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Holdings III Corp., Senior Secured Loans2025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:AerospaceSectorMemberus-gaap:SeniorLoansMember2025-03-310001742313Burgess Point Purchaser Corporation, Senior Secured Loans2025-03-310001742313First Brands Group, LLC, Senior Secured Loans2025-03-310001742313Lifted Trucks Holdings, LLC, Senior Secured Loans2025-03-310001742313Lifted Trucks Holdings, LLC, Senior Secured Loans (Revolver)2025-03-310001742313Panda Acquisition, LLC, Senior Secured Loans2025-03-310001742313Power Stop, LLC, Senior Secured Loans2025-03-310001742313Tenneco Inc., Senior Secured Loans2025-03-310001742313Truck-Lite Co., LLC, Senior Secured Loans2025-03-310001742313Truck-Lite Co., LLC, Senior Secured Loans (Delayed Draw)2025-03-310001742313Truck-Lite Co., LLC, Senior Secured Loans (Revolver)2025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:AutomotiveSector.Memberus-gaap:SeniorLoansMember2025-03-310001742313MV Receivables II, LLC, Senior Secured Loans2025-03-310001742313StarCompliance MidCo, LLC, Senior Secured Loans 12025-03-310001742313StarCompliance MidCo, LLC, Senior Secured Loans 22025-03-310001742313StarCompliance MidCo, LLC, Senior Secured Loans 32025-03-310001742313StarCompliance MidCo, LLC, Senior Secured Loans 42025-03-310001742313StarCompliance MidCo, LLC, Senior Secured Loans (Revolver)2025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:BankingSector1Memberus-gaap:SeniorLoansMember2025-03-310001742313Demakes Borrower, LLC, Senior Secured Loans2025-03-310001742313Demakes Borrower, LLC, Senior Secured Loans (Delayed Draw)2025-03-310001742313Izzio Artisan Bakery, LLC, Senior Secured Loans2025-03-310001742313Izzio Artisan Bakery, LLC, Senior Secured Loans (Delayed Draw)2025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:FoodAndBeverageSectorMemberus-gaap:SeniorLoansMember2025-03-310001742313Adept AG Holdings, LLC, Senior Secured Loans 12025-03-310001742313Adept AG Holdings, LLC, Senior Secured Loans 22025-03-310001742313BLP Buyer, Inc., Senior Secured Loans 12025-03-310001742313BLP Buyer, Inc., Senior Secured Loans 22025-03-310001742313BLP Buyer, Inc., Senior Secured Loans 32025-03-310001742313BLP Buyer, Inc., Senior Secured Loans (Revolver)2025-03-310001742313CGI Automated Manufacturing, LLC, Senior Secured Loans 12025-03-310001742313CGI Automated Manufacturing, LLC, Senior Secured Loans 22025-03-310001742313CGI Automated Manufacturing, LLC, Senior Secured Loans 32025-03-310001742313DS Parent, Inc., Senior Secured Loans2025-03-310001742313Incompass, LLC, Senior Secured Loans 12025-03-310001742313Incompass, LLC, Senior Secured Loans 22025-03-310001742313PrecisionX Group, LLC, Senior Secured Loans 12025-03-310001742313PrecisionX Group, LLC, Senior Secured Loans 22025-03-310001742313PrecisionX Group, LLC, Senior Secured Loans 32025-03-310001742313PrecisionX Group, LLC, Senior Secured Loans 42025-03-310001742313PrecisionX Group, LLC, Senior Secured Loans 52025-03-310001742313PrecisionX Group, LLC, Senior Secured Loans (Delayed Draw)2025-03-310001742313PrecisionX Group, LLC, Senior Secured Loans (Revolver)2025-03-310001742313Tavoron Buyer Corp., Senior Secured Loans2025-03-310001742313Tavoron Buyer Corp., Senior Secured Loans (Delayed Draw)2025-03-310001742313Tavoron Buyer Corp., Senior Secured Loans (Revolver) 12025-03-310001742313Tavoron Buyer Corp., Senior Secured Loans (Revolver) 22025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:CapitalEquipmentSectorMemberus-gaap:SeniorLoansMember2025-03-310001742313Guardian Restoration Partners Buyer, LLC, Senior Secured Loans2025-03-310001742313Guardian Restoration Partners Buyer, LLC, Senior Secured Loans (Delayed Draw)2025-03-310001742313Guardian Restoration Partners Buyer, LLC, Senior Secured Loans (Revolver)2025-03-310001742313Harlem Acquisition, LLC, Senior Secured Loans2025-03-310001742313Harlem Acquisition, LLC, Senior Secured Loans (Delayed Draw)2025-03-310001742313Harlem Acquisition, LLC, Senior Secured Loans (Revolver)2025-03-310001742313MEI Buyer LLC, Senior Secured Loans 12025-03-310001742313MEI Buyer LLC, Senior Secured Loans 22025-03-310001742313MEI Buyer LLC, Senior Secured Loans 32025-03-310001742313MEI Buyer LLC, Senior Secured Loans (Delayed Draw)2025-03-310001742313MEI Buyer LLC, Senior Secured Loans (Revolver)2025-03-310001742313Premier Roofing L.L.C., Senior Secured Loans2025-03-310001742313Premier Roofing L.L.C., Senior Secured Loans (Revolver)2025-03-310001742313TCFIII OWL Buyer LLC, Senior Secured Loans 12025-03-310001742313TCFIII OWL Buyer LLC, Senior Secured Loans 22025-03-310001742313TCFIII OWL Buyer LLC, Senior Secured Loans 32025-03-310001742313Water Buyer, LLC, Senior Secured Loans2025-03-310001742313Water Buyer, LLC, Senior Secured Loans (Delayed Draw)2025-03-310001742313Water Buyer, LLC, Senior Secured Loans (Revolver)2025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ConstructionSectorMemberus-gaap:SeniorLoansMember2025-03-3100017423138th Avenue Food & Provisions, Inc., Senior Secured Loans 12025-03-3100017423138th Avenue Food & Provisions, Inc., Senior Secured Loans 22025-03-310001742313Independence Buyer, Inc., Senior Secured Loans2025-03-310001742313Independence Buyer, Inc., Senior Secured Loans (Revolver)2025-03-310001742313Ivanti Software, Inc., Senior Secured Loans2025-03-310001742313Recycled Plastics Industries, LLC, Senior Secured Loans2025-03-310001742313Recycled Plastics Industries, LLC, Senior Secured Loans (Revolver)2025-03-310001742313SonicWall US Holdings Inc., Senior Secured Loans2025-03-310001742313Syniverse Holdings, LLC, Senior Secured Loans2025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:ConsumerGoodsDurableSectorMemberus-gaap:SeniorLoansMember2025-03-310001742313Cohere Beauty, Phoenix LLC (fka Arizona Natural Resources, LLC), Senior Secured Loans 12025-03-310001742313Cohere Beauty, Phoenix LLC (fka Arizona Natural Resources, LLC), Senior Secured Loans 22025-03-310001742313Cohere Beauty, Phoenix LLC (fka Arizona Natural Resources, LLC), Senior Secured Loans 32025-03-310001742313Cohere Beauty, Phoenix LLC (fka Arizona Natural Resources, LLC), Senior Secured Loans 42025-03-310001742313Cohere Beauty, Phoenix LLC (fka Arizona Natural Resources, LLC), Senior Secured Loans 52025-03-310001742313Cohere Beauty, Phoenix LLC (fka Arizona Natural Resources, LLC), Senior Secured Loans (Revolver)2025-03-310001742313Excelligence Learning Corporation, Senior Secured Loans2025-03-310001742313Excelligence Learning Corporation, Senior Secured Loans (Revolver)2025-03-310001742313Gibson Brands, Inc., Senior Secured Loans2025-03-310001742313The Kyjen Company, LLC, Senior Secured Loans 12025-03-310001742313The Kyjen Company, LLC, Senior Secured Loans 22025-03-310001742313The Kyjen Company, LLC, Senior Secured Loans (Revolver)2025-03-310001742313Thrasio, LLC, Senior Secured Loans2025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:ConsumerSectorNon-DurableMemberus-gaap:SeniorLoansMember2025-03-310001742313B2B Industrial Products LLC, Senior Secured Loans 12025-03-310001742313B2B Industrial Products LLC, Senior Secured Loans 22025-03-310001742313Ivex Holdco Inc. and Induspac Holdco Inc., Senior Secured Loans 12025-03-310001742313Ivex Holdco Inc. and Induspac Holdco Inc., Senior Secured Loans 22025-03-310001742313Ivex Holdco Inc. and Induspac Holdco Inc., Senior Secured Loans 32025-03-310001742313Ivex Holdco Inc. and Induspac Holdco Inc., Senior Secured Loans 42025-03-310001742313Ivex Holdco Inc. and Induspac Holdco Inc., Senior Secured Loans (Delayed Draw)2025-03-310001742313Ivex Holdco Inc. and Induspac Holdco Inc., Senior Secured Loans (Revolver)2025-03-310001742313Polychem Acquisition, LLC, Senior Secured Loans2025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ContainerAndPackagingSectorMemberus-gaap:SeniorLoansMember2025-03-310001742313PNE Interco LLC, Senior Secured Loans2025-03-310001742313PNE Interco LLC, Senior Secured Loans (Delayed Draw)2025-03-310001742313PNE Interco LLC, Senior Secured Loans (Revolver)2025-03-310001742313Quest Resource Management Group, LLC, Senior Secured Loans2025-03-310001742313Quest Resource Management Group, LLC, Senior Secured Loans (Delayed Draw)2025-03-310001742313Trilon Group, LLC, Senior Secured Loans 12025-03-310001742313Trilon Group, LLC, Senior Secured Loans 22025-03-310001742313Trilon Group, LLC, Senior Secured Loans 32025-03-310001742313Trilon Group, LLC, Senior Secured Loans 42025-03-310001742313Trilon Group, LLC, Senior Secured Loans 52025-03-310001742313Trilon Group, LLC, Senior Secured Loans (Delayed Draw)2025-03-310001742313Trilon Group, LLC, Senior Secured Loans (Revolver)2025-03-310001742313Volt Bidco, Inc., Senior Secured Loans 12025-03-310001742313Volt Bidco, Inc., Senior Secured Loans 22025-03-310001742313Volt Bidco, Inc., Senior Secured Loans 32025-03-310001742313Volt Bidco, Inc., Senior Secured Loans 42025-03-310001742313Volt Bidco, Inc., Senior Secured Loans (Revolver)2025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:EnvironmentalIndustriesMemberus-gaap:SeniorLoansMember2025-03-310001742313Arax Midco, LLC, Senior Secured Loans2025-03-310001742313Arax Midco, LLC, Senior Secured Loans (Delayed Draw)2025-03-310001742313Arax Midco, LLC, Senior Secured Loans (Revolver)2025-03-310001742313Bench Walk Lead, LLC, Senior Secured Loans 12025-03-310001742313Bench Walk Lead, LLC, Senior Secured Loans 22025-03-310001742313Bench Walk Lead, LLC, Senior Secured Loans (Delayed Draw)2025-03-310001742313BW 51f, L.P., Senior Secured Loans2025-03-310001742313Cpex Purchaser, LLC, Senior Secured Loans 12025-03-310001742313Cpex Purchaser, LLC, Senior Secured Loans 22025-03-310001742313Cpex Purchaser, LLC, Senior Secured Loans (Delayed Draw) 12025-03-310001742313Cpex Purchaser, LLC, Senior Secured Loans (Delayed Draw) 22025-03-310001742313Cpex Purchaser, LLC, Senior Secured Loans (Revolver)2025-03-310001742313GC Champion Acquisition LLC, Senior Secured Loans 12025-03-310001742313GC Champion Acquisition LLC, Senior Secured Loans 22025-03-310001742313GC Champion Acquisition LLC, Senior Secured Loans 32025-03-310001742313GC Champion Acquisition LLC, Senior Secured Loans (Delayed Draw)2025-03-310001742313J2 BWA Funding III, LLC, Senior Secured Loans (Delayed Draw)2025-03-310001742313J2 BWA Funding LLC, Senior Secured Loans (Revolver)2025-03-310001742313Oceana Australian Fixed Income Trust, Senior Secured Loans 12025-03-310001742313Oceana Australian Fixed Income Trust, Senior Secured Loans 22025-03-310001742313Resolute Investment Managers, Inc., Senior Secured Loans2025-03-310001742313SCP Intermediate Holdings, LLC, Senior Secured Loans2025-03-310001742313SCP Intermediate Holdings, LLC, Senior Secured Loans (Delayed Draw)2025-03-310001742313Slater Slater Schulman LLP, Senior Secured Loans2025-03-310001742313TEAM Public Choices, LLC, Senior Secured Loans 12025-03-310001742313TEAM Public Choices, LLC, Senior Secured Loans 22025-03-310001742313Tegra118 Wealth Solutions, Inc., Senior Secured Loans2025-03-310001742313Transnetwork LLC, Senior Secured Loans2025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:FireFinanceSectorMemberus-gaap:SeniorLoansMember2025-03-310001742313300 N. Michigan Mezz, LLC, Senior Secured Loans2025-03-310001742313Avison Young (USA) Inc., Senior Secured Loans2025-03-310001742313InsideRE, LLC, Senior Secured Loans 12025-03-310001742313InsideRE, LLC, Senior Secured Loans 22025-03-310001742313InsideRE, LLC, Senior Secured Loans (Delayed Draw)2025-03-310001742313InsideRE, LLC, Senior Secured Loans (Revolver)2025-03-310001742313Lessen LLC, Senior Secured Loans2025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:FireRealEstateSectorMemberus-gaap:SeniorLoansMember2025-03-310001742313Animal Dermatology Group, Inc., Senior Secured Loans 12025-03-310001742313Animal Dermatology Group, Inc., Senior Secured Loans 22025-03-310001742313Animal Dermatology Group, Inc., Senior Secured Loans (Delayed Draw) 12025-03-310001742313Animal Dermatology Group, Inc., Senior Secured Loans (Delayed Draw) 22025-03-310001742313Animal Dermatology Group, Inc., Senior Secured Loans (Revolver)2025-03-310001742313Appriss Health, LLC, Senior Secured Loans2025-03-310001742313Appriss Health, LLC, Senior Secured Loans (Revolver)2025-03-310001742313Bluesight, Inc., Senior Secured Loans 12025-03-310001742313Bluesight, Inc., Senior Secured Loans 22025-03-310001742313Bluesight, Inc., Senior Secured Loans 32025-03-310001742313Bluesight, Inc., Senior Secured Loans (Revolver)2025-03-310001742313Caravel Autism Health, LLC, Senior Secured Loans2025-03-310001742313Caravel Autism Health, LLC, Senior Secured Loans (Delayed Draw)2025-03-310001742313Caravel Autism Health, LLC, Senior Secured Loans (Revolver)2025-03-310001742313Dorado Acquisition, Inc., Senior Secured Loans 12025-03-310001742313Dorado Acquisition, Inc., Senior Secured Loans 22025-03-310001742313Dorado Acquisition, Inc., Senior Secured Loans (Revolver)2025-03-310001742313FH BMX Buyer, Inc., Senior Secured Loans2025-03-310001742313FH BMX Buyer, Inc., Senior Secured Loans (Delayed Draw)2025-03-310001742313Forest Buyer, LLC, Senior Secured Loans 12025-03-310001742313Forest Buyer, LLC, Senior Secured Loans 22025-03-310001742313Forest Buyer, LLC, Senior Secured Loans (Revolver)2025-03-310001742313Golden State Buyer, Inc., Senior Secured Loans2025-03-310001742313Helping Hands Childrens Services Management, LLC, Senior Secured Loans2025-03-310001742313Helping Hands Childrens Services Management, LLC, Senior Secured Loans (Delayed Draw)2025-03-310001742313Helping Hands Childrens Services Management, LLC, Senior Secured Loans (Revolver)2025-03-310001742313INH Buyer, Inc., Senior Secured Loans2025-03-310001742313KL Moon Acquisition, LLC, Senior Secured Loans 12025-03-310001742313KL Moon Acquisition, LLC, Senior Secured Loans 22025-03-310001742313KL Moon Acquisition, LLC, Senior Secured Loans 32025-03-310001742313KL Moon Acquisition, LLC, Senior Secured Loans (Revolver)2025-03-310001742313Long Grove Pharmaceuticals, LLC, Senior Secured Loans2025-03-310001742313Long Grove Pharmaceuticals, LLC, Senior Secured Loans (Delayed Draw)2025-03-310001742313NationsBenefits, LLC, Senior Secured Loans 12025-03-310001742313NationsBenefits, LLC, Senior Secured Loans 22025-03-310001742313NationsBenefits, LLC, Senior Secured Loans 32025-03-310001742313NationsBenefits, LLC, Senior Secured Loans 42025-03-310001742313NationsBenefits, LLC, Senior Secured Loans (Delayed Draw)2025-03-310001742313NationsBenefits, LLC, Senior Secured Loans (Revolver)2025-03-310001742313NBPT Acquisition LLC, Senior Secured Loans2025-03-310001742313NBPT Acquisition LLC, Senior Secured Loans (Delayed Draw)2025-03-310001742313NBPT Acquisition LLC, Senior Secured Loans (Revolver)2025-03-310001742313NQ PE Project Colosseum Midco Inc., Senior Secured Loans2025-03-310001742313NQ PE Project Colosseum Midco Inc., Senior Secured Loans (Revolver)2025-03-310001742313PAI Middle Tier, LLC, Senior Secured Loans2025-03-310001742313PAI Middle Tier, LLC, Senior Secured Loans (Revolver)2025-03-310001742313QF Holdings, Inc., Senior Secured Loans 12025-03-310001742313QF Holdings, Inc., Senior Secured Loans 22025-03-310001742313QF Holdings, Inc., Senior Secured Loans 32025-03-310001742313QF Holdings, Inc., Senior Secured Loans 42025-03-310001742313QF Holdings, Inc., Senior Secured Loans 52025-03-310001742313QF Holdings, Inc., Senior Secured Loans 62025-03-310001742313QF Holdings, Inc., Senior Secured Loans (Revolver)2025-03-310001742313Ro Health, LLC, Senior Secured Loans2025-03-310001742313Ro Health, LLC, Senior Secured Loans (Revolver)2025-03-310001742313SCP Eye Care Holdco, LLC, Senior Secured Loans 12025-03-310001742313SCP Eye Care Holdco, LLC, Senior Secured Loans 22025-03-310001742313SCP Eye Care Holdco, LLC, Senior Secured Loans 32025-03-310001742313SCP Eye Care Holdco, LLC, Senior Secured Loans (Delayed Draw)2025-03-310001742313SCP Eye Care Holdco, LLC, Senior Secured Loans (Revolver)2025-03-310001742313SDG Mgmt Company, LLC, Senior Secured Loans 12025-03-310001742313SDG Mgmt Company, LLC, Senior Secured Loans 22025-03-310001742313SDG Mgmt Company, LLC, Senior Secured Loans 32025-03-310001742313SDG Mgmt Company, LLC, Senior Secured Loans (Delayed Draw) 12025-03-310001742313SDG Mgmt Company, LLC, Senior Secured Loans (Delayed Draw) 22025-03-310001742313SDG Mgmt Company, LLC, Senior Secured Loans (Revolver)2025-03-310001742313Seran BioScience, LLC, Senior Secured Loans 12025-03-310001742313Seran BioScience, LLC, Senior Secured Loans 22025-03-310001742313Seran BioScience, LLC, Senior Secured Loans 32025-03-310001742313Seran BioScience, LLC, Senior Secured Loans (Delayed Draw)2025-03-310001742313Seran BioScience, LLC, Senior Secured Loans (Revolver)2025-03-310001742313SIP Care Services, LLC, Senior Secured Loans 12025-03-310001742313SIP Care Services, LLC, Senior Secured Loans 22025-03-310001742313SIP Care Services, LLC, Senior Secured Loans (Revolver)2025-03-310001742313The Smilist DSO, LLC, Senior Secured Loans 12025-03-310001742313The Smilist DSO, LLC, Senior Secured Loans 22025-03-310001742313The Smilist DSO, LLC, Senior Secured Loans 32025-03-310001742313The Smilist DSO, LLC, Senior Secured Loans (Delayed Draw)2025-03-310001742313The Smilist DSO, LLC, Senior Secured Loans (Revolver)2025-03-310001742313TigerConnect, Inc., Senior Secured Loans 12025-03-310001742313TigerConnect, Inc., Senior Secured Loans 22025-03-310001742313TigerConnect, Inc., Senior Secured Loans (Delayed Draw) 12025-03-310001742313TigerConnect, Inc., Senior Secured Loans (Delayed Draw) 22025-03-310001742313TigerConnect, Inc., Senior Secured Loans (Revolver)2025-03-310001742313Vero Biotech Inc., Senior Secured Loans2025-03-310001742313WebPT, Inc., Senior Secured Loans2025-03-310001742313WebPT, Inc., Senior Secured Loans (Revolver)2025-03-310001742313Xpress Wellness, LLC, Senior Secured Loans2025-03-310001742313Xpress Wellness, LLC, Senior Secured Loans (Delayed Draw)2025-03-310001742313Xpress Wellness, LLC, Senior Secured Loans (Revolver)2025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:HealthcareSectorMemberus-gaap:SeniorLoansMember2025-03-3100017423133C Buyer LLC, Senior Secured Loans 12025-03-3100017423133C Buyer LLC, Senior Secured Loans 22025-03-3100017423133C Buyer LLC, Senior Secured Loans 32025-03-3100017423133C Buyer LLC, Senior Secured Loans 42025-03-3100017423133C Buyer LLC, Senior Secured Loans (Revolver)2025-03-310001742313Accelevation LLC, Senior Secured Loans2025-03-310001742313Accelevation LLC, Senior Secured Loans (Delayed Draw)2025-03-310001742313Accelevation LLC, Senior Secured Loans (Revolver)2025-03-310001742313Acquia Inc., Senior Secured Loans 12025-03-310001742313Acquia Inc., Senior Secured Loans 22025-03-310001742313Acquia Inc., Senior Secured Loans (Revolver)2025-03-310001742313Aptean, Inc., Senior Secured Loans2025-03-310001742313Aptean, Inc., Senior Secured Loans (Delayed Draw)2025-03-310001742313Aptean, Inc., Senior Secured Loans (Revolver)2025-03-310001742313Arcserve Cayman Opco LP, Senior Secured Loans (Delayed Draw)2025-03-310001742313Aston US Finco, LLC, Senior Secured Loans2025-03-310001742313BTRS Holdings Inc., Senior Secured Loans2025-03-310001742313BTRS Holdings Inc., Senior Secured Loans (Revolver)2025-03-310001742313Cardinal Parent, INC, Senior Secured Loans2025-03-310001742313Catalyst Data Holdings, Inc., Senior Secured Loans2025-03-310001742313Catalyst Data Holdings, Inc., Senior Secured Loans (Delayed Draw) 12025-03-310001742313Catalyst Data Holdings, Inc., Senior Secured Loans (Delayed Draw) 22025-03-310001742313Catalyst Data Holdings, Inc., Senior Secured Loans (Delayed Draw) 32025-03-310001742313Catalyst Data Holdings, Inc., Senior Secured Loans (Revolver)2025-03-310001742313Cloud for Good, LLC, Senior Secured Loans2025-03-310001742313Cloud for Good, LLC, Senior Secured Loans (Delayed Draw)2025-03-310001742313Cloud for Good, LLC, Senior Secured Loans (Revolver)2025-03-310001742313Douglas Holdings, Inc., Senior Secured Loans2025-03-310001742313Douglas Holdings, Inc., Senior Secured Loans (Delayed Draw) 12025-03-310001742313Douglas Holdings, Inc., Senior Secured Loans (Delayed Draw) 22025-03-310001742313Douglas Holdings, Inc., Senior Secured Loans (Revolver)2025-03-310001742313Drawbridge Partners, LLC, Senior Secured Loans2025-03-310001742313Drawbridge Partners, LLC, Senior Secured Loans (Delayed Draw)2025-03-310001742313Drawbridge Partners, LLC, Senior Secured Loans (Revolver)2025-03-310001742313Einstein Parent, INC., Senior Secured Loans2025-03-310001742313Einstein Parent, INC., Senior Secured Loans (Revolver)2025-03-310001742313Fortra, LLC, Senior Secured Loans2025-03-310001742313Freedom U.S. Acquisition Corporation, Senior Secured Loans2025-03-310001742313Freedom U.S. Acquisition Corporation, Senior Secured Loans (Revolver)2025-03-310001742313Fueled Digital Media, LLC, Senior Secured Loans 12025-03-310001742313Fueled Digital Media, LLC, Senior Secured Loans 22025-03-310001742313Fueled Digital Media, LLC, Senior Secured Loans (Revolver)2025-03-310001742313HOSTAWAY MIDCO OY, Senior Secured Loans2025-03-310001742313HOSTAWAY MIDCO OY, Senior Secured Loans (Delayed Draw)2025-03-310001742313HOSTAWAY MIDCO OY, Senior Secured Loans (Revolver)2025-03-310001742313Jobnimbus Holdings, LLC, Senior Secured Loans2025-03-310001742313Jobnimbus Holdings, LLC, Senior Secured Loans (Delayed Draw)2025-03-310001742313Jobnimbus Holdings, LLC, Senior Secured Loans (Revolver)2025-03-310001742313Medallia, Inc., Senior Secured Loans2025-03-310001742313Mindbody, Inc., Senior Secured Loans 12025-03-310001742313Mindbody, Inc., Senior Secured Loans 22025-03-310001742313Mindbody, Inc., Senior Secured Loans (Revolver)2025-03-310001742313Nasuni Corporation, Senior Secured Loans2025-03-310001742313Nasuni Corporation, Senior Secured Loans (Revolver)2025-03-310001742313Oranje Holdco, Inc., Senior Secured Loans 12025-03-310001742313Oranje Holdco, Inc., Senior Secured Loans 22025-03-310001742313Oranje Holdco, Inc., Senior Secured Loans (Revolver)2025-03-310001742313Optomi, LLC, Senior Secured Loans 12025-03-310001742313Optomi, LLC, Senior Secured Loans 22025-03-310001742313Optomi, LLC, Senior Secured Loans (Revolver)2025-03-310001742313Reorganized Mobileum AcquisitionCo, LLC, Senior Secured Loans2025-03-310001742313Securly, Inc., Senior Secured Loans 12025-03-310001742313Securly, Inc., Senior Secured Loans 22025-03-310001742313Securly, Inc., Senior Secured Loans 32025-03-310001742313Securly, Inc., Senior Secured Loans 42025-03-310001742313Securly, Inc., Senior Secured Loans 52025-03-310001742313Securly, Inc., Senior Secured Loans (Revolver)2025-03-310001742313Signiant Inc., Senior Secured Loans2025-03-310001742313Signiant Inc., Senior Secured Loans (Delayed Draw)2025-03-310001742313Signiant Inc., Senior Secured Loans (Revolver)2025-03-310001742313Sparq Holdings, Inc., Senior Secured Loans 12025-03-310001742313Sparq Holdings, Inc., Senior Secured Loans 22025-03-310001742313Sparq Holdings, Inc., Senior Secured Loans 32025-03-310001742313Sparq Holdings, Inc., Senior Secured Loans (Delayed Draw)2025-03-310001742313Sparq Holdings, Inc., Senior Secured Loans (Revolver)2025-03-310001742313Tiugo Group Holdings Corp, Senior Secured Loans2025-03-310001742313Tiugo Group Holdings Corp, Senior Secured Loans (Delayed Draw)2025-03-310001742313Tiugo Group Holdings Corp, Senior Secured Loans (Revolver)2025-03-310001742313Unanet, Inc., Senior Secured Loans2025-03-310001742313Unanet, Inc., Senior Secured Loans (Delayed Draw) 12025-03-310001742313Unanet, Inc., Senior Secured Loans (Delayed Draw) 22025-03-310001742313Unanet, Inc., Senior Secured Loans (Revolver)2025-03-310001742313Varicent Intermediate Holdings Corporation, Senior Secured Loans2025-03-310001742313Varicent Intermediate Holdings Corporation, Senior Secured Loans (Delayed Draw)2025-03-310001742313Varicent Intermediate Holdings Corporation, Senior Secured Loans (Revolver)2025-03-310001742313Velociti, LLC, Senior Secured Loans2025-03-310001742313Velociti, LLC, Senior Secured Loans (Revolver)2025-03-310001742313Watchguard Technologies, Inc., Senior Secured Loans2025-03-310001742313ZI Intermediate II, Inc., Senior Secured Loans2025-03-310001742313ZI Intermediate II, Inc., Senior Secured Loans (Revolver)2025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:HighTechIndustriesSectorMemberus-gaap:SeniorLoansMember2025-03-31000174231395 Percent Buyer, LLC, Senior Secured Loans2025-03-31000174231395 Percent Buyer, LLC, Senior Secured Loans (Revolver)2025-03-310001742313Calienger Holdings, L.L.C., Senior Secured Loans2025-03-310001742313Calienger Holdings, L.L.C., Senior Secured Loans (Revolver)2025-03-310001742313CE Intermediate, LLC, Senior Secured Loans2025-03-310001742313Destination Media, Inc., Senior Secured Loans 12025-03-310001742313Destination Media, Inc., Senior Secured Loans 22025-03-310001742313Destination Media, Inc., Senior Secured Loans (Revolver)2025-03-310001742313DRI Holding Inc., Senior Secured Loans2025-03-310001742313EverService Midco, LLC, Senior Secured Loans2025-03-310001742313EverService Midco, LLC, Senior Secured Loans (Revolver)2025-03-310001742313Madison Logic Holdings, Inc., Senior Secured Loans2025-03-310001742313Madison Logic Holdings, Inc., Senior Secured Loans (Revolver)2025-03-310001742313Really Great Reading Company, Inc., Senior Secured Loans2025-03-310001742313Really Great Reading Company, Inc., Senior Secured Loans (Revolver)2025-03-310001742313Relevate Health Group, LLC, Senior Secured Loans 12025-03-310001742313Relevate Health Group, LLC, Senior Secured Loans 22025-03-310001742313Relevate Health Group, LLC, Senior Secured Loans 32025-03-310001742313Relevate Health Group, LLC, Senior Secured Loans 42025-03-310001742313Relevate Health Group, LLC, Senior Secured Loans (Revolver)2025-03-310001742313Spherix Global Inc., Senior Secured Loans2025-03-310001742313Spherix Global Inc., Senior Secured Loans (Revolver)2025-03-310001742313Touchmath Acquisition LLC, Senior Secured Loans2025-03-310001742313Touchmath Acquisition LLC, Senior Secured Loans (Revolver)2025-03-310001742313XanEdu Publishing, Inc., Senior Secured Loans 12025-03-310001742313XanEdu Publishing, Inc., Senior Secured Loans 22025-03-310001742313XanEdu Publishing, Inc., Senior Secured Loans (Revolver)2025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:MediaAdvertisingPrintingPublishingMemberus-gaap:SeniorLoansMember2025-03-310001742313Vice Acquisition Holdco, LLC, Senior Secured Loans2025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:MediaBroadcastingSubscriptionMemberus-gaap:SeniorLoansMember2025-03-310001742313Chess.com, LLC, Senior Secured Loans2025-03-310001742313Chess.com, LLC, Senior Secured Loans (Revolver)2025-03-310001742313Crownpeak Technology, Inc., Senior Secured Loans 12025-03-310001742313Crownpeak Technology, Inc., Senior Secured Loans 22025-03-310001742313Crownpeak Technology, Inc., Senior Secured Loans 32025-03-310001742313Crownpeak Technology, Inc., Senior Secured Loans 42025-03-310001742313Crownpeak Technology, Inc., Senior Secured Loans (Revolver)2025-03-310001742313Research Now Group, Inc. and Survey Sampling International, LLC, Senior Secured Loans2025-03-310001742313Sports Operating Holdings II, LLC, Senior Secured Loans2025-03-310001742313Sports Operating Holdings II, LLC, Senior Secured Loans (Delayed Draw)2025-03-310001742313Sports Operating Holdings II, LLC, Senior Secured Loans (Revolver)2025-03-310001742313STATS Intermediate Holdings, LLC, Senior Secured Loans2025-03-310001742313Streamland Media MidCo LLC, Senior Secured Loans2025-03-310001742313Streamland Media MidCo LLC, Senior Secured Loans (Revolver)2025-03-310001742313Touchtunes Music Group, LLC, Senior Secured Loans2025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:MediaDiversifiedProductionMemberus-gaap:SeniorLoansMember2025-03-310001742313Rita's Franchise Company, LLC, Senior Secured Loans2025-03-310001742313Rita's Franchise Company, LLC, Senior Secured Loans (Revolver)2025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RetailSectorMemberus-gaap:SeniorLoansMember2025-03-310001742313A360, Inc., Senior Secured Loans2025-03-310001742313A360, Inc., Senior Secured Loans (Delayed Draw)2025-03-310001742313A360, Inc., Senior Secured Loans (Revolver)2025-03-310001742313Aligned Exteriors Group Holdco, LLC, Senior Secured Loans2025-03-310001742313Aligned Exteriors Group Holdco, LLC, Senior Secured Loans (Delayed Draw)2025-03-310001742313Aligned Exteriors Group Holdco, LLC, Senior Secured Loans (Revolver)2025-03-310001742313Ambient Enterprises Holdco, LLC, Senior Secured Loans 12025-03-310001742313Ambient Enterprises Holdco, LLC, Senior Secured Loans 22025-03-310001742313Ambient Enterprises Holdco, LLC, Senior Secured Loans (Delayed Draw)2025-03-310001742313Ambient Enterprises Holdco, LLC, Senior Secured Loans (Revolver)2025-03-310001742313Aras Corporation, Senior Secured Loans2025-03-310001742313Aras Corporation, Senior Secured Loans (Revolver)2025-03-310001742313ASG III, LLC, Senior Secured Loans 12025-03-310001742313ASG III, LLC, Senior Secured Loans 22025-03-310001742313ASG III, LLC, Senior Secured Loans (Delayed Draw)2025-03-310001742313ASG III, LLC, Senior Secured Loans (Revolver)2025-03-310001742313Bloomerang, LLC, Senior Secured Loans2025-03-310001742313Bloomerang, LLC, Senior Secured Loans (Delayed Draw)2025-03-310001742313Bloomerang, LLC, Senior Secured Loans (Revolver)2025-03-310001742313Cdata Software, Inc., Senior Secured Loans2025-03-310001742313Cdata Software, Inc., Senior Secured Loans (Delayed Draw) 12025-03-310001742313Cdata Software, Inc., Senior Secured Loans (Delayed Draw) 22025-03-310001742313Cdata Software, Inc., Senior Secured Loans (Revolver)2025-03-310001742313Cosmos Bidco, Inc., Senior Secured Loans 12025-03-310001742313Cosmos Bidco, Inc., Senior Secured Loans 22025-03-310001742313Cosmos Bidco, Inc., Senior Secured Loans 32025-03-310001742313Cosmos Bidco, Inc., Senior Secured Loans (Delayed Draw) 12025-03-310001742313Cosmos Bidco, Inc., Senior Secured Loans (Delayed Draw) 22025-03-310001742313Cosmos Bidco, Inc., Senior Secured Loans (Revolver)2025-03-310001742313E-Discovery Acquireco, LLC, Senior Secured Loans 12025-03-310001742313E-Discovery Acquireco, LLC, Senior Secured Loans 22025-03-310001742313E-Discovery Acquireco, LLC, Senior Secured Loans (Revolver)2025-03-310001742313ecMarket Inc. and Conexiom US Inc., Senior Secured Loans 12025-03-310001742313ecMarket Inc. and Conexiom US Inc., Senior Secured Loans 22025-03-310001742313ecMarket Inc. and Conexiom US Inc., Senior Secured Loans 32025-03-310001742313ecMarket Inc. and Conexiom US Inc., Senior Secured Loans 42025-03-310001742313ecMarket Inc. and Conexiom US Inc., Senior Secured Loans (Revolver)2025-03-310001742313Edustaff, LLC, Senior Secured Loans2025-03-310001742313Edustaff, LLC, Senior Secured Loans (Revolver)2025-03-310001742313ETA Australia Holdings III Pty Ltd and MYOB US Borrower LLC, Senior Secured Loans2025-03-310001742313Huckabee Acquisition, LLC, Senior Secured Loans2025-03-310001742313Huckabee Acquisition, LLC, Senior Secured Loans (Delayed Draw)2025-03-310001742313Huckabee Acquisition, LLC, Senior Secured Loans (Revolver)2025-03-310001742313iCIMS, Inc., Senior Secured Loans2025-03-310001742313Interstate BidCo, LLC, Senior Secured Loans 12025-03-310001742313Interstate BidCo, LLC, Senior Secured Loans 22025-03-310001742313Interstate BidCo, LLC, Senior Secured Loans 32025-03-310001742313Interstate BidCo, LLC, Senior Secured Loans (Delayed Draw)2025-03-310001742313Interstate BidCo, LLC, Senior Secured Loans (Revolver)2025-03-310001742313JDX Studio, LLC, Senior Secured Loans2025-03-310001742313JDX Studio, LLC, Senior Secured Loans (Delayed Draw)2025-03-310001742313JDX Studio, LLC, Senior Secured Loans (Revolver)2025-03-310001742313Kingsley Gate Partners, LLC, Senior Secured Loans 12025-03-310001742313Kingsley Gate Partners, LLC, Senior Secured Loans 22025-03-310001742313Kingsley Gate Partners, LLC, Senior Secured Loans 32025-03-310001742313Kingsley Gate Partners, LLC, Senior Secured Loans (Revolver)2025-03-310001742313Milrose Consultants, LLC, Senior Secured Loans 12025-03-310001742313Milrose Consultants, LLC, Senior Secured Loans 22025-03-310001742313Milrose Consultants, LLC, Senior Secured Loans 32025-03-310001742313Milrose Consultants, LLC, Senior Secured Loans (Revolver)2025-03-310001742313Moonraker Acquisitionco LLC, Senior Secured Loans2025-03-310001742313Moonraker Acquisitionco LLC, Senior Secured Loans (Revolver)2025-03-310001742313NFM & J, L.P., Senior Secured Loans2025-03-310001742313NFM & J, L.P., Senior Secured Loans (Delayed Draw)2025-03-310001742313NFM & J, L.P., Senior Secured Loans (Revolver)2025-03-310001742313Northeast Contracting Company, LLC, Senior Secured Loans2025-03-310001742313Northeast Contracting Company, LLC, Senior Secured Loans (Revolver)2025-03-310001742313Onix Networking Corp., Senior Secured Loans2025-03-310001742313Onix Networking Corp., Senior Secured Loans (Revolver)2025-03-310001742313OPOC Acquisition, LLC, Senior Secured Loans2025-03-310001742313OPOC Acquisition, LLC, Senior Secured Loans (Delayed Draw)2025-03-310001742313OPOC Acquisition, LLC, Senior Secured Loans (Revolver)2025-03-310001742313Parkhub, Inc., Senior Secured Loans 12025-03-310001742313Parkhub, Inc., Senior Secured Loans 22025-03-310001742313Parkhub, Inc., Senior Secured Loans (Delayed Draw) 12025-03-310001742313Parkhub, Inc., Senior Secured Loans (Delayed Draw) 22025-03-310001742313Parkhub, Inc., Senior Secured Loans (Delayed Draw) 32025-03-310001742313Parkhub, Inc., Senior Secured Loans (Revolver)2025-03-310001742313PC Pest Buyer, LLC, Senior Secured Loans2025-03-310001742313PC Pest Buyer, LLC, Senior Secured Loans (Delayed Draw)2025-03-310001742313PC Pest Buyer, LLC, Senior Secured Loans (Revolver)2025-03-310001742313PRGX Global, Inc., Senior Secured Loans2025-03-310001742313PRGX Global, Inc., Senior Secured Loans (Revolver)2025-03-310001742313Project Accelerate Parent, LLC, Senior Secured Loans2025-03-310001742313Project Accelerate Parent, LLC, Senior Secured Loans (Revolver)2025-03-310001742313Prototek LLC, Senior Secured Loans2025-03-310001742313Prototek LLC, Senior Secured Loans (Revolver)2025-03-310001742313Rampart Exterior Services Buyer, Inc., Senior Secured Loans 12025-03-310001742313Rampart Exterior Services Buyer, Inc., Senior Secured Loans 22025-03-310001742313Rampart Exterior Services Buyer, Inc., Senior Secured Loans 32025-03-310001742313Rampart Exterior Services Buyer, Inc., Senior Secured Loans (Revolver)2025-03-310001742313Security Services Acquisition Sub Corp., Senior Secured Loans 12025-03-310001742313Security Services Acquisition Sub Corp., Senior Secured Loans 22025-03-310001742313Security Services Acquisition Sub Corp., Senior Secured Loans 32025-03-310001742313Signal 88, LLC, Senior Secured Loans2025-03-310001742313Sunstates Security, LLC, Senior Secured Loans2025-03-310001742313Sunstates Security, LLC, Senior Secured Loans (Delayed Draw)2025-03-310001742313Symplr Software, Inc., Senior Secured Loans2025-03-310001742313Teneo Holdings LLC, Senior Secured Loans2025-03-310001742313Thryv, Inc., Senior Secured Loans2025-03-310001742313TIC Bidco Limited, Senior Secured Loans 12025-03-310001742313TIC Bidco Limited, Senior Secured Loans 22025-03-310001742313Valkyrie Buyer, LLC, Senior Secured Loans2025-03-310001742313Valkyrie Buyer, LLC, Senior Secured Loans (Delayed Draw) 12025-03-310001742313Valkyrie Buyer, LLC, Senior Secured Loans (Delayed Draw) 22025-03-310001742313Valkyrie Buyer, LLC, Senior Secured Loans (Delayed Draw) 32025-03-310001742313Valkyrie Buyer, LLC, Senior Secured Loans (Delayed Draw) 42025-03-310001742313Valkyrie Buyer, LLC, Senior Secured Loans (Delayed Draw) 52025-03-310001742313Valkyrie Buyer, LLC, Senior Secured Loans (Revolver)2025-03-310001742313Vhagar Purchaser, LLC, Senior Secured Loans2025-03-310001742313Vhagar Purchaser, LLC, Senior Secured Loans (Delayed Draw)2025-03-310001742313Vhagar Purchaser, LLC, Senior Secured Loans (Revolver)2025-03-310001742313WPEngine, Inc., Senior Secured Loans2025-03-310001742313WPEngine, Inc., Senior Secured Loans (Revolver)2025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:ServicesBusinessSectorMemberus-gaap:SeniorLoansMember2025-03-310001742313AMS Parent, LLC, Senior Secured Loans2025-03-310001742313Clydesdale Holdings, LLC, Senior Secured Loans 12025-03-310001742313Clydesdale Holdings, LLC, Senior Secured Loans 22025-03-310001742313Clydesdale Holdings, LLC, Senior Secured Loans 32025-03-310001742313Clydesdale Holdings, LLC, Senior Secured Loans 42025-03-310001742313Clydesdale Holdings, LLC, Senior Secured Loans (Delayed Draw)2025-03-310001742313Clydesdale Holdings, LLC, Senior Secured Loans (Revolver)2025-03-310001742313Expedited Travel, LLC, Senior Secured Loans2025-03-310001742313Expedited Travel, LLC, Senior Secured Loans (Revolver)2025-03-310001742313Express Wash Acquisition Company, LLC, Senior Secured Loans 12025-03-310001742313Express Wash Acquisition Company, LLC, Senior Secured Loans 22025-03-310001742313Express Wash Acquisition Company, LLC, Senior Secured Loans (Revolver)2025-03-310001742313Innovative Artists Entertainment, LLC, Senior Secured Loans2025-03-310001742313Innovative Artists Entertainment, LLC, Senior Secured Loans (Revolver)2025-03-310001742313Light Wave Dental Management, LLC, Senior Secured Loans 12025-03-310001742313Light Wave Dental Management, LLC, Senior Secured Loans 22025-03-310001742313Light Wave Dental Management, LLC, Senior Secured Loans 32025-03-310001742313Light Wave Dental Management, LLC, Senior Secured Loans (Revolver)2025-03-310001742313Mammoth Holdings, LLC, Senior Secured Loans 12025-03-310001742313Mammoth Holdings, LLC, Senior Secured Loans 22025-03-310001742313Mammoth Holdings, LLC, Senior Secured Loans (Revolver)2025-03-310001742313Russell Investments US Institutional Holdco, Inc., Senior Secured Loans2025-03-310001742313Russell Investments US Institutional Holdco, Inc., Senior Secured Loans (Revolver)2025-03-310001742313Steel City Wash, LLC, Senior Secured Loans2025-03-310001742313Steel City Wash, LLC, Senior Secured Loans (Delayed Draw)2025-03-310001742313Steel City Wash, LLC, Senior Secured Loans (Revolver)2025-03-310001742313The Black Tux, LLC, Senior Secured Loans2025-03-310001742313The Black Tux, LLC, Senior Secured Loans (Delayed Draw)2025-03-310001742313The Black Tux, LLC, Senior Secured Loans (Revolver)2025-03-310001742313The Gersh Agency, LLC, Senior Secured Loans 12025-03-310001742313The Gersh Agency, LLC, Senior Secured Loans 22025-03-310001742313The Gersh Agency, LLC, Senior Secured Loans 32025-03-310001742313The Gersh Agency, LLC, Senior Secured Loans 42025-03-310001742313The Gersh Agency, LLC, Senior Secured Loans (Delayed Draw)2025-03-310001742313The Gersh Agency, LLC, Senior Secured Loans (Revolver) 12025-03-310001742313The Gersh Agency, LLC, Senior Secured Loans (Revolver) 22025-03-310001742313The Hertz Corporation, Senior Secured Loans 12025-03-310001742313The Hertz Corporation, Senior Secured Loans 22025-03-310001742313Ultra Clean Holdco LLC, Senior Secured Loans2025-03-310001742313Ultra Clean Holdco LLC, Senior Secured Loans (Delayed Draw)2025-03-310001742313Ultra Clean Holdco LLC, Senior Secured Loans (Revolver)2025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:ServicesConsumerSectorMemberus-gaap:SeniorLoansMember2025-03-310001742313American Broadband and Telecommunications Company LLC, Senior Secured Loans (Delayed Draw)2025-03-310001742313American Broadband and Telecommunications Company LLC, Senior Secured Loans (Revolver)2025-03-310001742313AppLogic Networks OpCo I LLC (fka Sandvine Corporation), Senior Secured Loans2025-03-310001742313Calabrio, Inc., Senior Secured Loans 12025-03-310001742313Calabrio, Inc., Senior Secured Loans 22025-03-310001742313Calabrio, Inc., Senior Secured Loans (Revolver)2025-03-310001742313DataOnline Corp., Senior Secured Loans2025-03-310001742313DataOnline Corp., Senior Secured Loans (Revolver)2025-03-310001742313EOS Finco S.A.R.L., Senior Secured Loans2025-03-310001742313MB Purchaser, LLC, Senior Secured Loans2025-03-310001742313MB Purchaser, LLC, Senior Secured Loans (Delayed Draw)2025-03-310001742313MB Purchaser, LLC, Senior Secured Loans (Revolver)2025-03-310001742313Patagonia Holdco LLC, Senior Secured Loans2025-03-310001742313Radiate Holdco, LLC, Senior Secured Loans2025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:TelecommunicationsMemberus-gaap:SeniorLoansMember2025-03-310001742313Dusk Acquisition II Corporation, Senior Secured Loans 12025-03-310001742313Dusk Acquisition II Corporation, Senior Secured Loans 22025-03-310001742313Epika Fleet Services, Inc., Senior Secured Loans 12025-03-310001742313Epika Fleet Services, Inc., Senior Secured Loans 22025-03-310001742313Epika Fleet Services, Inc., Senior Secured Loans (Delayed Draw) 12025-03-310001742313Epika Fleet Services, Inc., Senior Secured Loans (Delayed Draw) 22025-03-310001742313Epika Fleet Services, Inc., Senior Secured Loans (Revolver)2025-03-310001742313Fiasco Enterprises, LLC, Senior Secured Loans 12025-03-310001742313Fiasco Enterprises, LLC, Senior Secured Loans 22025-03-310001742313Fiasco Enterprises, LLC, Senior Secured Loans (Revolver)2025-03-310001742313Randys Holdings, Inc., Senior Secured Loans2025-03-310001742313Randys Holdings, Inc., Senior Secured Loans (Delayed Draw)2025-03-310001742313Randys Holdings, Inc., Senior Secured Loans (Revolver)2025-03-310001742313RS Acquisition, LLC, Senior Secured Loans 12025-03-310001742313RS Acquisition, LLC, Senior Secured Loans 22025-03-310001742313RS Acquisition, LLC, Senior Secured Loans (Revolver)2025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:TransportationSectorMemberus-gaap:SeniorLoansMember2025-03-310001742313IF & P Holdings Company, LLC, Senior Secured Loans 12025-03-310001742313IF & P Holdings Company, LLC, Senior Secured Loans 22025-03-310001742313IF & P Holdings Company, LLC, Senior Secured Loans 32025-03-310001742313IF & P Holdings Company, LLC, Senior Secured Loans (Delayed Draw)2025-03-310001742313IF & P Holdings Company, LLC, Senior Secured Loans (Revolver)2025-03-310001742313S&S Holdings LLC, Senior Secured Loans 12025-03-310001742313S&S Holdings LLC, Senior Secured Loans 22025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:WholesaleSectorMemberus-gaap:SeniorLoansMember2025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2025-03-310001742313Gargoyle Enterprises, Inc., Unitranche Secured Loans (Revolver)2025-03-310001742313Off Hours Spirits, Inc. / Hour Barrel, LLC, Unitranche Secured Loans (Revolver)2025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:FoodAndBeverageSectorMemberus-gaap:UnitrancheDebtMember2025-03-310001742313Jumpstart Holdco, Inc., Unitranche Secured Loans2025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:ConsumerGoodsDurableSectorMemberus-gaap:UnitrancheDebtMember2025-03-310001742313New Engen, Inc., Unitranche Secured Loans 12025-03-310001742313New Engen, Inc., Unitranche Secured Loans 22025-03-310001742313New Engen, Inc., Unitranche Secured Loans 32025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:MediaAdvertisingPrintingPublishingMemberus-gaap:UnitrancheDebtMember2025-03-310001742313Park County Holdings, LLC, Unitranche Secured Loans2025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:MediaDiversifiedProductionMemberus-gaap:UnitrancheDebtMember2025-03-310001742313ASG II, LLC, Unitranche Secured Loans 12025-03-310001742313ASG II, LLC, Unitranche Secured Loans 22025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:ServicesBusinessSectorMemberus-gaap:UnitrancheDebtMember2025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:UnitrancheDebtMember2025-03-310001742313API Holdings III Corp., Junior Secured Loans2025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:AerospaceSectorMemberus-gaap:JuniorLoansMember2025-03-310001742313First Brands Group, LLC, Junior Secured Loans2025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:AutomotiveSector.Memberus-gaap:JuniorLoansMember2025-03-310001742313Adept AG Holdings, LLC, Junior Secured Loans 12025-03-310001742313Adept AG Holdings, LLC, Junior Secured Loans 22025-03-310001742313Adept AG Holdings, LLC, Junior Secured Loans 32025-03-310001742313Adept AG Holdings, LLC, Junior Secured Loans 42025-03-310001742313Adept AG Holdings, LLC, Junior Secured Loans 52025-03-310001742313Adept AG Holdings, LLC, Junior Secured Loans 62025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:CapitalEquipmentSectorMemberus-gaap:JuniorLoansMember2025-03-310001742313601 Lafayette Mezz LLC, Junior Secured Loans (Delayed Draw) 12025-03-310001742313601 Lafayette Mezz LLC, Junior Secured Loans (Delayed Draw) 22025-03-310001742313Jesse Studio Mezz, LLC, Junior Secured Loans (Delayed Draw)2025-03-310001742313Sundy Village West Mezz Borrower, LLC, Junior Secured Loans (Delayed Draw) 12025-03-310001742313Sundy Village West Mezz Borrower, LLC, Junior Secured Loans (Delayed Draw) 22025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ConstructionSectorMemberus-gaap:JuniorLoansMember2025-03-310001742313Thrasio, LLC, Junior Secured Loans2025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:ConsumerSectorNon-DurableMemberus-gaap:JuniorLoansMember2025-03-310001742313Avison Young (USA) Inc., Junior Secured Loans 12025-03-310001742313Avison Young (USA) Inc., Junior Secured Loans 22025-03-310001742313KT Naples UB LLC, Junior Secured Loans (Delayed Draw)2025-03-310001742313Maltese Diplomat Owner 100 LLC, Junior Secured Loans (Delayed Draw)2025-03-310001742313RC & CY New Orleans Sole Member, LLC, Junior Secured Loans2025-03-310001742313Witkoff/Monroe 700 JV LLC, Junior Secured Loans 12025-03-310001742313Witkoff/Monroe 700 JV LLC, Junior Secured Loans 22025-03-310001742313Witkoff/Monroe 700 JV LLC, Junior Secured Loans 32025-03-310001742313Witkoff/Monroe 700 JV LLC, Junior Secured Loans 42025-03-310001742313Witkoff/Monroe 700 JV LLC, Junior Secured Loans 52025-03-310001742313Witkoff/Monroe 700 JV LLC, Junior Secured Loans 62025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:FireRealEstateSectorMemberus-gaap:JuniorLoansMember2025-03-310001742313Radiology Partners, Inc., Junior Secured Loans2025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:HealthcareSectorMemberus-gaap:JuniorLoansMember2025-03-310001742313Arcserve Cayman Opco LP, Junior Secured Loans 12025-03-310001742313Arcserve Cayman Opco LP, Junior Secured Loans 22025-03-310001742313Arcserve Cayman Opco LP, Junior Secured Loans 32025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:HighTechIndustriesSectorMemberus-gaap:JuniorLoansMember2025-03-310001742313Vice Acquisition Holdco, LLC, Junior Secured Loans 12025-03-310001742313Vice Acquisition Holdco, LLC, Junior Secured Loans 22025-03-310001742313Vice Acquisition Holdco, LLC, Junior Secured Loans 32025-03-310001742313Vice Acquisition Holdco, LLC, Junior Secured Loans 42025-03-310001742313Vice Acquisition Holdco, LLC, Junior Secured Loans 52025-03-310001742313Vice Acquisition Holdco, LLC, Junior Secured Loans 62025-03-310001742313Vice Acquisition Holdco, LLC, Junior Secured Loans 72025-03-310001742313Vice Acquisition Holdco, LLC, Junior Secured Loans 82025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:MediaBroadcastingSubscriptionMemberus-gaap:JuniorLoansMember2025-03-310001742313Research Now Group, Inc. and Survey Sampling International, LLC, Junior Secured Loans2025-03-310001742313Streamland Media MidCo LLC, Junior Secured Loans2025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:MediaDiversifiedProductionMemberus-gaap:JuniorLoansMember2025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:JuniorLoansMember2025-03-310001742313Lifted Trucks Holdings, LLC, Equity Securities, Class A shares2025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:AutomotiveSector.Memberus-gaap:EquitySecuritiesMember2025-03-310001742313MV Receivables II, LLC, Equity Securities, Shares of common stock2025-03-310001742313MV Receivables II, LLC, Equity Securities, Warrant to purchase the equity2025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:BankingSector1Memberus-gaap:EquitySecuritiesMember2025-03-310001742313Sabrosura Foods, LLC et al, Equity Securities, Class A interests2025-03-310001742313Sabrosura Foods, LLC et al, Equity Securities, Class AA units2025-03-310001742313Sabrosura Foods, LLC et al, Equity Securities, Class AAA units2025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:FoodAndBeverageSectorMemberus-gaap:EquitySecuritiesMember2025-03-310001742313Adept AG Holdings, LLC, Equity Securities, Class A preferred units2025-03-310001742313Adept AG Holdings, LLC, Equity Securities, Series B units2025-03-310001742313Adept AG Holdings, LLC, Equity Securities, Series C preferred units2025-03-310001742313Adept AG Holdings, LLC, Equity Securities, Series L units2025-03-310001742313Tavoron Buyer Corp., Equity Securities, Units2025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:CapitalEquipmentSectorMemberus-gaap:EquitySecuritiesMember2025-03-310001742313Harlem Acquisition, LLC, Equity Securities, Class A units2025-03-310001742313MEI Buyer LLC, Equity Securities, Units2025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ConstructionSectorMemberus-gaap:EquitySecuritiesMember2025-03-310001742313Independence Buyer, Inc., Equity Securities, Class A units2025-03-310001742313Jumpstart Holdco, Inc., Equity Securities, Class A units2025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:ConsumerGoodsDurableSectorMemberus-gaap:EquitySecuritiesMember2025-03-310001742313Thrasio, LLC, Equity Securities, Units2025-03-310001742313Thrasio, LLC, Equity Securities, Shares of common stock2025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:ConsumerSectorNon-DurableMemberus-gaap:EquitySecuritiesMember2025-03-310001742313Talos Energy Inc., Equity Securities, Shares of common stock2025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:EnergyOilAndGasSectorMemberus-gaap:EquitySecuritiesMember2025-03-310001742313Quest Resource Management Group, LLC, Equity Securities, Warrant to purchase the equity 12025-03-310001742313Quest Resource Management Group, LLC, Equity Securities, Warrant to purchase the equity 22025-03-310001742313StormTrap, LLC, Equity Securities, Class A preferred units2025-03-310001742313StormTrap, LLC, Equity Securities, Class A common units2025-03-310001742313Volt Bidco, Inc., Equity Securities, Shares of common stock2025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:EnvironmentalIndustriesMemberus-gaap:EquitySecuritiesMember2025-03-310001742313Bench Walk Lead, LLC, Equity Securities, Commitment to purchase the equity2025-03-310001742313J2 BWA Funding LLC, Equity Securities, Profit sharing2025-03-310001742313J2 BWA Funding III, LLC, Equity Securities, Commitment to purchase the equity2025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:FireFinanceSectorMemberus-gaap:EquitySecuritiesMember2025-03-310001742313Avison Young (USA) Inc., Equity Securities, Class A preferred shares2025-03-310001742313Avison Young (USA) Inc., Equity Securities, Class F common shares2025-03-310001742313InsideRE, LLC, Equity Securities, Class A common units2025-03-310001742313Lessen LLC, Equity Securities, Preferred units2025-03-310001742313Residential Homes for Rent LLC, Equity Securities, Series A preferred units2025-03-310001742313Residential Homes for Rent LLC, Equity Securities, Warrant to purchase the equity2025-03-310001742313Witkoff/Monroe 700 JV LLC, Equity Securities, Preferred units2025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:FireRealEstateSectorMemberus-gaap:EquitySecuritiesMember2025-03-310001742313Ascent Midco, LLC, Equity Securities, Class A units2025-03-310001742313Bluesight, Inc., Equity Securities, Class A preferred units2025-03-310001742313Bluesight, Inc., Equity Securities, Class B common units2025-03-310001742313Caravel Autism Health, LLC, Equity Securities, Class A units2025-03-310001742313Caravel Autism Health, LLC, Equity Securities, Class B units2025-03-310001742313Dorado Acquisition, Inc., Equity Securities, Class A-1 units2025-03-310001742313Dorado Acquisition, Inc., Equity Securities, Class A-2 units2025-03-310001742313Evolve Biologics Inc., Equity Securities, Warrant to purchase the equity 12025-03-310001742313Evolve Biologics Inc., Equity Securities, Warrant to purchase the equity 22025-03-310001742313Forest Buyer, LLC, Equity Securities, Class A units2025-03-310001742313Forest Buyer, LLC, Equity Securities, Class B units2025-03-310001742313INH Buyer, Inc., Equity Securities, A-1 units2025-03-310001742313INH Buyer, Inc., Equity Securities, Preferred stock2025-03-310001742313KL Moon Acquisition, LLC, Equity Securities, Equity2025-03-310001742313NationsBenefits, LLC, Equity Securities, Series B units2025-03-310001742313NationsBenefits, LLC, Equity Securities, Common units2025-03-310001742313NBPT Acquisition LLC , Equity Securities, Preferred units2025-03-310001742313NQ PE Project Colosseum Midco Inc., Equity Securities, Common units2025-03-310001742313Seran BioScience, LLC, Equity Securities, Common units2025-03-310001742313Vero Biotech Inc., Equity Securities, Warrant to purchase the equity2025-03-310001742313Xpress Wellness, LLC, Equity Securities, Series A units2025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:HealthcareSectorMemberus-gaap:EquitySecuritiesMember2025-03-310001742313Arcserve Cayman Opco LP, Equity Securities, Class A common units2025-03-310001742313Arcserve Cayman Opco LP, Equity Securities, Class B common units2025-03-310001742313Arcserve Cayman GP LLC, Equity Securities, Class A common units2025-03-310001742313Arcserve Cayman GP LLC, Equity Securities, Class B common units2025-03-310001742313Catalyst Data Holdings, Inc., Equity Securities, Common units2025-03-310001742313Cloud for Good, LLC, Equity Securities, Common units2025-03-310001742313Douglas Holdings, Inc., Equity Securities, Class A common units2025-03-310001742313Drawbridge Partners, LLC, Equity Securities, Class A-1 units2025-03-310001742313Jobnimbus Holdings, LLC, Equity Securities, Common units2025-03-310001742313Optomi, LLC, Equity Securities, Class A units2025-03-310001742313Recorded Future, Inc., Equity Securities, Class A units2025-03-310001742313Reorganized Mobileum AcquisitionCo, LLC, Equity Securities, Shares of common stock)2025-03-310001742313Sparq Holdings, Inc., Equity Securities, Common units2025-03-310001742313Unanet, Inc., Equity Securities, Shares of common stock2025-03-310001742313Velociti, LLC, Equity Securities, Units2025-03-310001742313ZI Intermediate II, Inc., Equity Securities, Shares of common stock2025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:HighTechIndustriesSectorMemberus-gaap:EquitySecuritiesMember2025-03-310001742313Equine Network, LLC, Equity Securities, Class A units2025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:HotelsGamingLeisureSectorMemberus-gaap:EquitySecuritiesMember2025-03-31000174231395 Percent Buyer, LLC, Equity Securities, Class A units2025-03-310001742313Calienger Holdings, L.L.C., Equity Securities, Class A units2025-03-310001742313New Engen, Inc., Equity Securities, Preferred units2025-03-310001742313New Engen, Inc., Equity Securities, Class B common units2025-03-310001742313Really Great Reading Company, Inc., Equity Securities, Series A units2025-03-310001742313Relevate Health Group, LLC, Equity Securities, Preferred units2025-03-310001742313Relevate Health Group, LLC, Equity Securities, Class B common units2025-03-310001742313Relevate Health Group, LLC, Equity Securities, Class X common units2025-03-310001742313Relevate Health Group, LLC, Equity Securities, Class X preferred units2025-03-310001742313Spherix Global Inc., Equity Securities, Class A-2 units2025-03-310001742313Spherix Global Inc., Equity Securities, Class A units2025-03-310001742313XanEdu Publishing, Inc., Equity Securities, Class A units2025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:MediaAdvertisingPrintingPublishingMemberus-gaap:EquitySecuritiesMember2025-03-310001742313Vice Acquisition Holdco, LLC, Equity Securities, Class A units2025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:MediaBroadcastingSubscriptionMemberus-gaap:EquitySecuritiesMember2025-03-310001742313Chess.com, LLC, Equity Securities, Class A units2025-03-310001742313Research Now Group, Inc. and Survey Sampling International, LLC, Equity Securities, Shares of common stock)2025-03-310001742313Streamland Media MidCo LLC, Equity Securities, Shares of common stock2025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:MediaDiversifiedProductionMemberus-gaap:EquitySecuritiesMember2025-03-310001742313A360, Inc., Equity Securities, Common units2025-03-310001742313Argano, LLC, Equity Securities, Common units2025-03-310001742313Cosmos Bidco, Inc., Equity Securities, Class A Membership Interest2025-03-310001742313ecMarket Inc. and Conexiom US Inc., Equity Securities, Preferred shares2025-03-310001742313Edustaff, LLC, Equity Securities, Shares of common stock2025-03-310001742313JDX Studio, LLC, Equity Securities, Class A preferred units2025-03-310001742313Northeast Contracting Company, LLC, Equity Securities, Class A-2 units2025-03-310001742313Onix Networking Corp., Equity Securities, Shares of common stock2025-03-310001742313Parkhub, Inc., Equity Securities, Series A preferred units2025-03-310001742313Rampart Exterior Services Buyer, Inc., Equity Securities, Series A-2 preferred units2025-03-310001742313Respida Software Equity CI LP, Equity Securities, Series B Preferred Units2025-03-310001742313Skillsoft Corp., Equity Securities, Class A shares2025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:ServicesBusinessSectorMemberus-gaap:EquitySecuritiesMember2025-03-310001742313Express Wash Acquisition Company, LLC, Equity Securities, Class A common units2025-03-310001742313Express Wash Acquisition Company, LLC, Equity Securities, Class A preferred units2025-03-310001742313Express Wash Acquisition Company, LLC, Equity Securities, Class B common units2025-03-310001742313Express Wash Acquisition Company, LLC, Equity Securities, Class B preferred units2025-03-310001742313IDIG Parent, LLC, Equity Securities, Shares of common stock2025-03-310001742313Innovative Artists Entertainment, LLC, Equity Securities, Equity commitment2025-01-012025-03-310001742313Innovative Artists Entertainment, LLC, Equity Securities, Equity commitment2025-03-310001742313Light Wave Dental Management, LLC, Equity Securities, Class A units2025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:ServicesConsumerSectorMemberus-gaap:EquitySecuritiesMember2025-03-310001742313American Broadband and Telecommunications Company LLC, Equity Securities, Warrant to purchase the equity2025-03-310001742313AppLogic Networks OpCo I LLC (fka Sandvine Corporation), Equity Securities, Common units2025-03-310001742313AppLogic Networks OpCo I LLC (fka Sandvine Corporation), Equity Securities, Class A units2025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:TelecommunicationsMemberus-gaap:EquitySecuritiesMember2025-03-310001742313Epika Fleet Services, Inc., Equity Securities, Preferred units2025-03-310001742313RS Acquisition, LLC, Equity Securities, Common units2025-03-310001742313RS Acquisition, LLC, Equity Securities, Series A preferred units2025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:TransportationSectorMemberus-gaap:EquitySecuritiesMember2025-03-310001742313Central Moloney, LLC, Equity Securities, Class A preferred units2025-03-310001742313Central Moloney, LLC, Equity Securities, Class B common units2025-03-310001742313Central Moloney, LLC, Equity Securities, Class G units2025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:UtilitiesElectricSectorMemberus-gaap:EquitySecuritiesMember2025-03-310001742313IF & P Holdings Company, LLC, Equity Securities, Class A preferred units2025-03-310001742313IF & P Holdings Company, LLC, Equity Securities, Class B common units2025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:WholesaleSectorMemberus-gaap:EquitySecuritiesMember2025-03-310001742313us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2025-03-310001742313BTR Opco LLC, Senior Secured Loans (Delayed Draw)2025-03-310001742313us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembermcip:AutomotiveSector.Memberus-gaap:SeniorLoansMember2025-03-310001742313Summit Professional Education, LLC, Senior Secured Loans2025-03-310001742313Summit Professional Education, LLC, Senior Secured Loans (Revolver)2025-03-310001742313Whistler Parent Holdings III, Inc., Senior Secured Loans (Delayed Draw)2025-03-310001742313Whistler Parent Holdings III, Inc., Senior Secured Loans (Revolver)2025-03-310001742313us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembermcip:HealthcarePharmaceuticalsSectorMemberus-gaap:SeniorLoansMember2025-03-310001742313Nastel Technologies, LLC, Senior Secured Loans2025-03-310001742313Nastel Technologies, LLC, Senior Secured Loans (Revolver)2025-03-310001742313Zodega Landscaping, LLC, Senior Secured Loans2025-03-310001742313Zodega Landscaping, LLC, Senior Secured Loans (Revolver)2025-03-310001742313us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembermcip:ServicesBusinessSectorMemberus-gaap:SeniorLoansMember2025-03-310001742313YBR OZ ECE, LLC, Senior Secured Loans2025-03-310001742313YBR OZ ECE, LLC, Senior Secured Loans (Delayed Draw)2025-03-310001742313YBR OZ ECE, LLC, Senior Secured Loans (Revolver)2025-03-310001742313us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembermcip:ServicesConsumerSectorMemberus-gaap:SeniorLoansMember2025-03-310001742313SheerTrans Solutions, LLC, Senior Secured Loans 12025-03-310001742313SheerTrans Solutions, LLC, Senior Secured Loans 22025-03-310001742313SheerTrans Solutions, LLC, Senior Secured Loans (Revolver)2025-03-310001742313us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:TransportationSectorMemberus-gaap:SeniorLoansMember2025-03-310001742313us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:SeniorLoansMember2025-03-310001742313BTR Opco LLC, Junior Secured Loans 12025-03-310001742313BTR Opco LLC, Junior Secured Loans 22025-03-310001742313us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembermcip:AutomotiveSector.Memberus-gaap:JuniorLoansMember2025-03-310001742313SFR Holdco, LLC, Junior Secured Loans 12025-03-310001742313SFR Holdco, LLC, Junior Secured Loans 22025-03-310001742313SFR Holdco 2, LLC, Junior Secured Loans (Delayed Draw)2025-03-310001742313us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembermcip:FireRealEstateSectorMemberus-gaap:JuniorLoansMember2025-03-310001742313Whistler Parent Holdings III, Inc., Junior Secured Loans2025-03-310001742313us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembermcip:HealthcarePharmaceuticalsSectorMemberus-gaap:JuniorLoansMember2025-03-310001742313us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:JuniorLoansMember2025-03-310001742313BTR Opco LLC, Equity Securities, Class A common units2025-03-310001742313us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembermcip:AutomotiveSector.Memberus-gaap:EquitySecuritiesMember2025-03-310001742313MC Voyager SPV II LLC, Equity Securities, Equity commitment2025-01-012025-03-310001742313MC Voyager SPV II LLC, Equity Securities, Equity commitment2025-03-310001742313Triad Financial Services, Inc., Equity Securities, Equity commitment2025-01-012025-03-310001742313Triad Financial Services, Inc., Equity Securities, Equity commitment2025-03-310001742313us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembermcip:FireFinanceSectorMemberus-gaap:EquitySecuritiesMember2025-03-310001742313SFR Holdco, LLC, Equity Securities, Equity commitments 12025-01-012025-03-310001742313SFR Holdco, LLC, Equity Securities, Equity commitments 12025-03-310001742313SFR Holdco, LLC, Equity Securities, Equity commitments 22025-01-012025-03-310001742313SFR Holdco, LLC, Equity Securities, Equity commitments 22025-03-310001742313SFR Holdco 2, LLC, Equity Securities, Equity commitments2025-01-012025-03-310001742313SFR Holdco 2, LLC, Equity Securities, Equity commitments2025-03-310001742313us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembermcip:FireRealEstateSectorMemberus-gaap:EquitySecuritiesMember2025-03-310001742313Summit Professional Education, LLC, Equity Securities, Class A units2025-03-310001742313Whistler Parent Holdings III, Inc., Equity Securities, Series A preferred stock2025-03-310001742313Whistler Parent Holdings III, Inc., Equity Securities, Series B preferred stock2025-03-310001742313us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembermcip:HealthcarePharmaceuticalsSectorMemberus-gaap:EquitySecuritiesMember2025-03-310001742313ClearlyRated Capital, LLC, Equity Securities, Class A units2025-03-310001742313us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembermcip:HighTechIndustriesSectorMemberus-gaap:EquitySecuritiesMember2025-03-310001742313Nastel Technologies, LLC, Equity Securities, Class A units2025-03-310001742313Zodega Landscaping, LLC, Equity Securities, Preferred interests2025-03-310001742313us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembermcip:ServicesBusinessSectorMemberus-gaap:EquitySecuritiesMember2025-03-310001742313YBR OZ ECE, LLC, Equity Securities, Class A units2025-03-310001742313us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembermcip:ServicesConsumerSectorMemberus-gaap:EquitySecuritiesMember2025-03-310001742313SheerTrans Solutions, LLC, Equity Securities, Preferred interests2025-03-310001742313us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:TransportationSectorMemberus-gaap:EquitySecuritiesMember2025-03-310001742313us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:EquitySecuritiesMember2025-03-310001742313Foreign currency forward contract 12025-03-310001742313Foreign currency forward contract 12025-01-012025-03-310001742313Foreign currency forward contract 22025-03-310001742313Foreign currency forward contract 22025-01-012025-03-310001742313Foreign currency forward contract 32025-03-310001742313Foreign currency forward contract 32025-01-012025-03-310001742313Foreign currency forward contract 42025-03-310001742313Foreign currency forward contract 42025-01-012025-03-310001742313Foreign currency forward contract 52025-03-310001742313Foreign currency forward contract 52025-01-012025-03-310001742313Foreign currency forward contract 62025-03-310001742313Foreign currency forward contract 62025-01-012025-03-310001742313Foreign currency forward contract 72025-03-310001742313Foreign currency forward contract 72025-01-012025-03-310001742313Foreign currency forward contract 82025-03-310001742313Foreign currency forward contract 82025-01-012025-03-310001742313Foreign currency forward contract 92025-03-310001742313Foreign currency forward contract 92025-01-012025-03-310001742313Foreign currency forward contract 102025-03-310001742313Foreign currency forward contract 102025-01-012025-03-310001742313Foreign currency forward contract 112025-03-310001742313Foreign currency forward contract 112025-01-012025-03-310001742313Foreign currency forward contract 122025-03-310001742313Foreign currency forward contract 122025-01-012025-03-310001742313Foreign currency forward contract 132025-03-310001742313Foreign currency forward contract 132025-01-012025-03-310001742313Foreign currency forward contract 142025-03-310001742313Foreign currency forward contract 142025-01-012025-03-310001742313Foreign currency forward contract 152025-03-310001742313Foreign currency forward contract 152025-01-012025-03-310001742313Foreign currency forward contract 162025-03-310001742313Foreign currency forward contract 162025-01-012025-03-310001742313Foreign currency forward contract 172025-03-310001742313Foreign currency forward contract 172025-01-012025-03-310001742313Foreign currency forward contract 182025-03-310001742313Foreign currency forward contract 182025-01-012025-03-310001742313Foreign currency forward contract 192025-03-310001742313Foreign currency forward contract 192025-01-012025-03-310001742313Foreign currency forward contract 202025-03-310001742313Foreign currency forward contract 202025-01-012025-03-310001742313Foreign currency forward contract 212025-03-310001742313Foreign currency forward contract 212025-01-012025-03-310001742313Foreign currency forward contract 222025-03-310001742313Foreign currency forward contract 222025-01-012025-03-310001742313Foreign currency forward contract 232025-03-310001742313Foreign currency forward contract 232025-01-012025-03-310001742313Foreign currency forward contract 242025-03-310001742313Foreign currency forward contract 242025-01-012025-03-310001742313Foreign currency forward contract 252025-03-310001742313Foreign currency forward contract 252025-01-012025-03-310001742313Foreign currency forward contract 262025-03-310001742313Foreign currency forward contract 262025-01-012025-03-310001742313Foreign currency forward contract 272025-03-310001742313Foreign currency forward contract 272025-01-012025-03-310001742313Foreign currency forward contract 282025-03-310001742313Foreign currency forward contract 282025-01-012025-03-310001742313Foreign currency forward contract 292025-03-310001742313Foreign currency forward contract 292025-01-012025-03-310001742313Foreign currency forward contract 302025-03-310001742313Foreign currency forward contract 302025-01-012025-03-310001742313Foreign currency forward contract 312025-03-310001742313Foreign currency forward contract 312025-01-012025-03-310001742313Foreign currency forward contract 322025-03-310001742313Foreign currency forward contract 322025-01-012025-03-310001742313Foreign currency forward contract 332025-03-310001742313Foreign currency forward contract 332025-01-012025-03-310001742313Foreign currency forward contract 342025-03-310001742313Foreign currency forward contract 342025-01-012025-03-310001742313Foreign currency forward contract 352025-03-310001742313Foreign currency forward contract 352025-01-012025-03-310001742313Foreign currency forward contract 362025-03-310001742313Foreign currency forward contract 362025-01-012025-03-310001742313Foreign currency forward contract 372025-03-310001742313Foreign currency forward contract 372025-01-012025-03-310001742313Foreign currency forward contract 382025-03-310001742313Foreign currency forward contract 382025-01-012025-03-310001742313Foreign currency forward contract 392025-03-310001742313Foreign currency forward contract 392025-01-012025-03-310001742313Foreign currency forward contract 402025-03-310001742313Foreign currency forward contract 402025-01-012025-03-310001742313Foreign currency forward contract 412025-03-310001742313Foreign currency forward contract 412025-01-012025-03-310001742313Foreign currency forward contract 422025-03-310001742313Foreign currency forward contract 422025-01-012025-03-310001742313Foreign currency forward contract 432025-03-310001742313Foreign currency forward contract 432025-01-012025-03-310001742313Foreign currency forward contract 442025-03-310001742313Foreign currency forward contract 442025-01-012025-03-310001742313Foreign currency forward contract 452025-03-310001742313Foreign currency forward contract 452025-01-012025-03-310001742313Foreign currency forward contract 462025-03-310001742313Foreign currency forward contract 462025-01-012025-03-310001742313us-gaap:ForeignExchangeForwardMember2025-01-012025-03-310001742313mcip:AssetBackedSecuritization2022Membermcip:LightWaveDentalManagementLlcMember2025-03-310001742313mcip:AssetBackedSecuritization2023Membermcip:LightWaveDentalManagementLlcMember2025-03-310001742313mcip:J2BwaFundingIiiLlcMember2025-03-310001742313mcip:TriadFinancialServicesIncMember2025-03-310001742313mcip:ZodegaLandscapingLLCMember2025-03-310001742313mcip:CatalystDataHoldingsMember2025-03-310001742313mcip:IdigParentLlcMember2025-03-310001742313mcip:InnovativeArtistsEntertainmentLLCMember2025-03-310001742313mcip:MCVoyagerSPVIILLCMember2025-03-310001742313mcip:NBPTAcquisitionLLCMember2025-03-310001742313API Holdings III Corp., Senior Secured Loans2024-12-310001742313Keel Platform, LLC, Senior Secured Loans (Delayed Draw)2024-12-310001742313Keel Platform, LLC, Senior Secured Loans2024-12-310001742313SI Holdings, Inc. (Integrated Polymer Solutions), Senior Secured Loans 12024-12-310001742313SI Holdings, Inc. (Integrated Polymer Solutions), Senior Secured Loans 22024-12-310001742313SI Holdings, Inc. (Integrated Polymer Solutions), Senior Secured Loans 32024-12-310001742313SI Holdings, Inc. (Integrated Polymer Solutions), Senior Secured Loans 42024-12-310001742313SI Holdings, Inc. (Integrated Polymer Solutions), Senior Secured Loans 52024-12-310001742313SI Holdings, Inc. (Integrated Polymer Solutions), Senior Secured Loans 62024-12-310001742313SI Holdings, Inc. (Integrated Polymer Solutions), Senior Secured Loans 72024-12-310001742313SI Holdings, Inc. (Integrated Polymer Solutions), Senior Secured Loans (Revolver)2024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:AerospaceSectorMemberus-gaap:SeniorLoansMember2024-12-310001742313Burgess Point Purchaser Corporation, Senior Secured Loans2024-12-310001742313Lifted Trucks Holdings, LLC, Senior Secured Loans2024-12-310001742313Lifted Trucks Holdings, LLC, Senior Secured Loans, (Revolver)2024-12-310001742313Panda Acquisition, LLC, Senior Secured Loans2024-12-310001742313Power Stop, LLC, Senior Secured Loans2024-12-310001742313Tenneco Inc., Senior Secured Loans2024-12-310001742313Truck-Lite Co., LLC, Senior Secured Loans2024-12-310001742313Truck-Lite Co., LLC, Senior Secured Loans (Delayed Draw)2024-12-310001742313Truck-Lite Co., LLC, Senior Secured Loans (Revolver)2024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:AutomotiveSector.Memberus-gaap:SeniorLoansMember2024-12-310001742313MV Receivables II, LLC, Senior Secured Loans2024-12-310001742313StarCompliance MidCo, LLC, Senior Secured Loans 12024-12-310001742313StarCompliance MidCo, LLC, Senior Secured Loans 22024-12-310001742313StarCompliance MidCo, LLC, Senior Secured Loans 32024-12-310001742313StarCompliance MidCo, LLC, Senior Secured Loans 42024-12-310001742313StarCompliance MidCo, LLC, Senior Secured Loans (Revolver)2024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:BankingSector1Memberus-gaap:SeniorLoansMember2024-12-310001742313Demakes Borrower, LLC , Senior Secured Loans2024-12-310001742313Demakes Borrower, LLC, Senior Secured Loans (Delayed Draw)2024-12-310001742313Izzio Artisan Bakery, LLC, Senior Secured Loans2024-12-310001742313Izzio Artisan Bakery, LLC, Senior Secured Loans (Delayed Draw)2024-12-310001742313LVF Holdings, Inc., Senior Secured Loans 12024-12-310001742313LVF Holdings, Inc., Senior Secured Loans 22024-12-310001742313LVF Holdings, Inc, Senior Secured Loans (Revolver)2024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:FoodAndBeverageSectorMemberus-gaap:SeniorLoansMember2024-12-310001742313Adept AG Holdings, LLC, Senior Secured Loans 12024-12-310001742313Adept AG Holdings, LLC, Senior Secured Loans 22024-12-310001742313BLP Buyer, Inc., Senior Secured Loans 12024-12-310001742313BLP Buyer, Inc., Senior Secured Loans. 22024-12-310001742313BLP Buyer, Inc., Senior Secured Loans 32024-12-310001742313BLP Buyer, Inc., Senior Secured Loans (Revolver)2024-12-310001742313CGI Automated Manufacturing, LLC., Senior Secured Loans 12024-12-310001742313CGI Automated Manufacturing, LLC., Senior Secured Loans 22024-12-310001742313CGI Automated Manufacturing, LLC., Senior Secured Loans 32024-12-310001742313DS Parent, Inc.., Senior Secured Loans2024-12-310001742313Incompass, LLC, Senior Secured Loans2024-12-310001742313Incompass, LLC, Senior Secured Loans 22024-12-310001742313PrecisionX Group, LLC , Senior Secured Loans (fka Specialty Manufacturing Buyer, LLC) 12024-12-310001742313PrecisionX Group, LLC, Senior Secured Loans (fka Specialty Manufacturing Buyer, LLC) 22024-12-310001742313PrecisionX Group, LLC, Senior Secured Loans (fka Specialty Manufacturing Buyer, LLC) 32024-12-310001742313PrecisionX Group, LLC, Senior Secured Loans (fka Specialty Manufacturing Buyer, LLC) 42024-12-310001742313PrecisionX Group, LLC, Senior Secured Loans (fka Specialty Manufacturing Buyer, LLC) 52024-12-310001742313PrecisionX Group, LLC, Senior Secured Loans (fka Specialty Manufacturing Buyer, LLC) (Delayed Draw)2024-12-310001742313PrecisionX Group, LLC, Senior Secured Loans (fka Specialty Manufacturing Buyer, LLC) (Revolver)2024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:CapitalEquipmentSectorMemberus-gaap:SeniorLoansMember2024-12-310001742313Guardian Restoration Partners Buyer, LLC, Senior Secured Loans2024-12-310001742313Guardian Restoration Partners Buyer, LLC, Senior Secured Loans (Delayed Draw)2024-12-310001742313Guardian Restoration Partners Buyer, LLC, Senior Secured Loans (Revolver)2024-12-310001742313Harlem Acquisition, LLC, Senior Secured Loans2024-12-310001742313Harlem Acquisition, LLC, Senior Secured Loans (Delayed Draw)2024-12-310001742313Harlem Acquisition, LLC, Senior Secured Loans (Revolver)2024-12-310001742313MEI Buyer LLC, Senior Secured Loans 12024-12-310001742313MEI Buyer LLC, Senior Secured Loans 22024-12-310001742313MEI Buyer LLC, Senior Secured Loans (Delayed Draw)2024-12-310001742313MEI Buyer LLC, Senior Secured Loans (Revolver)2024-12-310001742313Premier Roofing L.L.C, Senior Secured Loans2024-12-310001742313Premier Roofing L.L.C, Senior Secured Loans (Revolver)2024-12-310001742313TCFIII Owl Buyer LLC, Senior Secured Loans 12024-12-310001742313TCFIII Owl Buyer LLC, Senior Secured Loans 22024-12-310001742313TCFIII Owl Buyer LLC, Senior Secured Loans 32024-12-310001742313Water Buyer, LLC, Senior Secured Loans2024-12-310001742313Water Buyer, LLC, Senior Secured Loans (Delayed Draw)2024-12-310001742313Water Buyer, LLC, Senior Secured Loans (Revolver)2024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ConstructionSectorMemberus-gaap:SeniorLoansMember2024-12-3100017423138th Avenue Food & Provisions, Inc., Senior Secured Loans 12024-12-3100017423138th Avenue Food & Provisions, Inc., Senior Secured Loans 22024-12-310001742313Independence Buyer, Inc, Senior Secured Loans2024-12-310001742313Independence Buyer, Inc, Senior Secured Loans (Revolver)2024-12-310001742313Ivanti Software, Inc., Inc, Senior Secured Loans2024-12-310001742313Recycled Plastics Industries, LLC, Senior Secured Loans2024-12-310001742313Recycled Plastics Industries, LLC, Senior Secured Loans (Revolver)2024-12-310001742313SonicWall US Holdings Inc., Senior Secured Loans2024-12-310001742313Syniverse Holdings, LLC, Senior Secured Loans2024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:ConsumerGoodsDurableSectorMemberus-gaap:SeniorLoansMember2024-12-310001742313Arizona Natural Resources, LLC, Senior Secured Loans 12024-12-310001742313Arizona Natural Resources, LLC, Senior Secured Loans 22024-12-310001742313Arizona Natural Resources, LLC, Senior Secured Loans 32024-12-310001742313Arizona Natural Resources, LLC, Senior Secured Loans 42024-12-310001742313Arizona Natural Resources, LLC, Senior Secured Loans (Revolver)2024-12-310001742313Excelligence Learning Corporation, Senior Secured Loans2024-12-310001742313Excelligence Learning Corporation, Senior Secured Loans (Revolver)2024-12-310001742313Gibson Brands, Inc, Senior Secured Loans2024-12-310001742313The Kyjen Company, LLC, Senior Secured Loans 12024-12-310001742313The Kyjen Company, LLC, Senior Secured Loans 22024-12-310001742313The Kyjen Company, LLC, Senior Secured Loans (Revolver)2024-12-310001742313Thrasio, LLC, Senior Secured Loans2024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:ConsumerSectorNon-DurableMemberus-gaap:SeniorLoansMember2024-12-310001742313B2B Industrial Products LLC, Senior Secured Loans 12024-12-310001742313B2B Industrial Products LLC, Senior Secured Loans 22024-12-310001742313Ivex Holdco Inc. and Induspac Holdco Inc., Senior Secured Loans 12024-12-310001742313Ivex Holdco Inc. and Induspac Holdco Inc., Senior Secured Loans 22024-12-310001742313Ivex Holdco Inc. and Induspac Holdco Inc., Senior Secured Loans 32024-12-310001742313Ivex Holdco Inc. and Induspac Holdco Inc., Senior Secured Loans 42024-12-310001742313Ivex Holdco Inc. and Induspac Holdco Inc., Senior Secured Loans (Delayed Draw)2024-12-310001742313Ivex Holdco Inc. and Induspac Holdco Inc. (Revolver)2024-12-310001742313Polychem Acquisition, LLC, Senior Secured Loans2024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ContainerAndPackagingSectorMemberus-gaap:SeniorLoansMember2024-12-310001742313PNE Interco LLC, Senior Secured Loans2024-12-310001742313PNE Interco LLC, Senior Secured Loans (Delayed Draw)2024-12-310001742313PNE Interco LLC, Senior Secured Loans (Revolver)2024-12-310001742313Quest Resource Management Group, LLC, Senior Secured Loans 2024-12-310001742313Quest Resource Management Group, LLC, Senior Secured Loans (Delayed Draw)2024-12-310001742313Trilon Group, LLC, Senior Secured Loans 12024-12-310001742313Trilon Group, LLC, Senior Secured Loans 22024-12-310001742313Trilon Group, LLC, Senior Secured Loans 32024-12-310001742313Trilon Group, LLC, Senior Secured Loans (Delayed Draw)2024-12-310001742313Trilon Group, LLC, Senior Secured Loans (Revolver)2024-12-310001742313Volt Bidco, Inc, Senior Secured Loans. 12024-12-310001742313Volt Bidco, Inc, Senior Secured Loans. 22024-12-310001742313Volt Bidco, Inc, Senior Secured Loans. 32024-12-310001742313Volt Bidco, Inc, Senior Secured Loans. 42024-12-310001742313Volt Bidco, Inc, Senior Secured Loans. (Revolver)2024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:EnvironmentalIndustriesMemberus-gaap:SeniorLoansMember2024-12-310001742313Avalara, Inc, Senior Secured Loans2024-12-310001742313Avalara, Inc, Senior Secured Loans (Revolver)2024-12-310001742313Arax Midco, LLC, Senior Secured Loans2024-12-310001742313Arax Midco, LLC, Senior Secured Loans (Delayed Draw)2024-12-310001742313Arax Midco, LLC, Senior Secured Loans (Revolver)2024-12-310001742313Bench Walk Lead, LLC, Senior Secured Loans 12024-12-310001742313Bench Walk Lead, LLC, Senior Secured Loans 22024-12-310001742313BW 51f, L.P, Senior Secured Loans2024-12-310001742313Cpex Purchaser, LLC, Senior Secured Loans2024-12-310001742313Cpex Purchaser, LLC, Senior Secured Loans (Delayed Draw)2024-12-310001742313Cpex Purchaser, LLC, Senior Secured Loans (Revolver)2024-12-310001742313GC Champion Acquisition LLC, Senior Secured Loans 12024-12-310001742313GC Champion Acquisition LLC, Senior Secured Loans 22024-12-310001742313GC Champion Acquisition LLC, Senior Secured Loans 32024-12-310001742313GC Champion Acquisition LLC, Senior Secured Loans (Delayed Draw)2024-12-310001742313J2 BWA Funding III, LLC, Senior Secured Loans (Delayed Draw)2024-12-310001742313J2 BWA Funding LLC, Senior Secured Loans (Revolver)2024-12-310001742313Oceana Australian Fixed Income Trust, Senior Secured Loans 12024-12-310001742313Oceana Australian Fixed Income Trust, Senior Secured Loans 22024-12-310001742313SCP Intermediate Holdings, LLC, Senior Secured Loans2024-12-310001742313SCP Intermediate Holdings, LLC, Senior Secured Loans (Delayed Draw)2024-12-310001742313Slater Slater Schulman LLP, Senior Secured Loans2024-12-310001742313TEAM Public Choices, LLC, Senior Secured Loans 12024-12-310001742313TEAM Public Choices, LLC, Senior Secured Loans 22024-12-310001742313Transnetwork LLC, Senior Secured Loans2024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:FireFinanceSectorMemberus-gaap:SeniorLoansMember2024-12-310001742313300 N. Michigan Mezz, LLC, Senior Secured Loans2024-12-310001742313Avison Young (USA) Inc., Senior Secured Loans2024-12-310001742313InsideRE, LLC, Senior Secured Loans 12024-12-310001742313InsideRE, LLC, Senior Secured Loans 22024-12-310001742313InsideRE, LLC, Senior Secured Loans (Revolver)2024-12-310001742313Lessen LLC, Senior Secured Loans2024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:FireRealEstateSectorMemberus-gaap:SeniorLoansMember2024-12-310001742313Animal Dermatology Group, Inc, Senior Secured Loans. 