  |  |  |  |  |  | 1,227 |  |  | 1,171 |  |  | 1,149 |  |  | 0.6 | %
Media: Diversified & Production |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Attom Intermediate Holdco, LLC |  | SF |  | 6.86 | % |  | 12.22 | % |  | 1/4/2019 |  | 7/3/2025 |  | 1,900 |  |  | 1,900 |  |  | 1,870 |  |  | 0.9 | %
Attom Intermediate Holdco, LLC |  | SF |  | 6.86 | % |  | 12.22 | % |  | 6/25/2020 |  | 7/3/2025 |  | 463 |  |  | 463 |  |  | 456 |  |  | 0.2 | %
Attom Intermediate Holdco, LLC |  | SF |  | 6.86 | % |  | 12.22 | % |  | 7/1/2021 |  | 7/3/2025 |  | 273 |  |  | 270 |  |  | 269 |  |  | 0.1 | %
Attom Intermediate Holdco, LLC |  | SF |  | 6.86 | % |  | 12.22 | % |  | 8/4/2022 |  | 7/3/2025 |  | 788 |  |  | 788 |  |  | 775 |  |  | 0.4 | %
Attom Intermediate Holdco, LLC |  | SF |  | 6.86 | % |  | 12.22 | % |  | 12/22/2022 |  | 7/3/2025 |  | 398 |  |  | 390 |  |  | 392 |  |  | 0.2 | %
Attom Intermediate Holdco, LLC (Revolver) (*) |  | SF |  | 6.86 | % |  | 12.22 | % |  | 1/4/2019 |  | 7/3/2025 |  | 320 |  |  | 216 |  |  | 213 |  |  | 0.1 | %
Bonterra, LLC |  | SF |  | 7.25 | % |  | 12.60 | % |  | 9/8/2021 |  | 9/8/2027 |  | 13,437 |  |  | 13,310 |  |  | 13,185 |  |  | 6.5 | %
Bonterra, LLC |  | SF |  | 8.00 | % |  | 13.35% PIK |  | 9/28/2023 |  | 9/8/2027 |  | 1,968 |  |  | 1,941 |  |  | 1,975 |  |  | 1.0 | %
Bonterra, LLC (Revolver) (*) |  | SF |  | 7.25 | % |  | 12.60 | % |  | 9/8/2021 |  | 9/8/2027 |  | 1,069 |  |  | 321 |  |  | 315 |  |  | 0.2 | %
Chess.com, LLC |  | SF |  | 6.60 | % |  | 11.95 | % |  | 12/31/2021 |  | 12/31/2027 |  | 5,895 |  |  | 5,809 |  |  | 5,873 |  |  | 2.9 | %
Chess.com, LLC (Revolver) (*) |  | SF |  | 6.60 | % |  | 11.95 | % |  | 12/31/2021 |  | 12/31/2027 |  | 652 |  |  | — |  |  | — |  |  | 0.0 | %
Crownpeak Technology, Inc. |  | SF |  | 7.35 | % |  | 12.69 | % |  | 2/28/2019 |  | 2/28/2025 |  | 4,000 |  |  | 3,998 |  |  | 4,000 |  |  | 2.0 | %
Crownpeak Technology, Inc. |  | SF |  | 7.50 | % |  | 12.97 | % |  | 9/27/2022 |  | 2/28/2025 |  | 1,273 |  |  | 1,260 |  |  | 1,274 |  |  | 0.6 | %
Crownpeak Technology, Inc. |  | SF |  | 7.35 | % |  | 12.69 | % |  | 2/28/2019 |  | 2/28/2025 |  | 60 |  |  | 60 |  |  | 60 |  |  | 0.0 | %
Crownpeak Technology, Inc. |  | SF |  | 7.35 | % |  | 12.69 | % |  | 9/27/2022 |  | 2/28/2025 |  | 3,333 |  |  | 3,333 |  |  | 3,334 |  |  | 1.6 | %
Crownpeak Technology, Inc. (Revolver) (*) |  | SF |  | 7.35 | % |  | 12.69 | % |  | 2/28/2019 |  | 2/28/2025 |  | 500 |  |  | 67 |  |  | 67 |  |  | 0.0 | %
Sports Operating Holdings II, LLC |  | SF |  | 5.85 | % |  | 11.21 | % |  | 11/3/2022 |  | 11/3/2027 |  | 2,963 |  |  | 2,902 |  |  | 2,963 |  |  | 1.6 | %
Sports Operating Holdings II, LLC (Delayed Draw) (*) (**) |  | SF |  | 5.85 | % |  | 11.21 | % |  | 11/3/2022 |  | 11/3/2027 |  | 2,398 |  |  | 241 |  |  | 241 |  |  | 0.1 | %
Sports Operating Holdings II, LLC (Revolver) (*) |  | SF |  | 5.85 | % |  | 11.21 | % |  | 11/3/2022 |  | 11/3/2027 |  | 519 |  |  | — |  |  | — |  |  | 0.0 | %
V10 Entertainment, Inc. |  | SF |  | 7.10 | % |  | 12.49 | % |  | 1/12/2023 |  | 1/12/2028 |  | 3,980 |  |  | 3,878 |  |  | 4,013 |  |  | 2.0 | %
V10 Entertainment, Inc. (Revolver) (*) |  | SF |  | 7.10 | % |  | 12.49 | % |  | 1/12/2023 |  | 1/12/2028 |  | 458 |  |  | — |  |  | — |  |  | 0.0 | %
|  |  |  |  |  |  |  |  |  |  |  | 46,647 |  |  | 41,147 |  |  | 41,275 |  |  | 20.4 | %

25

Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2023
(in thousands, except for shares and units)

Portfolio Company (^) |  | Index (^^) |  | Spread (^^) |  | Interest Rate |  | Acquisition Date (^^^) |  | Maturity |  | Principal |  | Amortized Cost |  | Fair Value (^^^^) |  | % of Net Assets (^^^^^)
Retail |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BLST Operating Company, LLC |  | SF |  | 9.50 | % |  | 1.00% Cash/ 12.96% PIK |  | 8/28/2020 |  | 8/28/2025 |  | 660 |  |  | $ | 423 |  |  | $ | 620 |  |  | 0.3 | %
|  |  |  |  |  |  |  |  |  |  |  | 660 |  |  | 423 |  |  | 620 |  |  | 0.3 | %
Services: Business |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aras Corporation |  | SF |  | 6.90 | % |  | 9.04% Cash/ 3.25% PIK |  | 4/13/2021 |  | 4/13/2027 |  | 2,233 |  |  | 2,214 |  |  | 2,250 |  |  | 1.1 | %
Aras Corporation (Revolver) (*) |  | P |  | 5.50 | % |  | 14.00 | % |  | 4/13/2021 |  | 4/13/2027 |  | 150 |  |  | 130 |  |  | 130 |  |  | 0.1 | %
Burroughs, Inc. |  | SF |  | 7.60 | % |  | 12.94 | % |  | 12/22/2017 |  | 12/20/2024 |  | 4,901 |  |  | 4,901 |  |  | 4,901 |  |  | 2.4 | %
Burroughs, Inc. (Revolver) |  | SF |  | 7.60 | % |  | 12.94 | % |  | 12/22/2017 |  | 12/20/2024 |  | 1,215 |  |  | 1,215 |  |  | 1,215 |  |  | 0.6 | %
HS4 Acquisitionco, Inc. |  | SF |  | 6.85 | % |  | 12.21 | % |  | 7/9/2019 |  | 7/9/2025 |  | 9,799 |  |  | 9,735 |  |  | 9,769 |  |  | 4.8 | %
HS4 Acquisitionco, Inc. (Revolver) (*) |  | SF |  | 6.85 | % |  | 12.21 | % |  | 7/9/2019 |  | 7/9/2025 |  | 817 |  |  | 549 |  |  | 548 |  |  | 0.3 | %
iCIMS, Inc. |  | SF |  | 7.25 | % |  | 12.62 | % |  | 10/24/2022 |  | 8/18/2028 |  | 2,500 |  |  | 2,462 |  |  | 2,509 |  |  | 1.2 | %
Kingsley Gate Partners, LLC |  | SF |  | 6.65 | % |  | 12.04 | % |  | 12/9/2022 |  | 12/11/2028 |  | 596 |  |  | 585 |  |  | 588 |  |  | 0.3 | %
Kingsley Gate Partners, LLC |  | SF |  | 6.65 | % |  | 12.04 | % |  | 12/9/2022 |  | 12/11/2028 |  | 191 |  |  | 191 |  |  | 189 |  |  | 0.1 | %
Kingsley Gate Partners, LLC (Delayed Draw) (*) (**) |  | SF |  | 6.65 | % |  | 12.04 | % |  | 12/9/2022 |  | 12/11/2028 |  | 600 |  |  | 132 |  |  | 130 |  |  | 0.1 | %
Kingsley Gate Partners, LLC (Revolver) (*) |  | SF |  | 6.65 | % |  | 12.04 | % |  | 12/9/2022 |  | 12/11/2028 |  | 240 |  |  | — |  |  | — |  |  | 0.0 | %
Prototek LLC |  | SF |  | 7.85 | % |  | 12.44% Cash/ 0.75% PIK |  | 12/8/2022 |  | 12/8/2027 |  | 2,482 |  |  | 2,419 |  |  | 2,380 |  |  | 1.2 | %
Prototek LLC (Revolver) (*) |  | SF |  | 7.85 | % |  | 12.44% Cash/ 0.75% PIK |  | 12/8/2022 |  | 12/8/2027 |  | 288 |  |  | — |  |  | — |  |  | 0.0 | %
Relativity ODA LLC |  | SF |  | 6.60 | % |  | 11.96% PIK |  | 5/12/2021 |  | 5/12/2027 |  | 2,107 |  |  | 2,075 |  |  | 2,105 |  |  | 1.0 | %
Relativity ODA LLC (Revolver) (*) |  | SF |  | 6.60 | % |  | 11.96% PIK |  | 5/12/2021 |  | 5/12/2027 |  | 180 |  |  | — |  |  | — |  |  | 0.0 | %
Security Services Acquisition Sub Corp. |  | SF |  | 6.10 | % |  | 11.46 | % |  | 2/15/2019 |  | 9/30/2026 |  | 3,344 |  |  | 3,331 |  |  | 3,341 |  |  | 1.6 | %
Security Services Acquisition Sub Corp. |  | SF |  | 6.10 | % |  | 11.46 | % |  | 2/15/2019 |  | 9/30/2026 |  | 2,406 |  |  | 2,406 |  |  | 2,403 |  |  | 1.2 | %
Security Services Acquisition Sub Corp. |  | SF |  | 6.10 | % |  | 11.46 | % |  | 9/30/2021 |  | 9/30/2026 |  | 7,820 |  |  | 7,744 |  |  | 7,812 |  |  | 3.8 | %
Security Services Acquisition Sub Corp. |  | SF |  | 6.10 | % |  | 11.46 | % |  | 2/15/2019 |  | 9/30/2026 |  | 2,113 |  |  | 2,113 |  |  | 2,111 |  |  | 1.0 | %
Security Services Acquisition Sub Corp. |  | SF |  | 6.10 | % |  | 11.46 | % |  | 2/15/2019 |  | 9/30/2026 |  | 1,520 |  |  | 1,520 |  |  | 1,518 |  |  | 0.7 | %
Vhagar Purchaser, LLC |  | SF |  | 7.00 | % |  | 12.39 | % |  | 6/9/2023 |  | 6/8/2029 |  | 3,000 |  |  | 2,917 |  |  | 3,000 |  |  | 1.5 | %
Vhagar Purchaser, LLC (Delayed Draw) (*) (**) |  | SF |  | 7.00 | % |  | 12.39 | % |  | 6/9/2023 |  | 6/8/2029 |  | 667 |  |  | 150 |  |  | 150 |  |  | 0.1 | %
Vhagar Purchaser, LLC (Revolver) (*) |  | SF |  | 7.00 | % |  | 12.39 | % |  | 6/9/2023 |  | 6/8/2029 |  | 333 |  |  | — |  |  | — |  |  | 0.0 | %
VPS Holdings, LLC |  | SF |  | 7.11 | % |  | 12.47 | % |  | 10/5/2018 |  | 10/4/2024 |  | 2,397 |  |  | 2,388 |  |  | 2,405 |  |  | 1.2 | %
VPS Holdings, LLC |  | SF |  | 7.11 | % |  | 12.47 | % |  | 10/5/2018 |  | 10/4/2024 |  | 1,971 |  |  | 1,971 |  |  | 1,978 |  |  | 1.0 | %
VPS Holdings, LLC (Revolver) (*) |  | SF |  | 7.11 | % |  | 12.47 | % |  | 10/5/2018 |  | 10/4/2024 |  | 1,003 |  |  | 603 |  |  | 603 |  |  | 0.3 | %
|  |  |  |  |  |  |  |  |  |  |  | 54,873 |  |  | 51,751 |  |  | 52,035 |  |  | 25.6 | %
Services: Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Express Wash Acquisition Company, LLC |  | SF |  | 6.76 | % |  | 12.16 | % |  | 7/14/2022 |  | 7/14/2028 |  | 7,067 |  |  | 7,033 |  |  | 7,067 |  |  | 3.5 | %
Express Wash Acquisition Company, LLC |  | SF |  | 6.76 | % |  | 12.16 | % |  | 7/14/2022 |  | 7/14/2028 |  | 1,513 |  |  | 1,513 |  |  | 1,513 |  |  | 0.7 | %
Express Wash Acquisition Company, LLC (Revolver) (*) |  | SF |  | 6.76 | % |  | 12.16 | % |  | 7/14/2022 |  | 7/14/2028 |  | 379 |  |  | 209 |  |  | 209 |  |  | 0.1 | %
Kar Wash Holdings, LLC |  | SF |  | 6.76 | % |  | 12.16 | % |  | 2/28/2022 |  | 2/26/2027 |  | 1,576 |  |  | 1,554 |  |  | 1,576 |  |  | 0.8 | %
Kar Wash Holdings, LLC |  | SF |  | 6.76 | % |  | 12.16 | % |  | 2/28/2022 |  | 2/26/2027 |  | 1,129 |  |  | 1,129 |  |  | 1,129 |  |  | 0.6 | %
Kar Wash Holdings, LLC (Delayed Draw) (*) (**) |  | SF |  | 6.76 | % |  | 12.16 | % |  | 8/3/2022 |  | 2/26/2027 |  | 2,649 |  |  | 2,230 |  |  | 2,230 |  |  | 1.1 | %
Kar Wash Holdings, LLC (Revolver) (*) |  | SF |  | 6.76 | % |  | 12.16 | % |  | 2/28/2022 |  | 2/26/2027 |  | 571 |  |  | — |  |  | — |  |  | 0.0 | %
|  |  |  |  |  |  |  |  |  |  |  | 14,884 |  |  | 13,668 |  |  | 13,724 |  |  | 6.8 | %
Telecommunications |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
American Broadband and Telecommunications Company LLC (Delayed Draw) (*) (**) |  | P |  | 12.00 | % |  | 18.50% Cash/ 2.00% PIK |  | 6/10/2022 |  | 6/10/2025 |  | 1,377 |  |  | 1,266 |  |  | 1,430 |  |  | 0.7 | %
American Broadband and Telecommunications Company LLC (Revolver) (*) |  | P |  | 12.00 | % |  | 18.50% Cash/ 2.00% PIK |  | 6/10/2022 |  | 6/10/2025 |  | 500 |  |  | 124 |  |  | 124 |  |  | 0.1 | %
Calabrio, Inc. |  | SF |  | 7.13 | % |  | 12.48 | % |  | 4/16/2021 |  | 4/16/2027 |  | 3,400 |  |  | 3,346 |  |  | 3,421 |  |  | 1.7 | %
Calabrio, Inc. (Delayed Draw) (*) (**) |  | SF |  | 7.13 | % |  | 12.48 | % |  | 12/19/2023 |  | 4/16/2027 |  | 499 |  |  | — |  |  | — |  |  | 0.0 | %
Calabrio, Inc. (Revolver) (*) |  | SF |  | 7.13 | % |  | 12.48 | % |  | 4/16/2021 |  | 4/16/2027 |  | 409 |  |  | 234 |  |  | 234 |  |  | 0.1 | %

26

Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2023
(in thousands, except for shares and units)

Portfolio Company (^) |  | Index (^^) |  | Spread (^^) |  | Interest Rate |  | Acquisition Date (^^^) |  | Maturity |  | Principal |  | Amortized Cost |  | Fair Value (^^^^) |  | % of Net Assets (^^^^^)
|  |  |  |  |  |  |  |  |  |  |  | 6,185 |  |  | $ | 4,970 |  |  | $ | 5,209 |  |  | 2.6 | %
Wholesale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Nearly Natural, Inc. |  | SF |  | 11.50 | % |  | 12.85% Cash/ 4.00% PIK |  | 12/15/2017 |  | 3/29/2024 |  | 6,523 |  |  | 6,523 |  |  | 6,270 |  |  | 3.1 | %
Nearly Natural, Inc. |  | SF |  | 11.50 | % |  | 12.85% Cash/ 4.00% PIK |  | 9/22/2020 |  | 3/29/2024 |  | 1,691 |  |  | 1,691 |  |  | 1,625 |  |  | 0.8 | %
Nearly Natural, Inc. |  | SF |  | 11.50 | % |  | 12.85% Cash/ 4.00% PIK |  | 2/16/2021 |  | 3/29/2024 |  | 3,076 |  |  | 3,075 |  |  | 2,957 |  |  | 1.5 | %
Nearly Natural, Inc. |  | SF |  | 11.50 | % |  | 12.85% Cash/ 4.00% PIK |  | 8/28/2019 |  | 3/29/2024 |  | 1,841 |  |  | 1,841 |  |  | 1,770 |  |  | 0.9 | %
Nearly Natural, Inc. (Revolver) |  | SF |  | 11.50 | % |  | 12.85% Cash/ 4.00% PIK |  | 12/15/2017 |  | 3/29/2024 |  | 2,634 |  |  | 2,634 |  |  | 2,532 |  |  | 1.2 | %
|  |  |  |  |  |  |  |  |  |  |  | 15,765 |  |  | 15,764 |  |  | 15,154 |  |  | 7.5 | %
Total Non-Controlled/Non-Affiliate Senior Secured Loans |  |  |  |  |  |  |  |  |  |  |  | 358,567 |  |  | 322,994 |  |  | 323,684 |  |  | 159.2 | %
Unitranche Secured Loans (~) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerospace & Defense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cassavant Holdings, LLC |  | SF |  | 7.61 | % |  | 12.96 | % |  | 9/8/2021 |  | 9/8/2026 |  | 7,876 |  |  | 7,784 |  |  | 7,876 |  |  | 3.9 | %
|  |  |  |  |  |  |  |  |  |  |  | 7,876 |  |  | 7,784 |  |  | 7,876 |  |  | 3.9 | %
Services: Business |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ASG II, LLC |  | SF |  | 6.40 | % |  | 11.78 | % |  | 5/25/2022 |  | 5/25/2028 |  | 1,900 |  |  | 1,869 |  |  | 1,900 |  |  | 0.9 | %
ASG II, LLC (Delayed Draw) (*) (**) |  | SF |  | 6.40 | % |  | 11.78 | % |  | 5/25/2022 |  | 5/25/2028 |  | 285 |  |  | 171 |  |  | 171 |  |  | 0.1 | %
Onit, Inc. |  | SF |  | 7.50 | % |  | 12.97 | % |  | 12/20/2021 |  | 5/2/2025 |  | 1,680 |  |  | 1,666 |  |  | 1,680 |  |  | 0.8 | %
|  |  |  |  |  |  |  |  |  |  |  | 3,865 |  |  | 3,706 |  |  | 3,751 |  |  | 1.8 | %
Telecommunications |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
VB E1, LLC |  | SF |  | 7.75 | % |  | 13.10 | % |  | 11/18/2020 |  | 11/18/2026 |  | 2,250 |  |  | 2,250 |  |  | 2,250 |  |  | 1.1 | %
|  |  |  |  |  |  |  |  |  |  |  | 2,250 |  |  | 2,250 |  |  | 2,250 |  |  | 1.1 | %
Total Non-Controlled/Non-Affiliate Unitranche Secured Loans |  |  |  |  |  |  |  |  |  |  |  | 13,991 |  |  | 13,740 |  |  | 13,877 |  |  | 6.8 | %
Junior Secured Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Banking |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MoneyLion, Inc. (#) |  | SF |  | 9.51 | % |  | 14.86 | % |  | 3/25/2022 |  | 3/24/2026 |  | 4,875 |  |  | 4,841 |  |  | 4,918 |  |  | 2.4 | %
|  |  |  |  |  |  |  |  |  |  |  | 4,875 |  |  | 4,841 |  |  | 4,918 |  |  | 2.4 | %
FIRE: Real Estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Florida East Coast Industries, LLC (#) |  | n/a |  | n/a |  | 16.00% PIK |  | 8/9/2021 |  | 6/28/2024 |  | 879 |  |  | 874 |  |  | 879 |  |  | 0.4 | %
Witkoff/Monroe 700 JV LLC (#) |  | n/a |  | n/a |  | 8.00% Cash/ 4.00% PIK |  | 7/2/2021 |  | 7/2/2026 |  | 6,901 |  |  | 6,901 |  |  | 6,794 |  |  | 3.3 | %
Witkoff/Monroe 700 JV LLC (#) |  | n/a |  | n/a |  | 8.00% Cash/ 4.00% PIK |  | 5/16/2023 |  | 7/2/2026 |  | 1,194 |  |  | 1,194 |  |  | 1,175 |  |  | 0.6 | %
Witkoff/Monroe 700 JV LLC (Delayed Draw) (*) (**) (#) |  | n/a |  | n/a |  | 8.00% Cash/ 4.00% PIK |  | 9/25/2023 |  | 7/22/2026 |  | 2,147 |  |  | 1,378 |  |  | 1,356 |  |  | 0.7 | %
|  |  |  |  |  |  |  |  |  |  |  | 11,121 |  |  | 10,347 |  |  | 10,204 |  |  | 5.0 | %
High Tech Industries |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Arcstor Midco, LLC |  | SF |  | 7.85 | % |  | 13.21% PIK (***) |  | 3/16/2021 |  | 3/16/2027 |  | 4,572 |  |  | 4,482 |  |  | 2,185 |  |  | 1.1 | %
Arcstor Midco, LLC |  | SF |  | 8.10 | % |  | 13.46% PIK (***) |  | 7/14/2023 |  | 3/16/2027 |  | 155 |  |  | 150 |  |  | 155 |  |  | 0.1 | %
|  |  |  |  |  |  |  |  |  |  |  | 4,727 |  |  | 4,632 |  |  | 2,340 |  |  | 1.2 | %
Media: Broadcasting & Subscription |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.) (c) |  | n/a |  | n/a |  | n/a (##) |  | 5/2/2019 |  | n/a (d) |  | 637 |  |  | 637 |  |  | — |  |  | 0.0 | %
Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.) (c) |  | n/a |  | n/a |  | n/a (##) |  | 11/4/2019 |  | n/a (d) |  | 122 |  |  | 122 |  |  | — |  |  | 0.0 | %
Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.) (c) |  | n/a |  | n/a |  | n/a (##) |  | 5/2/2019 |  | n/a (d) |  | 200 |  |  | 200 |  |  | — |  |  | 0.0 | %
Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.) (c) |  | n/a |  | n/a |  | n/a (##) |  | 5/2/2019 |  | n/a (d) |  | 76 |  |  | 76 |  |  | — |  |  | 0.0 | %

27

Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2023
(in thousands, except for shares and units)

Portfolio Company (^) |  | Index (^^) |  | Spread (^^) |  | Interest Rate |  | Acquisition Date (^^^) |  | Maturity |  | Principal |  | Amortized Cost |  | Fair Value (^^^^) |  | % of Net Assets (^^^^^)
Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.) (c) |  | SF |  | 8.26 | % |  | 13.64% PIK |  | 7/31/2023 |  | 1/31/2028 |  | 528 |  |  | $ | 528 |  |  | $ | 464 |  |  | 0.2 | %
|  |  |  |  |  |  |  |  |  |  |  | 1,563 |  |  | 1,563 |  |  | 464 |  |  | 0.2 | %
Retail |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forman Mills, Inc. |  | n/a |  | 3.90 | % |  | 3.90% PIK (***) |  | 4/27/2023 |  | 6/20/2028 |  | 1,308 |  |  | 1,308 |  |  | 955 |  |  | 0.5 | %
|  |  |  |  |  |  |  |  |  |  |  | 1,308 |  |  | 1,308 |  |  | 955 |  |  | 0.5 | %
Services: Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Education Corporation of America |  | P |  | 11.00 | % |  | 14.00% Cash/ 5.50% PIK (***) |  | 9/3/2015 |  | n/a (d) |  | 833 |  |  | 831 |  |  | 2,174 |  |  | 1.1 | %
|  |  |  |  |  |  |  |  |  |  |  | 833 |  |  | 831 |  |  | 2,174 |  |  | 1.1 | %
Total Non-Controlled/Non-Affiliate Junior Secured Loans |  |  |  |  |  |  |  |  |  |  |  | 24,427 |  |  | 23,522 |  |  | 21,055 |  |  | 10.4 | %
Equity Securities (<) (###) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Automotive |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Born To Run, LLC (269,438 Class A units) |  | — |  | — |  |  | — (##) |  | 4/1/2021 |  | — |  |  | — |  |  | 269 |  |  | — |  |  | 0.0 | %
Lifted Trucks Holdings, LLC (111,111 Class A units) (####) |  | — |  | — |  |  | — (##) |  | 8/2/2021 |  | — |  |  | — |  |  | 111 |  |  | 57 |  |  | 0.0 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  | 380 |  |  | 57 |  |  | 0.0 | %
Banking |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MV Receivables II, LLC (1,458 common units) (#) (####) |  | — |  | — |  |  | — (##) |  | 7/29/2021 |  | — |  |  | — |  |  | 600 |  |  | — |  |  | 0.0 | %
MV Receivables II, LLC (warrant to purchase up to 0.8% of the equity) (#) (####) |  | — |  | — |  |  | — (##) |  | 7/28/2021 |  | 7/28/2031 |  | — |  |  | 363 |  |  | — |  |  | 0.0 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  | 963 |  |  | — |  |  | 0.0 | %
Chemicals, Plastics & Rubber |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Valudor Products LLC (501,014 Class A-1 units) (####) |  | n/a |  | n/a |  | 10.00% PIK |  | 6/18/2018 |  | — |  |  | — |  |  | 501 |  |  | 307 |  |  | 0.2 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  | 501 |  |  | 307 |  |  | 0.2 | %
Consumer Goods: Durable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Independence Buyer, Inc. (81 Class A units) |  | — |  | — |  |  | — (##) |  | 8/3/2021 |  | — |  |  | — |  |  | 81 |  |  | 56 |  |  | 0.0 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  | 81 |  |  | 56 |  |  | 0.0 | %
Construction & Building |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MEI Buyer LLC (155 shares of common stock) |  | — |  | — |  |  | — (##) |  | 6/30/2023 |  | — |  |  | — |  |  | 155 |  |  | 158 |  |  | 0.1 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  | 155 |  |  | 158 |  |  | 0.1 | %
Environmental Industries |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Quest Resource Management Group, LLC (warrant to purchase up to 0.2% of the equity) |  | — |  | — |  |  | — (##) |  | 10/19/2020 |  | 3/17/2028 |  | — |  |  | 67 |  |  | 257 |  |  | 0.1 | %
Quest Resource Management Group, LLC (warrant to purchase up to 0.2% of the equity) |  | — |  | — |  |  | — (##) |  | 10/19/2021 |  | 3/17/2028 |  | — |  |  | — |  |  | 180 |  |  | 0.1 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  | 67 |  |  | 437 |  |  | 0.2 | %
FIRE: Finance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
J2 BWA Funding LLC (0.3% profit sharing) (#) (####) |  | — |  | — |  |  | — (##) |  | 12/24/2020 |  | — |  |  | — |  |  | — |  |  | 40 |  |  | 0.0 | %
PKS Holdings, LLC (5,680 preferred units) (#) |  | n/a |  | n/a |  | 12.00% PIK |  | 11/30/2017 |  | — |  |  | — |  |  | 58 |  |  | 251 |  |  | 0.1 | %
PKS Holdings, LLC (5,714 preferred units) (#) |  | n/a |  | n/a |  | 12.00% PIK |  | 11/30/2017 |  | — |  |  | — |  |  | 9 |  |  | 39 |  |  | 0.0 | %
PKS Holdings, LLC (132 preferred units) (#) |  | n/a |  | n/a |  | 12.00% PIK |  | 11/30/2017 |  | — |  |  | — |  |  | 1 |  |  | 6 |  |  | 0.0 | %
PKS Holdings, LLC (916 preferred units) (#) |  | n/a |  | n/a |  | 12.00% PIK |  | 11/30/2017 |  | — |  |  | — |  |  | 9 |  |  | 39 |  |  | 0.0 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  | 77 |  |  | 375 |  |  | 0.1 | %
FIRE: Real Estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Witkoff/Monroe 700 JV LLC (2,141 preferred units) (#) (####) |  | n/a |  | n/a |  | 8.00% Cash/ 4.00% PIK |  | 7/2/2021 |  | — |  |  | — |  |  | 3 |  |  | 2,152 |  |  | 1.1 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  | 3 |  |  | 2,152 |  |  | 1.1 | %
Healthcare & Pharmaceuticals |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bluesight, Inc. (21 Class A preferred units) |  | n/a |  | n/a |  | 9.00% PIK |  | 7/17/2023 |  | — |  |  | — |  |  | 21 |  |  | 19 |  |  | 0.0 | %
Bluesight, Inc. (11,087 Class B common units) |  | — |  | — |  |  | — (##) |  | 7/17/2023 |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.0 | %
Dorado Acquisition, Inc. (189,922 Class A-1 units) |  | — |  | — |  |  | — (##) |  | 6/30/2021 |  | — |  |  | — |  |  | 207 |  |  | 209 |  |  | 0.1 | %
Dorado Acquisition, Inc. (189,922 Class A-2 units) |  | — |  | — |  |  | — (##) |  | 6/30/2021 |  | — |  |  | — |  |  | — |  |  | 32 |  |  | 0.0 | %

28

Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2023
(in thousands, except for shares and units)