12024-12-310001742313Animal Dermatology Group, Inc, Senior Secured Loans. 22024-12-310001742313Animal Dermatology Group, Inc., Senior Secured Loans (Delayed Draw) 12024-12-310001742313Animal Dermatology Group, Inc., Senior Secured Loans (Delayed Draw) 22024-12-310001742313Animal Dermatology Group, Inc, Senior Secured Loans. (Revolver)2024-12-310001742313Appriss Health, LLC, Senior Secured Loans2024-12-310001742313Appriss Health, LLC, Senior Secured Loans (Revolver)2024-12-310001742313Bluesight, Inc, Senior Secured Loans 12024-12-310001742313Bluesight, Inc., Senior Secured Loans 22024-12-310001742313Bluesight, Inc., Senior Secured Loans 32024-12-310001742313Bluesight, Inc, Senior Secured Loans (Revolver)2024-12-310001742313Brickell Bay Acquisition Corp, Senior Secured Loans. 12024-12-310001742313Brickell Bay Acquisition Corp, Senior Secured Loans. 22024-12-310001742313Caravel Autism Health, LLC, Senior Secured Loans2024-12-310001742313Caravel Autism Health, LLC, Senior Secured Loans (Delayed Draw)2024-12-310001742313Caravel Autism Health, LLC, Senior Secured Loans (Revolver)2024-12-310001742313Dorado Acquisition, Inc, Senior Secured Loans 12024-12-310001742313Dorado Acquisition, Inc, Senior Secured Loans 22024-12-310001742313Dorado Acquisition, Inc, Senior Secured Loans (Revolver)2024-12-310001742313FH BMX Buyer, Inc, Senior Secured Loans2024-12-310001742313FH BMX Buyer, Inc, Senior Secured Loans (Delayed Draw)2024-12-310001742313Forest Buyer, LLC, Senior Secured Loans 12024-12-310001742313Forest Buyer, LLC, Senior Secured Loans 22024-12-310001742313Forest Buyer, LLC, Senior Secured Loans (Revolver)2024-12-310001742313Golden State Buyer, Inc, Senior Secured Loans2024-12-310001742313Helping Hands Childrens Services Management, LLC, Senior Secured Loans2024-12-310001742313Helping Hands Childrens Services Management, LLC, Senior Secured Loans (Delayed Draw)2024-12-310001742313Helping Hands Childrens Services Management, LLC, Senior Secured Loans (Revolver)2024-12-310001742313INH Buyer, Inc, Senior Secured Loans2024-12-310001742313KL Moon Acquisition, LLC, Senior Secured Loans 12024-12-310001742313KL Moon Acquisition, LLC, Senior Secured Loans 22024-12-310001742313KL Moon Acquisition, LLC., Senior Secured Loans 32024-12-310001742313KL Moon Acquisition, LLC., Senior Secured Loans (Revolver)2024-12-310001742313NationsBenefits, LLC, Senior Secured Loans 12024-12-310001742313NationsBenefits, LLC, Senior Secured Loans 22024-12-310001742313NationsBenefits, LLC, Senior Secured Loans 32024-12-310001742313NationsBenefits, LLC, Senior Secured Loans 42024-12-310001742313NationsBenefits, LLC, Senior Secured Loans (Delayed Draw)2024-12-310001742313NationsBenefits, LLC, Senior Secured Loans (Revolver)2024-12-310001742313NQ PE Project Colosseum Midco Inc, Senior Secured Loans.2024-12-310001742313NQ PE Project Colosseum Midco Inc, Senior Secured Loans. (Revolver)2024-12-310001742313QF Holdings, Inc, Senior Secured Loans. 12024-12-310001742313QF Holdings, Inc, Senior Secured Loans. 22024-12-310001742313QF Holdings, Inc, Senior Secured Loans. 32024-12-310001742313QF Holdings, Inc, Senior Secured Loans. 42024-12-310001742313QF Holdings, Inc, Senior Secured Loans. 52024-12-310001742313QF Holdings, Inc, Senior Secured Loans. (Revolver)2024-12-310001742313SCP Eye Care Holdco, LLC, Senior Secured Loans 12024-12-310001742313SCP Eye Care Holdco, LLC, Senior Secured Loans 22024-12-310001742313SCP Eye Care Holdco, LLC, Senior Secured Loans 32024-12-310001742313SCP Eye Care Holdco, LLC, Senior Secured Loans (Delayed Draw)2024-12-310001742313SCP Eye Care Holdco, LLC, Senior Secured Loans (Revolver)2024-12-310001742313SDG Mgmt Company, LLC, Senior Secured Loans2024-12-310001742313SDG Mgmt Company, LLC, Senior Secured Loans (Delayed Draw) 12024-12-310001742313SDG Mgmt Company, LLC, Senior Secured Loans (Delayed Draw) 22024-12-310001742313SDG Mgmt Company, LLC, Senior Secured Loans (Delayed Draw) 32024-12-310001742313SDG Mgmt Company, LLC, Senior Secured Loans (Delayed Draw) 42024-12-310001742313SDG Mgmt Company, LLC, Senior Secured Loans (Revolver)2024-12-310001742313Seran BioScience, LLC, Senior Secured Loans 12024-12-310001742313Seran BioScience, LLC, Senior Secured Loans 22024-12-310001742313Seran BioScience, LLC, Senior Secured Loans 32024-12-310001742313Seran BioScience, LLC, Senior Secured Loans (Revolver)2024-12-310001742313SIP Care Services, LLC, Senior Secured Loans 12024-12-310001742313SIP Care Services, LLC, Senior Secured Loans 22024-12-310001742313SIP Care Services, LLC, Senior Secured Loans (Revolver)2024-12-310001742313The Smilist DSO, LLC, Senior Secured Loans 12024-12-310001742313The Smilist DSO, LLC, Senior Secured Loans 22024-12-310001742313The Smilist DSO, LLC, Senior Secured Loans (Delayed Draw) 12024-12-310001742313The Smilist DSO, LLC, Senior Secured Loans (Delayed Draw) 22024-12-310001742313The Smilist DSO, LLC, Senior Secured Loans (Revolver)2024-12-310001742313TigerConnect, Inc., Senior Secured Loans 12024-12-310001742313TigerConnect, Inc., Senior Secured Loans 22024-12-310001742313TigerConnect, Inc., Senior Secured Loans (Delayed Draw) 12024-12-310001742313TigerConnect, Inc., Senior Secured Loans (Delayed Draw) 22024-12-310001742313TigerConnect, Inc, Senior Secured Loans (Revolver)2024-12-310001742313Vero Biotech Inc, Senior Secured Loans2024-12-310001742313WebPT, Inc, Senior Secured Loans2024-12-310001742313WebPT, Inc, Senior Secured Loans (Revolver)2024-12-310001742313Xpress Wellness, LLC, Senior Secured Loans2024-12-310001742313Xpress Wellness, LLC, Senior Secured Loans (Delayed Draw)2024-12-310001742313Xpress Wellness, LLC, Senior Secured Loans (Revolver)2024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:HealthcareSectorMemberus-gaap:SeniorLoansMember2024-12-310001742313Acquia Inc, Senior Secured Loans. 12024-12-310001742313Acquia Inc, Senior Secured Loans. 22024-12-310001742313Acquia Inc, Senior Secured Loans (Revolver)2024-12-310001742313Aptean, Inc, Senior Secured Loans 32024-12-310001742313Aptean, Inc, Senior Secured Loans. (Delayed Draw)2024-12-310001742313Aptean, Inc, Senior Secured Loans. (Revolver)2024-12-310001742313Arcserve Cayman Opco LP, Senior Secured Loans (fka Arcstor Midco, LLC) (Delayed Draw)2024-12-310001742313Aston US Finco, LLC, Senior Secured Loans2024-12-310001742313BTRS Holdings Inc, Senior Secured Loans.2024-12-310001742313BTRS Holdings Inc, Senior Secured Loans. (Delayed Draw)2024-12-310001742313BTRS Holdings Inc, Senior Secured Loans. (Revolver)2024-12-310001742313Catalyst Data Holdings, Inc., Senior Secured Loans2024-12-310001742313Catalyst Data Holdings, Inc., Senior Secured Loans (Delayed Draw) 12024-12-310001742313Catalyst Data Holdings, Inc., Senior Secured Loans (Delayed Draw) 22024-12-310001742313Catalyst Data Holdings, Inc., Senior Secured Loans (Delayed Draw) 32024-12-310001742313Catalyst Data Holdings, Inc., Senior Secured Loans (Revolver)2024-12-310001742313Douglas Holdings, Inc., Senior Secured Loans2024-12-310001742313Douglas Holdings, Inc, Senior Secured Loans. (Delayed Draw) 12024-12-310001742313Douglas Holdings, Inc., Senior Secured Loans (Delayed Draw) 22024-12-310001742313Douglas Holdings, Inc, Senior Secured Loans. (Delayed Draw) 32024-12-310001742313Douglas Holdings, Inc, Senior Secured Loans. (Revolver)2024-12-310001742313Drawbridge Partners, LLC, Senior Secured Loans2024-12-310001742313Drawbridge Partners, LLC, Senior Secured Loans (Delayed Draw)2024-12-310001742313Drawbridge Partners, LLC, Senior Secured Loans (Revolver)2024-12-310001742313Fortra, LLC, Senior Secured Loans2024-12-310001742313Freedom U.S. Acquisition Corporation, Senior Secured Loans2024-12-310001742313Freedom U.S. Acquisition Corporation, Senior Secured Loans (Revolver)2024-12-310001742313Fueled Digital Media, LLC, Senior Secured Loans 12024-12-310001742313Fueled Digital Media, LLC, Senior Secured Loans 22024-12-310001742313Fueled Digital Media, LLC, Senior Secured Loans (Revolver)2024-12-310001742313Jobnimbus Holdings, LLC, Senior Secured Loans2024-12-310001742313Jobnimbus Holdings, LLC, Senior Secured Loans (Delayed Draw)2024-12-310001742313Jobnimbus Holdings, LLC, Senior Secured Loans (Revolver)2024-12-310001742313Medallia, Inc, Senior Secured Loans.2024-12-310001742313Mindbody, Inc, Senior Secured Loans. 12024-12-310001742313Mindbody, Inc, Senior Secured Loans. 22024-12-310001742313Mindbody, Inc, Senior Secured Loans. (Revolver)2024-12-310001742313Nasuni Corporation, Senior Secured Loans2024-12-310001742313Nasuni Corporation, Senior Secured Loans (Revolver)2024-12-310001742313Oranje Holdco, Inc, Senior Secured Loans. 12024-12-310001742313Oranje Holdco, Inc, Senior Secured Loans. 22024-12-310001742313Oranje Holdco, Inc, Senior Secured Loans. (Revolver)2024-12-310001742313Optomi, LLC, Senior Secured Loans 12024-12-310001742313Optomi, LLC, Senior Secured Loans 22024-12-310001742313Optomi, LLC, Senior Secured Loans (Revolver)2024-12-310001742313Reorganized Mobileum AcquisitionCo, LLC, Senior Secured Loans (fka Matrix Parent, Inc.)2024-12-310001742313Securly, Inc, Senior Secured Loans. 12024-12-310001742313Securly, Inc, Senior Secured Loans. 22024-12-310001742313Securly, Inc, Senior Secured Loans. 32024-12-310001742313Securly, Inc, Senior Secured Loans. 42024-12-310001742313Securly, Inc, Senior Secured Loans. (Revolver)2024-12-310001742313Signiant Inc., Senior Secured Loans2024-12-310001742313Signiant Inc., Senior Secured Loans (Delayed Draw)2024-12-310001742313Signiant Inc., Senior Secured Loans (Revolver)2024-12-310001742313Sparq Holdings, Inc, Senior Secured Loans. 12024-12-310001742313Sparq Holdings, Inc., Senior Secured Loans 22024-12-310001742313Sparq Holdings, Inc, Senior Secured Loans. 32024-12-310001742313Sparq Holdings, Inc, Senior Secured Loans. (Delayed Draw)2024-12-310001742313Sparq Holdings, In, Senior Secured Loansc. (Revolver)2024-12-310001742313Unanet, Inc, Senior Secured Loans.2024-12-310001742313Unanet, Inc., Senior Secured Loans (Delayed Draw) 12024-12-310001742313Unanet, Inc., Senior Secured Loans (Delayed Draw) 22024-12-310001742313Unanet, Inc, Senior Secured Loans. (Revolver)2024-12-310001742313Varicent Intermediate Holdings Corporation, Senior Secured Loans2024-12-310001742313Varicent Intermediate Holdings Corporation, Senior Secured Loans (Delayed Draw)2024-12-310001742313Varicent Intermediate Holdings Corporation, Senior Secured Loans (Revolver)2024-12-310001742313Watchguard Technologies, Inc, Senior Secured Loans.2024-12-310001742313ZI Intermediate II, Inc, Senior Secured Loans.2024-12-310001742313ZI Intermediate II, Inc, Senior Secured Loans. (Revolver)2024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:HighTechIndustriesSectorMemberus-gaap:SeniorLoansMember2024-12-31000174231395 Percent Buyer, LLC, Senior Secured Loans2024-12-31000174231395 Percent Buyer, LLC, Senior Secured Loans (Revolver)2024-12-310001742313Calienger Holdings, L.L.C, Senior Secured Loans.2024-12-310001742313Calienger Holdings, L.L.C, Senior Secured Loans. (Revolver)2024-12-310001742313CE Intermediate, LLC, Senior Secured Loans2024-12-310001742313Destination Media, Inc, Senior Secured Loans. 12024-12-310001742313Destination Media, Inc, Senior Secured Loans. 22024-12-310001742313Destination Media, Inc, Senior Secured Loans. (Revolver)2024-12-310001742313EverService Midco, LLC, Senior Secured Loans2024-12-310001742313EverService Midco, LLC, Senior Secured Loans (Revolver)2024-12-310001742313Madison Logic Holdings, Inc., Senior Secured Loans2024-12-310001742313Madison Logic Holdings, Inc., Senior Secured Loans (Revolver)2024-12-310001742313Really Great Reading Company, Inc, Senior Secured Loans.2024-12-310001742313Really Great Reading Company, Inc, Senior Secured Loans. (Revolver)2024-12-310001742313Relevate Health Group, LLC, Senior Secured Loans 12024-12-310001742313Relevate Health Group, LLC, Senior Secured Loans 22024-12-310001742313Relevate Health Group, LLC, Senior Secured Loans 32024-12-310001742313Relevate Health Group, LLC, Senior Secured Loans 42024-12-310001742313Relevate Health Group, LLC, Senior Secured Loans (Revolver)2024-12-310001742313Spherix Global Inc, Senior Secured Loans.2024-12-310001742313Spherix Global Inc, Senior Secured Loans. (Revolver)2024-12-310001742313Touchmath Acquisition LLC, Senior Secured Loans2024-12-310001742313Touchmath Acquisition LLC, Senior Secured Loans (Revolver)2024-12-310001742313XanEdu Publishing, Inc, Senior Secured Loans. 12024-12-310001742313XanEdu Publishing, Inc, Senior Secured Loans. 22024-12-310001742313XanEdu Publishing, Inc, Senior Secured Loans. (Revolver)2024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:MediaAdvertisingPrintingPublishingMemberus-gaap:SeniorLoansMember2024-12-310001742313Vice Acquisition Holdco, LLC, Senior Secured Loans2024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:MediaBroadcastingSubscriptionMemberus-gaap:SeniorLoansMember2024-12-310001742313Bonterra LLC, Senior Secured Loans 12024-12-310001742313Bonterra LLC, Senior Secured Loans 22024-12-310001742313Bonterra LLC, Senior Secured Loans (Revolver)2024-12-310001742313Chess.com, LLC, Senior Secured Loans2024-12-310001742313Chess.com, LLC, Senior Secured Loans (Revolver)2024-12-310001742313Crownpeak Technology, Inc, Senior Secured Loans 12024-12-310001742313Crownpeak Technology, Inc, Senior Secured Loans 22024-12-310001742313Crownpeak Technology, Inc, Senior Secured Loans 32024-12-310001742313Crownpeak Technology, Inc, Senior Secured Loans 42024-12-310001742313Crownpeak Technology, Inc, Senior Secured Loans (Revolver)2024-12-310001742313Research Now Group, Inc. and Survey Sampling International, LLC, Senior Secured Loans2024-12-310001742313Sports Operating Holdings II, LLC, Senior Secured Loans2024-12-310001742313Sports Operating Holdings II, LLC, Senior Secured Loans (Delayed Draw)2024-12-310001742313Sports Operating Holdings II, LLC, Senior Secured Loans (Revolver)2024-12-310001742313STATS Intermediate Holdings, LLC, Senior Secured Loans2024-12-310001742313Streamland Media MidCo LLC, Senior Secured Loans 12024-12-310001742313Streamland Media MidCo LLC, Senior Secured Loans 22024-12-310001742313Streamland Media MidCo LLC, Senior Secured Loans 32024-12-310001742313Streamland Media MidCo LLC, Senior Secured Loans 42024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:MediaDiversifiedProductionMemberus-gaap:SeniorLoansMember2024-12-310001742313Rita's Franchise Company, LLC, Senior Secured Loans2024-12-310001742313Rita's Franchise Company, LLC, Senior Secured Loans (Revolver)2024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RetailSectorMemberus-gaap:SeniorLoansMember2024-12-310001742313A360, Inc., Senior Secured Loans2024-12-310001742313A360, Inc., Senior Secured Loans (Delayed Draw)2024-12-310001742313A360, Inc., Senior Secured Loans (Revolver)2024-12-310001742313Aligned Exteriors Group Holdco, LLC, Senior Secured Loans2024-12-310001742313Aligned Exteriors Group Holdco, LLC, Senior Secured Loans (Delayed Draw)2024-12-310001742313Aligned Exteriors Group Holdco, LLC, Senior Secured Loans (Revolver)2024-12-310001742313Ambient Enterprises Holdco, LLC, Senior Secured Loans2024-12-310001742313Ambient Enterprises Holdco, LLC, Senior Secured Loans (Delayed Draw)2024-12-310001742313Ambient Enterprises Holdco, LLC, Senior Secured Loans (Revolver)2024-12-310001742313Aras Corporation, Senior Secured Loans2024-12-310001742313Aras Corporation, Senior Secured Loans (Revolver)2024-12-310001742313ASG III, LLC, Senior Secured Loans 12024-12-310001742313ASG III, LLC , Senior Secured Loans22024-12-310001742313ASG III, LLC, Senior Secured Loans (Delayed Draw)2024-12-310001742313ASG III, LLC (Revolver)2024-12-310001742313Bloomerang, LLC2024-12-310001742313Bloomerang, LLC (Delayed Draw)2024-12-310001742313Bloomerang, LLC (Revolver)2024-12-310001742313Cdata Software, Inc.2024-12-310001742313Cdata Software, Inc. (Delayed Draw) 12024-12-310001742313Cdata Software, Inc. (Delayed Draw) 22024-12-310001742313Cdata Software, Inc. (Revolver)2024-12-310001742313Cosmos Bidco, Inc, Senior Secured Loans 12024-12-310001742313Cosmos Bidco, Inc, Senior Secured Loans 22024-12-310001742313Cosmos Bidco, Inc, Senior Secured Loans (Delayed Draw)2024-12-310001742313Cosmos Bidco, Inc, Senior Secured Loans (Revolver)2024-12-310001742313E-Discovery Acquireco, LLC, Senior Secured Loans 12024-12-310001742313E-Discovery Acquireco, LLC, Senior Secured Loans 22024-12-310001742313E-Discovery Acquireco, LLC, Senior Secured Loans (Revolver)2024-12-310001742313ecMarket Inc. and Conexiom US Inc, Senior Secured Loans. 12024-12-310001742313ecMarket Inc. and Conexiom US Inc, Senior Secured Loans. 22024-12-310001742313ecMarket Inc. and Conexiom US Inc, Senior Secured Loans. 32024-12-310001742313ecMarket Inc. and Conexiom US Inc, Senior Secured Loans. (Delayed Draw)2024-12-310001742313ecMarket Inc. and Conexiom US Inc, Senior Secured Loans. (Revolver)2024-12-310001742313Edustaff, LLC, Senior Secured Loans2024-12-310001742313Edustaff, LLC, Senior Secured Loans (Revolver)2024-12-310001742313Huckabee Acquisition, LLC, Senior Secured Loans2024-12-310001742313Huckabee Acquisition, LLC, Senior Secured Loans (Delayed Draw)2024-12-310001742313Huckabee Acquisition, LLC, Senior Secured Loans (Revolver)2024-12-310001742313HS4 Acquisitionco, Inc, Senior Secured Loans 12024-12-310001742313HS4 Acquisitionco, Inc, Senior Secured Loans 22024-12-310001742313HS4 Acquisitionco, Inc, Senior Secured Loans (Revolver)2024-12-310001742313iCIMS, Inc, Senior Secured Loans2024-12-310001742313Interstate BidCo, LLC, Senior Secured Loans 12024-12-310001742313Interstate BidCo, LLC, Senior Secured Loans 22024-12-310001742313Interstate BidCo, LLC, Senior Secured Loans 32024-12-310001742313Interstate BidCo, LLC, Senior Secured Loans (Delayed Draw)2024-12-310001742313Interstate BidCo, LLC, Senior Secured Loans (Revolver)2024-12-310001742313JDX Studio, LLC, Senior Secured Loans2024-12-310001742313JDX Studio, LLC, Senior Secured Loans (Delayed Draw)2024-12-310001742313JDX Studio, LLC, Senior Secured Loans (Revolver)2024-12-310001742313Kingsley Gate Partners, LLC, Senior Secured Loans 12024-12-310001742313Kingsley Gate Partners, LLC, Senior Secured Loans 22024-12-310001742313Kingsley Gate Partners, LLC, Senior Secured Loans 32024-12-310001742313Kingsley Gate Partners, LLC, Senior Secured Loans (Revolver)2024-12-310001742313Milrose Consultants, LLC, Senior Secured Loans 12024-12-310001742313Milrose Consultants, LLC, Senior Secured Loans 22024-12-310001742313Milrose Consultants, LLC, Senior Secured Loans 32024-12-310001742313Milrose Consultants, LLC, Senior Secured Loans (Revolver)2024-12-310001742313Moonraker Acquisitionco LLC, Senior Secured Loans2024-12-310001742313Moonraker Acquisitionco LLC, Senior Secured Loans (Revolver)2024-12-310001742313NFM & J, L.P, Senior Secured Loans2024-12-310001742313NFM & J, L.P, Senior Secured Loans (Delayed Draw)2024-12-310001742313NFM & J, L.P, Senior Secured Loans. (Revolver)2024-12-310001742313Northeast Contracting Company, LLC, Senior Secured Loans2024-12-310001742313Northeast Contracting Company, LLC, Senior Secured Loans (Revolver)2024-12-310001742313Onix Networking Corp., Senior Secured Loans2024-12-310001742313Onix Networking Corp., Senior Secured Loans (Revolver)2024-12-310001742313OPOC Acquisition, LLC, Senior Secured Loans2024-12-310001742313OPOC Acquisition, LLC, Senior Secured Loans (Delayed Draw)2024-12-310001742313OPOC Acquisition, LLC, Senior Secured Loans (Revolver)2024-12-310001742313Parkhub, Inc., Senior Secured Loans 12024-12-310001742313Parkhub, Inc., Senior Secured Loans 22024-12-310001742313Parkhub, Inc., Senior Secured Loans (Delayed Draw) 12024-12-310001742313Parkhub, Inc., Senior Secured Loans (Delayed Draw) 22024-12-310001742313Parkhub, Inc., Senior Secured Loans (Delayed Draw) 32024-12-310001742313Parkhub, Inc., Senior Secured Loans (Revolver)2024-12-310001742313PC Pest Buyer, LLC, Senior Secured Loans2024-12-310001742313PC Pest Buyer, LLC, Senior Secured Loans (Delayed Draw)2024-12-310001742313PC Pest Buyer, LLC, Senior Secured Loans (Revolver)2024-12-310001742313PRGX Global, Inc, Senior Secured Loans2024-12-310001742313PRGX Global, Inc, Senior Secured Loans (Revolver)2024-12-310001742313Project Accelerate Parent, LLC, Senior Secured Loans2024-12-310001742313Project Accelerate Parent, LLC, Senior Secured Loans (Revolver)2024-12-310001742313Prototek LLC, Senior Secured Loans2024-12-310001742313Prototek LLC, Senior Secured Loans (Revolver)2024-12-310001742313Rampart Exterior Services Buyer, Inc, Senior Secured Loans2024-12-310001742313Rampart Exterior Services Buyer, Inc, Senior Secured Loans (Delayed Draw)2024-12-310001742313Rampart Exterior Services Buyer, Inc, Senior Secured Loans (Revolver)2024-12-310001742313Security Services Acquisition Sub Corp, Senior Secured Loans 12024-12-310001742313Security Services Acquisition Sub Corp, Senior Secured Loans 22024-12-310001742313Security Services Acquisition Sub Corp, Senior Secured Loans 32024-12-310001742313Signal 88, LLC, Senior Secured Loans2024-12-310001742313Sunstates Security, LLC, Senior Secured Loans2024-12-310001742313Sunstates Security, LLC, Senior Secured Loans (Delayed Draw)2024-12-310001742313Symplr Software, Inc., Senior Secured Loans2024-12-310001742313Teneo Holdings LLC, Senior Secured Loans2024-12-310001742313Thryv, Inc, Senior Secured Loans2024-12-310001742313TIC Bidco Limited, Senior Secured Loans2024-12-310001742313Valkyrie Buyer, LLC, Senior Secured Loans2024-12-310001742313Valkyrie Buyer, LLC, Senior Secured Loans (Delayed Draw) 12024-12-310001742313Valkyrie Buyer, LLC, Senior Secured Loans (Delayed Draw) 22024-12-310001742313Valkyrie Buyer, LLC, Senior Secured Loans (Delayed Draw) 32024-12-310001742313Valkyrie Buyer, LLC, Senior Secured Loans (Delayed Draw) 42024-12-310001742313Valkyrie Buyer, LLC, Senior Secured Loans (Delayed Draw) 52024-12-310001742313Valkyrie Buyer, LLC, Senior Secured Loans (Revolver)2024-12-310001742313Vhagar Purchaser, LLC, Senior Secured Loans2024-12-310001742313Vhagar Purchaser, LLC, Senior Secured Loans (Delayed Draw)2024-12-310001742313Vhagar Purchaser, LLC, Senior Secured Loans (Revolver)2024-12-310001742313WPEngine, Inc, Senior Secured Loans2024-12-310001742313WPEngine, Inc, Senior Secured Loans (Revolver)2024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:ServicesBusinessSectorMemberus-gaap:SeniorLoansMember2024-12-310001742313AMS Parent, LLC, Senior Secured Loans2024-12-310001742313Clydesdale Holdings, LLC, Senior Secured Loans 12024-12-310001742313Clydesdale Holdings, LLC, Senior Secured Loans 22024-12-310001742313Clydesdale Holdings, LLC, Senior Secured Loans 32024-12-310001742313Clydesdale Holdings, LLC, Senior Secured Loans 42024-12-310001742313Clydesdale Holdings, LLC, Senior Secured Loans (Delayed Draw)2024-12-310001742313Clydesdale Holdings, LLC, Senior Secured Loans (Revolver)2024-12-310001742313Expedited Travel, LLC, Senior Secured Loans2024-12-310001742313Expedited Travel, LLC, Senior Secured Loans (Revolver)2024-12-310001742313Express Wash Acquisition Company, LLC, Senior Secured Loans 12024-12-310001742313Express Wash Acquisition Company, LLC, Senior Secured Loans 22024-12-310001742313Express Wash Acquisition Company, LLC, Senior Secured Loans (Revolver)2024-12-310001742313Light Wave Dental Management, LLC, Senior Secured Loans 12024-12-310001742313Light Wave Dental Management, LLC, Senior Secured Loans 22024-12-310001742313Light Wave Dental Management, LLC, Senior Secured Loans 32024-12-310001742313Light Wave Dental Management, LLC, Senior Secured Loans (Revolver)2024-12-310001742313Mammoth Holdings, LLC, Senior Secured Loans 12024-12-310001742313Mammoth Holdings, LLC, Senior Secured Loans 22024-12-310001742313Mammoth Holdings, LLC, Senior Secured Loans (Revolver)2024-12-310001742313Russell Investments US Institutional Holdco, Inc., Senior Secured Loans2024-12-310001742313Russell Investments US Institutional Holdco, Inc., Senior Secured Loans (Revolver)2024-12-310001742313The Black Tux, LLC, Senior Secured Loans2024-12-310001742313The Black Tux, LLC, Senior Secured Loans (Delayed Draw)2024-12-310001742313The Black Tux, LLC, Senior Secured Loans(Revolver)2024-12-310001742313The Gersh Agency, LLC, Senior Secured Loans 12024-12-310001742313The Gersh Agency, LLC, Senior Secured Loans 22024-12-310001742313The Gersh Agency, LLC, Senior Secured Loans 32024-12-310001742313The Gersh Agency, LLC, Senior Secured Loans 42024-12-310001742313The Gersh Agency, LLC, Senior Secured Loans (Delayed Draw)2024-12-310001742313The Gersh Agency, LLC, Senior Secured Loans (Revolver) 12024-12-310001742313The Gersh Agency, LLC, Senior Secured Loans (Revolver) 22024-12-310001742313The Hertz Corporation, Senior Secured Loans 12024-12-310001742313The Hertz Corporation, Senior Secured Loans 22024-12-310001742313Ultra Clean Holdco LLC, Senior Secured Loans2024-12-310001742313Ultra Clean Holdco LLC, Senior Secured Loans (Delayed Draw)2024-12-310001742313Ultra Clean Holdco LLC, Senior Secured Loans (Revolver)2024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:ServicesConsumerSectorMemberus-gaap:SeniorLoansMember2024-12-310001742313American Broadband and Telecommunications Company LLC, Senior Secured Loans (Delayed Draw)2024-12-310001742313American Broadband and Telecommunications Company LLC, Senior Secured Loans (Revolver)2024-12-310001742313Calabrio, Inc., Senior Secured Loans 12024-12-310001742313Calabrio, Inc., Senior Secured Loans 22024-12-310001742313Calabrio, Inc., Senior Secured Loans (Revolver)2024-12-310001742313Commscope, Inc, Senior Secured Loans2024-12-310001742313DataOnline Corp, Senior Secured Loans.2024-12-310001742313DataOnline Corp, Senior Secured Loans. (Revolver)2024-12-310001742313EOS Finco S.A.R.L, Senior Secured Loans.2024-12-310001742313MB Purchaser, LLC, Senior Secured Loans2024-12-310001742313MB Purchaser, LLC, Senior Secured Loans (Delayed Draw)2024-12-310001742313MB Purchaser, LLC, Senior Secured Loans (Revolver)2024-12-310001742313Patagonia Holdco LLC, Senior Secured Loans2024-12-310001742313Radiate Holdco, LLC, Senior Secured Loans2024-12-310001742313Sandvine Corporation, Senior Secured Loans 12024-12-310001742313Sandvine Corporation, Senior Secured Loans 22024-12-310001742313Sandvine Corporation, Senior Secured Loans (Delayed Draw)2024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:TelecommunicationsMemberus-gaap:SeniorLoansMember2024-12-310001742313Dusk Acquisition II Corporation, Senior Secured Loans 12024-12-310001742313Dusk Acquisition II Corporation, Senior Secured Loans 22024-12-310001742313Epika Fleet Services, Inc., Senior Secured Loans 12024-12-310001742313Epika Fleet Services, Inc, Senior Secured Loans. 22024-12-310001742313Epika Fleet Services, Inc., Senior Secured Loans (Delayed Draw) 12024-12-310001742313Epika Fleet Services, Inc., Senior Secured Loans (Delayed Draw) 22024-12-310001742313Epika Fleet Services, Inc, Senior Secured Loans. (Revolver)2024-12-310001742313Fiasco Enterprises, LLC, Senior Secured Loans 12024-12-310001742313Fiasco Enterprises, LLC, Senior Secured Loans 22024-12-310001742313Fiasco Enterprises, LLC, Senior Secured Loans (Revolver)2024-12-310001742313Randys Holdings, Inc, Senior Secured Loans.2024-12-310001742313Randys Holdings, Inc, Senior Secured Loans. (Delayed Draw)2024-12-310001742313Randys Holdings, Inc, Senior Secured Loans. (Revolver)2024-12-310001742313RS Acquisition, LLC, Senior Secured Loans 12024-12-310001742313RS Acquisition, LLC, Senior Secured Loans 22024-12-310001742313RS Acquisition, LLC, Senior Secured Loans (Revolver)2024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:TransportationSectorMemberus-gaap:SeniorLoansMember2024-12-310001742313IF & P Holdings Company, LLC, Senior Secured Loans 12024-12-310001742313IF & P Holdings Company, LLC, Senior Secured Loans 22024-12-310001742313IF & P Holdings Company, LLC, Senior Secured Loans 32024-12-310001742313IF & P Holdings Company, LLC, Senior Secured Loans (Delayed Draw)2024-12-310001742313IF & P Holdings Company, LLC, Senior Secured Loans (Revolver)2024-12-310001742313S&S Holdings LLC, Senior Secured Loans 12024-12-310001742313S&S Holdings LLC, Senior Secured Loans 22024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:WholesaleSectorMemberus-gaap:SeniorLoansMember2024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2024-12-310001742313Gargoyle Enterprises, Inc., Unitranche Secured Loans (Revolver)2024-12-310001742313Off Hours Spirits, Inc. / Hour Barrel, LLC, Unitranche Secured Loans (Revolver)2024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:FoodAndBeverageSectorMemberus-gaap:UnitrancheDebtMember2024-12-310001742313Inversiones DP6 (BVI) Numero Dos, Ltd., Unitranche Secured Loans2024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ConstructionSectorMemberus-gaap:UnitrancheDebtMember2024-12-310001742313Jumpstart Holdco, Inc., Unitranche Secured Loans2024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:ConsumerGoodsDurableSectorMemberus-gaap:UnitrancheDebtMember2024-12-310001742313New Engen, Inc., Unitranche Secured Loans 12024-12-310001742313New Engen, Inc., Unitranche Secured Loans 22024-12-310001742313New Engen, Inc., Unitranche Secured Loans 32024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:MediaAdvertisingPrintingPublishingMemberus-gaap:UnitrancheDebtMember2024-12-310001742313Park County Holdings, LLC, Unitranche Secured Loans2024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:MediaDiversifiedProductionMemberus-gaap:UnitrancheDebtMember2024-12-310001742313ASG II, LLC, Unitranche Secured Loans 12024-12-310001742313ASG II, LLC, Unitranche Secured Loans 22024-12-310001742313Onit, Inc., Unitranche Secured Loans2024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:ServicesBusinessSectorMemberus-gaap:UnitrancheDebtMember2024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:UnitrancheDebtMember2024-12-310001742313API Holdings III Corp., Junior Secured Loans2024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:AerospaceSectorMemberus-gaap:JuniorLoansMember2024-12-310001742313First Brands Group, LLC, Junior Secured Loans2024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:AutomotiveSector.Memberus-gaap:JuniorLoansMember2024-12-310001742313Adept AG Holdings, LLC, Junior Secured Loans 12024-12-310001742313Adept AG Holdings, LLC, Junior Secured Loans 22024-12-310001742313Adept AG Holdings, LLC, Junior Secured Loans 32024-12-310001742313Adept AG Holdings, LLC, Junior Secured Loans 42024-12-310001742313Adept AG Holdings, LLC, Junior Secured Loans 52024-12-310001742313Adept AG Holdings, LLC, Junior Secured Loans 62024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:CapitalEquipmentSectorMemberus-gaap:JuniorLoansMember2024-12-310001742313601 Lafayette Mezz LLC, Junior Secured Loans (Delayed Draw) 12024-12-310001742313601 Lafayette Mezz LLC, Junior Secured Loans (Delayed Draw) 22024-12-310001742313Jesse Studio Mezz, LLC, Junior Secured Loans (Delayed Draw)2024-12-310001742313Sundy Village West Mezz Borrower, LLC, Junior Secured Loans (Delayed Draw) 12024-12-310001742313Sundy Village West Mezz Borrower, LLC, Junior Secured Loans (Delayed Draw) 22024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ConstructionSectorMemberus-gaap:JuniorLoansMember2024-12-310001742313Thrasio, LLC, Junior Secured Loans2024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:ConsumerSectorNon-DurableMemberus-gaap:JuniorLoansMember2024-12-310001742313Avison Young (USA) Inc, Junior Secured Loans. 12024-12-310001742313Avison Young (USA) Inc, Junior Secured Loans. 22024-12-310001742313KT Naples UB LLC, Junior Secured Loans (Delayed Draw)2024-12-310001742313Witkoff/Monroe 700 JV LLC, Junior Secured Loans 12024-12-310001742313Witkoff/Monroe 700 JV LLC, Junior Secured Loans 22024-12-310001742313Witkoff/Monroe 700 JV LLC, Junior Secured Loans 32024-12-310001742313Witkoff/Monroe 700 JV LLC, Junior Secured Loans 42024-12-310001742313Witkoff/Monroe 700 JV LLC, Junior Secured Loans 52024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:FireRealEstateSectorMemberus-gaap:JuniorLoansMember2024-12-310001742313Radiology Partners, Inc, Junior Secured Loans2024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:HealthcareSectorMemberus-gaap:JuniorLoansMember2024-12-310001742313Arcserve Cayman Opco LP (fka Arcstor Midco, LLC), Junior Secured Loans2024-12-310001742313Arcserve Cayman Opco LP (fka Arcstor Midco, LLC), Junior Secured Loans 12024-12-310001742313Arcserve Cayman Opco LP (fka Arcstor Midco, LLC), Junior Secured Loans 22024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:HighTechIndustriesSectorMemberus-gaap:JuniorLoansMember2024-12-310001742313Vice Acquisition Holdco, LLC, Junior Secured Loans 12024-12-310001742313Vice Acquisition Holdco, LLC, Junior Secured Loans 22024-12-310001742313Vice Acquisition Holdco, LLC, Junior Secured Loans 32024-12-310001742313Vice Acquisition Holdco, LLC, Junior Secured Loans 42024-12-310001742313Vice Acquisition Holdco, LLC, Junior Secured Loans 52024-12-310001742313Vice Acquisition Holdco, LLC, Junior Secured Loans 62024-12-310001742313Vice Acquisition Holdco, LLC, Junior Secured Loans 72024-12-310001742313Vice Acquisition Holdco, LLC, Junior Secured Loans 82024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:MediaBroadcastingSubscriptionMemberus-gaap:JuniorLoansMember2024-12-310001742313Research Now Group, Inc. and Survey Sampling International, LLC, Junior Secured Loans2024-12-310001742313Streamland Media MidCo LLC, Junior Secured Loans 12024-12-310001742313Streamland Media MidCo LLC, Junior Secured Loans 22024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:MediaDiversifiedProductionMemberus-gaap:JuniorLoansMember2024-12-310001742313Sandvine Corporation, Junior Secured Loans2024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:TelecommunicationsMemberus-gaap:JuniorLoansMember2024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:JuniorLoansMember2024-12-310001742313Lifted Trucks Holdings, LLC, Equity Securities, Class A shares2024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:AutomotiveSector.Memberus-gaap:EquitySecuritiesMember2024-12-310001742313MV Receivables II, LLC, Equity Securities, Shares of common stock2024-12-310001742313MV Receivables II, LLC, Equity Securities, Warrant to purchase the equity2024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:BankingSector1Memberus-gaap:EquitySecuritiesMember2024-12-310001742313Sabrosura Foods, LLC et al, Equity Securities, Class A interest2024-12-310001742313Sabrosura Foods, LLC et al, Equity Securities, Class AA units2024-12-310001742313Sabrosura Foods, LLC et al, Equity Securities, Class AAA units2024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:FoodAndBeverageSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001742313Adept AG Holdings, LLC, Equity Securities, Class A preferred units2024-12-310001742313Adept AG Holdings, LLC, Equity Securities, Series B units2024-12-310001742313Adept AG Holdings, LLC, Equity Securities, Series C preferred units2024-12-310001742313Adept AG Holdings, LLC, Equity Securities, Series L units2024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:CapitalEquipmentSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001742313Harlem Acquisition, LLC, Equity Securities, Class A units2024-12-310001742313MEI Buyer LLC, Equity Securities, Units2024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ConstructionSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001742313Independence Buyer, Inc., Equity Securities, Class A units2024-12-310001742313Jumpstart Holdco, Inc., Equity Securities, Class A units2024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:ConsumerGoodsDurableSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001742313Thrasio, LLC, Equity Securities, Units2024-12-310001742313Thrasio, LLC, Equity Securities, Shares of common stock2024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:ConsumerSectorNon-DurableMemberus-gaap:EquitySecuritiesMember2024-12-310001742313Talos Energy Inc., Equity Securities, Shares of common stock2024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:EnergyOilAndGasSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001742313Quest Resource Management Group, LLC, Equity Securities, Warrant to purchase the equity 12024-12-310001742313Quest Resource Management Group, LLC, Equity Securities, Warrant to purchase the equity 22024-12-310001742313StormTrap, LLC, Equity Securities, Class A preferred units2024-12-310001742313StormTrap, LLC, Equity Securities, Class A common units2024-12-310001742313Volt Bidco, Inc., Equity Securities, Shares of common stock2024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:EnvironmentalIndustriesMemberus-gaap:EquitySecuritiesMember2024-12-310001742313Bench Walk Lead, LL, Equity Securities, Commitment to purchase the equity2024-12-310001742313J2 BWA Funding LLC, Equity Securities, Profit sharing2024-12-310001742313J2 BWA Funding III, LLC, Equity Securities, Commitment to purchase the equity2024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:FireFinanceSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001742313Avison Young (USA) Inc., Equity Securities, Class A preferred shares2024-12-310001742313Avison Young (USA) Inc., Equity Securities, Class F common shares2024-12-310001742313InsideRE, LLC, Equity Securities, Class A common units2024-12-310001742313Lessen LLC, Equity Securities, Preferred units2024-12-310001742313Residential Homes for Rent LLC, Equity Securities, Series A preferred units2024-12-310001742313Residential Homes for Rent LLC, Equity Securities, Warrant to purchase the equity2024-12-310001742313Witkoff/Monroe 700 JV LLC, Equity Securities, Preferred units2024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:FireRealEstateSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001742313Ascent Midco, LLC, Equity Securities, Class A units2024-12-310001742313Bluesight, Inc., Equity Securities, Class A preferred units2024-12-310001742313Bluesight, Inc., Equity Securities, Class B common units2024-12-310001742313Caravel Autism Health, LLC, Equity Securities, Class A units2024-12-310001742313Caravel Autism Health, LLC, Equity Securities, Class B units2024-12-310001742313Dorado Acquisition, Inc., Equity Securities, Class A-1 units2024-12-310001742313Dorado Acquisition, Inc., Equity Securities, Class A-2 units2024-12-310001742313Evolve Biologics Inc., Equity Securities, Warrant to purchase the equity 12024-12-310001742313Evolve Biologics Inc., Equity Securities, Warrant to purchase the equity 22024-12-310001742313Forest Buyer, LLC, Equity Securities, Class A units2024-12-310001742313Forest Buyer, LLC, Equity Securities, Class B units2024-12-310001742313INH Buyer, Inc., Equity Securities, A-1 units2024-12-310001742313INH Buyer, Inc., Equity Securities, Preferred stock2024-12-310001742313KL Moon Acquisition, LLC, Equity Securities, Equity2024-12-310001742313NationsBenefits, LLC, Equity Securities, Series B units2024-12-310001742313NationsBenefits, LLC, Equity Securities, Common units2024-12-310001742313NQ PE Project Colosseum Midco Inc., Equity Securities, Common units2024-12-310001742313Seran BioScience, LLC, Equity Securities, Common units2024-12-310001742313Vero Biotech Inc., Equity Securities, Warrant to purchase the equity2024-12-310001742313Xpress Wellness, LLC, Equity Securities, Series A units2024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:HealthcareSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001742313Arcserve Cayman Opco LP (fka Arcstor Midco, LLC), Equity Securities, Class A common units2024-12-310001742313Arcserve Cayman Opco LP (fka Arcstor Midco, LLC), Equity Securities, Class B common units2024-12-310001742313Arcserve Cayman GP LLC (fka Arcstor Midco, LLC), Equity Securities, Class A common units2024-12-310001742313Arcserve Cayman GP LLC (fka Arcstor Midco, LLC), Equity Securities, Class B common units2024-12-310001742313Catalyst Data Holdings, Inc., Equity Securities, Common units2024-12-310001742313Douglas Holdings, Inc., Equity Securities, Class A common units2024-12-310001742313Drawbridge Partners, LLC, Equity Securities, Class A-1 units2024-12-310001742313Jobnimbus Holdings, LLC, Equity Securities, Common units2024-12-310001742313Optomi, LLC, Equity Securities, Class A units2024-12-310001742313Recorded Future, Inc., Equity Securities, Class A units2024-12-310001742313Reorganized Mobileum AcquisitionCo, LLC (fka Matrix Parent, Inc.), Equity Securities, Shares of common stock2024-12-310001742313Sparq Holdings, Inc., Equity Securities, Common units2024-12-310001742313Unanet, Inc., Equity Securities, Shares of common stock2024-12-310001742313ZI Intermediate II, Inc., Equity Securities, Shares of common stock2024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:HighTechIndustriesSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001742313Equine Network, LLC, Equity Securities, Class A units2024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:HotelsGamingLeisureSectorMemberus-gaap:EquitySecuritiesMember2024-12-31000174231395 Percent Buyer, LLC, Equity Securities, Class A units2024-12-310001742313Calienger Holdings, L.L.C., Equity Securities, Class A units2024-12-310001742313New Engen, Inc., Equity Securities, Preferred units2024-12-310001742313New Engen, Inc., Equity Securities, Class B common units2024-12-310001742313Really Great Reading Company, Inc., Equity Securities, Series A units2024-12-310001742313Relevate Health Group, LLC, Equity Securities, Preferred units2024-12-310001742313Relevate Health Group, LLC, Equity Securities, Class B common units2024-12-310001742313Relevate Health Group, LLC, Equity Securities, Class X common units2024-12-310001742313Relevate Health Group, LLC, Equity Securities, Class X preferred units2024-12-310001742313Spherix Global Inc., Equity Securities, Class A-2 units2024-12-310001742313Spherix Global Inc., Equity Securities, Class A units2024-12-310001742313XanEdu Publishing, Inc., Equity Securities, Class A units2024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:MediaAdvertisingPrintingPublishingMemberus-gaap:EquitySecuritiesMember2024-12-310001742313Vice Acquisition Holdco, LLC, Equity Securities, Class A units2024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:MediaBroadcastingSubscriptionMemberus-gaap:EquitySecuritiesMember2024-12-310001742313Chess.com, LLC, Equity Securities, Class A units2024-12-310001742313Research Now Group, Inc. and Survey Sampling International, LLC, Equity Securities, Shares of common stock2024-12-310001742313Streamland Media MidCo LLC, Equity Securities, Warrant to purchase the equity 12024-12-310001742313Streamland Media MidCo LLC, Equity Securities, Warrant to purchase the equity 22024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:MediaDiversifiedProductionMemberus-gaap:EquitySecuritiesMember2024-12-310001742313A360, Inc., Equity Securities, Common units2024-12-310001742313Argano, LLC, Equity Securities, Common units2024-12-310001742313Cosmos Bidco, Inc., Equity Securities, Class A Membership Interest2024-12-310001742313ecMarket Inc. and Conexiom US Inc., Equity Securities, Preferred shares2024-12-310001742313Edustaff, LLC, Equity Securities, Shares of common stock2024-12-310001742313JDX Studio, LLC, Equity Securities, Class A preferred units2024-12-310001742313Northeast Contracting Company, LLC, Equity Securities, Class A-2 units2024-12-310001742313Onix Networking Corp., Equity Securities, Shares of common stock2024-12-310001742313Parkhub, Inc., Equity Securities, Series A preferred units2024-12-310001742313Rampart Exterior Services Buyer, Inc., Equity Securities, Series A-2 preferred units2024-12-310001742313Respida Software Equity CI LP, Equity Securities, Series B Preferred Units2024-12-310001742313Skillsoft Corp., Equity Securities, Class A shares2024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:ServicesBusinessSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001742313Express Wash Acquisition Company, LLC, Equity Securities, Class A common units2024-12-310001742313Express Wash Acquisition Company, LLC, Equity Securities, Class A preferred units2024-12-310001742313Express Wash Acquisition Company, LLC, Equity Securities, Class B common units2024-12-310001742313Express Wash Acquisition Company, LLC, Equity Securities, Class B preferred units2024-12-310001742313IDIG Parent, LLC, Equity Securities, Shares of common stock2024-12-310001742313Light Wave Dental Management, LLC, Equity Securities, Class A units2024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:ServicesConsumerSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001742313American Broadband and Telecommunications Company LLC, Equity Securities, Warrant to purchase the equity2024-12-310001742313Sandvine Corporation, Equity Securities, Class A units2024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:TelecommunicationsMemberus-gaap:EquitySecuritiesMember2024-12-310001742313Epika Fleet Services, Inc., Equity Securities, Preferred units2024-12-310001742313RS Acquisition, LLC, Equity Securities, Common units2024-12-310001742313RS Acquisition, LLC, Equity Securities, Series A preferred units2024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:TransportationSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001742313Central Moloney, LLC, Equity Securities, Class A preferred units2024-12-310001742313Central Moloney, LLC, Equity Securities, Class B common units2024-12-310001742313Central Moloney, LLC, Equity Securities, Class G units2024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:UtilitiesElectricSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001742313IF & P Holdings Company, LLC, Equity Securities, Class A preferred units2024-12-310001742313IF & P Holdings Company, LLC, Equity Securities, Class B common units2024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMembermcip:WholesaleSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001742313us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2024-12-310001742313BTR Opco LLC (fka Born to Run, LLC), Senior Secured Loans (Delayed Draw)2024-12-310001742313us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembermcip:AutomotiveSector.Memberus-gaap:SeniorLoansMember2024-12-310001742313Summit Professional Education, LLC, Senior Secured Loans2024-12-310001742313Summit Professional Education, LLC, Senior Secured Loans (Revolver)2024-12-310001742313Whistler Parent Holdings III, Inc., Senior Secured Loans (Delayed Draw)2024-12-310001742313Whistler Parent Holdings III, Inc., Senior Secured Loans (Revolver)2024-12-310001742313us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembermcip:HealthcarePharmaceuticalsSectorMemberus-gaap:SeniorLoansMember2024-12-310001742313Nastel Technologies, LLC, Senior Secured Loans2024-12-310001742313Nastel Technologies, LLC, Senior Secured Loans (Revolver)2024-12-310001742313Zodega Landscaping, LLC, Senior Secured Loans2024-12-310001742313Zodega Landscaping, LLC, Senior Secured Loans (Revolver)2024-12-310001742313us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembermcip:ServicesBusinessSectorMemberus-gaap:SeniorLoansMember2024-12-310001742313SheerTrans Solutions, LLC, Senior Secured Loans 12024-12-310001742313SheerTrans Solutions, LLC, Senior Secured Loans 22024-12-310001742313SheerTrans Solutions, LLC, Senior Secured Loans (Revolver)2024-12-310001742313us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:TransportationSectorMemberus-gaap:SeniorLoansMember2024-12-310001742313us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:SeniorLoansMember2024-12-310001742313BTR Opco LLC (fka Born to Run, LLC), Junior Secured Loans 12024-12-310001742313BTR Opco LLC (fka Born to Run, LLC), Junior Secured Loans 22024-12-310001742313us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembermcip:AutomotiveSector.Memberus-gaap:JuniorLoansMember2024-12-310001742313SFR Holdco, LLC, Junior Secured Loans 12024-12-310001742313SFR Holdco, LLC, Junior Secured Loans 22024-12-310001742313SFR Holdco 2, LLC, Junior Secured Loans (Delayed Draw)2024-12-310001742313us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembermcip:FireRealEstateSectorMemberus-gaap:JuniorLoansMember2024-12-310001742313Whistler Parent Holdings III, Inc., Junior Secured Loans2024-12-310001742313us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembermcip:HealthcarePharmaceuticalsSectorMemberus-gaap:JuniorLoansMember2024-12-310001742313us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:JuniorLoansMember2024-12-310001742313BTR Opco LLC (fka Born To Run, LLC), Equity Securities, Class A common units2024-12-310001742313us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembermcip:AutomotiveSector.Memberus-gaap:EquitySecuritiesMember2024-12-310001742313Triad Financial Services, Inc., Equity Securities, Equity commitment2024-01-012024-12-310001742313Triad Financial Services, Inc., Equity Securities, Equity commitment2024-12-310001742313us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembermcip:FireFinanceSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001742313SFR Holdco, LLC, Equity Securities, Equity commitments 12024-01-012024-12-310001742313SFR Holdco, LLC, Equity Securities, Equity commitments 12024-12-310001742313SFR Holdco, LLC, Equity Securities, Equity commitments 22024-01-012024-12-310001742313SFR Holdco, LLC, Equity Securities, Equity commitments 22024-12-310001742313SFR Holdco 2, LLC (Equity commitments)2024-01-012024-12-310001742313SFR Holdco 2, LLC (Equity commitments)2024-12-310001742313us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembermcip:FireRealEstateSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001742313Summit Professional Education, Equity Securities, Class A units2024-12-310001742313Whistler Parent Holdings III, Inc. (Series A preferred stock) 12024-12-310001742313Whistler Parent Holdings III, Inc. (Series B preferred stock) 22024-12-310001742313us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembermcip:HealthcarePharmaceuticalsSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001742313ClearlyRated Capital, LLC, Equity Securities, Class A units2024-12-310001742313us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembermcip:HighTechIndustriesSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001742313Nastel Technologies, LLC, Equity Securities, Class A units2024-12-310001742313Zodega Landscaping, LLC, Equity Securities, Preferred interests2024-12-310001742313us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembermcip:ServicesBusinessSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001742313SheerTrans Solutions, LLC, Equity Securities, Preferred interests2024-12-310001742313us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:TransportationSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001742313us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:EquitySecuritiesMember2024-12-310001742313Foreign currency forward contract 12024-12-310001742313Foreign currency forward contract 12024-01-012024-12-310001742313Foreign currency forward contract 22024-12-310001742313Foreign currency forward contract 22024-01-012024-12-310001742313Foreign currency forward contract 32024-12-310001742313Foreign currency forward contract 32024-01-012024-12-310001742313Foreign currency forward contract 42024-12-310001742313Foreign currency forward contract 42024-01-012024-12-310001742313Foreign currency forward contract 52024-12-310001742313Foreign currency forward contract 52024-01-012024-12-310001742313Foreign currency forward contract 62024-12-310001742313Foreign currency forward contract 62024-01-012024-12-310001742313Foreign currency forward contract 72024-12-310001742313Foreign currency forward contract 72024-01-012024-12-310001742313Foreign currency forward contract 82024-12-310001742313Foreign currency forward contract 82024-01-012024-12-310001742313Foreign currency forward contract 92024-12-310001742313Foreign currency forward contract 92024-01-012024-12-310001742313Foreign currency forward contract 102024-12-310001742313Foreign currency forward contract 102024-01-012024-12-310001742313Foreign currency forward contract 112024-12-310001742313Foreign currency forward contract 112024-01-012024-12-310001742313Foreign currency forward contract 122024-12-310001742313Foreign currency forward contract 122024-01-012024-12-310001742313Foreign currency forward contract 132024-12-310001742313Foreign currency forward contract 132024-01-012024-12-310001742313Foreign currency forward contract 142024-12-310001742313Foreign currency forward contract 142024-01-012024-12-310001742313Foreign currency forward contract 152024-12-310001742313Foreign currency forward contract 152024-01-012024-12-310001742313Foreign currency forward contract 162024-12-310001742313Foreign currency forward contract 162024-01-012024-12-310001742313Foreign currency forward contract 172024-12-310001742313Foreign currency forward contract 172024-01-012024-12-310001742313Foreign currency forward contract 182024-12-310001742313Foreign currency forward contract 182024-01-012024-12-310001742313Foreign currency forward contract 192024-12-310001742313Foreign currency forward contract 192024-01-012024-12-310001742313Foreign currency forward contract 202024-12-310001742313Foreign currency forward contract 202024-01-012024-12-310001742313Foreign currency forward contract 212024-12-310001742313Foreign currency forward contract 212024-01-012024-12-310001742313Foreign currency forward contract 222024-12-310001742313Foreign currency forward contract 222024-01-012024-12-310001742313Foreign currency forward contract 232024-12-310001742313Foreign currency forward contract 232024-01-012024-12-310001742313Foreign currency forward contract 242024-12-310001742313Foreign currency forward contract 242024-01-012024-12-310001742313Foreign currency forward contract 252024-12-310001742313Foreign currency forward contract 252024-01-012024-12-310001742313Foreign currency forward contract 262024-12-310001742313Foreign currency forward contract 262024-01-012024-12-310001742313Foreign currency forward contract 272024-12-310001742313Foreign currency forward contract 272024-01-012024-12-310001742313Foreign currency forward contract 282024-12-310001742313Foreign currency forward contract 282024-01-012024-12-310001742313Foreign currency forward contract 292024-12-310001742313Foreign currency forward contract 292024-01-012024-12-310001742313Foreign currency forward contract 302024-12-310001742313Foreign currency forward contract 302024-01-012024-12-310001742313Foreign currency forward contract 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Buyer LLC (Revolver)2025-03-310001742313601 Lafayette Mezz LLC (Delayed Draw) 12025-03-310001742313601 Lafayette Mezz LLC (Delayed Draw) 12024-12-310001742313601 Lafayette Mezz LLC (Delayed Draw) 22025-03-310001742313601 Lafayette Mezz LLC (Delayed Draw) 22024-12-31000174231395 Percent Buyer, LLC (Revolver)2025-03-31000174231395 Percent Buyer, LLC (Revolver)2024-12-310001742313A360, Inc. (Delayed Draw)2025-03-310001742313A360, Inc. (Delayed Draw)2024-12-310001742313A360, Inc. (Revolver)2025-03-310001742313A360, Inc. (Revolver)2024-12-310001742313Accelevation LLC (Delayed Draw)2025-03-310001742313Accelevation LLC (Revolver)2025-03-310001742313Acquia Inc. (Revolver)2024-12-310001742313Aligned Exteriors Group Holdco, LLC (Delayed Draw)2025-03-310001742313Aligned Exteriors Group Holdco, LLC (Delayed Draw)2024-12-310001742313Aligned Exteriors Group Holdco, LLC (Revolver)2025-03-310001742313Aligned Exteriors Group Holdco, LLC (Revolver)2024-12-310001742313Ambient Enterprises Holdco, LLC (Delayed Draw)2025-03-310001742313Ambient Enterprises Holdco, LLC (Delayed Draw)2024-12-310001742313Ambient Enterprises Holdco, LLC (Revolver)2025-03-310001742313Ambient Enterprises Holdco, LLC (Revolver)2024-12-310001742313American Broadband and Telecommunications Company LLC (Delayed Draw)2025-03-310001742313American Broadband and Telecommunications Company LLC (Delayed Draw)2024-12-310001742313American Broadband and Telecommunications Company LLC (Revolver)2025-03-310001742313American Broadband and Telecommunications Company LLC (Revolver)2024-12-310001742313Animal Dermatology Group, Inc. (Delayed Draw) 12025-03-310001742313Animal Dermatology Group, Inc. (Delayed Draw) 12024-12-310001742313Animal Dermatology Group, Inc. (Delayed Draw) 22025-03-310001742313Animal Dermatology Group, Inc. (Delayed Draw) 22024-12-310001742313Animal Dermatology Group, Inc. (Revolver)2025-03-310001742313Animal Dermatology Group, Inc. (Revolver)2024-12-310001742313Appriss Health, LLC (Revolver)2025-03-310001742313Appriss Health, LLC (Revolver)2024-12-310001742313Aptean, Inc. (Delayed Draw)2025-03-310001742313Aptean, Inc. (Delayed Draw)2024-12-310001742313Aptean, Inc. (Revolver)2025-03-310001742313Aptean, Inc. (Revolver)2024-12-310001742313Aras Corporation (Revolver)2025-03-310001742313Aras Corporation (Revolver)2024-12-310001742313Arax Midco, LLC (Delayed Draw)2025-03-310001742313Arax Midco, LLC (Delayed Draw)2024-12-310001742313Arax Midco, LLC (Revolver)2025-03-310001742313Arax Midco, LLC (Revolver)2024-12-310001742313Arcserve Cayman Opco LP (Delayed Draw)2025-03-310001742313Arcserve Cayman Opco LP (Delayed Draw)2024-12-310001742313ASG III, LLC (Delayed Draw)2025-03-310001742313ASG III, LLC (Delayed Draw)2024-12-310001742313ASG III, LLC (Revolver)2025-03-310001742313Avalara, Inc. (Revolver)2024-12-310001742313Bench Walk Lead, LLC (Delayed Draw)2025-03-310001742313Bloomerang, LLC (Delayed Draw)2025-03-310001742313Bloomerang, LLC (Revolver)2025-03-310001742313BLP Buyer, Inc. (Revolver)2025-03-310001742313BLP Buyer, Inc. (Revolver)2024-12-310001742313Bluesight, Inc. (Revolver)2025-03-310001742313Bluesight, Inc. (Revolver)2024-12-310001742313Bonterra LLC (Revolver)2024-12-310001742313BTRS Holdings Inc. (Revolver) 12024-12-310001742313BTRS Holdings Inc. (Revolver) 22025-03-310001742313Calabrio, Inc. (Revolver)2025-03-310001742313Calabrio, Inc. (Revolver)2024-12-310001742313Calienger Holdings, L.L.C. (Revolver)2025-03-310001742313Calienger Holdings, L.L.C. (Revolver)2024-12-310001742313Caravel Autism Health, LLC (Delayed Draw)2025-03-310001742313Caravel Autism Health, LLC (Delayed Draw)2024-12-310001742313Caravel Autism Health, LLC (Revolver)2025-03-310001742313Caravel Autism Health, LLC (Revolver)2024-12-310001742313Catalyst Data Holdings, Inc. (Delayed Draw) 12025-03-310001742313Catalyst Data Holdings, Inc. (Delayed Draw) 12024-12-310001742313Catalyst Data Holdings, Inc. (Delayed Draw) 22025-03-310001742313Catalyst Data Holdings, Inc. (Delayed Draw) 22024-12-310001742313Catalyst Data Holdings, Inc. (Delayed Draw) 32025-03-310001742313Catalyst Data Holdings, Inc. (Delayed Draw) 32024-12-310001742313Catalyst Data Holdings, Inc. (Revolver)2025-03-310001742313Catalyst Data Holdings, Inc. (Revolver)2024-12-310001742313Catalyst Data Holdings, Inc. (Equity Commitment)2025-03-310001742313Catalyst Data Holdings, Inc. (Equity Commitment)2024-12-310001742313Cdata Software, Inc. (Delayed Draw) 12025-03-310001742313Cdata Software, Inc. (Delayed Draw) 22025-03-310001742313Cdata Software, Inc. (Revolver)2025-03-310001742313Chess.com, LLC (Revolver)2025-03-310001742313Chess.com, LLC (Revolver)2024-12-310001742313Cloud for Good, LLC (Delayed Draw)2025-03-310001742313Cloud for Good, LLC (Revolver)2025-03-310001742313Clydesdale Holdings, LLC (Delayed Draw)2025-03-310001742313Clydesdale Holdings, LLC (Delayed Draw)2024-12-310001742313Clydesdale Holdings, LLC (Revolver)2025-03-310001742313Clydesdale Holdings, LLC (Revolver)2024-12-310001742313Cohere Beauty, Phoenix LLC (Revolver)2025-03-310001742313Cohere Beauty, Phoenix LLC (Revolver)2024-12-310001742313Cosmos Bidco, Inc. (Delayed Draw) 12025-03-310001742313Cosmos Bidco, Inc. (Delayed Draw) 12024-12-310001742313Cosmos Bidco, Inc. (Delayed Draw) 22025-03-310001742313Cosmos Bidco, Inc. (Revolver)2025-03-310001742313Cosmos Bidco, Inc. (Revolver)2024-12-310001742313Cpex Purchaser, LLC (Delayed Draw) 12025-03-310001742313Cpex Purchaser, LLC (Delayed Draw) 12024-12-310001742313Cpex Purchaser, LLC (Delayed Draw) 22025-03-310001742313Cpex Purchaser, LLC (Revolver)2025-03-310001742313Cpex Purchaser, LLC (Revolver)2024-12-310001742313DataOnline Corp. (Revolver)2025-03-310001742313DataOnline Corp. (Revolver)2024-12-310001742313Demakes Borrower, LLC (Delayed Draw)2025-03-310001742313Demakes Borrower, LLC (Delayed Draw)2024-12-310001742313Destination Media, Inc. (Revolver)2025-03-310001742313Destination Media, Inc. (Revolver)2024-12-310001742313Dorado Acquisition, Inc. (Revolver)2025-03-310001742313Dorado Acquisition, Inc. (Revolver)2024-12-310001742313Douglas Holdings, Inc. (Delayed Draw) 12025-03-310001742313Douglas Holdings, Inc. (Delayed Draw) 12024-12-310001742313Douglas Holdings, Inc. (Delayed Draw) 22024-12-310001742313Douglas Holdings, Inc. (Delayed Draw) 32025-03-310001742313Douglas Holdings, Inc. (Delayed Draw) 32024-12-310001742313Douglas Holdings, Inc. (Revolver)2025-03-310001742313Douglas Holdings, Inc. (Revolver)2024-12-310001742313Drawbridge Partners, LLC (Delayed Draw)2025-03-310001742313Drawbridge Partners, LLC (Delayed Draw)2024-12-310001742313Drawbridge Partners, LLC (Revolver)2025-03-310001742313Drawbridge Partners, LLC (Revolver)2024-12-310001742313ecMarket Inc. and Conexiom US Inc. (Delayed Draw)2024-12-310001742313ecMarket Inc. and Conexiom US Inc. (Revolver)2025-03-310001742313ecMarket Inc. and Conexiom US Inc. (Revolver)2024-12-310001742313E-Discovery Acquireco, LLC (Revolver)2025-03-310001742313E-Discovery Acquireco, LLC (Revolver)2024-12-310001742313Edustaff, LLC (Revolver)2025-03-310001742313Edustaff, LLC (Revolver)2024-12-310001742313Einstein Parent, INC. (Revolver)2025-03-310001742313Epika Fleet Services, Inc. (Delayed Draw) 12025-03-310001742313Epika Fleet Services, Inc. (Delayed Draw) 12024-12-310001742313Epika Fleet Services, Inc. (Delayed Draw) 22025-03-310001742313Epika Fleet Services, Inc. (Delayed Draw) 22024-12-310001742313Epika Fleet Services, Inc. (Revolver)2025-03-310001742313Epika Fleet Services, Inc. (Revolver)2024-12-310001742313EverService Midco, LLC (Revolver)2025-03-310001742313EverService Midco, LLC (Revolver)2024-12-310001742313Excelligence Learning Corporation (Revolver)2025-03-310001742313Excelligence Learning Corporation (Revolver)2024-12-310001742313Expedited Travel, LLC (Revolver)2025-03-310001742313Expedited Travel, LLC (Revolver)2024-12-310001742313Express Wash Acquisition Company, LLC (Revolver)2025-03-310001742313Express Wash Acquisition Company, LLC (Revolver)2024-12-310001742313FH BMX Buyer, Inc. (Delayed Draw)2025-03-310001742313FH BMX Buyer, Inc. (Delayed Draw)2024-12-310001742313Fiasco Enterprises, LLC (Revolver)2025-03-310001742313Fiasco Enterprises, LLC (Revolver)2024-12-310001742313Forest Buyer, LLC (Revolver)2025-03-310001742313Forest Buyer, LLC (Revolver)2024-12-310001742313Freedom U.S. Acquisition Corporation (Revolver)2025-03-310001742313Freedom U.S. Acquisition Corporation (Revolver)2024-12-310001742313Fueled Digital Media, LLC (Revolver)2025-03-310001742313Fueled Digital Media, LLC (Revolver)2024-12-310001742313GC Champion Acquisition LLC (Delayed Draw)2025-03-310001742313GC Champion Acquisition LLC (Delayed Draw)2024-12-310001742313Guardian Restoration Partners Buyer, LLC (Delayed Draw)2025-03-310001742313Guardian Restoration Partners Buyer, LLC (Delayed Draw)2024-12-310001742313Guardian Restoration Partners Buyer, LLC (Revolver)2025-03-310001742313Guardian Restoration Partners Buyer, LLC (Revolver)2024-12-310001742313Harlem Acquisition, LLC (Delayed Draw)2025-03-310001742313Harlem Acquisition, LLC (Delayed Draw)2024-12-310001742313Harlem Acquisition, LLC (Revolver)2025-03-310001742313Harlem Acquisition, LLC (Revolver)2024-12-310001742313Helping Hands Childrens Services Management, LLC (Delayed Draw)2025-03-310001742313Helping Hands Childrens Services Management, LLC (Delayed Draw)2024-12-310001742313Helping Hands Childrens Services Management, LLC (Revolver)2025-03-310001742313Helping Hands Childrens Services Management, LLC (Revolver)2024-12-310001742313HS4 Acquisitionco, Inc. (Revolver)2024-12-310001742313HOSTAWAY MIDCO OY (Delayed Draw)2025-03-310001742313HOSTAWAY MIDCO OY (Revolver)2025-03-310001742313Huckabee Acquisition, LLC (Delayed Draw)2025-03-310001742313Huckabee Acquisition, LLC (Delayed Draw)2024-12-310001742313Huckabee Acquisition, LLC (Revolver)2025-03-310001742313Huckabee Acquisition, LLC (Revolver)2024-12-310001742313IDIG Parent, LLC (Common stock)2025-03-310001742313IDIG Parent, LLC (Common stock)2024-12-310001742313IF & P Holdings Company, LLC (Delayed Draw)2025-03-310001742313IF & P Holdings Company, LLC (Delayed Draw)2024-12-310001742313IF & P Holdings Company, LLC (Revolver)2025-03-310001742313IF & P Holdings Company, LLC (Revolver)2024-12-310001742313Independence Buyer, Inc. (Revolver)2025-03-310001742313Independence Buyer, Inc. (Revolver)2024-12-310001742313Innovative Artists Entertainment, LLC (Revolver)2025-03-310001742313Innovative Artists Entertainment, LLC (Equity Commitment)2025-03-310001742313InsideRE, LLC (Delayed Draw)2025-03-310001742313InsideRE, LLC (Revolver)2025-03-310001742313InsideRE, LLC (Revolver)2024-12-310001742313Interstate BidCo, LLC (Delayed Draw)2025-03-310001742313Interstate BidCo, LLC (Delayed Draw)2024-12-310001742313Interstate BidCo, LLC (Revolver)2025-03-310001742313Interstate BidCo, LLC (Revolver)2024-12-310001742313Ivex Holdco Inc. and Induspac Holdco Inc. (Delayed Draw)2025-03-310001742313Ivex Holdco Inc. and Induspac Holdco Inc. (Delayed Draw)2024-12-310001742313Ivex Holdco Inc. and Induspac Holdco Inc. (Revolver)2025-03-310001742313Izzio Artisan Bakery, LLC (Delayed Draw)2025-03-310001742313Izzio Artisan Bakery, LLC (Delayed Draw)2024-12-310001742313J2 BWA Funding III, LLC (Delayed Draw)2025-03-310001742313J2 BWA Funding III, LLC (Delayed Draw)2024-12-310001742313J2 BWA Funding III, LLC (Equity commitment)2025-03-310001742313J2 BWA Funding III, LLC (Equity commitment)2024-12-310001742313J2 BWA Funding LLC (Revolver)2024-12-310001742313JDX Studio, LLC (Delayed Draw)2025-03-310001742313JDX Studio, LLC (Delayed Draw)2024-12-310001742313JDX Studio, LLC (Revolver)2025-03-310001742313JDX Studio, LLC (Revolver)2024-12-310001742313Jesse Studio Mezz, LLC (Delayed Draw)2025-03-310001742313Jesse Studio Mezz, LLC (Delayed Draw)2024-12-310001742313Jobnimbus Holdings, LLC (Delayed Draw)2025-03-310001742313Jobnimbus Holdings, LLC (Delayed Draw)2024-12-310001742313Jobnimbus Holdings, LLC (Revolver)2025-03-310001742313Jobnimbus Holdings, LLC (Revolver)2024-12-310001742313Keel Platform, LLC (Delayed Draw)2024-12-310001742313Kingsley Gate Partners, LLC (Revolver)2025-03-310001742313Kingsley Gate Partners, LLC (Revolver)2024-12-310001742313KL Moon Acquisition, LLC (Revolver)2025-03-310001742313KL Moon Acquisition, LLC (Revolver)2024-12-310001742313KT Naples UB LLC (Delayed Draw)2025-03-310001742313KT Naples UB LLC (Delayed Draw)2024-12-310001742313Lifted Trucks Holdings, LLC (Revolver)2025-03-310001742313Lifted Trucks Holdings, LLC (Revolver)2024-12-310001742313Light Wave Dental Management, LLC (Revolver)2025-03-310001742313Light Wave Dental Management, LLC (Revolver)2024-12-310001742313Long Grove Pharmaceuticals, LLC (Delayed Draw)2025-03-310001742313LVF Holdings, Inc. (Revolver)2024-12-310001742313Madison Logic Holdings, Inc. (Revolver)2025-03-310001742313Madison Logic Holdings, Inc. (Revolver)2024-12-310001742313Maltese Diplomat Owner 100 LLC (Delayed Draw)2025-03-310001742313Mammoth Holdings, LLC (Revolver)2025-03-310001742313Mammoth Holdings, LLC (Revolver)2024-12-310001742313MB Purchaser, LLC (Delayed Draw)2025-03-310001742313MB Purchaser, LLC (Delayed Draw)2024-12-310001742313MB Purchaser, LLC (Revolver)2025-03-310001742313MB Purchaser, LLC (Revolver)2024-12-310001742313MEI Buyer LLC (Delayed Draw)2025-03-310001742313MEI Buyer LLC (Revolver)2025-03-310001742313MEI Buyer LLC (Revolver)2024-12-310001742313Milrose Consultants, LLC (Revolver)2025-03-310001742313Milrose Consultants, LLC (Revolver)2024-12-310001742313Mindbody, Inc. (Revolver)2025-03-310001742313Mindbody, Inc. (Revolver)2024-12-310001742313Moonraker Acquisitionco LLC (Revolver)2025-03-310001742313Moonraker Acquisitionco LLC (Revolver)2024-12-310001742313Nasuni Corporation (Revolver)2025-03-310001742313Nasuni Corporation (Revolver)2024-12-310001742313NationsBenefits, LLC (Delayed Draw)2025-03-310001742313NationsBenefits, LLC (Delayed Draw)2024-12-310001742313NationsBenefits, LLC (Revolver)2025-03-310001742313NationsBenefits, LLC (Revolver)2024-12-310001742313NBPT Acquisition LLC (Delayed Draw)2025-03-310001742313NBPT Acquisition LLC (Revolver)2025-03-310001742313NBPT Acquisition LLC (Equity Commitment)2025-03-310001742313NFM & J, L.P. (Delayed Draw)2025-03-310001742313NFM & J, L.P. (Delayed Draw)2024-12-310001742313NFM & J, L.P. (Revolver)2025-03-310001742313NFM & J, L.P. (Revolver)2024-12-310001742313Northeast Contracting Company, LLC (Revolver)2025-03-310001742313Northeast Contracting Company, LLC (Revolver)2024-12-310001742313NQ PE Project Colosseum Midco Inc. (Revolver)2025-03-310001742313NQ PE Project Colosseum Midco Inc. (Revolver)2024-12-310001742313Off Hours Spirits, Inc. / Hour Barrel, LLC (Revolver)2025-03-310001742313Off Hours Spirits, Inc. / Hour Barrel, LLC (Revolver)2024-12-310001742313Onix Networking Corp. (Revolver)2025-03-310001742313Onix Networking Corp. (Revolver)2024-12-310001742313OPOC Acquisition, LLC (Delayed Draw)2025-03-310001742313OPOC Acquisition, LLC (Delayed Draw)2024-12-310001742313OPOC Acquisition, LLC (Revolver)2025-03-310001742313OPOC Acquisition, LLC (Revolver)2024-12-310001742313Optomi, LLC (Revolver)2025-03-310001742313Optomi, LLC (Revolver)2024-12-310001742313Oranje Holdco, Inc. (Revolver)2025-03-310001742313Oranje Holdco, Inc. (Revolver)2024-12-310001742313PAI Middle Tier, LLC (Revolver)2025-03-310001742313Parkhub, Inc. (Delayed Draw) 12025-03-310001742313Parkhub, Inc. (Delayed Draw) 12024-12-310001742313Parkhub, Inc. (Delayed Draw) 22025-03-310001742313Parkhub, Inc. (Delayed Draw) 22024-12-310001742313Parkhub, Inc. (Delayed Draw) 32025-03-310001742313Parkhub, Inc. (Delayed Draw) 32024-12-310001742313Parkhub, Inc. (Revolver)2025-03-310001742313Parkhub, Inc. (Revolver)2024-12-310001742313PC Pest Buyer, LLC (Delayed Draw)2025-03-310001742313PC Pest Buyer, LLC (Delayed Draw)2024-12-310001742313PC Pest Buyer, LLC (Revolver)2025-03-310001742313PC Pest Buyer, LLC (Revolver)2024-12-310001742313PNE Interco LLC (Delayed Draw)2025-03-310001742313PNE Interco LLC (Delayed Draw)2024-12-310001742313PNE Interco LLC (Revolver)2025-03-310001742313PNE Interco LLC (Revolver)2024-12-310001742313PrecisionX Group, LLC (Delayed Draw)2025-03-310001742313PrecisionX Group, LLC (Delayed Draw)2024-12-310001742313PrecisionX Group, LLC (Revolver)2025-03-310001742313PrecisionX Group, LLC (Revolver)2024-12-310001742313Premier Roofing L.L.C. (Revolver)2025-03-310001742313Premier Roofing L.L.C. (Revolver)2024-12-310001742313PRGX Global, Inc. (Revolver)2025-03-310001742313PRGX Global, Inc (Revolver)2024-12-310001742313Project Accelerate Parent, LLC (Revolver)2025-03-310001742313Project Accelerate Parent, LLC (Revolver)2024-12-310001742313Prototek LLC (Revolver)2025-03-310001742313Prototek LLC (Revolver)2024-12-310001742313QF Holdings, Inc. (Revolver)2025-03-310001742313QF Holdings, Inc. (Revolver)2024-12-310001742313Quest Resource Management Group, LLC (Delayed Draw)2025-03-310001742313Quest Resource Management Group, LLC (Delayed Draw)2024-12-310001742313Rampart Exterior Services Buyer, Inc. (Delayed Draw)2024-12-310001742313Rampart Exterior Services Buyer, Inc. (Revolver)2025-03-310001742313Rampart Exterior Services Buyer, Inc. (Revolver)2024-12-310001742313Randys Holdings, Inc. (Delayed Draw)2025-03-310001742313Randys Holdings, Inc. (Delayed Draw)2024-12-310001742313Randys Holdings, Inc. (Revolver)2025-03-310001742313Randys Holdings, Inc. (Revolver)2024-12-310001742313Really Great Reading Company, Inc. (Revolver)2025-03-310001742313Really Great Reading Company, Inc. (Revolver)2024-12-310001742313Recorded Future, Inc. (Class A units)2024-12-310001742313Recycled Plastics Industries, LLC (Revolver)2025-03-310001742313Recycled Plastics Industries, LLC (Revolver)2024-12-310001742313Relevate Health Group, LLC (Revolver)2025-03-310001742313Relevate Health Group, LLC (Revolver)2024-12-310001742313Rita's Franchise Company, LLC (Revolver)2025-03-310001742313Rita's Franchise Company, LLC (Revolver)2024-12-310001742313Ro Health, LLC (Revolver)2025-03-310001742313RS Acquisition, LLC (Revolver)2025-03-310001742313RS Acquisition, LLC (Revolver)2024-12-310001742313Russell Investments US Institutional Holdco, Inc. (Revolver)2025-03-310001742313Russell Investments US Institutional Holdco, Inc. (Revolver)2024-12-310001742313Sandvine Corporation (Delayed Draw)2024-12-310001742313SCP Intermediate Holdings, LLC (Delayed Draw)2025-03-310001742313SCP Intermediate Holdings, LLC (Delayed Draw)2024-12-310001742313SCP Eye Care Holdco, LLC (Delayed Draw)2025-03-310001742313SCP Eye Care Holdco, LLC (Delayed Draw)2024-12-310001742313SCP Eye Care Holdco, LLC (Revolver)2025-03-310001742313SCP Eye Care Holdco, LLC (Revolver)2024-12-310001742313SDG Mgmt Company, LLC (Delayed Draw) 12025-03-310001742313SDG Mgmt Company, LLC (Delayed Draw) 12024-12-310001742313SDG Mgmt Company, LLC (Delayed Draw) 22024-12-310001742313SDG Mgmt Company, LLC (Delayed Draw) 32025-03-310001742313SDG Mgmt Company, LLC (Delayed Draw) 32024-12-310001742313SDG Mgmt Company, LLC (Delayed Draw) 42024-12-310001742313SDG Mgmt Company, LLC (Revolver)2025-03-310001742313SDG Mgmt Company, LLC (Revolver)2024-12-310001742313Second Avenue SFR Holdings II LLC (Revolver)2024-12-310001742313Securly, Inc. (Revolver)2025-03-310001742313Securly, Inc. (Revolver)2024-12-310001742313Seran BioScience, LLC (Delayed Draw)2025-03-310001742313Seran BioScience, LLC (Revolver)2025-03-310001742313Seran BioScience, LLC (Revolver)2024-12-310001742313SFR Holdco 2, LLC (Equity commitment)2025-03-310001742313SFR Holdco 2, LLC (Equity commitment)2024-12-310001742313Signiant Inc. (Delayed Draw)2025-03-310001742313Signiant Inc. (Delayed Draw)2024-12-310001742313Signiant Inc. (Revolver)2025-03-310001742313Signiant Inc. (Revolver)2024-12-310001742313Sparq Holdings, Inc. (Delayed Draw)2025-03-310001742313Sparq Holdings, Inc. (Delayed Draw)2024-12-310001742313Sparq Holdings, Inc. (Revolver)2025-03-310001742313Sparq Holdings, Inc. (Revolver)2024-12-310001742313Spherix Global Inc. (Revolver)2025-03-310001742313Spherix Global Inc. (Revolver)2024-12-310001742313Sports Operating Holdings II, LLC (Delayed Draw)2025-03-310001742313Sports Operating Holdings II, LLC (Delayed Draw)2024-12-310001742313Sports Operating Holdings II, LLC (Revolver)2025-03-310001742313Sports Operating Holdings II, LLC (Revolver)2024-12-310001742313StarCompliance MidCo, LLC (Revolver)2025-03-310001742313StarCompliance MidCo, LLC (Revolver)2024-12-310001742313Steel City Wash, LLC (Delayed Draw)2025-03-310001742313Steel City Wash, LLC (Revolver)2025-03-310001742313Streamland Media MidCo LLC (Revolver)2025-03-310001742313Sundy Village West Mezz Borrower, LLC (Delayed Draw) 12025-03-310001742313Sundy Village West Mezz Borrower, LLC (Delayed Draw) 12024-12-310001742313Sundy Village West Mezz Borrower, LLC (Delayed Draw) 22025-03-310001742313Sundy Village West Mezz Borrower, LLC (Delayed Draw) 22024-12-310001742313Sunstates Security, LLC (Delayed Draw)2025-03-310001742313Sunstates Security, LLC (Delayed Draw)2024-12-310001742313Tavoron Buyer Corp. (Delayed Draw)2025-03-310001742313Tavoron Buyer Corp. (Revolver) 12025-03-310001742313Tavoron Buyer Corp. (Revolver) 22025-03-310001742313The Black Tux, LLC (Delayed Draw)2025-03-310001742313The Black Tux, LLC (Delayed Draw)2024-12-310001742313The Black Tux, LLC (Revolver)2025-03-310001742313The Black Tux, LLC (Revolver)2024-12-310001742313The Gersh Agency, LLC (Delayed Draw)2025-03-310001742313The Gersh Agency, LLC (Delayed Draw)2024-12-310001742313The Gersh Agency, LLC (Revolver) 12025-03-310001742313The Gersh Agency, LLC (Revolver) 12024-12-310001742313The Gersh Agency, LLC (Revolver) 22025-03-310001742313The Gersh Agency, LLC (Revolver) 22024-12-310001742313The Kyjen Company, LLC (Revolver)2025-03-310001742313The Smilist DSO, LLC (Delayed Draw)2024-12-310001742313SFR Holdco 2, LLC (24.4% of equity commitments)2025-03-310001742313SFR Holdco 2, LLC (24.4% of equity commitments)2024-12-310001742313The Smilist DSO, LLC (Revolver)2025-03-310001742313The Smilist DSO, LLC (Revolver)2024-12-310001742313TigerConnect, Inc. (Delayed Draw) 12025-03-310001742313TigerConnect, Inc. (Delayed Draw) 12024-12-310001742313TigerConnect, Inc. (Delayed Draw) 22025-03-310001742313TigerConnect, Inc. (Delayed Draw) 22024-12-310001742313TigerConnect, Inc. (Revolver)2025-03-310001742313TigerConnect, Inc. (Revolver)2024-12-310001742313Tiugo Group Holdings Corp (Delayed Draw)2025-03-310001742313Tiugo Group Holdings Corp (Revolver)2025-03-310001742313Touchmath Acquisition LLC (Revolver)2025-03-310001742313Touchmath Acquisition LLC (Revolver)2024-12-310001742313Trilon Group, LLC (Delayed Draw) 12024-12-310001742313Trilon Group, LLC (Delayed Draw) 22025-03-310001742313Trilon Group, LLC (Revolver)2025-03-310001742313Trilon Group, LLC (Revolver)2024-12-310001742313Truck-Lite Co., LLC (Delayed Draw)2025-03-310001742313Truck-Lite Co., LLC (Delayed Draw)2024-12-310001742313Truck-Lite Co., LLC (Revolver)2025-03-310001742313Truck-Lite Co., LLC (Revolver)2024-12-310001742313Ultra Clean Holdco LLC (Delayed Draw)2025-03-310001742313Ultra Clean Holdco LLC (Delayed Draw)2024-12-310001742313Ultra Clean Holdco LLC (Revolver)2025-03-310001742313Ultra Clean Holdco LLC (Revolver)2024-12-310001742313Unanet, Inc. (Delayed Draw) 12025-03-310001742313Unanet, Inc. (Delayed Draw) 12024-12-310001742313Unanet, Inc. (Delayed Draw) 22025-03-310001742313Unanet, Inc. (Delayed Draw) 22024-12-310001742313Unanet, Inc. (Revolver)2025-03-310001742313Unanet, Inc. (Revolver)2024-12-310001742313Valkyrie Buyer, LLC (Delayed Draw) 12025-03-310001742313Valkyrie Buyer, LLC (Delayed Draw) 12024-12-310001742313Valkyrie Buyer, LLC (Delayed Draw) 22025-03-310001742313Valkyrie Buyer, LLC (Delayed Draw) 22024-12-310001742313Valkyrie Buyer, LLC (Delayed Draw) 32025-03-310001742313Valkyrie Buyer, LLC (Delayed Draw) 32024-12-310001742313Valkyrie Buyer, LLC (Delayed Draw) 42025-03-310001742313Valkyrie Buyer, LLC (Delayed Draw) 42024-12-310001742313Valkyrie Buyer, LLC (Delayed Draw) 52025-03-310001742313Valkyrie Buyer, LLC (Delayed Draw) 52024-12-310001742313Valkyrie Buyer, LLC (Revolver)2025-03-310001742313Valkyrie Buyer, LLC (Revolver)2024-12-310001742313Varicent Intermediate Holdings Corporation (Delayed Draw)2025-03-310001742313Varicent Intermediate Holdings Corporation (Delayed Draw)2024-12-310001742313Varicent Intermediate Holdings Corporation (Revolver)2025-03-310001742313Varicent Intermediate Holdings Corporation (Revolver)2024-12-310001742313Velociti, LLC (Revolver)2025-03-310001742313Vhagar Purchaser, LLC (Delayed Draw)2025-03-310001742313Vhagar Purchaser, LLC (Delayed Draw)2024-12-310001742313Vhagar Purchaser, LLC (Revolver)2025-03-310001742313Vhagar Purchaser, LLC (Revolver)2024-12-310001742313Volt Bidco, Inc. (Revolver)2025-03-310001742313Volt Bidco, Inc. (Revolver)2024-12-310001742313Water Buyer, LLC (Delayed Draw)2025-03-310001742313Water Buyer, LLC (Delayed Draw)2024-12-310001742313Water Buyer, LLC (Revolver)2025-03-310001742313Water Buyer, LLC (Revolver)2024-12-310001742313WebPT, Inc. (Revolver)2025-03-310001742313WebPT, Inc. (Revolver)2024-12-310001742313WPEngine, Inc. (Revolver)2025-03-310001742313WPEngine, Inc. (Revolver)2024-12-310001742313XanEdu Publishing, Inc. (Revolver)2025-03-310001742313XanEdu Publishing, Inc. (Revolver)2024-12-310001742313Xpress Wellness, LLC (Delayed Draw)2025-03-310001742313Xpress Wellness, LLC (Delayed Draw)2024-12-310001742313Xpress Wellness, LLC (Revolver)2025-03-310001742313Xpress Wellness, LLC (Revolver)2024-12-310001742313ZI Intermediate II, Inc. (Revolver)2025-03-310001742313ZI Intermediate II, Inc. (Revolver)2024-12-310001742313Zodega Landscaping, LLC (Preferred interests)2025-03-310001742313Zodega Landscaping, LLC (Preferred interests)2024-12-310001742313mcip:TenderOfferingMemberus-gaap:CommonStockMemberus-gaap:SubsequentEventMember2025-04-290001742313mcip:TenderOfferingMemberus-gaap:CommonStockMember2025-03-310001742313us-gaap:SubsequentEventMember2025-04-152025-04-150001742313srt:ScenarioForecastMember2025-05-152025-05-150001742313srt:ScenarioForecastMember2025-06-162025-06-160001742313us-gaap:SubsequentEventMembersrt:ScenarioForecastMember2025-04-012025-06-160001742313us-gaap:RevolvingCreditFacilityMemberus-gaap:SubsequentEventMembermcip:SeniorSecuredRevolvingCreditFacilityAgreementWithIngCapitalLlcMember2025-04-03
Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2025
or
oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number: 814-01301
MONROE CAPITAL INCOME PLUS CORPORATION
(Exact Name of Registrant as Specified in its Charter)
Maryland83-0711022
(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 ClassTrading Symbol(s)Name of Each Exchange on Which Registered
NoneN/AN/A
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 fileroAccelerated filero
Non-accelerated filerxSmaller reporting companyo
Emerging growth companyx
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 8, 2025, the registrant had 236,563,264 shares of common stock, $0.001 par value, outstanding.


Table of Contents

TABLE OF CONTENTS
Page
2

Table of Contents

PART I. FINANCIAL INFORMATION
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS
MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(in thousands, except per share data)
March 31, 2025December 31, 2024
(unaudited)
Assets
Investments, at fair value:
Non-controlled/non-affiliate company investments$4,354,495 $3,863,218 
Non-controlled affiliate company investments166,132 145,755 
Total investments, at fair value (amortized cost of: $4,517,483 and $4,002,785, respectively)
4,520,627 4,008,973 
Cash and cash equivalents125,543 129,634 
Restricted cash and cash equivalents132,111 124,390 
Net unrealized gain on foreign currency forward contracts754 1,501 
Interest and dividend receivable46,572 39,387 
Receivable for unsettled trades1,424  
Other assets2,030 1,265 
Total assets4,829,061 4,305,150 
Liabilities  
Debt2,249,256 2,151,713 
Less: Unamortized debt issuance costs(24,029)(23,351)
Total debt, less unamortized debt issuance costs2,225,227 2,128,362 
Interest payable31,237 21,325 
Payable for unsettled trades86,928 53,458 
Base management fees payable14,076 12,761 
Incentive fees payable7,585 9,540 
Accounts payable and accrued expenses21,299 19,977 
Directors' fees payable38  
Total liabilities2,386,390 2,245,423 
Commitments and contingencies (See Note 11)
Net Assets
Common stock, $0.001 par value, 300,000 authorized, 236,563 and 198,704 shares issued and outstanding, respectively
$236 $199 
Capital in excess of par value2,411,140 2,018,583 
Accumulated undistributed (overdistributed) earnings31,295 40,945 
Total net assets$2,442,671 $2,059,727 
Total liabilities and total net assets
$4,829,061 $4,305,150 
Net asset value per share$10.33 $10.37 
See Notes to Consolidated Financial Statements.
3