Portfolio Company (^) |  | Index (^^) |  | Spread (^^) |  | Interest Rate |  | Acquisition Date (^^^) |  | Maturity |  | Principal |  | Amortized Cost |  | Fair Value (^^^^) |  | % of Net Assets (^^^^^)
KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC) (0.1% shares of the equity) |  | — |  | — |  |  | — (##) |  | 1/31/2023 |  | — |  |  | — |  |  | $ | 491 |  |  | $ | 422 |  |  | 0.2 | %
NationsBenefits, LLC (116,460 Series B units) (####) |  | n/a |  | n/a |  | 5.00% PIK |  | 8/20/2021 |  | — |  |  | — |  |  | 781 |  |  | 706 |  |  | 0.3 | %
NationsBenefits, LLC (106,667 shares of common units) (####) |  | — |  | — |  |  | — (##) |  | 8/20/2021 |  | — |  |  | — |  |  | 153 |  |  | — |  |  | 0.0 | %
NQ PE Project Colosseum Midco Inc. (327,133 common units) |  | — |  | — |  |  | — (##) |  | 10/4/2022 |  | — |  |  | — |  |  | 327 |  |  | 326 |  |  | 0.2 | %
Seran BioScience, LLC (33,333 common units) (####) |  | — |  | — |  |  | — (##) |  | 12/31/2020 |  | — |  |  | — |  |  | 334 |  |  | 755 |  |  | 0.4 | %
Vero Biotech Inc. (warrant to purchase up to 0.19% of the equity) |  | — |  | — |  |  | — (##) |  | 12/29/2023 |  | 12/29/2033 |  | — |  |  | — |  |  | — |  |  | 0.0 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  | 2,314 |  |  | 2,469 |  |  | 1.2 | %
High Tech Industries |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amelia Holding II, LLC (warrant to purchase up to 0.1% of the equity) |  | — |  | — |  |  | — (##) |  | 12/21/2022 |  | 12/21/2032 |  | — |  |  | — |  |  | 29 |  |  | 0.0 | %
Drawbridge Partners, LLC (130,433 Class A-1 units) |  | — |  | — |  |  | — (##) |  | 9/1/2022 |  | — |  |  | — |  |  | 130 |  |  | 147 |  |  | 0.1 | %
Planful, Inc. (473,082 Class A units) |  | n/a |  | n/a |  | 8.00% PIK |  | 12/28/2018 |  | — |  |  | — |  |  | 473 |  |  | 942 |  |  | 0.5 | %
Planful, Inc. (35,791 Class B units) |  | — |  | — |  |  | — (##) |  | 5/3/2023 |  | — |  |  | — |  |  | — |  |  | 23 |  |  | 0.0 | %
Recorded Future, Inc. (80,486 Class A units) (e) |  | — |  | — |  |  | — (##) |  | 7/3/2019 |  | — |  |  | — |  |  | 81 |  |  | 261 |  |  | 0.1 | %
Sparq Holdings, Inc. (300,000 shares of common stock) |  | — |  | — |  |  | — (##) |  | 6/15/2023 |  | — |  |  | — |  |  | 300 |  |  | 312 |  |  | 0.2 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  | 984 |  |  | 1,714 |  |  | 0.9 | %
Hotels, Gaming & Leisure |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equine Network, LLC (108 Class A units) (####) |  | — |  | — |  |  | — (##) |  | 12/31/2020 |  | — |  |  | — |  |  | 111 |  |  | 110 |  |  | 0.1 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  | 111 |  |  | 110 |  |  | 0.1 | %
Media: Advertising, Printing & Publishing |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AdTheorent Holding Company, Inc. (177,362 shares of common stock) (#) (f) |  | — |  | — |  |  | — (##) |  | 12/22/2016 |  | — |  |  | — |  |  | 114 |  |  | 257 |  |  | 0.1 | %
InMobi Pte, Ltd. (warrant to purchase up to 2.8% of the equity) (#) (b) |  | — |  | — |  |  | — (##) |  | 9/18/2015 |  | 9/18/2025 |  | — |  |  | — |  |  | 1,695 |  |  | 0.8 | %
Relevate Health Group, LLC (40 preferred units) |  | n/a |  | n/a |  | 12.00% PIK |  | 11/20/2020 |  | — |  |  | — |  |  | 40 |  |  | 19 |  |  | 0.0 | %
Relevate Health Group, LLC (40 Class B common units) |  | — |  | — |  |  | — (##) |  | 11/20/2020 |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.0 | %
Spherix Global Inc. (81 Class A units) |  | — |  | — |  |  | — (##) |  | 12/22/2021 |  | — |  |  | — |  |  | 81 |  |  | 34 |  |  | 0.0 | %
XanEdu Publishing, Inc. (49,479 Class A units) |  | n/a |  | n/a |  | 8.00% PIK |  | 1/28/2020 |  | — |  |  | — |  |  | 49 |  |  | 225 |  |  | 0.1 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  | 284 |  |  | 2,230 |  |  | 1.0 | %
Media: Broadcasting & Subscription |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.) (1,480,000 Class A units) (c) |  | — |  | — |  |  | — (##) |  | 7/31/2023 |  | — |  |  | — |  |  | 1,480 |  |  | 604 |  |  | 0.3 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  | 1,480 |  |  | 604 |  |  | 0.3 | %
Media: Diversified & Production |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Attom Intermediate Holdco, LLC (297,197 Class A units) (####) |  | — |  | — |  |  | — (##) |  | 1/4/2019 |  | — |  |  | — |  |  | 297 |  |  | 362 |  |  | 0.2 | %
Chess.com, LLC (2 Class A units) (####) |  | — |  | — |  |  | — (##) |  | 12/31/2021 |  | — |  |  | — |  |  | 87 |  |  | 75 |  |  | 0.0 | %
V10 Entertainment, Inc. (392,157 shares of common units) (g) |  | — |  | — |  |  | — (##) |  | 1/12/2023 |  | — |  |  | — |  |  | 203 |  |  | 185 |  |  | 0.1 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  | 587 |  |  | 622 |  |  | 0.3 | %
Retail |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BLST Operating Company, LLC (139,883 Class A units) (####) |  | — |  | — |  |  | — (##) |  | 8/28/2020 |  | — |  |  | — |  |  | 712 |  |  | 420 |  |  | 0.2 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  | 712 |  |  | 420 |  |  | 0.2 | %
Services: Business |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
APCO Worldwide, Inc. (100 Class A voting common stock) |  | — |  | — |  |  | — (##) |  | 11/1/2017 |  | — |  |  | — |  |  | 395 |  |  | 869 |  |  | 0.4 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  | 395 |  |  | 869 |  |  | 0.4 | %
Services: Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Education Corporation of America - Series G Preferred Stock (8,333 shares) |  | n/a |  | n/a |  | 12.00% PIK (***) |  | 9/3/2015 |  | — |  |  | — |  |  | 7,492 |  |  | — |  |  | 0.0 | %

29

Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2023
(in thousands, except for shares and units)

Portfolio Company (^) |  | Index (^^) |  | Spread (^^) |  | Interest Rate |  | Acquisition Date (^^^) |  | Maturity |  | Principal |  | Amortized Cost |  | Fair Value (^^^^) |  | % of Net Assets (^^^^^)
Express Wash Acquisition Company, LLC (31,200 Class A common units) (####) |  | — |  | — |  |  | — (##) |  | 11/15/2023 |  | — |  |  | — |  |  | $ | — |  |  | $ | — |  |  | 0.0 | %
Express Wash Acquisition Company, LLC (31 Class A preferred units) (####) |  | n/a |  | n/a |  | 8.00% PIK |  | 11/15/2023 |  | — |  |  | — |  |  | 31 |  |  | 32 |  |  | 0.0 | %
Express Wash Acquisition Company, LLC (146,770 Class B common units) (####) |  | — |  | — |  |  | — (##) |  | 11/15/2023 |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.0 | %
Express Wash Acquisition Company, LLC (147 Class B preferred units) (####) |  | n/a |  | n/a |  | 8.00% PIK |  | 11/15/2023 |  | — |  |  | — |  |  | 127 |  |  | 26 |  |  | 0.0 | %
IDIG Parent, LLC (245,958 shares of common stock) (####) (h) |  | — |  | — |  |  | — (##) |  | 1/4/2021 |  | — |  |  | — |  |  | 250 |  |  | 306 |  |  | 0.2 | %
Kar Wash Holdings, LLC (99,807 Class A units) |  | — |  | — |  |  | — (##) |  | 2/28/2022 |  | — |  |  | — |  |  | 103 |  |  | 75 |  |  | 0.0 | %
Kar Wash Holdings, LLC - Series A Preferred Stock (8,619 shares) |  | — |  | — |  |  | — (##) |  | 6/27/2023 |  | — |  |  | — |  |  | 11 |  |  | 11 |  |  | 0.0 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  | 8,014 |  |  | 450 |  |  | 0.2 | %
Telecommunications |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
American Broadband and Telecommunications Company LLC (warrant to purchase up to 0.2% of the equity) |  | — |  | — |  |  | — (##) |  | 6/10/2022 |  | 6/10/2032 |  | — |  |  | 42 |  |  | 49 |  |  | 0.0 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  | 42 |  |  | 49 |  |  | 0.0 | %
Wholesale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Nearly Natural, Inc. (152,174 Class A units) |  | — |  | — |  |  | — (##) |  | 12/15/2017 |  | — |  |  | — |  |  | 153 |  |  | — |  |  | 0.0 | %
Nearly Natural, Inc. (61,087 Class AA units) |  | — |  | — |  |  | — (##) |  | 8/27/2021 |  | — |  |  | — |  |  | 61 |  |  | 28 |  |  | 0.0 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  | 214 |  |  | 28 |  |  | 0.0 | %
Total Non-Controlled/Non-Affiliate Equity Securities |  |  |  |  |  |  |  |  |  |  |  |  |  | 17,364 |  |  | 13,107 |  |  | 6.3 | %
Total Non-Controlled/Non-Affiliate Company Investments |  |  |  |  |  |  |  |  |  |  |  |  |  | 377,620 |  |  | 371,723 |  |  | 182.7 | %
Non-Controlled Affiliate Company Investments (<<) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Senior Secured Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beverage, Food & Tobacco |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
TJ Management HoldCo LLC (Revolver) (*) |  | SF |  | 5.61 | % |  | 10.94 | % |  | 9/9/2020 |  | 6/28/2024 |  | 477 |  |  | — |  |  | — |  |  | 0.0 | %
|  |  |  |  |  |  |  |  |  |  |  | 477 |  |  | — |  |  | — |  |  | 0.0 | %
FIRE: Real Estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
American Community Homes, Inc. |  | SF |  | 2.11 | % |  | 7.47% PIK |  | 7/22/2014 |  | 12/31/2026 |  | 12,648 |  |  | 12,647 |  |  | 8,110 |  |  | 4.0 | %
American Community Homes, Inc. |  | SF |  | 2.11 | % |  | 7.47% PIK |  | 7/22/2014 |  | 12/31/2026 |  | 6,223 |  |  | 6,223 |  |  | 3,990 |  |  | 2.0 | %
American Community Homes, Inc. |  | SF |  | 2.11 | % |  | 7.47% PIK |  | 5/24/2017 |  | 12/31/2026 |  | 767 |  |  | 766 |  |  | 491 |  |  | 0.2 | %
American Community Homes, Inc. |  | SF |  | 2.11 | % |  | 7.47% PIK |  | 8/10/2018 |  | 12/31/2026 |  | 2,819 |  |  | 2,819 |  |  | 1,808 |  |  | 0.9 | %
American Community Homes, Inc. |  | SF |  | 2.11 | % |  | 7.47% PIK |  | 3/29/2019 |  | 12/31/2026 |  | 5,219 |  |  | 5,219 |  |  | 3,347 |  |  | 1.6 | %
American Community Homes, Inc. |  | SF |  | 2.11 | % |  | 7.47% PIK |  | 9/30/2019 |  | 12/31/2026 |  | 25 |  |  | 25 |  |  | 16 |  |  | 0.0 | %
American Community Homes, Inc. |  | SF |  | 2.11 | % |  | 7.47% PIK |  | 12/30/2019 |  | 12/31/2026 |  | 120 |  |  | 120 |  |  | 77 |  |  | 0.0 | %
American Community Homes, Inc. (Revolver) (*) |  | SF |  | 2.11 | % |  | 7.47% PIK |  | 3/30/2020 |  | 12/31/2026 |  | 2,500 |  |  | — |  |  | — |  |  | 0.0 | %
HFZ Capital Group LLC (#) (i) |  | P |  | 9.46 | % |  | 17.96% PIK |  | 10/20/2017 |  | n/a (d) |  | 13,242 |  |  | 13,242 |  |  | 17,233 |  |  | 8.5 | %
HFZ Capital Group LLC (#) (i) |  | P |  | 9.46 | % |  | 17.96% PIK |  | 10/20/2017 |  | n/a (d) |  | 4,758 |  |  | 4,758 |  |  | 6,191 |  |  | 3.0 | %
MC Asset Management (Corporate), LLC (#) (i) |  | SF |  | 15.00 | % |  | 20.39% PIK |  | 1/26/2021 |  | 1/26/2024 |  | 10,237 |  |  | 10,237 |  |  | 10,237 |  |  | 5.0 | %
MC Asset Management (Corporate), LLC (#) (i) |  | SF |  | 15.00 | % |  | 20.39% PIK |  | 4/26/2021 |  | 1/26/2024 |  | 3,051 |  |  | 3,051 |  |  | 3,051 |  |  | 1.5 | %
Second Avenue SFR Holdings II LLC (Revolver) (*) (#) |  | SF |  | 7.00 | % |  | 12.34 | % |  | 8/11/2021 |  | 8/9/2024 |  | 4,875 |  |  | 3,323 |  |  | 3,323 |  |  | 1.6 | %
|  |  |  |  |  |  |  |  |  |  |  | 66,484 |  |  | 62,430 |  |  | 57,874 |  |  | 28.3 | %
High Tech Industries |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mnine Holdings, Inc. |  | SF |  | 8.26 | % |  | 13.61% PIK |  | 11/2/2018 |  | 12/30/2024 |  | 6,266 |  |  | 6,266 |  |  | 6,187 |  |  | 3.0 | %
Mnine Holdings, Inc. |  | SF |  | 8.26 | % |  | 13.61% PIK |  | 7/27/2023 |  | 12/30/2024 |  | 55 |  |  | 55 |  |  | 55 |  |  | 0.0 | %
Mnine Holdings, Inc. (Revolver) (*) |  | SF |  | 7.26 | % |  | 12.61 | % |  | 8/9/2022 |  | 12/30/2024 |  | 747 |  |  | 666 |  |  | 658 |  |  | 0.3 | %
|  |  |  |  |  |  |  |  |  |  |  | 7,068 |  |  | 6,987 |  |  | 6,900 |  |  | 3.3 | %

30

Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2023
(in thousands, except for shares and units)

Portfolio Company (^) |  | Index (^^) |  | Spread (^^) |  | Interest Rate |  | Acquisition Date (^^^) |  | Maturity |  | Principal |  | Amortized Cost |  | Fair Value (^^^^) |  | % of Net Assets (^^^^^)
Services: Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NECB Collections, LLC (Revolver) (*) |  | L |  | 11.00 | % |  | 16.94% (***) |  | 6/25/2019 |  | n/a (d) |  | 1,356 |  |  | $ | 1,312 |  |  | $ | 424 |  |  | 0.2 | %
|  |  |  |  |  |  |  |  |  |  |  | 1,356 |  |  | 1,312 |  |  | 424 |  |  | 0.2 | %
Total Non-Controlled Affiliate Senior Secured Loans |  |  |  |  |  |  |  |  |  |  |  | 75,385 |  |  | 70,729 |  |  | 65,198 |  |  | 31.8 | %
Junior Secured Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FIRE: Real Estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
SFR Holdco, LLC (#) |  | n/a |  | n/a |  | 8.00 | % |  | 8/6/2021 |  | 7/28/2028 |  | 5,850 |  |  | 5,850 |  |  | 5,539 |  |  | 2.7 | %
|  |  |  |  |  |  |  |  |  |  |  | 5,850 |  |  | 5,850 |  |  | 5,539 |  |  | 2.7 | %
Total Non-Controlled Affiliate Company Junior Secured Loans |  |  |  |  |  |  |  |  |  |  |  | 5,850 |  |  | 5,850 |  |  | 5,539 |  |  | 2.7 | %
Equity Securities (<<) (###) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beverage, Food & Tobacco |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
TJ Management HoldCo LLC (16 shares of common stock) (####) |  | — |  | — |  |  | — (##) |  | 9/9/2020 |  | — |  |  | — |  |  | 1,631 |  |  | 3,229 |  |  | 1.6 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  | 1,631 |  |  | 3,229 |  |  | 1.6 | %
FIRE: Real Estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
American Community Homes, Inc. (4,940 shares of common stock) |  | — |  | — |  |  | — (##) |  | 12/29/2022 |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.0 | %
MC Asset Management (Corporate), LLC (15.9% of interests) (#) (####) (i) |  | — |  | — |  |  | — (##) |  | 6/11/2019 |  | — |  |  | — |  |  | 793 |  |  | 1,045 |  |  | 0.5 | %
SFR Holdco, LLC (24.4% of interests) (#) |  | — |  | — |  |  | — (##) |  | 8/6/2021 |  | — |  |  | — |  |  | 3,900 |  |  | 4,372 |  |  | 2.1 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  | 4,693 |  |  | 5,417 |  |  | 2.6 | %
Healthcare & Pharmaceuticals |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ascent Midco, LLC (2,032,258 Class A units) (####) |  | n/a |  | n/a |  | 8.00% PIK |  | 2/5/2020 |  | — |  |  | — |  |  | 2,032 |  |  | 1,932 |  |  | 0.9 | %
Familia Dental Group Holdings, LLC (1,230 Class A units) (####) |  | — |  | — |  |  | — (##) |  | 4/8/2016 |  | — |  |  | — |  |  | 4,213 |  |  | 2,226 |  |  | 1.1 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  | 6,245 |  |  | 4,158 |  |  | 2.0 | %
High Tech Industries |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mnine Holdings, Inc. (6,400 Class B units) |  | — |  | — |  |  | — (##) |  | 6/30/2020 |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.0 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | 0.0 | %
Services: Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NECB Collections, LLC (20.8% of LLC units) (####) |  | — |  | — |  |  | — (##) |  | 6/21/2019 |  | — |  |  | — |  |  | 1,458 |  |  | — |  |  | 0.0 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  | 1,458 |  |  | — |  |  | 0.0 | %
Total Non-Controlled Affiliate Equity Securities |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 14,027 |  |  | $ | 12,804 |  |  | 6.2 | %
Total Non-Controlled Affiliate Company Investments |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 90,606 |  |  | $ | 83,541 |  |  | 40.7 | %
Controlled Affiliate Company Investments (<<<) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment Funds & Vehicles |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MRCC Senior Loan Fund I, LLC (50.0% of the equity interests) (#) |  | — |  | — |  |  | — |  |  | 10/31/2017 |  | — |  |  | — |  |  | $ | 42,650 |  |  | $ | 33,122 |  |  | 16.3 | %
Total Controlled Affiliate Equity Securities |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 42,650 |  |  | $ | 33,122 |  |  | 16.3 | %
Total Controlled Affiliate Company Investments |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 42,650 |  |  | $ | 33,122 |  |  | 16.3 | %
TOTAL INVESTMENTS |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 510,876 |  |  | $ | 488,386 |  |  | 239.7 | %

31

Table of Contents
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2023
(in thousands, except for shares and units)
Derivative Instruments
Foreign currency forward contracts
There were no foreign currency forward contracts held as of December 31, 2023.
_______________________________________________________
(˄) All of the Company's investments are issued by eligible portfolio companies, as defined in the Investment Company Act of 1940 (the “1940 Act”), unless otherwise noted. All of the Company's investments are issued by U.S. portfolio companies unless otherwise noted.
(˄˄) The majority of the investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate ("SOFR" or "SF") or Prime Rate ("Prime" or "P"), which reset daily, monthly, quarterly or semiannually. For each such investment, the Company has provided the spread over SOFR or Prime, as applicable, and the current contractual interest rate at December 31, 2023. Certain investments may be subject to an interest rate floor or rate cap. Certain investments contain a payment-in-kind ("PIK") provision.
(˄˄˄) Except as otherwise noted, all of the Company’s portfolio company investments, which as of December 31, 2023 represented 239.7% of the Company’s net assets or 95.2% of the Company’s total assets, are subject to legal restrictions on sales.
(˄˄˄˄) Because there is no readily available market value for these investments, the fair value of these investments is determined in good faith using significant unobservable inputs by the Valuation Designee. (See Note 4 in the accompanying notes to the consolidated financial statements.)
(˄˄˄˄˄) Percentages are based on net assets of $203,724 as of December 31, 2023.
(~) The Company structures its unitranche secured loans as senior secured loans. The Company obtains security interests in the assets of these portfolio companies that serve as collateral in support of the repayment of these loans. This collateral may take the form of first-priority liens on the assets of a portfolio company. Generally, the Company syndicates a “first out” portion of the loan to an investor and retains a "last out” portion of the loan, in which case the “first out” portion of the loan will generally receive priority with respect to payments of principal, interest and any other amounts due thereunder. Unitranche structures combine characteristics of traditional first lien senior secured as well as second lien and subordinated loans and the Company’s unitranche secured loans will expose the Company to the risks associated with second lien and subordinated loans and may limit the Company’s recourse or ability to recover collateral upon a portfolio company’s bankruptcy. Unitranche secured loans typically provide for moderate loan amortization in the initial years of the facility, with the majority of the amortization deferred until loan maturity. Unitranche secured loans generally allow the borrower to make a large lump sum payment of principal at the end of the loan term, and there is a risk of loss if the borrower is unable to pay the lump sum or refinance the amount owed at maturity. In many cases the Company, together with its affiliates, are the sole or majority lender of these unitranche secured loans, which can afford the Company additional influence with a borrower in terms of monitoring and, if necessary, remediation in the event of underperformance.
(<) Represents less than 5% ownership of the portfolio company’s voting securities.
(<<) As defined in the 1940 Act, the Company is deemed to be an “Affiliated Person” of the portfolio company as it owns 5% or more of the portfolio company’s voting securities. See Note 5 in the accompanying notes to the consolidated financial statements for additional information on transactions in which the issuer was an Affiliated Person (but not a portfolio company that the Company is deemed to control).
(<<<) As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” of and to “Control” this portfolio company as it owns more than 25% of the portfolio company’s voting securities. See Note 5 in the accompanying notes to the consolidated financial statements for additional information on transactions in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to Control.
(#) This investment is treated as a non-qualifying investment under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2023, non-qualifying assets totaled 23.6% of the Company’s total assets.
(##) Represents a non-income producing security.
(###) Ownership of certain equity investments may occur through a holding company or partnership.
(####) Investment is held by a taxable subsidiary of the Company. See Note 2 in the accompanying notes to the consolidated financial statements for additional information on the Company’s wholly-owned taxable subsidiaries.
(*) All or a portion of this commitment was unfunded at December 31, 2023. As such, interest is earned only on the funded portion of this commitment.
(**) This delayed draw loan requires that certain financial covenants be met by the portfolio company prior to any fundings.
(***) This position was on non-accrual status as of December 31, 2023, meaning that the Company has ceased accruing interest income on the position. See Note 2 in the accompanying notes to the consolidated financial statements for additional information on the Company’s accounting policies.
(a) This investment represents a note convertible to preferred shares of the borrower.
(b) This is an international company.
(c) During the year ended December 31, 2023, the senior secured lender group of Vice Group Inc. ("Vice OldCo") established Vice Acquisition Holdco, LLC ("Vice NewCo") in order to acquire a substantial portion of the assets of Vice OldCo as a part of a bankruptcy restructuring. Vice NewCo credit bid a portion of the senior secured debt in Vice OldCo to acquire certain assets of Vice OldCo which constitute the ongoing operations of the portfolio company. The Company's outstanding senior secured debt investment in Vice OldCo was reduced and rolled into new secured debt investments and the remaining amount of the credit bid established the cost basis of its new equity investment. While the Company still has loans outstanding at Vice OldCo, the Company has valued these positions at zero as end of the period.
(d) This is a demand note with no stated maturity.
(e) As of December 31, 2023, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $16.
(f) The fair value of this investment was valued using Level 1 inputs. See Note 4 in the accompanying notes to the consolidated financial statements.
(g) As of December 31, 2023, the company was party to a subscription agreement with a commitment to fund an additional equity investment of $189.
(h) As of December 31, 2023, the Company was party to a subscription agreement with a commitment to fund an equity investment of $43.
(i) The Company restructured its investments in HFZ Capital Group LLC (“HFZ”) and HFZ Member RB portfolio, LLC (“Member RB”) during 2020. As part of the restructuring of HFZ, the Company obtained a 15.9% equity interest in MC Asset Management (Corporate), LLC (“Corporate”). As part of the Member RB restructuring, the Company exchanged its loan in Member RB for a promissory note in MC Asset Management (Industrial), LLC (“Industrial”). Corporate owns 100% of the equity of Industrial. In conjunction with these restructurings, the Company participated $4,758 of principal of its loan to HFZ as an equity contribution to Industrial. This participation did not qualify for sale accounting under ASC Topic 860–Transfers and Servicing because the sale did not meet the definition of a “participating interest”, as defined in the guidance, in order for sale treatment to be allowed. As a result, the Company continues to reflect its full investment in HFZ but has split the loan into two investments.
n/a - not applicable
See Notes to Consolidated Financial Statements.
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MONROE CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(in thousands, except share and per share data)
Note 1. Organization and Principal Business
Monroe Capital Corporation (together with its subsidiaries, the “Company”) is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). The Company’s investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured (a combination of senior secured and junior secured debt in the same facility in which the Company syndicates a “first out” portion of the loan to an investor and retains a “last out” portion of the loan) debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common stock and warrants. The Company is managed by Monroe Capital BDC Advisors, LLC (“MC Advisors”), a registered investment adviser under the Investment Advisers Act of 1940, as amended. In addition, for U.S. federal income tax purposes, the Company has elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company currently qualifies and intends to qualify annually to be treated as a RIC for U.S. federal income tax purposes.
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 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 its wholly-owned subsidiaries, including 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 of the Code. The Taxable Subsidiaries are not consolidated with the Company for U.S. federal corporate income tax purposes, and each Taxable Subsidiary is subject to U.S. federal corporate income tax on its taxable income. All intercompany balances and transactions have been eliminated. The Company does not consolidate its non-controlling interest in MRCC Senior Loan Fund I, LLC (“SLF”). See further description of the Company’s investment in SLF in Note 3.
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Fair Value of Financial Instruments
The Company applies fair value to substantially all of its financial instruments in accordance with ASC Topic 820 – Fair Value Measurements and Disclosures (“ASC Topic 820”). ASC Topic 820 defines fair value, establishes a framework used to measure fair value, and requires disclosures for fair value measurements, including the categorization of financial instruments into a three-level hierarchy based on the transparency of valuation inputs. See Note 4 for further discussion regarding the fair value measurements and hierarchy.
ASC Topic 820 requires disclosure of the fair value of financial instruments for which it is practical to estimate such value. The Company believes that the carrying amounts of its other financial instruments such as cash, receivables and payables approximate the fair value of such items due to the short maturity of such instruments.
Revenue Recognition
The Company’s revenue recognition policies are as follows:
Investments and related investment income: Interest and dividend income is recorded on the accrual basis to the extent that the Company expects to collect such amounts. Interest income is accrued based upon the outstanding principal amount and contractual terms of debt and preferred equity investments. Interest is accrued on a daily basis. The Company records fees on loans based on the determination of whether the fee is considered a yield enhancement or payment for a service. If the fee is considered a yield enhancement associated with a funding of cash on a loan, the fee is generally deferred and recognized into interest income using the effective interest method if captured in the cost basis or using the straight-line method if the loan is unfunded and therefore there is no cost basis. If the fee is not considered a yield enhancement because a service was provided, and the fee is payment for that service, the fee is deemed earned and recognized as fee income in the period the service is 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 both the three months ended March 31, 2024 and 2023, the Company did not receive return of capital distributions from its equity investments.
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 income accrued from PIK provisions 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 $3,767 and $3,806 as of March 31, 2024 and December 31, 2023, respectively. Upfront loan origination and closing fees received for the three months ended March 31, 2024 and 2023 totaled $412 and $426, respectively. Upon the prepayment of a loan or debt security, any unamortized premium or discount or loan origination fees are recorded as interest income.
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The components of the Company’s investment income were as follows:

| Three months ended March 31,
| 2024 |  | 2023
Interest income | $ | 11,662 |  |  | $ | 12,524 |
PIK interest income | 2,115 |  |  | 2,272 |
Dividend income (1) | 1,012 |  |  | 1,095 |
Fee income | 37 |  |  | 310 |
Prepayment gain (loss) | 105 |  |  | 243 |
Accretion of discounts and amortization of premiums | 251 |  |  | 360 |
Total investment income | $ | 15,182 |  |  | $ | 16,804 |

________________________________________________________
(1)During the three months ended March 31, 2024 and 2023, dividend income includes PIK dividends of $113 and $128, 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. As of March 31, 2024 and December 31, 2023, there were seven and five borrowers, respectively, with a loan or preferred equity securities on non-accrual status. The fair value of the Company’s investments on non-accrual status totaled $10,768 and $7,456 at March 31, 2024 and December 31, 2023, 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 at least quarterly and is generally based upon the Company’s earnings as 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 and other distributions on behalf of its stockholders that elect to participate in such plan. When the Company declares a dividend or distribution, 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 in 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.
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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 and Cash Equivalents
Cash, including cash denominated in foreign currencies, primarily consists of cash, money market funds and short-term, highly liquid investments with original maturities of three months or less. The Company deposits its cash and cash equivalents in a financial institution and, at times, such balances may be in excess of the Federal Deposit Insurance Corporation (“FDIC”) insurance limit. The Company's deposits are held in high-quality financial institutions.
Unamortized Deferred Financing Costs
Deferred financing costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. As of March 31, 2024 and December 31, 2023, the Company had unamortized deferred financing costs of $2,908 and $3,235 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 months ended March 31, 2024 and 2023 was $327 and $321, 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 both March 31, 2024 and December 31, 2023, other assets on the consolidated statements of assets and liabilities included $262 of deferred offering costs, which will be charged against the proceeds from future debt or equity offerings when completed.
Investments Denominated in Foreign Currency
As of both March 31, 2024 and December 31, 2023, the Company held no investments denominated in a foreign currency.
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.
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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 is 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. As long as the Company maintains its status as a RIC, it generally will not be subject to U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its stockholders. Rather, any tax liability related to income earned by the Company represents an obligation of the Company’s stockholders and will not be reflected in the consolidated financial statements of the Company.
To qualify as a RIC under Subchapter M of the Code, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its stockholders, for each taxable year, at least 90% of its “investment company taxable income” for that year, which is generally its ordinary income plus the excess of its realized net short-term capital gains over its realized net long-term capital losses. In order for the Company not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gains in excess of capital losses for the calendar year and (iii) any net ordinary income and capital gains in excess of capital losses for the preceding years that were not distributed during such years. The Company, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay U.S. federal income tax and a 4% nondeductible U.S. federal excise tax on this income. For the three months ended March 31, 2024 and 2023, the Company recorded a net expense (benefit) on the consolidated statements of operations of $11 and $155 for U.S. federal excise tax, respectively. As of March 31, 2024 and December 31, 2023, the Company recorded an accrual for U.S. federal excise taxes of $91 and $247, respectively, which were included in accounts payable and accrued expenses on the 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 months ended March 31, 2024 and 2023, the Company recorded a net tax expense of $7 and $78, respectively, on the consolidated statements of operations for these subsidiaries. As of both March 31, 2024 and December 31, 2023, there were no payables for corporate-level income taxes.
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 March 31, 2024. The 2020 through 2023 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 three months ended March 31, 2024.
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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 three months ended March 31, 2024 and 2023.
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):

| March 31, 2024 |  | December 31, 2023
Amortized Cost: |  |  |  |  |  |  |
Senior secured loans | $ | 409,506 |  |  | 77.9 | % |  | $ | 393,723 |  |  | 77.1 | %
Unitranche secured loans | 6,057 |  |  | 1.1 |  |  | 13,740 |  |  | 2.7 |
Junior secured loans | 29,832 |  |  | 5.7 |  |  | 29,372 |  |  | 5.8 |
LLC equity interest in SLF | 42,650 |  |  | 8.1 |  |  | 42,650 |  |  | 8.3 |
Equity securities | 37,613 |  |  | 7.2 |  |  | 31,391 |  |  | 6.1 |
Total | $ | 525,658 |  |  | 100.0 | % |  | $ | 510,876 |  |  | 100.0 | %

| March 31, 2024 |  | December 31, 2023
Fair Value: |  |  |  |  |  |  |
Senior secured loans | $ | 404,051 |  |  | 80.7 | % |  | $ | 388,882 |  |  | 79.6 | %
Unitranche secured loans | 6,091 |  |  | 1.2 |  |  | 13,877 |  |  | 2.8 |
Junior secured loans | 27,427 |  |  | 5.5 |  |  | 26,594 |  |  | 5.5 |
LLC equity interest in SLF | 32,990 |  |  | 6.6 |  |  | 33,122 |  |  | 6.8 |
Equity securities | 30,330 |  |  | 6.0 |  |  | 25,911 |  |  | 5.3 |
Total | $ | 500,889 |  |  | 100.0 | % |  | $ | 488,386 |  |  | 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:

| March 31, 2024 |  | December 31, 2023
Amortized Cost: |  |  |  |  |  |  |
Midwest | $ | 165,246 |  |  | 31.4 | % |  | $ | 158,383 |  |  | 31.0 | %
Northeast | 112,794 |  |  | 21.4 |  |  | 108,707 |  |  | 21.3 |
Southeast | 143,960 |  |  | 27.4 |  |  | 134,899 |  |  | 26.4 |
Southwest | 17,690 |  |  | 3.4 |  |  | 25,163 |  |  | 4.9 |
West (1) | 85,968 |  |  | 16.4 |  |  | 83,724 |  |  | 16.4 |
Total | $ | 525,658 |  |  | 100.0 | % |  | $ | 510,876 |  |  | 100.0 | %

___________________________________________________
(1)Includes one international portfolio investment with no cost as of March 31, 2024 and December 31, 2023, respectively.
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| March 31, 2024 |  | December 31, 2023
Fair Value: |  |  |  |  |  |  |
Midwest | $ | 140,869 |  |  | 28.1 | % |  | $ | 135,352 |  |  | 27.7 | %
Northeast | 113,827 |  |  | 22.7 |  |  | 110,180 |  |  | 22.6 |
Southeast | 140,731 |  |  | 28.1 |  |  | 130,595 |  |  | 26.8 |
Southwest | 18,092 |  |  | 3.6 |  |  | 25,610 |  |  | 5.2 |
West (1) | 87,370 |  |  | 17.5 |  |  | 86,649 |  |  | 17.7 |
Total | $ | 500,889 |  |  | 100.0 | % |  | $ | 488,386 |  |  | 100.0 | %

_______________________________________________________
(1)Includes one international portfolio investment with $1,763 and $1,695 of fair value as of March 31, 2024 and December 31, 2023, respectively.
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):

| March 31, 2024 |  | December 31, 2023
Amortized Cost |  |  |  |  |  |  |
Aerospace & Defense | $ | — |  |  | — | % |  | $ | 7,784 |  |  | 1.5 | %
Automotive | 20,095 |  |  | 3.8 |  |  | 19,781 |  |  | 3.9 |
Banking | 16,326 |  |  | 3.1 |  |  | 16,290 |  |  | 3.2 |
Beverage, Food & Tobacco | 4,476 |  |  | 0.9 |  |  | 4,481 |  |  | 0.9 |
Capital Equipment | 4,855 |  |  | 0.9 |  |  | 4,880 |  |  | 1.0 |
Chemicals, Plastics & Rubber | 2,950 |  |  | 0.6 |  |  | 2,934 |  |  | 0.6 |
Construction & Building | 9,794 |  |  | 1.8 |  |  | 8,689 |  |  | 1.7 |
Consumer Goods: Durable | 8,149 |  |  | 1.5 |  |  | 8,295 |  |  | 1.6 |
Consumer Goods: Non-Durable | 3,547 |  |  | 0.7 |  |  | 3,415 |  |  | 0.7 |
Environmental Industries | 5,412 |  |  | 1.0 |  |  | 5,421 |  |  | 1.1 |
FIRE: Finance | 15,122 |  |  | 2.9 |  |  | 14,771 |  |  | 2.9 |
FIRE: Real Estate | 90,609 |  |  | 17.2 |  |  | 87,226 |  |  | 17.1 |
Healthcare & Pharmaceuticals | 79,423 |  |  | 15.1 |  |  | 70,992 |  |  | 13.9 |
High Tech Industries | 41,329 |  |  | 7.9 |  |  | 42,123 |  |  | 8.2 |
Hotels, Gaming & Leisure | 111 |  |  | 0.0 |  |  | 111 |  |  | 0.0 |
Investment Funds & Vehicles | 42,650 |  |  | 8.1 |  |  | 42,650 |  |  | 8.3 |
Media: Advertising, Printing & Publishing | 18,213 |  |  | 3.5 |  |  | 18,267 |  |  | 3.6 |
Media: Broadcasting & Subscription | 4,486 |  |  | 0.9 |  |  | 4,214 |  |  | 0.8 |
Media: Diversified & Production | 42,385 |  |  | 8.1 |  |  | 41,734 |  |  | 8.2 |
Retail | 2,465 |  |  | 0.5 |  |  | 2,443 |  |  | 0.5 |
Services: Business | 58,848 |  |  | 11.2 |  |  | 55,852 |  |  | 10.9 |
Services: Consumer | 25,713 |  |  | 4.9 |  |  | 25,283 |  |  | 4.9 |
Telecommunications | 7,543 |  |  | 1.4 |  |  | 7,262 |  |  | 1.4 |
Transportation: Cargo | 4,893 |  |  | 0.9 |  |  | — |  |  | — |
Wholesale | 16,264 |  |  | 3.1 |  |  | 15,978 |  |  | 3.1 |
Total | $ | 525,658 |  |  | 100.0 | % |  | $ | 510,876 |  |  | 100.0 | %

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| March 31, 2024 |  | December 31, 2023
Fair Value: |  |  |  |  |  |  |
Aerospace & Defense | $ | — |  |  | — | % |  | $ | 7,876 |  |  | 1.6 | %
Automotive | 17,924 |  |  | 3.6 |  |  | 18,495 |  |  | 3.8 |
Banking | 15,163 |  |  | 3.0 |  |  | 15,385 |  |  | 3.2 |
Beverage, Food & Tobacco | 6,187 |  |  | 1.2 |  |  | 6,098 |  |  | 1.2 |
Capital Equipment | 4,924 |  |  | 1.0 |  |  | 4,893 |  |  | 1.0 |
Chemicals, Plastics & Rubber | 3,525 |  |  | 0.7 |  |  | 3,987 |  |  | 0.8 |
Construction & Building | 9,937 |  |  | 2.0 |  |  | 8,813 |  |  | 1.8 |
Consumer Goods: Durable | 8,087 |  |  | 1.6 |  |  | 8,242 |  |  | 1.7 |
Consumer Goods: Non-Durable | 2,198 |  |  | 0.5 |  |  | 2,387 |  |  | 0.5 |
Environmental Industries | 5,871 |  |  | 1.2 |  |  | 5,896 |  |  | 1.2 |
FIRE: Finance | 15,718 |  |  | 3.1 |  |  | 15,388 |  |  | 3.3 |
FIRE: Real Estate | 88,564 |  |  | 17.7 |  |  | 85,153 |  |  | 17.4 |
Healthcare & Pharmaceuticals | 78,105 |  |  | 15.6 |  |  | 69,354 |  |  | 14.2 |
High Tech Industries | 39,305 |  |  | 7.8 |  |  | 40,723 |  |  | 8.3 |
Hotels, Gaming & Leisure | 140 |  |  | 0.0 |  |  | 110 |  |  | 0.0 |
Investment Funds & Vehicles | 32,990 |  |  | 6.6 |  |  | 33,122 |  |  | 6.8 |
Media: Advertising, Printing & Publishing | 20,670 |  |  | 4.1 |  |  | 20,238 |  |  | 4.1 |
Media: Broadcasting & Subscription | 1,973 |  |  | 0.4 |  |  | 2,217 |  |  | 0.5 |
Media: Diversified & Production | 42,621 |  |  | 8.5 |  |  | 41,897 |  |  | 8.6 |
Retail | 1,886 |  |  | 0.4 |  |  | 1,995 |  |  | 0.4 |
Services: Business | 59,705 |  |  | 11.9 |  |  | 56,655 |  |  | 11.6 |
Services: Consumer | 17,244 |  |  | 3.5 |  |  | 16,772 |  |  | 3.4 |
Telecommunications | 7,746 |  |  | 1.5 |  |  | 7,508 |  |  | 1.5 |
Transportation: Cargo | 4,913 |  |  | 1.0 |  |  | — |  |  | — |
Wholesale | 15,493 |  |  | 3.1 |  |  | 15,182 |  |  | 3.1 |
Total | $ | 500,889 |  |  | 100.0 | % |  | $ | 488,386 |  |  | 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 March 31, 2024 and December 31, 2023, the Company and LSW each owned 50.0% of the LLC equity interests of SLF. As of March 31, 2024 and December 31, 2023, SLF had $100,000 in equity commitments from its members (in the aggregate), of which $85,300 was funded.
As of March 31, 2024 and December 31, 2023, the Company had committed to fund $50,000 of LLC equity interest subscriptions to SLF. As of March 31, 2024 and December 31, 2023, $42,650 of the Company’s LLC equity interest subscriptions to SLF had been called and contributed, net of return of capital distributions subject to recall. As of March 31, 2024 and December 31, 2023, SLF had a fair value of $33.0 million and $33.1 million.
40

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For both the three months ended March 31, 2024 and 2023, the Company received $900 of dividend income from its LLC equity interest in SLF.
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 $110,000 (reduced from $175,000 on June 9, 2023), subject to leverage and borrowing base restrictions. Borrowings on the SLF Credit Facility bear interest at an annual rate of SOFR (three-month) plus 2.10% and the SLF Credit Facility has a maturity date of November 23, 2031.
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 months ended March 31, 2024 and 2023, SLF incurred $44 and $63 of allocable expenses, respectively. There are no agreements or understandings by which the Company guarantees any SLF obligations.
As of March 31, 2024 and December 31, 2023, SLF had total assets at fair value of $124,865 and $148,449, respectively. As of March 31, 2024 and December 31, 2023, SLF had four portfolio company investments on non-accrual status with a fair value of $5,034 and $4,260, respectively. The portfolio companies in SLF are in industries and geographies similar to those in which the Company may invest directly. Additionally, as of March 31, 2024 and December 31, 2023, SLF had $1,796 and $3,332, 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 March 31, 2024 and December 31, 2023:

| March 31, 2024 |  | December 31, 2023
Secured loans (1) | 124,816 |  |  | 150,674 |
Weighted average current interest rate on secured loans (2) | 10.2% |  | 10.2%
Number of portfolio company investments in SLF | 41 |  | 49
Largest portfolio company investment (1) | 6,580 |  |  | 6,580 |
Total of five largest portfolio company investments (1) | 26,366 |  |  | 26,415 |

________________________________________________________
(1)Represents outstanding principal amount, excluding unfunded commitments.
(2)Computed as the (a) annual stated interest rate on accruing secured loans divided by (b) total secured loans at outstanding principal amount.
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MRCC SENIOR LOAN FUND I, LLC
CONSOLIDATED SCHEDULE OF INVESTMENTS
(unaudited)
March 31, 2024

Portfolio Company (a) |  | Index (b) |  | Spread (b) |  | Interest Rate (b) |  | Maturity |  | Principal |  | Fair Value
Non-Controlled/Non-Affiliate Company Investments |  |  |  |  |  |  |  |  |  |  |  |
Senior Secured Loans |  |  |  |  |  |  |  |  |  |  |  |
Aerospace & Defense |  |  |  |  |  |  |  |  |  |  |  |
Trident Maritime Systems, Inc. |  | SF |  | 5.65 | % |  | 10.96 | % |  | 2/26/2027 |  | 2,406 |  |  | $ | 2,388 |
Trident Maritime Systems, Inc. |  | SF |  | 5.65 | % |  | 10.96 | % |  | 2/26/2027 |  | 746 |  |  | 741 |
Trident Maritime Systems, Inc. |  | SF |  | 5.65 | % |  | 10.96 | % |  | 2/26/2027 |  | 188 |  |  | 186 |
Trident Maritime Systems, Inc. (Revolver) |  | SF |  | 5.60 | % |  | 10.93 | % |  | 2/26/2027 |  | 319 |  |  | 317 |
|  |  |  |  |  |  |  |  |  | 3,659 |  |  | 3,632 |
Automotive |  |  |  |  |  |  |  |  |  |  |  |
Accelerate Auto Works Intermediate, LLC |  | SF |  | 4.90 | % |  | 10.24 | % |  | 12/1/2027 |  | 1,354 |  |  | 1,337 |
Accelerate Auto Works Intermediate, LLC |  | SF |  | 4.90 | % |  | 10.22 | % |  | 12/1/2027 |  | 387 |  |  | 382 |
Accelerate Auto Works Intermediate, LLC (Revolver) (d) |  | SF |  | 4.90 | % |  | 10.24 | % |  | 12/1/2027 |  | 132 |  |  | 21 |
|  |  |  |  |  |  |  |  |  | 1,873 |  |  | 1,740 |
Beverage, Food & Tobacco |  |  |  |  |  |  |  |  |  |  |  |
SW Ingredients Holdings, LLC |  | SF |  | 5.50 | % |  | 10.93 | % |  | 7/3/2025 |  | 3,534 |  |  | 3,534 |
|  |  |  |  |  |  |  |  |  | 3,534 |  |  | 3,534 |
Capital Equipment |  |  |  |  |  |  |  |  |  |  |  |
MacQueen Equipment, LLC |  | SF |  | 5.51 | % |  | 10.81 | % |  | 1/7/2028 |  | 2,070 |  |  | 2,069 |
MacQueen Equipment, LLC (Delayed Draw) (d) |  | SF |  | 5.51 | % |  | 10.81 | % |  | 1/7/2028 |  | 590 |  |  | 334 |
MacQueen Equipment, LLC (Revolver) (d) |  | SF |  | 5.51 | % |  | 10.81 | % |  | 1/7/2028 |  | 296 |  |  | — |
|  |  |  |  |  |  |  |  |  | 2,956 |  |  | 2,403 |
Chemicals, Plastics & Rubber |  |  |  |  |  |  |  |  |  |  |  |
Phoenix Chemical Holding Company LLC |  | SF |  | 7.11 | % |  | 12.44 | % |  | 8/2/2024 |  | 1,129 |  |  | 964 |
TJC Spartech Acquisition Corp. |  | SF |  | 4.75 | % |  | 10.07 | % |  | 5/5/2028 |  | 4,200 |  |  | 3,507 |
|  |  |  |  |  |  |  |  |  | 5,329 |  |  | 4,471 |
Consumer Goods: Durable |  |  |  |  |  |  |  |  |  |  |  |
Elevate Textiles, Inc. (fka International Textile Group, Inc.) |  | SF |  | 6.65 | % |  | 11.98% (e) |  | 9/30/2027 |  | 796 |  |  | 585 |
Runner Buyer INC. |  | SF |  | 5.61 | % |  | 10.96 | % |  | 10/23/2028 |  | 2,940 |  |  | 2,245 |
|  |  |  |  |  |  |  |  |  | 3,736 |  |  | 2,830 |
Consumer Goods: Non-Durable |  |  |  |  |  |  |  |  |  |  |  |
PH Beauty Holdings III, INC. |  | SF |  | 5.00 | % |  | 10.72 | % |  | 9/26/2025 |  | 2,361 |  |  | 2,338 |
|  |  |  |  |  |  |  |  |  | 2,361 |  |  | 2,338 |
Containers, Packaging & Glass |  |  |  |  |  |  |  |  |  |  |  |
Polychem Acquisition, LLC |  | SF |  | 5.11 | % |  | 10.44 | % |  | 3/17/2025 |  | 2,850 |  |  | 2,836 |
PVHC Holding Corp |  | SF |  | 5.65 | % |  | 10.96% Cash/ 0.75% PIK |  | 2/17/2027 |  | 1,894 |  |  | 1,894 |
|  |  |  |  |  |  |  |  |  | 4,744 |  |  | 4,730 |
Energy: Oil & Gas |  |  |  |  |  |  |  |  |  |  |  |
Offen, Inc. |  | SF |  | 5.11 | % |  | 10.44 | % |  | 6/22/2026 |  | 2,249 |  |  | 2,248 |
Offen, Inc. |  | SF |  | 5.11 | % |  | 10.44 | % |  | 6/22/2026 |  | 856 |  |  | 856 |
|  |  |  |  |  |  |  |  |  | 3,105 |  |  | 3,104 |
FIRE: Finance |  |  |  |  |  |  |  |  |  |  |  |
Harbour Benefit Holdings, Inc. |  | SF |  | 5.15 | % |  | 10.45 | % |  | 12/13/2024 |  | 2,842 |  |  | 2,842 |
Harbour Benefit Holdings, Inc. |  | SF |  | 5.10 | % |  | 10.43 | % |  | 12/13/2024 |  | 61 |  |  | 61 |
Minotaur Acquisition, Inc. |  | SF |  | 4.85 | % |  | 10.18 | % |  | 3/27/2026 |  | 4,794 |  |  | 4,805 |
TEAM Public Choices, LLC |  | SF |  | 5.00 | % |  | 10.58 | % |  | 12/17/2027 |  | 2,917 |  |  | 2,921 |
|  |  |  |  |  |  |  |  |  | 10,614 |  |  | 10,629 |
FIRE: Real Estate |  |  |  |  |  |  |  |  |  |  |  |
Avison Young (USA) Inc. (f) |  | SF |  | 6.50 | % |  | 11.84% (e) |  | 3/12/2028 |  | 606 |  |  | 599 |
|  |  |  |  |  |  |  |  |  | 606 |  |  | 599 |
Healthcare & Pharmaceuticals |  |  |  |  |  |  |  |  |  |  |  |
Cano Health, LLC |  | SF |  | 4.00 | % |  | 9.33% (e) |  | 11/23/2027 |  | 1,950 |  |  | 590 |
HAH Group Holding Company LLC |  | SF |  | 5.00 | % |  | 10.44 | % |  | 10/29/2027 |  | 2,943 |  |  | 2,936 |
LSCS Holdings, Inc. |  | SF |  | 4.61 | % |  | 9.94 | % |  | 12/15/2028 |  | 1,805 |  |  | 1,781 |

42

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MRCC SENIOR LOAN FUND I, LLC
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2024

Portfolio Company (a) |  | Index (b) |  | Spread (b) |  | Interest Rate (b) |  | Maturity |  | Principal |  | Fair Value
Natus Medical Incorporated |  | SF |  | 5.65 | % |  | 10.96 | % |  | 7/20/2029 |  | 4,937 |  |  | 4,666 |
|  |  |  |  |  |  |  |  |  | 11,635 |  |  | 9,973 |
High Tech Industries |  |  |  |  |  |  |  |  |  |  |  |
Corel Inc. (c) |  | SF |  | 5.10 | % |  | 10.44 | % |  | 7/2/2026 |  | 3,350 |  |  | 3,303 |
Lightbox Intermediate, L.P. |  | SF |  | 5.26 | % |  | 10.56 | % |  | 5/11/2026 |  | 4,763 |  |  | 4,620 |
TGG TS Acquisition Company |  | SF |  | 6.61 | % |  | 11.94 | % |  | 12/12/2025 |  | 2,885 |  |  | 2,880 |
|  |  |  |  |  |  |  |  |  | 10,998 |  |  | 10,803 |
Hotels, Gaming & Leisure |  |  |  |  |  |  |  |  |  |  |  |
Excel Fitness Holdings, Inc. |  | SF |  | 5.40 | % |  | 10.70 | % |  | 4/27/2029 |  | 4,309 |  |  | 4,309 |
Excel Fitness Holdings, Inc. (Revolver) (d) |  | SF |  | 5.40 | % |  | 10.70 | % |  | 4/28/2028 |  | 625 |  |  | — |
North Haven Spartan US Holdco, LLC |  | SF |  | 6.25 | % |  | 11.57 | % |  | 6/5/2026 |  | 2,244 |  |  | 2,244 |
|  |  |  |  |  |  |  |  |  | 7,178 |  |  | 6,553 |
Media: Diversified & Production |  |  |  |  |  |  |  |  |  |  |  |
Research Now Group, Inc. and Survey Sampling International, LLC |  | SF |  | 5.76 | % |  | 11.07 | % |  | 12/20/2024 |  | 6,580 |  |  | 3,971 |
STATS Intermediate Holdings, LLC |  | SF |  | 5.51 | % |  | 10.83 | % |  | 7/10/2026 |  | 4,788 |  |  | 4,746 |
TA TT Buyer, LLC |  | SF |  | 5.00 | % |  | 10.30 | % |  | 3/30/2029 |  | 3,283 |  |  | 3,301 |
|  |  |  |  |  |  |  |  |  | 14,651 |  |  | 12,018 |
Services: Business |  |  |  |  |  |  |  |  |  |  |  |
Eliassen Group, LLC |  | SF |  | 5.50 | % |  | 10.81 | % |  | 4/14/2028 |  | 3,209 |  |  | 3,177 |
Eliassen Group, LLC (Delayed Draw) (d) |  | SF |  | 5.50 | % |  | 10.82 | % |  | 4/14/2028 |  | 738 |  |  | 229 |
Engage2Excel, Inc. |  | SF |  | 6.60 | % |  | 11.78 | % |  | 7/1/2024 |  | 3,907 |  |  | 3,912 |
Engage2Excel, Inc. |  | SF |  | 6.60 | % |  | 11.78 | % |  | 7/1/2024 |  | 705 |  |  | 706 |
Engage2Excel, Inc. |  | SF |  | 6.60 | % |  | 11.78 | % |  | 7/1/2024 |  | 550 |  |  | 550 |
Output Services Group, Inc. |  | SF |  | 6.68 | % |  | 12.07% (e) |  | 11/30/2028 |  | 1,042 |  |  | 1,040 |
Secretariat Advisors LLC |  | SF |  | 5.01 | % |  | 10.32 | % |  | 12/29/2028 |  | 1,672 |  |  | 1,663 |
Secretariat Advisors LLC |  | SF |  | 5.01 | % |  | 10.32 | % |  | 12/29/2028 |  | 267 |  |  | 265 |
SIRVA Worldwide Inc. |  | SF |  | 5.76 | % |  | 11.10 | % |  | 8/4/2025 |  | 1,738 |  |  | 1,267 |
|  |  |  |  |  |  |  |  |  | 13,828 |  |  | 12,809 |
Services: Consumer |  |  |  |  |  |  |  |  |  |  |  |
Laseraway Intermediate Holdings II, LLC |  | SF |  | 5.75 | % |  | 11.33 | % |  | 10/14/2027 |  | 2,172 |  |  | 2,167 |
McKissock Investment Holdings, LLC |  | SF |  | 5.00 | % |  | 10.46 | % |  | 3/9/2029 |  | 2,450 |  |  | 2,461 |
|  |  |  |  |  |  |  |  |  | 4,622 |  |  | 4,628 |
Telecommunications |  |  |  |  |  |  |  |  |  |  |  |
Intermedia Holdings, Inc. |  | SF |  | 6.11 | % |  | 11.43 | % |  | 7/21/2025 |  | 1,737 |  |  | 1,720 |
Mavenir Systems, Inc. |  | SF |  | 5.01 | % |  | 10.34 | % |  | 8/18/2028 |  | 1,633 |  |  | 1,169 |
Sandvine Corporation |  | SF |  | 4.93 | % |  | 10.15 | % |  | 10/31/2025 |  | 1,973 |  |  | 1,473 |
|  |  |  |  |  |  |  |  |  | 5,343 |  |  | 4,362 |
Transportation: Cargo |  |  |  |  |  |  |  |  |  |  |  |
Keystone Purchaser, LLC |  | SF |  | 6.18 | % |  | 11.51 | % |  | 5/7/2027 |  | 4,892 |  |  | 4,874 |
|  |  |  |  |  |  |  |  |  | 4,892 |  |  | 4,874 |
Wholesale |  |  |  |  |  |  |  |  |  |  |  |
HALO Buyer, Inc. |  | SF |  | 4.60 | % |  | 9.93 | % |  | 6/30/2025 |  | 4,710 |  |  | 3,452 |
|  |  |  |  |  |  |  |  |  | 4,710 |  |  | 3,452 |
Total Non-Controlled/Non-Affiliate Senior Secured Loans |  |  |  |  |  |  |  |  |  | 120,374 |  |  | 109,482 |
Junior Secured Loans |  |  |  |  |  |  |  |  |  |  |  |
Healthcare & Pharmaceuticals |  |  |  |  |  |  |  |  |  |  |  |
Radiology Partners, Inc. |  | SF |  | 3.76 | % |  | 9.09% Cash/ 1.50% PIK |  | 1/31/2029 |  | 4,236 |  |  | 4,102 |
|  |  |  |  |  |  |  |  |  | 4,236 |  |  | 4,102 |
FIRE: Real Estate |  |  |  |  |  |  |  |  |  |  |  |
Avison Young (USA) Inc. |  | SF |  | 8.26 | % |  | 13.58% (e) |  | 3/12/2029 |  | 1,492 |  |  | 1,193 |
Avison Young (USA) Inc. |  | SF |  | 8.26 | % |  | 13.58% (e) |  | 3/12/2029 |  | 510 |  |  | 305 |
|  |  |  |  |  |  |  |  |  | 2,002 |  |  | 1,498 |
Total Non-Controlled/Non-Affiliate Junior Secured Loans |  |  |  |  |  |  |  |  |  | 6,238 |  |  | 5,600 |

43

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MRCC SENIOR LOAN FUND I, LLC
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2024

Portfolio Company (a) |  | Index (b) |  | Spread (b) |  | Interest Rate (b) |  | Maturity |  | Principal |  | Fair Value
Equity Securities (g) (h) |  |  |  |  |  |  |  |  |  |  |  |
Consumer Goods: Durable |  |  |  |  |  |  |  |  |  |  |  |
Elevate Textiles, Inc. (fka International Textile Group, Inc.) (25,524 shares of common units) |  | — |  | — |  | — (i) |  | — |  | 26 |  |  | 83 |
|  |  |  |  |  |  |  |  |  | 26 |  |  | 83 |
Chemicals, Plastics & Rubber |  |  |  |  |  |  |  |  |  |  |  |
Polyventive Lender Holding Company LLC (0.84% of the equity) |  | — |  | — |  | — (i) |  | — |  | — |  |  | — |
|  |  |  |  |  |  |  |  |  | — |  |  | — |
FIRE: Real Estate |  |  |  |  |  |  |  |  |  |  |  |
Avison Young (USA) Inc. (1,605,312 Class A preferred shares) |  | n/a |  | n/a |  | 12.50% PIK (e) |  | n/a |  | 1,605 |  |  | 722 |
Avison Young (USA) Inc. (1,199 Class F common shares) |  | — |  | — |  | — (i) |  | — |  | 1 |  |  | — |
|  |  |  |  |  |  |  |  |  | 1,606 |  |  | 722 |
Services: Business |  |  |  |  |  |  |  |  |  |  |  |
Output Services Group, Inc. (51,370 Class A units) |  | — |  | — |  | — (i) |  | — |  | 51 |  |  | 552 |
|  |  |  |  |  |  |  |  |  | 51 |  |  | 552 |
Total Non-Controlled/Non-Affiliate Equities |  |  |  |  |  |  |  |  |  | 1,683 |  |  | 1,357 |
TOTAL INVESTMENTS |  |  |  |  |  |  |  |  |  |  |  | $ | 116,439 |

________________________________________________________
(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 Secured Overnight Financing Rate (“SOFR” or “SF”) or Prime (“P”) which reset daily, monthly, quarterly or semiannually. We have provided the spread over SOFR or Prime and the current contractual rate of interest in effect at March 31, 2024. Certain investments may be subject to an interest rate floor or cap. Certain investments contain a PIK provision.
(c)This is an international company.
(d)All or a portion of this commitment was unfunded as of March 31, 2024. 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 March 31, 2024, meaning that we have ceased accruing interest income on the position.
(f)Investment position or portion thereof unsettled at March 31, 2024.
(g)Represents less than 5% ownership of the portfolio company’s voting securities.
(h)Ownership of certain equity investments may occur through a holding company partnership.
(i)Represents a non-income producing security.
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MRCC SENIOR LOAN FUND I, LLC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2023