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except per share data)
Three months ended March 31,
20252024
Investment income:
Non-controlled/non-affiliate company investments:
Interest income$107,561 $79,698 
Payment-in-kind interest income2,628 2,925 
Dividend income481 152 
Other income455 111 
Total investment income from non-controlled/non-affiliate company investments111,125 82,886 
Non-controlled affiliate company investments:  
Interest income1,788 1,029 
Payment-in-kind interest income517 69 
Total investment income from non-controlled affiliate company investments2,305 1,098 
Total investment income113,430 83,984 
Operating expenses:  
Interest and other debt financing expenses39,593 27,220 
Base management fees14,076 8,620 
Incentive fees6,286 7,044 
Professional fees729 503 
Administrative service fees962 645 
General and administrative expenses949 1,079 
Directors’ fees38 38 
Total operating expenses62,633 45,149 
Net investment income before income taxes50,797 38,835 
Income taxes, including excise taxes375 125 
Net investment income50,422 38,710 
Net gain (loss):  
Net realized gain (loss):  
Non-controlled/non-affiliate company investments118 4 
Foreign currency forward contracts54 2 
Foreign currency and other transactions(46)(18)
Net realized gain (loss)126 (12)
Net change in unrealized gain (loss):  
Non-controlled/non-affiliate company investments(2,821)8,260 
Non-controlled/affiliate company investments(223)(643)
Foreign currency forward contracts(747)2,353 
Foreign currency and other transactions(2,757)639 
Net change in unrealized gain (loss)(6,548)10,609 
Net gain (loss)(6,422)10,597 
Net increase (decrease) in net assets resulting from operations$44,000 $49,307 
Per common share data:  
Net investment income per share - basic and diluted$0.25 $0.29 
Net increase (decrease) in net assets resulting from operations per share - basic and diluted$0.22 $0.37 
Weighted average common shares outstanding - basic and diluted203,120131,745
See Notes to Consolidated Financial Statements.
4

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
(unaudited)
(in thousands)

Common StockCapital in excess of
par value
Accumulated
undistributed
(overdistributed)
earnings
Total
net assets
Number of sharesPar
value
Balances at December 31, 2023127,233 $127 $1,282,378 $20,162 $1,302,667 
Net investment income— — — 38,710 38,710 
Net realized gain (loss)— — — (12)(12)
Net change in unrealized gain (loss)— — — 10,609 10,609 
Issuances of common stock25,864 26 264,821 — 264,847 
Repurchases of common stock(1,996)(2)(20,440)— (20,442)
Distributions declared to stockholders— — — (34,353)(34,353)
Stock issued in connection with dividend reinvestment plan1,406 2 14,402 — 14,404 
Balances at March 31, 2024152,507 $153 $1,541,161 $35,116 $1,576,430 
Balances at December 31, 2024198,704 $199 $2,018,583 $40,945 $2,059,727 
Net investment income— — — 50,422 50,422 
Net realized gain (loss)— — — 126 126 
Net change in unrealized gain (loss)— — — (6,548)(6,548)
Issuances of common stock36,341 36 376,818 — 376,854 
Repurchases of common stock(775)(1)(8,036)— (8,037)
Distributions declared to stockholders— — — (53,650)(53,650)
Stock issued in connection with dividend reinvestment plan2,293 2 23,775 — 23,777 
Balances at March 31, 2025236,563 $236 $2,411,140 $31,295 $2,442,671 
See Notes to Consolidated Financial Statements.
5


MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(in thousands)
Three months ended March 31,
20252024
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations$44,000 $49,307 
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(118)(4)
Net realized (gain) loss on foreign currency forward contracts(54)(2)
Net realized (gain) loss on foreign currency and other transactions46 18 
Net change in unrealized (gain) loss on investments3,044 (7,617)
Net change in unrealized (gain) loss on foreign currency forward contracts747 (2,353)
Net change in unrealized (gain) loss on foreign currency and other transactions2,757 (639)
Payment-in-kind interest capitalized(3,145)(2,994)
Net accretion of discounts and amortization of premiums(4,126)(2,602)
Purchases of investments(718,672)(363,194)
Proceeds from principal payments and sale of investments and settlement of forward contracts211,371 90,345 
Amortization of debt issuance costs2,853 1,999 
Changes in operating assets and liabilities:
Interest and dividend receivable(7,185)(5,327)
Receivable for unsettled trades(1,424) 
Other assets(765)296 
Interest payable9,912 4,410 
Payable for unsettled trades33,470 (7,315)
Base management fees payable1,315 1,180 
Incentive fees payable(1,955)1,972 
Accounts payable and accrued expenses1,322 621 
Directors’ fees payable38 38 
Net cash provided by (used in) operating activities(426,569)(241,861)
Cash flows from financing activities:
Borrowings on debt781,795 385,600 
Repayments of debt(687,010)(384,635)
Debt issuance costs capitalized(3,531)(303)
Proceeds from issuance of common stock376,854 264,847 
Repurchases of common stock(8,037)(20,442)
Stockholder distributions paid(29,873)(19,949)
Net cash provided by (used in) financing activities430,198 225,118 
Net increase (decrease) in cash and restricted cash and cash equivalents
3,629 (16,743)
Effect of foreign currency exchange rates1 (2)
Cash and restricted cash and cash equivalents, beginning of period254,024 77,755 
Cash and restricted cash and cash equivalents, end of period$257,654 $61,010 
Supplemental disclosure of cash flow information:  
Cash interest paid during the period$26,828 $20,811 
Cash paid for income taxes, including excise taxes, during the period$1,100 $450 
Supplemental disclosure of non-cash activities:
Stock issued in connection with dividend reinvestment plan$23,777 $14,404 
6


MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS - (continued)
(unaudited)
(in thousands)
The following tables provide a reconciliation of cash and restricted cash and cash equivalents reported on the Consolidated Statements of Assets and Liabilities that sum to the total of the same such amounts on the Consolidated Statements of Cash Flows:
March 31, 2025December 31, 2024
Cash and cash equivalents$125,543 $129,634 
Restricted cash and cash equivalents132,111 124,390 
Total cash and restricted cash and cash equivalents shown on the Consolidated Statements of Cash Flows$257,654 $254,024 
March 31, 2024December 31, 2023
Cash and cash equivalents$13,197 $17,586 
Restricted cash and cash equivalents47,813 60,169 
Total cash and restricted cash and cash equivalents shown on the Consolidated Statements of Cash Flows$61,010 $77,755 
See Notes to Consolidated Financial Statements.
7

Table of Contents
MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS
(unaudited)
March 31, 2025
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition
Date (3)
MaturityPrincipalAmortized
Cost
Fair Value (4)
% of Net
Assets (5)
Non-Controlled/Non-Affiliate Company Investments
Senior Secured Loans
Aerospace & Defense
API Holdings III Corp. SF7.00 %
5.30% Cash/ 6.00% PIK
11/3/20233/25/2027159 $157 $160 0.0 %
159 157 160 0.0 %
Automotive
Burgess Point Purchaser Corporation(6)SF5.35 %9.65 %6/30/20227/25/20294,888 4,541 4,365 0.2 %
First Brands Group, LLCSF7.00 %11.30 %1/24/20253/30/202749,333 48,874 48,840 2.0 %
Lifted Trucks Holdings, LLC(7)(8)SF5.40 %9.71 %8/2/20218/2/20279,675 9,589 9,670 0.4 %
Lifted Trucks Holdings, LLC (Revolver)(19)SF5.35 %9.67 %8/2/20218/2/20272,381 952 952 0.0 %
Panda Acquisition, LLC(6)SF9.35 %
6.44% Cash/ 7.13% PIK
12/20/202210/18/202810,211 8,991 8,526 0.4 %
Power Stop, LLC(11)SF4.85 %9.17 %3/26/20241/26/20295,488 5,125 5,090 0.2 %
Tenneco Inc.(6)(8)SF5.10 %9.40 %11/3/202311/17/202815,622 14,507 15,241 0.6 %
Truck-Lite Co., LLCSF5.75 %10.07 %2/22/20242/13/20319,768 9,688 9,788 0.4 %
Truck-Lite Co., LLC (Delayed Draw)(19)(20)SF5.75 %10.04 %2/22/20242/13/20311,065 681 682 0.0 %
Truck-Lite Co., LLC (Revolver)(19)SF5.75 %10.05 %2/22/20242/13/20311,067 71 71 0.0 %
109,498 103,019 103,225 4.2 %
Banking
MV Receivables II, LLC (12)(21)SF9.75 %14.07 %7/29/20217/29/202610,125 9,672 5,194 0.2 %
StarCompliance MidCo, LLC (9)(45)SF6.10 %10.40 %5/31/20231/12/2027441 435 441 0.0 %
StarCompliance MidCo, LLC (7)(9)(10)(11)(45)SF6.10 %10.40 %1/12/20211/12/202727,375 27,173 27,409 1.1 %
StarCompliance MidCo, LLC (7)(45)SF6.10 %10.40 %10/12/20211/12/20274,253 4,222 4,259 0.2 %
StarCompliance MidCo, LLC (11)SF6.10 %10.40 %12/12/20241/12/20272,509 2,468 2,513 0.1 %
StarCompliance MidCo, LLC (Revolver) (19)SF6.10 %10.40 %1/12/20211/12/20274,234 2,286 2,286 0.1 %
48,937 46,256 42,102 1.7 %
Beverage, Food & Tobacco
Demakes Borrower, LLC(8)SF6.00 %10.30 %12/15/202312/12/20294,817 4,719 4,863 0.2 %
Demakes Borrower, LLC (Delayed Draw)(19)(20)SF6.00 %10.30 %12/15/202312/12/20291,372   0.0 %
Izzio Artisan Bakery, LLC(9)(11)SF6.00 %10.32 %9/27/20249/27/202914,428 14,167 14,471 0.6 %
Izzio Artisan Bakery, LLC (Delayed Draw)(19)(20)SF6.00 %10.32 %9/27/20249/27/202910,352 2,066 2,072 0.1 %
30,969 20,952 21,406 0.9 %
8

Table of Contents
MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2025
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition
Date (3)
MaturityPrincipalAmortized
Cost
Fair Value (4)
% of Net
Assets (5)
Capital Equipment
Adept AG Holdings, LLC(12)(21)(22)SF6.40 %
6.70% Cash/ 4.00% PIK
3/31/20258/11/20275,228 $5,408 $5,254 0.2 %
Adept AG Holdings, LLC(21)SF6.15 %
6.45% Cash/ 4.00% PIK
3/31/20258/11/20274,402 4,300 4,425 0.2 %
BLP Buyer, Inc.(6)(8)(9)(10)(11)SF6.00 %10.32 %12/22/202312/21/202949,625 48,810 49,749 2.0 %
BLP Buyer, Inc.(6)SF6.00 %10.32 %5/8/202412/21/20291,891 1,857 1,895 0.1 %
BLP Buyer, Inc.(45)SF6.00 %10.32 %12/21/202312/21/20295,970 5,970 5,985 0.3 %
BLP Buyer, Inc. (Revolver)(19)SF6.00 %10.32 %12/22/202312/21/20296,849 2,340 2,340 0.1 %
CGI Automated Manufacturing, LLC(6)SF7.26 %11.56 %9/9/202212/17/20268,516 8,400 8,345 0.3 %
CGI Automated Manufacturing, LLC(6)SF7.26 %11.56 %9/30/202212/17/20265,419 5,357 5,310 0.2 %
CGI Automated Manufacturing, LLC(6)SF7.26 %11.56 %9/9/202212/17/202610,369 10,227 10,161 0.4 %
DS Parent, Inc.(45)SF5.50 %9.80 %12/15/20231/31/203119,850 18,964 18,535 0.8 %
Incompass, LLCSF7.75 %12.07 %12/20/202411/27/20282,082 2,042 2,149 0.1 %
Incompass, LLC(6)(8)(10)SF7.75 %12.07 %11/27/202311/27/202823,700 23,231 24,470 1.0 %
PrecisionX Group, LLCSF7.01 %11.32 %8/16/20246/30/20282,545 2,491 2,529 0.1 %
PrecisionX Group, LLC(8)(10)(11)SF7.01 %11.32 %6/30/20236/30/202815,760 15,480 15,662 0.6 %
PrecisionX Group, LLCSF7.01 %11.32 %5/20/20246/30/20288,085 7,917 8,034 0.3 %
PrecisionX Group, LLCSF7.01 %11.32 %6/30/20236/30/20285,989 5,989 5,951 0.3 %
PrecisionX Group, LLCSF6.86 %11.19 %5/20/20246/30/20286,004 6,004 5,966 0.3 %
PrecisionX Group, LLC (Delayed Draw)(19)(20)SF6.75 %11.07 %8/16/20246/30/20283,752 3,152 3,132 0.1 %
PrecisionX Group, LLC (Revolver)(19)SF7.01 %11.32 %6/30/20236/30/20283,002 600 597 0.0 %
Tavoron Buyer Corp.(45)SF5.00 %9.32 %2/21/20251/22/20317,600 7,491 7,486 0.3 %
Tavoron Buyer Corp. (Delayed Draw)(19)(20)SF5.00 %9.32 %1/22/20251/22/20318,028   0.0 %
Tavoron Buyer Corp. (Revolver)(12)(19)(22)SF5.00 %9.32 %1/22/20251/22/2031186   0.0 %
Tavoron Buyer Corp. (Revolver)(19)SF5.00 %9.32 %1/22/20251/22/20311,338   0.0 %
206,190 186,030 187,975 7.7 %
9

Table of Contents
MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2025
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition
Date (3)
MaturityPrincipalAmortized
Cost
Fair Value (4)
% of Net
Assets (5)
Construction & Building
Guardian Restoration Partners Buyer, LLC(10)SF4.75 %9.05 %11/14/202411/1/203112,000 $11,861 $12,076 0.5 %
Guardian Restoration Partners Buyer, LLC (Delayed Draw)(19)(20)SF4.75 %9.05 %11/1/202411/1/203120,000 8,299 8,351 0.3 %
Guardian Restoration Partners Buyer, LLC (Revolver)(19)SF4.75 %9.05 %11/1/202411/1/20313,000 260 260 0.0 %
Harlem Acquisition, LLC(11)SF5.25 %9.56 %11/26/202411/7/203032,000 31,478 32,515 1.3 %
Harlem Acquisition, LLC (Delayed Draw)(19)(20)SF5.25 %9.56 %11/7/202411/7/20309,143   0.0 %
Harlem Acquisition, LLC (Revolver)(19)SF5.25 %9.56 %11/7/202411/7/20306,095 488 488 0.0 %
MEI Buyer LLC(8)(11)SF5.00 %9.32 %6/30/20236/29/202925,224 24,641 25,477 1.1 %
MEI Buyer LLC(10)(11)SF5.00 %9.32 %1/9/20246/30/202914,162 14,052 14,304 0.6 %
MEI Buyer LLCSF5.00 %9.32 %6/30/20236/29/20294,044 4,044 4,084 0.2 %
MEI Buyer LLC (Delayed Draw)(19)(20)SF5.00 %9.32 %3/27/20256/29/20298,946   0.0 %
MEI Buyer LLC (Revolver)(19)SF5.00 %9.32 %6/30/20236/29/20295,253   0.0 %
Premier Roofing L.L.C.(8)SF8.65 %
11.96% Cash/ 1.00% PIK
8/31/20208/29/20253,036 3,036 2,975 0.1 %
Premier Roofing L.L.C. (Revolver)(19)SF8.65 %
11.95% Cash/ 1.00% PIK
8/31/20208/29/20251,217 1,073 1,052 0.1 %
TCFIII OWL Buyer LLC(7)(8)SF5.61 %9.94 %4/19/20214/17/20264,331 4,313 4,331 0.2 %
TCFIII OWL Buyer LLC(8)SF5.61 %9.94 %4/19/20214/17/20265,289 5,289 5,289 0.2 %
TCFIII OWL Buyer LLC(7)(8)SF5.61 %9.94 %12/17/20214/17/20264,747 4,724 4,747 0.2 %
Water Buyer, LLC(10)SF5.25 %9.55 %8/8/20248/8/20309,950 9,816 9,955 0.4 %
Water Buyer, LLC (Delayed Draw)(19)(20)SF5.25 %9.55 %8/8/20248/8/20306,000   0.0 %
Water Buyer, LLC (Revolver)(19)SF5.25 %9.55 %8/8/20248/8/20303,000   0.0 %
177,437 123,374 125,904 5.2 %
Consumer Goods: Durable
8th Avenue Food & Provisions, Inc.(12)(35)SF3.75 %8.08 %10/23/202410/1/20254,284 4,240 4,217 0.2 %
8th Avenue Food & Provisions, Inc.(12)(35)SF3.75 %8.08 %10/7/202410/1/20257,900 7,804 7,768 0.3 %
Independence Buyer, Inc.(7)(8)SF5.90 %10.19 %8/3/20218/3/202611,135 11,067 10,481 0.4 %
Independence Buyer, Inc. (Revolver)(19)SF5.75 %10.07 %8/3/20218/3/20262,964 186 175 0.0 %
Ivanti Software, Inc.(35)SF4.25 %0.085810/7/202412/1/202719,025 15,862 13,698 0.6 %
Recycled Plastics Industries, LLC(7)SF7.35 %
11.17% Cash/ 0.50% PIK
8/4/20218/4/20264,385 4,357 4,379 0.2 %
Recycled Plastics Industries, LLC (Revolver)(19)SF7.35 %
11.16% Cash/ 0.50% PIK
8/4/20218/4/2026446 149 148 0.0 %
SonicWall US Holdings Inc.(35)SF5.00 %0.09310/7/20245/18/202815,970 15,893 15,755 0.6 %
Syniverse Holdings, LLC(12)SF7.00 %0.1133/4/20255/13/202713,964 13,899 13,744 0.6 %
80,073 73,457 70,365 2.9 %
10

Table of Contents
MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2025
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition
Date (3)
MaturityPrincipalAmortized
Cost
Fair Value (4)
% of Net
Assets (5)
Consumer Goods: Non-Durable
Cohere Beauty, Phoenix LLC (fka Arizona Natural Resources, LLC)(8)(9)SF5.61 %9.94 %5/18/20215/18/202613,510 $13,436 $13,510 0.6 %
Cohere Beauty, Phoenix LLC (fka Arizona Natural Resources, LLC)(9)SF5.61 %9.94 %12/15/20215/18/20262,480 2,465 2,480 0.1 %
Cohere Beauty, Phoenix LLC (fka Arizona Natural Resources, LLC)(6)SF5.61 %9.94 %8/12/20225/18/20266,729 6,682 6,729 0.3 %
Cohere Beauty, Phoenix LLC (fka Arizona Natural Resources, LLC)(7)SF5.61 %9.94 %8/12/20225/18/20262,906 2,906 2,906 0.1 %
Cohere Beauty, Phoenix LLC (fka Arizona Natural Resources, LLC)SF5.61 %9.94 %3/3/20255/18/20262,761 2,730 2,761 0.1 %
Cohere Beauty, Phoenix LLC (fka Arizona Natural Resources, LLC) (Revolver)(19)SF5.61 %9.94 %5/18/20215/18/20262,222 889 889 0.0 %
Excelligence Learning Corporation(6)(8)SF5.75 %10.05 %3/15/20241/18/203012,078 11,872 11,958 0.5 %
Excelligence Learning Corporation (Revolver)(19)SF5.75 %10.05 %3/15/20241/18/20303,425 1,884 1,865 0.1 %
Gibson Brands, Inc.(35)SF5.26 %9.56 %4/19/20248/13/202814,454 14,236 14,267 0.6 %
The Kyjen Company, LLC(6)(7)SF7.75 %
10.93% Cash/ 1.00% PIK
5/14/20214/3/20262,960 2,950 2,794 0.1 %
The Kyjen Company, LLCSF6.50 %
10.93% Cash/ 1.00% PIK
9/13/20224/3/20263 3 3 0.0 %
The Kyjen Company, LLC (Revolver)(19)SF6.65 %10.95 %5/14/20214/3/2026268 126 119 0.0 %
Thrasio, LLC(21)SF10.26 %
14.55% PIK
6/18/20246/18/2029574 574 502 0.0 %
64,370 60,753 60,783 2.5 %
Containers, Packaging & Glass
B2B Industrial Products LLC(6)SF7.00 %11.25 %12/6/202210/7/20269,598 9,496 9,440 0.4 %
B2B Industrial Products LLC(6)SF7.00 %11.25 %4/4/202310/7/20262,221 2,195 2,185 0.1 %
Ivex Holdco Inc. and Induspac Holdco Inc.(11)(12)(37)SF5.65 %9.96 %11/27/202412/17/202714,084 14,012 14,084 0.6 %
Ivex Holdco Inc. and Induspac Holdco Inc.(11)(12)(37)SF5.65 %9.96 %11/27/202412/17/20276,692 6,667 6,692 0.3 %
Ivex Holdco Inc. and Induspac Holdco Inc.(11)(12)(37)SF5.65 %9.96 %11/27/202412/17/20273,604 3,591 3,604 0.1 %
Ivex Holdco Inc. and Induspac Holdco Inc.(11)(12)(37)SF5.65 %9.96 %11/27/202412/17/20271,483 1,478 1,483 0.1 %
Ivex Holdco Inc. and Induspac Holdco Inc. (Delayed Draw)(12)(19)(20)(37)SF5.50 %9.80 %11/27/202412/17/20276,114   0.0 %
Ivex Holdco Inc. and Induspac Holdco Inc. (Revolver)(12)(19)(37)SF5.50 %9.80 %11/27/202412/17/20274,076 1,250 1,250 0.0 %
Polychem Acquisition, LLC(6)SF5.61 %
5.94% Cash/ 4.00% PIK
4/8/20198/15/20261,921 1,921 1,659 0.1 %
49,793 40,610 40,397 1.7 %
11

Table of Contents
MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2025
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition
Date (3)
MaturityPrincipalAmortized
Cost
Fair Value (4)
% of Net
Assets (5)
Environmental Industries
PNE Interco LLC(6)(7)(8)(11)SF5.75 %10.06 %2/12/20242/12/203013,895 $13,662 $13,923 0.6 %
PNE Interco LLC (Delayed Draw)(19)(20)SF5.75 %10.06 %2/12/20242/12/20305,303 4,419 4,428 0.2 %
PNE Interco LLC (Revolver)(19)SF5.75 %10.06 %2/12/20242/12/20305,899   0.0 %
Quest Resource Management Group, LLCSF5.61 %9.94 %12/30/20246/28/203014,305 14,137 13,698 0.6 %
Quest Resource Management Group, LLC (Delayed Draw)(19)(20)SF5.61 %9.94 %12/30/20246/28/20306,944   0.0 %
Trilon Group, LLC(7)(8)(9)(10)SF5.65 %9.95 %3/31/20255/25/202911,653 11,653 11,746 0.5 %
Trilon Group, LLCSF5.65 %9.95 %4/15/20245/25/20293,580 3,519 3,609 0.1 %
Trilon Group, LLCSF5.65 %9.97 %4/15/20245/25/202912,047 12,047 12,144 0.5 %
Trilon Group, LLCSF5.50 %9.82 %9/12/20235/25/2029368 368 371 0.0 %
Trilon Group, LLC(45)SF5.00 %9.33 %3/25/20255/25/202910,157 10,058 10,091 0.4 %
Trilon Group, LLC (Delayed Draw)(19)(20)SF5.00 %9.33 %3/12/20255/25/202910,157   0.0 %
Trilon Group, LLC (Revolver)(19)SF5.65 %9.97 %9/12/20235/25/20294,874   0.0 %
Volt Bidco, Inc.(7)SF6.50 %10.80 %8/11/20218/11/20279,383 9,296 9,372 0.4 %
Volt Bidco, Inc.(11)SF6.50 %10.80 %8/11/20218/11/20271,764 1,764 1,762 0.1 %
Volt Bidco, Inc.(45)SF6.50 %10.80 %9/17/20248/11/2027719 719 718 0.0 %
Volt Bidco, Inc.(45)SF6.50 %10.80 %12/28/20238/11/2027987 987 986 0.0 %
Volt Bidco, Inc. (Revolver)(19)SF6.50 %10.80 %8/11/20218/11/2027956   0.0 %
112,991 82,629 82,848 3.4 %
12

Table of Contents
MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2025
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition
Date (3)
MaturityPrincipalAmortized
Cost
Fair Value (4)
% of Net
Assets (5)
FIRE: Finance
Arax Midco, LLC(9)(10)(12)SF5.00 %9.30 %4/11/20244/11/202911,912 $11,782 $11,912 0.5 %
Arax Midco, LLC (Delayed Draw)(12)(19)(20)SF5.00 %9.30 %4/11/20244/11/20291,647   0.0 %
Arax Midco, LLC (Revolver)(12)(19)SF5.00 %9.30 %4/11/20244/11/20291,293   0.0 %
Bench Walk Lead, LLC(12)SF9.50 %13.80 %6/9/20236/14/202728,256 28,234 28,256 1.1 %
Bench Walk Lead, LLC(12)SF9.50 %13.80 %6/9/20236/14/20271,671 1,671 1,671 0.1 %
Bench Walk Lead, LLC (Delayed Draw)(12)(19)(20)n/an/a15.00 %1/22/20251/22/20318,581 4,181 4,181 0.2 %
BW 51f, L.P.(12)SF8.00 %12.31 %12/27/202312/31/20299,000 9,000 9,000 0.4 %
Cpex Purchaser, LLC(7)(9)SF6.00 %10.12 %8/26/20222/28/203036,000 35,393 36,324 1.5 %
Cpex Purchaser, LLCSF5.50 %9.80 %3/26/20252/28/20306,448 6,384 6,399 0.3 %
Cpex Purchaser, LLC (Delayed Draw)(19)(20)SF5.50 %9.80 %3/26/20252/28/20304,320   0.0 %
Cpex Purchaser, LLC (Delayed Draw)(19)(20)SF6.00 %10.12 %9/30/20212/28/20304,061 2,847 2,872 0.1 %
Cpex Purchaser, LLC (Revolver)(19)SF6.00 %10.30 %9/30/20212/28/203013,935   0.0 %
GC Champion Acquisition LLC(7)SF5.00 %9.30 %8/19/20228/18/202812,805 12,645 12,853 0.5 %
GC Champion Acquisition LLC(6)SF5.00 %9.30 %8/19/20228/18/20283,557 3,557 3,570 0.1 %
GC Champion Acquisition LLC(6)SF5.00 %9.30 %8/1/20238/18/202810,670 10,436 10,711 0.4 %
GC Champion Acquisition LLC (Delayed Draw)(19)(20)SF5.00 %9.30 %8/19/20248/18/202810,681 7,251 7,279 0.3 %
J2 BWA Funding III, LLC (Delayed Draw)(12)(19)(20)n/an/a10.00 %4/29/20224/28/20287,357 2,903 2,892 0.1 %
J2 BWA Funding LLC (Revolver)(12)n/an/a10.00 %12/14/202012/24/20261,748 1,748 1,743 0.1 %
Oceana Australian Fixed Income Trust(6)(12)(25)(36)SF8.25 %12.57 %6/8/20234/1/202629,551 31,770 29,773 1.2 %
Oceana Australian Fixed Income Trust(12)(25)(36)SF8.25 %12.57 %12/27/20234/1/202613,730 15,048 13,833 0.6 %
Resolute Investment Managers, Inc.(35)SF6.76 %11.06 %3/12/20254/30/202718,058 18,013 18,013 0.7 %
SCP Intermediate Holdings, LLC(8)(12)SF5.85 %10.17 %12/28/202212/28/20282,933 2,883 2,933 0.1 %
SCP Intermediate Holdings, LLC (Delayed Draw)(12)(19)(20)SF5.85 %10.17 %12/5/202412/28/20283,947   0.0 %
Slater Slater Schulman LLPSF7.50 %11.80 %12/6/202312/4/202619,567 19,567 19,567 0.8 %
TEAM Public Choices, LLC(6)SF5.15 %9.44 %8/23/202212/17/20274,457 4,326 4,350 0.2 %
TEAM Public Choices, LLC(11)SF5.26 %9.55 %1/25/202412/17/20271,481 1,475 1,445 0.1 %
Tegra118 Wealth Solutions, Inc.(12)(35)SF4.00 %8.29 %3/6/20252/18/20271,786 1,781 1,779 0.1 %
Transnetwork LLC(11)(45)SF4.75 %9.05 %11/20/202312/29/203015,681 15,487 15,759 0.6 %
285,133 248,382 247,115 10.1 %
FIRE: Real Estate
300 N. Michigan Mezz, LLC(6)(12)n/an/a
7.25% Cash/ 13.55% PIK
7/15/20207/15/20251,000 1,000 1,000 0.1 %
Avison Young (USA) Inc.(12)(21)(37)SF6.51 %10.84 %9/24/20243/12/2028761 710 761 0.0 %
InsideRE, LLC(7)(8)SF5.65 %9.95 %12/22/202112/22/20277,259 7,186 7,259 0.3 %
InsideRE, LLC(9)SF5.65 %9.95 %12/22/202112/22/20272,821 2,821 2,821 0.1 %
InsideRE, LLC (Delayed Draw)(19)(20)SF5.60 %9.92 %3/7/202512/22/2027769 308 308 0.0 %
InsideRE, LLC (Revolver)(19)SF5.65 %9.95 %12/22/202112/22/2027965   0.0 %
Lessen LLCSF8.50 %
10.05% Cash/ 2.75% PIK
1/5/20231/5/20288,825 8,629 8,659 0.4 %
22,400 20,654 20,808 0.9 %
13

Table of Contents
MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2025
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition
Date (3)
MaturityPrincipalAmortized
Cost
Fair Value (4)
% of Net
Assets (5)
Healthcare & Pharmaceuticals
Animal Dermatology Group, Inc.(6)(9)SF5.00 %9.30 %6/7/20236/7/20299,825 $9,636 $9,825 0.4 %
Animal Dermatology Group, Inc.SF5.00 %9.30 %6/7/20236/7/20293,700 3,700 3,700 0.2 %
Animal Dermatology Group, Inc. (Delayed Draw)(19)(20)SF5.00 %9.30 %1/11/202412/27/20258,724 3,116 3,116 0.1 %
Animal Dermatology Group, Inc. (Delayed Draw)(19)(20)SF5.00 %9.30 %10/28/20246/7/20295,769   0.0 %
Animal Dermatology Group, Inc. (Revolver)(19)SF5.00 %9.30 %6/7/20236/7/20292,500   0.0 %
Appriss Health, LLC(7)SF7.15 %11.48 %5/6/20215/6/20276,329 6,277 6,329 0.3 %
Appriss Health, LLC (Revolver)(19)SF7.15 %11.48 %5/6/20215/6/2027433   0.0 %
Bluesight, Inc.(7)(9)(11)SF6.50 %10.80 %7/17/20237/17/202930,000 29,295 30,309 1.2 %
Bluesight, Inc.(45)SF6.50 %10.80 %10/15/20247/17/20293,913 3,860 3,953 0.2 %
Bluesight, Inc.(11)SF6.50 %10.80 %12/31/20247/17/202926,087 25,722 26,356 1.1 %
Bluesight, Inc. (Revolver)(19)SF6.50 %10.80 %7/17/20237/17/20295,217   0.0 %
Caravel Autism Health, LLC(6)(11)SF4.75 %9.05 %6/11/20246/11/203017,910 17,635 17,910 0.7 %
Caravel Autism Health, LLC (Delayed Draw)(19)(20)SF4.75 %9.05 %6/11/20246/11/20307,714   0.0 %
Caravel Autism Health, LLC (Revolver)(19)SF4.75 %9.05 %6/11/20246/11/20305,400   0.0 %
Dorado Acquisition, Inc.(6)(7)SF7.10 %11.42 %6/30/20216/30/202613,546 13,463 13,207 0.5 %
Dorado Acquisition, Inc.(6)SF7.65 %
11.46% Cash/ 0.50% PIK
11/27/20226/30/202611,222 11,114 10,942 0.4 %
Dorado Acquisition, Inc. (Revolver)(19)SF7.60 %
11.42% Cash/ 0.50% PIK
6/30/20216/30/20261,670   0.0 %
FH BMX Buyer, Inc.SF5.00 %9.30 %6/21/20246/21/20319,001 8,879 9,091 0.4 %
FH BMX Buyer, Inc. (Delayed Draw)(19)(20)SF5.00 %9.30 %6/21/20246/21/20314,800   0.0 %
Forest Buyer, LLC(9)(45)SF5.00 %9.33 %8/19/20243/15/203021,190 21,042 21,402 0.9 %
Forest Buyer, LLC(6)(7)(11)SF5.00 %9.33 %3/15/20243/15/203014,391 14,081 14,535 0.6 %
Forest Buyer, LLC (Revolver)(19)SF5.00 %9.33 %3/15/20243/15/20302,719   0.0 %
Golden State Buyer, Inc.(8)SF4.85 %9.17 %8/25/20226/19/20269,514 9,374 9,537 0.4 %
Helping Hands Childrens Services Management, LLCSF4.50 %8.81 %11/5/202411/5/203011,500 11,365 11,500 0.5 %
Helping Hands Childrens Services Management, LLC (Delayed Draw)(19)(20)SF4.50 %8.81 %11/5/202411/5/20304,600   0.0 %
Helping Hands Childrens Services Management, LLC (Revolver)(19)SF4.50 %8.81 %11/5/202411/5/20302,300   0.0 %
INH Buyer, Inc.(21)SF7.00 %
4.40% Cash/ 7.00% PIK
6/30/20216/28/20285,042 5,011 1,510 0.1 %
KL Moon Acquisition, LLCSF7.75 %
9.29% Cash/ 2.75% PIK
2/6/20242/1/20294,303 4,203 4,136 0.2 %
KL Moon Acquisition, LLCSF7.75 %
9.29% Cash/ 2.75% PIK
2/1/20232/1/202910,036 9,833 9,647 0.4 %
KL Moon Acquisition, LLCSF7.75 %
9.29% Cash/ 2.75% PIK
2/1/20232/1/20292,001 2,001 1,923 0.1 %
KL Moon Acquisition, LLC (Revolver)(19)SF7.75 %
9.29% Cash/ 2.75% PIK
2/1/20232/1/20291,653 1,003 964 0.0 %
Long Grove Pharmaceuticals, LLCSF8.00 %
8.32% Cash/ 4.00% PIK
2/27/20252/27/203114,000 13,796 13,790 0.6 %
Long Grove Pharmaceuticals, LLC (Delayed Draw)(19)(20)SF8.00 %
8.32% Cash/ 4.00% PIK
2/27/20252/27/203114,000   0.0 %
NationsBenefits, LLC(6)SF5.60 %9.92 %8/20/20218/26/202711,852 11,775 11,852 0.5 %
NationsBenefits, LLC(6)SF5.60 %9.92 %8/26/20228/26/202714,126 14,126 14,126 0.6 %
NationsBenefits, LLC(11)SF5.60 %9.92 %8/26/20228/26/202715,316 15,316 15,316 0.6 %
NationsBenefits, LLCSF5.60 %9.92 %11/27/20248/26/20276,164 6,057 6,164 0.3 %
NationsBenefits, LLC (Delayed Draw)(19)(20)SF5.60 %9.92 %11/27/20248/26/20271,987   0.0 %
NationsBenefits, LLC (Revolver)(19)SF5.60 %9.92 %8/20/20218/26/20276,806 2,722 2,722 0.1 %
14

Table of Contents
MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2025
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition
Date (3)
MaturityPrincipalAmortized
Cost
Fair Value (4)
% of Net
Assets (5)
NBPT Acquisition LLC(45)SF5.00 %9.32 %3/17/20253/1/203020,991 $20,781 $20,991 0.9 %
NBPT Acquisition LLC (Delayed Draw)(19)(20)SF5.00 %9.32 %3/3/20253/1/20308,074   0.0 %
NBPT Acquisition LLC (Revolver)(19)SF5.00 %9.32 %3/3/20253/1/20302,360   0.0 %
NQ PE Project Colosseum Midco Inc.(6)(8)SF7.15 %11.45 %10/4/202210/4/202814,271 14,086 12,718 0.5 %
NQ PE Project Colosseum Midco Inc. (Revolver)(19)SF7.15 %11.45 %10/4/202210/4/20281,825   0.0 %
PAI Middle Tier, LLC(45)SF4.75 %9.05 %2/21/20252/13/203217,750 17,490 17,484 0.7 %
PAI Middle Tier, LLC (Revolver)(19)SF4.75 %9.05 %2/13/20252/13/20323,765   0.0 %
QF Holdings, Inc.(10)SF5.10 %9.39 %3/26/202512/15/2027910 906 910 0.0 %
QF Holdings, Inc.(10)SF5.00 %9.31 %12/15/202312/15/2027908 898 908 0.0 %
QF Holdings, Inc.(7)SF5.00 %9.29 %9/19/201912/15/20274,539 4,538 4,539 0.2 %
QF Holdings, Inc.(7)SF5.00 %9.29 %12/15/202112/15/20274,357 4,324 4,357 0.2 %
QF Holdings, Inc.(7)SF5.00 %9.29 %9/19/201912/15/2027908 908 908 0.0 %
QF Holdings, Inc.(7)SF5.00 %9.29 %8/21/202012/15/2027908 908 908 0.0 %
QF Holdings, Inc. (Revolver)(19)SF5.00 %9.41 %9/19/201912/15/20271,092 328 328 0.0 %
Ro Health, LLC(45)SF5.00 %9.30 %2/21/20251/17/20314,000 3,942 3,940 0.2 %
Ro Health, LLC (Revolver)(19)SF5.00 %9.30 %1/17/20251/17/20311,067 267 263 0.0 %
SCP Eye Care Holdco, LLC(6)(9)SF5.60 %9.92 %10/7/202210/5/20299,047 8,850 9,019 0.4 %
SCP Eye Care Holdco, LLCSF5.60 %9.92 %4/1/202410/5/202910,161 9,988 10,130 0.4 %
SCP Eye Care Holdco, LLCSF5.60 %9.92 %10/7/202210/5/20297,948 7,948 7,924 0.3 %
SCP Eye Care Holdco, LLC (Delayed Draw)(19)(20)SF5.60 %9.92 %4/1/202410/5/202920,525 208 207 0.0 %
SCP Eye Care Holdco, LLC (Revolver)(19)SF5.60 %9.92 %10/7/202210/5/20291,442 361 359 0.0 %
SDG Mgmt Company, LLC(6)(8)(10)(11)SF6.10 %10.40 %12/29/20236/30/202821,182 20,869 21,182 0.9 %
SDG Mgmt Company, LLCSF6.10 %10.37 %12/29/20236/30/20288,555 8,555 8,555 0.4 %
SDG Mgmt Company, LLCSF5.60 %9.91 %12/6/20247/1/202811,887 11,887 11,786 0.5 %
SDG Mgmt Company, LLC (Delayed Draw)(19)(20)SF5.60 %9.91 %12/6/20247/1/20289,906 258 255 0.0 %
SDG Mgmt Company, LLC (Delayed Draw)(19)(20)SF6.10 %10.40 %12/6/20247/1/20287,925   0.0 %
SDG Mgmt Company, LLC (Revolver)(19)SF6.10 %10.40 %12/6/20247/1/20281,981   0.0 %
Seran BioScience, LLC(7)(8)SF6.25 %10.56 %12/31/20207/8/20271,920 1,914 1,920 0.1 %
Seran BioScience, LLC(10)(11)SF6.25 %10.49 %8/21/20237/8/2027227 227 227 0.0 %
Seran BioScience, LLC(8)SF6.25 %10.55 %7/8/20227/8/2027431 431 431 0.0 %
Seran BioScience, LLC (Delayed Draw)(19)(20)SF6.25 %10.55 %2/6/20257/8/20273,556   0.0 %
Seran BioScience, LLC (Revolver)(19)SF6.25 %10.56 %12/31/20207/8/2027356   0.0 %
SIP Care Services, LLC(6)SF5.85 %10.17 %7/21/202312/30/2026150 150 146 0.0 %
SIP Care Services, LLC(6)(7)SF5.85 %10.17 %12/30/202112/30/20263,686 3,657 3,589 0.1 %
SIP Care Services, LLC (Revolver)SF5.85 %10.17 %12/30/202112/30/2026760 760 740 0.0 %
The Smilist DSO, LLC(11)SF6.00 %10.30 %4/4/20244/4/202928,582 28,033 28,654 1.2 %
The Smilist DSO, LLCSF6.00 %10.30 %4/4/20244/4/20297,727 7,727 7,747 0.3 %
The Smilist DSO, LLCSF6.00 %10.30 %4/4/20244/4/20296,205 6,205 6,221 0.3 %
The Smilist DSO, LLC (Delayed Draw)(19)(20)SF5.25 %9.55 %12/27/20244/4/202911,842 727 713 0.0 %
The Smilist DSO, LLC (Revolver)(19)SF6.00 %10.30 %4/4/20244/4/20291,974   0.0 %
TigerConnect, Inc.(7)SF6.90 %11.19 %2/16/20222/16/202810,000 9,889 9,938 0.4 %
TigerConnect, Inc.SF7.00 %
8.02% Cash/ 3.38% PIK
11/19/20242/16/2028571 564 568 0.0 %
TigerConnect, Inc. (Delayed Draw)(19)(20)SF6.90 %
7.82% Cash/ 3.38% PIK
11/19/20242/16/202823 4 4 0.0 %
TigerConnect, Inc. (Delayed Draw)(19)(20)SF6.90 %11.19 %2/16/20222/16/20281,253 912 906 0.0 %
15

Table of Contents
MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2025
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition
Date (3)
MaturityPrincipalAmortized
Cost
Fair Value (4)
% of Net
Assets (5)
TigerConnect, Inc. (Revolver)(19)SF6.90 %11.19 %2/16/20222/16/20281,429 $ $ 0.0 %
Vero Biotech Inc.P3.75 %12.25 %12/29/20231/2/202930,000 29,774 29,501 1.2 %
WebPT, Inc.(7)SF6.35 %10.66 %8/28/20191/18/20285,000 5,000 5,000 0.2 %
WebPT, Inc. (Revolver)(19)P5.25 %12.75 %8/28/20191/18/2028521 365 365 0.0 %
Xpress Wellness, LLC(6)(8)SF5.50 %9.79 %5/8/20245/8/203039,900 39,190 39,198 1.6 %
Xpress Wellness, LLC (Delayed Draw)(19)(20)SF5.50 %9.76 %5/8/20245/8/203012,500 2,450 2,407 0.1 %
Xpress Wellness, LLC (Revolver)(19)SF5.50 %9.79 %5/8/20245/8/20309,231 4,554 4,554 0.2 %
723,388 555,235 554,362 22.7 %
High Tech Industries
3C Buyer LLCSF6.60 %10.91 %2/28/202511/20/20281,608 1,607 1,624 0.1 %
3C Buyer LLCSF5.35 %9.67 %2/28/202511/20/2028816 804 797 0.0 %
3C Buyer LLCSF6.10 %10.41 %2/28/202511/20/20282,945 2,945 2,940 0.1 %
3C Buyer LLC(9)SF6.10 %10.41 %2/28/202511/20/20281,631 1,631 1,628 0.1 %
3C Buyer LLC (Revolver)(19)SF6.10 %10.42 %2/28/202511/20/20282,653 816 816 0.0 %
Accelevation LLC(11)SF5.00 %9.32 %1/2/20251/2/203114,000 13,801 13,790 0.6 %
Accelevation LLC (Delayed Draw)(19)(20)SF5.00 %9.32 %1/2/20251/2/20315,250   0.0 %
Accelevation LLC (Revolver)(19)SF5.00 %9.32 %1/2/20251/2/20313,500 434 428 0.0 %
Acquia Inc.(7)SF7.15 %11.44 %11/1/201911/1/202615,429 15,386 15,429 0.6 %
Acquia Inc.(10)SF7.15 %11.44 %11/11/202311/1/20263,092 3,092 3,092 0.1 %
Acquia Inc. (Revolver)SF7.15 %11.45 %11/1/201911/1/2026588 588 588 0.0 %
Aptean, Inc.(11)SF5.25 %9.55 %1/30/20241/30/20318,814 8,749 8,814 0.4 %
Aptean, Inc. (Delayed Draw)(19)(20)SF5.25 %9.55 %1/30/20241/30/2031397 173 173 0.0 %
Aptean, Inc. (Revolver)(19)SF5.25 %9.55 %1/30/20241/30/2031728   0.0 %
Arcserve Cayman Opco LP (Delayed Draw)(19)(20)(21)SF8.11 %
12.44% PIK
1/2/20241/2/20271,471 391 882 0.0 %
Aston US Finco, LLC(12)(35)(40)SF4.36 %8.69 %3/4/202510/9/202619,049 18,465 18,217 0.8 %
BTRS Holdings Inc.(9)SF5.50 %9.80 %2/24/202512/15/202826,398 26,327 26,398 1.1 %
BTRS Holdings Inc. (Revolver)(19)SF5.50 %9.80 %2/24/202512/15/20284,510 2,255 2,255 0.1 %
Cardinal Parent, INC(35)SF4.50 %8.79 %3/4/202511/12/20273,915 3,807 3,821 0.2 %
Catalyst Data Holdings, Inc.(10)SF5.50 %9.82 %12/20/202412/20/203016,500 16,266 16,500 0.7 %
Catalyst Data Holdings, Inc. (Delayed Draw)(19)(20)SF5.50 %9.82 %12/20/202412/20/20309,900   0.0 %
Catalyst Data Holdings, Inc. (Delayed Draw)(19)(20)SF5.50 %9.82 %12/20/202412/20/20309,900   0.0 %
Catalyst Data Holdings, Inc. (Delayed Draw)(19)(20)SF5.50 %9.82 %12/20/202412/20/2030759 92 92 0.0 %
Catalyst Data Holdings, Inc. (Revolver)(19)SF5.50 %9.82 %12/20/202412/20/20303,300   0.0 %
Cloud for Good, LLCSF4.75 %9.06 %3/21/20253/21/203117,500 17,282 17,281 0.7 %
Cloud for Good, LLC (Delayed Draw)(19)(20)SF4.75 %9.06 %3/21/20253/21/203112,500   0.0 %
Cloud for Good, LLC (Revolver)(19)SF4.75 %9.06 %3/21/20253/21/20314,000   0.0 %
Douglas Holdings, Inc.(9)SF5.75 %10.05 %8/27/20248/27/203024,912 24,569 25,005 1.0 %
Douglas Holdings, Inc. (Delayed Draw)(19)(20)SF5.75 %10.05 %8/27/20248/27/20305,416   0.0 %
Douglas Holdings, Inc. (Delayed Draw)(19)(20)SF6.13 %
10.05% Cash/ 0.38% PIK
8/27/20248/27/20263,076 822 825 0.0 %
Douglas Holdings, Inc. (Revolver)(19)SF5.75 %10.05 %8/27/20248/27/20302,166   0.0 %
Drawbridge Partners, LLC(7)SF6.25 %10.57 %9/1/20229/1/202815,000 14,807 15,000 0.6 %
Drawbridge Partners, LLC (Delayed Draw)(19)(20)SF6.25 %10.57 %9/1/20229/1/20284,370 3,974 3,974 0.2 %
Drawbridge Partners, LLC (Revolver)(19)SF6.25 %10.57 %9/1/20229/1/20282,609   0.0 %
Einstein Parent, INC.(10)(45)SF6.50 %10.79 %3/26/20251/22/203136,133 35,438 36,043 1.5 %
Einstein Parent, INC. (Revolver)(19)SF6.50 %10.79 %1/22/20251/22/20313,738   0.0 %
16

Table of Contents
MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2025
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition
Date (3)
MaturityPrincipalAmortized
Cost
Fair Value (4)
% of Net
Assets (5)
Fortra, LLC(11)SF4.10 %8.39 %12/11/202311/30/202614,787 $14,429 $13,575 0.6 %
Freedom U.S. Acquisition Corporation(9)(10)(45)SF5.75 %10.06 %9/27/20249/27/203050,999 50,182 51,535 2.1 %
Freedom U.S. Acquisition Corporation (Revolver)(19)SF5.75 %10.06 %9/27/20249/27/20305,100   0.0 %
Fueled Digital Media, LLCSF6.61 %
10.44% Cash/ 0.50% PIK
11/1/202211/1/20275,664 5,583 5,438 0.2 %
Fueled Digital Media, LLCSF6.61 %
10.44% Cash/ 0.50% PIK
11/1/202211/1/2027499 499 479 0.0 %
Fueled Digital Media, LLC (Revolver)(19)SF6.11 %10.44 %11/1/202211/1/2027807 726 697 0.0 %
HOSTAWAY MIDCO OY(6)(12)(38)SF5.50 %9.82 %2/26/20252/26/203125,000 24,633 24,625 1.0 %
HOSTAWAY MIDCO OY (Delayed Draw)(12)(19)(20)(38)SF5.50 %9.82 %2/26/20252/26/20315,000   0.0 %
HOSTAWAY MIDCO OY (Revolver)(12)(19)(38)SF5.50 %9.82 %2/26/20252/26/20314,167   0.0 %
Jobnimbus Holdings, LLC(9)(11)(45)SF5.25 %9.57 %12/12/202411/6/203032,000 31,555 32,000 1.3 %
Jobnimbus Holdings, LLC (Delayed Draw)(19)(20)SF5.25 %9.57 %11/6/202411/6/20307,111   0.0 %
Jobnimbus Holdings, LLC (Revolver)(19)SF5.25 %9.57 %11/6/202411/6/20305,333   0.0 %
Medallia, Inc.(7)SF10.60 %
10.82% Cash/ 4.00% PIK
8/15/202210/27/202812,380 12,255 12,189 0.5 %
Mindbody, Inc.(7)SF7.15 %11.44 %2/15/20199/30/20251,867 1,867 1,867 0.1 %
Mindbody, Inc.(7)SF7.15 %11.44 %9/22/20219/30/20252,270 2,270 2,270 0.1 %
Mindbody, Inc. (Revolver)(19)SF7.15 %11.44 %2/15/20199/30/2025190   0.0 %
Nasuni Corporation (9)(11)SF5.75 %10.04 %9/10/20249/10/203015,000 14,798 15,076 0.6 %
Nasuni Corporation (Revolver)(19)SF5.75 %10.04 %9/10/20249/10/20303,125   0.0 %
Oranje Holdco, Inc.(6)SF7.25 %11.54 %4/20/20242/1/202929,053 29,053 29,199 1.2 %
Oranje Holdco, Inc.(6)(9)SF7.75 %12.04 %2/1/20232/1/202914,000 13,753 14,140 0.6 %
Oranje Holdco, Inc. (Revolver)(19)SF7.75 %12.04 %2/1/20232/1/20291,750   0.0 %
Optomi, LLC(6)(9)SF5.40 %9.71 %12/13/202212/16/20275,555 5,456 5,576 0.2 %
Optomi, LLC(7)(9)SF5.40 %9.71 %12/16/202112/16/202713,095 12,963 13,144 0.5 %
Optomi, LLC (Revolver)(19)SF5.40 %9.71 %12/16/202112/16/20273,189 957 957 0.0 %
Reorganized Mobileum AcquisitionCo, LLC(6)(21)SF6.00 %
5.32% Cash/ 5.00% PIK
1/13/20259/12/2029913 887 846 0.0 %
Securly, Inc.(7)SF7.10 %11.39 %4/20/20224/22/20273,703 3,666 3,702 0.2 %
Securly, Inc.(7)SF7.10 %11.32 %4/22/20214/22/20278,400 8,330 8,400 0.4 %
Securly, Inc.(7)SF7.10 %11.41 %4/22/20214/22/20271,938 1,938 1,938 0.1 %
Securly, Inc.(9)SF7.10 %11.41 %4/20/20224/22/20272,488 2,488 2,488 0.1 %
Securly, Inc.(9)SF7.10 %11.42 %2/24/20254/22/2027457 448 457 0.0 %
Securly, Inc. (Revolver)(19)SF7.10 %11.41 %4/22/20214/22/20271,615 969 969 0.0 %
Signiant Inc.(11)SF5.25 %9.59 %12/23/202412/23/203015,000 14,789 15,000 0.6 %
Signiant Inc. (Delayed Draw)(19)(20)SF5.25 %9.59 %12/23/202412/23/20303,000   0.0 %
Signiant Inc. (Revolver)(19)SF5.25 %9.59 %12/23/202412/23/20301,875   0.0 %
Sparq Holdings, Inc.(7)SF5.75 %9.97 %6/16/20236/15/20291,965 1,920 1,948 0.1 %
Sparq Holdings, Inc.SF5.75 %10.05 %6/27/20246/25/2029430 427 427 0.0 %
Sparq Holdings, Inc.SF5.75 %10.05 %6/16/20236/15/2029440 440 436 0.0 %
Sparq Holdings, Inc. (Delayed Draw)(19)(20)SF5.75 %9.97 %6/27/20246/25/2029578   0.0 %
Sparq Holdings, Inc. (Revolver)(19)SF5.75 %10.05 %6/16/20236/15/2029409 95 95 0.0 %
Tiugo Group Holdings CorpSF5.50 %9.80 %3/28/20253/28/203165,892 64,905 64,904 2.7 %
Tiugo Group Holdings Corp (Delayed Draw)(19)(20)SF5.50 %9.80 %3/28/20253/28/203113,178   0.0 %
Tiugo Group Holdings Corp (Revolver)(19)SF5.50 %9.80 %3/28/20253/28/20316,589   0.0 %
Unanet, Inc.(7)(9)SF5.25 %9.57 %12/9/202212/9/203022,000 21,703 22,000 0.9 %
Unanet, Inc. (Delayed Draw)(19)(20)SF5.25 %9.57 %12/9/202212/9/20306,947 3,914 3,914 0.2 %
Unanet, Inc. (Delayed Draw)(19)(20)SF5.25 %9.57 %11/25/202412/9/20301,350   0.0 %
17

Table of Contents
MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2025
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition
Date (3)
MaturityPrincipalAmortized
Cost
Fair Value (4)
% of Net
Assets (5)
Unanet, Inc. (Revolver)(19)SF5.25 %9.57 %12/9/202212/9/20304,316 $ $ 0.0 %
Varicent Intermediate Holdings Corporation(12)(37)SF6.00 %
7.05% Cash/ 3.25% PIK
8/23/20248/22/203127,115 26,760 27,111 1.1 %
Varicent Intermediate Holdings Corporation (Delayed Draw)(12)(19)(20)(37)SF2.75 %7.05 %8/23/20248/22/20315,610   0.0 %
Varicent Intermediate Holdings Corporation (Revolver)(12)(19)(37)n/an/a5.50 %8/23/20248/22/20314,443   0.0 %
Velociti, LLC(9)(11)SF5.25 %9.57 %1/13/20251/10/203012,000 11,742 11,728 0.5 %
Velociti, LLC (Revolver)(19)SF5.25 %9.57 %1/13/20251/10/20303,789   0.0 %
Watchguard Technologies, Inc.(6)SF5.25 %9.57 %8/17/20226/29/202920,625 19,660 20,504 0.9 %
ZI Intermediate II, Inc.(6)SF6.50 %10.79 %5/13/20245/13/203057,250 56,106 57,078 2.3 %
ZI Intermediate II, Inc. (Revolver)(19)SF6.50 %10.79 %5/13/20245/13/20304,771   0.0 %
845,600 676,687 683,124 28.0 %
Media: Advertising, Printing & Publishing
95 Percent Buyer, LLC(7)(8)(9)SF5.60 %9.92 %11/24/202111/24/202615,581 15,466 15,581 0.6 %
95 Percent Buyer, LLC (Revolver)(19)SF5.60 %9.92 %11/24/202111/24/2026809   0.0 %
Calienger Holdings, L.L.C.(8)SF5.85 %10.17 %10/21/202210/20/20284,900 4,819 4,900 0.2 %
Calienger Holdings, L.L.C. (Revolver)(19)SF5.85 %10.17 %10/21/202210/20/2028909   0.0 %
CE Intermediate, LLC(6)(7)(9)(10)SF5.60 %9.90 %10/11/20227/1/202737,237 36,863 37,237 1.5 %
Destination Media, Inc.(8)(10)SF6.75 %11.03 %6/21/20236/21/20286,386 6,218 6,514 0.3 %
Destination Media, Inc.SF6.65 %10.95 %6/21/20236/21/20281,472 1,472 1,502 0.1 %
Destination Media, Inc. (Revolver)(19)SF6.65 %10.95 %6/21/20236/21/2028670 134 134 0.0 %
DRI Holding Inc.(35)SF5.25 %9.54 %3/5/20255/31/20262,515 2,507 2,502 0.1 %
EverService Midco, LLC(6)(8)(10)(11)SF5.25 %9.57 %8/28/20246/28/203038,826 38,130 38,826 1.6 %
EverService Midco, LLC (Revolver)(19)SF5.25 %9.57 %6/28/20246/28/20308,919   0.0 %
Madison Logic Holdings, Inc.(6)SF7.50 %
9.45% Cash/ 2.37% PIK
12/30/202212/29/202813,876 13,589 13,429 0.5 %
Madison Logic Holdings, Inc. (Revolver)(19)SF7.50 %
9.45% Cash/ 2.37% PIK
12/30/202212/30/2027635   0.0 %
Really Great Reading Company, Inc. (8)(9)SF5.85 %10.16 %12/9/202212/9/202811,760 11,559 11,760 0.5 %
Really Great Reading Company, Inc. (Revolver)(19)SF5.85 %10.16 %12/9/202212/8/20283,200   0.0 %
Relevate Health Group, LLCSF6.35 %10.67 %9/9/202412/31/20261,112 1,097 1,117 0.1 %
Relevate Health Group, LLC(7)(9)SF6.35 %10.67 %11/20/202012/31/20261,920 1,915 1,920 0.1 %
Relevate Health Group, LLC(8)(9)SF6.35 %10.67 %3/28/202212/31/20265,118 5,099 5,118 0.2 %
Relevate Health Group, LLC(8)SF6.35 %10.67 %11/20/202012/31/2026859 859 859 0.0 %
Relevate Health Group, LLC (Revolver)(19)SF6.35 %10.67 %11/20/202012/31/2026789 526 526 0.0 %
Spherix Global Inc.(7)SF6.36 %10.69 %12/22/202112/22/20263,157 3,136 2,976 0.1 %
Spherix Global Inc. (Revolver)(19)SF6.36 %10.69 %12/22/202112/22/2026500   0.0 %
Touchmath Acquisition LLC(11)SF5.75 %10.07 %2/28/20242/28/20309,925 9,757 9,130 0.4 %
Touchmath Acquisition LLC (Revolver)(19)SF5.75 %10.07 %2/28/20242/28/20301,429   0.0 %
XanEdu Publishing, Inc.(7)(8)SF5.50 %9.82 %1/28/20201/28/20275,587 5,587 5,596 0.2 %
XanEdu Publishing, Inc.(8)SF5.50 %9.82 %8/31/20221/28/20272,221 2,221 2,224 0.1 %
XanEdu Publishing, Inc. (Revolver)(19)SF5.50 %9.82 %1/28/20201/28/2027977   0.0 %
181,289 160,954 161,851 6.6 %
Media: Broadcasting & Subscription
Vice Acquisition Holdco, LLC(21)SF8.26 %
12.58% PIK
2/15/20241/31/2028228 228 423 0.0 %
228 228 423 0.0 %
18