Portfolio Company (a) |  | Index (b) |  | Spread(b) |  | Interest Rate (b) |  | Maturity |  | Principal |  | Fair Value
Non-Controlled/Non-Affiliate Company Investments |  |  |  |  |  |  |  |  |  |  |  |
Senior Secured Loans |  |  |  |  |  |  |  |  |  |  |  |
Aerospace & Defense |  |  |  |  |  |  |  |  |  |  |  |
Trident Maritime Systems, Inc. |  | SF |  | 5.60 | % |  | 10.95 | % |  | 2/26/2027 |  | 2,414 |  |  | $ | 2,385 |
Trident Maritime Systems, Inc. |  | SF |  | 5.60 | % |  | 10.95 | % |  | 2/26/2027 |  | 746 |  |  | 737 |
Trident Maritime Systems, Inc. |  | SF |  | 5.60 | % |  | 10.96 | % |  | 2/26/2027 |  | 188 |  |  | 186 |
Trident Maritime Systems, Inc. (Revolver) |  | SF |  | 5.60 | % |  | 10.96 | % |  | 2/26/2027 |  | 319 |  |  | 315 |
|  |  |  |  |  |  |  |  |  | 3,667 |  |  | 3,623 |
Automotive |  |  |  |  |  |  |  |  |  |  |  |
Accelerate Auto Works Intermediate, LLC |  | SF |  | 4.90 | % |  | 10.29 | % |  | 12/1/2027 |  | 1,358 |  |  | 1,342 |
Accelerate Auto Works Intermediate, LLC |  | SF |  | 4.90 | % |  | 10.30 | % |  | 12/1/2027 |  | 388 |  |  | 383 |
Accelerate Auto Works Intermediate, LLC (Revolver) (d) |  | SF |  | 4.90 | % |  | 10.29 | % |  | 12/1/2027 |  | 132 |  |  | — |
Truck-Lite Co., LLC |  | SF |  | 6.35 | % |  | 11.71 | % |  | 12/14/2026 |  | 1,674 |  |  | 1,670 |
Truck-Lite Co., LLC |  | SF |  | 6.35 | % |  | 11.71 | % |  | 12/14/2026 |  | 248 |  |  | 248 |
Truck-Lite Co., LLC |  | SF |  | 6.35 | % |  | 11.71 | % |  | 12/14/2026 |  | 42 |  |  | 42 |
|  |  |  |  |  |  |  |  |  | 3,842 |  |  | 3,685 |
Beverage, Food & Tobacco |  |  |  |  |  |  |  |  |  |  |  |
SW Ingredients Holdings, LLC |  | SF |  | 4.75 | % |  | 10.21 | % |  | 7/3/2025 |  | 3,544 |  |  | 3,539 |
|  |  |  |  |  |  |  |  |  | 3,544 |  |  | 3,539 |
Capital Equipment |  |  |  |  |  |  |  |  |  |  |  |
DS Parent, Inc. |  | SF |  | 5.75 | % |  | 11.21 | % |  | 12/8/2028 |  | 2,700 |  |  | 2,706 |
MacQueen Equipment, LLC |  | SF |  | 5.51 | % |  | 10.86 | % |  | 1/7/2028 |  | 2,075 |  |  | 2,075 |
MacQueen Equipment, LLC (Delayed Draw) (d) |  | SF |  | 5.51 | % |  | 10.86 | % |  | 1/7/2028 |  | 591 |  |  | 78 |
MacQueen Equipment, LLC (Revolver) (d) |  | SF |  | 5.51 | % |  | 10.86 | % |  | 1/7/2028 |  | 296 |  |  | — |
|  |  |  |  |  |  |  |  |  | 5,662 |  |  | 4,859 |
Chemicals, Plastics & Rubber |  |  |  |  |  |  |  |  |  |  |  |
Phoenix Chemical Holding Company LLC |  | SF |  | 7.11 | % |  | 12.47 | % |  | 8/2/2024 |  | 1,131 |  |  | 1,020 |
TJC Spartech Acquisition Corp. |  | SF |  | 4.75 | % |  | 10.16 | % |  | 5/5/2028 |  | 4,210 |  |  | 4,063 |
|  |  |  |  |  |  |  |  |  | 5,341 |  |  | 5,083 |
Consumer Goods: Durable |  |  |  |  |  |  |  |  |  |  |  |
Elevate Textiles, Inc. (fka International Textile Group, Inc.) |  | SF |  | 6.65 | % |  | 12.04% (e) |  | 9/30/2027 |  | 798 |  |  | 798 |
Runner Buyer INC. |  | SF |  | 5.61 | % |  | 11.00 | % |  | 10/23/2028 |  | 2,948 |  |  | 2,333 |
|  |  |  |  |  |  |  |  |  | 3,746 |  |  | 3,131 |
Consumer Goods: Non-Durable |  |  |  |  |  |  |  |  |  |  |  |
PH Beauty Holdings III, INC. |  | SF |  | 5.00 | % |  | 10.35 | % |  | 9/26/2025 |  | 2,368 |  |  | 2,253 |
|  |  |  |  |  |  |  |  |  | 2,368 |  |  | 2,253 |
Containers, Packaging & Glass |  |  |  |  |  |  |  |  |  |  |  |
Polychem Acquisition, LLC |  | SF |  | 5.11 | % |  | 10.47 | % |  | 3/17/2025 |  | 2,858 |  |  | 2,855 |
PVHC Holding Corp |  | SF |  | 5.65 | % |  | 11.00% Cash/ 0.75% PIK |  | 2/17/2027 |  | 1,895 |  |  | 1,895 |
|  |  |  |  |  |  |  |  |  | 4,753 |  |  | 4,750 |
Energy: Oil & Gas |  |  |  |  |  |  |  |  |  |  |  |
Offen, Inc. |  | SF |  | 5.11 | % |  | 10.47 | % |  | 6/22/2026 |  | 2,249 |  |  | 2,249 |
Offen, Inc. |  | SF |  | 5.11 | % |  | 10.47 | % |  | 6/22/2026 |  | 858 |  |  | 858 |
|  |  |  |  |  |  |  |  |  | 3,107 |  |  | 3,107 |
FIRE: Finance |  |  |  |  |  |  |  |  |  |  |  |
Harbour Benefit Holdings, Inc. |  | SF |  | 5.15 | % |  | 10.50 | % |  | 12/13/2024 |  | 2,854 |  |  | 2,852 |
Harbour Benefit Holdings, Inc. |  | SF |  | 5.10 | % |  | 10.46 | % |  | 12/13/2024 |  | 61 |  |  | 61 |
Minotaur Acquisition, Inc. |  | SF |  | 4.85 | % |  | 10.21 | % |  | 3/27/2026 |  | 4,806 |  |  | 4,814 |
TEAM Public Choices, LLC |  | SF |  | 5.43 | % |  | 10.88 | % |  | 12/17/2027 |  | 2,925 |  |  | 2,908 |
|  |  |  |  |  |  |  |  |  | 10,646 |  |  | 10,635 |
FIRE: Real Estate |  |  |  |  |  |  |  |  |  |  |  |
Avison Young (USA) Inc. (c) |  | SF |  | 6.50 | % |  | 11.97% (e) |  | 1/30/2026 |  | 4,775 |  |  | 1,564 |
|  |  |  |  |  |  |  |  |  | 4,775 |  |  | 1,564 |
Healthcare & Pharmaceuticals |  |  |  |  |  |  |  |  |  |  |  |
Cano Health, LLC (e) |  | SF |  | 4.10 | % |  | 9.42% (e) |  | 11/23/2027 |  | 1,950 |  |  | 857 |
HAH Group Holding Company LLC |  | SF |  | 5.00 | % |  | 10.46 | % |  | 10/29/2027 |  | 2,950 |  |  | 2,942 |
LSCS Holdings, Inc. |  | SF |  | 4.61 | % |  | 9.97 | % |  | 12/15/2028 |  | 1,809 |  |  | 1,786 |

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MRCC SENIOR LOAN FUND I, LLC
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2023

Portfolio Company (a) |  | Index (b) |  | Spread(b) |  | Interest Rate (b) |  | Maturity |  | Principal |  | Fair Value
Natus Medical Incorporated |  | SF |  | 5.50 | % |  | 10.85 | % |  | 7/20/2029 |  | 4,950 |  |  | $ | 4,604 |
Paragon Healthcare, Inc. |  | SF |  | 5.85 | % |  | 11.25 | % |  | 1/19/2027 |  | 2,105 |  |  | 2,083 |
Paragon Healthcare, Inc. |  | SF |  | 5.75 | % |  | 11.22 | % |  | 1/19/2027 |  | 363 |  |  | 359 |
Paragon Healthcare, Inc. (Revolver) (d) |  | SF |  | 5.75 | % |  | 11.22 | % |  | 1/19/2027 |  | 490 |  |  | — |
Radiology Partners, Inc. |  | SF |  | 4.68 | % |  | 10.18 | % |  | 7/9/2025 |  | 4,737 |  |  | 3,844 |
|  |  |  |  |  |  |  |  |  | 19,354 |  |  | 16,475 |
High Tech Industries |  |  |  |  |  |  |  |  |  |  |  |
Corel Inc. (c) |  | SF |  | 5.10 | % |  | 10.49 | % |  | 7/2/2026 |  | 3,400 |  |  | 3,323 |
Lightbox Intermediate, L.P. |  | SF |  | 5.26 | % |  | 10.61 | % |  | 5/11/2026 |  | 4,775 |  |  | 4,632 |
TGG TS Acquisition Company |  | SF |  | 6.61 | % |  | 11.97 | % |  | 12/12/2025 |  | 2,885 |  |  | 2,791 |
|  |  |  |  |  |  |  |  |  | 11,060 |  |  | 10,746 |
Hotels, Gaming & Leisure |  |  |  |  |  |  |  |  |  |  |  |
Excel Fitness Holdings, Inc. |  | SF |  | 5.40 | % |  | 10.75 | % |  | 4/27/2029 |  | 4,320 |  |  | 4,308 |
Excel Fitness Holdings, Inc. (Revolver) (d) |  | SF |  | 5.40 | % |  | 10.75 | % |  | 4/28/2028 |  | 625 |  |  | — |
North Haven Spartan US Holdco, LLC |  | SF |  | 6.25 | % |  | 11.63 | % |  | 6/6/2025 |  | 2,250 |  |  | 2,241 |
Tait LLC |  | SF |  | 4.50 | % |  | 10.00 | % |  | 3/28/2025 |  | 4,040 |  |  | 4,026 |
Tait LLC (Revolver) (d) |  | SF |  | 4.50 | % |  | 10.00 | % |  | 3/28/2025 |  | 769 |  |  | — |
|  |  |  |  |  |  |  |  |  | 12,004 |  |  | 10,575 |
Media: Diversified & Production |  |  |  |  |  |  |  |  |  |  |  |
Research Now Group, Inc. and Survey Sampling International, LLC |  | SF |  | 5.76 | % |  | 11.14 | % |  | 12/20/2024 |  | 6,580 |  |  | 4,914 |
STATS Intermediate Holdings, LLC |  | SF |  | 5.51 | % |  | 10.88 | % |  | 7/10/2026 |  | 4,800 |  |  | 4,684 |
TA TT Buyer, LLC |  | SF |  | 5.00 | % |  | 10.35 | % |  | 3/30/2029 |  | 3,292 |  |  | 3,275 |
|  |  |  |  |  |  |  |  |  | 14,672 |  |  | 12,873 |
Services: Business |  |  |  |  |  |  |  |  |  |  |  |
CHA Holdings, Inc |  | SF |  | 4.61 | % |  | 9.97 | % |  | 4/10/2025 |  | 1,939 |  |  | 1,908 |
CHA Holdings, Inc |  | SF |  | 4.61 | % |  | 9.97 | % |  | 4/10/2025 |  | 409 |  |  | 402 |
Eliassen Group, LLC |  | SF |  | 5.50 | % |  | 10.85 | % |  | 4/14/2028 |  | 3,218 |  |  | 3,152 |
Eliassen Group, LLC (Delayed Draw) (d) |  | SF |  | 5.50 | % |  | 10.86 | % |  | 4/14/2028 |  | 739 |  |  | 227 |
Engage2Excel, Inc. |  | SF |  | 7.35 | % |  | 12.53 | % |  | 7/1/2024 |  | 3,918 |  |  | 3,918 |
Engage2Excel, Inc. |  | SF |  | 7.35 | % |  | 12.53 | % |  | 7/1/2024 |  | 707 |  |  | 707 |
Engage2Excel, Inc. (Revolver) |  | SF |  | 7.35 | % |  | 12.53 | % |  | 7/1/2024 |  | 550 |  |  | 550 |
Output Services Group, Inc. |  | SF |  | 6.68 | % |  | 12.07% (e) |  | 11/30/2028 |  | 1,042 |  |  | 1,041 |
Secretariat Advisors LLC |  | SF |  | 5.01 | % |  | 10.36 | % |  | 12/29/2028 |  | 1,676 |  |  | 1,676 |
Secretariat Advisors LLC |  | SF |  | 5.01 | % |  | 10.36 | % |  | 12/29/2028 |  | 267 |  |  | 267 |
SIRVA Worldwide Inc. |  | SF |  | 5.76 | % |  | 11.15 | % |  | 8/4/2025 |  | 1,750 |  |  | 1,556 |
Teneo Holdings LLC |  | SF |  | 5.35 | % |  | 10.71 | % |  | 7/11/2025 |  | 4,787 |  |  | 4,791 |
|  |  |  |  |  |  |  |  |  | 21,002 |  |  | 20,195 |
Services: Consumer |  |  |  |  |  |  |  |  |  |  |  |
360Holdco, Inc. |  | SF |  | 5.60 | % |  | 10.96 | % |  | 8/1/2025 |  | 2,124 |  |  | 2,124 |
360Holdco, Inc. |  | SF |  | 5.60 | % |  | 10.96 | % |  | 8/1/2025 |  | 821 |  |  | 821 |
Laseraway Intermediate Holdings II, LLC |  | SF |  | 5.75 | % |  | 11.41 | % |  | 10/14/2027 |  | 2,178 |  |  | 2,153 |
McKissock Investment Holdings, LLC |  | SF |  | 5.00 | % |  | 10.54 | % |  | 3/9/2029 |  | 2,456 |  |  | 2,459 |
|  |  |  |  |  |  |  |  |  | 7,579 |  |  | 7,557 |
Telecommunications |  |  |  |  |  |  |  |  |  |  |  |
Intermedia Holdings, Inc. |  | SF |  | 6.11 | % |  | 11.47 | % |  | 7/21/2025 |  | 1,742 |  |  | 1,687 |
Mavenir Systems, Inc. |  | SF |  | 5.01 | % |  | 10.39 | % |  | 8/18/2028 |  | 1,638 |  |  | 1,159 |
Sandvine Corporation |  | SF |  | 4.50 | % |  | 9.97 | % |  | 10/31/2025 |  | 1,973 |  |  | 1,598 |
|  |  |  |  |  |  |  |  |  | 5,353 |  |  | 4,444 |
Transportation: Cargo |  |  |  |  |  |  |  |  |  |  |  |
Keystone Purchaser, LLC |  | SF |  | 6.18 | % |  | 11.53 | % |  | 5/7/2027 |  | 4,905 |  |  | 4,868 |
|  |  |  |  |  |  |  |  |  | 4,905 |  |  | 4,868 |
Utilities: Oil & Gas |  |  |  |  |  |  |  |  |  |  |  |
Dresser Utility Solutions, LLC |  | SF |  | 4.10 | % |  | 9.46 | % |  | 10/1/2025 |  | 1,660 |  |  | 1,602 |
Dresser Utility Solutions, LLC |  | SF |  | 5.35 | % |  | 10.71 | % |  | 10/1/2025 |  | 243 |  |  | 239 |
|  |  |  |  |  |  |  |  |  | 1,903 |  |  | 1,841 |
Wholesale |  |  |  |  |  |  |  |  |  |  |  |
HALO Buyer, Inc. |  | SF |  | 4.60 | % |  | 9.96 | % |  | 6/30/2025 |  | 4,723 |  |  | 3,570 |

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MRCC SENIOR LOAN FUND I, LLC
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2023

Portfolio Company (a) |  | Index (b) |  | Spread(b) |  | Interest Rate (b) |  | Maturity |  | Principal |  | Fair Value
|  |  |  |  |  |  |  |  |  | 4,723 |  |  | $ | 3,570 |
Total Non-Controlled/Non-Affiliate Senior Secured Loans |  |  |  |  |  |  |  |  |  | 154,006 |  |  | 139,373 |
Equity Securities (f) (g) |  |  |  |  |  |  |  |  |  |  |  |
Consumer Goods: Durable |  |  |  |  |  |  |  |  |  |  |  |
Elevate Textiles, Inc. (fka International Textile Group, Inc.) (25,524 shares of common units) |  | — |  | — |  | — (h) |  | — |  | 26 |  |  | 103 |
|  |  |  |  |  |  |  |  |  | 26 |  |  | 103 |
Chemicals, Plastics & Rubber |  |  |  |  |  |  |  |  |  |  |  |
Polyventive Lender Holding Company LLC (0.84% of the equity) |  | — |  | — |  | — (h) |  | — |  | — |  |  | — |
|  |  |  |  |  |  |  |  |  | — |  |  | — |
Services: Business |  |  |  |  |  |  |  |  |  |  |  |
Output Services Group, Inc. (51,370 Class A units) |  | — |  | — |  | — (h) |  | — |  | 51 |  |  | 438 |
|  |  |  |  |  |  |  |  |  | 51 |  |  | 438 |
Total Non-Controlled/Non-Affiliate Equities |  |  |  |  |  |  |  |  |  | 77 |  |  | 541 |
TOTAL INVESTMENTS |  |  |  |  |  |  |  |  |  |  |  | $ | 139,914 |

________________________________________________________
(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 Secured Overnight Financing Rate (“SOFR” or “SF”) or Prime (“P”) which reset daily, monthly, quarterly or semiannually. The Company has provided the spread over SOFR or Prime and the current contractual rate of interest in effect at December 31, 2023. Certain investments may be subject to an interest rate floor or cap. Certain investments contain PIK provision.
(c)This is an international company.
(d)All or a portion of this commitment was unfunded as of December 31, 2023. 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 December 31, 2023, meaning that we have ceased accruing interest income on the position.
(f)Represents less than 5% ownership of the portfolio company’s voting securities.
(g)Ownership of certain equity investments may occur through a holding company partnership.
(h)Represents a non-income producing security.
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Below is certain summarized financial information for SLF as of March 31, 2024 and December 31, 2023 and for the three months ended March 31, 2024 and 2023:

| March 31, 2024 |  | December 31, 2023
| (unaudited) |  |
Assets |  |  |
Investments, at fair value | $ | 116,439 |  |  | $ | 139,914 |
Cash and cash equivalents | 2,335 |  |  | 1,884 |
Restricted cash and cash equivalents | 4,842 |  |  | 5,265 |
Interest receivable | 1,248 |  |  | 1,380 |
Other assets | — |  |  | 6 |
Total assets | $ | 124,864 |  |  | $ | 148,449 |
Liabilities |  |  |
Revolving credit facility | $ | 58,014 |  |  | $ | 82,014 |
Less: Unamortized deferred financing costs | (518) |  |  | (717) |
Total debt, less unamortized deferred financing costs | 57,496 |  |  | 81,297 |
Interest payable | 446 |  |  | 590 |
Payable for open trades | 592 |  |  | — |
Accounts payable and accrued expenses | 349 |  |  | 320 |
Total liabilities | 58,883 |  |  | 82,207 |
Members’ capital | 65,981 |  |  | 66,242 |
Total liabilities and members’ capital | $ | 124,864 |  |  | $ | 148,449 |

| Three months ended March 31, |  |
| 2024 |  | 2023 |  |  |  |
| (unaudited) |  |
Investment income: |  |  |  |  |  |  |
Interest income | $ | 4,038 |  |  | $ | 5,143 |  |  |  |  |
Total investment income | 4,038 |  |  | 5,143 |  |  |  |  |
Expenses: |  |  |  |  |  |  |
Interest and other debt financing expenses | 1,690 |  |  | 2,352 |  |  |  |  |
Professional fees and other expenses | 227 |  |  | 206 |  |  |  |  |
Total expenses | 1,917 |  |  | 2,558 |  |  |  |  |
Net investment income | 2,121 |  |  | 2,585 |  |  |  |  |
Net gain (loss): |  |  |  |  |  |  |
Net realized gain (loss) | 36 |  |  | (540) |  |  |  |  |
Net change in unrealized gain (loss) | (618) |  |  | 264 |  |  |  |  |
Net gain (loss) | (582) |  |  | (276) |  |  |  |  |
Net increase (decrease) in members’ capital | $ | 1,539 |  |  | $ | 2,309 |  |  |  |  |

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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 hierarchical 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. On September 30, 2022, pursuant to SEC Rule 2a-5 of the 1940 Act, 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 the Valuation Designee responsible for the credit monitoring of the portfolio investment;
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•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 Valuation Designee 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 Valuation Designee 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 Valuation Designee generally considers the Company’s 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 Valuation Designee 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 Valuation Designee 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 Valuation Designee also considers the following factors: applicable market yields and leverage levels, recent transactions, 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 Valuation Designee derives a single estimate of enterprise value. In estimating the enterprise value of a portfolio company, the Valuation Designee 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 Valuation Designee 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 Valuation Designee generally uses the midpoint of the bid/ask range as its best estimate of fair value of such investment.
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As of March 31, 2024, 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. As of both March 31, 2024 and December 31, 2023 there were no foreign currency forward contracts outstanding.
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
March 31, 2024 | Level 1 |  | Level 2 |  | Level 3 |  | Total
Investments: |  |  |  |  |  |  |
Senior secured loans | $ | — |  |  | $ | — |  |  | $ | 404,051 |  |  | $ | 404,051 |
Unitranche secured loans | — |  |  | — |  |  | 6,091 |  |  | 6,091 |
Junior secured loans | — |  |  | — |  |  | 27,427 |  |  | 27,427 |
Equity securities | 1,020 |  |  | — |  |  | 29,310 |  |  | 30,330 |
Investments measured at NAV (1) (2) | — |  |  | — |  |  | — |  |  | 32,990 |
Total investments | $ | 1,020 |  |  | $ | — |  |  | $ | 466,879 |  |  | $ | 500,889 |

| Fair Value Measurements
December 31, 2023 | Level 1 |  | Level 2 |  | Level 3 |  | Total
Investments: |  |  |  |  |  |  |
Senior secured loans | $ | — |  |  | $ | — |  |  | $ | 388,882 |  |  | $ | 388,882 |
Unitranche secured loans | — |  |  | — |  |  | 13,877 |  |  | 13,877 |
Junior secured loans | — |  |  | — |  |  | 26,594 |  |  | 26,594 |
Equity securities | 257 |  |  | — |  |  | 25,654 |  |  | 25,911 |
Investments measured at NAV (1) (2) | — |  |  | — |  |  | — |  |  | 33,122 |
Total investments | $ | 257 |  |  | $ | — |  |  | $ | 455,007 |  |  | $ | 488,386 |

________________________________________________________
(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 7.44% to 20.50% at March 31, 2024 and 7.47% to 20.50% at December 31, 2023. The maturity dates on the loans outstanding at March 31, 2024 range between June 2024 to March 2030.
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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 months ended March 31, 2024 and 2023:

| Investments
| Senior Secured Loans |  | Unitranche Secured Loans |  | Junior Secured Loans |  | Equity Securities |  | Total Level 3 Investments
Balance as of December 31, 2023 | $ | 388,882 |  |  | $ | 13,877 |  |  | $ | 26,594 |  |  | $ | 25,654 |  |  | $ | 455,007 |
Net realized gain (loss) on investments | — |  |  | — |  |  | — |  |  | 4 |  |  | 4 |
Net change in unrealized gain (loss) on investments | (1,657) |  |  | (101) |  |  | 1,413 |  |  | (2,073) |  |  | (2,418) |
Purchases of investments and other adjustments to cost (1) | 23,576 |  |  | 100 |  |  | 1,087 |  |  | 1,945 |  |  | 26,708 |
Proceeds from principal payments and sales of investments (2) | (4,038) |  |  | (7,785) |  |  | (260) |  |  | (4) |  |  | (12,087) |
Reclassifications (3) | (2,712) |  |  | — |  |  | (1,407) |  |  | 4,119 |  |  | — |
Transfers in (out) of Level 3 (4) | — |  |  | — |  |  | — |  |  | (335) |  |  | (335) |
Balance as of March 31, 2024 | $ | 404,051 |  |  | $ | 6,091 |  |  | $ | 27,427 |  |  | $ | 29,310 |  |  | $ | 466,879 |

| Investments
| Senior Secured Loans |  | Unitranche Secured Loans |  | Junior Secured Loans |  | Equity Securities |  | Total Level 3 Investments
Balance as of December 31, 2022 | $ | 434,023 |  |  | $ | 20,633 |  |  | $ | 22,193 |  |  | $ | 28,388 |  |  | $ | 505,237 |
Net realized gain (loss) on investments | — |  |  | — |  |  | — |  |  | 706 |  |  | 706 |
Net change in unrealized gain (loss) on investments | (4,269) |  |  | 3 |  |  | 143 |  |  | (324) |  |  | (4,447) |
Purchases of investments and other adjustments to cost (1) | 23,577 |  |  | 45 |  |  | 569 |  |  | 755 |  |  | 24,946 |
Proceeds from principal payments and sales of investments (2) | (21,451) |  |  | (7,320) |  |  | (927) |  |  | (706) |  |  | (30,404) |
Balance as of March 31, 2023 | $ | 431,880 |  |  | $ | 13,361 |  |  | $ | 21,978 |  |  | $ | 28,819 |  |  | $ | 496,038 |

________________________________________________________
(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.
(3)Represents non-cash reclassification of investment type due to a restructuring.
(4)Represents non-cash transfers between fair value categories.
The total net change in unrealized gain (loss) on investments included on the consolidated statements of operations for the three months ended March 31, 2024 and 2023, attributable to Level 3 investments still held at March 31, 2024 and 2023, was ($2,451) and ($3,645), 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. During the three months ended March 31, 2024, one investment transferred from Level 3 to Level 1 as a result of a restructuring. There were no transfers among Levels 1, 2 and 3 during the three months ended March 31, 2023.
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 Valuation Designee.
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The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of March 31, 2024 were as follows:

| Fair Value |  | Valuation Technique |  | Unobservable Input |  | Weighted Average Mean |  | Range
|  |  |  |  | Minimum |  | Maximum
Assets: |  |  |  |  |  |  |  |  |  |  |
Senior secured loans | $ | 254,006 |  |  | Discounted cash flow |  | EBITDA multiples |  | 10.4x |  | 4.8x |  | 22.4x
|  |  |  |  | Market yields |  | 13.1% |  | 8.9% |  | 24.5%
Senior secured loans | 112,692 |  |  | Discounted cash flow |  | Revenue multiples |  | 5.6x |  | 1.0x |  | 12.0x
|  |  |  |  | Market yields |  | 11.7% |  | 9.2% |  | 17.3%
Senior secured loans | 17,784 |  |  | Enterprise value |  | Book value multiples |  | 1.3x |  | 1.3x |  | 1.3x
Senior secured loans | 8,813 |  |  | Enterprise value |  | Revenue multiples |  | 1.9x |  | 0.5x |  | 2.4x
Senior secured loans | 8,138 |  |  | Liquidation |  | Probability weighting of alternative outcomes |  | 89.1% |  | 32.4% |  | 92.3%
Senior secured loans | 1,991 |  |  | Enterprise value |  | EBITDA multiples |  | 9.5x |  | 9.5x |  | 9.5x
Unitranche secured loans | 3,841 |  |  | Discounted cash flow |  | Revenue multiples |  | 9.0x |  | 6.0x |  | 12.8x
|  |  |  |  | Market yields |  | 13.1% |  | 12.1% |  | 13.8%
Unitranche secured loans | 2,250 |  |  | Discounted cash flow |  | Market yields |  | 11.9% |  | 11.9% |  | 11.9%
Junior secured loans | 21,514 |  |  | Discounted cash flow |  | Market yields |  | 13.1% |  | 12.7% |  | 15.4%
Junior secured loans | 2,391 |  |  | Discounted cash flow |  | Revenue multiples |  | 0.7x |  | 0.2x |  | 1.0x
|  |  |  |  | Market yields |  | 17.6% |  | 16.0% |  | 22.5%
Junior secured loans | 2,246 |  |  | Liquidation |  | Probability weighting of alternative outcomes |  | 269.8% |  | 0.0% |  | 269.8%
Junior secured loans | 331 |  |  | Enterprise value |  | Revenue multiples |  | 1.7x |  | 1.7x |  | 1.7x
Equity securities | 20,905 |  |  | Enterprise value |  | EBITDA multiples |  | 8.7x |  | 5.4x |  | 20.0x
Equity securities | 4,895 |  |  | Enterprise value |  | Revenue multiples |  | 3.2x |  | 1.7x |  | 12.0x
Equity securities | 2,248 |  |  | Option pricing model |  | Volatility |  | 57.9% |  | 25.0% |  | 72.5%
Equity securities | 842 |  |  | Discounted cash flow |  | Market yields |  | 16.3% |  | 16.3% |  | 16.3%
Total Level 3 Assets | $ | 464,887 |  | (1) |  |  |  |  |  |  |  |  |

________________________________________________________
(1)Excludes investments of $1,992 at fair value where valuation (unadjusted) is obtained from a third-party pricing service or broker quote for which such disclosure is not required.
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The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of December 31, 2023 were as follows:

| Fair Value |  | Valuation Technique |  | Unobservable Input |  | Weighted Average Mean |  | Range
|  |  |  |  | Minimum |  | Maximum
Assets: |  |  |  |  |  |  |  |  |  |  |
Senior secured loans | $ | 238,481 |  |  | Discounted cash flow |  | EBITDA multiples |  | 10.5x |  | 5.0x |  | 22.2x
|  |  |  |  | Market yields |  | 13.2% |  | 9.0% |  | 24.5%
Senior secured loans | 112,213 |  |  | Discounted cash flow |  | Revenue multiples |  | 5.6x |  | 0.9x |  | 11.8x
|  |  |  |  | Market yields |  | 11.9% |  | 9.0% |  | 16.6%
Senior secured loans | 17,839 |  |  | Enterprise value |  | Book value multiples |  | 1.3x |  | 1.3x |  | 1.3x
Senior secured loans | 8,352 |  |  | Liquidation |  | Probability weighting of alternative outcomes |  | 91.7% |  | 32.4% |  | 95.0%
Senior secured loans | 7,054 |  |  | Enterprise value |  | Revenue multiples |  | 2.5x |  | 1.6x |  | 2.5x
Senior secured loans | 4,322 |  |  | Enterprise value |  | EBITDA multiples |  | 7.3x |  | 5.3x |  | 8.3x
Unitranche secured loans | 10,126 |  |  | Discounted cash flow |  | Market yields |  | 11.9% |  | 11.9% |  | 11.9%
Unitranche secured loans | 3,751 |  |  | Discounted cash flow |  | Revenue multiples |  | 9.0x |  | 6.0x |  | 12.8x
|  |  |  |  | Market yields |  | 12.4% |  | 11.9% |  | 12.7%
Junior secured loans | 20,661 |  |  | Discounted cash flow |  | Market yields |  | 13.1% |  | 12.4% |  | 15.6%
Junior secured loans | 2,340 |  |  | Enterprise value |  | Revenue multiples |  | 1.6x |  | 1.6x |  | 1.6x
Junior secured loans | 2,174 |  |  | Liquidation |  | Probability weighting of alternative outcomes |  | 260.8% |  | —% |  | 260.8%
Junior secured loans | 1,419 |  |  | Discounted cash flow |  | Revenue multiples |  | 0.4x |  | 0.2x |  | 0.9x
|  |  |  |  | Market yields |  | 14.2% |  | 13.3% |  | 16.2%
Equity securities | 18,994 |  |  | Enterprise value |  | EBITDA multiples |  | 8.8x |  | 4.9x |  | 20.5x
Equity securities | 2,701 |  |  | Enterprise value |  | Revenue multiples |  | 3.7x |  | 0.9x |  | 11.8x
Equity securities | 2,160 |  |  | Option pricing model |  | Volatility |  | 59.0% |  | 35.0% |  | 70.0%
Equity securities | 1,380 |  |  | Discounted cash flow |  | EBITDA multiples |  | 6.0x |  | 6.0x |  | 6.0x
|  |  |  |  | Market yields |  | 19.0% |  | 16.3% |  | 27.5%
Total Level 3 Assets | $ | 453,967 |  | (1) |  |  |  |  |  |  |  |  |

________________________________________________________
(1)Excludes investments of $1,040 at fair value where valuation (unadjusted) is obtained from a third-party pricing service or broker quote for which such disclosure is not required.
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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 Valuation Designee 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 Valuation Designee 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 and cash equivalents, 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 March 31, 2024 and December 31, 2023, 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 March 31, 2024 and December 31, 2023, the estimated fair value of the Company’s 2026 Notes was $120,792 and $121,145, respectively.
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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 three months ended March 31, 2024 and 2023 were as follows:

Portfolio Company |  | Fair value at December 31, 2023 |  | Transfers in (out) |  | Purchases (cost) |  | Sales and paydowns (cost) |  | PIK interest (cost) |  | Discount accretion |  | Net realized gain (loss) |  | Net unrealized gain (loss) |  | Fair value at March 31, 2024
Non-Controlled affiliate company investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
American Community Homes, Inc. |  | $ | 8,110 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 243 |  |  | $ | — |  |  | $ | — |  |  | $ | (268) |  |  | $ | 8,085 |
American Community Homes, Inc. |  | 3,990 |  |  | — |  |  | — |  |  | — |  |  | 120 |  |  | — |  |  | — |  |  | (132) |  |  | 3,978 |
American Community Homes, Inc. |  | 491 |  |  | — |  |  | — |  |  | — |  |  | 15 |  |  | — |  |  | — |  |  | (16) |  |  | 490 |
American Community Homes, Inc. |  | 1,808 |  |  | — |  |  | — |  |  | — |  |  | 54 |  |  | — |  |  | — |  |  | (60) |  |  | 1,802 |
American Community Homes, Inc. |  | 3,347 |  |  | — |  |  | — |  |  | — |  |  | 100 |  |  | — |  |  | — |  |  | (111) |  |  | 3,336 |
American Community Homes, Inc. |  | 16 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 16 |
American Community Homes, Inc. |  | 77 |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | (2) |  |  | 77 |
American Community Homes, Inc. (Revolver) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
American Community Homes, Inc. (4,940 shares of common stock) (1) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 17,839 |  |  | — |  |  | — |  |  | — |  |  | 534 |  |  | — |  |  | — |  |  | (589) |  |  | 17,784 |
Ascent Midco, LLC (2,032,258 Class A units) |  | 1,932 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (280) |  |  | 1,652 |
|  | 1,932 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (280) |  |  | 1,652 |
Familia Dental Group Holdings, LLC (1,304 Class A units) |  | 2,226 |  |  | — |  |  | 254 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (117) |  |  | 2,363 |
|  | 2,226 |  |  | — |  |  | 254 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (117) |  |  | 2,363 |
HFZ Capital Group, LLC |  | 17,233 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 267 |  |  | 17,500 |
HFZ Capital Group, LLC |  | 6,191 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 97 |  |  | 6,288 |
MC Asset Management (Corporate), LLC |  | 10,237 |  |  | — |  |  | — |  |  | — |  |  | 534 |  |  | — |  |  | — |  |  | — |  |  | 10,771 |
MC Asset Management (Corporate), LLC |  | 3,051 |  |  | — |  |  | — |  |  | — |  |  | 159 |  |  | — |  |  | — |  |  | — |  |  | 3,210 |
MC Asset Management (Corporate), LLC (15.9% of interests) |  | 1,045 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (203) |  |  | 842 |
|  | 37,757 |  |  | — |  |  | — |  |  | — |  |  | 693 |  |  | — |  |  | — |  |  | 161 |  |  | 38,611 |
Mnine Holdings, Inc. |  | 55 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | 54 |
Mnine Holdings, Inc. |  | 6,187 |  |  | — |  |  | — |  |  | — |  |  | 80 |  |  | — |  |  | — |  |  | (148) |  |  | 6,119 |
Mnine Holdings, Inc. (Revolver) |  | 658 |  |  | — |  |  | 37 |  |  | (703) |  |  | — |  |  | — |  |  | — |  |  | 8 |  |  | — |
Mnine Holdings, Inc. (6,400 Class B units) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 6,900 |  |  | — |  |  | 37 |  |  | (703) |  |  | 80 |  |  | — |  |  | — |  |  | (141) |  |  | 6,173 |
NECB Collections, LLC (Revolver) |  | 424 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 424 |
NECB Collections, LLC, LLC (20.8% of LLC units) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 424 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 424 |
Second Avenue SFR Holdings II LLC (Revolver) (2) |  | 3,323 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,323 |
|  | 3,323 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,323 |
SFR Holdco, LLC (Junior secured loan) |  | 5,539 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (6) |  |  | 5,533 |
SFR Holdco, LLC (24.4% of interests) |  | 4,372 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 74 |  |  | 4,446 |
|  | 9,911 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 68 |  |  | 9,979 |
TJ Management HoldCo, LLC (Revolver) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
TJ Management HoldCo, LLC (16 shares of common stock) |  | 3,229 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 95 |  |  | 3,324 |
|  | 3,229 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 95 |  |  | 3,324 |
Total non-controlled affiliate company investments |  | $ | 83,541 |  |  | $ | — |  |  | $ | 291 |  |  | $ | (703) |  |  | $ | 1,307 |  |  | $ | — |  |  | $ | — |  |  | $ | (803) |  |  | $ | 83,633 |
Controlled affiliate company investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MRCC Senior Loan Fund I, LLC |  | $ | 33,122 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (132) |  |  | $ | 32,990 |
|  | 33,122 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (132) |  |  | 32,990 |
Total controlled affiliate company investments |  | $ | 33,122 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (132) |  |  | $ | 32,990 |

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Portfolio Company |  | Fair value at December 31, 2022 |  | Transfers in (out) |  | Purchases (cost) |  | Sales and paydowns (cost) |  | PIK interest (cost) |  | Discount accretion |  | Net realized gain (loss) |  | Net unrealized gain (loss) |  | Fair value at March 31, 2023
Non-Controlled affiliate company investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
American Community Homes, Inc. |  | $ | 8,953 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 366 |  |  | $ | — |  |  | $ | — |  |  | $ | (679) |  |  | $ | 8,640 |
American Community Homes, Inc. |  | 4,258 |  |  | — |  |  | — |  |  | — |  |  | 237 |  |  | — |  |  | — |  |  | (339) |  |  | 4,156 |
American Community Homes, Inc. |  | 543 |  |  | — |  |  | — |  |  | — |  |  | 22 |  |  | — |  |  | — |  |  | (41) |  |  | 524 |
American Community Homes, Inc. |  | 1,996 |  |  | — |  |  | — |  |  | — |  |  | 81 |  |  | — |  |  | — |  |  | (151) |  |  | 1,926 |
American Community Homes, Inc. |  | 3,694 |  |  | — |  |  | — |  |  | — |  |  | 152 |  |  | — |  |  | — |  |  | (280) |  |  | 3,566 |
American Community Homes, Inc. |  | 17 |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | (1) |  |  | 17 |
American Community Homes, Inc. |  | 85 |  |  | — |  |  | — |  |  | — |  |  | 4 |  |  | — |  |  | — |  |  | (7) |  |  | 82 |
American Community Homes, Inc. (Revolver) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
American Community Homes, Inc. (4,940 shares of common stock) (1) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 19,546 |  |  | — |  |  | — |  |  | — |  |  | 863 |  |  | — |  |  | — |  |  | (1,498) |  |  | 18,911 |
Ascent Midco, LLC |  | 6,217 |  |  | — |  |  | — |  |  | (44) |  |  | — |  |  | 10 |  |  | — |  |  | (52) |  |  | 6,131 |
Ascent Midco, LLC (Revolver) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Ascent Midco, LLC (2,032,258 Class A units) |  | 1,969 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (74) |  |  | 1,895 |
|  | 8,186 |  |  | — |  |  | — |  |  | (44) |  |  | — |  |  | 10 |  |  | — |  |  | (126) |  |  | 8,026 |
C Parent Holdings, LLC. |  | 146 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 146 |
C Parent Holdings, LLC. (58,779 shares of common stock) (3) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 146 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 146 |
Familia Dental Group Holdings, LLC (1,194 Class A units) |  | 2,625 |  |  | — |  |  | 60 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (256) |  |  | 2,429 |
|  | 2,625 |  |  | — |  |  | 60 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (256) |  |  | 2,429 |
HFZ Capital Group, LLC |  | 16,159 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 264 |  |  | 16,423 |
HFZ Capital Group, LLC |  | 5,805 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 96 |  |  | 5,901 |
MC Asset Management (Corporate), LLC |  | 8,421 |  |  | — |  |  | — |  |  | — |  |  | 403 |  |  | — |  |  | — |  |  | — |  |  | 8,824 |
MC Asset Management (Corporate), LLC (Delayed Draw) |  | 1,000 |  |  | — |  |  | 1,586 |  |  | — |  |  | 48 |  |  | — |  |  | — |  |  | — |  |  | 2,634 |
MC Asset Management (Corporate), LLC (15.9% of interest) |  | 1,291 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 387 |  |  | 1,678 |
|  | 32,676 |  |  | — |  |  | 1,586 |  |  | — |  |  | 451 |  |  | — |  |  | — |  |  | 747 |  |  | 35,460 |
Mnine Holdings, Inc. |  | 5,492 |  |  | — |  |  | — |  |  | — |  |  | 69 |  |  | 7 |  |  | — |  |  | (7) |  |  | 5,561 |
Mnine Holdings, Inc. (Revolver) |  | 214 |  |  | — |  |  | 293 |  |  | — |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | 511 |
Mnine Holdings, Inc. (6,400 Class B units) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 5,706 |  |  | — |  |  | 293 |  |  | — |  |  | 73 |  |  | 7 |  |  | — |  |  | (7) |  |  | 6,072 |
NECB Collections, LLC (Revolver) |  | 382 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 382 |
NECB Collections, LLC, LLC (20.8% of LLC units) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 382 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 382 |
Second Avenue SFR Holdings II LLC (Revolver) (2) |  | 4,755 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (12) |  |  | 4,743 |
|  | 4,755 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (12) |  |  | 4,743 |
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) |  | 2,766 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 127 |  |  | 2,893 |
|  | 2,846 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 127 |  |  | 2,973 |
Total non-controlled affiliate company investments |  | $ | 86,618 |  |  | $ | — |  |  | $ | 1,939 |  |  | $ | (44) |  |  | $ | 1,387 |  |  | $ | 17 |  |  | $ | — |  |  | $ | (1,025) |  |  | $ | 88,892 |
Controlled affiliate company investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MRCC Senior Loan Fund I, LLC |  | $ | 35,509 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 254 |  |  | $ | 35,763 |
|  | 35,509 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 254 |  |  | 35,763 |
Total controlled affiliate company investments |  | $ | 35,509 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 254 |  |  | $ | 35,763 |

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________________________________________________________
(1)On December 29, 2022, the Company exercised the American Community Homes, Inc. (“ACH”) warrants held by the Company. The Company acquired 4,940 shares of ACH’s common stock, or 22.3% of the equity, in exchange for a nominal exercise price in accordance with the terms of the warrant.
(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.
(3)During the year ended December 31, 2022, C Parent Holdings, LLC (fka Curion Holdings, LLC) (“Curion”) sold the underlying operating company and repaid the Company’s debt investment. The remaining fair value at December 31, 2022, represented the remaining expected escrow proceeds associated with the sale. During 2023, all expected proceeds associated with the sale were received. The Company no longer holds an equity investment in Curion.
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|  | For the three months ended March 31,
|  | 2024 |  | 2023
Portfolio Company |  | Interest Income |  | Dividend Income |  | Fee Income |  | Interest Income |  | Dividend Income |  | Fee Income
Non-controlled affiliate company investments: |  |  |  |  |  |  |  |  |  |  |  |
American Community Homes, Inc. |  | $ | 240 |  |  | $ | — |  |  | $ | — |  |  | $ | 359 |  |  | $ | — |  |  | $ | — |
American Community Homes, Inc. |  | 118 |  |  | — |  |  | — |  |  | 233 |  |  | — |  |  | — |
American Community Homes, Inc. |  | 15 |  |  | — |  |  | — |  |  | 22 |  |  | — |  |  | — |
American Community Homes, Inc. |  | 54 |  |  | — |  |  | — |  |  | 80 |  |  | — |  |  | — |
American Community Homes, Inc. |  | 99 |  |  | — |  |  | — |  |  | 148 |  |  | — |  |  | — |
American Community Homes, Inc. |  | 1 |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |
American Community Homes, Inc. |  | 2 |  |  | — |  |  | — |  |  | 3 |  |  | — |  |  | — |
American Community Homes, Inc. (Revolver) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
American Community Homes, Inc. (Common stock) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 529 |  |  | — |  |  | — |  |  | 846 |  |  | — |  |  | — |
Ascent Midco, LLC |  | — |  |  | — |  |  | — |  |  | 169 |  |  | — |  |  | — |
Ascent Midco, LLC (Revolver) |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |
Ascent Midco, LLC (Class A units) |  | — |  |  | 53 |  |  | — |  |  | — |  |  | 49 |  |  | — |
|  | — |  |  | 53 |  |  | — |  |  | 170 |  |  | 49 |  |  | — |
Familia Dental Group Holdings, LLC (Class A units) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
HFZ Capital Group, LLC |  | 588 |  |  | — |  |  | — |  |  | 564 |  |  | — |  |  | — |
HFZ Capital Group, LLC |  | 212 |  |  | — |  |  | — |  |  | 203 |  |  | — |  |  | — |
MC Asset Management (Corporate), LLC |  | 553 |  |  | — |  |  | — |  |  | 435 |  |  | — |  |  | — |
MC Asset Management (Corporate), LLC (Delayed Draw) |  | 165 |  |  | — |  |  | — |  |  | 126 |  |  | — |  |  | — |
MC Asset Management (Corporate), LLC (LLC interest) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 1,518 |  |  | — |  |  | — |  |  | 1,328 |  |  | — |  |  | — |
Mnine Holdings, Inc. |  | — |  |  | — |  |  | — |  |  | 190 |  |  | — |  |  | — |
Mnine Holdings, Inc. |  | 2 |  |  | — |  |  | — |  |  | 11 |  |  | — |  |  | — |
Mnine Holdings, Inc. (Revolver) |  | 8 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Mnine Holdings, Inc. (Class B units) |  | 216 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 226 |  |  | — |  |  | — |  |  | 201 |  |  | — |  |  | — |
NECB Collections, LLC (Revolver) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
NECB Collections, LLC (LLC units) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Second Avenue SFR Holdings II LLC (Revolver) |  | 104 |  |  | — |  |  | — |  |  | 138 |  |  | — |  |  | — |
|  | 104 |  |  | — |  |  | — |  |  | 138 |  |  | — |  |  | — |
SFR Holdco, LLC (Junior secured loan) |  | 117 |  |  | — |  |  | — |  |  | 117 |  |  | — |  |  | — |
SFR Holdco, LLC (LLC interest) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 117 |  |  | — |  |  | — |  |  | 117 |  |  | — |  |  | — |
TJ Management HoldCo, LLC (Revolver) |  | 1 |  |  | — |  |  | — |  |  | 4 |  |  | — |  |  | — |
TJ Management HoldCo, LLC (Common stock) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 1 |  |  | — |  |  | — |  |  | 4 |  |  | — |  |  | — |
Total non-controlled affiliate company investments |  | $ | 2,495 |  |  | $ | 53 |  |  | $ | — |  |  | $ | 2,804 |  |  | $ | 49 |  |  | $ | — |
Controlled affiliate company investments: |  |  |  |  |  |  |  |  |  |  |  |
MRCC Senior Loan Fund I, LLC |  | $ | — |  |  | $ | 900 |  |  | $ | — |  |  | $ | — |  |  | $ | 900 |  |  | $ | — |
|  | — |  |  | 900 |  |  | — |  |  | — |  |  | 900 |  |  | — |
Total controlled affiliate company investments |  | $ | — |  |  | $ | 900 |  |  | $ | — |  |  | $ | — |  |  | $ | 900 |  |  | $ | — |

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Note 6. Transactions with Related Parties
The Company has entered into an investment advisory and management agreement with MC Advisors (the “Investment Advisory and Management 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 and Management 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. 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 months ended March 31, 2024 and 2023 were $2,048 and $2,200, respectively.
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 March 31, |  |
| 2024 |  | 2023 |  |  |  |
Part one incentive fees (1) | $ | 1,368 |  |  | $ | 1,657 |  |  |  |  |
Part two incentive fees (2) | — |  |  | — |  |  |  |  |
Total incentive fees | $ | 1,368 |  |  | $ | 1,657 |  |  |  |  |

________________________________________________________
(1)Based on pre-incentive fee net investment income.
(2)Based upon net realized and unrealized gains and losses, or capital gains and losses. 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).
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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 months ended March 31, 2024 and 2023, the Company incurred $695 and $538, 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 $209 and $255, respectively, was related to MC Management overhead and salary allocation and paid directly to MC Management. As of March 31, 2024 and December 31, 2023, $240 and $255, 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 March 31, 2024 and December 31, 2023, the Company had accounts payable to members of the Board of $76 and zero, respectively, representing accrued and unpaid fees for their services.
Note 7. Borrowings
In accordance with the 1940 Act, the Company is permitted to borrow amounts such that its asset coverage ratio, as defined in the 1940 Act, is at least 150% after such borrowing. As of March 31, 2024 and December 31, 2023, the Company’s asset coverage ratio based on aggregate borrowings outstanding was 163% and 167%, 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. The Company may make draws under the revolving credit facility to make or purchase additional investments through December 27, 2026 and for general working capital purposes until December 27, 2027, 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 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.
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As of March 31, 2024 and December 31, 2023, the Company had U.S. dollar borrowings of $191,700 and $174,100, respectively, and no borrowings denominated in a foreign currency as of either date. 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.
Borrowings under the revolving credit facility bear interest, at the Company’s election, at an annual rate of SOFR (one-month, or three-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 1.5%, the prime interest rate, the federal funds rate plus 0.5% or SOFR plus 1.0%, with a SOFR 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 utilized portion of the facility is greater 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 utilized portion of the facility is less than or equal to 35% of the then available maximum borrowing. As of both March 31, 2024 and December 31, 2023, the outstanding borrowings were accruing at a weighted average interest rate of 8.1%.
2026 Notes: As of both March 31, 2024 and December 31, 2023, 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.
Components of Interest Expense: The components of the Company’s interest expense and other debt financing expenses, average debt outstanding balances and average stated interest rates (i.e. the rate in effect plus spread) were as follows:

| Three months ended March 31,
| 2024 |  | 2023
Interest expense - revolving credit facility | $ | 3,625 |  |  | $ | 3,638 |
Interest expense - 2026 Notes | 1,555 |  |  | 1,555 |
Amortization of deferred financing costs | 327 |  |  | 321 |
Total interest and other debt financing expenses | $ | 5,507 |  |  | $ | 5,514 |
Average debt outstanding | $ | 301,043 |  |  | $ | 324,082 |
Average stated interest rate | 6.9 | % |  | 6.5 | %

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 principal and interest cash flows from the Company’s investments denominated in foreign currencies. As of both March 31, 2024 and December 31, 2023, the Company held no foreign currency forward contracts. 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.
For the three months ended March 31, 2024 and 2023, the Company recognized net change in unrealized gain (loss) on foreign currency forward contracts of zero and $180, respectively. For the three months ended March 31, 2024 and 2023, the Company recognized net realized gain (loss) on foreign currency forward contracts of zero and $37, respectively.
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Note 9. Distributions
The Company’s distributions to common stockholders are recorded on the applicable record date. The following table summarizes the distributions declared during the three months ended March 31, 2024 and 2023:

Date Declared |  | Record Date |  | Payment Date |  | Amount Per Share |  | Cash Distribution |  | DRIP Shares Issued |  | DRIP Shares Value |  | DRIP Shares Repurchased in the Open Market |  | Cost of DRIP Shares Repurchased
Three months ended March 31, 2024: |  |  |  |  |  |  |  |  |  |  |  |  |  |
March 5, 2024 |  | March 15, 2024 |  | March 29, 2024 |  | $ | 0.25 |  | $ | 5,417 |  | — |  | $ | — |  | 18,219 |  | $ | 134
Total distributions declared |  |  |  |  |  | $ | 0.25 |  | $ | 5,417 |  | — |  | $ | — |  | 18,219 |  | $ | 134
Three months ended March 31, 2023: |  |  |  |  |  |  |  |  |  |  |  |  |  |
March 1, 2023 |  | March 15, 2023 |  | March 31, 2023 |  | $ | 0.25 |  | $ | 5,417 |  | — |  | $ | — |  | 10,380 |  | $ | 81
Total distributions declared |  |  |  |  |  | $ | 0.25 |  | $ | 5,417 |  | — |  | $ | — |  | 10,380 |  | $ | 81

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 three months ended March 31, 2024 and 2023.
Note 11. Commitments and Contingencies
Commitments: As of March 31, 2024 and December 31, 2023, the Company had $37,348 and $37,182, 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, to SLF as of both March 31, 2024 and December 31, 2023, 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 March 31, 2024.
Indemnification: In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties that provide general indemnification. 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 indemnification provisions 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.
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Note 12. Financial Highlights
The following is a schedule of financial highlights for the three months ended March 31, 2024 and 2023:

| March 31, 2024 |  | March 31, 2023
Per share data: |  |  |
Net asset value at beginning of period | $ | 9.40 |  |  | $ | 10.39 |
Net investment income (1) | 0.25 |  |  | 0.31 |
Net gain (loss) (1) | (0.10) |  |  | (0.16) |
Net increase (decrease) in net assets resulting from operations (1) | 0.15 |  |  | 0.15 |
Stockholder distributions - income (2) | (0.25) |  |  | (0.25) |
Net asset value at end of period | $ | 9.30 |  |  | $ | 10.29 |
Net assets at end of period | $ | 201,502 |  |  | $ | 222,961 |
Shares outstanding at end of period | 21,666,340 |  |  | 21,666,340 |
Per share market value at end of period | $ | 7.20 |  |  | $ | 7.65 |
Total return based on market value (3) | 5.30 | % |  | (7.55) | %
Total return based on average net asset value (4) | 1.58 | % |  | 1.50 | %
Ratio/Supplemental data: |  |  |
Ratio of net investment income to average net assets (5) | 12.90 | % |  | 14.26 | %
Ratio of total expenses to average net assets (5) (6) | 17.24 | % |  | 16.17 | %
Portfolio turnover (7) | 2.44 | % |  | 4.15 | %

________________________________________________________
(1)The per share data was derived by 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 March 31, 2024 and 2023, 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 three months ended March 31, 2024 and 2023. These ratios have been annualized unless otherwise noted.

| March 31, 2024 |  | March 31, 2023
Ratio of total investment income to average net assets | 30.14 | % |  | 30.43 | %
Ratio of interest and other debt financing expenses to average net assets | 10.93 | % |  | 9.98 | %
Ratio of total expenses to average net assets | 16.56 | % |  | 15.43 | %
Ratio of incentive fees to average net assets (7) | 0.68 | % |  | 0.74 | %

________________________________________________________
(7)Ratios are not annualized.
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Except as otherwise specified, references to “we,” “us” and “our” refer to Monroe Capital Corporation and its consolidated subsidiaries; MC Advisors refers to Monroe Capital BDC Advisors, LLC, our investment adviser and a Delaware limited liability company; MC Management refers to Monroe Capital Management Advisors, LLC, our administrator and a Delaware limited liability company; Monroe Capital refers to Monroe Capital LLC, a Delaware limited liability company, and its subsidiaries and affiliates; and SLF refers to MRCC Senior Loan Fund I, LLC, an unconsolidated Delaware limited liability company, in which we co-invest with Life Insurance Company of the Southwest (“LSW”) primarily in senior secured loans. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes appearing in our annual report on Form 10-K (the “Annual Report”) for the year ended December 31, 2023, filed with the U.S. Securities and Exchange Commission (“SEC”) on March 11, 2024. The information contained in this section should also be read in conjunction with our unaudited consolidated financial statements and related notes and other financial information appearing elsewhere in this quarterly report on Form 10-Q (the “Quarterly Report”).
FORWARD-LOOKING STATEMENTS
This Quarterly Report, including Management’s Discussion and Analysis of Financial Condition and Results of Operations, contains statements that constitute forward-looking statements, which relate to future events or our future performance or future financial condition. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about our company, our industry, our beliefs and our assumptions. The forward-looking statements contained in this Quarterly Report involve risks and uncertainties, including statements as to:
•our future operating results;
•our business prospects and the prospects of our portfolio companies;
•the dependence of our future success on the general economy and its impact on the industries in which we invest;
•the impact of the ongoing military conflict in the Middle East and Europe and general uncertainty surrounding the financial and political stability of the United States, the United Kingdom, the European Union and China;
•the impact of a protracted decline in the liquidity of credit markets on our business;
•the impact of increased competition;
•the impact of higher interest rates and inflation rates and the risk of recession on our business prospects and the prospects of our portfolio companies;
•our contractual arrangements and relationships with third parties;
•the valuation of our investments in portfolio companies, particularly those having no liquid trading market;
•actual and potential conflicts of interest with MC Advisors, MC Management and other affiliates of Monroe Capital;
•the ability of our portfolio companies to achieve their objectives;
•the use of borrowed money to finance a portion of our investments;
•the adequacy of our financing sources and working capital;
•the timing of cash flows, if any, from the operations of our portfolio companies;
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•the ability of MC Advisors to locate suitable investments for us and to monitor and administer our investments;
•the ability of MC Advisors or its affiliates to attract and retain highly talented professionals;
•our ability to qualify and maintain our qualification as a regulated investment company and as a business development company; and
•the impact of future legislation and regulation on our business and our portfolio companies.
We use words such as “anticipates,” “believes,” “expects,” “intends,” “seeks,” “plans,” “estimates,” “targets” and similar expressions to identify forward-looking statements. The forward-looking statements contained in this Quarterly Report involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth in “Part I-Item 1A. Risk Factors” in our Annual Report and “Part II-Item 1A. Risk Factors” in this Quarterly Report.
Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. Important assumptions include our ability to originate new loans and investments, certain margins and levels of profitability and the availability of additional capital. In light of these and other uncertainties, the inclusion of a projection or forward-looking statements in this Quarterly Report should not be regarded as a representation by us that our plans and objectives will be achieved.
We have based the forward-looking statements included in this Quarterly Report on information available to us on the date of this Quarterly Report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements in this Quarterly Report, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we may file in the future with the Securities and Exchange Commission (the “SEC”), including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Overview
Monroe Capital Corporation is an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes, we have elected to be treated as a regulated investment company (“RIC”) under subchapter M of the U.S. Internal Revenue Code of 1986, as amended (the “Code”). We currently qualify and intend to continue to qualify annually to be treated as a RIC for U.S. federal income tax purposes.
We are a specialty finance company that is focused on providing financing solutions primarily to lower middle-market companies in the United States and Canada. We provide customized financing solutions focused primarily on senior secured, junior secured and unitranche secured (a combination of senior secured and junior secured debt in the same facility in which we syndicate a “first out” portion of the loan to an investor and retain a “last out” portion of the loan) debt and, to a lesser extent, unsecured subordinated debt and equity, including equity co-investments in preferred and common stock, and warrants.
Our shares are currently listed on the NASDAQ Global Select Market under the symbol “MRCC”.
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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 March 31, 2024, our portfolio included approximately 80.7% senior secured loans, 1.2% unitranche secured loans, 5.5% junior secured loans and 12.6% equity securities, compared to December 31, 2023, when our portfolio included approximately 79.6% senior secured loans, 2.8% unitranche secured loans, 5.5% junior secured loans and 12.1% 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.
Investment income
We generate interest income on the debt investments in portfolio company investments that we originate or acquire. Our debt investments, whether in the form of senior secured, unitranche secured or junior secured debt, typically have an initial term of three to seven years and bear interest at a fixed or floating rate. In some instances, we receive payments on our debt investments based on scheduled amortization of the outstanding balances. In addition, we receive repayments of some of our debt investments prior to their scheduled maturity date. In some cases, our investments provide for deferred interest of payment-in-kind (“PIK”) interest. In addition, we may generate revenue in the form of commitment, origination, amendment, structuring or due diligence fees, fees for providing managerial assistance and consulting fees. Loan origination fees, original issue discount and market discount or premium are capitalized, and we accrete or amortize such amounts as interest income. We record prepayment premiums and prepayment gains (losses) on loans as interest income. As the frequency or volume of the repayments which trigger these prepayment premiums and prepayment gains (losses) may fluctuate significantly from period to period, the associated interest income recorded may also fluctuate significantly from period to period. Interest and fee income is recorded on the accrual basis to the extent we expect to collect such amounts. Interest income is accrued based upon the outstanding principal amount and contractual terms of debt and preferred equity investments. Interest is accrued on a daily basis. We record fees on loans based on the determination of whether the fee is considered a yield enhancement or payment for a service. If the fee is considered a yield enhancement associated with a funding of cash on a loan, the fee is generally deferred and recognized into interest income using the effective interest method if captured in the cost basis or using the straight-line method if the loan is unfunded and therefore there is no cost basis. If the fee is not considered a yield enhancement because a service was provided, and the fee is payment for that service, the fee is deemed earned and recognized as fee income in the period the service is completed.
Dividend income on preferred equity securities is recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies. Each distribution received from limited liability company (“LLC”) and limited partnership (“LP”) investments is evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, we will not record distributions from equity investments in LLCs and LPs as dividend income unless there are sufficient accumulated tax-basis earnings and profits in the LLC or LP prior to the distribution. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment. The frequency and volume of the distributions on common equity securities and LLC and LP investments may fluctuate significantly from period to period.
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Expenses
Our primary operating expenses include the payment of base management and incentive fees to MC Advisors, under the investment advisory and management agreement (the “Investment Advisory and Management Agreement”), the payment of fees to MC Management for our allocable portion of overhead and other expenses under the administration agreement (the “Administration Agreement”) and other operating costs. See Note 6 to our consolidated financial statements and “Related Party Transactions” below for additional information on our Investment Advisory and Management Agreement and Administration Agreement. Our expenses also include interest expense on indebtedness. We bear all other out-of-pocket costs and expenses of our operations and transactions.
Net gain (loss)
We recognize realized gains or losses on investments, foreign currency forward contracts and foreign currency and other transactions based on the difference between the net proceeds from the disposition and the cost basis without regard to unrealized gains or losses previously recognized within net realized gain (loss) on the consolidated statements of operations. We record current period changes in fair value of investments, foreign currency forward contracts, foreign currency and other transactions within net change in unrealized gain (loss) on the consolidated statements of operations.
Portfolio and Investment Activity
During the three months ended March 31, 2024, we invested $10.2 million in three new portfolio companies and $14.0 million in 29 existing portfolio companies and had $12.1 million in aggregate amount of sales and principal repayments, resulting in net increase in investments of $12.1 million for the period.
During the three months ended March 31, 2023, we invested $9.6 million in two new portfolio companies and $12.7 million in 29 existing portfolio companies and had $30.4 million in aggregate amount of sales and principal repayments, resulting in net reduction in investments of $8.1 million for the period.
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The following table shows portfolio yield by security type:

| March 31, 2024 |  | December 31, 2023
| Weighted Average Annualized Contractual Coupon Yield (1) |  | Weighted Average Annualized Effective Yield (2) |  | Weighted Average Annualized Contractual Coupon Yield (1) |  | Weighted Average Annualized Effective Yield (2)
Senior secured loans | 12.4 | % |  | 12.4 | % |  | 12.6 | % |  | 12.6 | %
Unitranche secured loans | 12.5 |  |  | 13.8 |  |  | 12.8 |  |  | 14.1 |
Junior secured loans | 8.5 |  |  | 8.5 |  |  | 8.6 |  |  | 8.6 |
Preferred equity securities | 2.8 |  |  | 2.8 |  |  | 2.8 |  |  | 2.8 |
Total | 11.9 | % |  | 11.9 | % |  | 12.1 | % |  | 12.1 | %