Table of Contents
MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2025
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition
Date (3)
MaturityPrincipalAmortized
Cost
Fair Value (4)
% of Net
Assets (5)
Media: Diversified & Production
Chess.com, LLC(7)(8)SF6.60 %10.90 %12/31/202112/31/202712,610 $12,479 $12,578 0.5 %
Chess.com, LLC (Revolver)(19)SF6.60 %10.90 %12/31/202112/31/20271,413   0.0 %
Crownpeak Technology, Inc.(7)SF7.75 %
5.29% Cash/ 6.75% PIK
2/28/201911/28/20251,048 1,048 1,042 0.1 %
Crownpeak Technology, Inc.(7)SF7.75 %
5.29% Cash/ 6.75% PIK
2/28/201911/28/202516 16 16 0.0 %
Crownpeak Technology, Inc.(7)SF7.75 %
5.31% Cash/ 6.75% PIK
9/27/202211/28/2025328 328 326 0.0 %
Crownpeak Technology, Inc.(9)SF7.75 %
5.29% Cash/ 6.75% PIK
9/27/202211/28/2025873 873 868 0.0 %
Crownpeak Technology, Inc. (Revolver)SF6.75 %11.04 %2/28/201911/28/2025125 125 125 0.0 %
Research Now Group, Inc. and Survey Sampling International, LLCSF5.26 %9.58 %7/15/20247/15/2028555 511 556 0.0 %
Sports Operating Holdings II, LLC(6)SF5.85 %10.17 %11/3/202211/3/20274,875 4,805 4,875 0.2 %
Sports Operating Holdings II, LLC (Delayed Draw)(19)(20)SF5.85 %10.17 %11/3/202211/3/20273,975 3,140 3,140 0.1 %
Sports Operating Holdings II, LLC (Revolver)(19)SF5.85 %10.17 %11/3/202211/3/2027865   0.0 %
STATS Intermediate Holdings, LLCSF5.51 %9.83 %3/26/20247/10/202614,271 14,176 13,878 0.6 %
Streamland Media MidCo LLC(21)SF5.76 %10.06 %12/10/20243/30/2029916 916 916 0.1 %
Streamland Media MidCo LLC (Revolver)(19)(21)SF5.76 %10.06 %3/31/20253/30/2029132   0.0 %
Touchtunes Music Group, LLC(35)SF4.75 %9.05 %3/4/20253/30/20294,779 4,722 4,687 0.2 %
46,781 43,139 43,007 1.8 %
Retail
Rita's Franchise Company, LLC(11)SF5.00 %9.32 %12/9/202411/15/203014,713 14,544 14,743 0.6 %
Rita's Franchise Company, LLC (Revolver)(19)SF5.00 %9.32 %11/15/202411/15/20301,799   0.0 %
16,512 14,544 14,743 0.6 %
Services: Business
A360, Inc.(11)SF5.50 %9.85 %12/19/202412/19/203010,500 10,352 10,516 0.4 %
A360, Inc. (Delayed Draw)(19)(20)SF5.50 %9.80 %12/19/202412/19/20304,437   0.0 %
A360, Inc. (Revolver)(19)SF5.50 %9.80 %12/19/202412/19/20302,218 976 976 0.0 %
Aligned Exteriors Group Holdco, LLC(11)SF5.00 %9.30 %12/13/202412/13/202913,965 13,738 13,965 0.6 %
Aligned Exteriors Group Holdco, LLC (Delayed Draw)(19)(20)SF5.00 %9.30 %12/13/202412/13/20299,999   0.0 %
Aligned Exteriors Group Holdco, LLC (Revolver)(19)SF5.00 %9.30 %12/13/202412/13/20291,667   0.0 %
Ambient Enterprises Holdco, LLC(45)SF5.75 %10.05 %2/21/20256/30/203019,262 18,991 19,238 0.8 %
Ambient Enterprises Holdco, LLC(45)SF5.75 %10.05 %2/21/20256/30/20305,355 5,280 5,348 0.2 %
Ambient Enterprises Holdco, LLC (Delayed Draw)(19)(20)SF5.75 %10.05 %12/31/20246/30/20303,794   0.0 %
Ambient Enterprises Holdco, LLC (Revolver)(19)SF5.75 %10.05 %12/31/202412/8/20291,528   0.0 %
Aras Corporation(6)(9)SF6.25 %10.55 %4/13/20214/13/20295,286 5,254 5,326 0.2 %
Aras Corporation (Revolver)(19)SF6.25 %10.55 %4/13/20214/13/2029726 278 278 0.0 %
ASG III, LLC(6)(11)SF6.50 %10.79 %10/31/202310/31/202920,000 19,591 20,175 0.8 %
ASG III, LLC(45)SF6.50 %10.79 %10/31/202310/31/20298,421 8,421 8,495 0.4 %
ASG III, LLC (Delayed Draw)(19)(20)SF6.25 %10.54 %8/30/202410/31/202918,235 4,255 4,255 0.2 %
ASG III, LLC (Revolver)(19)SF6.50 %10.79 %10/31/202310/31/20293,158   0.0 %
Bloomerang, LLC(6)(9)(11)SF6.00 %10.30 %12/27/202312/27/202916,000 15,733 15,979 0.7 %
Bloomerang, LLC (Delayed Draw)(19)(20)SF6.00 %10.31 %12/27/202312/27/20294,800 1,600 1,598 0.1 %
Bloomerang, LLC (Revolver)(19)SF6.00 %10.30 %12/27/202312/27/20293,200   0.0 %
Cdata Software, Inc.(9)(11)SF6.25 %10.55 %7/18/20247/18/203045,950 45,216 45,950 1.9 %
19

Table of Contents
MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2025
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition
Date (3)
MaturityPrincipalAmortized
Cost
Fair Value (4)
% of Net
Assets (5)
Cdata Software, Inc. (Delayed Draw)(19)(20)SF6.25 %10.55 %7/18/20247/18/20304,255 $ $ 0.0 %
Cdata Software, Inc. (Delayed Draw)(19)(20)SF6.25 %10.55 %7/18/20247/18/20305,956 2,340 2,340 0.1 %
Cdata Software, Inc. (Revolver)(19)SF6.25 %10.55 %7/18/20247/18/20305,106   0.0 %
Cosmos Bidco, Inc.(7)(9)(11)SF6.25 %10.53 %9/15/20239/14/202936,000 35,298 36,108 1.5 %
Cosmos Bidco, Inc.(45)SF6.25 %10.53 %9/15/20239/14/20296,750 6,750 6,770 0.3 %
Cosmos Bidco, Inc.(45)SF6.25 %10.55 %3/28/20259/14/202918,827 18,639 18,883 0.8 %
Cosmos Bidco, Inc. (Delayed Draw)(19)(20)SF6.25 %10.55 %3/28/20259/14/20295,379   0.0 %
Cosmos Bidco, Inc. (Delayed Draw)(19)(20)SF6.25 %10.55 %5/17/20249/14/202912,000 4,114 4,127 0.2 %
Cosmos Bidco, Inc. (Revolver)(19)SF6.25 %10.55 %9/15/20239/14/20295,625   0.0 %
E-Discovery Acquireco, LLC(6)(9)SF5.75 %10.06 %8/29/20238/29/202920,000 19,599 20,350 0.8 %
E-Discovery Acquireco, LLC(6)SF5.25 %9.56 %5/3/20248/29/20293,273 3,244 3,289 0.1 %
E-Discovery Acquireco, LLC (Revolver)(19)SF5.75 %10.08 %8/29/20238/29/20292,727 545 545 0.0 %
ecMarket Inc. and Conexiom US Inc.(7)(12)(37)SF7.10 %11.40 %9/21/20219/21/202716,603 16,458 16,603 0.7 %
ecMarket Inc. and Conexiom US Inc.(7)(12)(37)SF7.10 %11.40 %9/21/20219/21/20271,291 1,291 1,291 0.1 %
ecMarket Inc. and Conexiom US Inc.(12)(37)SF7.10 %11.40 %3/28/20249/21/20272,718 2,718 2,718 0.1 %
ecMarket Inc. and Conexiom US Inc.(12)(37)SF7.10 %11.40 %5/4/20239/21/20272,063 2,063 2,063 0.1 %
ecMarket Inc. and Conexiom US Inc. (Revolver)(12)(19)(37)SF7.10 %11.40 %9/21/20219/21/20272,067   0.0 %
Edustaff, LLC(6)(9)SF5.60 %9.92 %12/8/202212/8/202711,773 11,580 11,773 0.5 %
Edustaff, LLC (Revolver)(19)SF5.60 %9.92 %12/8/202212/8/20272,364   0.0 %
ETA Australia Holdings III Pty Ltd and MYOB US Borrower LLC(12)(35)(36)SF4.00 %8.29 %3/6/20254/17/20262,512 2,498 2,486 0.1 %
Huckabee Acquisition, LLC(6)(8)(10)SF5.25 %9.55 %1/16/20241/16/203029,700 29,195 29,700 1.2 %
Huckabee Acquisition, LLC (Delayed Draw)(19)(20)SF5.25 %9.55 %1/16/20241/16/20306,522   0.0 %
Huckabee Acquisition, LLC (Revolver)(19)SF5.25 %9.55 %1/16/20241/16/20303,912   0.0 %
iCIMS, Inc.(7)SF6.25 %10.54 %10/24/20228/18/20288,000 7,908 8,000 0.3 %
Interstate BidCo, LLC(6)(8)(10)SF5.50 %9.80 %12/27/202312/27/202914,813 14,567 14,835 0.6 %
Interstate BidCo, LLC(11)SF5.50 %9.82 %12/9/202412/27/20297,154 7,056 7,165 0.3 %
Interstate BidCo, LLCSF5.50 %9.82 %12/27/202312/27/20298,255 8,255 8,267 0.3 %
Interstate BidCo, LLC (Delayed Draw)(19)(20)SF5.50 %9.80 %11/19/202412/27/202912,397   0.0 %
Interstate BidCo, LLC (Revolver)(19)SF5.50 %9.80 %12/27/202312/27/20293,125   0.0 %
JDX Studio, LLC(11)SF5.25 %9.57 %12/9/202411/13/20309,975 9,812 9,975 0.4 %
JDX Studio, LLC (Delayed Draw)(19)(20)SF5.25 %9.57 %11/14/202411/13/2030799   0.0 %
JDX Studio, LLC (Revolver)(19)SF5.25 %9.57 %11/14/202411/13/20302,398   0.0 %
Kingsley Gate Partners, LLC(6)SF6.65 %10.96 %12/9/202212/11/20282,940 2,900 2,924 0.1 %
Kingsley Gate Partners, LLC(8)SF6.65 %10.96 %12/9/202212/11/2028943 943 938 0.0 %
Kingsley Gate Partners, LLCSF6.65 %10.96 %12/9/202212/11/20281,365 1,365 1,357 0.1 %
Kingsley Gate Partners, LLC (Revolver)(19)SF6.60 %10.92 %12/9/202212/11/20281,200 960 955 0.0 %
Milrose Consultants, LLC(6)(8)(10)SF6.65 %10.96 %8/31/20238/31/202844,325 43,447 44,391 1.8 %
Milrose Consultants, LLC(45)SF6.60 %10.92 %10/25/20248/31/20281,599 1,590 1,602 0.1 %
Milrose Consultants, LLC(45)SF6.60 %10.92 %12/2/20248/31/20283,558 3,493 3,563 0.2 %
Milrose Consultants, LLC (Revolver)(19)SF6.60 %10.92 %8/31/20238/31/20282,308 462 462 0.0 %
Moonraker Acquisitionco LLC(6)SF5.75 %10.20 %9/30/20228/4/20286,843 6,758 6,842 0.3 %
Moonraker Acquisitionco LLC (Revolver)(19)SF5.75 %10.20 %9/30/20228/4/2028933 280 280 0.0 %
NFM & J, L.P.(6)(7)(9)SF5.85 %10.13 %11/15/202311/30/202713,162 12,984 13,221 0.5 %
NFM & J, L.P. (Delayed Draw)(19)(20)SF5.85 %10.16 %11/15/202311/30/20277,410 825 828 0.0 %
NFM & J, L.P. (Revolver)(19)P4.75 %12.25 %11/15/202311/30/20275,273 1,187 1,187 0.1 %
Northeast Contracting Company, LLCSF6.26 %10.58 %8/16/20248/16/20297,463 7,329 7,489 0.3 %
20

Table of Contents
MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2025
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition
Date (3)
MaturityPrincipalAmortized
Cost
Fair Value (4)
% of Net
Assets (5)
Northeast Contracting Company, LLC (Revolver)(19)SF6.26 %10.58 %8/16/20248/16/20291,591 $ $ 0.0 %
Onix Networking Corp.(6)(8)SF5.50 %9.80 %10/2/202310/2/202914,812 14,571 14,812 0.6 %
Onix Networking Corp. (Revolver)(19)SF5.50 %9.80 %10/2/202310/2/20295,000   0.0 %
OPOC Acquisition, LLC(11)SF5.00 %9.35 %12/20/202412/20/203013,000 12,817 12,992 0.5 %
OPOC Acquisition, LLC (Delayed Draw)(19)(20)SF5.00 %9.35 %12/20/202412/20/20303,009   0.0 %
OPOC Acquisition, LLC (Revolver)(19)SF5.00 %9.35 %12/20/202412/20/20301,204   0.0 %
Parkhub, Inc.(6)SF7.00 %11.31 %4/9/20244/9/203016,369 16,083 16,451 0.7 %
Parkhub, Inc.(12)(23)SF7.25 %11.56 %4/9/20244/9/203034,879 33,633 35,053 1.4 %
Parkhub, Inc. (Delayed Draw)(19)(20)SF7.00 %11.32 %4/9/20244/9/203016,833 2,895 2,910 0.1 %
Parkhub, Inc. (Delayed Draw)(19)(20)SF7.00 %11.30 %4/9/20244/9/20301,762   0.0 %
Parkhub, Inc. (Delayed Draw)(12)(19)(20)(23)SF7.00 %11.30 %4/9/20244/9/20303,423   0.0 %
Parkhub, Inc. (Revolver)(19)SF7.00 %11.30 %4/9/20244/9/20306,733 2,020 2,020 0.1 %
PC Pest Buyer, LLC(6)(8)SF4.75 %9.04 %6/20/20246/20/203013,965 13,748 13,965 0.6 %
PC Pest Buyer, LLC (Delayed Draw)(19)(20)SF4.75 %9.07 %6/20/20246/20/203041,967 15,595 15,595 0.6 %
PC Pest Buyer, LLC (Revolver)(19)SF4.75 %9.07 %6/20/20246/20/20308,400   0.0 %
PRGX Global, Inc.(11)SF5.50 %9.85 %12/20/202412/20/203036,421 35,916 36,520 1.5 %
PRGX Global, Inc. (Revolver)(19)SF5.50 %9.85 %2/20/202512/20/20304,345   0.0 %
Project Accelerate Parent, LLCSF5.25 %9.57 %2/22/20242/22/203111,786 11,690 11,786 0.5 %
Project Accelerate Parent, LLC (Revolver)(19)SF5.25 %9.57 %2/22/20242/22/20313,125   0.0 %
Prototek LLC(21)SF8.35 %
7.67% Cash/ 5.00% PIK
12/8/202212/8/20277,896 7,494 6,432 0.3 %
Prototek LLC (Revolver)(19)(21)SF8.35 %
7.67% Cash/ 5.00% PIK
12/8/202212/8/2027921   0.0 %
Rampart Exterior Services Buyer, Inc.SF5.25 %9.57 %8/6/20248/6/20307,463 7,324 7,498 0.3 %
Rampart Exterior Services Buyer, Inc.SF5.25 %9.57 %8/6/20248/6/20307,125 7,125 7,159 0.3 %
Rampart Exterior Services Buyer, Inc.SF5.25 %9.57 %3/12/20258/6/20305,166 5,063 5,190 0.2 %
Rampart Exterior Services Buyer, Inc. (Revolver)(19)SF5.25 %9.57 %8/6/20248/6/20302,679   0.0 %
Security Services Acquisition Sub Corp.(6)(11)SF5.85 %10.17 %6/17/20249/30/202743,657 43,657 43,657 1.8 %
Security Services Acquisition Sub Corp.(6)(11)SF5.85 %10.17 %6/17/20249/30/202713,554 13,554 13,554 0.6 %
Security Services Acquisition Sub Corp.(6)(11)SF5.85 %10.17 %6/17/20249/30/202713,390 13,390 13,390 0.5 %
Signal 88, LLC(6)SF6.50 %10.82 %6/3/20246/3/202923,383 23,081 23,470 1.0 %
Sunstates Security, LLCSF5.00 %9.33 %8/9/20248/9/203020,000 19,729 20,400 0.8 %
Sunstates Security, LLC (Delayed Draw)(19)(20)SF5.00 %9.33 %8/9/20248/9/203013,333   0.0 %
Symplr Software, Inc.SF4.60 %8.89 %3/31/20252/9/20313,880 3,630 3,384 0.1 %
Teneo Holdings LLC(11)SF4.75 %9.07 %10/18/20243/13/20318,174 8,109 8,201 0.3 %
Thryv, Inc.(12)SF6.75 %11.07 %5/15/20245/1/20297,750 7,684 7,886 0.3 %
TIC Bidco Limited(12)(23)(40)SN5.00 %9.45 %6/12/20246/14/203114,778 14,423 14,786 0.6 %
TIC Bidco Limited(12)(23)(40)SN5.00 %9.45 %2/3/20256/14/20312,015 1,923 2,016 0.1 %
Valkyrie Buyer, LLC(6)SF5.25 %9.57 %5/6/20245/6/203118,004 17,762 18,022 0.7 %
Valkyrie Buyer, LLC (Delayed Draw)(19)(20)SF5.25 %9.55 %5/6/20245/6/20312,316   0.0 %
Valkyrie Buyer, LLC (Delayed Draw)(19)(20)SF5.25 %9.55 %5/6/20245/6/20313,088   0.0 %
Valkyrie Buyer, LLC (Delayed Draw)(19)(20)SF5.25 %9.55 %5/6/20245/6/20317,500 6,417 6,423 0.3 %
Valkyrie Buyer, LLC (Delayed Draw)(19)(20)SF5.25 %9.55 %11/8/20245/6/20316,667   0.0 %
Valkyrie Buyer, LLC (Delayed Draw)(19)(20)SF5.25 %9.55 %11/8/20245/6/20313,333   0.0 %
Valkyrie Buyer, LLC (Revolver)(19)SF5.25 %9.55 %5/6/20245/6/20313,509   0.0 %
Vhagar Purchaser, LLC(9)SF6.00 %10.31 %6/9/20236/11/202910,000 9,775 10,000 0.4 %
21

Table of Contents
MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2025
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition
Date (3)
MaturityPrincipalAmortized
Cost
Fair Value (4)
% of Net
Assets (5)
Vhagar Purchaser, LLC (Delayed Draw)(19)(20)SF6.00 %10.31 %6/9/20236/11/20292,222 $500 $500 0.0 %
Vhagar Purchaser, LLC (Revolver)(19)SF6.00 %10.31 %6/9/20236/11/20291,111   0.0 %
WPEngine, Inc.(7)(9)SF6.50 %10.82 %8/14/20238/14/202916,500 16,104 16,566 0.7 %
WPEngine, Inc. (Revolver)(19)SF6.50 %10.82 %8/14/20238/14/20291,650   0.0 %
1,081,850 823,850 836,064 34.2 %
Services: Consumer
AMS Parent, LLC(45)SF5.11 %9.44 %4/8/202410/25/202815,321 15,139 14,874 0.6 %
Clydesdale Holdings, LLC(6)SF6.40 %10.70 %12/28/20236/23/20284,938 4,844 4,975 0.2 %
Clydesdale Holdings, LLC(6)(7)SF6.40 %10.70 %7/19/20236/23/20284,938 4,850 4,975 0.2 %
Clydesdale Holdings, LLC(6)(8)(10)SF5.90 %10.20 %6/24/20226/23/202814,625 14,451 14,530 0.6 %
Clydesdale Holdings, LLC(11)SF5.90 %10.20 %6/24/20226/23/202820,801 20,801 20,666 0.8 %
Clydesdale Holdings, LLC (Delayed Draw)(19)(20)SF5.90 %10.20 %6/20/20246/23/20288,316 2,949 2,930 0.1 %
Clydesdale Holdings, LLC (Revolver)(19)SF5.90 %10.20 %6/24/20226/23/20284,523   0.0 %
Expedited Travel, LLC(7)(8)(9)(10)SF6.61 %10.94 %11/8/202311/8/202810,243 10,047 10,243 0.4 %
Expedited Travel, LLC (Revolver)(19)SF6.61 %10.94 %11/8/202311/8/20281,500   0.0 %
Express Wash Acquisition Company, LLCSF6.76 %11.07 %7/14/20227/14/20289,985 9,950 9,985 0.4 %
Express Wash Acquisition Company, LLCSF6.76 %11.07 %7/14/20227/14/20282,111 2,111 2,111 0.1 %
Express Wash Acquisition Company, LLC (Revolver)(19)SF6.76 %11.07 %7/14/20227/14/2028536 295 295 0.0 %
Innovative Artists Entertainment, LLCSF5.25 %9.56 %3/21/20253/20/203122,250 21,915 21,916 0.9 %
Innovative Artists Entertainment, LLC (Revolver)(19)SF5.25 %9.56 %3/21/20253/20/20312,225   0.0 %
Light Wave Dental Management, LLCSF5.50 %9.80 %12/17/20246/29/20294,974 4,974 4,946 0.2 %
Light Wave Dental Management, LLCSF5.50 %9.80 %7/16/20246/30/2029531 517 528 0.0 %
Light Wave Dental Management, LLC(8)(9)(10)(11)SF5.50 %9.80 %6/30/20236/30/202927,019 26,385 26,870 1.1 %
Light Wave Dental Management, LLC (Revolver)(19)SF5.50 %9.80 %6/30/20236/30/20294,753 1,236 1,229 0.0 %
Mammoth Holdings, LLC(10)(11)SF6.00 %10.30 %11/15/202311/15/203021,545 21,180 21,599 0.9 %
Mammoth Holdings, LLCSF6.00 %10.30 %11/15/202311/15/20305,415 5,415 5,429 0.2 %
Mammoth Holdings, LLC (Revolver)(19)SF6.00 %10.30 %11/15/202311/15/20292,727   0.0 %
Russell Investments US Institutional Holdco, Inc.(12)(35)SF6.50 %
9.29% Cash/ 1.50% PIK
10/15/20245/30/202718,427 17,515 17,897 0.7 %
Russell Investments US Institutional Holdco, Inc. (Revolver)(12)(19)SF6.50 %
9.29% Cash/ 1.50% PIK
10/7/20242/28/20281,240   0.0 %
Steel City Wash, LLC(45)SF5.25 %9.55 %2/21/20252/5/203014,000 13,732 13,720 0.6 %
Steel City Wash, LLC (Delayed Draw)(19)(20)SF5.25 %9.55 %2/5/20252/5/20303,158   0.0 %
Steel City Wash, LLC (Revolver)(19)SF5.25 %9.55 %2/5/20252/5/20301,579   0.0 %
The Black Tux, LLC(8)(9)(10)SF6.50 %10.82 %12/27/202312/27/202810,369 10,314 10,369 0.4 %
The Black Tux, LLC (Delayed Draw)(19)(20)SF6.50 %10.82 %12/27/202312/27/20281,944 194 194 0.0 %
The Black Tux, LLC (Revolver)(19)SF6.50 %10.82 %12/27/202312/27/20281,944   0.0 %
The Gersh Agency, LLC(12)(24)SF6.50 %10.81 %11/20/202411/20/20305,994 5,745 6,008 0.2 %
The Gersh Agency, LLC(12)(24)SF6.50 %10.81 %11/20/202411/20/203018,342 17,587 18,385 0.8 %
The Gersh Agency, LLC(11)SF6.25 %10.56 %12/13/202411/20/20306,417 6,311 6,427 0.3 %
The Gersh Agency, LLC(11)SF6.25 %10.56 %12/13/202411/20/203013,585 13,359 13,606 0.6 %
The Gersh Agency, LLC (Delayed Draw)(19)(20)SF6.50 %10.80 %11/20/202411/20/203012,270   0.0 %
The Gersh Agency, LLC (Revolver)(12)(19)(24)SF6.50 %10.80 %11/20/202411/20/20302,704 1,568 1,622 0.1 %
The Gersh Agency, LLC (Revolver)(19)SF6.25 %10.56 %11/20/202411/20/20305,059 1,297 1,297 0.1 %
The Hertz Corporation(12)SF3.61 %7.94 %6/21/20246/30/20288,264 8,119 6,410 0.3 %
The Hertz Corporation(12)SF3.61 %7.94 %6/21/20246/30/20281,618 1,590 1,255 0.1 %
22

Table of Contents
MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2025
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition
Date (3)
MaturityPrincipalAmortized
Cost
Fair Value (4)
% of Net
Assets (5)
Ultra Clean Holdco LLC(10)(11)SF5.00 %9.31 %7/16/20247/1/203020,843 $20,510 $20,853 0.8 %
Ultra Clean Holdco LLC (Delayed Draw)(19)(20)SF5.00 %9.33 %7/16/20247/1/20307,489 3,739 3,741 0.1 %
Ultra Clean Holdco LLC (Revolver)(19)SF5.00 %9.33 %7/16/20247/1/20303,000   0.0 %
347,522 288,639 289,885 11.8 %
Telecommunications
American Broadband and Telecommunications Company LLC (Delayed Draw)(6)(19)(20)P12.00 %
17.50% Cash/ 2.00% PIK
6/10/20226/10/20252,754 2,651 2,759 0.1 %
American Broadband and Telecommunications Company LLC (Revolver)(19)P12.00 %
17.50% Cash/ 2.00% PIK
6/10/20226/10/20251,000 254 254 0.0 %
AppLogic Networks OpCo I LLC (fka Sandvine Corporation)(6)(21)SF6.00 %
5.26% Cash/ 5.00% PIK
3/3/20253/3/2030376 376 371 0.0 %
Calabrio, Inc.(7)SF5.50 %9.81 %12/19/20234/16/20271,165 1,165 1,173 0.1 %
Calabrio, Inc.(7)SF5.50 %9.81 %4/16/20214/16/20277,940 7,859 7,940 0.3 %
Calabrio, Inc. (Revolver)(19)SF5.50 %9.81 %4/16/20214/16/2027963 413 413 0.0 %
DataOnline Corp.(7)(8)(9)(10)(11)SF5.40 %9.71 %11/13/201911/13/202634,584 34,554 34,670 1.4 %
DataOnline Corp. (Revolver)(19)SF5.40 %9.70 %11/13/201911/13/20263,701 1,481 1,481 0.1 %
EOS Finco S.A.R.L.(8)(12)(21)(39)SF6.00 %10.28 %8/3/202210/6/20296,985 6,722 2,996 0.1 %
MB Purchaser, LLC(8)(10)SF4.75 %9.05 %1/3/20241/3/203014,850 14,603 14,850 0.6 %
MB Purchaser, LLC (Delayed Draw)(19)(20)SF4.75 %9.08 %1/3/20241/3/203012,445 6,195 6,195 0.3 %
MB Purchaser, LLC (Revolver)(19)SF4.75 %9.08 %1/3/20241/3/20302,500   0.0 %
Patagonia Holdco LLC(6)(12)SF5.75 %10.05 %8/5/20228/1/202914,625 12,708 12,995 0.5 %
Radiate Holdco, LLC(35)SF3.25 %7.58 %10/24/202410/30/202610,831 9,661 9,342 0.4 %
114,719 98,642 95,439 3.9 %
Transportation: Cargo
Dusk Acquisition II Corporation(10)SF6.00 %10.30 %7/12/20247/12/202927,581 27,098 27,649 1.1 %
Dusk Acquisition II CorporationSF6.00 %10.30 %11/29/20247/12/202937,084 36,396 37,175 1.5 %
Epika Fleet Services, Inc.(6)(8)SF6.00 %10.32 %3/18/20243/18/202916,830 16,550 16,830 0.7 %
Epika Fleet Services, Inc.(11)SF6.00 %10.32 %3/18/20243/18/20299,710 9,630 9,710 0.4 %
Epika Fleet Services, Inc. (Delayed Draw)(19)(20)SF6.00 %10.32 %3/18/20243/18/20294,882 3,215 3,215 0.1 %
Epika Fleet Services, Inc. (Delayed Draw)(19)(20)SF6.00 %10.32 %12/5/20243/18/20296,528 2,114 2,114 0.1 %
Epika Fleet Services, Inc. (Revolver)(19)SF6.00 %10.32 %3/18/20243/18/20293,696 1,395 1,395 0.1 %
Fiasco Enterprises, LLC(11)SF6.61 %10.94 %5/6/20225/6/20276,825 6,767 6,702 0.3 %
Fiasco Enterprises, LLC(6)(11)SF6.61 %10.94 %12/15/20225/6/20278,232 8,098 8,084 0.3 %
Fiasco Enterprises, LLC (Revolver)(19)SF6.61 %10.94 %5/6/20225/6/20271,750   0.0 %
Randys Holdings, Inc.(6)(7)(9)SF5.00 %9.30 %11/1/202211/1/202916,641 16,314 16,649 0.7 %
Randys Holdings, Inc. (Delayed Draw)(19)(20)SF5.00 %9.30 %11/1/202211/1/20295,669 3,237 3,239 0.1 %
Randys Holdings, Inc. (Revolver)(19)SF5.00 %9.30 %11/1/202211/1/20292,273 999 999 0.1 %
RS Acquisition, LLC(7)SF8.10 %
10.42% Cash/ 2.00% PIK
12/13/202112/14/202610,955 10,872 10,021 0.4 %
RS Acquisition, LLCSF8.10 %
10.42% Cash/ 2.00% PIK
12/13/202112/14/202610,124 10,124 9,261 0.4 %
RS Acquisition, LLC (Revolver)(19)SF8.10 %
10.42% Cash/ 2.00% PIK
12/13/202112/14/20261,289 910 832 0.0 %
170,069 153,719 153,875 6.3 %
23

Table of Contents
MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2025
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition
Date (3)
MaturityPrincipalAmortized
Cost
Fair Value (4)
% of Net
Assets (5)
Wholesale
IF & P Holdings Company, LLC(6)(8)SF5.63 %10.02 %10/6/202210/3/202823,330 $22,949 $23,330 1.0 %
IF & P Holdings Company, LLC(6)SF6.00 %10.40 %5/25/202310/3/20286,550 6,398 6,550 0.3 %
IF & P Holdings Company, LLCSF5.25 %9.65 %7/30/202410/3/20281,104 1,090 1,094 0.0 %
IF & P Holdings Company, LLC (Delayed Draw)(19)(20)SF5.63 %10.02 %7/30/202410/3/2028959   0.0 %
IF & P Holdings Company, LLC (Revolver)(19)SF5.63 %10.04 %10/6/202210/3/20285,296 3,619 3,619 0.1 %
S&S Holdings LLC(8)SF5.00 %9.32 %10/31/202410/1/20319,950 9,811 9,754 0.4 %
S&S Holdings LLC(6)SF5.10 %9.42 %3/10/20213/10/20282,880 2,837 2,863 0.1 %
50,069 46,704 47,210 1.9 %
Total Non-Controlled/Non-Affiliate Senior Secured Loans4,765,977 3,868,614 3,883,071 159.0 %
Unitranche Secured Loans (13)
Beverage, Food & Tobacco
Gargoyle Enterprises, Inc. (Revolver)(26)SF12.00 %16.32 %11/3/202311/3/20261,000 1,000 997 0.1 %
Off Hours Spirits, Inc. / Hour Barrel, LLC (Revolver)(19)(27)SF10.00 %
12.32% Cash/ 2.00% PIK
12/8/202312/8/2026338 204 203 0.0 %
1,338 1,204 1,200 0.1 %
Consumer Goods: Durable
Jumpstart Holdco, Inc.(6)SF5.65 %9.94 %4/19/20224/19/202822,913 22,655 20,555 0.8 %
22,913 22,655 20,555 0.8 %
Media: Advertising, Printing & Publishing
New Engen, Inc.(7)(8)SF5.11 %9.44 %12/3/202112/3/20269,203 9,143 9,203 0.4 %
New Engen, Inc.(7)(8)SF5.11 %9.44 %12/27/202112/3/20267,772 7,772 7,772 0.3 %
New Engen, Inc.(9)SF5.11 %9.44 %9/17/202412/3/20262,346 2,315 2,393 0.1 %
19,321 19,230 19,368 0.8 %
Media: Diversified & Production
Park County Holdings, LLCSF6.75 %11.08 %11/29/202311/29/202944,721 44,207 44,722 1.8 %
44,721 44,207 44,722 1.8 %
Services: Business
ASG II, LLC(6)SF6.40 %10.69 %5/25/20225/25/202815,000 14,816 14,981 0.6 %
ASG II, LLCSF6.40 %10.69 %5/25/20225/25/20282,250 2,250 2,247 0.1 %
17,250 17,066 17,228 0.7 %
Total Non-Controlled/Non-Affiliate Unitranche Secured Loans105,543 104,362 103,073 4.2 %
Junior Secured Loans
Aerospace & Defense
API Holdings III Corp.SF7.00 %
5.30% Cash/ 6.00% PIK
11/3/20235/9/20271,819 1,817 1,478 0.1 %
1,819 1,817 1,478 0.1 %
Automotive
First Brands Group, LLC(8)(11)SF8.76 %13.05 %12/11/20233/30/202814,436 14,033 13,425 0.5 %
14,436 14,033 13,425 0.5 %
24

Table of Contents
MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2025
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition
Date (3)
MaturityPrincipalAmortized
Cost
Fair Value (4)
% of Net
Assets (5)
Capital Equipment
Adept AG Holdings, LLC(12)(21)(22)SF6.40 %
10.70% PIK
3/31/20258/11/20271,763 $1,823 $1,709 0.1 %
Adept AG Holdings, LLC(12)(21)(22)n/an/a10.25 %10/30/20248/11/20274,796 4,962 1,583 0.1 %
Adept AG Holdings, LLC(12)(21)(22)n/an/an/a3/31/20258/11/202783 83  0.0 %
Adept AG Holdings, LLC(21)SF6.15 %
10.45% PIK
3/31/20258/11/20271,484 1,473 1,437 0.1 %
Adept AG Holdings, LLC(21)n/an/a10.00 %10/30/20248/11/20274,038 4,013 1,333 0.1 %
Adept AG Holdings, LLC(21)n/an/an/a3/31/20258/11/202768 68  0.0 %
12,232 12,422 6,062 0.4 %
Construction & Building
601 Lafayette Mezz LLC (Delayed Draw)(12)(19)(20)SF9.50 %13.79 %7/17/20242/9/202820,500   0.0 %
601 Lafayette Mezz LLC (Delayed Draw)(12)(19)(20)SF6.35 %10.64 %7/17/20242/9/202820,500   0.0 %
Jesse Studio Mezz, LLC (Delayed Draw)(12)(19)(20)SF9.00 %13.32 %6/7/20246/7/202741,930 34,097 34,721 1.4 %
Sundy Village West Mezz Borrower, LLC (Delayed Draw)(12)(19)(20)SF10.00 %14.32 %12/21/20231/15/202737,349 27,184 27,875 1.1 %
Sundy Village West Mezz Borrower, LLC (Delayed Draw)(12)(19)(20)SF11.25 %
15.57% PIK
12/21/20231/15/202713,363 3,724 3,798 0.2 %
133,642 65,005 66,394 2.7 %
Consumer Goods: Non-Durable
Thrasio, LLC(21)SF10.26 %
14.55% PIK
6/18/20246/18/20291,763 1,763 1,393 0.1 %
1,763 1,763 1,393 0.1 %
FIRE: Real Estate
Avison Young (USA) Inc.(12)(21)(37)SF8.26 %
6.06% Cash/ 6.50% PIK
4/26/20193/12/20291,892 1,759 1,522 0.1 %
Avison Young (USA) Inc.(12)(21)(37)SF8.11 %
5.93% Cash/ 6.50% PIK
4/26/20193/12/2029647 605 364 0.0 %
KT Naples UB LLC (Delayed Draw)(12)(19)(20)SF12.00 %17.00 %4/8/20244/8/202614,250 10,525 10,592 0.4 %
Maltese Diplomat Owner 100 LLC (Delayed Draw)(12)(19)(20)SF10.97 %15.29 %3/11/20253/11/202850,000 44,533 44,088 1.8 %
RC & CY New Orleans Sole Member, LLC(12)SF9.00 %13.32 %3/20/20253/10/202830,000 29,700 29,700 1.2 %
Witkoff/Monroe 700 JV LLC(12)n/an/a
13.25% PIK
3/18/202510/1/20261,646 1,647 1,646 0.1 %
Witkoff/Monroe 700 JV LLC(12)n/an/a
13.25% PIK
7/26/202410/1/2026470 470 470 0.0 %
Witkoff/Monroe 700 JV LLC(12)n/an/a
13.25% PIK
7/2/202110/1/202610,386 10,386 10,386 0.4 %
Witkoff/Monroe 700 JV LLC(12)n/an/a
13.25% PIK
5/16/202310/1/20261,797 1,797 1,797 0.1 %
Witkoff/Monroe 700 JV LLC(12)n/an/a
13.25% PIK
9/25/202310/1/20263,224 3,224 3,224 0.1 %
Witkoff/Monroe 700 JV LLC(12)n/an/a
13.25% PIK
5/8/202410/1/20262,210 2,210 2,210 0.1 %
116,522 106,856 105,999 4.3 %
Healthcare & Pharmaceuticals
Radiology Partners, Inc.SF5.26 %
8.09% Cash/ 1.50% PIK
5/30/20241/31/202917,351 16,783 16,768 0.7 %
17,351 16,783 16,768 0.7 %
25

Table of Contents
MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2025
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition
Date (3)
MaturityPrincipalAmortized
Cost
Fair Value (4)
% of Net
Assets (5)
High Tech Industries
Arcserve Cayman Opco LP(21)n/an/an/a3/16/20213/16/2027988 $968 $ 0.0 %
Arcserve Cayman Opco LP(21)n/an/a
9.00% PIK
8/29/20231/2/2029430 401 478 0.0 %
Arcserve Cayman Opco LP(21)n/an/a
9.00% PIK
7/14/20231/2/2029440 401 489 0.0 %
1,858 1,770 967 0.0 %
Media: Broadcasting & Subscription
Vice Acquisition Holdco, LLC(21)(28)n/an/an/a5/2/2019 n/a 477 477  0.0 %
Vice Acquisition Holdco, LLC(21)(28)n/an/an/a5/2/2019 n/a 150 150  0.0 %
Vice Acquisition Holdco, LLC(21)(28)n/an/an/a5/2/2019 n/a 57 57  0.0 %
Vice Acquisition Holdco, LLC(21)(28)n/an/an/a11/4/2019 n/a 92 92  0.0 %
Vice Acquisition Holdco, LLC(21)SF8.26 %
12.55% PIK
7/31/20231/31/2028503 503 235 0.0 %
Vice Acquisition Holdco, LLC(21)SF8.26 %
12.55% PIK
7/31/20231/31/2028152 152 71 0.0 %
Vice Acquisition Holdco, LLC(21)SF8.26 %
12.55% PIK
9/8/20231/31/2028265 265 124 0.0 %
Vice Acquisition Holdco, LLC(21)SF8.26 %
12.55% PIK
7/31/20231/31/2028396 396  0.0 %
2,092 2,092 430 0.0 %
Media: Diversified & Production
Research Now Group, Inc. and Survey Sampling International, LLC(6)SF5.76 %10.08 %7/15/202410/15/20283,620 3,648 3,374 0.1 %
Streamland Media MidCo LLC(21)SF6.76 %11.06 %3/31/20253/30/2029881 881 870 0.0 %
4,501 4,529 4,244 0.1 %
Total Non-Controlled/Non-Affiliate Junior Secured Loans306,216 227,070 217,160 8.9 %
Equity Investments (14)(15)(16)
Automotive
Lifted Trucks Holdings, LLC (158,730 Class A shares)
(17)  — — — 8/2/2021—  159 219 0.0 %
159 219 0.0 %
Banking
MV Receivables II, LLC (1,822 shares of common stock)
(12)(17)  — — — 7/29/2021—  750  0.0 %
MV Receivables II, LLC (warrant to purchase up to 1.0% of the equity)
(12)(17)  — — — 7/28/20217/28/2031 453  0.0 %
1,203  0.0 %
Beverage, Food & Tobacco
Sabrosura Foods, LLC et al (171,429 Class A interests)
  — — — 10/18/2019—  171  0.0 %
Sabrosura Foods, LLC et al (7,022 Class AA units)
  — — — 11/22/2022—  10  0.0 %
Sabrosura Foods, LLC et al (8,322 Class AAA units)
  — — — 3/17/2023—  8  0.0 %
189  0.0 %
26

Table of Contents
MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2025
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition
Date (3)
MaturityPrincipalAmortized
Cost
Fair Value (4)
% of Net
Assets (5)
Capital Equipment
Adept AG Holdings, LLC (314,584 Class A preferred units)
(17)  — — — 8/11/2022—  $650 $ 0.0 %
Adept AG Holdings, LLC (45,874 Series B units)
(17)  — — — 8/1/2023—  46  0.0 %
Adept AG Holdings, LLC (67,283 Series C preferred units)
(17)  — — — 12/20/2023—  67  0.0 %
Adept AG Holdings, LLC (325 Series L units)
(17)  — — — 10/30/2024—    0.0 %
Tavoron Buyer Corp. (2,319,249 units)
  — — — 1/22/2025—  2,319 2,319 0.1 %
3,082 2,319 0.1 %
Construction & Building
Harlem Acquisition, LLC (1,523,811 Class A units)
  — — — 11/7/2024—  1,524 1,474 0.1 %
MEI Buyer LLC (2,275 units)
  — — — 6/29/2023—  2,275 3,353 0.1 %
3,799 4,827 0.2 %
Consumer Goods: Durable
Independence Buyer, Inc. (169 Class A units)
— — 8/3/2021—  169  0.0 %
Jumpstart Holdco, Inc. (1,566,667 Class A units)
— — 4/19/2022—  1,567 449 0.0 %
1,736 449 0.0 %
Consumer Goods: Non-Durable
Thrasio, LLC (2,162,506 units)
— — 6/18/2024—    0.0 %
Thrasio, LLC (31,764 shares of common stock)
— — 6/18/2024—  3,192 874 0.0 %
3,192 874 0.0 %
Energy: Oil & Gas
Talos Energy Inc. (12,138 shares of common stock)
(6)(12)(29)— — 3/4/2024—  132 118 0.0 %
132 118 0.0 %
Environmental Industries
Quest Resource Management Group, LLC (warrant to purchase up to 0.2% of the equity)
— — 10/19/20203/17/2028 67 55 0.0 %
Quest Resource Management Group, LLC (warrant to purchase up to 0.2% of the equity)
— — 10/19/20213/17/2028  39 0.0 %
StormTrap, LLC (640,000 Class A preferred units)
(17)n/a n/a
8.00% PIK
3/25/2022—  640 640 0.0 %
StormTrap, LLC (640,000 Class A common units)
(17)— — 3/25/2022—   451 0.0 %
Volt Bidco, Inc. (878 shares of common stock)
— — 8/11/2021—  891 1,045 0.1 %
1,598 2,230 0.1 %
FIRE: Finance
Bench Walk Lead, LLC (commitment to purchase up to 3.2% of the equity)
(12)(17)— — 6/12/2023—  1,600 1,774 0.1 %
J2 BWA Funding LLC (0.3% profit sharing)
(12)(17)— — 12/24/2020—   53 0.0 %
J2 BWA Funding III, LLC (commitment to purchase up to 3.8% of the equity)
(12)(17)(30)— — 4/29/2022—  443 604 0.0 %
2,043 2,431 0.1 %
27

Table of Contents
MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2025
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition
Date (3)
MaturityPrincipalAmortized
Cost
Fair Value (4)
% of Net
Assets (5)
FIRE: Real Estate
Avison Young (USA) Inc. (2,036,442 Class A preferred shares)
(12)(21)(37) n/a  n/a
12.50% PIK
9/1/2022—  $2,036 $611 0.0 %
Avison Young (USA) Inc. (1,521 Class F common shares)
(12)(37)  — — — 9/1/2022—  1,234  0.0 %
InsideRE, LLC (284,853 Class A common units)
(17)  — — — 9/9/2019—  420 300 0.0 %
Lessen LLC (128,737 preferred units)
— — 1/5/2023—  1,667 1,397 0.2 %
Residential Homes for Rent LLC (736,539 Series A preferred units)
(12)(17)  — — — 3/5/2024—  3,183 2,778 0.1 %
Residential Homes for Rent LLC (warrant to purchase up to 1.6% of the equity)
(12)(17)  — — — 3/5/20243/5/2034  929 0.0 %
Witkoff/Monroe 700 JV LLC (2,992 preferred units)
(12)(17)  — — — 7/2/2021—  3 5,449 0.2 %
8,543 11,464 0.5 %
Healthcare & Pharmaceuticals
Ascent Midco, LLC (725,806 Class A units)
(17)n/a n/a
8.00% PIK
2/5/2020—  726 528 0.0 %
Bluesight, Inc. (528 Class A preferred units)
 n/a  n/a
9.00% PIK
7/17/2023—  528 528 0.0 %
Bluesight, Inc. (282,635 Class B common units)
— — 7/17/2023—   22 0.0 %
Caravel Autism Health, LLC (3,600 Class A units)
(17) n/a n/a
8.00% PIK
6/11/2024—  3,600 3,600 0.2 %
Caravel Autism Health, LLC (4,011 Class B units)
(17)— — 6/11/2024—   1,134 0.1 %
Dorado Acquisition, Inc. (531,783 Class A-1 units)
— — 6/30/2021—  578 505 0.0 %
Dorado Acquisition, Inc. (531,783 Class A-2 units)
— — 6/30/2021—    0.0 %
Evolve Biologics Inc. (warrant to purchase up to 1.5% of the equity)
(12)— — 12/20/202212/20/2032   0.0 %
Evolve Biologics Inc. (warrant to purchase up to 1.2% of the equity)
(6)(12)— — 1/18/20241/18/2034  110 0.0 %
Forest Buyer, LLC (906 Class A units)
(17) n/a  n/a
8.00% PIK
3/15/2024—  906 906 0.0 %
Forest Buyer, LLC (906 Class B units)
(17)— — 3/15/2024—   1,159 0.1 %
INH Buyer, Inc. (2,713,147 A-1 units)
— — 12/16/2024—    0.0 %
INH Buyer, Inc. (3 preferred stock)
— — 12/16/2024—    0.0 %
KL Moon Acquisition, LLC (0.3% of the equity)
— — 1/31/2023—  1,010 277 0.0 %
NationsBenefits, LLC (369,827 Series B units)
(17)n/a n/a
5.00% PIK
8/20/2021—  2,498 5,463 0.2 %
NationsBenefits, LLC (326,667 common units)
(17)— — 8/20/2021—  468 2,585 0.1 %
NBPT Acquisition LLC (4,421 preferred units)
(44)— — 3/3/2025—  4,421 4,421 0.2 %
NQ PE Project Colosseum Midco Inc. (1,364,614 common units)
— — 10/4/2022—  1,418 145 0.0 %
Seran BioScience, LLC (26,666 common units)
— — 7/30/2024—  267 718 0.0 %
Vero Biotech Inc. (warrant to purchase up to 2.3% of the equity)
— — 12/29/202312/29/2033  177 0.0 %
Xpress Wellness, LLC (18,310 Series A units)
— — 5/8/2024—  18,310 16,320 0.7 %
34,730 38,598 1.6 %
28

Table of Contents
MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2025
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition
Date (3)
MaturityPrincipalAmortized
Cost
Fair Value (4)
% of Net
Assets (5)
High Tech Industries
Arcserve Cayman Opco LP (157,895 Class A common units)
— — 3/16/2021—  $10,982 $1,856 0.1 %
Arcserve Cayman Opco LP (294,118 Class B common units)
— — 1/2/2024—   3,458 0.2 %
Arcserve Cayman GP LLC (157,895 Class A common units)
— — 1/2/2024—    0.0 %
Arcserve Cayman GP LLC (294,118 Class B common units)
— — 1/2/2024—    0.0 %
Catalyst Data Holdings, Inc. (4,177 common units)
(34)— — 12/13/2024—  4,178 4,178 0.2 %
Cloud for Good, LLC (5,000,000 common units)
— — 3/21/2025—  5,000 5,000 0.2 %
Douglas Holdings, Inc. (573,847 Class A common units)
— — 8/27/2024—  574 597 0.0 %
Drawbridge Partners, LLC (652,174 Class A-1 units)
— — 9/1/2022—  652 814 0.0 %
Jobnimbus Holdings, LLC (214,092 common units)
— — 11/6/2024—  790 807 0.0 %
Optomi, LLC (278 Class A units)
(17)— — 12/16/2021—  278 552 0.0 %
Recorded Future, Inc. (40,243 Class A units)
— — 7/3/2019—   7 0.0 %
Reorganized Mobileum AcquisitionCo, LLC (37,185 shares of common stock)
(6)— — 9/12/2024—  1,877 594 0.0 %
Sparq Holdings, Inc. (600,000 common units)
— — 6/15/2023—  600 506 0.0 %
Unanet, Inc. (1,621,053 shares of common stock)
— — 12/5/2022—  1,623 2,821 0.1 %
Velociti, LLC (6,075,951 units)
(17)— — 1/13/2025—  6,076 6,076 0.3 %
ZI Intermediate II, Inc. (3,790 shares of common stock)
— — 5/13/2024—  3,790 4,127 0.2 %
36,420 31,393 1.3 %
Hotels, Gaming & Leisure
Equine Network, LLC (92 Class A units)
(17)— — 12/31/2020—  95 113 0.0 %
95 113 0.0 %
Media: Advertising, Printing & Publishing
95 Percent Buyer, LLC (385,027 Class A units)
(17)n/a n/a
8.00% PIK
11/24/2021—  385 857 0.1 %
Calienger Holdings, L.L.C. (568,181 Class A units)
(17)— — 10/21/2022—  568 568 0.0 %
New Engen, Inc. (417 preferred units)
n/a n/a
8.00% PIK
12/27/2021—  417 444 0.0 %
New Engen, Inc. (5,067 Class B common units)
— — 12/27/2021—  5 97 0.0 %
Really Great Reading Company, Inc. (369 Series A units)
— — 12/9/2022—  369 238 0.0 %
Relevate Health Group, LLC (96 preferred units)
n/a n/a
12.00% PIK
11/20/2020—  96 54 0.0 %
Relevate Health Group, LLC (96 Class B common units)
— — 11/20/2020—    0.0 %
Relevate Health Group, LLC (14 Class X common units)
— — 11/14/2024—    0.0 %
Relevate Health Group, LLC (14 Class X preferred units)
 n/a  n/a
12.00% PIK
11/14/2024—  14 14 0.0 %
Spherix Global Inc. (52 Class A-2 units)
— — 6/10/2024—  52 52 0.0 %
Spherix Global Inc. (333 Class A units)
— — 12/22/2021—  333  0.0 %
XanEdu Publishing, Inc. (65,104 Class A units)
n/a n/a
8.00% PIK
1/28/2020—  65 285 0.0 %
2,304 2,609 0.1 %
29

Table of Contents
MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2025
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition
Date (3)
MaturityPrincipalAmortized
Cost
Fair Value (4)
% of Net
Assets (5)
Media: Broadcasting & Subscription
Vice Acquisition Holdco, LLC (1,110,000 Class A units)
— — 7/31/2023—  $1,110 $ 0.0 %
1,110  0.0 %
Media: Diversified & Production
Chess.com, LLC (5 Class A units)
(17)— — 12/31/2021—  188 81 0.0 %
Research Now Group, Inc. and Survey Sampling International, LLC (50,029 shares of common stock)
(6)— — 7/15/2024—  1,525 1,176 0.1 %
Streamland Media MidCo LLC (8,812 shares of common stock)
— — 3/31/2025—  1,205 453 0.0 %
2,918 1,710 0.1 %
Services: Business
A360, Inc. (838 common units)
 n/a  n/a
13.00% PIK
12/19/2024—  888 852 0.0 %
Argano, LLC (62,574 common units)
(17)— — 6/10/2021—  317 473 0.0 %
Cosmos Bidco, Inc. (2,250,000 Class A Membership Interest)
— — 9/15/2023—  1,999 2,507 0.1 %
ecMarket Inc. and Conexiom US Inc. (96,603 preferred shares)
(12)(37)— — 9/21/2021—  723 629 0.0 %
Edustaff, LLC (591 shares of common stock)
(17)— — 12/8/2022—  591 1,068 0.1 %
JDX Studio, LLC (799,232 Class A preferred units)
(17) n/a n/a
 10.00% PIK
11/14/2024—  800 800 0.0 %
Northeast Contracting Company, LLC (5,364,700 Class A-2 units)
(17)— — 8/16/2024—  5,365 5,059 0.2 %
Onix Networking Corp. (2,000,000 shares of common stock)
— — 10/2/2023—  2,000 1,811 0.1 %
Parkhub, Inc. (1,049,936 Series A preferred units)
 n/a  n/a
8.00% PIK
4/9/2024—  1,500 1,502 0.1 %
Rampart Exterior Services Buyer, Inc. (3,295 Series A-2 preferred units)
 n/a n/a
 10.00% PIK
8/6/2024—  3,295 3,493 0.2 %
Respida Software Equity CI LP (5,000,000 Series B Preferred Units)
(17)— — 4/9/2024—  4,850 5,058 0.2 %
Skillsoft Corp. (1,308 Class A shares)
(6)(12)(29)— — 6/11/2021—  508 25 0.0 %
22,836 23,277 1.0 %
Services: Consumer
Express Wash Acquisition Company, LLC (34,944 Class A common units)
(17)— — 11/15/2023—    0.0 %
Express Wash Acquisition Company, LLC (35 Class A preferred units)
(17) n/a  n/a
8.00% PIK
11/15/2023—  35 6 0.0 %
Express Wash Acquisition Company, LLC (164,381 Class B common units)
(17)— — 11/15/2023—    0.0 %
Express Wash Acquisition Company, LLC (164 Class B preferred units)
(17)— — 11/15/2023—  169  0.0 %
IDIG Parent, LLC (192,908 shares of common stock)
(17)(41)— — 1/4/2021—  198 174 0.0 %
Innovative Artists Entertainment, LLC ($2,445 of $3,536 equity commitment)
(17)(42)— — 3/21/2025—  2,445 2,445 0.1 %
Light Wave Dental Management, LLC (314,621 Class A units)
(17)— — 6/30/2023—  3,147 3,184 0.1 %
5,994 5,809 0.2 %
30

Table of Contents
MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2025
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition
Date (3)
MaturityPrincipalAmortized
Cost
Fair Value (4)
% of Net
Assets (5)
Telecommunications
American Broadband and Telecommunications Company LLC (warrant to purchase up to 0.4% of the equity)
— — 6/10/20226/10/2032 $84 $71 0.0 %
AppLogic Networks OpCo I LLC (fka Sandvine Corporation) (28,198 common units)
(6)— — 3/3/2025—  893 92 0.0 %
AppLogic Networks OpCo I LLC (fka Sandvine Corporation) (23,212 Class A units)
(6)— — 6/28/2024—    0.0 %
977 163 0.0 %
Transportation: Cargo
Epika Fleet Services, Inc. (44,348 preferred units)
— — 3/18/2024—  1,109 1,543 0.1 %
RS Acquisition, LLC (838,077 common units)
(17)— — 1/12/2022—  1,439 64 0.0 %
RS Acquisition, LLC (46,462 Series A preferred units)
(17) n/a n/a
 10.00% PIK
12/30/2024—  46 47 0.0 %
2,594 1,654 0.1 %
Utilities: Electric
Central Moloney, LLC (6,029 Class A preferred units)
 n/a  n/a
10.00% PIK
10/20/2023—  3,509 3,509 0.1 %
Central Moloney, LLC (6,029 Class B common units)
— — 10/20/2023—  996 16,433 0.7 %
Central Moloney, LLC (63 Class G units)
— — 4/4/2024—   131 0.0 %
4,505 20,073 0.8 %
Wholesale
IF & P Holdings Company, LLC (1,566 Class A preferred units)
— — 10/3/2022—  1,566 861 0.0 %
IF & P Holdings Company, LLC (1,566 Class B common units)
— — 10/3/2022—  10  0.0 %
1,576 861 0.0 %
Total Non-Controlled/Non-Affiliate Equity Investments141,735 151,191 6.2 %
Total Non-Controlled/Non-Affiliate Company Investments$4,341,781 $4,354,495 178.3 %
Non-Controlled Affiliate Company Investments (18)
Senior Secured Loans
Automotive
BTR Opco LLC (Delayed Draw)(19)(20)(21)SF8.76 %
13.06% PIK
6/21/202412/31/20271,463 1,046 1,169 0.0 %
1,463 1,046 1,169 0.0 %
Healthcare & Pharmaceuticals
Summit Professional Education, LLC(11)SF6.36 %10.69 %4/25/20244/25/202910,223 10,047 10,324 0.4 %
Summit Professional Education, LLC (Revolver)(19)SF6.36 %10.69 %4/25/20244/25/20291,471   0.0 %
Whistler Parent Holdings III, Inc. (Delayed Draw)(19)(20)SF6.85 %
5.42% Cash/ 5.75% PIK
5/28/20246/2/20283,954 2,425 2,425 0.1 %
Whistler Parent Holdings III, Inc. (Revolver)(19)SF6.85 %
5.42% Cash/ 5.75% PIK
10/25/20246/2/20282,007 1,561 1,561 0.1 %
17,655 14,033 14,310 0.6 %
31

Table of Contents
MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2025
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition
Date (3)
MaturityPrincipalAmortized
Cost
Fair Value (4)
% of Net
Assets (5)
Services: Business
Nastel Technologies, LLC(7)SF6.61 %10.94 %9/21/20229/21/20273,500 $3,455 $3,482 0.2 %
Nastel Technologies, LLC (Revolver)(19)SF6.61 %10.94 %9/21/20229/21/2027368   0.0 %
Zodega Landscaping, LLC(6)SF7.86 %12.19 %10/6/202310/6/202812,344 11,941 12,430 0.5 %
Zodega Landscaping, LLC (Revolver)(19)SF7.86 %12.19 %10/6/202310/6/20281,984 992 992 0.0 %
18,196 16,388 16,904 0.7 %
Services: Consumer
YBR OZ ECE, LLCSF5.86 %10.19 %1/23/20251/23/20302,000 1,962 1,960 0.1 %
YBR OZ ECE, LLC (Delayed Draw)(19)(20)SF5.86 %10.19 %1/23/20251/23/20302,500   0.0 %
YBR OZ ECE, LLC (Revolver)(19)SF5.86 %10.19 %1/23/20251/23/2030375   0.0 %
4,875 1,962 1,960 0.1 %
Transportation: Cargo
SheerTrans Solutions, LLCSF8.11 %
8.44% Cash/ 4.00% PIK
7/29/20227/29/20275,302 5,248 5,302 0.2 %
SheerTrans Solutions, LLCSF8.11 %
8.44% Cash/ 4.00% PIK
2/15/20247/29/20271,514 1,491 1,514 0.1 %
SheerTrans Solutions, LLC (Revolver)(19)SF8.11 %
8.44% Cash/ 4.00% PIK
7/29/20227/29/20271,521 1,009 1,009 0.0 %
8,337 7,748 7,825 0.3 %
Total Non-Controlled Affiliate Senior Secured Loans50,526 41,177 42,168 1.7 %
Junior Secured Loans
Automotive
BTR Opco LLC(21)n/an/a
 7.50% PIK
6/21/202412/31/20271,829 1,692 1,297 0.1 %
BTR Opco LLC(21)n/an/a
 5.00% PIK
6/21/202412/31/20279,423 8,716  0.0 %
11,252 10,408 1,297 0.1 %
FIRE: Real Estate
SFR Holdco, LLC(12)n/a n/a 8.00 %8/6/20218/11/20285,850 5,850 5,718 0.2 %
SFR Holdco, LLC(12)n/a n/a 8.00 %3/1/20228/11/20284,387 4,387 4,741 0.2 %
SFR Holdco 2, LLC (Delayed Draw)(12)(19)(20)n/a n/a 8.00 %10/24/202410/23/20295,119 3,692 3,740 0.1 %
15,356 13,929 14,199 0.5 %
Healthcare & Pharmaceuticals
Whistler Parent Holdings III, Inc.SF6.85 %
5.42% Cash/ 5.75% PIK
10/25/20246/2/202826,757 26,497 21,566 0.9 %
26,757 26,497 21,566 0.9 %
Total Non-Controlled Affiliate Junior Secured Loans53,365 50,834 37,062 1.5 %
Equity Investments (15)(16)(18)(41)
Automotive
BTR Opco LLC (659 Class A common units)
— — 6/21/2024—  639  0.0 %
639  0.0 %
FIRE: Finance
MC Voyager SPV II LLC ($7,490 of $45,000 equity commitment)
(12)(43)— — 3/28/2025—  7,490 7,340 0.3 %
Triad Financial Services, Inc. ($4,803 of $41,855 equity commitment)
(12)(32)— — 6/13/2024—  4,803 4,803 0.2 %
12,293 12,143 0.5 %
32