________________________________________________________
(1)The weighted average annualized contractual coupon yield at period end is computed by dividing (a) the interest income on our debt investments and preferred equity investments (with a stated coupon rate) at the period end contractual coupon rate for each investment by (b) the par value of our debt investments (excluding debt investments acquired for no cost in a restructuring on non-accrual status) and the cost basis of our preferred equity investments. We exclude loans acquired for no cost in a restructuring on non-accrual status within this metric as management believes this disclosure provides a better indication of return on invested capital. As of March 31, 2024 and December 31, 2023, there were no loans excluded from the weighted average contractual coupon yield.
(2)The weighted average annualized effective yield on portfolio investments at period end is computed by dividing (a) interest income on our debt investments and preferred equity investments (with a stated coupon rate) at the period end effective rate for each investment by (b) the par value of our debt investments (excluding debt investments acquired for no cost in a restructuring on non-accrual status) and the cost basis of our preferred equity investments. We exclude loans acquired for no cost in a restructuring on non-accrual status within this metric as management believes this disclosure provides a better indication of return on invested capital. As of both March 31, 2024 and December 31, 2023, there were no loans excluded from the weighted average effective yield. The weighted average annualized effective yield on portfolio investments is a metric on the investment portfolio alone and does not represent a return to stockholders. This metric is not inclusive of our fees and expenses, the impact of leverage on the portfolio or sales load that may be paid by stockholders.
The following table shows the composition of our investment portfolio at fair value as a percentage of our total investments at fair value (in thousands):

| March 31, 2024 |  | December 31, 2023
Fair Value: |  |  |  |  |  |  |
Senior secured loans | $ | 404,051 |  |  | 80.7 | % |  | $ | 388,882 |  |  | 79.6 | %
Unitranche secured loans | 6,091 |  |  | 1.2 |  |  | 13,877 |  |  | 2.8 |
Junior secured loans | 27,427 |  |  | 5.5 |  |  | 26,594 |  |  | 5.5 |
LLC equity interest in SLF | 32,990 |  |  | 6.6 |  |  | 33,122 |  |  | 6.8 |
Equity securities | 30,330 |  |  | 6.0 |  |  | 25,911 |  |  | 5.3 |
Total | $ | 500,889 |  |  | 100.0 | % |  | $ | 488,386 |  |  | 100.0 | %

Our portfolio composition remained relatively consistent with our portfolio at December 31, 2023. Our effective yields at March 31, 2024 decreased from December 31, 2023, driven primarily by the increase in the number of portfolio companies on non-accrual status.
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The following table shows our portfolio composition by industry at fair value and as a percentage of our total investments at fair value (in thousands):

| March 31, 2024 |  | December 31, 2023
Fair Value: |  |  |  |  |  |  |
Aerospace & Defense | $ | — |  |  | — | % |  | $ | 7,876 |  |  | 1.6 | %
Automotive | 17,924 |  |  | 3.6 |  |  | 18,495 |  |  | 3.8 |
Banking | 15,163 |  |  | 3.0 |  |  | 15,385 |  |  | 3.2 |
Beverage, Food & Tobacco | 6,187 |  |  | 1.2 |  |  | 6,098 |  |  | 1.2 |
Capital Equipment | 4,924 |  |  | 1.0 |  |  | 4,893 |  |  | 1.0 |
Chemicals, Plastics & Rubber | 3,525 |  |  | 0.7 |  |  | 3,987 |  |  | 0.8 |
Construction & Building | 9,937 |  |  | 2.0 |  |  | 8,813 |  |  | 1.8 |
Consumer Goods: Durable | 8,087 |  |  | 1.6 |  |  | 8,242 |  |  | 1.7 |
Consumer Goods: Non-Durable | 2,198 |  |  | 0.5 |  |  | 2,387 |  |  | 0.5 |
Environmental Industries | 5,871 |  |  | 1.2 |  |  | 5,896 |  |  | 1.2 |
FIRE: Finance | 15,718 |  |  | 3.1 |  |  | 15,388 |  |  | 3.3 |
FIRE: Real Estate | 88,564 |  |  | 17.7 |  |  | 85,153 |  |  | 17.4 |
Healthcare & Pharmaceuticals | 78,105 |  |  | 15.6 |  |  | 69,354 |  |  | 14.2 |
High Tech Industries | 39,305 |  |  | 7.8 |  |  | 40,723 |  |  | 8.3 |
Hotels, Gaming & Leisure | 140 |  |  | 0.0 |  |  | 110 |  |  | 0.0 |
Investment Funds & Vehicles | 32,990 |  |  | 6.6 |  |  | 33,122 |  |  | 6.8 |
Media: Advertising, Printing & Publishing | 20,670 |  |  | 4.1 |  |  | 20,238 |  |  | 4.1 |
Media: Broadcasting & Subscription | 1,973 |  |  | 0.4 |  |  | 2,217 |  |  | 0.5 |
Media: Diversified & Production | 42,621 |  |  | 8.5 |  |  | 41,897 |  |  | 8.6 |
Retail | 1,886 |  |  | 0.4 |  |  | 1,995 |  |  | 0.4 |
Services: Business | 59,705 |  |  | 11.9 |  |  | 56,655 |  |  | 11.6 |
Services: Consumer | 17,244 |  |  | 3.5 |  |  | 16,772 |  |  | 3.4 |
Telecommunications | 7,746 |  |  | 1.5 |  |  | 7,508 |  |  | 1.5 |
Transportation: Cargo | 4,913 |  |  | 1.0 |  |  | — |  |  | — |
Wholesale | 15,493 |  |  | 3.1 |  |  | 15,182 |  |  | 3.1 |
Total | $ | 500,889 |  |  | 100.0 | % |  | $ | 488,386 |  |  | 100.0 | %

Portfolio Asset Quality
MC Advisors’ portfolio management staff closely monitors all credits, with senior portfolio managers covering agented and more complex investments. MC Advisors segregates our capital markets investments by industry. The MC Advisors’ monitoring process and projections developed by Monroe Capital both have daily, weekly, monthly and quarterly components and related reports, each to evaluate performance against historical, budget and underwriting expectations. MC Advisors’ analysts will monitor performance using standard industry software tools to provide consistent disclosure of performance. When necessary, MC Advisors will update our internal risk ratings, borrowing base criteria and covenant compliance reports.
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As part of the monitoring process, MC Advisors regularly assesses the risk profile of each of our investments and rates each of them based on an internal proprietary system that uses the categories listed below, which we refer to as MC Advisors’ investment performance risk rating. For any investment rated in Grades 3, 4 or 5, MC Advisors, through its internal Portfolio Management Group (“PMG”), will increase its monitoring intensity and prepare regular updates for the investment committee, summarizing current operating results and material impending events and suggesting recommended actions. The PMG is responsible for oversight and management of any investments rated in Grades 3, 4, or 5. MC Advisors monitors and, when appropriate, changes the investment ratings assigned to each investment in our portfolio. In connection with our valuation process, MC Advisors reviews these investment performance risk ratings on a quarterly basis. The investment performance risk rating system is described as follows:

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

Our investment performance risk ratings do not constitute any rating of investments by a nationally recognized statistical rating organization or reflect or represent any third-party assessment of any of our investments.
In the event of a delinquency or a decision to rate an investment Grade 4 or Grade 5, the PMG, in consultation with the investment committee, will develop an action plan. Such a plan may require a meeting with the borrower’s management or the lender group to discuss reasons for the default and the steps management is undertaking to address the under-performance, as well as amendments and waivers that may be required. In the event of a dramatic deterioration of a credit, MC Advisors and the PMG will form a team or engage outside advisors to analyze, evaluate and take further steps to preserve our value in the credit. In this regard, we would expect to explore all options, including in a private equity sponsored investment, assuming certain responsibilities for the private equity sponsor or a formal sale of the business with oversight of the sale process by us. The PMG and the investment committee have extensive experience in running debt work-out transactions and bankruptcies.
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The following table shows the distribution of our investments on the 1 to 5 investment performance risk rating scale as of March 31, 2024 (in thousands):

Investment Performance Risk Rating |  | Investments at Fair Value |  | Percentage of Total Investments
1 |  | $ | — |  |  | — | %
2 |  | 423,325 |  |  | 84.5 |
3 |  | 64,433 |  |  | 12.9 |
4 |  | 7,648 |  |  | 1.5 |
5 |  | 5,483 |  |  | 1.1 |
Total |  | $ | 500,889 |  |  | 100.0 | %

The following table shows the distribution of our investments on the 1 to 5 investment performance risk rating scale as of December 31, 2023 (in thousands):

Investment Performance Risk Rating |  | Investments at Fair Value |  | Percentage of Total Investments
1 |  | $ | — |  | — | %
2 |  | 405,888 |  | 83.1 |
3 |  | 74,224 |  | 15.2 |
4 |  | 4,721 |  | 1.0 |
5 |  | 3,553 |  | 0.7 |
Total |  | $ | 488,386 |  | 100.0 | %

As of March 31, 2024, there were seven borrowers with loans or preferred equity securities on non-accrual status (Arcserve Cayman Opco LP (fka Arcstor Midco, LLC) (“Arcserve"), Born to Run, LLC, Education Corporation of America (“ECA”), Forman Mills, Inc. ("Forman Mills"), NECB Collections, LLC (“NECB”),Thrasio, LLC ("Thrasio"), and Vice Acquisition Holdco, LLC), and these investments totaled $10.8 million at fair value, or 2.1% of our total investments at fair value at March 31, 2024. As of December 31, 2023, we had five borrowers with loans or preferred equity securities on non-accrual status (Arcserve, ECA, Forman Mills, NECB and Thrasio), and these investments totaled $7.5 million at fair value, or 1.5% of our total investments at fair value at December 31, 2023.
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Results of Operations
Operating results were as follows (in thousands):

| Three months ended March 31,
| 2024 |  | 2023
Total investment income | $ | 15,182 |  |  | $ | 16,804 |
Total operating expenses | 9,694 |  |  | 9,944 |
Net investment income before income taxes | 5,488 |  |  | 6,860 |
Income taxes, including excise taxes | 18 |  |  | 233 |
Net investment income | 5,470 |  |  | 6,627 |
Net realized gain (loss) on investments | 4 |  |  | 706 |
Net realized gain (loss) on foreign currency forward contracts | — |  |  | 37 |
Net realized gain (loss) on foreign currency and other transactions | — |  |  | (3) |
Net realized gain (loss) | 4 |  |  | 740 |
Net change in unrealized gain (loss) on investments | (2,279) |  |  | (4,188) |
Net change in unrealized gain (loss) on foreign currency forward contracts | — |  |  | 180 |
Net change in unrealized gain (loss) | (2,279) |  |  | (4,008) |
Net increase (decrease) in net assets resulting from operations | $ | 3,195 |  |  | $ | 3,359 |

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

| Three months ended March 31,
| 2024 |  | 2023
Interest income | $ | 11,662 |  |  | $ | 12,524 |
PIK interest income | 2,115 |  |  | 2,272 |
Dividend income (1) | 1,012 |  |  | 1,095 |
Fee income | 37 |  |  | 310 |
Prepayment gain (loss) | 105 |  |  | 243 |
Accretion of discounts and amortization of premiums | 251 |  |  | 360 |
Total investment income | $ | 15,182 |  |  | $ | 16,804 |

________________________________________________________
(1)During the three months ended March 31, 2024 and 2023, the dividend income includes PIK dividends of $113 and $128, respectively.
During the three months ended March 31, 2024 investment income decreased by $1.6 million, as compared to the three months ended March 31, 2023, primarily due to a decrease in interest income and fee income. The decrease in interest income is primarily resulting from a reduction in the average investment portfolio. This decrease was partially offset by an increase in base rates as a result of higher base interest rates during the current period.
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Operating Expenses
The composition of our operating expenses was as follows (in thousands):

| Three months ended March 31,
| 2024 |  | 2023
Interest and other debt financing expenses | $ | 5,507 |  | $ | 5,514
Base management fees | 2,048 |  | 2,200
Incentive fees | 1,368 |  | 1,657
Professional fees | 268 |  | 128
Administrative service fees | 209 |  | 255
General and administrative expenses | 218 |  | 155
Directors’ fees | 76 |  | 35
Total operating expenses | $ | 9,694 |  | $ | 9,944

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

| Three months ended March 31,
| 2024 |  | 2023
Interest expense - revolving credit facility | $ | 3,625 |  |  | $ | 3,638 |
Interest expense - 2026 Notes | 1,555 |  |  | 1,555 |
Amortization of deferred financing costs | 327 |  |  | 321 |
Total interest and other debt financing expenses | $ | 5,507 |  |  | $ | 5,514 |
Average debt outstanding | $ | 301,043 |  |  | $ | 324,082 |
Average stated interest rate | 6.9 | % |  | 6.5 | %

During the three months ended March 31, 2024 operating expenses decreased by $0.3 million, as compared to the three months ended March 31, 2023, primarily due to a decrease in incentive fees, resulting from lower net investment income, and base management fees, resulting from lower average invested assets.
Income Taxes, Including Excise Taxes
We have elected to be treated, currently qualify, and intend to continue to qualify annually as a RIC under Subchapter M of the Code and operate in a manner so as to qualify for the tax treatment available to RICs. To maintain qualification as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements and distribute to stockholders, for each taxable year, at least 90% of our “investment company taxable income,” which is generally our net ordinary income plus the excess, if any, of realized net short-term capital gains over realized net long-term capital losses.
Depending on the level of taxable income earned in a tax year, we may choose to carry forward such taxable income in excess of current year dividend distributions from such current year taxable income into the next year and pay U.S. federal income tax at corporate rates and a 4% excise tax on such income, as required. To the extent that we determine that our estimated current year annual taxable income may exceed estimated current year dividend distributions, we accrue excise tax, if any, on estimated excess taxable income as such taxable income is earned. For the three months ended March 31, 2024 and 2023, we recorded a net expense (benefit) on the consolidated statements of operations of $11 thousand and $0.2 million for U.S. federal excise tax, respectively.
Certain of our consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes. For the three months ended March 31, 2024 and 2023, we recorded a net tax expense of $7 thousand and $0.1 million on the consolidated statements of operations for these subsidiaries, respectively.
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Net Realized Gain (Loss)
During the three months ended March 31, 2024 and 2023, we had sales or dispositions of investments resulting in $4 thousand and $0.7 million of net realized gain (loss) on investments, respectively.
We may enter into foreign currency forward contracts to reduce our exposure to foreign currency exchange rate fluctuations. During the three months ended March 31, 2024 we had no net realized gain (loss) on foreign currency forward contracts. During the three months ended March 31, 2023 we had $37 thousand of net realized gain (loss) on foreign currency forward contracts and ($3) thousand of net realized gain (loss) on foreign currency and other transactions, respectively.
Net Change in Unrealized Gain (Loss)
For the three months ended March 31, 2024 and 2023, our investments had ($2.3) million and ($4.2) million of net change in unrealized gain (loss), respectively. The net change in unrealized gain (loss) includes both unrealized gain on investments in our portfolio with mark-to-market gains during the periods and unrealized loss on investments in our portfolio with mark-to-market losses during the periods.
During the three months ended March 31, 2024, the net change in unrealized gain (loss) on investments was primarily attributable to unrealized mark-to-market losses of portfolio companies that have underlying credit performance concerns resulting in a risk rating of Grade 3, 4 or 5 on our investment performance risk rating scale that were still held as of March 31, 2024, partially offset by net unrealized gains on the remainder of the portfolio.
During the three months ended March 31, 2023, the net change in unrealized loss on investments was primarily attributable to fundamental performance of a couple specific portfolio companies that saw declining financial performance resulting from larger economic factors, including the rising interest rate environment and inflationary impacts on consumer spending.
During the three months ended March 31, 2024 we had no net change in unrealized gain (loss) on foreign currency forward contracts. During the three months ended March 31, 2023 we had $0.2 million of net change in unrealized gain (loss) on foreign currency forward contracts. For both the three months ended March 31, 2024 and 2023, our foreign currency borrowings and cash denominated in foreign currencies had zero of net change in unrealized gain (loss).
Net Increase (Decrease) in Net Assets Resulting from Operations
For the three months ended March 31, 2024 and 2023, the net increase (decrease) in net assets resulting from operations was $3.2 million and $3.4 million, respectively. Based on the weighted average shares of common stock outstanding for the three months ended March 31, 2024 and 2023, our per share net increase (decrease) in net assets resulting from operations was $0.15 and $0.16, respectively. The decrease in the net increase (decrease) in net assets resulting from operations was primarily due to lower investment income, offset by a decrease in the net loss for the period.
Liquidity and Capital Resources
As of March 31, 2024, we had $4.9 million in cash, $191.7 million of total debt outstanding on our revolving credit facility and $130.0 million in 2026 Notes. We had $63.3 million available for additional borrowings on our revolving credit facility, subject to borrowing base availability. See “Borrowings” below for additional information.
In accordance with the 1940 Act, we are permitted to borrow amounts such that our asset coverage ratio, as defined in the 1940 Act, is at least 150% after such borrowing. As of March 31, 2024 and December 31, 2023, our asset coverage ratio based on aggregate borrowings outstanding was 163% and 167%, respectively.
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Cash Flows
For the three months ended March 31, 2024 and 2023, we experienced a net increase (decrease) in cash and cash equivalents of ($102) thousand and $1.5 million, respectively. During the three months ended March 31, 2024, we used $12.3 million in operating activities, primarily as a result of purchases of portfolio investments, partially offset by principal repayments on portfolio investments and net investment income. During the three months ended March 31, 2023, operating activities provided $8.7 million, primarily as a result of principal repayments on and sales of portfolio investments and net investment income, partially offset by purchases of portfolio investments. During the three months ended March 31, 2024, financing activities provided $12.2 million, primarily as a result of net borrowings on our revolving credit facility, partially offset by distributions to stockholders. During the three months ended March 31, 2023, we used $7.2 million in financing activities, primarily as a result of distributions to stockholders and net repayments on our revolving credit facility.
Capital Resources
As a BDC, we distribute substantially all of our net income to our stockholders and have an ongoing need to raise additional capital for investment purposes. We intend to generate additional cash primarily from future offerings of securities, future borrowings and cash flows from operations, including income earned from investments in our portfolio companies. On both a short-term and long-term basis, our primary use of funds will be to invest in portfolio companies and make cash distributions to our stockholders. We may also use available funds to repay outstanding borrowings.
As a BDC, we are generally not permitted to issue and sell our common stock at a price below net asset value (“NAV”) per share. We may, however, sell our common stock, or warrants, options or rights to acquire our common stock, at a price below the then-current NAV per share of our common stock if our board of directors (“Board”), including our independent directors, determines that such sale is in the best interests of us and our stockholders, and if our stockholders have approved such sales. On June 15, 2023, our stockholders once again voted to allow us to sell or otherwise issue common stock at a price below net asset value per share for a period of one year, subject to certain limitations. As of both March 31, 2024 and December 31, 2023, we had 21,666,340 shares outstanding.
On June 24, 2015, our stockholders approved a proposal to authorize us to issue warrants, options or rights to subscribe to, convert to, or purchase our common stock in one or more offerings. This is a standing authorization and does not require annual re-approval by our stockholders.
Stock Issuances: On May 12, 2017, we entered into at-the-market (“ATM”) equity distribution agreements with each of JMP Securities LLC (“JMP”) and FBR Capital Markets & Co. (“FBR”) (the “ATM Program”) through which we can sell, by means of ATM offerings, from time to time, up to $50.0 million of our common stock. On May 8, 2020, we entered into an amendment to the ATM Program to extend its term. All other material terms of the ATM Program remain unchanged. There were no stock issuances through the ATM Program during both the three months ended March 31, 2024 and 2023, respectively.
Borrowings
Revolving Credit Facility: We have a $255.0 million revolving credit facility with ING Capital LLC, as agent. The revolving credit facility has an accordion feature which permits us, under certain circumstances to increase the size of the facility up to $400.0 million. The revolving credit facility is secured by a lien on all of our assets, including cash on hand. We may make draws under the revolving credit facility to make or purchase additional investments through December 27, 2026 and for general working capital purposes until December 27, 2027, the maturity date of the revolving credit facility.
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Our ability to borrow under the revolving credit facility is subject to availability under the borrowing base, which permits us to borrow up to 72.5% of the fair market value of our portfolio company investments depending on the type of investment we hold and whether the investment is quoted. Our ability to borrow is also subject to certain concentration limits, and continued compliance with the representations, warranties and covenants given by us under the facility. The revolving credit facility contains certain financial covenants, including, but not limited to, our maintenance of: (1) minimum consolidated total net assets at least equal to $150.0 million plus 65% of the net proceeds to us from sales of our equity securities after March 1, 2019; (2) a ratio of total assets (less total liabilities other than indebtedness) to total indebtedness of not less than 1.5 to 1; and (3) a senior debt coverage ratio of at least 2 to 1. The revolving credit facility also requires us to undertake customary indemnification obligations with respect to ING Capital LLC and other members of the lending group and to reimburse the lenders for expenses associated with entering into the credit facility. The revolving credit facility also has customary provisions regarding events of default, including events of default for nonpayment, change in control transactions at both Monroe Capital Corporation and MC Advisors, failure to comply with financial and negative covenants, and failure to maintain our relationship with MC Advisors. If we incur an event of default under the revolving credit facility and fail to remedy such default under any applicable grace period, if any, then the entire revolving credit facility could become immediately due and payable, which would materially and adversely affect our liquidity, financial condition, results of operations and cash flows.
Our revolving credit facility also imposes certain conditions that may limit the amount of our distributions to stockholders. Distributions payable in our common stock under the dividend reinvestment plan (“DRIP”) are not limited by the revolving credit facility. Distributions in cash or property other than common stock are generally limited to 115% of the amount of distributions required to maintain our status as a RIC.
As of March 31, 2024 and December 31, 2023, we had U.S. dollar borrowings of $191.7 million and $174.1 million, respectively, and no borrowings denominated in a foreign currency as of either date. Any borrowings denominated in a foreign currency may be positively or negatively affected by movements in the rate of exchange between the U.S. dollar and the respective foreign currency. These movements are beyond our control and cannot be predicted. Borrowings denominated in a foreign currency are translated into U.S. dollars based on the spot rate at each balance sheet date. The impact resulting from changes in foreign currency borrowings is included in net change in unrealized gain (loss) on foreign currency and other transactions on our consolidated statements of operations.
Borrowings under the revolving credit facility bear interest, at our election, at an annual rate of SOFR (one-month or three-month at our discretion based on the term of the borrowing) plus 2.625% or at a daily rate equal to 1.625% per annum plus the greater of 1.5%, the prime interest rate, the federal funds rate plus 0.5% or SOFR plus 1.0%, with a SOFR floor of 0.5%. In addition to the stated interest rate on borrowings under the revolving credit facility, we are required to pay a commitment fee and certain conditional fees based on usage of the expanded borrowing base and usage of the asset coverage ratio flexibility. A commitment fee of 0.5% per annum on any unused portion of the revolving credit facility if the utilized portion of the facility is greater 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 utilized portion of the facility is less than or equal to 35% of the then available maximum borrowing. As of both March 31, 2024 and December 31, 2023, the outstanding borrowings were accruing at a weighted average interest rate of 8.1%.
2026 Notes: On January 25, 2021, we closed a private offering of $130.0 million in aggregate principal amount of senior unsecured notes (the “2026 Notes”) that mature on February 15, 2026. The 2026 Notes bear interest at an annual rate of 4.75% payable semi-annually on February 15 and August 15. We may redeem the 2026 Notes in whole or in part at any time or from time to time at our option at par plus a “make-whole” premium, if applicable. The 2026 Notes are general, unsecured obligations and rank equal in right of payment with all of our existing and future unsecured indebtedness.
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Distributions
Our Board will determine the timing and amount, if any, of our distributions. We intend to pay distributions on a quarterly basis. In order to avoid corporate-level tax on the income we distribute as a RIC, we must distribute to our stockholders at least 90% of our ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any, on an annual basis out of the assets legally available for such distributions. In addition, we also intend to distribute any realized net capital gains (i.e., realized net long-term capital gains in excess of realized net short-term capital losses) at least annually out of the assets legally available for such distributions. Distributions to stockholders for both the three months ended March 31, 2024 and 2023 totaled $5.4 million ($0.25 per share). The tax character of such distributions is determined at the end of the fiscal year. However, if the character of such distributions were determined as of March 31, 2024 and 2023, no portion of these distributions would have been characterized as a return of capital to stockholders.
In October 2012, we adopted an “opt out” DRIP for our common stockholders. When we declare a distribution, our stockholders’ cash distributions will automatically be reinvested in additional shares of our common stock unless a stockholder specifically “opts out” of our DRIP. If a stockholder opts out, that stockholder will receive cash distributions. Although distributions paid in the form of additional shares of our common stock will generally be subject to U.S. federal, state and local taxes in the same manner as cash distributions, stockholders participating in our DRIP will not receive any corresponding cash distributions with which to pay any such applicable taxes.
MRCC Senior Loan Fund I, LLC
We co-invest with 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 of each of us and LSW. SLF may cease making new investments upon notification of either member but operations will continue until all investments have been sold or paid-off in the normal course of business. Investments held by SLF are measured at fair value using the same valuation methodologies as described below. Our investment is illiquid in nature as SLF does not allow for withdrawal from the LLC or the sale of a member’s interest unless approved by the board members of SLF. The full withdrawal of a member would result in an orderly wind-down of SLF.
SLF’s profits and losses are allocated to us and LSW in accordance with the respective ownership interests. As of March 31, 2024 and December 31, 2023, we and LSW each owned 50.0% of the LLC equity interests of SLF. As of March 31, 2024 and December 31, 2023, SLF had $100.0 million in equity commitments from its members (in the aggregate), of which $85.3 million was funded.
As of March 31, 2024 and December 31, 2023, we have committed to fund $50.0 million of LLC equity interest subscriptions to SLF. As of March 31, 2024 and December 31, 2023, $42.7 million of our LLC equity interest subscriptions to SLF had been called and contributed, net of return of capital distributions subject to recall. As of March 31, 2024 and December 31, 2023, SLF had a fair value of $33.0 million and $33.1 million.
For both the three months ended March 31, 2024 and 2023, we received $0.9 million of dividend income from our LLC equity interest in SLF.
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 $110.0 million (reduced from $175.0 million on June 9, 2023), subject to leverage and borrowing base restrictions. Borrowings on the SLF Credit Facility bear interest at an annual rate of SOFR (three-month) plus 2.10% and the SLF Credit Facility has a maturity date of November 23, 2031.
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 months ended March 31, 2024 and 2023, SLF incurred $44 thousand and $63 thousand of allocable expenses, respectively. There are no agreements or understandings by which we guarantee any SLF obligations.
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As of March 31, 2024 and December 31, 2023, SLF had total assets at fair value of $124.9 million and $148.4 million, respectively. As of both March 31, 2024 and December 31, 2023, SLF had four portfolio company investments on non-accrual status with fair values of $5.0 million and $4.3 million, respectively. The portfolio companies in SLF are in industries and geographies similar to those in which we may invest directly. Additionally, as of March 31, 2024 and December 31, 2023, SLF had $1.8 million and $3.3 million, respectively, in outstanding commitments to fund investments under undrawn revolvers and delayed draw commitments.
Below is a summary of SLF’s portfolio, followed by a listing of the individual investments in SLF’s portfolio as of March 31, 2024 and December 31, 2023:

| March 31, 2024 |  | December 31, 2023
Secured loans (1) | 124,816 |  |  | 150,674 |
Weighted average current interest rate on secured loans (2) | 10.2% |  | 10.2%
Number of portfolio company investments in SLF | 41 |  |  | 49 |
Largest portfolio company investment (1) | 6,580 |  |  | 6,580 |
Total of five largest portfolio company investments (1) | 26,366 |  |  | 26,415 |

________________________________________________________
(1)Represents outstanding principal amount, excluding unfunded commitments. Principal amounts in thousands.
(2)Computed as the (a) annual stated interest rate on accruing secured loans divided by (b) total secured loans at outstanding principal amount.
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MRCC SENIOR LOAN FUND I, LLC
CONSOLIDATED SCHEDULE OF INVESTMENTS
(unaudited)
March 31, 2024
(in thousands)

Portfolio Company (a) |  | Index (b) |  | Spread (b) |  | Interest Rate (b) |  | Maturity |  | Principal |  | Fair Value
Non-Controlled/Non-Affiliate Company Investments |  |  |  |  |  |  |  |  |  |  |  |
Senior Secured Loans |  |  |  |  |  |  |  |  |  |  |  |
Aerospace & Defense |  |  |  |  |  |  |  |  |  |  |  |
Trident Maritime Systems, Inc. |  | SF |  | 5.65 | % |  | 10.96 | % |  | 2/26/2027 |  | 2,406 |  |  | $ | 2,388 |
Trident Maritime Systems, Inc. |  | SF |  | 5.65 | % |  | 10.96 | % |  | 2/26/2027 |  | 746 |  |  | 741 |
Trident Maritime Systems, Inc. |  | SF |  | 5.65 | % |  | 10.96 | % |  | 2/26/2027 |  | 188 |  |  | 186 |
Trident Maritime Systems, Inc. (Revolver) |  | SF |  | 5.60 | % |  | 10.93 | % |  | 2/26/2027 |  | 319 |  |  | 317 |
|  |  |  |  |  |  |  |  |  | 3,659 |  |  | 3,632 |
Automotive |  |  |  |  |  |  |  |  |  |  |  |
Accelerate Auto Works Intermediate, LLC |  | SF |  | 4.90 | % |  | 10.24 | % |  | 12/1/2027 |  | 1,354 |  |  | 1,337 |
Accelerate Auto Works Intermediate, LLC |  | SF |  | 4.90 | % |  | 10.22 | % |  | 12/1/2027 |  | 387 |  |  | 382 |
Accelerate Auto Works Intermediate, LLC (Revolver) (d) |  | SF |  | 4.90 | % |  | 10.24 | % |  | 12/1/2027 |  | 132 |  |  | 21 |
|  |  |  |  |  |  |  |  |  | 1,873 |  |  | 1,740 |
Beverage, Food & Tobacco |  |  |  |  |  |  |  |  |  |  |  |
SW Ingredients Holdings, LLC |  | SF |  | 5.50 | % |  | 10.93 | % |  | 7/3/2025 |  | 3,534 |  |  | 3,534 |
|  |  |  |  |  |  |  |  |  | 3,534 |  |  | 3,534 |
Capital Equipment |  |  |  |  |  |  |  |  |  |  |  |
MacQueen Equipment, LLC |  | SF |  | 5.51 | % |  | 10.81 | % |  | 1/7/2028 |  | 2,070 |  |  | 2,069 |
MacQueen Equipment, LLC (Delayed Draw) (d) |  | SF |  | 5.51 | % |  | 10.81 | % |  | 1/7/2028 |  | 590 |  |  | 334 |
MacQueen Equipment, LLC (Revolver) (d) |  | SF |  | 5.51 | % |  | 10.81 | % |  | 1/7/2028 |  | 296 |  |  | — |
|  |  |  |  |  |  |  |  |  | 2,956 |  |  | 2,403 |
Chemicals, Plastics & Rubber |  |  |  |  |  |  |  |  |  |  |  |
Phoenix Chemical Holding Company LLC |  | SF |  | 7.11 | % |  | 12.44 | % |  | 8/2/2024 |  | 1,129 |  |  | 964 |
TJC Spartech Acquisition Corp. |  | SF |  | 4.75 | % |  | 10.07 | % |  | 5/5/2028 |  | 4,200 |  |  | 3,507 |
|  |  |  |  |  |  |  |  |  | 5,329 |  |  | 4,471 |
Consumer Goods: Durable |  |  |  |  |  |  |  |  |  |  |  |
Elevate Textiles, Inc. (fka International Textile Group, Inc.) |  | SF |  | 6.65 | % |  | 11.98% (e) |  | 9/30/2027 |  | 796 |  |  | 585 |
Runner Buyer INC. |  | SF |  | 5.61 | % |  | 10.96 | % |  | 10/23/2028 |  | 2,940 |  |  | 2,245 |
|  |  |  |  |  |  |  |  |  | 3,736 |  |  | 2,830 |
Consumer Goods: Non-Durable |  |  |  |  |  |  |  |  |  |  |  |
PH Beauty Holdings III, INC. |  | SF |  | 5.00 | % |  | 10.72 | % |  | 9/26/2025 |  | 2,361 |  |  | 2,338 |
|  |  |  |  |  |  |  |  |  | 2,361 |  |  | 2,338 |
Containers, Packaging & Glass |  |  |  |  |  |  |  |  |  |  |  |
Polychem Acquisition, LLC |  | SF |  | 5.11 | % |  | 10.44 | % |  | 3/17/2025 |  | 2,850 |  |  | 2,836 |
PVHC Holding Corp |  | SF |  | 5.65 | % |  | 10.96% Cash/ 0.75% PIK |  | 2/17/2027 |  | 1,894 |  |  | 1,894 |
|  |  |  |  |  |  |  |  |  | 4,744 |  |  | 4,730 |
Energy: Oil & Gas |  |  |  |  |  |  |  |  |  |  |  |
Offen, Inc. |  | SF |  | 5.11 | % |  | 10.44 | % |  | 6/22/2026 |  | 2,249 |  |  | 2,248 |
Offen, Inc. |  | SF |  | 5.11 | % |  | 10.44 | % |  | 6/22/2026 |  | 856 |  |  | 856 |
|  |  |  |  |  |  |  |  |  | 3,105 |  |  | 3,104 |
FIRE: Finance |  |  |  |  |  |  |  |  |  |  |  |
Harbour Benefit Holdings, Inc. |  | SF |  | 5.15 | % |  | 10.45 | % |  | 12/13/2024 |  | 2,842 |  |  | 2,842 |
Harbour Benefit Holdings, Inc. |  | SF |  | 5.10 | % |  | 10.43 | % |  | 12/13/2024 |  | 61 |  |  | 61 |
Minotaur Acquisition, Inc. |  | SF |  | 4.85 | % |  | 10.18 | % |  | 3/27/2026 |  | 4,794 |  |  | 4,805 |
TEAM Public Choices, LLC |  | SF |  | 5.00 | % |  | 10.58 | % |  | 12/17/2027 |  | 2,917 |  |  | 2,921 |
|  |  |  |  |  |  |  |  |  | 10,614 |  |  | 10,629 |
FIRE: Real Estate |  |  |  |  |  |  |  |  |  |  |  |
Avison Young (USA) Inc. (f) |  | SF |  | 6.50 | % |  | 11.84% (e) |  | 3/12/2028 |  | 606 |  |  | 599 |
|  |  |  |  |  |  |  |  |  | 606 |  |  | 599 |
Healthcare & Pharmaceuticals |  |  |  |  |  |  |  |  |  |  |  |
Cano Health, LLC |  | SF |  | 4.00 | % |  | 9.33% (e) |  | 11/23/2027 |  | 1,950 |  |  | 590 |
HAH Group Holding Company LLC |  | SF |  | 5.00 | % |  | 10.44 | % |  | 10/29/2027 |  | 2,943 |  |  | 2,936 |
LSCS Holdings, Inc. |  | SF |  | 4.61 | % |  | 9.94 | % |  | 12/15/2028 |  | 1,805 |  |  | 1,781 |
Natus Medical Incorporated |  | SF |  | 5.65 | % |  | 10.96 | % |  | 7/20/2029 |  | 4,937 |  |  | 4,666 |

80

MRCC SENIOR LOAN FUND I, LLC
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2024
(in thousands)

Portfolio Company (a) |  | Index (b) |  | Spread (b) |  | Interest Rate (b) |  | Maturity |  | Principal |  | Fair Value
|  |  |  |  |  |  |  |  |  | 11,635 |  |  | $ | 9,973 |
High Tech Industries |  |  |  |  |  |  |  |  |  |  |  |
Corel Inc. (c) |  | SF |  | 5.10 | % |  | 10.44 | % |  | 7/2/2026 |  | 3,350 |  |  | 3,303 |
Lightbox Intermediate, L.P. |  | SF |  | 5.26 | % |  | 10.56 | % |  | 5/11/2026 |  | 4,763 |  |  | 4,620 |
TGG TS Acquisition Company |  | SF |  | 6.61 | % |  | 11.94 | % |  | 12/12/2025 |  | 2,885 |  |  | 2,880 |
|  |  |  |  |  |  |  |  |  | 10,998 |  |  | 10,803 |
Hotels, Gaming & Leisure |  |  |  |  |  |  |  |  |  |  |  |
Excel Fitness Holdings, Inc. |  | SF |  | 5.40 | % |  | 10.70 | % |  | 4/27/2029 |  | 4,309 |  |  | 4,309 |
Excel Fitness Holdings, Inc. (Revolver) (d) |  | SF |  | 5.40 | % |  | 10.70 | % |  | 4/28/2028 |  | 625 |  |  | — |
North Haven Spartan US Holdco, LLC |  | SF |  | 6.25 | % |  | 11.57 | % |  | 6/5/2026 |  | 2,244 |  |  | 2,244 |
|  |  |  |  |  |  |  |  |  | 7,178 |  |  | 6,553 |
Media: Diversified & Production |  |  |  |  |  |  |  |  |  |  |  |
Research Now Group, Inc. and Survey Sampling International, LLC |  | SF |  | 5.76 | % |  | 11.07 | % |  | 12/20/2024 |  | 6,580 |  |  | 3,971 |
STATS Intermediate Holdings, LLC |  | SF |  | 5.51 | % |  | 10.83 | % |  | 7/10/2026 |  | 4,788 |  |  | 4,746 |
TA TT Buyer, LLC |  | SF |  | 5.00 | % |  | 10.30 | % |  | 3/30/2029 |  | 3,283 |  |  | 3,301 |
|  |  |  |  |  |  |  |  |  | 14,651 |  |  | 12,018 |
Services: Business |  |  |  |  |  |  |  |  |  |  |  |
Eliassen Group, LLC |  | SF |  | 5.50 | % |  | 10.81 | % |  | 4/14/2028 |  | 3,209 |  |  | 3,177 |
Eliassen Group, LLC (Delayed Draw) (d) |  | SF |  | 5.50 | % |  | 10.82 | % |  | 4/14/2028 |  | 738 |  |  | 229 |
Engage2Excel, Inc. |  | SF |  | 6.60 | % |  | 11.78 | % |  | 7/1/2024 |  | 3,907 |  |  | 3,912 |
Engage2Excel, Inc. |  | SF |  | 6.60 | % |  | 11.78 | % |  | 7/1/2024 |  | 705 |  |  | 706 |
Engage2Excel, Inc. |  | SF |  | 6.60 | % |  | 11.78 | % |  | 7/1/2024 |  | 550 |  |  | 550 |
Output Services Group, Inc. |  | SF |  | 6.68 | % |  | 12.07% (e) |  | 11/30/2028 |  | 1,042 |  |  | 1,040 |
Secretariat Advisors LLC |  | SF |  | 5.01 | % |  | 10.32 | % |  | 12/29/2028 |  | 1,672 |  |  | 1,663 |
Secretariat Advisors LLC |  | SF |  | 5.01 | % |  | 10.32 | % |  | 12/29/2028 |  | 267 |  |  | 265 |
SIRVA Worldwide Inc. |  | SF |  | 5.76 | % |  | 11.10 | % |  | 8/4/2025 |  | 1,738 |  |  | 1,267 |
|  |  |  |  |  |  |  |  |  | 13,828 |  |  | 12,809 |
Services: Consumer |  |  |  |  |  |  |  |  |  |  |  |
Laseraway Intermediate Holdings II, LLC |  | SF |  | 5.75 | % |  | 11.33 | % |  | 10/14/2027 |  | 2,172 |  |  | 2,167 |
McKissock Investment Holdings, LLC |  | SF |  | 5.00 | % |  | 10.46 | % |  | 3/9/2029 |  | 2,450 |  |  | 2,461 |
|  |  |  |  |  |  |  |  |  | 4,622 |  |  | 4,628 |
Telecommunications |  |  |  |  |  |  |  |  |  |  |  |
Intermedia Holdings, Inc. |  | SF |  | 6.11 | % |  | 11.43 | % |  | 7/21/2025 |  | 1,737 |  |  | 1,720 |
Mavenir Systems, Inc. |  | SF |  | 5.01 | % |  | 10.34 | % |  | 8/18/2028 |  | 1,633 |  |  | 1,169 |
Sandvine Corporation |  | SF |  | 4.93 | % |  | 10.15 | % |  | 10/31/2025 |  | 1,973 |  |  | 1,473 |
|  |  |  |  |  |  |  |  |  | 5,343 |  |  | 4,362 |
Transportation: Cargo |  |  |  |  |  |  |  |  |  |  |  |
Keystone Purchaser, LLC |  | SF |  | 6.18 | % |  | 11.51 | % |  | 5/7/2027 |  | 4,892 |  |  | 4,874 |
|  |  |  |  |  |  |  |  |  | 4,892 |  |  | 4,874 |
Wholesale |  |  |  |  |  |  |  |  |  |  |  |
HALO Buyer, Inc. |  | SF |  | 4.60 | % |  | 9.93 | % |  | 6/30/2025 |  | 4,710 |  |  | 3,452 |
|  |  |  |  |  |  |  |  |  | 4,710 |  |  | 3,452 |
Total Non-Controlled/Non-Affiliate Senior Secured Loans |  |  |  |  |  |  |  |  |  | 120,374 |  |  | 109,482 |
Junior Secured Loans |  |  |  |  |  |  |  |  |  |  |  |
Healthcare & Pharmaceuticals |  |  |  |  |  |  |  |  |  |  |  |
Radiology Partners, Inc. |  | SF |  | 3.76 | % |  | 9.09% Cash/ 1.50% PIK |  | 1/31/2029 |  | 4,236 |  |  | 4,102 |
|  |  |  |  |  |  |  |  |  | 4,236 |  |  | 4,102 |
FIRE: Real Estate |  |  |  |  |  |  |  |  |  |  |  |
Avison Young (USA) Inc. |  | SF |  | 8.26 | % |  | 13.58% (e) |  | 3/12/2029 |  | 1,492 |  |  | 1,193 |
Avison Young (USA) Inc. |  | SF |  | 8.26 | % |  | 13.58% (e) |  | 3/12/2029 |  | 510 |  |  | 305 |
|  |  |  |  |  |  |  |  |  | 2,002 |  |  | 1,498 |
Total Non-Controlled/Non-Affiliate Junior Secured Loans |  |  |  |  |  |  |  |  |  | 6,238 |  |  | 5,600 |

81

MRCC SENIOR LOAN FUND I, LLC
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2024
(in thousands)

Portfolio Company (a) |  | Index (b) |  | Spread (b) |  | Interest Rate (b) |  | Maturity |  | Principal |  | Fair Value
Equity Securities (g) (h) |  |  |  |  |  |  |  |  |  |  |  |
Consumer Goods: Durable |  |  |  |  |  |  |  |  |  |  |  |
Elevate Textiles, Inc. (fka International Textile Group, Inc.) (25,524 shares of common units) |  | — |  | — |  | — (i) |  | — |  | 26 |  |  | $ | 83 |
|  |  |  |  |  |  |  |  |  | 26 |  |  | 83 |
Chemicals, Plastics & Rubber |  |  |  |  |  |  |  |  |  |  |  |
Polyventive Lender Holding Company LLC (0.84% of the equity) |  | — |  | — |  | — (i) |  | — |  | — |  |  | — |
|  |  |  |  |  |  |  |  |  | — |  |  | — |
FIRE: Real Estate |  |  |  |  |  |  |  |  |  |  |  |
Avison Young (USA) Inc. (1,605,312 Class A preferred shares) |  | n/a |  | n/a |  | 12.50% PIK (e) |  | n/a |  | 1,605 |  |  | 722 |
Avison Young (USA) Inc. (1,199 Class F common shares) |  | — |  | — |  | — (i) |  | — |  | 1 |  |  | — |
|  |  |  |  |  |  |  |  |  | 1,606 |  |  | 722 |
Services: Business |  |  |  |  |  |  |  |  |  |  |  |
Output Services Group, Inc. (51,370 Class A units) |  | — |  | — |  | — (i) |  | — |  | 51 |  |  | 552 |
|  |  |  |  |  |  |  |  |  | 51 |  |  | 552 |
Total Non-Controlled/Non-Affiliate Equities |  |  |  |  |  |  |  |  |  | 1,683 |  |  | 1,357 |
TOTAL INVESTMENTS |  |  |  |  |  |  |  |  |  |  |  | $ | 116,439 |

________________________________________________________
(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 Secured Overnight Financing Rate (“SOFR” or “SF”) or Prime (“P”) which reset daily, monthly, quarterly or semiannually. We have provided the spread over SOFR or Prime and the current contractual rate of interest in effect at March 31, 2024. Certain investments may be subject to an interest rate floor or cap. Certain investments contain a PIK provision.
(c)This is an international company.
(d)All or a portion of this commitment was unfunded as of March 31, 2024. 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 March 31, 2024, meaning that we have ceased accruing interest income on the position.
(f)Investment position or portion thereof unsettled at March 31, 2024.
(g)Represents less than 5% ownership of the portfolio company’s voting securities.
(h)Ownership of certain equity investments may occur through a holding company partnership.
(i)Represents a non-income producing security.
82

Table of Contents
MRCC SENIOR LOAN FUND I, LLC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2023
(in thousands)

Portfolio Company (a) |  | Index (b) |  | Spread(b) |  | Interest Rate (b) |  | Maturity |  | Principal |  | Fair Value
Non-Controlled/Non-Affiliate Company Investments |  |  |  |  |  |  |  |  |  |  |  |
Senior Secured Loans |  |  |  |  |  |  |  |  |  |  |  |
Aerospace & Defense |  |  |  |  |  |  |  |  |  |  |  |
Trident Maritime Systems, Inc. |  | SF |  | 5.60 | % |  | 10.95 | % |  | 2/26/2027 |  | 2,414 |  |  | $ | 2,385 |
Trident Maritime Systems, Inc. |  | SF |  | 5.60 | % |  | 10.95 | % |  | 2/26/2027 |  | 746 |  |  | 737 |
Trident Maritime Systems, Inc. |  | SF |  | 5.60 | % |  | 10.96 | % |  | 2/26/2027 |  | 188 |  |  | 186 |
Trident Maritime Systems, Inc. (Revolver) |  | SF |  | 5.60 | % |  | 10.96 | % |  | 2/26/2027 |  | 319 |  |  | 315 |
|  |  |  |  |  |  |  |  |  | 3,667 |  |  | 3,623 |
Automotive |  |  |  |  |  |  |  |  |  |  |  |
Accelerate Auto Works Intermediate, LLC |  | SF |  | 4.90 | % |  | 10.29 | % |  | 12/1/2027 |  | 1,358 |  |  | 1,342 |
Accelerate Auto Works Intermediate, LLC |  | SF |  | 4.90 | % |  | 10.30 | % |  | 12/1/2027 |  | 388 |  |  | 383 |
Accelerate Auto Works Intermediate, LLC (Revolver) (d) |  | SF |  | 4.90 | % |  | 10.29 | % |  | 12/1/2027 |  | 132 |  |  | — |
Truck-Lite Co., LLC |  | SF |  | 6.35 | % |  | 11.71 | % |  | 12/14/2026 |  | 1,674 |  |  | 1,670 |
Truck-Lite Co., LLC |  | SF |  | 6.35 | % |  | 11.71 | % |  | 12/14/2026 |  | 248 |  |  | 248 |
Truck-Lite Co., LLC |  | SF |  | 6.35 | % |  | 11.71 | % |  | 12/14/2026 |  | 42 |  |  | 42 |
|  |  |  |  |  |  |  |  |  | 3,842 |  |  | 3,685 |
Beverage, Food & Tobacco |  |  |  |  |  |  |  |  |  |  |  |
SW Ingredients Holdings, LLC |  | SF |  | 4.75 | % |  | 10.21 | % |  | 7/3/2025 |  | 3,544 |  |  | 3,539 |
|  |  |  |  |  |  |  |  |  | 3,544 |  |  | 3,539 |
Capital Equipment |  |  |  |  |  |  |  |  |  |  |  |
DS Parent, Inc. |  | SF |  | 5.75 | % |  | 11.21 | % |  | 12/8/2028 |  | 2,700 |  |  | 2,706 |
MacQueen Equipment, LLC |  | SF |  | 5.51 | % |  | 10.86 | % |  | 1/7/2028 |  | 2,075 |  |  | 2,075 |
MacQueen Equipment, LLC (Delayed Draw) (d) |  | SF |  | 5.51 | % |  | 10.86 | % |  | 1/7/2028 |  | 591 |  |  | 78 |
MacQueen Equipment, LLC (Revolver) (d) |  | SF |  | 5.51 | % |  | 10.86 | % |  | 1/7/2028 |  | 296 |  |  | — |
|  |  |  |  |  |  |  |  |  | 5,662 |  |  | 4,859 |
Chemicals, Plastics & Rubber |  |  |  |  |  |  |  |  |  |  |  |
Phoenix Chemical Holding Company LLC |  | SF |  | 7.11 | % |  | 12.47 | % |  | 8/2/2024 |  | 1,131 |  |  | 1,020 |
TJC Spartech Acquisition Corp. |  | SF |  | 4.75 | % |  | 10.16 | % |  | 5/5/2028 |  | 4,210 |  |  | 4,063 |
|  |  |  |  |  |  |  |  |  | 5,341 |  |  | 5,083 |
Consumer Goods: Durable |  |  |  |  |  |  |  |  |  |  |  |
Elevate Textiles, Inc. (fka International Textile Group, Inc.) |  | SF |  | 6.65 | % |  | 12.04% (e) |  | 9/30/2027 |  | 798 |  |  | 798 |
Runner Buyer INC. |  | SF |  | 5.61 | % |  | 11.00 | % |  | 10/23/2028 |  | 2,948 |  |  | 2,333 |
|  |  |  |  |  |  |  |  |  | 3,746 |  |  | 3,131 |
Consumer Goods: Non-Durable |  |  |  |  |  |  |  |  |  |  |  |
PH Beauty Holdings III, INC. |  | SF |  | 5.00 | % |  | 10.35 | % |  | 9/26/2025 |  | 2,368 |  |  | 2,253 |
|  |  |  |  |  |  |  |  |  | 2,368 |  |  | 2,253 |
Containers, Packaging & Glass |  |  |  |  |  |  |  |  |  |  |  |
Polychem Acquisition, LLC |  | SF |  | 5.11 | % |  | 10.47 | % |  | 3/17/2025 |  | 2,858 |  |  | 2,855 |
PVHC Holding Corp |  | SF |  | 5.65 | % |  | 11.00% Cash/ 0.75% PIK |  | 2/17/2027 |  | 1,895 |  |  | 1,895 |
|  |  |  |  |  |  |  |  |  | 4,753 |  |  | 4,750 |
Energy: Oil & Gas |  |  |  |  |  |  |  |  |  |  |  |
Offen, Inc. |  | SF |  | 5.11 | % |  | 10.47 | % |  | 6/22/2026 |  | 2,249 |  |  | 2,249 |
Offen, Inc. |  | SF |  | 5.11 | % |  | 10.47 | % |  | 6/22/2026 |  | 858 |  |  | 858 |
|  |  |  |  |  |  |  |  |  | 3,107 |  |  | 3,107 |
FIRE: Finance |  |  |  |  |  |  |  |  |  |  |  |
Harbour Benefit Holdings, Inc. |  | SF |  | 5.15 | % |  | 10.50 | % |  | 12/13/2024 |  | 2,854 |  |  | 2,852 |
Harbour Benefit Holdings, Inc. |  | SF |  | 5.10 | % |  | 10.46 | % |  | 12/13/2024 |  | 61 |  |  | 61 |
Minotaur Acquisition, Inc. |  | SF |  | 4.85 | % |  | 10.21 | % |  | 3/27/2026 |  | 4,806 |  |  | 4,814 |
TEAM Public Choices, LLC |  | SF |  | 5.43 | % |  | 10.88 | % |  | 12/17/2027 |  | 2,925 |  |  | 2,908 |
|  |  |  |  |  |  |  |  |  | 10,646 |  |  | 10,635 |
FIRE: Real Estate |  |  |  |  |  |  |  |  |  |  |  |
Avison Young (USA) Inc. (c) |  | SF |  | 6.50 | % |  | 11.97% (e) |  | 1/30/2026 |  | 4,775 |  |  | 1,564 |
|  |  |  |  |  |  |  |  |  | 4,775 |  |  | 1,564 |
Healthcare & Pharmaceuticals |  |  |  |  |  |  |  |  |  |  |  |
Cano Health, LLC (e) |  | SF |  | 4.10 | % |  | 9.42% (e) |  | 11/23/2027 |  | 1,950 |  |  | 857 |
HAH Group Holding Company LLC |  | SF |  | 5.00 | % |  | 10.46 | % |  | 10/29/2027 |  | 2,950 |  |  | 2,942 |

83

Table of Contents
MRCC SENIOR LOAN FUND I, LLC
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2023
(in thousands)

Portfolio Company (a) |  | Index (b) |  | Spread(b) |  | Interest Rate (b) |  | Maturity |  | Principal |  | Fair Value
LSCS Holdings, Inc. |  | SF |  | 4.61 | % |  | 9.97 | % |  | 12/15/2028 |  | 1,809 |  |  | $ | 1,786 |
Natus Medical Incorporated |  | SF |  | 5.50 | % |  | 10.85 | % |  | 7/20/2029 |  | 4,950 |  |  | 4,604 |
Paragon Healthcare, Inc. |  | SF |  | 5.85 | % |  | 11.25 | % |  | 1/19/2027 |  | 2,105 |  |  | 2,083 |
Paragon Healthcare, Inc. |  | SF |  | 5.75 | % |  | 11.22 | % |  | 1/19/2027 |  | 363 |  |  | 359 |
Paragon Healthcare, Inc. (Revolver) (d) |  | SF |  | 5.75 | % |  | 11.22 | % |  | 1/19/2027 |  | 490 |  |  | — |
Radiology Partners, Inc. |  | SF |  | 4.68 | % |  | 10.18 | % |  | 7/9/2025 |  | 4,737 |  |  | 3,844 |
|  |  |  |  |  |  |  |  |  | 19,354 |  |  | 16,475 |
High Tech Industries |  |  |  |  |  |  |  |  |  |  |  |
Corel Inc. (c) |  | SF |  | 5.10 | % |  | 10.49 | % |  | 7/2/2026 |  | 3,400 |  |  | 3,323 |
Lightbox Intermediate, L.P. |  | SF |  | 5.26 | % |  | 10.61 | % |  | 5/11/2026 |  | 4,775 |  |  | 4,632 |
TGG TS Acquisition Company |  | SF |  | 6.61 | % |  | 11.97 | % |  | 12/12/2025 |  | 2,885 |  |  | 2,791 |
|  |  |  |  |  |  |  |  |  | 11,060 |  |  | 10,746 |
Hotels, Gaming & Leisure |  |  |  |  |  |  |  |  |  |  |  |
Excel Fitness Holdings, Inc. |  | SF |  | 5.40 | % |  | 10.75 | % |  | 4/27/2029 |  | 4,320 |  |  | 4,308 |
Excel Fitness Holdings, Inc. (Revolver) (d) |  | SF |  | 5.40 | % |  | 10.75 | % |  | 4/28/2028 |  | 625 |  |  | — |
North Haven Spartan US Holdco, LLC |  | SF |  | 6.25 | % |  | 11.63 | % |  | 6/6/2025 |  | 2,250 |  |  | 2,241 |
Tait LLC |  | SF |  | 4.50 | % |  | 10.00 | % |  | 3/28/2025 |  | 4,040 |  |  | 4,026 |
Tait LLC (Revolver) (d) |  | SF |  | 4.50 | % |  | 10.00 | % |  | 3/28/2025 |  | 769 |  |  | — |
|  |  |  |  |  |  |  |  |  | 12,004 |  |  | 10,575 |
Media: Diversified & Production |  |  |  |  |  |  |  |  |  |  |  |
Research Now Group, Inc. and Survey Sampling International, LLC |  | SF |  | 5.76 | % |  | 11.14 | % |  | 12/20/2024 |  | 6,580 |  |  | 4,914 |
STATS Intermediate Holdings, LLC |  | SF |  | 5.51 | % |  | 10.88 | % |  | 7/10/2026 |  | 4,800 |  |  | 4,684 |
TA TT Buyer, LLC |  | SF |  | 5.00 | % |  | 10.35 | % |  | 3/30/2029 |  | 3,292 |  |  | 3,275 |
|  |  |  |  |  |  |  |  |  | 14,672 |  |  | 12,873 |
Services: Business |  |  |  |  |  |  |  |  |  |  |  |
CHA Holdings, Inc |  | SF |  | 4.61 | % |  | 9.97 | % |  | 4/10/2025 |  | 1,939 |  |  | 1,908 |
CHA Holdings, Inc |  | SF |  | 4.61 | % |  | 9.97 | % |  | 4/10/2025 |  | 409 |  |  | 402 |
Eliassen Group, LLC |  | SF |  | 5.50 | % |  | 10.85 | % |  | 4/14/2028 |  | 3,218 |  |  | 3,152 |
Eliassen Group, LLC (Delayed Draw) (d) |  | SF |  | 5.50 | % |  | 10.86 | % |  | 4/14/2028 |  | 739 |  |  | 227 |
Engage2Excel, Inc. |  | SF |  | 7.35 | % |  | 12.53 | % |  | 7/1/2024 |  | 3,918 |  |  | 3,918 |
Engage2Excel, Inc. |  | SF |  | 7.35 | % |  | 12.53 | % |  | 7/1/2024 |  | 707 |  |  | 707 |
Engage2Excel, Inc. (Revolver) |  | SF |  | 7.35 | % |  | 12.53 | % |  | 7/1/2024 |  | 550 |  |  | 550 |
Output Services Group, Inc. |  | SF |  | 6.68 | % |  | 12.07% (e) |  | 11/30/2028 |  | 1,042 |  |  | 1,041 |
Secretariat Advisors LLC |  | SF |  | 5.01 | % |  | 10.36 | % |  | 12/29/2028 |  | 1,676 |  |  | 1,676 |
Secretariat Advisors LLC |  | SF |  | 5.01 | % |  | 10.36 | % |  | 12/29/2028 |  | 267 |  |  | 267 |
SIRVA Worldwide Inc. |  | SF |  | 5.76 | % |  | 11.15 | % |  | 8/4/2025 |  | 1,750 |  |  | 1,556 |
Teneo Holdings LLC |  | SF |  | 5.35 | % |  | 10.71 | % |  | 7/11/2025 |  | 4,787 |  |  | 4,791 |
|  |  |  |  |  |  |  |  |  | 21,002 |  |  | 20,195 |
Services: Consumer |  |  |  |  |  |  |  |  |  |  |  |
360Holdco, Inc. |  | SF |  | 5.60 | % |  | 10.96 | % |  | 8/1/2025 |  | 2,124 |  |  | 2,124 |
360Holdco, Inc. |  | SF |  | 5.60 | % |  | 10.96 | % |  | 8/1/2025 |  | 821 |  |  | 821 |
Laseraway Intermediate Holdings II, LLC |  | SF |  | 5.75 | % |  | 11.41 | % |  | 10/14/2027 |  | 2,178 |  |  | 2,153 |
McKissock Investment Holdings, LLC |  | SF |  | 5.00 | % |  | 10.54 | % |  | 3/9/2029 |  | 2,456 |  |  | 2,459 |
|  |  |  |  |  |  |  |  |  | 7,579 |  |  | 7,557 |
Telecommunications |  |  |  |  |  |  |  |  |  |  |  |
Intermedia Holdings, Inc. |  | SF |  | 6.11 | % |  | 11.47 | % |  | 7/21/2025 |  | 1,742 |  |  | 1,687 |
Mavenir Systems, Inc. |  | SF |  | 5.01 | % |  | 10.39 | % |  | 8/18/2028 |  | 1,638 |  |  | 1,159 |
Sandvine Corporation |  | SF |  | 4.50 | % |  | 9.97 | % |  | 10/31/2025 |  | 1,973 |  |  | 1,598 |
|  |  |  |  |  |  |  |  |  | 5,353 |  |  | 4,444 |
Transportation: Cargo |  |  |  |  |  |  |  |  |  |  |  |
Keystone Purchaser, LLC |  | SF |  | 6.18 | % |  | 11.53 | % |  | 5/7/2027 |  | 4,905 |  |  | 4,868 |
|  |  |  |  |  |  |  |  |  | 4,905 |  |  | 4,868 |
Utilities: Oil & Gas |  |  |  |  |  |  |  |  |  |  |  |
Dresser Utility Solutions, LLC |  | SF |  | 4.10 | % |  | 9.46 | % |  | 10/1/2025 |  | 1,660 |  |  | 1,602 |
Dresser Utility Solutions, LLC |  | SF |  | 5.35 | % |  | 10.71 | % |  | 10/1/2025 |  | 243 |  |  | 239 |
|  |  |  |  |  |  |  |  |  | 1,903 |  |  | 1,841 |

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MRCC SENIOR LOAN FUND I, LLC
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2023
(in thousands)

Portfolio Company (a) |  | Index (b) |  | Spread(b) |  | Interest Rate (b) |  | Maturity |  | Principal |  | Fair Value
Wholesale |  |  |  |  |  |  |  |  |  |  |  |
HALO Buyer, Inc. |  | SF |  | 4.60 | % |  | 9.96 | % |  | 6/30/2025 |  | 4,723 |  |  | $ | 3,570 |
|  |  |  |  |  |  |  |  |  | 4,723 |  |  | 3,570 |
Total Non-Controlled/Non-Affiliate Senior Secured Loans |  |  |  |  |  |  |  |  |  | 154,006 |  |  | 139,373 |
Equity Securities (f) (g) |  |  |  |  |  |  |  |  |  |  |  |
Consumer Goods: Durable |  |  |  |  |  |  |  |  |  |  |  |
Elevate Textiles, Inc. (fka International Textile Group, Inc.) (25,524 shares of common units) |  | — |  | — |  | — (h) |  | — |  | 26 |  |  | 103 |
|  |  |  |  |  |  |  |  |  | 26 |  |  | 103 |
Chemicals, Plastics & Rubber |  |  |  |  |  |  |  |  |  |  |  |
Polyventive Lender Holding Company LLC (0.84% of the equity) |  | — |  | — |  | — (h) |  | — |  | — |  |  | — |
|  |  |  |  |  |  |  |  |  | — |  |  | — |
Services: Business |  |  |  |  |  |  |  |  |  |  |  |
Output Services Group, Inc. (51,370 Class A units) |  | — |  | — |  | — (h) |  | — |  | 51 |  |  | 438 |
|  |  |  |  |  |  |  |  |  | 51 |  |  | 438 |
Total Non-Controlled/Non-Affiliate Equities |  |  |  |  |  |  |  |  |  | 77 |  |  | 541 |
TOTAL INVESTMENTS |  |  |  |  |  |  |  |  |  |  |  | $ | 139,914 |

________________________________________________________
(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 Secured Overnight Financing Rate (“SOFR” or “SF”) or Prime (“P”) which reset daily, monthly, quarterly or semiannually. We have provided the spread over SOFR or Prime and the current contractual rate of interest in effect at December 31, 2023. Certain investments may be subject to an interest rate floor or cap. Certain investments contain a PIK provision.
(c)This is an international company.
(d)All or a portion of this commitment was unfunded as of December 31, 2023. 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 December 31, 2023, meaning that we have ceased accruing interest income on the position.
(f)Represents less than 5% ownership of the portfolio company’s voting securities.
(g)Ownership of certain equity investments may occur through a holding company partnership.
(h)Represents a non-income producing security.
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Below is certain summarized financial information for SLF as of March 31, 2024 and December 31, 2023, and for the three months ended March 31, 2024 and 2023 (in thousands):

| March 31, 2024 |  | December 31, 2023
| (unaudited) |  |
Assets |  |  |
Investments, at fair value | $ | 116,439 |  |  | $ | 139,914 |
Cash and cash equivalents | 2,335 |  |  | 1,884 |
Restricted cash and cash equivalents | 4,842 |  |  | 5,265 |
Interest receivable | 1,248 |  |  | 1,380 |
Other assets | — |  |  | 6 |
Total assets | $ | 124,864 |  |  | $ | 148,449 |
Liabilities |  |  |
Revolving credit facility | $ | 58,014 |  |  | $ | 82,014 |
Less: Unamortized deferred financing costs | (518) |  |  | (717) |
Total debt, less unamortized deferred financing costs | 57,496 |  |  | 81,297 |
Interest payable | 446 |  |  | 590 |
Payable for open trades | 592 |  |  | — |
Accounts payable and accrued expenses | 349 |  |  | 320 |
Total liabilities | 58,883 |  |  | 82,207 |
Members’ capital | 65,981 |  |  | 66,242 |
Total liabilities and members’ capital | $ | 124,864 |  |  | $ | 148,449 |

| Three months ended March 31, |  |
| 2024 |  | 2023 |  |  |  |
| (unaudited) |  |
Investment income: |  |  |  |  |  |  |
Interest income | $ | 4,038 |  |  | $ | 5,143 |  |  |  |  |
Total investment income | 4,038 |  |  | 5,143 |  |  |  |  |
Expenses: |  |  |  |  |  |  |
Interest and other debt financing expenses | 1,690 |  |  | 2,352 |  |  |  |  |
Professional fees and other expenses | 227 |  |  | 206 |  |  |  |  |
Total expenses | 1,917 |  |  | 2,558 |  |  |  |  |
Net investment income | 2,121 |  |  | 2,585 |  |  |  |  |
Net gain (loss): |  |  |  |  |  |  |
Net realized gain (loss) | 36 |  |  | (540) |  |  |  |  |
Net change in unrealized gain (loss) | (618) |  |  | 264 |  |  |  |  |
Net gain (loss) | (582) |  |  | (276) |  |  |  |  |
Net increase (decrease) in members’ capital | $ | 1,539 |  |  | $ | 2,309 |  |  |  |  |

Related Party Transactions
We have a number of business relationships with affiliated or related parties, including the following:
•We have an Investment Advisory and Management Agreement with MC Advisors, an investment advisor registered with the SEC, to manage our investing activities. We pay MC Advisors a fee for its services under the Investment Advisory and Management Agreement consisting of two components - a base management fee and an incentive fee. See Note 6 to our consolidated financial statements and “Significant Accounting Estimates and Critical Accounting Policies - Capital Gains Incentive Fee” for additional information.
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•We have an Administration Agreement with MC Management to provide us with the office facilities and administrative services necessary to conduct our day-to-day operations. See Note 6 to our consolidated financial statements for additional information.
•SLF has an administration agreement with MC Management to provide SLF with certain loan servicing and administrative functions. SLF may reimburse MC Management for its allocable share of overhead and other expenses incurred by MC Management. See Note 3 to our consolidated financial statements and “Liquidity and Capital Resources - MRCC Senior Loan Fund I, LLC” for additional information.
•Theodore L. Koenig, our Chief Executive Officer and Chairman of our Board is also a manager of MC Advisors and the Chief Executive Officer of MC Management. Lewis W. Solimene, Jr., our Chief Financial Officer and Chief Investment Officer, is also a managing director of MC Management.
•We have a license agreement with Monroe Capital LLC, under which Monroe Capital LLC has agreed to grant us a non-exclusive, royalty-free license to use the name “Monroe Capital” for specified purposes in our business.
In addition, we have adopted a formal code of ethics that governs the conduct of MC Advisors’ officers, directors and employees. Our officers and directors also remain subject to the duties imposed by both the 1940 Act and Maryland General Corporation Law.
Commitments and Contingencies and Off-Balance Sheet Arrangements
Commitments and Contingencies
As of March 31, 2024 and December 31, 2023, we had outstanding commitments to fund investments under undrawn revolvers, delayed draw commitments and subscription agreements, excluding unfunded commitments in SLF, totaling $37.3 million and $37.2 million, respectively. As of March 31, 2024 and December 31, 2023, we had unfunded commitments to SLF of $7.3 million, that may be contributed primarily for the purpose of funding new investments approved by the SLF investment committee. Drawdowns of the commitments to SLF require authorization from one of our representatives on SLF’s board of managers. Additionally, we have entered into certain contracts with other parties that contain a variety of indemnifications. Our maximum exposure under these arrangements is unknown. However, we have not experienced claims or losses pursuant to these contracts and believe the risk of loss related to such indemnifications to be remote.
Off-Balance Sheet Arrangements
Other than contractual commitments and other legal contingencies incurred in the normal course of our business, we do not have any off-balance sheet financings or liabilities.
Market Trends
We have identified the following general trends that may affect our business:
Target Market: We believe that small and middle-market companies in the United States with annual revenues between $10.0 million and $2.5 billion represent a significant growth segment of the U.S. economy and often require substantial capital investments to grow. Middle-market companies have generated a significant number of investment opportunities for investment funds managed or advised by Monroe Capital, and we believe that this market segment will continue to produce significant investment opportunities for us.
Specialized Lending Requirements: We believe that several factors render many U.S. financial institutions ill-suited to lend to U.S. middle-market companies. For example, based on the experience of our management team, lending to U.S. middle-market companies (1) is generally more labor intensive than lending to larger companies due to the smaller size of each investment and the fragmented nature of information for such companies, (2) requires due diligence and underwriting practices consistent with the demands and economic limitations of the middle-market and (3) may also require more extensive ongoing monitoring by the lender.
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Demand for Debt Capital: We believe there is a large pool of uninvested private equity capital for middle-market companies. We expect private equity firms will seek to leverage their investments by combining equity capital with senior secured loans and mezzanine debt from other sources, such as us.
Competition from Other Lenders: We believe that many traditional bank lenders, in recent years, de-emphasized their service and product offerings to middle-market businesses in favor of lending to large corporate clients and managing capital market transactions. In addition, many commercial banks face significant balance sheet constraints as they seek to build capital and meet future regulatory capital requirements. These factors may result in opportunities for alternative funding sources to middle-market companies and therefore drive increased new investment opportunities for us. Conversely, there has been a significant amount of capital raised over the past several years dedicated to middle market lending which has increased competitive pressure in the BDC and investment company marketplace for senior and subordinated debt, which in turn could result in lower yields and weaker financial covenants for new assets.
Pricing and Deal Structures: We believe that the volatility in global markets over the last several years and current macroeconomic issues including changes in bank regulations for middle-market banks has reduced access to, and availability of, debt capital to middle-market companies, causing a reduction in competition and generally more favorable capital structures and deal terms. Sizable recent capital raises in the private debt marketplace have created significantly increased competition over the last few years, reducing available pricing and creating less favorable capital structures; however, we believe that current market conditions for our target market may continue to create favorable opportunities to invest at attractive risk-adjusted returns.
Market Environment: We believe middle market investments are attractive in the uncertain market environments such as the current market environment where inflationary pressure and interest rates remain elevated. Directly originated middle market loans have demonstrated the ability to outperform competing markets through varying economic cycles including downturns and prior periods of monetary policy tightening. Through the global financial crisis, the higher interest rate environment in 2005-2006, market bottom in 2008 and the subsequent recovery period, as well as throughout the COVID-19 pandemic, these investments have historically generated considerable yield premium with more favorable capital structures for lenders, resulting in higher returns when compared to the market for U.S. high yield bonds and U.S. traded loans.(1) Middle market direct lending also offers a natural hedge to higher interest rates with floating rate structures that benefit from higher interest rates, while providing broad diversification in an environment where there is a risk of increased default rate activity. We believe that direct lending volumes will continue outpacing syndicated loan transaction volumes due to capital requirements and liquidity constraints faced by banks. Since the fourth quarter of 2022, the middle market saw a consistent trend toward lower leverage and loan-to-value structures coupled with increased spreads. However, as M&A activity began to increase as the year progressed, spreads began to stabilize in certain pockets of the market.(2) That said, we note that a softening macroeconomic environment and elevated interest rates could result in increased default rates. If default rates become more prevalent, we would expect to experience decreased net interest income, lower yields and increased risk of credit loss. However, we believe that Monroe Capital’s scale, product suite, diversification, and strong historical recovery rate track record will continue to allow us to find attractive investment opportunities and navigate this uncertain market environment while generating attractive risk-adjusted returns.
________________________________________________________
(1)As of September 30, 2023. Credit Suisse for US Traded Loans represented by the Credit Suisse Leveraged Loan Index.
Bloomberg Indices for US Credit. Cliffwater for Direct Lending by the Cliffwater Direct Lending Index (CDLI). ICE, Bank of America for US High Yield represented by the ICE BofA High Yield Index.
(2)Refinitiv LPC’s 4Q23 Sponsored Middle Market Private Deals Analysis – January 2024.
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Significant Accounting Estimates and Critical Accounting Policies
Revenue Recognition
We record interest and fee income on an accrual basis to the extent that we expect to collect such amounts. For loans and debt securities with contractual PIK interest, we do not accrue PIK interest if the portfolio company valuation indicates that such PIK interest is not collectible. We do not accrue as a receivable interest on loans and debt securities if we have reason to doubt our ability to collect such interest. Loan origination fees, original issue discount and market discount or premium are capitalized, and then we amortize such amounts using the effective interest method as interest income over the life of the investment. Upon the prepayment of a loan or debt security, any unamortized premium or discount or loan origination fees are recorded as interest income. We record prepayment premiums on loans and debt securities as interest income when we receive such amounts. Interest income is accrued based upon the outstanding principal amount and contractual terms of debt and preferred equity investments. Interest is accrued on a daily basis. We record fees on loans based on the determination of whether the fee is considered a yield enhancement or payment for a service. If the fee is considered a yield enhancement associated with a funding of cash on a loan, the fee is generally deferred and recognized into interest income using the effective interest method if captured in the cost basis or using the straight-line method if the loan is unfunded and therefore there is no cost basis. If the fee is not considered a yield enhancement because a service was provided, and the fee is payment for that service, the fee is deemed earned and recognized as fee income in the period the service is completed.
Dividend income on preferred equity securities is recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies. Each distribution received from LLC and LP investments is evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, we will not record distributions from equity investments in LLCs and LPs as dividend income unless there are sufficient accumulated tax-basis earnings and profits in the LLC or LP prior to the distribution. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment.
Valuation of Portfolio Investments
For periods prior to September 30, 2022, the Board determined the fair value of our investments in good faith on a quarterly basis. On September 30, 2022, pursuant to SEC Rule 2a-5 under the 1940 Act, the Board designated MC Advisors as our valuation designee (the “Valuation Designee”). The Board is responsible for oversight of the Valuation Designee. The Valuation Designee has established a valuation committee to determine in good faith the fair value of our investments, based on input of the Valuation Designee’s management and personnel and independent valuation firms which are engaged at the direction of the valuation committee to assist in the valuation of certain portfolio investments lacking a readily available market quotation. The valuation committee determines fair values pursuant to a valuation policy approved by the Board and pursuant to a consistently applied valuation process.
Under the valuation policy, the Valuation Designee values investments for which market quotations are readily available and within a recent date at such market quotations. When doing so, the the Valuation Designee determines whether the quote obtained is sufficient in accordance with generally accepted accounting principles in the United States of America (“GAAP”) to determine the fair value of the security. Debt and equity securities that are not publicly traded or whose market prices are not readily available or whose market prices are not regularly updated are valued at fair value as determined in good faith by the Valuation Designee. Because we expect that there will not be a readily available market for many of the investments in our portfolio, we expect to value many of our portfolio investments at fair value as determined in good faith by our Valuation Designee using a documented valuation policy and a consistently applied valuation process. Such determination of fair values may involve subjective judgments and estimates. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize amounts that are different from the amounts presented and such differences could be material.
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With respect to investments for which market quotations are not readily available, the Valuation Designee undertakes a multi-step valuation process each quarter, as described below:
•the quarterly valuation process begins with each portfolio company or investment being initially evaluated and rated by the investment professionals of the Valuation Designee responsible for the credit monitoring of the portfolio investment;
•our Valuation Designee engages an independent valuation firm to conduct independent appraisals of a selection of investments for which market quotations are not readily available. We will consult with an independent valuation firm relative to each portfolio company at least once in every calendar year, but the independent appraisals are generally received quarterly for each investment;
•to the extent an independent valuation firm is not engaged to conduct an investment appraisal on an investment for which market quotations are not readily available, the investment will be valued by the Valuation Designee;
•preliminary valuation conclusions are then documented and discussed with the valuation committee of the Valuation Designee;
•the valuation conclusions are approved by the valuation committee of the Valuation Designee; and
•a report prepared by the Valuation Designee is presented to the Board quarterly to allow the Board to perform its oversight duties of the valuation process and the Valuation Designee.
The Valuation Designee generally uses the income approach to determine fair value for loans where market quotations are not readily available, as long as it is appropriate. If there is deterioration in credit quality or a debt investment is in workout status, the Valuation Designee may consider other factors in determining the fair value, including the value attributable to the debt investment from the enterprise value of the portfolio company or the proceeds that would be received in a liquidation analysis. This liquidation analysis may also include probability weighting of alternative outcomes. The Valuation Designee generally considers our debt to be performing if the borrower is not in default, the borrower is remitting payments in a timely manner, the loan is in covenant compliance and the loan is otherwise not deemed to be impaired. In determining the fair value of the performing debt, the Valuation Designee 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 debt instrument is not performing, as defined above, the Valuation Designee will evaluate the value of the collateral utilizing the same framework described above for a performing loan to determine the value of the debt instrument.
Under the income approach, discounted cash flow models are utilized to determine the present value of the future cash flow streams of our debt investments, based on future interest and principal payments as set forth in the associated loan agreements. In determining fair value under the income approach, the Valuation Designee also considers the following factors: applicable market yields and leverage levels, recent transactions, 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 Valuation Designee derives a single estimate of enterprise value. In estimating the enterprise value of a portfolio company, the Valuation Designee 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.
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In addition, for certain debt investments, the Valuation Designee 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 we and others may be willing to pay. Ask prices represent the lowest price that we and others may be willing to accept. The Valuation Designee generally use the midpoint of the bid/ask range as our best estimate of fair value of such investment.
As of March 31, 2024, our Valuation Designee determined, in good faith, the fair value of our investment portfolio in accordance with GAAP and our valuation procedures based on the facts and circumstances known by us at that time, or reasonably expected to be known at that time.
Net Realized Gain or Loss and Net Change in Unrealized Gain or Loss
We measure realized gain or loss by the difference between the net proceeds from the sale and the amortized cost basis of the investment, without regard to unrealized gain or loss previously recognized. Net change in unrealized gain or loss reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized gain or loss, when gain or loss is realized. Additionally, we do not isolate the change in fair value resulting from foreign currency exchange rate fluctuations from the changes in the fair values of the underlying investment. All fluctuations in fair value are included in net change in unrealized gain (loss) on investments on our consolidated statements of operations.
Capital Gains Incentive Fee
Pursuant to the terms of the Investment Advisory and Management Agreement with MC Advisors, the incentive fee on capital gains earned on liquidated investments of our portfolio is determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Advisory and Management Agreement). This fee equals 20% of our incentive fee capital gains (i.e., our realized capital gains on a cumulative basis from inception, calculated as of the end of the applicable period, net of all realized capital losses and unrealized capital depreciation on a cumulative basis), less the aggregate amount of any previously paid capital gains incentive fees. On a quarterly basis, we accrue for the capital gains incentive fee by calculating such fee as if it were due and payable as of the end of such period.
While the Investment Advisory and Management Agreement with MC Advisors neither includes nor contemplates the inclusion of unrealized gains in the calculation of the capital gains incentive fee, pursuant to an interpretation of an American Institute for Certified Public Accountants Technical Practice Aid for investment companies, we include unrealized gains in the calculation of the capital gains incentive fee expense and related accrued capital gains incentive fee. This accrual reflects the incentive fees that would be payable to MC Advisors if our entire portfolio was liquidated at its fair value as of the balance sheet date even though MC Advisors is not entitled to an incentive fee with respect to unrealized gains unless and until such gains are actually realized.
During both the three months ended March 31, 2024 and 2023, we did not have any further reductions in accrued capital gains incentive fees as they were already at zero, primarily as a result of accumulated realized and unrealized losses on the portfolio.
New Accounting Pronouncements
In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-04, Reference Rate Reform (“ASU 2020-04”). The amendments in ASU 2020-04 provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The standard is effective as of March 12, 2020 through December 31, 2024. We did not utilize the optional expedients and exceptions provided by ASU 2020-04 during the three months ended March 31, 2024 and 2023.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We are subject to financial market risks, including valuation risk, interest rate risk, currency risk and inflation and supply chain risk. The prices of securities held by us may decline in response to certain events, including those directly involving the companies we invest in; conditions affecting the general economy; overall market changes; legislative reform; local, regional, national or global political, social or economic instability, including related to the elevated inflation; and interest rate fluctuations.
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Valuation Risk
Our investments may not have readily available market quotations (as such term is defined in Rule 2a-5, under the 1940 Act), and those investments which do not have readily available market quotations are valued at fair value as determined in good faith by our Valuation Designee in accordance with our valuation policy. There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Because of the inherent uncertainty of valuation, these estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and it is possible that the difference could be material.
In accordance with Rule 2a-5, under the 1940 Act, our Board periodically assesses and manages material risks associated with the determination of the fair value of our investments.
Interest Rate Risk
The majority of the loans in our portfolio have floating interest rates, and we expect that our loans in the future may also have floating interest rates. These loans are usually based on a floating SOFR and typically have interest rate re-set provisions that adjust applicable interest rates under such loans to current market rates on a monthly or quarterly basis. The majority of the loans in our current portfolio have interest rate floors that will effectively convert the loans to fixed rate loans in the event interest rates decrease. In addition, our revolving credit facility has a floating interest rate provision, whereas our 2026 Notes have fixed interest rates until maturity. We expect that other credit facilities into which we may enter in the future may also have floating interest rate provisions.
Assuming that the consolidated statement of assets and liabilities as of March 31, 2024 was to remain constant and that we took no actions to alter our existing interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes in interest rates (in thousands):

Change in Interest Rates |  | Increase (decrease) in interest income |  | Increase (decrease) in interest expense |  | Net increase (decrease) in net investment income (1)
Down 25 basis points |  | $ | (1,028) |  |  | $ | (479) |  |  | $ | (549) |
Up 100 basis points |  | 4,170 |  |  | 1,923 |  |  | 2,247 |
Up 200 basis points |  | 8,306 |  |  | 3,840 |  |  | 4,466 |
Up 300 basis points |  | 12,442 |  |  | 5,757 |  |  | 6,685 |

________________________________________________________
(1)Excludes the impact of income-based incentive fees. See Note 6 for more information on income-based incentive fees.
Although we believe that this analysis is indicative of our existing sensitivity to interest rate changes, it does not adjust for changes in the credit market, credit quality, the size and composition of the assets in our portfolio and other business developments, including borrowing under the credit facility or other borrowings that could affect net increase in net assets resulting from operations, or net income. Accordingly, we can offer no assurances that actual results would not differ materially from the analysis above.
We may in the future hedge against interest rate fluctuations by using standard hedging instruments such as futures, options and forward contracts to the extent permitted under the 1940 Act and applicable commodities laws. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in the benefits of lower interest rates with respect to the investments in our portfolio with fixed interest rates or interest rate floors.
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Currency Risk
We may also have exposure to foreign currencies related to certain investments. Such investments are translated into U.S. dollars based on the spot rate at each balance sheet date, exposing us to movements in the exchange rate. In order to reduce our exposure to fluctuations in exchange rates, we may borrow in foreign currency under our revolving credit facility to finance such investments or we may enter into foreign currency forward contracts. As of March 31, 2024, we held no investments in foreign currencies or foreign currency forward contracts.
Inflation and Supply Chain Risk
Economic activity has continued to accelerate across sectors and regions. Nevertheless, due to global supply chain issues, geopolitical events, a rise in energy prices and strong consumer demand as economies continue to reopen, inflation is showing signs of acceleration in the U.S. and globally. Inflation is likely to continue in the near to medium-term, particularly in the U.S., with the possibility that monetary policy may tighten in response. Persistent inflationary pressures could affect our portfolio companies’ profit margins.
ITEM 4. CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
In accordance with Rules 13a-15(b) and 15d-15(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), we, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act). Based on that evaluation, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that, at the end of the period covered by our Quarterly Report on Form 10-Q, our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Notwithstanding the foregoing, a control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that it will detect or uncover failures within the Company to disclose material information otherwise required to be set forth in the Company’s periodic reports.
Changes in Internal Control Over Financial Reporting
No change occurred in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) during the three months ended March 31, 2024 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
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PART II
OTHER INFORMATION
Item 1. Legal Proceedings
We are subject to certain legal proceedings, from time to time, in the ordinary course of business. From time to time, we, our executive officers, directors and our investment adviser may, in the ordinary course of business, be named as defendants in litigation arising from our investments in our portfolio companies and may, as a result, incur significant costs and expenses in connection with such litigation. We and our investment adviser are also subject to extensive regulation, which may result in regulatory proceedings or investigations against us or our investment adviser, respectively. While the outcome of any such future legal or regulatory proceedings cannot be predicted with certainty, neither us nor our investment adviser expect that any such future proceedings will have a material effect upon our financial condition or results of operations.
Item 1A. Risk Factors
You should carefully consider information contained in this quarterly report on Form 10-Q, including our interim consolidated financial statements and the related notes thereto, before making a decision to purchase our securities. There have been no material changes known to us during the quarter ended March 31, 2024 to the risk factors discussed in “Risk Factors” in Part I, Item 1A of our annual report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 11, 2024. The risks and uncertainties described in our annual report on Form 10-K are not the only ones we may face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results. If any of the risks listed in our annual report on Form 10-K actually occur, our business, financial condition or results of operations could be materially adversely affected. If that happens, you may lose all or part of your investment.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
None.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
Rule 10b5-1 Trading Plans
During the quarter ended March 31, 2024, no director or officer of the Company has entered into any (i) contract, instruction or written plan for the purchase or sale of securities of the registrant intended to satisfy the alternative defense conditions of Rule 10b5-1(c) under the Exchange Act or (ii) any non-Rule 10b5-1 trading arrangement. The Company has adopted insider trading policies and procedures governing the purchase, sale, and disposition of the Company’s securities by officers and directors of the Company that are reasonably designed to promote compliance with insider trading laws, rules and regulations.
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Item 6. Exhibits

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

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

Date: May 8, 2024 | By | /s/ Theodore L. Koenig
|  | Theodore L. Koenig
|  | Chairman, Chief Executive Officer and Director
|  | (Principal Executive Officer)
|  | Monroe Capital Corporation
Date: May 8, 2024 | By | /s/ Lewis W. Solimene, Jr.
|  | Lewis W. Solimene, Jr.
|  | Chief Financial Officer and Chief Investment Officer
|  | (Principal Financial and Accounting Officer)
|  | Monroe Capital Corporation

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