Table of Contents
MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2025
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition
Date (3)
MaturityPrincipalAmortized
Cost
Fair Value (4)
% of Net
Assets (5)
FIRE: Real Estate
SFR Holdco, LLC (13.9% of equity commitments)
(12)— — 8/6/2021—  $3,900 $4,919 0.2 %
SFR Holdco, LLC (10.5% of equity commitments)
(12)— — 3/1/2022—  2,925 3,689 0.2 %
SFR Holdco 2, LLC (24.4% of equity commitments)
(12)— — 10/24/2024—  2,460 2,492 0.1 %
 
9,285 11,100 0.5 %
Healthcare & Pharmaceuticals
Summit Professional Education, LLC (18,781 Class A units)
(17)— — 4/25/2024—  18,781 18,781 0.8 %
Whistler Parent Holdings III, Inc. (518,970 Series A preferred stock)
— — 10/25/2024—    0.0 %
Whistler Parent Holdings III, Inc. (116,083 Series B preferred stock)
— — 10/25/2024—    0.0 %
18,781 18,781 0.8 %
High Tech Industries
ClearlyRated Capital, LLC (5,500,000 Class A units)
(17)— — 6/1/2023—  5,500 5,500 0.2 %
5,500 5,500 0.2 %
Services: Business
Nastel Technologies, LLC (3,408 Class A units)
(17)— — 9/21/2022—  3,408 4,645 0.2 %
Zodega Landscaping, LLC (146,757 preferred interests)
(33)— — 10/6/2023—  14,676 15,624 0.6 %
18,084 20,269 0.8 %
Services: Consumer
YBR OZ ECE, LLC (6,875 Class A units)
— — 1/23/2025—  6,875 6,875 0.3 %
6,875 6,875 0.3 %
Transportation: Cargo
SheerTrans Solutions, LLC (12,233,889 preferred interests)
(17)— — 7/29/2022—  12,234 12,234 0.5 %
12,234 12,234 0.5 %
Total Non-Controlled Affiliate Equity Investments83,691 86,902 3.6 %
Total Non-Controlled Affiliate Company Investments$175,702 $166,132 6.8 %
TOTAL INVESTMENTS $4,517,483 $4,520,627 185.1 %
33

Table of Contents
MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2025
(in thousands, except for shares and units)
Derivative Instruments
Foreign currency forward contracts
DescriptionNotional Amount
to be Purchased
Notional Amount
to be Sold
CounterpartySettlement
Date
Unrealized Gain
(Loss)
Foreign currency forward contract$365 AUD560 Bannockburn Global Forex, LLC4/16/2025$15 
Foreign currency forward contract$353 AUD542 Bannockburn Global Forex, LLC5/16/202514 
Foreign currency forward contract$364 AUD560 Bannockburn Global Forex, LLC6/18/202514 
Foreign currency forward contract$372 AUD557 Bannockburn Global Forex, LLC7/16/202525 
Foreign currency forward contract$373 AUD559 Bannockburn Global Forex, LLC8/18/202524 
Foreign currency forward contract$372 AUD557 Bannockburn Global Forex, LLC9/16/202524 
Foreign currency forward contract$359 AUD539 Bannockburn Global Forex, LLC10/17/202522 
Foreign currency forward contract$371 AUD557 Bannockburn Global Forex, LLC11/18/202523 
Foreign currency forward contract$358 AUD539 Bannockburn Global Forex, LLC12/16/202522 
Foreign currency forward contract$370 AUD556 Bannockburn Global Forex, LLC1/20/202622 
Foreign currency forward contract$367 AUD554 Bannockburn Global Forex, LLC2/17/202622 
Foreign currency forward contract$331 AUD500 Bannockburn Global Forex, LLC3/17/202619 
Foreign currency forward contract$30,584 AUD47,858 Bannockburn Global Forex, LLC4/20/2026688 
Foreign currency forward contract$88 CAD128 Bannockburn Global Forex, LLC4/3/2025 
Foreign currency forward contract$88 CAD128 Bannockburn Global Forex, LLC7/3/2025 
Foreign currency forward contract$88 CAD127 Bannockburn Global Forex, LLC10/6/2025 
Foreign currency forward contract$87 CAD125 Bannockburn Global Forex, LLC1/5/2026 
Foreign currency forward contract$84 CAD121 Bannockburn Global Forex, LLC4/6/2026 
Foreign currency forward contract$96 CAD139 Bannockburn Global Forex, LLC7/6/2026(1)
Foreign currency forward contract$97 CAD140 Bannockburn Global Forex, LLC10/5/2026(1)
Foreign currency forward contract$96 CAD139 Bannockburn Global Forex, LLC1/5/2027(1)
Foreign currency forward contract$94 CAD136 Bannockburn Global Forex, LLC4/5/2027(1)
Foreign currency forward contract$95 CAD136 Bannockburn Global Forex, LLC7/6/2027(1)
Foreign currency forward contract$8,831 CAD12,777 Bannockburn Global Forex, LLC8/16/2027(50)
Foreign currency forward contract$348 EUR332 Bannockburn Global Forex, LLC4/4/2025(11)
Foreign currency forward contract$369 EUR352 Bannockburn Global Forex, LLC7/7/2025(11)
Foreign currency forward contract$380 EUR362 Bannockburn Global Forex, LLC10/6/2025(11)
Foreign currency forward contract$379 EUR360 Bannockburn Global Forex, LLC1/6/2026(11)
Foreign currency forward contract$370 EUR351 Bannockburn Global Forex, LLC4/6/2026(10)
Foreign currency forward contract$373 EUR354 Bannockburn Global Forex, LLC7/6/2026(10)
Foreign currency forward contract$376 EUR356 Bannockburn Global Forex, LLC10/6/2026(10)
Foreign currency forward contract$374 EUR354 Bannockburn Global Forex, LLC1/6/2027(9)
Foreign currency forward contract$363 EUR343 Bannockburn Global Forex, LLC4/6/2027(9)
Foreign currency forward contract$365 EUR345 Bannockburn Global Forex, LLC7/6/2027(8)
Foreign currency forward contract$367 EUR347 Bannockburn Global Forex, LLC10/6/2027(8)
Foreign currency forward contract$380 EUR359 Bannockburn Global Forex, LLC1/6/2028(8)
Foreign currency forward contract$350 GBP270 Bannockburn Global Forex, LLC4/4/20251 
Foreign currency forward contract$334 GBP258 Bannockburn Global Forex, LLC7/7/20251 
Foreign currency forward contract$333 GBP257 Bannockburn Global Forex, LLC10/6/2025 
Foreign currency forward contract$329 GBP255 Bannockburn Global Forex, LLC1/6/2026 
Foreign currency forward contract$317 GBP246 Bannockburn Global Forex, LLC4/7/2026(1)
Foreign currency forward contract$328 GBP254 Bannockburn Global Forex, LLC7/6/2026(1)
Foreign currency forward contract$332 GBP259 Bannockburn Global Forex, LLC10/6/2026(2)
Foreign currency forward contract$341 GBP266 Bannockburn Global Forex, LLC1/6/2027(2)
Foreign currency forward contract$331 GBP258 Bannockburn Global Forex, LLC4/6/2027(2)
Foreign currency forward contract$332 GBP259 Bannockburn Global Forex, LLC7/6/2027(3)
$754 
34

Table of Contents
MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2025
(in thousands, except for shares and units)

____________________________________________________
(1)    All of the Company’s investments are issued by eligible portfolio companies, as defined in the Investment Company Act of 1940, as amended, (the “1940 Act”), unless otherwise noted. All of the Company’s investments are issued by U.S. portfolio companies unless otherwise noted.
(2)    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”), Prime Rate (“Prime” or “P”), or Sterling Overnight Index Average Rate ("SONIA" or "SN"), each of which reset daily, monthly, quarterly, or semiannually. For each such investment, the Company has provided the spread over SOFR, Prime, or SONIA, as applicable, and the current contractual interest rate in effect at March 31, 2025. Certain investments may be subject to an interest rate floor or rate cap. Certain investments contain a payment-in-kind (“PIK”) provision.
(3)    Except as otherwise noted, all of the Company’s portfolio company investments, which as of March 31, 2025 represented 185.1% of the Company’s net assets or 93.6% of the Company’s total assets, are subject to legal restrictions on sales.
(4)    Except as otherwise noted, because there is no readily available market value for these investments, the fair value of each 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).
(5)    Percentages are based on net assets of $2,442,671 as of March 31, 2025.
(6)    All or a portion of this security was held in MC Income Plus Financing SPV LLC (the “SPV”) as collateral for the Company’s secured revolving credit facility (the “SPV Credit Facility”) with KeyBank National Association. (See Note 7 in the accompanying notes to the consolidated financial statements).
(7)    All or a portion of this security was held in Monroe Capital Income Plus ABS Funding, LLC (the “2022 Issuer”) as collateral for the Company’s asset-backed securitization (the “2022 ABS”). (See Note 7 in the accompanying notes to the consolidated financial statements).
(8)    All or a portion of this security was held in MC Income Plus Financing SPV II LLC (the “SPV II”) as collateral for the Company’s senior secured term credit facility (the “SPV II Credit Facility”) with KeyBank National Association. (See Note 7 in the accompanying notes to the consolidated financial statements).
(9)    All or a portion of this security was held in Monroe Capital Income Plus ABS Funding II, LLC (the “2023 Issuer”) as collateral for the Company’s asset-backed securitization (the “2023 ABS”). (See Note 7 in the accompanying notes to the consolidated financial statements).
(10)    All or a portion of this security was held in MC Income Plus Financing SPV III LLC (the “SPV III”) as collateral for the Company’s secured revolving credit facility (the “SPV III Credit Facility”) with Goldman Sachs Bank USA. (See Note 7 in the accompanying notes to the consolidated financial statements).
(11)    All or a portion of this security was held in MC Income Plus Financing SPV IV LLC (the “SPV IV”) as collateral for the Company’s secured revolving credit facility (the “SPV IV Credit Facility”) with Capital One, National Association. (See Note 7 in the accompanying notes to the consolidated financial statements).
(12)    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, 2025, non-qualifying assets totaled 12.9% of the Company’s total assets.
(13)    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, is 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.
(14)    Represents less than 5% ownership of the portfolio company’s voting securities.
(15)    Ownership of certain equity investments may occur through a holding company or partnership.
(16)    Investments without an interest rate are non-income producing.
(17)    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.
35

Table of Contents
MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
(unaudited)
March 31, 2025
(in thousands, except for shares and units)
(18)    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).
(19)    All or a portion of this commitment was unfunded at March 31, 2025. As such, interest is earned only on the funded portion of this commitment.
(20)    This delayed draw loan requires that certain financial covenants be met by the portfolio company prior to any fundings by the Company.
(21)    This position was on non-accrual status as of March 31, 2025, 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.
(22)    This loan is denominated in Canadian dollars and is translated into U.S. dollars as of the valuation date.
(23)    This loan is denominated in Great Britain pounds and is translated into U.S. dollars as of the valuation date.
(24)    This loan is denominated in Euros and is translated into U.S. dollars as of the valuation date.
(25)    This loan is denominated in Australian dollars and is translated into U.S. dollars as of the valuation date.
(26)    The investment is subject to a servicing agreement whereby the Fund earns a pooled effective yield of 18.1%.
(27)    The investment is subject to a servicing agreement whereby the Fund earns a pooled effective yield of 15.1%.
(28)    This is a demand note with no stated maturity.
(29)    The fair value of this investment was valued using Level 1 inputs. See Note 4 in the accompanying notes to the consolidated financial statements.
(30)    As of March 31, 2025, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $697.
(31)    Reserved.
(32)    As of March 31, 2025, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $37,053 for a total commitment of $41,855.
(33)    As of March 31, 2025, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $1,197.
(34)    As of March 31, 2025, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $835.
(35)    Investment position or portion thereof unsettled as of March 31, 2025.
(36)    The headquarters of this portfolio company is located in Australia.
(37)    The headquarters of this portfolio company is located in Canada.
(38)    The headquarters of this portfolio company is located in Finland.
(39)    The headquarters of this portfolio company is located in France.
(40)    The headquarters of this portfolio company is located in United Kingdom.
(41)    As of March 31, 2025, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $34.
(42)    As of March 31, 2025, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $1,091 for a total commitment of $3,536.
(43)    As of March 31, 2025, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $37,510 for a total commitment of $45,000.
(44)    As of March 31, 2025, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $884.
(45)    All or a portion of this security was held in MC Income Plus Financing SPV V LLC (the "SPV V") as collateral for the Company's secured revolving credit facility (the "SPV V Credit Facility") with Capital One, National Association. (See Note 7 in the accompanying notes to the consolidated financial statements).
n/a - not applicable
See Notes to Consolidated Financial Statements.
36

MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2024
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition
Date (3)
MaturityPrincipalAmortized
Cost
Fair Value (4)
% of Net
Assets (5)
Non-Controlled/Non-Affiliate Company Investments
Senior Secured Loans
Aerospace & Defense
API Holdings III Corp. SF7.00 %
5.33% Cash/ 6.00% PIK
11/3/20233/25/2027157 $155 $156 0.0 %
Keel Platform, LLC (Delayed Draw) (19)(20)SF5.25 %9.58 %1/24/20241/19/20311,647   0.0 %
Keel Platform, LLC (8)SF5.25 %9.58 %1/24/20241/19/20317,896 7,795 7,856 0.4 %
SI Holdings, Inc. (Integrated Polymer Solutions) (11)SF5.85 %10.18 %9/3/202412/31/20275,686 5,633 5,686 0.3 %
SI Holdings, Inc. (Integrated Polymer Solutions) (7)(9)SF5.85 %10.18 %7/25/201912/31/20271,895 1,890 1,895 0.1 %
SI Holdings, Inc. (Integrated Polymer Solutions) (7)(9)SF5.85 %10.18 %12/24/201912/31/2027989 986 989 0.1 %
SI Holdings, Inc. (Integrated Polymer Solutions) (7)(9)SF5.85 %10.18 %2/17/202112/31/20271,711 1,711 1,711 0.1 %
SI Holdings, Inc. (Integrated Polymer Solutions) (7)(9)SF5.85 %10.18 %6/15/202112/31/20271,003 993 1,003 0.0 %
SI Holdings, Inc. (Integrated Polymer Solutions) (7)(9)SF5.85 %10.18 %8/10/202112/31/2027979 976 979 0.0 %
SI Holdings, Inc. (Integrated Polymer Solutions) (6)(7)(9)SF5.85 %10.18 %12/8/202312/31/20272,181 2,181 2,181 0.1 %
SI Holdings, Inc. (Integrated Polymer Solutions) (Revolver) (19)SF5.85 %10.18 %7/25/201912/31/20272,316   0.0 %
26,460 22,320 22,456 1.1 %
Automotive
Burgess Point Purchaser Corporation (6)SF5.35 %9.68 %6/30/20227/25/20294,900 4,535 4,395 0.2 %
Lifted Trucks Holdings, LLC (7)(8)SF5.90 %10.49 %8/2/20218/2/20279,700 9,602 9,642 0.5 %
Lifted Trucks Holdings, LLC (Revolver) (19)SF5.75 %10.09 %8/2/20218/2/20272,381 317 316 0.0 %
Panda Acquisition, LLC (6)SF9.35 %
6.55% Cash/ 7.13% PIK
12/20/202210/18/202810,032 8,741 8,402 0.4 %
Power Stop, LLC (11)SF4.85 %9.36 %3/26/20241/26/20275,503 5,116 5,244 0.3 %
Tenneco Inc. (6)(8)(35)SF5.10 %9.43 %11/3/202311/17/202813,122 11,991 12,774 0.6 %
Truck-Lite Co., LLCSF5.75 %10.27 %2/22/20242/13/20319,793 9,707 9,861 0.5 %
Truck-Lite Co., LLC (Delayed Draw) (19)(20)SF5.75 %10.27 %2/22/20242/13/20311,067   0.0 %
Truck-Lite Co., LLC (Revolver) (19)SF5.75 %10.27 %2/22/20242/13/20311,067   0.0 %
57,565 50,009 50,634 2.5 %
Banking
MV Receivables II, LLC (12)(21)SF9.75 %14.30 %7/29/20217/29/202610,125 9,672 6,042 0.3 %
StarCompliance MidCo, LLC (9)SF6.10 %10.42 %5/31/20231/12/2027441 434 443 0.0 %
StarCompliance MidCo, LLC (7)(9)(10)(11)SF6.10 %10.42 %1/12/20211/12/202727,375 27,137 27,478 1.3 %
StarCompliance MidCo, LLC (7)SF6.10 %10.43 %10/12/20211/12/20274,253 4,216 4,269 0.2 %
StarCompliance MidCo, LLC (11)SF6.10 %10.43 %12/12/20241/12/20272,509 2,462 2,519 0.1 %
StarCompliance MidCo, LLC (Revolver) (19)SF6.10 %10.42 %1/12/20211/12/20274,234 2,921 2,921 0.2 %
48,937 46,842 43,672 2.1 %
37

MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2024
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition
Date (3)
MaturityPrincipalAmortized
Cost
Fair Value (4)
% of Net
Assets (5)
Beverage, Food & Tobacco
Demakes Borrower, LLC(8)SF6.00 %10.45 %12/15/202312/12/20294,829 $4,725 $4,865 0.2 %
Demakes Borrower, LLC (Delayed Draw) (19)(20)SF6.00 %10.45 %12/15/202312/12/20291,372   0.0 %
Izzio Artisan Bakery, LLC(9)(11)SF6.00 %10.34 %9/27/20249/27/202914,464 14,186 14,464 0.7 %
Izzio Artisan Bakery, LLC (Delayed Draw)(19)(20)SF6.00 %10.34 %9/27/20249/27/202910,357   0.0 %
LVF Holdings, Inc. (6)SF5.65 %9.98 %6/10/20216/10/20273,386 3,353 3,403 0.2 %
LVF Holdings, Inc. (6)SF5.65 %9.98 %6/10/20216/10/20273,241 3,241 3,257 0.2 %
LVF Holdings, Inc. (Revolver) (19)SF5.65 %9.98 %6/10/20216/10/2027554 225 225 0.0 %
38,203 25,730 26,214 1.3 %
Capital Equipment
Adept AG Holdings, LLC (12)(22)SF6.40 %
6.72% Cash/ 4.00% PIK
10/30/20248/11/20275,228 5,408 5,228 0.3 %
Adept AG Holdings, LLC SF6.15 %
6.47% Cash/ 4.00% PIK
10/30/20248/11/20274,402 4,367 4,402 0.2 %
BLP Buyer, Inc. (6)(8)(9)(10)(11)SF6.00 %10.34 %12/22/202312/21/202949,750 48,881 50,098 2.4 %
BLP Buyer, Inc.(6)SF6.00 %10.34 %5/8/202412/21/20291,895 1,860 1,909 0.1 %
BLP Buyer, Inc.SF6.00 %10.34 %12/21/202312/21/20295,985 5,985 6,027 0.3 %
BLP Buyer, Inc. (Revolver) (19)SF6.00 %10.34 %12/22/202312/21/20296,849 1,427 1,427 0.1 %
CGI Automated Manufacturing, LLC (6)SF7.26 %11.59 %9/9/202212/17/20268,538 8,403 8,485 0.4 %
CGI Automated Manufacturing, LLC (6)SF7.26 %11.59 %9/30/202212/17/20265,433 5,360 5,399 0.3 %
CGI Automated Manufacturing, LLC (6)SF7.26 %11.59 %9/9/202212/17/202610,396 10,231 10,331 0.5 %
DS Parent, Inc.SF5.50 %9.83 %12/15/20231/31/203119,900 18,977 18,947 0.9 %
Incompass, LLCSF7.75 %12.12 %12/20/202411/27/20282,087 2,045 2,159 0.1 %
Incompass, LLC (6)(8)(10)SF7.75 %12.25 %11/27/202311/27/202823,760 23,262 24,580 1.2 %
PrecisionX Group, LLC (fka Specialty Manufacturing Buyer, LLC) SF7.01 %11.60 %8/16/20246/30/20282,552 2,493 2,532 0.1 %
PrecisionX Group, LLC (fka Specialty Manufacturing Buyer, LLC) (8)(10)(11)SF7.01 %11.60 %6/30/20236/30/202815,800 15,496 15,682 0.8 %
PrecisionX Group, LLC (fka Specialty Manufacturing Buyer, LLC)SF7.01 %11.60 %5/20/20246/30/20288,105 7,924 8,044 0.4 %
PrecisionX Group, LLC (fka Specialty Manufacturing Buyer, LLC)SF7.01 %11.60 %6/30/20236/30/20286,004 6,004 5,959 0.3 %
PrecisionX Group, LLC (fka Specialty Manufacturing Buyer, LLC) SF6.86 %11.42 %5/20/20246/30/20286,004 6,004 5,959 0.3 %
PrecisionX Group, LLC (fka Specialty Manufacturing Buyer, LLC) (Delayed Draw) (19)(20)SF6.75 %11.30 %8/16/20246/30/20283,752 3,152 3,128 0.1 %
PrecisionX Group, LLC (fka Specialty Manufacturing Buyer, LLC) (Revolver) (19)SF7.01 %11.60 %6/30/20236/30/20283,002 600 596 0.0 %
189,442 177,879 180,892 8.8 %
38

MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2024
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition
Date (3)
MaturityPrincipalAmortized
Cost
Fair Value (4)
% of Net
Assets (5)
Construction & Building
Guardian Restoration Partners Buyer, LLC(10)SF4.75 %9.08 %11/14/202411/1/203112,000 $11,853 $11,850 0.6 %
Guardian Restoration Partners Buyer, LLC (Delayed Draw)(19)(20)SF4.75 %9.97 %11/1/202411/1/203120,000 6,755 6,713 0.3 %
Guardian Restoration Partners Buyer, LLC (Revolver)(19)SF4.75 %9.08 %11/1/202411/1/20313,000   0.0 %
Harlem Acquisition, LLC(11)SF5.25 %9.77 %11/26/202411/7/203032,000 31,452 31,440 1.5 %
Harlem Acquisition, LLC (Delayed Draw)(19)(20)SF5.25 %9.77 %11/7/202411/7/20309,143   0.0 %
Harlem Acquisition, LLC (Revolver)(19)SF5.25 %9.77 %11/7/202411/7/20306,095 488 479 0.0 %
MEI Buyer LLC (8)(11)SF5.00 %9.36 %6/30/20236/29/202925,288 24,667 25,794 1.3 %
MEI Buyer LLC(10)(11)SF5.00 %9.36 %1/9/20246/30/202914,198 14,078 14,482 0.7 %
MEI Buyer LLCSF5.00 %9.48 %6/30/20236/29/20294,054 4,054 4,135 0.2 %
MEI Buyer LLC (Revolver) (19)SF5.00 %9.40 %6/30/20236/29/20295,253 478 478 0.0 %
Premier Roofing L.L.C. (8)SF8.65 %
12.17% Cash/ 1.00% PIK
8/31/20208/29/20253,037 3,036 3,034 0.1 %
Premier Roofing L.L.C. (Revolver) (19)SF8.65 %
12.17% Cash/ 1.00% PIK
8/31/20208/29/20251,214 1,070 1,069 0.1 %
TCFIII Owl Buyer LLC (7)(8)SF5.61 %9.96 %4/19/20214/17/20264,343 4,318 4,343 0.2 %
TCFIII Owl Buyer LLC (8)SF5.61 %9.96 %4/19/20214/17/20265,303 5,303 5,303 0.3 %
TCFIII Owl Buyer LLC (7)(8)SF5.61 %9.96 %12/17/20214/17/20264,759 4,729 4,759 0.2 %
Water Buyer, LLC(10)SF5.25 %9.57 %8/8/20248/8/20309,975 9,832 9,950 0.5 %
Water Buyer, LLC (Delayed Draw)(19)(20)SF5.25 %9.57 %8/8/20248/8/20306,000   0.0 %
Water Buyer, LLC (Revolver)(19)SF5.25 %9.57 %8/8/20248/8/20303,000   0.0 %
168,662 122,113 123,829 6.0 %
Consumer Goods: Durable
8th Avenue Food & Provisions, Inc.(12)(35)SF3.75 %8.08 %10/23/202410/1/20253,000 2,970 2,947 0.2 %
8th Avenue Food & Provisions, Inc.(12)(35)SF3.75 %8.08 %10/7/202410/1/20252,000 1,960 1,963 0.1 %
Independence Buyer, Inc. (7)(8)SF5.90 %10.47 %8/3/20218/3/202611,135 11,052 10,773 0.5 %
Independence Buyer, Inc. (Revolver) (19)SF5.85 %10.40 %8/3/20218/3/20262,964 593 574 0.0 %
Ivanti Software, Inc.(35)SF4.25 %0.085810/7/202412/1/202719,107 15,848 15,365 0.8 %
Recycled Plastics Industries, LLC (7)SF7.35 %
11.40% Cash/ 0.50% PIK
8/4/20218/4/20264,393 4,358 4,387 0.2 %
Recycled Plastics Industries, LLC (Revolver) (19)SF7.35 %
11.40% Cash/ 0.50% PIK
8/4/20218/4/2026446   0.0 %
SonicWall US Holdings Inc.(35)SF5.00 %0.093310/7/20245/18/20285,985 5,955 5,985 0.3 %
Syniverse Holdings, LLC(12)SF7.00 %0.113310/8/20245/13/20276,982 6,951 7,026 0.3 %
56,012 49,687 49,020 2.4 %
39

MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2024
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition
Date (3)
MaturityPrincipalAmortized
Cost
Fair Value (4)
% of Net
Assets (5)
Consumer Goods: Non-Durable
Arizona Natural Resources, LLC (8)(9)SF6.36 %10.92 %5/18/20215/18/202613,545 $13,451 $13,531 0.7 %
Arizona Natural Resources, LLC (9)SF6.36 %10.92 %12/15/20215/18/20262,486 2,468 2,484 0.1 %
Arizona Natural Resources, LLC (6)SF6.36 %10.92 %8/12/20225/18/20266,746 6,688 6,739 0.3 %
Arizona Natural Resources, LLC (7)SF6.36 %10.92 %8/12/20225/18/20262,913 2,913 2,910 0.2 %
Arizona Natural Resources, LLC (Revolver) (19)SF6.36 %10.92 %5/18/20215/18/20262,222 1,778 1,776 0.1 %
Excelligence Learning Corporation (6)(8)SF5.75 %10.08 %3/15/20241/18/203012,109 11,889 12,109 0.6 %
Excelligence Learning Corporation (Revolver) (19)P4.75 %12.25 %3/15/20241/18/20303,425 205 205 0.0 %
Gibson Brands, Inc.SF5.43 %10.58 %4/19/20248/13/20283,055 2,908 3,037 0.2 %
The Kyjen Company, LLC (6)(7)SF7.50 %
11.15% Cash/ 0.75% PIK
5/14/20214/3/20262,961 2,950 2,905 0.1 %
The Kyjen Company, LLCSF7.25 %
10.88% Cash/ 0.75% PIK
9/13/20224/3/20263 3 3 0.0 %
The Kyjen Company, LLC (Revolver) SF7.50 %
11.15% Cash/ 0.75% PIK
5/14/20214/3/2026268 268 268 0.0 %
Thrasio, LLC(21)SF10.26 %
14.89% PIK
6/18/20246/18/2029574 574 546 0.0 %
50,307 46,095 46,513 2.3 %
Containers, Packaging & Glass
B2B Industrial Products LLC (6)SF6.90 %11.41 %12/6/202210/7/20269,623 9,501 9,469 0.4 %
B2B Industrial Products LLC (6)SF6.90 %11.41 %4/4/202310/7/20262,227 2,196 2,191 0.1 %
Ivex Holdco Inc. and Induspac Holdco Inc.(12)(37)SF5.60 %10.19 %11/27/202412/17/202714,120 14,037 14,120 0.7 %
Ivex Holdco Inc. and Induspac Holdco Inc.(12)(37)SF5.60 %10.19 %11/27/202412/17/20276,708 6,673 6,767 0.3 %
Ivex Holdco Inc. and Induspac Holdco Inc.(12)(37)SF5.60 %10.19 %11/27/202412/17/20273,613 3,594 3,645 0.2 %
Ivex Holdco Inc. and Induspac Holdco Inc.(12)(37)SF5.60 %10.19 %11/27/202412/17/20271,487 1,479 1,487 0.1 %
Ivex Holdco Inc. and Induspac Holdco Inc. (Delayed Draw)(12)(19)(20)(37)SF5.65 %10.00 %11/27/202412/17/20276,114   0.0 %
Ivex Holdco Inc. and Induspac Holdco Inc. (Revolver)(12)(19)(37)SF5.65 %10.00 %11/27/202412/17/20274,076 815 815 0.0 %
Polychem Acquisition, LLC (6)SF5.26 %9.85 %4/8/20193/17/20251,885 1,885 1,642 0.1 %
49,853 40,180 40,136 1.9 %
Environmental Industries
PNE Interco LLC (6)(7)(8)(11)SF5.75 %10.34 %2/12/20242/12/203013,930 13,684 13,916 0.7 %
PNE Interco LLC (Delayed Draw) (19)(20)SF5.75 %10.27 %2/12/20242/12/20305,303 4,419 4,415 0.2 %
PNE Interco LLC (Revolver) (19)SF5.75 %10.34 %2/12/20242/12/20305,899 787 786 0.0 %
Quest Resource Management Group, LLC SF5.36 %9.71 %12/30/20246/28/203015,000 14,813 15,000 0.7 %
Quest Resource Management Group, LLC (Delayed Draw)(19)(20)SF5.36 %9.71 %12/30/20246/28/20306,944   0.0 %
Trilon Group, LLC SF5.65 %10.31 %4/15/20245/25/20293,589 3,524 3,603 0.2 %
Trilon Group, LLC (7)(8)(9)(10)SF5.65 %10.31 %4/15/20245/25/202911,682 11,682 11,729 0.6 %
Trilon Group, LLCSF5.65 %10.12 %9/12/20235/25/2029369 369 370 0.0 %
Trilon Group, LLC (Delayed Draw)(19)(20)SF5.65 %10.12 %4/15/20245/25/202912,054 2,604 2,614 0.1 %
Trilon Group, LLC (Revolver) (19)SF5.65 %10.14 %9/12/20235/25/20294,874 609 609 0.0 %
Volt Bidco, Inc. (7)SF6.50 %10.83 %8/11/20218/11/20279,136 9,038 9,136 0.5 %
Volt Bidco, Inc.(11)SF6.50 %10.83 %8/11/20218/11/20271,717 1,717 1,717 0.1 %
Volt Bidco, Inc.SF6.50 %10.83 %9/17/20248/11/2027712 712 712 0.0 %
Volt Bidco, Inc.SF6.50 %10.83 %12/28/20238/11/2027987 987 987 0.1 %
Volt Bidco, Inc. (Revolver) (19)SF6.50 %10.83 %8/11/20218/11/2027956   0.0 %
93,152 64,945 65,594 3.2 %
40

MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2024
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition
Date (3)
MaturityPrincipalAmortized
Cost
Fair Value (4)
% of Net
Assets (5)
FIRE: Finance
Avalara, Inc. (7)SF6.25 %10.58 %10/19/202210/19/202810,000 $9,820 $10,075 0.5 %
Avalara, Inc. (Revolver) (19)SF6.25 %10.58 %10/19/202210/19/20281,000   0.0 %
Arax Midco, LLC(9)(12)SF5.00 %9.33 %4/11/20244/11/202911,503 11,365 11,503 0.5 %
Arax Midco, LLC (Delayed Draw)(12)(19)(20)SF5.00 %9.33 %4/11/20244/11/20292,131   0.0 %
Arax Midco, LLC (Revolver)(12)(19)SF5.00 %9.33 %4/11/20244/11/20291,293   0.0 %
Bench Walk Lead, LLC (12)SF9.50 %13.83 %6/9/20236/14/202728,256 28,185 28,256 1.4 %
Bench Walk Lead, LLC(12)SF9.50 %13.83 %6/9/20236/14/20271,671 1,671 1,671 0.1 %
BW 51f, L.P. (12)SF8.00 %12.59 %12/27/202312/31/20299,000 9,000 9,000 0.4 %
Cpex Purchaser, LLC(7)(9)SF6.00 %10.34 %8/26/20222/28/203036,000 35,353 36,216 1.8 %
Cpex Purchaser, LLC (Delayed Draw) (19)(20)SF6.00 %10.34 %9/30/20212/28/20304,061 2,155 2,168 0.1 %
Cpex Purchaser, LLC (Revolver) (19)SF6.00 %10.34 %9/30/20212/28/203010,452   0.0 %
GC Champion Acquisition LLC (7)SF5.25 %9.87 %8/19/20228/18/202812,837 12,663 12,837 0.6 %
GC Champion Acquisition LLC (6)SF5.25 %9.87 %8/19/20228/18/20283,566 3,566 3,566 0.2 %
GC Champion Acquisition LLC (6)SF5.25 %9.87 %8/1/20238/18/202810,698 10,445 10,698 0.5 %
GC Champion Acquisition LLC (Delayed Draw)(19)(20)SF5.25 %9.87 %8/19/20248/18/202810,699 7,270 7,270 0.4 %
J2 BWA Funding III, LLC (Delayed Draw) (12)(19)(20)n/an/a10.00 %4/29/20224/28/20287,425 2,591 2,572 0.1 %
J2 BWA Funding LLC (Revolver) (12)(19)n/an/a10.00 %12/14/202012/24/20262,850 1,751 1,746 0.1 %
Oceana Australian Fixed Income Trust (6)(12)(25)(36)SF8.25 %12.80 %6/8/20234/1/202629,272 31,770 29,528 1.4 %
Oceana Australian Fixed Income Trust (12)(25)(36)SF8.25 %12.80 %12/27/20234/1/202613,600 15,048 13,719 0.7 %
SCP Intermediate Holdings, LLC (8)(12)SF6.25 %10.50 %12/28/202212/28/20282,940 2,887 2,940 0.1 %
SCP Intermediate Holdings, LLC (Delayed Draw)(12)(19)(20)SF6.25 %10.50 %12/5/202412/28/20283,947   0.0 %
Slater Slater Schulman LLPSF7.50 %11.82 %12/6/202312/4/202620,774 20,774 20,774 1.0 %
TEAM Public Choices, LLC (6)SF5.10 %9.46 %8/23/202212/17/20274,469 4,327 4,499 0.2 %
TEAM Public Choices, LLC(11)SF5.11 %9.47 %1/25/202412/17/20271,485 1,478 1,495 0.1 %
Transnetwork LLC(11)SF4.75 %9.08 %11/20/202312/29/203015,720 15,516 15,838 0.8 %
255,649 227,635 226,371 11.0 %
FIRE: Real Estate
300 N. Michigan Mezz, LLC (6)(12)n/an/a
7.25% Cash/ 13.55% PIK
7/15/20207/15/20251,000 1,000 1,000 0.1 %
Avison Young (USA) Inc.(12)(21)(37)SF6.36 %10.70 %9/24/20243/12/2028762 726 768 0.0 %
InsideRE, LLC (7)(8)SF5.65 %9.97 %12/22/202112/22/20277,278 7,196 7,278 0.4 %
InsideRE, LLC (9)SF5.65 %9.98 %12/22/202112/22/20272,828 2,828 2,828 0.1 %
InsideRE, LLC (Revolver) (19)SF5.65 %9.97 %12/22/202112/22/2027965   0.0 %
Lessen LLCSF8.50 %
5.75% Cash/ 7.08% PIK
1/5/20231/5/20288,671 8,457 8,487 0.4 %
21,504 20,207 20,361 1.0 %
41

MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2024
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition
Date (3)
MaturityPrincipalAmortized
Cost
Fair Value (4)
% of Net
Assets (5)
Healthcare & Pharmaceuticals
Animal Dermatology Group, Inc. (6)(9)SF5.00 %9.33 %6/7/20236/7/20299,850 $9,649 $9,830 0.5 %
Animal Dermatology Group, Inc.SF5.00 %9.33 %6/7/20236/7/20293,709 3,709 3,702 0.2 %
Animal Dermatology Group, Inc. (Delayed Draw) (19)(20)SF5.00 %9.33 %1/11/202412/27/20258,731 2,004 2,000 0.1 %
Animal Dermatology Group, Inc. (Delayed Draw) (19)(20)SF5.00 %9.33 %10/28/20246/7/20295,769   0.0 %
Animal Dermatology Group, Inc. (Revolver) (19)SF5.00 %9.33 %6/7/20236/7/20292,500   0.0 %
Appriss Health, LLC (7)SF7.25 %12.08 %5/6/20215/6/20276,354 6,293 6,354 0.3 %
Appriss Health, LLC (Revolver) (19)SF7.25 %12.08 %5/6/20215/6/2027433   0.0 %
Bluesight, Inc. (7)(9)(11)SF6.25 %10.57 %7/17/20237/17/202930,000 29,253 30,087 1.5 %
Bluesight, Inc. SF6.25 %10.57 %10/15/20247/17/20293,913 3,856 3,924 0.2 %
Bluesight, Inc. (11)SF6.25 %10.58 %12/31/20247/17/202926,087 25,696 26,163 1.3 %
Bluesight, Inc. (Revolver) (19)SF6.25 %10.58 %7/17/20237/17/20295,217   0.0 %
Brickell Bay Acquisition Corp. (7)(8)SF6.65 %11.24 %2/12/20212/12/20262,479 2,453 2,479 0.1 %
Brickell Bay Acquisition Corp.(6)SF6.65 %11.24 %5/16/20242/12/20266,830 6,738 6,898 0.3 %
Caravel Autism Health, LLC(6)(11)SF5.00 %9.32 %6/11/20246/11/203017,955 17,663 18,135 0.9 %
Caravel Autism Health, LLC (Delayed Draw)(19)(20)SF5.00 %9.32 %6/11/20246/11/20307,714   0.0 %
Caravel Autism Health, LLC (Revolver)(19)SF5.00 %9.32 %6/11/20246/11/20305,400   0.0 %
Dorado Acquisition, Inc. (6)(7)SF7.60 %
11.65% Cash/ 0.50% PIK
6/30/20216/30/202613,566 13,463 13,206 0.6 %
Dorado Acquisition, Inc. (6)SF7.65 %
11.74% Cash/ 0.50% PIK
11/27/20226/30/202611,236 11,100 10,938 0.5 %
Dorado Acquisition, Inc. (Revolver) (19)SF7.60 %
11.65% Cash/ 0.50% PIK
6/30/20216/30/20261,670   0.0 %
FH BMX Buyer, Inc.SF5.25 %9.58 %6/21/20246/21/20319,024 8,895 9,145 0.5 %
FH BMX Buyer, Inc. (Delayed Draw)(19)(20)SF5.25 %9.58 %6/21/20246/21/20314,800   0.0 %
Forest Buyer, LLC (9)SF4.00 %8.33 %8/19/20243/15/203021,244 21,084 21,456 1.0 %
Forest Buyer, LLC (6)(7)(11)SF5.00 %9.33 %3/15/20243/15/203014,428 14,100 14,572 0.7 %
Forest Buyer, LLC (Revolver) (19)SF4.00 %8.33 %3/15/20243/15/20302,719   0.0 %
Golden State Buyer, Inc. (8)SF4.85 %9.21 %8/25/20226/19/20269,540 9,371 9,611 0.5 %
Helping Hands Childrens Services Management, LLCSF4.50 %9.05 %11/5/202411/5/203011,500 11,357 11,356 0.6 %
Helping Hands Childrens Services Management, LLC (Delayed Draw)(19)(20)SF4.50 %9.05 %11/5/202411/5/20304,600   0.0 %
Helping Hands Childrens Services Management, LLC (Revolver)(19)SF4.50 %9.05 %11/5/202411/5/20302,300   0.0 %
INH Buyer, Inc. (21)SF7.00 %
4.43% Cash/ 7.00% PIK
6/30/20216/28/20285,042 5,011 2,524 0.1 %
KL Moon Acquisition, LLC SF7.75 %
9.57% Cash/ 2.75% PIK
2/6/20242/1/20294,283 4,175 4,074 0.2 %
KL Moon Acquisition, LLC SF7.75 %
9.57% Cash/ 2.75% PIK
2/1/20232/1/20299,989 9,772 9,502 0.5 %
KL Moon Acquisition, LLCSF7.75 %
9.57% Cash/ 2.75% PIK
2/1/20232/1/20291,992 1,992 1,895 0.1 %
KL Moon Acquisition, LLC (Revolver) (19)SF7.75 %
9.57% Cash/ 2.75% PIK
2/1/20232/1/20291,645 941 895 0.1 %
NationsBenefits, LLC (6)SF5.60 %10.15 %8/20/20218/26/202711,883 11,788 11,883 0.6 %
NationsBenefits, LLC (6)SF5.60 %10.15 %8/26/20228/26/202714,163 14,163 14,163 0.7 %
NationsBenefits, LLC(11)SF5.60 %10.15 %8/26/20228/26/202715,355 15,355 15,355 0.8 %
NationsBenefits, LLCSF5.60 %10.19 %11/27/20248/26/20276,179 6,060 6,179 0.3 %
NationsBenefits, LLC (Delayed Draw)(19)(20)SF5.60 %10.15 %11/27/20248/26/20271,987   0.0 %
NationsBenefits, LLC (Revolver) (19)SF5.60 %10.15 %8/20/20218/26/20276,806   0.0 %
NQ PE Project Colosseum Midco Inc. (6)(8)SF7.15 %11.47 %10/4/202210/4/202814,308 14,105 12,832 0.6 %
42

MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2024
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition
Date (3)
MaturityPrincipalAmortized
Cost
Fair Value (4)
% of Net
Assets (5)
NQ PE Project Colosseum Midco Inc. (Revolver) (19)SF7.15 %11.47 %10/4/202210/4/20281,825 $ $ 0.0 %
QF Holdings, Inc.(10)SF5.00 %9.51 %12/15/202312/15/2027910 899 909 0.1 %
QF Holdings, Inc. (7)SF5.00 %9.59 %9/19/201912/15/20274,550 4,548 4,543 0.2 %
QF Holdings, Inc. (7)SF5.00 %9.59 %12/15/202112/15/20274,368 4,331 4,361 0.2 %
QF Holdings, Inc. (7)SF5.00 %9.59 %9/19/201912/15/2027910 910 909 0.0 %
QF Holdings, Inc. (7)SF5.00 %9.41 %8/21/202012/15/2027910 910 909 0.0 %
QF Holdings, Inc. (Revolver) (19)SF5.00 %9.51 %9/19/201912/15/20271,092 473 472 0.0 %
SCP Eye Care Holdco, LLC (6)(9)SF5.60 %9.96 %10/7/202210/5/20299,070 8,861 9,083 0.4 %
SCP Eye Care Holdco, LLCSF5.60 %10.15 %4/1/202410/5/202910,186 10,002 10,201 0.5 %
SCP Eye Care Holdco, LLCSF5.60 %9.96 %10/7/202210/5/20297,968 7,968 7,980 0.4 %
SCP Eye Care Holdco, LLC (Delayed Draw) (19)(20)SF5.60 %10.00 %4/1/202410/5/202920,526 208 209 0.0 %
SCP Eye Care Holdco, LLC (Revolver) (19)SF5.60 %9.96 %10/7/202210/5/20291,442   0.0 %
SDG Mgmt Company, LLC (6)(8)(10)(11)SF6.10 %10.46 %12/29/20236/30/202821,236 20,886 21,236 1.0 %
SDG Mgmt Company, LLC (Delayed Draw) (19)(20)SF6.10 %10.37 %12/29/20236/30/20288,562 2,821 2,821 0.1 %
SDG Mgmt Company, LLC (Delayed Draw) (19)(20)SF6.10 %10.46 %12/6/20247/1/20289,906   0.0 %
SDG Mgmt Company, LLC (Delayed Draw) (19)(20)SF6.10 %10.46 %12/6/20247/1/202811,887   0.0 %
SDG Mgmt Company, LLC (Delayed Draw) (19)(20)SF6.10 %10.46 %12/6/20247/1/20287,925   0.0 %
SDG Mgmt Company, LLC (Revolver)(19)SF6.10 %10.46 %12/6/20247/1/20281,981   0.0 %
Seran BioScience, LLC (7)(8)SF7.25 %11.84 %12/31/20207/8/20271,925 1,916 1,923 0.1 %
Seran BioScience, LLC(10)(11)SF7.25 %11.67 %8/21/20237/8/20271,149 1,149 1,148 0.1 %
Seran BioScience, LLC(8)SF7.25 %11.67 %7/8/20227/8/20272,184 2,184 2,181 0.1 %
Seran BioScience, LLC (Revolver) (19)SF7.25 %11.84 %12/31/20207/8/2027356   0.0 %
SIP Care Services, LLC (6)SF5.85 %10.40 %7/21/202312/30/2026150 150 145 0.0 %
SIP Care Services, LLC (6)(7)SF5.85 %10.40 %12/30/202112/30/20263,696 3,661 3,580 0.2 %
SIP Care Services, LLC (Revolver)SF5.85 %10.40 %12/30/202112/30/2026760 760 736 0.0 %
The Smilist DSO, LLC(11)SF6.00 %10.33 %4/4/20244/4/202928,654 28,065 28,669 1.4 %
The Smilist DSO, LLCSF6.00 %10.33 %4/4/20244/4/20297,747 7,747 7,751 0.4 %
The Smilist DSO, LLC (Delayed Draw)(19)(20)SF6.00 %10.33 %4/4/20244/4/20296,219 5,346 5,349 0.3 %
The Smilist DSO, LLC (Delayed Draw)(19)(20)SF6.00 %10.33 %12/27/20244/4/202911,842   0.0 %
The Smilist DSO, LLC (Revolver)(19)SF6.00 %10.33 %4/4/20244/4/20291,974   0.0 %
TigerConnect, Inc. (7)SF6.90 %11.47 %2/16/20222/16/202810,000 9,880 9,925 0.5 %
TigerConnect, Inc. SF7.00 %
8.02% Cash/ 3.38% PIK
11/19/20242/16/2028571 563 567 0.0 %
TigerConnect, Inc. (Delayed Draw) (19)(20)SF7.00 %
8.02% Cash/ 3.38% PIK
11/19/20242/16/202823   0.0 %
TigerConnect, Inc. (Delayed Draw) (19)(20)SF6.90 %11.46 %2/16/20222/16/20281,253 817 811 0.0 %
TigerConnect, Inc. (Revolver) (19)SF6.90 %11.46 %2/16/20222/16/20281,429   0.0 %
Vero Biotech Inc.P3.75 %12.25 %12/29/20231/2/202930,000 29,748 29,471 1.4 %
WebPT, Inc. (7)SF6.35 %10.86 %8/28/20191/18/20285,000 5,000 5,000 0.2 %
WebPT, Inc. (Revolver) (19)P5.25 %12.75 %8/28/20191/18/2028521 275 275 0.0 %
Xpress Wellness, LLC(6)(8)SF5.25 %9.82 %5/8/20245/8/203040,000 39,247 40,112 2.0 %
Xpress Wellness, LLC (Delayed Draw)(19)(20)SF5.25 %9.59 %5/8/20245/8/203012,500 450 451 0.0 %
Xpress Wellness, LLC (Revolver)(19)SF5.25 %9.82 %5/8/20245/8/20309,231 6,462 6,462 0.3 %
645,638 486,283 487,347 23.7 %
43

MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2024
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition
Date (3)
MaturityPrincipalAmortized
Cost
Fair Value (4)
% of Net
Assets (5)
High Tech Industries
Acquia Inc. (7)SF7.15 %11.73 %11/1/201910/31/202515,429 $15,360 $15,429 0.8 %
Acquia Inc.(10)SF7.15 %11.73 %11/11/202310/31/20253,092 3,092 3,092 0.2 %
Acquia Inc. (Revolver) (19)SF7.15 %11.75 %11/1/201910/31/2025588 329 329 0.0 %
Aptean, Inc.(11)SF5.00 %9.33 %1/30/20241/30/20318,693 8,622 8,736 0.4 %
Aptean, Inc. (Delayed Draw) (19)(20)SF5.00 %9.32 %1/30/20241/30/2031539 142 143 0.0 %
Aptean, Inc. (Revolver) (19)SF5.00 %9.33 %1/30/20241/30/2031728   0.0 %
Arcserve Cayman Opco LP (fka Arcstor Midco, LLC) (Delayed Draw) (19)(20)(21)SF8.11 %
12.67% PIK
1/2/20241/2/20271,471 392 882 0.1 %
Aston US Finco, LLC(12)(35)(40)SF4.36 %8.72 %10/30/202410/9/20269,475 9,252 9,148 0.5 %
BTRS Holdings Inc. (9)SF7.25 %11.61 %12/16/202212/15/202810,000 9,776 10,000 0.5 %
BTRS Holdings Inc.SF7.25 %11.61 %12/16/202212/15/2028842 842 842 0.0 %
BTRS Holdings Inc. (Revolver) (19)SF7.25 %11.76 %12/16/202212/15/20281,067 400 400 0.0 %
Catalyst Data Holdings, Inc.SF5.50 %
9.37% Cash/ 0.50% PIK
12/20/202412/20/203016,500 16,252 16,252 0.8 %
Catalyst Data Holdings, Inc. (Delayed Draw)(19)(20)SF5.50 %
9.37% Cash/ 0.50% PIK
12/20/202412/20/20309,900   0.0 %
Catalyst Data Holdings, Inc. (Delayed Draw)(19)(20)SF5.50 %
9.37% Cash/ 0.50% PIK
12/20/202412/20/20309,900   0.0 %
Catalyst Data Holdings, Inc. (Delayed Draw)(19)(20)SF5.50 %
9.37% Cash/ 0.50% PIK
12/20/202412/20/2030759   0.0 %
Catalyst Data Holdings, Inc. (Revolver)(19)SF5.50 %
9.37% Cash/ 0.50% PIK
12/20/202412/20/20303,300   0.0 %
Douglas Holdings, Inc.(9)SF5.75 %10.07 %8/27/20248/27/203024,912 24,551 24,912 1.2 %
Douglas Holdings, Inc. (Delayed Draw)(19)(20)SF5.75 %10.07 %8/27/20248/27/20305,416   0.0 %
Douglas Holdings, Inc. (Delayed Draw)(19)(20)SF6.13 %
10.07% Cash/ 0.38% PIK
8/27/20248/27/20263,076 481 481 0.0 %
Douglas Holdings, Inc. (Delayed Draw)(19)(20)SF5.75 %10.07 %8/27/20248/27/20305,957   0.0 %
Douglas Holdings, Inc. (Revolver)(19)SF5.75 %10.07 %8/27/20248/27/20302,166   0.0 %
Drawbridge Partners, LLC (7)SF6.25 %10.59 %9/1/20229/1/202815,000 14,790 15,000 0.7 %
Drawbridge Partners, LLC (Delayed Draw) (19)(20)SF6.25 %10.59 %9/1/20229/1/20284,370 3,974 3,974 0.2 %
Drawbridge Partners, LLC (Revolver) (19)SF6.25 %10.59 %9/1/20229/1/20282,609   0.0 %
Fortra, LLC (11)SF4.10 %8.69 %12/11/202311/30/202614,826 14,413 13,109 0.6 %
Freedom U.S. Acquisition Corporation(9)(10)SF5.75 %10.39 %9/27/20249/27/203051,000 50,138 51,439 2.5 %
Freedom U.S. Acquisition Corporation (Revolver)(19)SF5.75 %10.39 %9/27/20249/27/20305,100   0.0 %
Fueled Digital Media, LLC SF6.61 %
10.67% Cash/ 0.50% PIK
11/1/202211/1/20275,671 5,581 5,402 0.3 %
Fueled Digital Media, LLC SF6.61 %
10.67% Cash/ 0.50% PIK
11/1/202211/1/2027500 500 476 0.0 %
Fueled Digital Media, LLC (Revolver) (19)SF6.11 %10.67 %11/1/202211/1/2027807 726 692 0.0 %
Jobnimbus Holdings, LLC(9)(11)SF5.25 %9.80 %12/12/202411/6/203032,000 31,530 31,520 1.5 %
Jobnimbus Holdings, LLC (Delayed Draw)(19)(20)SF5.25 %9.80 %11/6/202411/6/20307,111   0.0 %
Jobnimbus Holdings, LLC (Revolver)(19)SF5.25 %9.80 %11/6/202411/6/20305,333   0.0 %
Medallia, Inc. (7)SF6.60 %
6.93% Cash/ 4.00% PIK
8/15/202210/27/202812,258 12,120 12,117 0.6 %
Mindbody, Inc. (7)SF7.15 %11.74 %2/15/20199/30/20251,867 1,867 1,867 0.1 %
Mindbody, Inc. (7)SF7.15 %11.74 %9/22/20219/30/20252,270 2,270 2,270 0.1 %
Mindbody, Inc. (Revolver) (19)SF7.15 %11.74 %2/15/20199/30/2025190   0.0 %
Nasuni Corporation (9)(11)SF5.75 %10.18 %9/10/20249/10/203015,000 14,787 15,062 0.7 %
Nasuni Corporation (Revolver)(19)SF5.75 %10.18 %9/10/20249/10/20303,125   0.0 %
Oranje Holdco, Inc.(6)SF7.25 %11.82 %4/20/20242/1/202929,053 29,053 29,053 1.4 %
Oranje Holdco, Inc. (6)(9)SF7.75 %12.32 %2/1/20232/1/202914,000 13,734 14,140 0.7 %
44

MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2024
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition
Date (3)
MaturityPrincipalAmortized
Cost
Fair Value (4)
% of Net
Assets (5)
Oranje Holdco, Inc. (Revolver) (19)SF7.75 %12.32 %2/1/20232/1/20291,750 $ $ 0.0 %
Optomi, LLC (6)(9)SF5.40 %9.99 %12/13/202212/16/20275,569 5,460 5,590 0.3 %
Optomi, LLC (7)(9)SF5.40 %9.99 %12/16/202112/16/202713,129 12,983 13,178 0.6 %
Optomi, LLC (Revolver) (19)SF5.40 %9.72 %12/16/202112/16/20273,189 850 850 0.0 %
Reorganized Mobileum AcquisitionCo, LLC (fka Matrix Parent, Inc.)(6)(21)SF6.00 %
5.45% Cash/ 5.00% PIK
7/25/20249/12/2029913 899 888 0.0 %
Securly, Inc. (7)SF7.10 %11.69 %4/20/20224/22/20273,703 3,662 3,702 0.2 %
Securly, Inc. (7)SF7.10 %11.35 %4/22/20214/22/20278,400 8,320 8,400 0.4 %
Securly, Inc. (7)SF7.10 %11.62 %4/22/20214/22/20271,938 1,938 1,938 0.1 %
Securly, Inc.(9)SF7.10 %11.62 %4/20/20224/22/20272,488 2,488 2,488 0.1 %
Securly, Inc. (Revolver) (19)SF7.10 %11.62 %4/22/20214/22/20271,615 969 969 0.1 %
Signiant Inc.(11)SF5.25 %9.59 %12/23/202412/23/203015,000 14,776 14,775 0.7 %
Signiant Inc. (Delayed Draw)(19)(20)SF5.25 %9.59 %12/23/202412/23/20303,000   0.0 %
Signiant Inc. (Revolver)(19)SF5.25 %9.59 %12/23/202412/23/20301,875   0.0 %
Sparq Holdings, Inc. (7)SF5.75 %10.03 %6/16/20236/15/20291,970 1,922 1,982 0.1 %
Sparq Holdings, Inc.SF5.75 %10.08 %6/27/20246/25/2029432 428 434 0.0 %
Sparq Holdings, Inc.SF5.75 %10.08 %6/16/20236/15/2029441 441 444 0.0 %
Sparq Holdings, Inc. (Delayed Draw)(19)(20)SF5.75 %10.03 %6/27/20246/25/2029578   0.0 %
Sparq Holdings, Inc. (Revolver) (19)SF5.75 %10.08 %6/16/20236/15/2029409 41 41 0.0 %
Unanet, Inc. (7)(9)SF5.25 %10.51 %12/9/202212/9/203022,000 21,679 22,000 1.1 %
Unanet, Inc. (Delayed Draw) (19)(20)SF5.25 %9.80 %12/9/202212/9/20306,947 3,393 3,393 0.2 %
Unanet, Inc. (Delayed Draw) (19)(20)SF5.25 %9.80 %11/25/202412/8/20281,350   0.0 %
Unanet, Inc. (Revolver) (19)SF5.25 %9.80 %12/9/202212/9/20304,316   0.0 %
Varicent Intermediate Holdings Corporation(12)(37)SF6.00 %
7.08% Cash/ 3.25% PIK
8/23/20248/22/203126,426 26,056 26,428 1.3 %
Varicent Intermediate Holdings Corporation (Delayed Draw)(12)(16)(19)(20)(37)n/an/an/a8/23/20248/22/20316,085   0.0 %
Varicent Intermediate Holdings Corporation (Revolver)(12)(19)(37)n/an/a5.50 %8/23/20248/22/20314,443   0.0 %
Watchguard Technologies, Inc.(6)SF5.25 %9.61 %8/17/20226/29/202920,678 19,659 20,532 1.0 %
ZI Intermediate II, Inc.(6)SF7.00 %11.59 %5/13/20245/13/203057,250 56,048 57,078 2.8 %
ZI Intermediate II, Inc. (Revolver)(19)SF7.00 %11.59 %5/13/20245/13/20304,771   0.0 %
576,565 466,986 471,877 22.9 %
45

MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2024
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition
Date (3)
MaturityPrincipalAmortized
Cost
Fair Value (4)
% of Net
Assets (5)
Media: Advertising, Printing & Publishing
95 Percent Buyer, LLC (7)(8)(9)SF5.60 %10.15 %11/24/202111/24/202615,581 $15,444 $15,581 0.8 %
95 Percent Buyer, LLC (Revolver) (19)SF5.60 %10.15 %11/24/202111/24/2026809   0.0 %
Calienger Holdings, L.L.C. (8)SF5.85 %10.40 %10/21/202210/20/20284,912 4,825 4,912 0.2 %
Calienger Holdings, L.L.C. (Revolver) (19)SF5.85 %10.40 %10/21/202210/20/2028909   0.0 %
CE Intermediate, LLC (6)(7)(9)(10)SF5.60 %9.93 %10/11/20227/1/202737,740 37,314 37,740 1.8 %
Destination Media, Inc. (8)(10)SF6.75 %11.03 %6/21/20236/21/20286,403 6,220 6,531 0.3 %
Destination Media, Inc.SF6.65 %10.97 %6/21/20236/21/20281,476 1,476 1,506 0.1 %
Destination Media, Inc. (Revolver) (19)SF6.65 %10.97 %6/21/20236/21/2028670 134 134 0.0 %
EverService Midco, LLC(6)(8)(10)(11)SF5.25 %9.80 %8/28/20246/28/203054,863 53,826 54,725 2.7 %
EverService Midco, LLC (Revolver)(19)SF5.25 %9.80 %6/28/20246/28/20308,919   0.0 %
Madison Logic Holdings, Inc. (6)SF7.50 %
9.47% Cash/ 2.37% PIK
12/30/202212/29/202813,829 13,521 13,425 0.6 %
Madison Logic Holdings, Inc. (Revolver) (19)SF7.50 %
9.47% Cash/ 2.37% PIK
12/30/202212/30/2027635   0.0 %
Really Great Reading Company, Inc. (8)(9)SF5.85 %10.44 %12/9/202212/9/202811,790 11,574 11,790 0.6 %
Really Great Reading Company, Inc. (Revolver) (19)SF5.85 %10.44 %12/9/202212/8/20283,200   0.0 %
Relevate Health Group, LLC SF6.35 %10.90 %9/9/202412/31/20261,115 1,097 1,102 0.1 %
Relevate Health Group, LLC (7)(9)SF6.35 %10.90 %11/20/202012/31/20261,925 1,917 1,904 0.1 %
Relevate Health Group, LLC (8)(9)SF6.35 %10.90 %3/28/202212/31/20265,132 5,102 5,075 0.2 %
Relevate Health Group, LLC (8)SF6.35 %10.90 %11/20/202012/31/2026861 861 852 0.0 %
Relevate Health Group, LLC (Revolver) (19)SF6.35 %10.90 %11/20/202012/31/2026789 421 421 0.0 %
Spherix Global Inc. (7)SF6.36 %10.92 %12/22/202112/22/20263,169 3,143 2,757 0.1 %
Spherix Global Inc. (Revolver) (19)SF6.36 %10.92 %12/22/202112/22/2026500   0.0 %
Touchmath Acquisition LLC(11)SF5.75 %10.30 %2/28/20242/28/20309,950 9,772 9,516 0.5 %
Touchmath Acquisition LLC (Revolver) (19)SF5.75 %10.30 %2/28/20242/28/20301,429   0.0 %
XanEdu Publishing, Inc. (7)(8)SF5.50 %9.84 %1/28/20201/28/20275,587 5,586 5,596 0.3 %
XanEdu Publishing, Inc. (8)SF5.50 %9.84 %8/31/20221/28/20272,221 2,219 2,224 0.1 %
XanEdu Publishing, Inc. (Revolver) (19)SF5.50 %9.84 %1/28/20201/28/2027977   0.0 %
195,391 174,452 175,791 8.5 %
Media: Broadcasting & Subscription
Vice Acquisition Holdco, LLC(21)SF8.26 %
12.79%
PIK
2/15/20241/31/2028228 228 417 0.0 %
228 228 417 0.0 %
46

MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2024
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition
Date (3)
MaturityPrincipalAmortized
Cost
Fair Value (4)
% of Net
Assets (5)
Media: Diversified & Production
Bonterra LLC (7)(9)SF7.00 %11.33 %9/8/20219/8/202719,042 $18,901 $18,875 0.9 %
Bonterra LLCSF7.75 %
12.08% PIK
9/28/20239/8/20273,070 3,042 3,101 0.3 %
Bonterra LLC (Revolver) (19)SF7.00 %11.33 %9/8/20219/8/20271,814 1,161 1,151 0.1 %
Chess.com, LLC (7)(8)SF6.60 %10.92 %12/31/202112/31/202712,642 12,495 12,611 0.6 %
Chess.com, LLC (Revolver) (19)SF6.60 %10.92 %12/31/202112/31/20271,413   0.0 %
Crownpeak Technology, Inc. (7)SF7.75 %
5.57% Cash/ 6.75% PIK
2/28/201911/28/20251,030 1,030 1,022 0.0 %
Crownpeak Technology, Inc. (7)SF7.75 %
5.57% Cash/ 6.75% PIK
2/28/201911/28/202515 15 15 0.0 %
Crownpeak Technology, Inc. (7)SF7.75 %
5.59% Cash/ 6.75% PIK
9/27/202211/28/2025322 322 320 0.0 %
Crownpeak Technology, Inc. (9)SF7.75 %
5.57% Cash/ 6.75% PIK
9/27/202211/28/2025858 858 852 0.0 %
Crownpeak Technology, Inc. (Revolver) SF6.75 %11.32 %2/28/201911/28/2025125 125 125 0.0 %
Research Now Group, Inc. and Survey Sampling International, LLCSF5.26 %9.79 %7/15/20247/15/2028556 509 559 0.0 %
Sports Operating Holdings II, LLC (6)SF5.85 %10.21 %11/3/202211/3/20274,888 4,809 4,888 0.2 %
Sports Operating Holdings II, LLC (Delayed Draw) (19)(20)SF5.85 %10.21 %11/3/202211/3/20273,983 2,198 2,198 0.1 %
Sports Operating Holdings II, LLC (Revolver) (19)SF5.85 %10.21 %11/3/202211/3/2027865   0.0 %
STATS Intermediate Holdings, LLC SF5.51 %10.03 %3/26/20247/10/202614,308 14,191 14,152 0.7 %
Streamland Media MidCo LLC (21)SF9.76 %
11.34% Cash/ 2.75% PIK
9/27/20243/31/2025132 132 175 0.0 %
Streamland Media MidCo LLC (21)SF9.76 %
11.34% Cash/ 2.75% PIK
12/10/20243/31/2025132 132 175 0.0 %
Streamland Media MidCo LLC (21)SF9.76 %
14.09% PIK
12/10/20243/31/202544 44 58 0.0 %
Streamland Media MidCo LLC (21)SF9.76 %
14.09% PIK
12/10/20243/31/202544 44 58 0.0 %
65,283 60,008 60,335 2.9 %
Retail
Rita's Franchise Company, LLC(11)SF5.00 %9.61 %12/9/202411/15/203014,750 14,570 14,566 0.7 %
Rita's Franchise Company, LLC (Revolver)(19)SF5.00 %9.61 %11/15/202411/15/20301,799   0.0 %
16,549 14,570 14,566 0.7 %
47

MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2024
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition
Date (3)
MaturityPrincipalAmortized
Cost
Fair Value (4)
% of Net
Assets (5)
Services: Business
A360, Inc.(11)SF5.50 %9.87 %12/19/202412/19/203010,500 $10,344 $10,343 0.5 %
A360, Inc. (Delayed Draw)(19)(20)SF5.50 %9.87 %12/19/202412/19/20304,437   0.0 %
A360, Inc. (Revolver)(19)SF5.50 %9.87 %12/19/202412/19/20302,218   0.0 %
Aligned Exteriors Group Holdco, LLCSF5.00 %9.40 %12/13/202412/13/202914,000 13,758 13,755 0.7 %
Aligned Exteriors Group Holdco, LLC (Delayed Draw)(19)(20)SF5.00 %9.40 %12/13/202412/13/202910,000   0.0 %
Aligned Exteriors Group Holdco, LLC (Revolver)(19)SF5.00 %9.40 %12/13/202412/13/20291,667   0.0 %
Ambient Enterprises Holdco, LLCSF5.75 %10.08 %12/31/20246/30/203024,679 24,309 24,309 1.2 %
Ambient Enterprises Holdco, LLC (Delayed Draw)(19)(20)SF5.75 %10.08 %12/31/20246/30/20303,794   0.0 %
Ambient Enterprises Holdco, LLC (Revolver)(19)SF5.75 %10.08 %12/31/202412/8/20291,528   0.0 %
Aras Corporation (6)(9)SF5.25 %9.58 %4/13/20214/13/20295,299 5,262 5,377 0.3 %
Aras Corporation (Revolver)(19)SF5.25 %9.58 %4/13/20214/13/2029726 278 278 0.0 %
ASG III, LLC (6)(11)SF6.50 %11.09 %10/31/202310/31/202920,000 19,567 20,200 1.0 %
ASG III, LLCSF6.50 %11.09 %10/31/202310/31/20298,421 8,421 8,505 0.4 %
ASG III, LLC (Delayed Draw) (19)(20)SF6.25 %10.69 %8/30/202410/31/202918,235 4,255 4,255 0.2 %
ASG III, LLC (Revolver) (19)SF6.50 %11.09 %10/31/202310/31/20293,158   0.0 %
Bloomerang, LLC (6)(9)(11)SF6.00 %10.33 %12/27/202312/27/202916,000 15,717 15,989 0.8 %
Bloomerang, LLC (Delayed Draw) (19)(20)SF6.00 %10.33 %12/27/202312/27/20294,800   0.0 %
Bloomerang, LLC (Revolver) (19)SF6.00 %10.52 %12/27/202312/27/20293,200 240 240 0.0 %
Cdata Software, Inc.(9)(11)SF6.25 %10.57 %7/18/20247/18/203045,950 45,178 45,950 2.2 %
Cdata Software, Inc. (Delayed Draw)(19)(20)SF6.25 %10.57 %7/18/20247/18/20304,255   0.0 %
Cdata Software, Inc. (Delayed Draw)(19)(20)SF6.25 %10.57 %7/18/20247/18/20305,956 2,340 2,340 0.1 %
Cdata Software, Inc. (Revolver)(19)SF6.25 %10.57 %7/18/20247/18/20305,106   0.0 %
Cosmos Bidco, Inc. (7)(9)(11)SF6.00 %10.28 %9/15/20239/14/202936,000 35,245 36,306 1.8 %
Cosmos Bidco, Inc.SF6.00 %10.28 %9/15/20239/14/20296,750 6,750 6,807 0.3 %
Cosmos Bidco, Inc. (Delayed Draw)(19)(20)SF6.00 %10.28 %5/17/20249/14/202912,000 1,714 1,729 0.1 %
Cosmos Bidco, Inc. (Revolver) (19)SF6.00 %10.28 %9/15/20239/14/20295,625   0.0 %
E-Discovery Acquireco, LLC (6)(9)SF6.25 %10.76 %8/29/20238/29/202920,000 19,577 20,400 1.0 %
E-Discovery Acquireco, LLC(6)SF5.50 %10.01 %5/3/20248/29/20293,273 3,242 3,273 0.2 %
E-Discovery Acquireco, LLC (Revolver) (19)SF6.25 %10.76 %8/29/20238/29/20292,727   0.0 %
ecMarket Inc. and Conexiom US Inc. (7)(12)(37)SF7.10 %11.42 %9/21/20219/21/202716,535 16,371 16,535 0.8 %
ecMarket Inc. and Conexiom US Inc. (7)(12)(37)SF7.10 %11.42 %9/21/20219/21/20271,291 1,291 1,291 0.1 %
ecMarket Inc. and Conexiom US Inc.(12)(37)SF7.10 %11.42 %5/4/20239/21/20272,063 2,063 2,063 0.1 %
ecMarket Inc. and Conexiom US Inc. (Delayed Draw) (12)(19)(20)(37)SF7.10 %11.42 %3/28/20249/21/20272,718 2,149 2,149 0.1 %
ecMarket Inc. and Conexiom US Inc. (Revolver) (12)(19)(37)SF7.10 %11.42 %9/21/20219/21/20272,067   0.0 %
Edustaff, LLC (6)(9)SF5.60 %9.94 %12/8/202212/8/202711,773 11,560 11,773 0.6 %
Edustaff, LLC (Revolver) (19)SF5.60 %9.94 %12/8/202212/8/20272,364   0.0 %
Huckabee Acquisition, LLC (6)(8)(10)SF5.25 %9.58 %1/16/20241/16/203029,775 29,238 29,775 1.4 %
Huckabee Acquisition, LLC (Delayed Draw) (19)(20)SF5.25 %9.58 %1/16/20241/16/20306,522   0.0 %
Huckabee Acquisition, LLC (Revolver) (19)SF5.25 %9.58 %1/16/20241/16/20303,913   0.0 %
HS4 Acquisitionco, Inc. (7)SF5.85 %10.19 %7/9/20197/9/20253,860 3,850 3,860 0.2 %
HS4 Acquisitionco, Inc. (7)SF5.85 %10.19 %10/6/20217/9/20254,194 4,194 4,194 0.2 %
HS4 Acquisitionco, Inc. (Revolver) (19)SF5.85 %10.19 %7/9/20197/9/2025325 220 220 0.0 %
iCIMS, Inc. (7)SF6.25 %10.88 %10/24/20228/18/20288,000 7,900 8,000 0.4 %
Interstate BidCo, LLC (6)(8)(10)SF5.50 %9.82 %12/27/202312/27/202914,850 14,589 14,828 0.7 %
48

MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2024
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition
Date (3)
MaturityPrincipalAmortized
Cost
Fair Value (4)
% of Net
Assets (5)
Interstate BidCo, LLC (11)SF5.50 %9.84 %12/9/202412/27/20297,172 $7,067 $7,161 0.4 %
Interstate BidCo, LLCSF5.50 %9.84 %12/27/202312/27/20298,276 8,276 8,263 0.4 %
Interstate BidCo, LLC (Delayed Draw) (19)(20)SF5.50 %9.82 %11/19/202412/27/202912,397   0.0 %
Interstate BidCo, LLC (Revolver) (19)SF5.50 %9.82 %12/27/202312/27/20293,125   0.0 %
JDX Studio, LLC(11)SF5.25 %9.59 %12/9/202411/13/203010,000 9,828 9,825 0.5 %
JDX Studio, LLC (Delayed Draw)(19)(20)SF5.25 %9.59 %11/14/202411/13/2030799   0.0 %
JDX Studio, LLC (Revolver)(19)SF5.25 %9.59 %11/14/202411/13/20302,398 320 314 0.0 %
Kingsley Gate Partners, LLC (6)SF6.65 %11.24 %12/9/202212/11/20282,948 2,905 2,924 0.1 %
Kingsley Gate Partners, LLC(8)SF6.65 %11.24 %12/9/202212/11/2028946 946 938 0.0 %
Kingsley Gate Partners, LLCSF6.65 %11.24 %12/9/202212/11/20281,368 1,368 1,357 0.1 %
Kingsley Gate Partners, LLC (Revolver) (19)SF6.60 %10.94 %12/9/202212/11/20281,200 960 952 0.0 %
Milrose Consultants, LLC (6)(8)(10)SF7.15 %11.67 %8/31/20238/31/202844,438 43,490 44,660 2.2 %
Milrose Consultants, LLC SF7.10 %11.44 %10/25/20248/31/20281,603 1,592 1,611 0.1 %
Milrose Consultants, LLC SF7.10 %11.44 %12/2/20248/31/20283,567 3,497 3,585 0.2 %
Milrose Consultants, LLC (Revolver) (19)SF7.10 %11.44 %8/31/20238/31/20282,308 462 462 0.0 %
Moonraker Acquisitionco LLC (6)SF5.75 %10.20 %9/30/20228/4/20286,860 6,767 6,860 0.3 %
Moonraker Acquisitionco LLC (Revolver) (19)SF5.75 %10.20 %9/30/20228/4/2028933 280 280 0.0 %
NFM & J, L.P. (6)(7)(9)SF5.85 %10.37 %11/15/202311/30/202713,199 13,003 13,245 0.6 %
NFM & J, L.P. (Delayed Draw) (19)(20)SF5.85 %10.20 %11/15/202311/30/20277,412 827 830 0.0 %
NFM & J, L.P. (Revolver) (19)P4.75 %12.25 %11/15/202311/30/20275,273   0.0 %
Northeast Contracting Company, LLCSF6.26 %10.76 %8/16/20248/16/20297,481 7,341 7,489 0.4 %
Northeast Contracting Company, LLC (Revolver)(19)SF6.26 %10.76 %8/16/20248/16/20291,591   0.0 %
Onix Networking Corp. (6)(8)SF5.75 %10.08 %10/2/202310/2/202914,850 14,591 14,850 0.7 %
Onix Networking Corp. (Revolver) (19)SF5.75 %10.08 %10/2/202310/2/20295,000   0.0 %
OPOC Acquisition, LLC(11)SF5.00 %9.35 %12/20/202412/20/203013,000 12,806 12,805 0.6 %
OPOC Acquisition, LLC (Delayed Draw)(19)(20)SF5.00 %9.35 %12/20/202412/20/20303,009   0.0 %
OPOC Acquisition, LLC (Revolver)(19)SF5.00 %9.35 %12/20/202412/20/20301,204 120 119 0.0 %
Parkhub, Inc.(6)SF6.25 %10.84 %4/9/20244/9/203016,369 16,067 16,451 0.8 %
Parkhub, Inc.(12)(23)SF6.50 %11.09 %4/9/20244/9/203033,793 33,598 33,962 1.6 %
Parkhub, Inc. (Delayed Draw)(19)(20)SF6.25 %10.57 %4/9/20244/9/203016,833 2,895 2,910 0.1 %
Parkhub, Inc. (Delayed Draw)(19)(20)SF6.25 %10.57 %4/9/20244/9/20301,762   0.0 %
Parkhub, Inc. (Delayed Draw)(12)(19)(20)(23)SF6.25 %10.57 %4/9/20244/9/20303,317   0.0 %
Parkhub, Inc. (Revolver)(19)SF6.25 %10.57 %4/9/20244/9/20306,733   0.0 %
PC Pest Buyer, LLC(6)(8)SF4.75 %9.32 %6/20/20246/20/203014,000 13,771 13,958 0.7 %
PC Pest Buyer, LLC (Delayed Draw)(19)(20)SF4.75 %9.14 %6/20/20246/20/203042,000 13,146 13,107 0.6 %
PC Pest Buyer, LLC (Revolver)(19)SF4.75 %9.14 %6/20/20246/20/20308,400   0.0 %
PRGX Global, Inc(11)SF5.50 %9.85 %12/20/202412/20/203050,558 49,806 49,799 2.4 %
PRGX Global, Inc (Revolver)(19)SF5.50 %9.85 %12/20/202412/20/20303,024   0.0 %
Project Accelerate Parent, LLCSF5.25 %9.61 %2/22/20242/22/203111,816 11,711 11,816 0.6 %
Project Accelerate Parent, LLC (Revolver) (19)SF5.25 %9.61 %2/22/20242/22/20313,125   0.0 %
Prototek LLC(21)SF8.35 %
7.90% Cash/ 5.00% PIK
12/8/202212/8/20277,896 7,652 6,372 0.3 %
Prototek LLC (Revolver) (19)(21)SF8.35 %
7.90% Cash/ 5.00% PIK
12/8/202212/8/2027921   0.0 %
Rampart Exterior Services Buyer, Inc.SF5.25 %9.59 %8/6/20248/6/20307,481 7,336 7,481 0.4 %
Rampart Exterior Services Buyer, Inc. (Delayed Draw)(19)(20)SF5.25 %9.59 %8/6/20248/6/20307,143   0.0 %
Rampart Exterior Services Buyer, Inc. (Revolver)(19)SF5.25 %9.59 %8/6/20248/6/20302,679   0.0 %
49

MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2024
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition
Date (3)
MaturityPrincipalAmortized
Cost
Fair Value (4)
% of Net
Assets (5)
Security Services Acquisition Sub Corp.(6)(11)SF5.85 %10.19 %6/17/20249/30/202743,767 $43,767 $43,723 2.1 %
Security Services Acquisition Sub Corp.(6)(11)SF5.85 %10.19 %6/17/20249/30/202713,588 13,588 13,575 0.7 %
Security Services Acquisition Sub Corp.(6)(11)SF5.85 %10.19 %6/17/20249/30/202713,424 13,424 13,411 0.7 %
Signal 88, LLC(6)SF6.50 %11.05 %6/3/20246/3/202923,441 23,116 23,529 1.1 %
Sunstates Security, LLCSF5.00 %9.34 %8/9/20248/9/203020,000 19,712 20,400 1.0 %
Sunstates Security, LLC (Delayed Draw)(19)(20)SF5.00 %9.34 %8/9/20248/9/203013,333   0.0 %
Symplr Software, Inc.SF4.60 %9.19 %10/30/20242/9/20313,900 3,628 3,580 0.2 %
Teneo Holdings LLC (11)(35)SF4.75 %9.11 %10/18/20243/13/20318,194 8,124 8,280 0.4 %
Thryv, Inc.(12)SF6.75 %11.11 %5/15/20245/1/20297,750 7,677 7,895 0.4 %
TIC Bidco Limited(12)(23)(40)SN5.00 %9.70 %6/12/20246/14/203114,318 14,414 14,289 0.7 %
Valkyrie Buyer, LLC(6)SF5.00 %9.45 %5/6/20245/6/203118,050 17,793 18,005 0.9 %
Valkyrie Buyer, LLC (Delayed Draw)(19)(20)SF5.00 %9.40 %5/6/20245/6/20312,316   0.0 %
Valkyrie Buyer, LLC (Delayed Draw)(19)(20)SF5.00 %9.40 %5/6/20245/6/20313,088   0.0 %
Valkyrie Buyer, LLC (Delayed Draw)(19)(20)SF5.00 %9.40 %5/6/20245/6/20317,515 4,651 4,639 0.2 %
Valkyrie Buyer, LLC (Delayed Draw)(19)(20)SF5.00 %9.40 %11/8/20245/6/20316,667   0.0 %
Valkyrie Buyer, LLC (Delayed Draw)(19)(20)SF5.00 %9.40 %11/8/20245/6/20313,333   0.0 %
Valkyrie Buyer, LLC (Revolver)(19)SF5.00 %9.40 %5/6/20245/6/20313,509   0.0 %
Vhagar Purchaser, LLC (9)SF6.00 %10.59 %6/9/20236/11/202910,000 9,762 10,075 0.5 %
Vhagar Purchaser, LLC (Delayed Draw) (19)(20)SF6.00 %10.59 %6/9/20236/11/20292,222 500 504 0.0 %
Vhagar Purchaser, LLC (Revolver) (19)SF6.00 %10.59 %6/9/20236/11/20291,111   0.0 %
WPEngine, Inc. (7)(9)SF6.50 %10.90 %8/14/20238/14/202916,500 16,085 16,640 0.8 %
WPEngine, Inc. (Revolver) (19)SF6.50 %10.90 %8/14/20238/14/20291,650   0.0 %
1,068,437 798,291 807,675 39.2 %
50

MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2024
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition
Date (3)
MaturityPrincipalAmortized
Cost
Fair Value (4)
% of Net
Assets (5)
Services: Consumer
AMS Parent, LLCSF5.11 %9.47 %4/8/202410/25/202811,106 $10,975 $10,943 0.5 %
Clydesdale Holdings, LLC (6)SF6.40 %10.72 %12/28/20236/23/20284,950 4,848 4,977 0.2 %
Clydesdale Holdings, LLC (6)(7)SF6.40 %10.72 %7/19/20236/23/20284,950 4,854 4,977 0.2 %
Clydesdale Holdings, LLC (6)(8)(10)SF5.90 %10.22 %6/24/20226/23/202814,663 14,471 14,531 0.7 %
Clydesdale Holdings, LLC(11)SF5.90 %10.22 %6/24/20226/23/202820,853 20,853 20,666 1.0 %
Clydesdale Holdings, LLC (Delayed Draw)(19)(20)SF5.90 %10.22 %6/20/20246/23/20288,323 2,323 2,302 0.1 %
Clydesdale Holdings, LLC (Revolver) (19)SF5.90 %10.22 %6/24/20226/23/20284,523   0.0 %
Expedited Travel, LLC (7)(8)(9)(10)SF6.61 %11.17 %11/8/202311/8/202811,973 11,726 11,973 0.6 %
Expedited Travel, LLC (Revolver) (19)SF6.61 %11.17 %11/8/202311/8/20281,500   0.0 %
Express Wash Acquisition Company, LLC SF6.76 %11.35 %7/14/20227/14/20289,985 9,945 9,948 0.5 %
Express Wash Acquisition Company, LLCSF6.76 %11.35 %7/14/20227/14/20282,116 2,116 2,108 0.1 %
Express Wash Acquisition Company, LLC (Revolver) (19)SF6.76 %11.35 %7/14/20227/14/2028536 295 294 0.0 %
Light Wave Dental Management, LLC SF5.50 %9.85 %12/17/20246/29/20294,986 4,986 4,946 0.2 %
Light Wave Dental Management, LLC SF5.50 %9.82 %7/16/20246/30/2029532 517 528 0.0 %
Light Wave Dental Management, LLC (8)(9)(10)(11)SF5.50 %9.82 %6/30/20236/30/202927,088 26,412 26,871 1.3 %
Light Wave Dental Management, LLC (Revolver)(19)SF5.50 %9.82 %6/30/20236/30/20294,753   0.0 %
Mammoth Holdings, LLC(10)(11)SF6.00 %10.33 %11/15/202311/15/203021,600 21,214 21,773 1.1 %
Mammoth Holdings, LLCSF6.00 %10.33 %11/15/202311/15/20305,429 5,429 5,472 0.3 %
Mammoth Holdings, LLC (Revolver) (19)SF6.00 %10.33 %11/15/202311/15/20292,727   0.0 %
Russell Investments US Institutional Holdco, Inc.(12)(35)SF6.50 %
9.33% Cash/ 1.50% PIK
10/15/20245/30/20278,462 7,681 8,121 0.4 %
Russell Investments US Institutional Holdco, Inc. (Revolver)(12)(19)(35)SF6.00 %10.33 %10/7/20242/28/20281,240   0.0 %
The Black Tux, LLC (8)(9)(10)SF6.50 %10.84 %12/27/202312/27/202810,395 10,332 10,437 0.5 %
The Black Tux, LLC (Delayed Draw) (19)(20)SF6.50 %10.84 %12/27/202312/27/20281,944   0.0 %
The Black Tux, LLC (Revolver) (19)SF6.50 %10.84 %12/27/202312/27/20281,944   0.0 %
The Gersh Agency, LLC(12)(24)SF6.50 %11.11 %11/20/202411/20/20305,738 5,742 5,637 0.3 %
The Gersh Agency, LLC(12)(24)SF6.50 %11.11 %11/20/202411/20/203017,559 17,573 17,252 0.8 %
The Gersh Agency, LLC(11)SF6.25 %10.86 %12/13/202411/20/20306,417 6,307 6,305 0.3 %
The Gersh Agency, LLC(11)SF6.25 %10.86 %12/13/202411/20/203013,585 13,351 13,348 0.7 %
The Gersh Agency, LLC (Delayed Draw)(19)(20)SF6.25 %10.86 %11/20/202411/20/203012,270   0.0 %
The Gersh Agency, LLC (Revolver)(12)(19)(24)SF6.25 %10.86 %11/20/202411/20/20302,589   0.0 %
The Gersh Agency, LLC (Revolver)(19)SF6.25 %10.86 %11/20/202411/20/20305,059 1,297 1,274 0.1 %
The Hertz Corporation (12)SF3.61 %7.97 %6/21/20246/30/20288,285 8,128 7,491 0.4 %
The Hertz Corporation(12)SF3.61 %7.97 %6/21/20246/30/20281,618 1,587 1,463 0.1 %
Ultra Clean Holdco LLC(11)SF5.00 %9.59 %7/16/20247/1/203020,895 20,544 20,832 1.0 %
Ultra Clean Holdco LLC (Delayed Draw)(19)(20)SF5.00 %9.48 %7/16/20247/1/20307,496 2,996 2,987 0.1 %
Ultra Clean Holdco LLC (Revolver)(19)SF5.00 %9.48 %7/16/20247/1/20303,000   0.0 %
291,089 236,502 237,456 11.5 %
51

MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2024
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition
Date (3)
MaturityPrincipalAmortized
Cost
Fair Value (4)
% of Net
Assets (5)
Telecommunications
American Broadband and Telecommunications Company LLC (Delayed Draw) (6)(19)(20)P12.00 %
17.50% Cash/ 2.00% PIK
6/10/20226/10/20252,754 $2,625 $2,742 0.1 %
American Broadband and Telecommunications Company LLC (Revolver) (19)P12.00 %
17.50% Cash/ 2.00% PIK
6/10/20226/10/20251,000 252 252 0.0 %
Calabrio, Inc. (7)SF5.50 %10.01 %12/19/20234/16/20271,167 1,167 1,170 0.1 %
Calabrio, Inc. (7)SF5.50 %10.01 %4/16/20214/16/20277,960 7,868 7,960 0.4 %
Calabrio, Inc. (Revolver) (19)SF5.50 %10.02 %4/16/20214/16/2027963 413 413 0.0 %
Commscope, Inc(12)(35)SF3.25 %7.58 %10/24/20244/4/20263,088 3,018 3,053 0.2 %
DataOnline Corp. (7)(8)(9)(10)(11)SF5.40 %9.92 %11/13/201911/13/202634,675 34,622 34,762 1.7 %
DataOnline Corp. (Revolver)(19)SF5.40 %9.80 %11/13/201911/13/20263,701 555 555 0.0 %
EOS Finco S.A.R.L. (8)(12)(39)SF6.00 %10.28 %8/3/20228/20/20277,078 6,992 4,820 0.2 %
MB Purchaser, LLC (8)(10)SF4.75 %9.34 %1/3/20241/3/203014,887 14,628 14,887 0.7 %
MB Purchaser, LLC (Delayed Draw) (19)(20)SF4.75 %9.23 %1/3/20241/3/203012,461 6,211 6,211 0.3 %
MB Purchaser, LLC (Revolver) (19)SF4.75 %9.23 %1/3/20241/3/20302,500   0.0 %
Patagonia Holdco LLC (6)(12)SF5.75 %10.27 %8/5/20228/1/202914,663 12,655 13,130 0.7 %
Radiate Holdco, LLC(35)SF3.25 %7.58 %10/24/202410/30/202612,500 11,040 10,965 0.5 %
Sandvine Corporation (6)(21)SF9.00 %13.25 %10/2/202410/3/2025216 215 217 0.0 %
Sandvine Corporation (6)(21)SF9.00 %13.25 %10/2/202410/3/202543 43 43 0.0 %
Sandvine Corporation (Delayed Draw)(6)(19)(20)(21)SF9.00 %13.25 %10/2/202410/3/202586   0.0 %
119,742 102,304 101,180 4.9 %
Transportation: Cargo
Dusk Acquisition II Corporation(10)SF6.00 %10.33 %7/12/20247/12/202927,651 27,133 27,651 1.3 %
Dusk Acquisition II CorporationSF6.00 %10.33 %11/29/20247/12/202937,177 36,443 37,177 1.8 %
Epika Fleet Services, Inc. (6)(8)SF6.00 %10.34 %3/18/20243/18/202916,873 16,571 16,943 0.8 %
Epika Fleet Services, Inc.(11)SF6.00 %10.34 %3/18/20243/18/20299,734 9,646 9,775 0.5 %
Epika Fleet Services, Inc. (Delayed Draw) (19)(20)SF6.00 %10.34 %3/18/20243/18/20294,890 2,733 2,744 0.1 %
Epika Fleet Services, Inc. (Delayed Draw) (19)(20)SF6.00 %10.45 %12/5/20243/18/20296,533 2,120 2,128 0.1 %
Epika Fleet Services, Inc. (Revolver) (19)SF6.00 %10.34 %3/18/20243/18/20293,696 656 656 0.0 %
Fiasco Enterprises, LLC SF6.61 %11.17 %5/6/20225/6/20276,843 6,775 6,702 0.3 %
Fiasco Enterprises, LLC (6)SF6.61 %11.17 %12/15/20225/6/20278,253 8,102 8,084 0.4 %
Fiasco Enterprises, LLC (Revolver) (19)SF6.61 %11.17 %5/6/20225/6/20271,750   0.0 %
Randys Holdings, Inc. (6)(7)(9)SF6.25 %10.58 %11/1/202211/1/202916,705 16,342 16,705 0.8 %
Randys Holdings, Inc. (Delayed Draw) (19)(20)SF6.25 %10.82 %11/1/202211/1/20295,673 1,679 1,679 0.1 %
Randys Holdings, Inc. (Revolver) (19)SF5.00 %9.33 %11/1/202211/1/20292,273 772 772 0.0 %
RS Acquisition, LLC (7)SF8.10 %
10.65% Cash/ 2.00% PIK
12/13/202112/14/202610,927 10,829 10,125 0.5 %
RS Acquisition, LLC SF8.10 %
10.65% Cash/ 2.00% PIK
12/13/202112/14/202610,098 10,098 9,356 0.5 %
RS Acquisition, LLC (Revolver) (19)SF8.10 %
10.65% Cash/ 2.00% PIK
12/13/202112/14/20261,284 905 838 0.1 %
170,360 150,804 151,335 7.3 %
52

MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2024
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition
Date (3)
MaturityPrincipalAmortized
Cost
Fair Value (4)
% of Net
Assets (5)
Wholesale
IF & P Holdings Company, LLC (6)(8)SF5.63 %10.05 %10/6/202210/3/202823,389 $22,976 $23,389 1.1 %
IF & P Holdings Company, LLC (6)SF6.00 %10.43 %5/25/202310/3/20286,567 6,405 6,567 0.3 %
IF & P Holdings Company, LLC SF5.25 %9.68 %7/30/202410/3/20281,106 1,091 1,106 0.1 %
IF & P Holdings Company, LLC (Delayed Draw)(19)(20)SF5.63 %10.05 %7/30/202410/3/2028959   0.0 %
IF & P Holdings Company, LLC (Revolver) (19)SF5.63 %10.06 %10/6/202210/3/20285,296 2,825 2,825 0.1 %
S&S Holdings LLC (8)SF5.00 %9.36 %10/31/202410/1/20319,975 9,828 9,972 0.5 %
S&S Holdings LLC (6)SF5.10 %9.46 %3/10/20213/10/20282,888 2,840 2,885 0.2 %
50,180 45,965 46,744 2.3 %
Total Non-Controlled/Non-Affiliate Senior Secured Loans4,255,208 3,430,035 3,450,415 167.5 %
Unitranche Secured Loans (13)
Beverage, Food & Tobacco
Gargoyle Enterprises, Inc. (Revolver) (26)SF12.00 %16.53 %11/3/202311/3/20261,000 1,000 997 0.1 %
Off Hours Spirits, Inc. / Hour Barrel, LLC (Revolver) (19)(27)SF10.00 %
12.34% Cash/ 2.00% PIK
12/8/202312/8/2026338 204 203 0.0 %
1,338 1,204 1,200 0.1 %
Construction & Building
Inversiones DP6 (BVI) Numero Dos, Ltd. (12)(38)n/an/a
9.00% Cash/ 4.75% PIK
10/14/202210/14/202627,231 27,231 27,468 1.3 %
27,231 27,231 27,468 1.3 %
Consumer Goods: Durable
Jumpstart Holdco, Inc. (6)SF5.65 %10.27 %4/19/20224/19/202822,971 22,689 21,467 1.0 %
22,971 22,689 21,467 1.0 %
Media: Advertising, Printing & Publishing
New Engen, Inc. (7)(8)SF5.11 %9.67 %12/3/202112/3/20269,203 9,132 9,203 0.4 %
New Engen, Inc. (7)(8)SF5.11 %9.67 %12/27/202112/3/20267,772 7,772 7,772 0.4 %
New Engen, Inc.(9)SF5.11 %9.67 %9/17/202412/3/20262,346 2,306 2,393 0.1 %
19,321 19,210 19,368 0.9 %
Media: Diversified & Production
Park County Holdings, LLCSF6.75 %11.09 %11/29/202311/29/202945,000 44,428 45,000 2.2 %
45,000 44,428 45,000 2.2 %
Services: Business
ASG II, LLC (6)SF6.40 %10.99 %5/25/20225/25/202815,000 14,800 14,981 0.8 %
ASG II, LLCSF6.40 %10.99 %5/25/20225/25/20282,250 2,250 2,247 0.1 %
Onit, Inc. (6)SF7.40 %12.01 %12/20/20215/2/202516,800 16,755 16,800 0.8 %
34,050 33,805 34,028 1.7 %
Total Non-Controlled/Non-Affiliate Unitranche Secured Loans149,911 148,567 148,531 7.2 %
Junior Secured Loans
Aerospace & Defense
API Holdings III Corp. SF7.00 %
5.36% Cash/ 6.00% PIK
11/3/20235/9/20271,792 1,790 1,398 0.1 %
1,792 1,790 1,398 0.1 %
Automotive
First Brands Group, LLC (8)(11)SF8.76 %13.35 %12/11/20233/30/202814,436 14,003 13,137 0.6 %
14,436 14,003 13,137 0.6 %
53

MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2024
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition
Date (3)
MaturityPrincipalAmortized
Cost
Fair Value (4)
% of Net
Assets (5)
Capital Equipment
Adept AG Holdings, LLC(12)(22)SF6.40 %
10.72% PIK
10/30/20248/11/20271,763 $1,823 $1,674 0.1 %
Adept AG Holdings, LLC(12)(22)n/an/a10.25 %10/30/20248/11/20274,796 4,962 2,037 0.1 %
Adept AG Holdings, LLC(12)(16)(22)n/an/an/a12/30/20248/11/202783 83  0.0 %
Adept AG Holdings, LLCSF6.15 %
10.47% PIK
10/30/20248/11/20271,484 1,473 1,409 0.0 %
Adept AG Holdings, LLCn/an/a10.00 %10/30/20248/11/20274,038 4,013 1,715 0.1 %
Adept AG Holdings, LLC(16)n/an/an/a12/30/20248/11/202768 68  0.0 %
12,232 12,422 6,835 0.3 %
Construction & Building
601 Lafayette Mezz LLC (Delayed Draw)(12)(19)(20)SF8.74 %13.59 %7/17/20242/9/202820,500   0.0 %
601 Lafayette Mezz LLC (Delayed Draw)(12)(19)(20)SF8.74 %13.59 %7/17/20242/9/202820,500   0.0 %
Jesse Studio Mezz, LLC (Delayed Draw)(12)(19)(20)SF9.00 %13.55 %6/7/20246/7/202741,930 34,097 34,404 1.7 %
Sundy Village West Mezz Borrower, LLC (Delayed Draw) (12)(19)(20)SF10.00 %14.48 %12/21/20231/15/202737,349 27,184 27,772 1.3 %
Sundy Village West Mezz Borrower, LLC (Delayed Draw) (12)(19)(20)SF11.25 %
15.73% PIK
12/21/20231/15/202713,212 3,573 3,598 0.2 %
133,491 64,854 65,774 3.2 %
Consumer Goods: Non-Durable
Thrasio, LLC(21)SF10.26 %
14.89% PIK
6/18/20246/18/20291,763 1,763 1,397 0.1 %
1,763 1,763 1,397 0.1 %
FIRE: Real Estate
Avison Young (USA) Inc.(12)(21)(37)SF8.26 %
6.15% Cash/ 6.50% PIK
4/26/20193/12/20291,892 1,790 1,495 0.1 %
Avison Young (USA) Inc.(12)(21)(37)SF8.26 %
6.15% Cash/ 6.50% PIK
4/26/20193/12/2029647 612 380 0.0 %
KT Naples UB LLC (Delayed Draw)(12)(19)(20)SF12.00 %17.00 %4/8/20244/8/202614,250 9,598 9,629 0.5 %
Witkoff/Monroe 700 JV LLC (12)n/an/a
8.00% Cash/ 4.00% PIK
7/26/202410/1/2026455 455 455 0.0 %
Witkoff/Monroe 700 JV LLC (12)n/an/a
8.00% Cash/ 4.00% PIK
7/2/202110/1/202610,044 10,044 10,033 0.5 %
Witkoff/Monroe 700 JV LLC (12)n/an/a
8.00% Cash/ 4.00% PIK
5/16/202310/1/20261,737 1,737 1,736 0.1 %
Witkoff/Monroe 700 JV LLC (12)n/an/a
8.00% Cash/ 4.00% PIK
9/25/202310/1/20263,117 3,117 3,114 0.2 %
Witkoff/Monroe 700 JV LLC(12)n/an/a
8.00% Cash/ 4.00% PIK
5/8/202410/1/20262,137 2,137 2,135 0.1 %
34,279 29,490 28,977 1.5 %
Healthcare & Pharmaceuticals
Radiology Partners, Inc.SF5.26 %
8.28% Cash/ 1.50% PIK
5/30/20241/31/202917,327 16,722 17,166 0.8 %
17,327 16,722 17,166 0.8 %
High Tech Industries
Arcserve Cayman Opco LP (fka Arcstor Midco, LLC)(21)n/an/an/a3/16/20213/16/2027988 968  0.0 %
Arcserve Cayman Opco LP (fka Arcstor Midco, LLC)(21)n/an/a
9.00% PIK
8/29/20231/2/2029430 401 468 0.0 %
Arcserve Cayman Opco LP (fka Arcstor Midco, LLC) (21)n/an/a
9.00% PIK
7/14/20231/2/2029440 401 478 0.0 %
1,858 1,770 946 0.0 %
54

MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2024
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition
Date (3)
MaturityPrincipalAmortized
Cost
Fair Value (4)
% of Net
Assets (5)
Media: Broadcasting & Subscription
Vice Acquisition Holdco, LLC(21)(28)n/an/an/a5/2/2019n/a477 $477 $ 0.0 %
Vice Acquisition Holdco, LLC(21)(28)n/an/an/a5/2/2019n/a150 150  0.0 %
Vice Acquisition Holdco, LLC(21)(28)n/an/an/a5/2/2019n/a57 57  0.0 %
Vice Acquisition Holdco, LLC(21)(28)n/an/an/a11/4/2019n/a92 92  0.0 %
Vice Acquisition Holdco, LLC(21)SF8.26 %
12.85% PIK
7/31/20231/31/2028503 503 246 0.0 %
Vice Acquisition Holdco, LLC(21)SF8.26 %
12.85% PIK
7/31/20231/31/2028152 152 74 0.0 %
Vice Acquisition Holdco, LLC(21)SF8.26 %
12.85% PIK
9/8/20231/31/2028265 265 130 0.0 %
Vice Acquisition Holdco, LLC(21)SF8.26 %
12.85% PIK
7/31/20231/31/2028396 396  0.0 %
2,092 2,092 450 0.0 %
Media: Diversified & Production
Research Now Group, Inc. and Survey Sampling International, LLC(6)SF5.76 %10.29 %7/15/202410/15/20283,629 3,658 3,396 0.2 %
Streamland Media MidCo LLC (21)SF9.76 %
11.34% Cash/ 2.75% PIK
8/26/20193/31/20251,825 1,825 1,212 0.1 %
Streamland Media MidCo LLC (21)SF9.76 %
11.34% Cash/ 2.75% PIK
3/7/20223/31/2025494 492 328 0.0 %
5,948 5,975 4,936 0.3 %
Telecommunications
Sandvine Corporation(6)(21)n/an/a2.00 %3/8/20216/28/2027929 924 221 0.0 %
929 924 221 0.0 %
Total Non-Controlled/Non-Affiliate Junior Secured Loans226,147 151,805 141,237 6.9 %
Equity Investments (14)(15)(16)
Automotive
Lifted Trucks Holdings, LLC (158,730 Class A shares)
(17)  — — — 8/2/2021—  159 174 0.0 %
159 174 0.0 %
Banking
MV Receivables II, LLC (1,822 shares of common stock)
(12)(17)  — — — 7/29/2021—  750  0.0 %
MV Receivables II, LLC (warrant to purchase up to 1.0% of the equity)
(12)(17)  — — — 7/28/20217/28/2031 453  0.0 %
1,203  0.0 %
Beverage, Food & Tobacco
Sabrosura Foods, LLC et al (171,429 Class A interests)
  — — — 10/18/2019—  171  0.0 %
Sabrosura Foods, LLC et al (7,022 Class AA units)
  — — — 11/22/2022—  10  0.0 %
Sabrosura Foods, LLC et al (8,322 Class AAA units)
  — — — 3/17/2023—  8  0.0 %
189  0.0 %
Capital Equipment
Adept AG Holdings, LLC (314,584 Class A preferred units)
(17)  — — — 8/11/2022—  650  0.0 %
Adept AG Holdings, LLC (45,874 Series B units)
(17)  — — — 8/1/2023—  46  0.0 %
Adept AG Holdings, LLC (67,283 Series C preferred units)
(17)  — — — 12/20/2023—  67  0.0 %
Adept AG Holdings, LLC (325 Series L units)
(17)  — — — 10/30/2024—    0.0 %
763  0.0 %
55

MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2024
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition
Date (3)
MaturityPrincipalAmortized
Cost
Fair Value (4)
% of Net
Assets (5)
Construction & Building
Harlem Acquisition, LLC (1,523,811 Class A units)
  — — — 11/7/2024—  $1,524 $1,524 0.1 %
MEI Buyer LLC (2,275 units)
  — — — 6/29/2023—  2,275 3,413 0.1 %
3,799 4,937 0.2 %
Consumer Goods: Durable
Independence Buyer, Inc. (169 Class A units)
— — 8/3/2021—  169 52 0.0 %
Jumpstart Holdco, Inc. (1,566,667 Class A units)
— — 4/19/2022—  1,567 754 0.0 %
1,736 806 0.0 %
Consumer Goods: Non-Durable
Thrasio, LLC (2,162,506 units)
— — 6/18/2024—    0.0 %
Thrasio, LLC (31,764 shares of common stock)
— — 6/18/2024—  3,192 874 0.0 %
3,192 874 0.0 %
Energy: Oil & Gas
Talos Energy Inc. (12,138 shares of common stock)
(6)(12)(29)— — 3/4/2024—  132 118 0.0 %
132 118 0.0 %
Environmental Industries
Quest Resource Management Group, LLC (warrant to purchase up to 0.2% of the equity)
— — 10/19/20203/17/2028 67 306 0.0 %
Quest Resource Management Group, LLC (warrant to purchase up to 0.2% of the equity)
— — 10/19/20213/17/2028  214 0.0 %
StormTrap, LLC (640,000 Class A preferred units)
(17)n/a n/a
8.00% PIK
3/25/2022—  640 640 0.0 %
StormTrap, LLC (640,000 Class A common units)
(17)— — 3/25/2022—   407 0.0 %
Volt Bidco, Inc. (878 shares of common stock)
— — 8/11/2021—  891 1,092 0.2 %
1,598 2,659 0.2 %
FIRE: Finance
Bench Walk Lead, LLC (commitment to purchase up to 3.2% of the equity)
(12)(17)— — 6/12/2023—  1,600 1,638 0.1 %
J2 BWA Funding LLC (0.3% profit sharing)
(12)(17)— — 12/24/2020—   52 0.0 %
J2 BWA Funding III, LLC (commitment to purchase up to 3.8% of the equity)
(12)(17)(30)— — 4/29/2022—  443 443 0.0 %
2,043 2,133 0.1 %
FIRE: Real Estate
Avison Young (USA) Inc. (2,036,442 Class A preferred shares)
(12)(21)(37) n/a  n/a
12.50% PIK
9/1/2022—  2,036 774 0.0 %
Avison Young (USA) Inc. (1,521 Class F common shares)
(12)(37)  — — — 9/1/2022—  1,234  0.0 %
InsideRE, LLC (284,853 Class A common units)
(17)  — — — 9/9/2019—  420 412 0.0 %
Lessen LLC (128,737 preferred units)
— — 1/5/2023—  1,667 1,407 0.1 %
Residential Homes for Rent LLC (446,794 Series A preferred units)
(12)(17)  — — — 3/5/2024—  1,950 1,663 0.1 %
Residential Homes for Rent LLC (warrant to purchase up to 1.2% of the equity)
(12)(17)  — — — 3/5/20243/5/2034  777 0.0 %
Witkoff/Monroe 700 JV LLC (2,992 preferred units)
(12)(17)  — — — 7/2/2021—  3 5,200 0.3 %
7,310 10,233 0.5 %
56

MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2024
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition
Date (3)
MaturityPrincipalAmortized
Cost
Fair Value (4)
% of Net
Assets (5)
Healthcare & Pharmaceuticals
Ascent Midco, LLC (725,806 Class A units)
(17)n/a n/a
8.00% PIK
2/5/2020—  $726 $629 0.0 %
Bluesight, Inc. (528 Class A preferred units)
 n/a  n/a
9.00% PIK
7/17/2023—  528 528 0.0 %
Bluesight, Inc. (282,635 Class B common units)
— — 7/17/2023—    0.0 %
Caravel Autism Health, LLC (3,600 Class A units)
(17) n/a  n/a
8.00% PIK
6/11/2024—  3,600 3,600 0.2 %
Caravel Autism Health, LLC (4,011 Class B units)
(17)— — 6/11/2024—   521 0.0 %
Dorado Acquisition, Inc. (531,783 Class A-1 units)
— — 6/30/2021—  578 390 0.0 %
Dorado Acquisition, Inc. (531,783 Class A-2 units)
— — 6/30/2021—    0.0 %
Evolve Biologics Inc. (warrant to purchase up to 1.5% of the equity)
(12)— — 12/20/202212/20/2032   0.0 %
Evolve Biologics Inc. (warrant to purchase up to 1.2% of the equity)
(6)(12)— — 1/18/20241/18/2034  111 0.0 %
Forest Buyer, LLC (906 Class A units)
(17) n/a  n/a
8.00% PIK
3/15/2024—  906 841 0.1 %
Forest Buyer, LLC (906 Class B units)
(17)— — 3/15/2024—   849 0.1 %
INH Buyer, Inc. (2,713,147 A-1 units)
— — 12/16/2024—    0.0 %
INH Buyer, Inc. (3 preferred stock)
— — 12/16/2024—    0.0 %
KL Moon Acquisition, LLC (0.3% of the equity)
— — 1/31/2023—  1,010 229 0.0 %
NationsBenefits, LLC (369,827 Series B units)
(17)n/a n/a
5.00% PIK
8/20/2021—  2,498 5,523 0.3 %
NationsBenefits, LLC (326,667 common units)
(17)— — 8/20/2021—  468 2,805 0.1 %
NQ PE Project Colosseum Midco Inc. (1,364,614 common units)
— — 10/4/2022—  1,366 278 0.0 %
Seran BioScience, LLC (26,666 common units)
— — 7/30/2024—  267 637 0.0 %
Vero Biotech Inc. (warrant to purchase up to 2.3% of the equity)
— — 12/29/202312/29/2033  182 0.0 %
Xpress Wellness, LLC (18,310 Series A units)
— — 5/8/2024—  18,310 18,535 0.9 %
30,257 35,658 1.7 %
57

MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2024
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition
Date (3)
MaturityPrincipalAmortized
Cost
Fair Value (4)
% of Net
Assets (5)
High Tech Industries
Arcserve Cayman Opco LP (fka Arcstor Midco, LLC) (157,895 Class A common units)
— — 3/16/2021—  $10,982 $1,474 0.1 %
Arcserve Cayman Opco LP (fka Arcstor Midco, LLC) (294,118 Class B common units)
— — 1/2/2024—   2,745 0.1 %
Arcserve Cayman GP LLC (fka Arcstor Midco, LLC) (157,895 Class A common units)
— — 1/2/2024—    0.0 %
Arcserve Cayman GP LLC (fka Arcstor Midco, LLC) (294,118 Class B common units)
— — 1/2/2024—    0.0 %
Catalyst Data Holdings, Inc. (4,177 common units)
(34)— — 12/13/2024—  4,178 4,178 0.2 %
Douglas Holdings, Inc. (573,847 Class A common units)
— — 8/27/2024—  574 597 0.0 %
Drawbridge Partners, LLC (652,174 Class A-1 units)
— — 9/1/2022—  652 783 0.1 %
Jobnimbus Holdings, LLC (214,092 common units)
— — 11/6/2024—  790 790 0.1 %
Optomi, LLC (278 Class A units)
(17)— — 12/16/2021—  278 529 0.0 %
Recorded Future, Inc. (40,243 Class A units)
(31)— — 7/3/2019—  25 93 0.0 %
Reorganized Mobileum AcquisitionCo, LLC (fka Matrix Parent, Inc.) (37,185 shares of common stock)
(6)— — 9/12/2024—  1,877 735 0.0 %
Sparq Holdings, Inc. (600,000 common units)
— — 6/15/2023—  600 645 0.0 %
Unanet, Inc. (1,621,053 shares of common stock)
— — 12/5/2022—  1,622 2,804 0.1 %
ZI Intermediate II, Inc. (3,790 shares of common stock)
— — 5/13/2024—  3,790 3,920 0.2 %
25,368 19,293 0.9 %
Hotels, Gaming & Leisure
Equine Network, LLC (92 Class A units)
(17)— — 12/31/2020—  95 123 0.0 %
95 123 0.0 %
58

MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2024
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition
Date (3)
MaturityPrincipalAmortized
Cost
Fair Value (4)
% of Net
Assets (5)
Media: Advertising, Printing & Publishing
95 Percent Buyer, LLC (385,027 Class A units)
(17)n/a n/a
8.00% PIK
11/24/2021—  $385 $948 0.1 %
Calienger Holdings, L.L.C. (568,181 Class A units)
(17)— — 10/21/2022—  568 568 0.0 %
New Engen, Inc. (417 preferred units)
n/a n/a
8.00% PIK
12/27/2021—  417 532 0.0 %
New Engen, Inc. (5,067 Class B common units)
— — 12/27/2021—  5 1 0.0 %
Really Great Reading Company, Inc. (369 Series A units)
— — 12/9/2022—  369 329 0.0 %
Relevate Health Group, LLC (96 preferred units)
n/a n/a
12.00% PIK
11/20/2020—  96 63 0.0 %
Relevate Health Group, LLC (96 Class B common units)
— — 11/20/2020—    0.0 %
Relevate Health Group, LLC (14 Class X common units)
— — 11/14/2024—    0.0 %
Relevate Health Group, LLC (14 Class X preferred units)
n/an/a
12.00% PIK
11/14/2024—  14 14 0.0 %
Spherix Global Inc. (52 Class A-2 units)
— — 6/10/2024—  52 12 0.0 %
Spherix Global Inc. (333 Class A units)
— — 12/22/2021—  333  0.0 %
XanEdu Publishing, Inc. (65,104 Class A units)
n/a n/a
8.00% PIK
1/28/2020—  65 278 0.0 %
2,304 2,745 0.1 %
Media: Broadcasting & Subscription
Vice Acquisition Holdco, LLC (1,110,000 Class A units)
— — 7/31/2023—  1,110  0.0 %
1,110  0.0 %
Media: Diversified & Production
Chess.com, LLC (5 Class A units)
(17)— — 12/31/2021—  188 100 0.0 %
Research Now Group, Inc. and Survey Sampling International, LLC (50,029 shares of common stock)
(6)— — 7/15/2024—  1,525 888 0.1 %
Streamland Media MidCo LLC (warrant to purchase up to 0.2% of the equity)
— — 9/27/2024—    0.0 %
Streamland Media MidCo LLC (warrant to purchase up to 0.1% of the equity)
— — 12/10/2024—    0.0 %
1,713 988 0.1 %
59

MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2024
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition
Date (3)
MaturityPrincipalAmortized
Cost
Fair Value (4)
% of Net
Assets (5)
Services: Business
A360, Inc. (838 common units)
n/an/a
13.00% PIK
12/19/2024—  $888 $888 0.1 %
Argano, LLC (62,574 common units)
(17)— — 6/10/2021—  317 533 0.0 %
Cosmos Bidco, Inc. (2,250,000 Class A Membership Interest)
— — 9/15/2023—  2,250 2,780 0.1 %
ecMarket Inc. and Conexiom US Inc. (96,603 preferred shares)
(12)(37)— — 9/21/2021—  723 714 0.0 %
Edustaff, LLC (591 shares of common stock)
(17)— — 12/8/2022—  591 1,025 0.1 %
JDX Studio, LLC (799,232 Class A preferred units)
(17) n/a  n/a
 10.00% PIK
11/14/2024—  800 800 0.0 %
Northeast Contracting Company, LLC (5,364,700 Class A-2 units)
(17)— — 8/16/2024—  5,365 5,447 0.3 %
Onix Networking Corp. (2,000,000 shares of common stock)
— — 10/2/2023—  2,000 1,802 0.1 %
Parkhub, Inc. (1,049,936 Series A preferred units)
 n/a  n/a
8.00% PIK
4/9/2024—  1,500 1,502 0.1 %
Rampart Exterior Services Buyer, Inc. (2,206 Series A-2 preferred units)
 n/a  n/a
 10.00% PIK
8/6/2024—  2,206 2,176 0.1 %
Respida Software Equity CI LP (5,000,000 Series B Preferred Units)
(17)— — 4/9/2024—  4,850 5,039 0.3 %
Skillsoft Corp. (1,308 Class A shares)
(6)(12)(29)— — 6/11/2021—  508 31 0.0 %
21,998 22,737 1.2 %
Services: Consumer
Express Wash Acquisition Company, LLC (34,944 Class A common units)
(17)— — 11/15/2023—    0.0 %
Express Wash Acquisition Company, LLC (35 Class A preferred units)
(17) n/a  n/a
8.00% PIK
11/15/2023—  35 15 0.0 %
Express Wash Acquisition Company, LLC (164,381 Class B common units)
(17)— — 11/15/2023—    0.0 %
Express Wash Acquisition Company, LLC (164 Class B preferred units)
(17)— — 11/15/2023—  169  0.0 %
IDIG Parent, LLC (192,908 shares of common stock)
(17)(41)— — 1/4/2021—  197 188 0.0 %
Light Wave Dental Management, LLC (314,621 Class A units)
(17)— — 6/30/2023—  3,147 2,829 0.1 %
3,548 3,032 0.1 %
Telecommunications
American Broadband and Telecommunications Company LLC (warrant to purchase up to 0.4% of the equity)
— — 6/10/20226/10/2032 84 68 0.0 %
Sandvine Corporation (23,212 Class A units)
(6)— — 6/28/2024— 23   0.0 %
84 68 0.0 %
Transportation: Cargo
Epika Fleet Services, Inc. (44,348 preferred units)
— — 3/18/2024—  1,109 1,129 0.1 %
RS Acquisition, LLC (838,077 common units)
(17)— — 1/12/2022—  1,439 288 0.0 %
RS Acquisition, LLC (46,462 Series A preferred units)
(17) n/a  n/a
 10.00% PIK
12/30/2024—  46 47 0.0 %
2,594 1,464 0.1 %
60

MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2024
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition
Date (3)
MaturityPrincipalAmortized
Cost
Fair Value (4)
% of Net
Assets (5)
Utilities: Electric
Central Moloney, LLC (6,029 Class A preferred units)
 n/a  n/a
10.00% PIK
10/20/2023—  $3,509 $3,509 0.2 %
Central Moloney, LLC (6,029 Class B common units)
— — 10/20/2023—  996 10,189 0.5 %
Central Moloney, LLC (63 Class G units)
— — 4/4/2024—   66 0.0 %
4,505 13,764 0.7 %
Wholesale
IF & P Holdings Company, LLC (1,566 Class A preferred units)
— — 10/3/2022—  1,566 1,229 0.1 %
IF & P Holdings Company, LLC (1,566 Class B common units)
— — 10/3/2022—  10  0.0 %
1,576 1,229 0.1 %
Total Non-Controlled/Non-Affiliate Equity Investments117,276 123,035 6.0 %
Total Non-Controlled/Non-Affiliate Company Investments$3,847,683 $3,863,218 187.6 %
Non-Controlled Affiliate Company Investments (18)
Senior Secured Loans
Automotive
BTR Opco LLC (fka Born to Run, LLC) (Delayed Draw)(19)(20)(21)SF8.76 %
13.08% PIK
6/21/202412/31/20271,463 1,046 1,131 0.0 %
1,463 1,046 1,131 0.0 %
Healthcare & Pharmaceuticals
Summit Professional Education, LLC(11)SF6.36 %10.92 %4/25/20244/25/202910,249 10,061 10,244 0.5 %
Summit Professional Education, LLC (Revolver)(19)SF6.25 %10.80 %4/25/20244/25/20291,471 1,145 1,145 0.0 %
Whistler Parent Holdings III, Inc. (Delayed Draw)(19)(20)SF6.85 %
5.44% Cash/ 5.75% PIK
5/28/20246/2/20283,954 1,980 1,980 0.1 %
Whistler Parent Holdings III, Inc. (Revolver)(19)SF6.85 %
5.44% Cash/ 5.75% PIK
10/25/20246/2/20281,977 1,539 1,539 0.1 %
17,651 14,725 14,908 0.7 %
Services: Business
Nastel Technologies, LLC (7)SF6.61 %11.17 %9/21/20229/21/20273,500 3,451 3,478 0.2 %
Nastel Technologies, LLC (Revolver) (19)SF6.61 %11.17 %9/21/20229/21/2027368   0.0 %
Zodega Landscaping, LLC (6)SF7.86 %12.42 %10/6/202310/6/202812,375 11,944 12,431 0.6 %
Zodega Landscaping, LLC (Revolver) (19)SF7.86 %12.42 %10/6/202310/6/20281,984 992 992 0.0 %
18,227 16,387 16,901 0.8 %
Transportation: Cargo
SheerTrans Solutions, LLC SF8.11 %
8.46% Cash/ 4.00% PIK
7/29/20227/29/20275,261 5,200 5,261 0.3 %
SheerTrans Solutions, LLC SF8.11 %
8.46% Cash/ 4.00% PIK
2/15/20247/29/20271,503 1,478 1,503 0.1 %
SheerTrans Solutions, LLC (Revolver) (19)SF8.11 %
8.46% Cash/ 4.00% PIK
7/29/20227/29/20271,511 998 998 0.0 %
8,275 7,676 7,762 0.4 %
Total Non-Controlled Affiliate Senior Secured Loans45,616 39,834 40,702 1.9 %
61

MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2024
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition
Date (3)
MaturityPrincipalAmortized
Cost
Fair Value (4)
% of Net
Assets (5)
Junior Secured Loans
Automotive
BTR Opco LLC (fka Born to Run, LLC)(21)n/an/a
7.50% PIK
6/21/202412/31/20271,829 $1,692 $1,177 0.1 %
BTR Opco LLC (fka Born to Run, LLC)(21)n/an/a
5.00% PIK
6/21/202412/31/20279,423 8,716  0.0 %
11,252 10,408 1,177 0.1 %
FIRE: Real Estate
SFR Holdco, LLC (12)n/a n/a 8.00 %8/6/20218/11/20285,850 5,850 5,593 0.3 %
SFR Holdco, LLC (12)n/a n/a 8.00 %3/1/20228/11/20284,387 4,387 4,631 0.2 %
SFR Holdco 2, LLC (Delayed Draw)(12)(19)(20)n/a n/a 8.00 %10/24/202410/23/20295,119 2,267 2,267 0.1 %
15,356 12,504 12,491 0.6 %
Healthcare & Pharmaceuticals
Whistler Parent Holdings III, Inc.SF6.85 %
5.44% Cash/ 5.75% PIK
10/25/20246/2/202826,371 26,085 22,772 1.1 %
26,371 26,085 22,772 1.1 %
Total Non-Controlled Affiliate Junior Secured Loans52,979 48,997 36,440 1.8 %
Equity Investments (15)(16)(18)
Automotive
BTR Opco LLC (fka Born To Run, LLC) (659 Class A common units)
— — 6/21/2024—  639  0.0 %
639  0.0 %
FIRE: Finance
Triad Financial Services, Inc. ($4,803 of $41,855 equity commitment)
(12)(32)— — 6/13/2024—  4,803 4,803 0.2 %
4,803 4,803 0.2 %
FIRE: Real Estate
SFR Holdco, LLC (13.9% of equity commitments)
(12)— — 8/6/2021—  3,900 4,797 0.2 %
SFR Holdco, LLC (10.5% of equity commitments)
(12)— — 3/1/2022—  2,925 3,597 0.2 %
SFR Holdco 2, LLC (24.4% of equity commitments)
(12)— — 10/24/2024—  1,510 1,510 0.1 %
8,335 9,904 0.5 %
Healthcare & Pharmaceuticals
Summit Professional Education, LLC (16,676 Class A units)
(17)— — 4/25/2024—  16,676 16,676 0.8 %
Whistler Parent Holdings III, Inc. (518,970 Series A preferred stock)
— — 10/25/2024—    0.0 %
Whistler Parent Holdings III, Inc. (116,083 Series B preferred stock)
— — 10/25/2024—    0.0 %
16,676 16,676 0.8 %
High Tech Industries
ClearlyRated Capital, LLC (5,500,000 Class A units)
(17)— — 6/1/2023—  5,500 5,500 0.3 %
5,500 5,500 0.3 %
Services: Business
Nastel Technologies, LLC (3,408 Class A units)
(17)— — 9/21/2022—  3,408 4,611 0.2 %
Zodega Landscaping, LLC (146,757 preferred interests)
(33)— — 10/6/2023—  14,676 15,130 0.7 %
18,084 19,741 0.9 %
62

MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2024
(in thousands, except for shares and units)
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate
Acquisition
Date (3)
MaturityPrincipalAmortized
Cost
Fair Value (4)
% of Net
Assets (5)
Transportation: Cargo
SheerTrans Solutions, LLC (12,233,889 preferred interests)
(17)— — 7/29/2022—  $12,234 $11,989 0.6 %
12,234 11,989 0.6 %
Total Non-Controlled Affiliate Equity Investments66,271 68,613 3.3 %
Total Non-Controlled Affiliate Company Investments$155,102 $145,755 7.0 %
TOTAL INVESTMENTS $4,002,785 $4,008,973 194.6 %
63

MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2024
(in thousands, except for shares and units)
Derivative Instruments
Foreign currency forward contracts
DescriptionNotional Amount
to be Purchased
Notional Amount
to be Sold
CounterpartySettlement
Date
Unrealized Gain
(Loss)
Foreign currency forward contract$372 AUD568 Bannockburn Global Forex, LLC1/17/2025$20 
Foreign currency forward contract$365 AUD560 Bannockburn Global Forex, LLC2/18/202520 
Foreign currency forward contract$331 AUD506 Bannockburn Global Forex, LLC3/18/202517 
Foreign currency forward contract$365 AUD560 Bannockburn Global Forex, LLC4/16/202519 
Foreign currency forward contract$353 AUD542 Bannockburn Global Forex, LLC5/16/202517 
Foreign currency forward contract$364 AUD560 Bannockburn Global Forex, LLC6/18/202518 
Foreign currency forward contract$372 AUD557 Bannockburn Global Forex, LLC7/16/202528 
Foreign currency forward contract$373 AUD559 Bannockburn Global Forex, LLC8/18/202527 
Foreign currency forward contract$372 AUD557 Bannockburn Global Forex, LLC9/16/202527 
Foreign currency forward contract$359 AUD539 Bannockburn Global Forex, LLC10/17/202526 
Foreign currency forward contract$371 AUD557 Bannockburn Global Forex, LLC11/18/202526 
Foreign currency forward contract$358 AUD539 Bannockburn Global Forex, LLC12/16/202525 
Foreign currency forward contract$370 AUD556 Bannockburn Global Forex, LLC1/20/202625 
Foreign currency forward contract$367 AUD554 Bannockburn Global Forex, LLC2/17/202625 
Foreign currency forward contract$331 AUD500 Bannockburn Global Forex, LLC3/17/202622 
Foreign currency forward contract$30,584 AUD47,858 Bannockburn Global Forex, LLC4/20/2026970 
Foreign currency forward contract$396 GBP305 Bannockburn Global Forex, LLC1/6/202514 
Foreign currency forward contract$350 GBP270 Bannockburn Global Forex, LLC4/4/202512 
Foreign currency forward contract$334 GBP258 Bannockburn Global Forex, LLC7/7/202511 
Foreign currency forward contract$333 GBP257 Bannockburn Global Forex, LLC10/6/202510 
Foreign currency forward contract$329 GBP255 Bannockburn Global Forex, LLC1/6/202610 
Foreign currency forward contract$317 GBP246 Bannockburn Global Forex, LLC4/7/20269 
Foreign currency forward contract$328 GBP254 Bannockburn Global Forex, LLC7/6/20269 
Foreign currency forward contract$332 GBP259 Bannockburn Global Forex, LLC10/6/20269 
Foreign currency forward contract$341 GBP266 Bannockburn Global Forex, LLC1/6/20279 
Foreign currency forward contract$331 GBP258 Bannockburn Global Forex, LLC4/6/20278 
Foreign currency forward contract$332 GBP259 Bannockburn Global Forex, LLC7/6/20278 
Foreign currency forward contract$148 EUR141 Bannockburn Global Forex, LLC1/7/20252 
Foreign currency forward contract$348 EUR332 Bannockburn Global Forex, LLC4/4/20254 
Foreign currency forward contract$369 EUR352 Bannockburn Global Forex, LLC7/7/20255 
Foreign currency forward contract$380 EUR362 Bannockburn Global Forex, LLC10/6/20255 
Foreign currency forward contract$379 EUR360 Bannockburn Global Forex, LLC1/6/20266 
Foreign currency forward contract$370 EUR351 Bannockburn Global Forex, LLC4/6/20266 
Foreign currency forward contract$373 EUR354 Bannockburn Global Forex, LLC7/6/20266 
Foreign currency forward contract$376 EUR356 Bannockburn Global Forex, LLC10/6/20267 
Foreign currency forward contract$374 EUR354 Bannockburn Global Forex, LLC1/6/20277 
Foreign currency forward contract$363 EUR343 Bannockburn Global Forex, LLC4/6/20277 
Foreign currency forward contract$365 EUR345 Bannockburn Global Forex, LLC7/6/20278 
Foreign currency forward contract$367 EUR347 Bannockburn Global Forex, LLC10/6/20278 
Foreign currency forward contract$380 EUR359 Bannockburn Global Forex, LLC1/6/20289 
$1,501 
64

MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2024
(in thousands, except for shares and units)
____________________________________________________
(1)    All of the Company’s investments are issued by eligible portfolio companies, as defined in the Investment Company Act of 1940, as amended, (the “1940 Act”), unless otherwise noted. All of the Company’s investments are issued by U.S. portfolio companies unless otherwise noted.
(2)    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”), Prime Rate (“Prime” or “P”), or Sterling Overnight Index Average Rate ("SONIA" or "SN"), each of which reset daily, monthly, quarterly, or semiannually. For each such investment, the Company has provided the spread over SOFR, Prime, or SONIA, as applicable, and the current contractual interest rate in effect at December 31, 2024. Certain investments may be subject to an interest rate floor or rate cap. Certain investments contain a payment-in-kind (“PIK”) provision.
(3)    Except as otherwise noted, all of the Company’s portfolio company investments, which as of December 31, 2024 represented 194.6% of the Company’s net assets or 93.1% of the Company’s total assets, are subject to legal restrictions on sales.
(4)    Except as otherwise noted, because there is no readily available market value for these investments, the fair value of each 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).
(5)    Percentages are based on net assets of $2,059,727 as of December 31, 2024.
(6)    All or a portion of this security was held in MC Income Plus Financing SPV LLC (the “SPV”) as collateral for the Company’s secured revolving credit facility (the “SPV Credit Facility”) with KeyBank National Association. (See Note 7 in the accompanying notes to the consolidated financial statements).
(7)    All or a portion of this security was held in Monroe Capital Income Plus ABS Funding, LLC (the “2022 Issuer”) as collateral for the Company’s asset-backed securitization (the “2022 ABS”). (See Note 7 in the accompanying notes to the consolidated financial statements).
(8)    All or a portion of this security was held in MC Income Plus Financing SPV II LLC (the “SPV II”) as collateral for the Company’s senior secured term credit facility (the “SPV II Credit Facility”) with KeyBank National Association. (See Note 7 in the accompanying notes to the consolidated financial statements).
(9)    All or a portion of this security was held in Monroe Capital Income Plus ABS Funding II, LLC (the “2023 Issuer”) as collateral for the Company’s asset-backed securitization (the “2023 ABS”). (See Note 7 in the accompanying notes to the consolidated financial statements).
(10)    All or a portion of this security was held in MC Income Plus Financing SPV III LLC (the “SPV III”) as collateral for the Company’s secured revolving credit facility (the “SPV III Credit Facility”) with Goldman Sachs Bank USA. (See Note 7 in the accompanying notes to the consolidated financial statements).
(11)    All or a portion of this security was held in MC Income Plus Financing SPV IV LLC (the “SPV IV”) as collateral for the Company’s secured revolving credit facility (the “SPV IV Credit Facility”) with Capital One, National Association. (See Note 7 in the accompanying notes to the consolidated financial statements).
(12)    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, 2024, non-qualifying assets totaled 11.4% of the Company’s total assets.
(13)    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, is 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.
(14)    Represents less than 5% ownership of the portfolio company’s voting securities.
(15)    Ownership of certain equity investments may occur through a holding company or partnership.
(16)    Investments without an interest rate are non-income producing.
(17)    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.
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MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)
December 31, 2024
(in thousands, except for shares and units)
(18)    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).
(19)    All or a portion of this commitment was unfunded at December 31, 2024. As such, interest is earned only on the funded portion of this commitment.
(20)    This delayed draw loan requires that certain financial covenants be met by the portfolio company prior to any fundings by the Company.
(21)    This position was on non-accrual status as of December 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.
(22)    This loan is denominated in Canadian dollars and is translated into U.S. dollars as of the valuation date.
(23)    This loan is denominated in Great Britain pounds and is translated into U.S. dollars as of the valuation date.
(24)    This loan is denominated in Euros and is translated into U.S. dollars as of the valuation date.
(25)    This loan is denominated in Australian dollars and is translated into U.S. dollars as of the valuation date.
(26)    The investment is subject to a servicing agreement whereby the Fund earns a pooled effective yield of 18.1%.
(27)    The investment is subject to a servicing agreement whereby the Fund earns a pooled effective yield of 15.1%.
(28)    This is a demand note with no stated maturity.
(29)    The fair value of this investment was valued using Level 1 inputs. See Note 4 in the accompanying notes to the consolidated financial statements.
(30)    As of December 31, 2024, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $697.
(31)    As of December 31, 2024, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $8.
(32)    As of December 31, 2024, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $37,052 for a total commitment of $41,855.
(33)    As of December 31, 2024, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $1,197.
(34)    As of December 31, 2024, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $835.
(35)    Investment position or portion thereof unsettled as of December 31, 2024.
(36)    The headquarters of this portfolio company is located in Australia.
(37)    The headquarters of this portfolio company is located in Canada.
(38)    The headquarters of this portfolio company is located in Costa Rica.
(39)    The headquarters of this portfolio company is located in France.
(40)    The headquarters of this portfolio company is located in United Kingdom.
(41)    As of December 31, 2024, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $34.

n/a - not applicable
See Notes to Consolidated Financial Statements.
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MONROE CAPITAL INCOME PLUS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(in thousands, except share and per share data)

Note 1. Organization and Principal Business
Monroe Capital Income Plus Corporation (together with its subsidiaries, the “Company”) is a Maryland corporation that was formed as an externally managed, closed-end, non-diversified investment company. The Company is a specialty finance company organized to maximize the total return to the Company’s stockholders in the form of current income and capital appreciation through a variety of investments. The Company is managed by Monroe Capital BDC Advisors, LLC (“MC Advisors”). The Company 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, 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.
The Company may conduct private offerings, subject to approval by the Company’s Board of Directors (the “Board”). The Company is conducting its second best efforts, continuous private offering of its common stock to “accredited investors” in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”) pursuant to Regulation D under the Securities Act and to non-U.S. persons pursuant to Regulation S under the Securities Act. At each closing, an investor purchases shares of the Company’s common stock pursuant to a subscription agreement entered into with the Company. See Note 10 for additional information on the Company’s share activity.
On March 12, 2019, the Company created a wholly-owned subsidiary, MC Income Plus Financing SPV LLC (the “SPV”), for purposes of entering into a senior secured revolving credit facility (the “SPV Credit Facility”) with KeyBank National Association. See Note 7 for additional information on the SPV Credit Facility.
On April 7, 2022, the Company created a wholly-owned subsidiary, Monroe Capital Income Plus ABS Funding, LLC (the “2022 Issuer”), for purposes of completing an asset-backed securitization (the “2022 ABS”) and issuing secured notes through a private placement. See Note 7 for additional information on the 2022 ABS.
On December 20, 2022, the Company created a wholly-owned subsidiary, MC Income Plus Financing SPV II LLC (the “SPV II”), for purposes of entering into a senior secured term credit facility (the “SPV II Credit Facility”) with KeyBank National Association. See Note 7 for additional information on the SPV II Credit Facility.
On September 15, 2023, the Company created a wholly-owned subsidiary, Monroe Capital Income Plus ABS Funding II, LLC (the “2023 Issuer”), for purposes of completing an asset-backed securitization (the “2023 ABS”) and issuing secured notes through a private placement. See Note 7 for additional information on the 2023 ABS.
On January 24, 2024, the Company created a wholly-owned subsidiary, MC Income Plus Financing SPV III LLC (the “SPV III”), for purposes of entering into a senior secured revolving credit facility (the “SPV III Credit Facility”) with Goldman Sachs Bank USA. See Note 7 for additional information on the SPV III Credit Facility.
On May 31, 2024, the Company created a wholly-owned subsidiary, MC Income Plus Financing SPV IV LLC (the "SPV IV"), for purposes of entering into a senior secured revolving credit facility (the “SPV IV Credit Facility”) with Capital One, National Association. See Note 7 for additional information on the SPV IV Credit Facility.
On January 9, 2025, the Company created a wholly-owned subsidiary, MC Income Plus Financing SPV V LLC (the "SPV V"), for purposes of entering into a senior secured revolving credit facility (the “SPV V Credit Facility”) with Capital One, National Association. See Note 7 for additional information on the SPV V Credit Facility.
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MONROE CAPITAL INCOME PLUS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(in thousands, except share and per share data)
On October 21, 2024, certain affiliates, including but not limited to Monroe Capital Management Advisors, LLC (“MC Management”), Monroe Capital Investment Holdings, L.P. (the parent of MC Advisors), and Monroe Capital Intermediate Holdings, LLC (any such affiliate, collectively, “Monroe”), entered into an equity purchase agreement, pursuant to which Momentum US Bidco LLC, an affiliate of Wendel SE (collectively, with its affiliates, “Wendel”), agreed to acquire a 75% interest in Monroe, which would constitute a change of control of MC Advisors (the “Adviser Change in Control”). The Adviser Change in Control became effective on March 31, 2025. See Note 6 for additional information.
Note 2. Summary of Significant Accounting Policies
Basis of Presentation
The accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). The accompanying consolidated financial statements of the Company and related financial information have been prepared pursuant to the requirements for reporting on Form 10-Q and Articles 6 and 10 of Regulation S-X. The Company has determined it meets the definition of an investment company and follows the accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 Financial Services – Investment Companies (“ASC Topic 946”). Certain prior period amounts have been reclassified to conform to current period presentation.
As an emerging growth company, the Company intends to take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards.
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 SPV, SPV II, SPV III, SPV IV, SPV V, the 2022 Issuer, the 2023 Issuer (the "Non-Taxable Subsidiaries") and the Company’s wholly-owned taxable subsidiaries (the “Taxable Subsidiaries”, and together with the Non-Taxable Subsidiaries, the "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.
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 and cash equivalents, restricted cash and cash equivalents, receivables and payables approximate the fair value of such items due to the short maturity of such instruments.
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MONROE CAPITAL INCOME PLUS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(in thousands, except share and per share data)
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 recorded as other income in the period the service is completed.
Dividend income on preferred equity investments 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 investments is recorded on the record date for private portfolio companies. Each distribution received from limited liability company (“LLC”) and limited partnership (“LP”) investments is evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, the Company will not record distributions from equity investments in LLCs and LPs as dividend income unless there are sufficient accumulated tax-basis earnings and profits in the LLC or LP prior to the applicable distribution. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment. For the three months ended March 31, 2025 and 2024, the Company received return of capital distributions from its equity investments of $251 and zero, respectively.
The Company has certain investments in its portfolio that contain a payment-in-kind (“PIK”) provision, which represents contractual interest or dividends that are added to the principal balance and recorded as income. The Company stops accruing PIK interest or PIK dividends when it is determined that PIK interest or PIK dividends are no longer collectible. To maintain RIC tax treatment, and to avoid incurring corporate U.S. federal income tax, substantially all 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 amortized into interest income over the contractual life of the respective investment using the effective interest method. Unamortized discounts and loan origination fees totaled $61,844 and $60,656 as of March 31, 2025 and December 31, 2024, respectively. Upfront loan origination and closing fees received for the three months ended March 31, 2025 and 2024 totaled $13,541 and $8,894, respectively. Upon the prepayment of a loan or debt investment, any unamortized premium or discount or loan origination fees are recorded as interest income.
The components of the Company’s investment income were as follows:
Three months ended March 31,
20252024
Interest income$103,899 $77,074 
PIK interest income3,145 2,994 
Dividend income (1)
481 152 
Other income
455 101 
Prepayment gain (loss)1,324 1,061 
Accretion of discounts and amortization of premiums4,126 2,602 
Total investment income$113,430 $83,984 
_________________________________________
(1)During the three months ended March 31, 2025 and 2024, dividend income includes PIK dividends of $429 and $152, respectively.
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MONROE CAPITAL INCOME PLUS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(in thousands, except share and per share data)
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: Debt or preferred equity investments 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 debt or preferred equity investments are restored to accrual status when past due principal, interest, or dividends are paid, or are expected to be paid, and, in management’s judgment are likely to remain current. The Company may make exceptions to this policy and partially record interest if the loan has sufficient collateral value or is in process of collection and there is the expectation of collection of principal and a portion of the contractual interest. As of March 31, 2025 and December 31, 2024, there were 13 and 11 borrowers, respectively, with a debt or preferred equity investment on non-accrual status. The fair value of the Company’s investments on non-accrual status totaled $45,197 and $28,676 at March 31, 2025 and December 31, 2024, respectively.
Distributions
Distributions to stockholders are recorded on the applicable record date. The amount, if any, to be distributed to 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.
The Company has 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’ cash distributions will only be reinvested in additional shares of the Company’s common stock if a stockholder specifically “opts in” to the DRIP at least ten (10) days prior to the record date fixed by the Board. Shares issued under the DRIP will be issued at a price per share equal to the net asset value (“NAV”) per share as of the last day of the Company’s fiscal quarter immediately preceding the date that the distribution was declared.
Segment Reporting
In accordance with ASC Topic 280 Segment Reporting, the Company has determined that it has a single reporting segment and operating unit structure. As a result, the Company’s segment accounting policies are the same as described herein and the Company does not have any intra-segment sales and transfers of assets. See Note 13 for additional information on the Company’s segment accounting policies.
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MONROE CAPITAL INCOME PLUS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(in thousands, except share and per share data)
Cash and Cash Equivalents
Cash and cash equivalents, 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. As of March 31, 2025, the Company held cash denominated in foreign currencies of AUD 122 ($76 in U.S. Dollars), CAD 92 ($64 in U.S. Dollars), EUR 313 ($339 in U.S. Dollars) and GBP 742 ($959 in U.S. Dollars). As of December 31, 2024, the Company held cash denominated in foreign currency of EUR 14 ($14 in U.S. Dollars) and GBP 294 ($368 in U.S. Dollars).
Restricted Cash and Cash Equivalents
Restricted cash and cash equivalents includes amounts held within the Non-Taxable Subsidiaries. Cash and cash equivalents held within the Non-Taxable Subsidiaries is generally restricted to use for the originations of new investments, the repayment of outstanding debt and the related payment of interest expense and the quarterly release of earnings to the Company. Restricted cash and cash equivalents consists of cash, money market funds and short-term, highly liquid investments with original maturities of three months or less, and are subject to credit risk to the extent those balances exceed FDIC limitations. As of March 31, 2025 and December 31, 2024, restricted cash and cash equivalents consisted of the following:
March 31, 2025December 31, 2024
Restricted cash and cash equivalents:
SPV$28,904 $28,847 
SPV II8,419 20,764 
SPV III18,851 3,375 
SPV IV13,059 36,974 
SPV V1,215  
2022 Issuer51,148 25,102 
2023 Issuer10,515 9,328 
Total restricted cash and cash equivalents$132,111 $124,390 
Debt Issuance Costs
Debt issuance costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. As of March 31, 2025 and December 31, 2024, the Company had unamortized debt issuance costs of $24,029 and $23,351, 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 debt issuance costs for the three months ended March 31, 2025 and 2024 was $2,853 and $1,999, respectively.
Investments Denominated in 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.
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MONROE CAPITAL INCOME PLUS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(in thousands, except share and per share data)
Although the fair values of foreign portfolio company investments and the fluctuation in such fair values are translated into U.S. dollars using the applicable foreign exchange rates described above, the Company does not isolate the portion of the change in fair value resulting from foreign currency exchange rates fluctuations from the change in fair value of the underlying investment. All fluctuations in fair value are included in net change in unrealized gain (loss) on investments on the Company’s consolidated statements of operations.
Investments denominated in foreign currencies and foreign currency transactions may involve certain consideration and risks not typically associated with those of domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S. dollar.
Derivative Instruments
The Company has entered and may continue to 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, and intends to qualify annually, as a RIC under Subchapter M of the Code. As long as the Company maintains its status as a RIC, it generally will not be subject to U.S. federal income tax on any ordinary income or capital gains that it distributes at least annually to its stockholders.
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 the amount by which the Company's capital gain exceeds the Company's capital loss (adjusted for certain ordinary losses) for the one-year period ending October 31 in that calendar year and (iii) certain undistributed amounts from previous years on which the Company paid no U.S. federal income tax. 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, 2025 and 2024 the Company recorded a net expense on the consolidated statements of operations of $375 and $125, respectively, for U.S. federal excise tax. As of March 31, 2025 and December 31, 2024, the Company recorded an accrual for U.S. federal excise taxes of $325 and $1,050, 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 both the three months ended March 31, 2025 and 2024, the Company recorded net tax expenses of zero on the consolidated statements of operations for these subsidiaries. As of both March 31, 2025 and December 31, 2024, there were no payables for corporate-level income taxes.
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MONROE CAPITAL INCOME PLUS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(in thousands, except share and per share data)
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, 2025. The Company’s federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
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, 2025, except as disclosed in Note 14.
Recent Accounting Pronouncements
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) (“ASU 2023-09”), which updates income tax disclosure requirements related to rate reconciliation, income taxes paid and other disclosures. ASU 2023-09 is effective for public business entities for annual reporting periods beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. The Company is currently evaluating the impact of adopting ASU 2023-09; however, the Company does not expect a material impact on its consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (“ASU 2024-03”), which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning with the first quarter ended March 31, 2028. Early adoption and retrospective application are permitted. The Company is currently assessing the impact of this guidance; however, the Company does not expect a material impact on its consolidated financial statements.
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) as of March 31, 2025 and December 31, 2024:
March 31, 2025December 31, 2024
Amortized Cost:
Senior secured loans$3,909,791 86.5 %$3,469,869 86.7 %
Unitranche secured loans104,362 2.3 148,567 3.7 
Junior secured loans277,904 6.2 200,802 5.0 
Equity investments225,426 5.0 183,547 4.6 
Total$4,517,483 100.0 %$4,002,785 100.0 %
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MONROE CAPITAL INCOME PLUS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(in thousands, except share and per share data)
March 31, 2025December 31, 2024
Fair Value:
Senior secured loans$3,925,239 86.8 %$3,491,117 87.1 %
Unitranche secured loans103,073 2.3 148,531 3.7 
Junior secured loans254,222 5.6 177,677 4.4 
Equity investments238,093 5.3 191,648 4.8 
Total$4,520,627 100.0 %$4,008,973 100.0 %
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) as of March 31, 2025 and December 31, 2024. 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, 2025December 31, 2024
Amortized Cost:
United States:
Midwest$861,293 19.1 %$697,246 17.4 %
Northeast1,048,279 23.2 919,569 23.0 
Northwest122,524 2.7 81,085 2.0 
Southeast1,101,354 24.4 985,353 24.6 
Southwest493,941 11.0 489,467 12.2 
West691,255 15.3 643,709 16.1 
International198,837 4.3 186,356 4.7 
Total$4,517,483 100.0 %$4,002,785 100.0 %
March 31, 2025December 31, 2024
Fair Value:
United States:
Midwest$853,893 18.9 %$689,362 17.2 %
Northeast1,049,859 23.2 920,544 23.0 
Northwest124,943 2.8 83,285 2.1 
Southeast1,125,949 24.9 1,006,155 25.1 
Southwest493,257 10.9 494,694 12.3 
West683,208 15.1 636,530 15.9 
International189,518 4.2 178,403 4.4 
Total$4,520,627 100.0 %$4,008,973 100.0 %

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(in thousands, except share and per share data)
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) as of March 31, 2025 and December 31, 2024:
March 31, 2025December 31, 2024
Amortized Cost:
Aerospace & Defense$1,974 
0.0% *
$24,110 0.6 %
Automotive129,304 2.9 76,264 1.9 
Banking47,459 1.0 48,045 1.2 
Beverage, Food & Tobacco22,345 0.5 27,123 0.7 
Capital Equipment201,534 4.5 191,064 4.8 
Construction & Building192,178 4.3 217,997 5.4 
Consumer Goods: Durable97,848 2.2 74,112 1.8 
Consumer Goods: Non-Durable65,708 1.5 51,050 1.3 
Containers, Packaging & Glass40,610 0.9 40,180 1.0 
Energy: Oil & Gas132 
0.0 *
132 
0.0 *
Environmental Industries84,227 1.9 66,543 1.7 
FIRE: Finance262,718 5.8 234,481 5.9 
FIRE: Real Estate159,267 3.5 77,846 1.9 
Healthcare & Pharmaceuticals666,059 14.7 590,748 14.7 
High Tech Industries720,377 15.9 499,624 12.5 
Hotels, Gaming & Leisure95 
0.0 *
95 
0.0 *
Media: Advertising, Printing & Publishing182,488 4.0 195,966 4.9 
Media: Broadcasting & Subscription3,430 0.1 3,430 0.1 
Media: Diversified & Production94,793 2.1 112,124 2.8 
Retail14,544 0.3 14,570 0.4 
Services: Business898,224 19.9 888,565 22.2 
Services: Consumer303,470 6.7 240,050 6.0 
Telecommunications99,619 2.2 103,312 2.6 
Transportation: Cargo176,295 3.9 173,308 4.3 
Utilities: Electric4,505 0.1 4,505 0.1 
Wholesale48,280 1.1 47,541 1.2 
Total$4,517,483 100.0 %$4,002,785 100.0 %
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MONROE CAPITAL INCOME PLUS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(in thousands, except share and per share data)
March 31, 2025December 31, 2024
Fair Value:
Aerospace & Defense$1,638 
0.0% *
$23,854 0.6 %
Automotive119,335 2.6 66,253 1.7 
Banking42,102 0.9 43,672 1.1 
Beverage, Food & Tobacco22,606 0.5 27,414 0.7 
Capital Equipment196,356 4.4 187,727 4.7 
Construction & Building197,125 4.4 222,008 5.5 
Consumer Goods: Durable91,369 2.0 71,293 1.8 
Consumer Goods: Non-Durable63,050 1.4 48,784 1.2 
Containers, Packaging & Glass40,397 0.9 40,136 1.0 
Energy: Oil & Gas118 
0.0 *
118 
0.0 *
Environmental Industries85,078 1.9 68,253 1.7 
FIRE: Finance261,689 5.8 233,307 5.8 
FIRE: Real Estate163,570 3.6 81,966 2.1 
Healthcare & Pharmaceuticals664,385 14.7 594,527 14.8 
High Tech Industries720,984 15.9 497,616 12.4 
Hotels, Gaming & Leisure113 
0.0 *
123 
0.0 *
Media: Advertising, Printing & Publishing183,828 4.1 197,904 4.9 
Media: Broadcasting & Subscription853 
0.0 *
867 
0.0 *
Media: Diversified & Production93,683 2.1 111,259 2.8 
Retail14,743 0.3 14,566 0.4 
Services: Business913,742 20.2 901,082 22.5 
Services: Consumer304,529 6.7 240,488 6.0 
Telecommunications95,602 2.2 101,469 2.5 
Transportation: Cargo175,588 3.9 172,550 4.3 
Utilities: Electric20,073 0.4 13,764 0.3 
Wholesale48,071 1.1 47,973 1.2 
Total$4,520,627 100.0 %$4,008,973 100.0 %
_______________________________________________________
*Represents an amount less than 0.1%.
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.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(in thousands, except share and per share data)
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.
The Board has 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;
the Valuation Designee engages independent valuation firms to conduct independent appraisals of a selection of investments for which market quotations are not readily available. The Valuation Designee 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 in a particular quarter, 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
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(in thousands, except share and per share data)
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 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.
As of March 31, 2025, 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.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(in thousands, except share and per share data)
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 as of March 31, 2025 and December 31, 2024:
Fair Value Measurements
March 31, 2025 Level 1 Level 2Level 3Total
Investments, at fair value:
Senior secured loans$ $ $3,925,239 $3,925,239 
Unitranche secured loans  103,073 103,073 
Junior secured loans  254,222 254,222 
Equity investments143  237,950 238,093 
Total investments, at fair value:$143 $ $4,520,484 $4,520,627 
Foreign currency forward contracts asset (liability)$ $754 $ $754 
Fair Value Measurements
December 31, 2024Level 1Level 2Level 3Total
Investments, at fair value:
Senior secured loans$ $ $3,491,117 $3,491,117 
Unitranche secured loans  148,531 148,531 
Junior secured loans  177,677 177,677 
Equity investments149  191,499 191,648 
Total investments, at fair value:$149 $ $4,008,824 $4,008,973 
Foreign currency forward contracts asset (liability)$ $1,501 $ $1,501 
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 status, the contractual interest rates on the loans in the Company's investment portfolio ranged from 7.05% to 20.80% at March 31, 2025 and 5.50% to 20.80% at December 31, 2024. The maturity dates on the loans outstanding at March 31, 2025 range between June 2025 and February 2032.
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MONROE CAPITAL INCOME PLUS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(in thousands, except share and per share data)
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, 2025 and 2024:
Investments
Senior
secured loans
Unitranche
secured loans
Junior
secured loans
Equity
investments
Total
investments
Balance as of December 31, 2024$3,491,117 $148,531 $177,677 $191,499 $4,008,824 
Net realized gain (loss) on investments142   (24)118 
Net change in unrealized gain (loss) on investments(5,022)(1,253)(1,334)4,571 (3,038)
Purchases of investments and other adjustments to cost (1)
605,995 343 79,552 40,053 725,943 
Proceeds from principal payments and sales of investments (2)
(166,479)(44,548)(89)(247)(211,363)
Reclassifications (3)
(514) (1,584)2,098  
Balance as of March 31, 2025$3,925,239 $103,073 $254,222 $237,950 $4,520,484 
Investments
Senior
secured loans
Unitranche
secured loans
Junior
secured loans
Equity
investments
Total
investments
Balance as of December 31, 2023$2,171,243 $184,853 $87,986 $84,062 $2,528,144 
Net realized gain (loss) on investments   4 4 
Net change in unrealized gain (loss) on investments7,285 727 3,334 (3,754)7,592 
Purchases of investments and other adjustments to cost (1)
340,806 2,438 15,059 10,487 368,790 
Proceeds from principal payments and sales of investments (2)
(75,787)(13,681)(274)(619)(90,361)
Reclassifications (3)
(10,590) (3,662)14,252  
Transfers in (out) of Level 3 (4)
   (133)(133)
Balance as of March 31, 2024$2,432,957 $174,337 $102,443 $104,299 $2,814,036 
_________________________________________
(1)Includes purchases of new investments, effects of refinancing and restructurings, premium and discount accretion and amortization and PIK interest capitalized.
(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, 2025, attributable to Level 3 investments still held at March 31, 2025, was $(1,819). 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, attributable to Level 3 investments still held at March 31, 2024, was $3,698. Reclassifications impacting Level 3 of the fair value hierarchy are reported as transfers in or out of Level 3 as of the beginning of the period in which the reclassifications occur. There were no transfers among Levels 1, 2 and 3 for the three months ended March 31, 2025. During the three months ended March 31, 2024, one investment transferred from Level 3 to Level 1 as a result of a restructuring.
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MONROE CAPITAL INCOME PLUS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(in thousands, except share and per share data)
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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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(in thousands, except share and per share data)
The following table presents quantitative information about the valuation techniques and significant unobservable inputs of the Company's Level 3 investments as of March 31, 2025:
Fair ValueValuation
Technique
Unobservable
Input
Weighted
Average
Mean (1)
Range
Minimum Maximum
Assets:
Senior secured loans$2,481,154 Discounted cash flowEBITDA multiples
10.8x
3.3x
36.4x
Market yields10.3 %7.8 %21.5 %
Senior secured loans1,024,525 Discounted cash flowRevenue multiples
7.8x
1.0x
18.6x
Market yields10.0 %8.0 %14.5 %
Senior secured loans14,489 Enterprise valueRevenue multiples
1.7x
0.2x
5.0x
Senior secured loans8,973 Enterprise valueEBITDA multiples
6.1x
5.0x
12.5x
Senior secured loans5,194 LiquidationProbability weighting of alternative outcomes51.3 %51.3 %51.3 %
Unitranche secured loans85,845 Discounted cash flowEBITDA multiples
10.3x
8.5x
11.3x
Market yields11.8 %8.9 %15.2 %
Unitranche secured loans17,228 Discounted cash flowRevenue multiples
6.0x
6.0x
6.0x
Market yields13.4 %13.4 %13.4 %
Junior secured loans188,722 Discounted cash flowMarket yields14.7 %13.0 %17.7 %
Junior secured loans23,292 Enterprise valueRevenue multiples
4.7x
0.3x
5.0x
Junior secured loans3,883 Enterprise valueEBITDA multiples
8.6x
7.3x
12.5x
Equity investments174,049 Enterprise valueEBITDA multiples
11.4x
5.9x
17.5x
Equity investments52,044 Enterprise valueRevenue multiples
3.8x
0.4x
12.0x
Equity investments8,511 Option pricing modelVolatility46.7 %24.0 %63.0 %
Total Level 3 Assets (1)
$4,087,909 (2)
_________________________________________
(1)The weighted average mean of unobservable inputs is based on the fair value of investments.
(2)Excludes investments of $432,575 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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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(in thousands, except share and per share data)
The following table presents quantitative information about the valuation techniques and significant unobservable inputs of the Company's Level 3 investments as of December 31, 2024:
Fair ValueValuation
Technique
Unobservable
Input
Weighted
Average
Mean (1)
Range
MinimumMaximum
Assets:
Senior secured loans$2,224,530 Discounted cash flowEBITDA multiples
11.1x
5.3x
35.9x
 Market yields10.4 %8.2 %21.8 %
Senior secured loans931,531 Discounted cash flowRevenue multiples
7.6x
1.0x
18.0x
Market yields10.6 %8.5 %25.5 %
Senior secured loans17,392 Enterprise valueEBITDA multiples
10.1x
6.5x
13.0x
Senior secured loans15,818 Enterprise valueRevenue multiples
1.6x
0.3x
5.3x
Senior secured loans6,042 LiquidationProbability weighting of alternative outcomes59.7 %59.7 %59.7 %
Unitranche secured loans114,503 Discounted cash flowEBITDA multiples
10.2x
8.0x
11.3x
Market yields12.0 %9.2 %16.2 %
Unitranche secured loans34,028 Discounted cash flowRevenue multiples
6.3x
6.3x
6.3x
Market yields13.9 %13.9 %13.9 %
Junior secured loans108,449 Discounted cash flowMarket yields14.8 %12.6 %17.7 %
Junior secured loans26,886 Enterprise valueRevenue multiples
4.6x
0.3x
5.3x
Junior secured loans3,752 Enterprise valueEBITDA multiples
7.0x
7.0x
7.0x
Equity investments127,944 Enterprise valueEBITDA multiples
11.3x
3.6x
20.5x
Equity investments51,219 Enterprise valueRevenue multiples
3.6x
0.4x
11.0x
Equity investments9,065 Option pricing modelVolatility46.4 %24.0 %65.0 %
Total Level 3 Assets$3,671,159 (2)
_________________________________________
(1)The weighted average mean of unobservable inputs is based on the fair value of investments.
(2)Excludes investments of $337,665 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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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(in thousands, except share and per share data)
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 includes 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 restricted cash and cash equivalents, receivables and payables approximate the fair value of such items due to the short maturity of such instruments.
Fair value is estimated by discounting remaining payments using applicable market rates or market quotes for similar instruments at the measurement date, if applicable. The following table presents the carrying values and fair values of the Company's debt as of March 31, 2025 and December 31, 2024:
March 31, 2025December 31, 2024
Carrying Value(1)
Fair Value
Carrying Value(1)
Fair Value
Revolving Credit Facility(2)
$536,587 $536,587 $474,756 $474,756 
SPV Credit Facility156,827 156,827 239,889 239,889 
SPV II Credit Facility175,465 175,465 194,574 194,574 
SPV III Credit Facility119,129 119,129 73,722 73,722 
SPV IV Credit Facility311,823 311,823 245,185 245,185 
SPV V Credit Facility35,124 35,124   
2022 ABS283,030 278,115 293,393 287,178 
2023 ABS206,560 209,624 206,369 209,100 
2028 Notes198,294 201,143 198,178 200,545 
2029 Notes202,388 203,464 202,296 202,585 
Total Debt$2,225,227 $2,227,301 $2,128,362 $2,127,534 
_____________________________________________
(1)Represents the principal amount outstanding, less unamortized debt issuance costs.
(2)Amounts include borrowings denominated in foreign currencies converted at the period end exchange rate.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(in thousands, except share and per share data)
The below table presents fair value measurements of the Company’s debt obligations according to the fair value hierarchy as of as of March 31, 2025 and December 31, 2024:
March 31, 2025December 31, 2024
Level 1
$ $ 
Level 2
  
Level 3
2,227,301 2,127,534 
Total Debt$2,227,301 $2,127,534 

Note 5. Transactions with Affiliate 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 for each investment. Transactions related to the Company’s investments with affiliates for the three months ended March 31, 2025 and 2024 were as follows:
Portfolio CompanyFair value at
December 31,
2024
Transfers
in (out) (1)
Purchases
(cost)
Sales and
paydowns
(cost)
PIK
interest
capitalized
(cost)
Discount
accretion
Net
realized
gain (loss)
Net
change in unrealized
gain (loss)
Fair value at
March 31, 2025
Non-controlled affiliate company investment:
BTR Opco LLC$1,177 $ $ $ $ $ $ $120 $1,297 
BTR Opco LLC         
BTR Opco LLC (Delayed Draw)1,131       38 1,169 
BTR Opco LLC (659 Class A common units)
         
2,308       158 2,466 
ClearlyRated Capital, LLC (5,500,000 Class A units)
5,500        5,500 
5,500        5,500 
MC Voyager SPV II LLC ($7,490 of $45,000 equity commitment)
  7,490     (150)7,340 
  7,490     (150)7,340 
Nastel Technologies, LLC3,478     4   3,482 
Nastel Technologies, LLC (Revolver)         
Nastel Technologies, LLC (3,408 Class A units)
4,611       34 4,645 
8,089     4  34 8,127 
SFR Holdco, LLC5,593       125 5,718 
SFR Holdco, LLC4,631       110 4,741 
SFR Holdco, LLC (13.9% of equity commitments)
4,797       122 4,919 
SFR Holdco, LLC (10.5% of equity commitments)
3,597       92 3,689 
18,618       449 19,067 
SFR Holdco 2, LLC (Delayed Draw)2,267  1,425     48 3,740 
SFR Holdco 2, LLC (24.4% of equity commitments)
1,510  950     32 2,492 
3,777  2,375     80 6,232 
SheerTrans Solutions, LLC5,261   (12)53 7  (7)5,302 
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(in thousands, except share and per share data)
Portfolio CompanyFair value at
December 31,
2024
Transfers
in (out) (1)
Purchases
(cost)
Sales and
paydowns
(cost)
PIK
interest
capitalized
(cost)
Discount
accretion
Net
realized
gain (loss)
Net
change in unrealized
gain (loss)
Fair value at
March 31, 2025
SheerTrans Solutions, LLC1,503   (4)15 2  (2)1,514 
SheerTrans Solutions, LLC (Revolver)998    11    1,009 
SheerTrans Solutions, LLC (12,233,889 preferred interests)
11,989       245 12,234 
19,751   (16)79 9  236 20,059 
Summit Professional Education, LLC10,244   (26) 12  94 10,324 
Summit Professional Education, LLC (Revolver)1,145   (1,145)     
Summit Professional Education, LLC (18,781 Class A units)
16,676  2,105      18,781 
28,065  2,105 (1,171) 12  94 29,105 
Triad Financial Services, Inc. ($4,803 of $41,855 equity commitment)
4,803        4,803 
4,803        4,803 
Whistler Parent Holdings III, Inc.22,772    385 27  (1,618)21,566 
Whistler Parent Holdings III, Inc. (Delayed Draw)1,980  414  31    2,425 
Whistler Parent Holdings III, Inc. (Revolver)1,539    22    1,561 
Whistler Parent Holdings III, Inc. (518,970 Series A preferred stock)
         
Whistler Parent Holdings III, Inc. (116,083 Series B preferred stock)
         
26,291  414  438 27  (1,618)25,552 
YBR OZ ECE, LLC  1,960   2  (2)1,960 
YBR OZ ECE, LLC (Delayed Draw)         
YBR OZ ECE, LLC (Revolver)         
YBR OZ ECE, LLC (6,875 Class A units)
  6,875      6,875 
  8,835   2  (2)8,835 
Zodega Landscaping, LLC12,431   (30) 27  2 12,430 
Zodega Landscaping, LLC (Revolver)992        992 
Zodega Landscaping, LLC (146,757 preferred interests)
15,130       494 15,624 
28,553   (30) 27  496 29,046 
Total non-controlled affiliate company investments$145,755 $ $21,219 $(1,217)$517 $81 $ $(223)$166,132 
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(in thousands, except share and per share data)
Portfolio CompanyFair value at
December 31,
2023
Transfers
in (out) (1)
Purchases
(cost)
Sales and
paydowns
(cost)
PIK
interest
capitalized
 (cost)
Discount
accretion
Net
realized
gain (loss)
Net
change in unrealized
gain (loss)
Fair value at
March 31, 2024
Non-controlled affiliate company investment:
ClearlyRated Capital, LLC (5,500,000 Class A units)
$5,500 $ $ $ $ $ $ $ $5,500 
5,500        5,500 
Nastel Technologies, LLC3,500     3  (16)3,487 
Nastel Technologies, LLC (Revolver)         
Nastel Technologies, LLC (3,408 Class A units)
4,226       170 4,396 
7,726     3  154 7,883 
Second Avenue SFR Holdings II LLC (Revolver) (2)
3,323        3,323 
3,323        3,323 
SFR Holdco, LLC6,557       (1,024)5,533 
SFR Holdco, LLC4,917       (405)4,512 
SFR Holdco, LLC (13.9% of equity commitments)
4,371       75 4,446 
SFR Holdco, LLC (10.5% of equity commitments)
3,278       56 3,334 
19,123       (1,298)17,825 
SheerTrans Solutions, LLC5,101   (13)53 5  (6)5,140 
SheerTrans Solutions, LLC  1,436 (3)7 1  27 1,468 
SheerTrans Solutions, LLC (Revolver)959    9    968 
SheerTrans Solutions, LLC (9,191,624 preferred interests)
9,192  3,042     (122)12,112 
15,252  4,478 (16)69 6  (101)19,688 
Zodega Landscaping, LLC11,969   (30) 21  546 12,506 
Zodega Landscaping, LLC (Revolver)         
Zodega Landscaping, LLC (124,206 preferred interests)
12,421       56 12,477 
24,390   (30) 21  602 24,983 
Total non-controlled affiliate company investments$75,314 $ $4,478 $(46)$69 $30 $ $(643)$79,202 
_________________________________________
(1)Transfers in (out) may include increases (decreases) in the cost basis of investments resulting from the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this affiliated category from a different category as a result of a restructuring.
(2)Second Avenue SFR Holdings II LLC is a related entity to SFR Holdco, LLC and SFR Holdco 2, LLC and is presented as a non-controlled affiliate for that reason.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(in thousands, except share and per share data)
For the three months ended March 31,
20252024
Portfolio CompanyInterest
Income
Dividend IncomeOther IncomeInterest
Income
Dividend IncomeOther Income
Non-controlled affiliate company investments:
BTR Opco LLC$ $ $ $ n/a$ n/a$ n/a
BTR Opco LLC   n/an/an/a
BTR Opco LLC (Delayed Draw)   n/an/an/a
BTR Opco LLC (Class A units)   n/an/an/a
      
ClearlyRated Capital (Class A units)      
      
MC Voyager SPV II LLC (Equity commitment)   n/an/an/a
      
Nastel Technologies, LLC100   109   
Nastel Technologies, LLC (Revolver)      
Nastel Technologies, LLC (Class A units)      
100   109   
Second Avenue SFR Holdings II LLC (Revolver) (1)
n/an/an/a104   
   104   
SFR Holdco, LLC147   117   
SFR Holdco, LLC102   88   
SFR Holdco, LLC (LLC interest)      
SFR Holdco, LLC (LLC interest)      
249   205   
SFR Holdco 2, LLC (Delayed Draw)55   n/an/an/a
SFR Holdco 2, LLC (LLC interest)  n/an/an/a
55      
SheerTrans Solutions, LLC171   179   
SheerTrans Solutions, LLC48   26   
SheerTrans Solutions, LLC (Revolver)32   33   
SheerTrans Solutions, LLC (Preferred interests)      
251   238   
Summit Professional Education, LLC286   n/an/an/a
Summit Professional Education, LLC (Revolver)14   n/an/an/a
Summit Professional Education, LLC (Class A units)   n/an/an/a
300      
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(in thousands, except share and per share data)
For the three months ended March 31,
20252024
Portfolio CompanyInterest
Income
Dividend IncomeOther IncomeInterest
Income
Dividend IncomeOther Income
Triad Financial Services, Inc. (Equity commitment)   n/an/an/a
      
Whistler Parent Holdings III, Inc.767   n/an/an/a
Whistler Parent Holdings III, Inc. (Delayed Draw)60   n/an/an/a
Whistler Parent Holdings III, Inc. (Revolver)44   n/an/an/a
Whistler Parent Holdings III, Inc. (Series A preferred stock)   n/an/an/a
Whistler Parent Holdings III, Inc. (Series B preferred stock)   n/an/an/a
871      
YBR OZ ECE, LLC41   n/an/an/a
YBR OZ ECE, LLC (Delayed Draw)2   n/an/an/a
YBR OZ ECE, LLC (Revolver)   n/an/an/a
YBR OZ ECE, LLC (Class A units)   n/an/an/a
43      
Zodega Landscaping, LLC405   439   
Zodega Landscaping, LLC (Revolver)31   3   
Zodega Landscaping, LLC (Preferred interests)      
436   442   
Total non-controlled affiliate company investments$2,305 $ $ $1,098 $ $ 
_________________________________________
(1)Second Avenue SFR Holdings II LLC is a related entity to SFR Holdco, LLC and SFR Holdco 2, LLC and is presented as a non-controlled affiliate for that reason.
Note 6. Transactions with Related Parties
On March 31, 2025, in connection with the change of control transaction in which an affiliate of Wendel SE acquired 75% of the outstanding equity interests in certain affiliates of Monroe Capital LLC, including MC Advisors (the "Wendel Transaction"), the Company entered into the Amended and Restated Investment Advisory and Management Agreement with MC Advisors (the “Amended Investment Advisory Agreement”). The terms of the Amended Investment Advisory Agreement, including the fee structure and services to be provided, remain unchanged from the previous investment advisory and management agreement, dated December 5, 2018 (the "Original Investment Advisory Agreement"). The Original Investment Advisory Agreement terminated pursuant to its terms as a result of the Wendel Transaction in accordance with the requirements of the 1940 Act. Under the terms of the Amended Investment Advisory Agreement, MC Advisors, subject to the overall supervision of the Board, continues to provide investment advisory services to the Company. The Company pays MC Advisors a fee for its services under the Amended Investment Advisory Agreement consisting of two components – a base management fee and an incentive fee as reduced by a fee waiver letter from April 18, 2022. 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.
On April 18, 2022, MC Advisors agreed to permanently waive a portion of the base management and incentive fees payable by the Company to MC Advisors under the Original Investment Advisory Agreement pursuant to a fee waiver letter. The base management fee waiver took effect beginning April 1, 2022 and the incentive fee waivers took effect beginning January 1, 2022. The fee waiver letter agreement shall remain in effect and continue to apply to the base management and incentive fees payable under the Amended Investment Advisory Agreement.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(in thousands, except share and per share data)
The base management fee is calculated at an annual rate of 1.25% of average total assets (reduced from 1.50% pursuant to the fee waiver letter agreement described above), which includes assets financed using leverage. Following any future quotation or listing of the Company’s securities on a national securities exchange (an “Exchange Listing”) or any future quotation or listing of its securities on any other public trading market, the base management fee will be calculated at an annual rate of 1.75% of average invested assets (calculated as total assets excluding cash). The base management fee is payable in arrears.
Base management fees for the three months ended March 31, 2025 and 2024 were $14,076 and $8,620, respectively.
The incentive fee consists of two parts. The first part is calculated and payable quarterly in arrears based on the Company’s pre-incentive fee net investment income for the preceding quarter. Pre-incentive fee net investment income means interest income, dividend income and any other income (including any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies but excluding fees for providing managerial assistance) accrued during the calendar quarter, minus operating expenses for the quarter (including the base management fee), any expenses payable under the administration agreement (the “Administration Agreement”) between the Company and MC Management and any interest expense and dividends paid on any outstanding preferred stock, but excluding the incentive fee. Pre-incentive fee net investment income will include, in the case of investments with a deferred interest feature such as market discount, debt instruments with PIK interest, preferred stock with PIK dividends and zero-coupon securities, accrued income that the Company has not yet received in cash. MC Advisors is not under any obligation to reimburse the Company for any part of the incentive fee it receives that was based on accrued interest that the Company never actually receives.
Pre-incentive fee net investment income does not include any realized capital gains or losses or unrealized capital gains or losses. If any distributions from portfolio companies are characterized as a return of capital, such returns of capital would affect the capital gains incentive fee to the extent a gain or loss is realized. Because of the structure of the incentive fee, it is possible that the Company may pay an incentive fee in a quarter where it incurs a loss. For example, if the Company receives pre-incentive fee net investment income in excess of the hurdle rate (as defined below) for a quarter, the Company will pay the applicable incentive fee even if it has incurred a loss in that quarter due to realized and unrealized capital losses.
Pre-incentive fee net investment income, expressed as a rate of return on the value of the Company’s net assets (defined as total assets less indebtedness and before taking into account any incentive fees payable during the period) at the end of the immediately preceding calendar quarter, is compared to a fixed “hurdle rate” of 1.50% per quarter (6% annually).
Prior to an Exchange Listing, the Company shall pay MC Advisors an incentive fee with respect to its pre-incentive fee net investment income in each calendar quarter as follows:
no incentive fee in any calendar quarter in which the pre-incentive fee net investment income does not exceed the hurdle rate of 1.50% (6% annually);
100% of the Company’s pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 1.7143% (reduced from 1.76% pursuant to the fee waiver letter effective April 1, 2022) in any calendar quarter prior to an Exchange Listing or 1.88% in any calendar quarter following an Exchange Listing. This portion of the Company’s pre-incentive fee net investment income is referred to as the “catch-up” provision; and
prior to an Exchange Listing, 12.5% of the amount of the Company’s pre-incentive fee net investment income (a reduction from 15.0% of the amount of the Company’s pre-incentive fee net income), if any, that exceeds 1.7143% (reduced from 1.76% pursuant to the fee waiver letter effective April 1, 2022) in any calendar quarter, and following an Exchange Listing, 20% of the amount of the Company’s pre-incentive fee net investment income, if any, that exceeds 1.88% in any calendar quarter.
These calculations are appropriately prorated for any period of less than three months and adjusted for any share issuances or repurchases during the current quarter.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(in thousands, except share and per share data)
The second part of the incentive fee is a capital gains incentive fee that is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Amended Investment Advisory Agreement, as of the termination date), and equals 12.5% (reduced from 15.0% effective January 1, 2022 pursuant to the fee waiver letter) of the Company’s realized capital gains as of the end of the fiscal year. In determining the capital gains incentive fee payable to MC Advisors, the Company calculates the cumulative aggregate realized capital gains and cumulative aggregate realized capital losses since the Company’s inception, and the aggregate unrealized capital depreciation as of the date of the calculation, as applicable, with respect to each of the investments in the Company’s portfolio. For this purpose, cumulative aggregate realized capital gains, if any, equals the sum of the differences between the net sales price of each investment, when sold, and the amortized cost of such investment. Cumulative aggregate realized capital losses equals the sum of the amounts by which the net sales price of each investment, when sold, is less than the amortized cost of such investment since the Company’s inception. Aggregate unrealized capital depreciation equals the sum of the difference, if negative, between the valuation of each investment as of the applicable calculation date and the amortized cost of such investment. At the end of the applicable year, the amount of capital gains that will serve as the basis for the calculation of the capital gains incentive fee equals the cumulative aggregate realized capital gains less cumulative aggregate realized capital losses, less aggregate unrealized capital depreciation, with respect to the Company’s portfolio of investments. If this number is positive at the end of such year, then the capital gains incentive fee for such year equals 12.5% of such amount, less the aggregate amount of any capital gains incentive fees paid in respect of the Company’s portfolio in all prior years.
While the Amended Investment Advisory Agreement with MC Advisors neither includes nor contemplates the inclusion of unrealized gains in the calculation of the capital gains incentive fee, pursuant to an interpretation of an American Institute for Certified Public Accountants Technical Practice Aid for investment companies, the Company includes 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 the Company’s 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.
The composition of the Company’s incentive fees for the three months ended March 31, 2025 and 2024 was as follows:
Three months ended March 31,
20252024
Part one incentive fees (1)
$7,089 $5,719 
Part two incentive fees (2)
(803)1,325 
Total incentive fees$6,286 $7,044 
_________________________________________
(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 12.5% of the sum of net realized gain (loss) plus net unrealized gain (loss).

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(in thousands, except share and per share data)
Under the Administration Agreement, 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, 2025 and 2024, the Company incurred $2,640 and $2,227, 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 $962 and $645, respectively, was related to MC Management overhead and salary allocation and paid directly to MC Management. As of March 31, 2025 and December 31, 2024, $964 and $805, 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, 2025 and December 31, 2024, the Company had accounts payable to members of the Board of $38 and zero, respectively, representing accrued and unpaid fees for their services.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(in thousands, except share and per share data)
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, 2025 and December 31, 2024, the Company’s asset coverage ratio based on aggregate borrowings outstanding was 209% and 196%, respectively.
The Company’s outstanding debt as of March 31, 2025 was as follows:
March 31, 2025
Aggregate
Principal
Amount
Committed (1)
Principal
Amount
Outstanding
Carrying Value (2)
Unamortized Debt Issuance Costs
Revolving Credit Facility (3)
$682,500 $542,660 $536,587 $6,073 
SPV Credit Facility450,000160,000156,8273,173
SPV II Credit Facility176,527176,527175,4651,062
SPV III Credit Facility
200,000121,000119,1291,871
SPV IV Credit Facility350,000315,000311,8233,177
SPV V Credit Facility250,00037,70035,1242,576
2022 ABS (4)
283,269283,269283,030239
2023 ABS (5)
209,100209,100206,5602,540
2028 Notes200,000200,000198,2941,706
2029 Notes204,000204,000202,3881,612
Total$3,005,396 $2,249,256 $2,225,227 $24,029 
_________________________________________
(1)Represents the total aggregate amount committed or outstanding, as applicable, under such instrument.
(2)Represents the principal amount outstanding, less unamortized debt issuance costs.
(3)Principal amount outstanding includes borrowings denominated in foreign currencies converted at the period end exchange rate.
(4)As of March 31, 2025, the 2022 Class C Notes and 2022 Subordinated Notes (each as defined below) totaling $33,442 and $82,875, respectively, are excluded from the total aggregate principal amount committed/outstanding amount as these notes are eliminated in consolidation.
(5)As of March 31, 2025, the 2023 Subordinated Notes (as defined below) totaling $45,900 are excluded from the total aggregate principal amount committed/outstanding amount as these notes are eliminated in consolidation.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(in thousands, except share and per share data)
The Company’s outstanding debt as of December 31, 2024 was as follows:
December 31, 2024
Aggregate
Principal
Amount
Committed (1)
Principal
Amount
Outstanding
Carrying Value (2)
Unamortized Debt Issuance Costs
Revolving Credit Facility (3)
$652,500 $481,106 $474,756 $6,350 
SPV Credit Facility450,000243,300239,8893,411
SPV II Credit Facility195,998195,998194,5741,424
SPV III Credit Facility
100,00075,00073,7221,278
SPV IV Credit Facility350,000248,600245,1853,415
2022 ABS (4)
294,609294,609293,3931,216
2023 ABS (5)
209,100209,100206,3692,731
2028 Notes200,000200,000198,1781,822
2029 Notes204,000204,000202,2961,704
Total$2,656,207 $2,151,713 $2,128,362 $23,351 
_________________________________________
(1)Represents the total aggregate amount committed or outstanding, as applicable, under such instrument.
(2)Represents the principal amount outstanding, less unamortized debt issuance costs.
(3)Principal amount outstanding includes borrowings denominated in foreign currencies converted at the period end exchange rate.
(4)As of December 31, 2024, the 2022 Class C Notes and 2022 Subordinated Notes (each as defined below) totaling $34,780 and $82,875, respectively, are excluded from the total aggregate principal amount committed/outstanding amount as these notes are eliminated in consolidation.
(5)As of December 31, 2024, the 2023 Subordinated Notes (as defined below) totaling $45,900 are excluded from the total aggregate principal amount committed/outstanding amount as these notes are eliminated in consolidation.

Credit Facilities
Revolving Credit Facility
On October 20, 2023, the Company entered into a senior secured revolving credit facility (the “Revolving Credit Facility”) pursuant to a Senior Secured Revolving Credit Agreement (the “Revolving Credit Agreement”), as amended from time to time, with ING Capital, LLC, as administrative agent and joint lead arranger. The initial principal amount of the Revolving Credit Facility was $295,000, subject to availability under the borrowing base, which is based on the Company’s portfolio investments and other outstanding indebtedness, with an accordion provision permitting increases to the total facility amount up to $800,000, subject to the satisfaction of certain conditions. Through various amendments to the Revolving Credit Agreement, the Company has increased the facility amount multiple times under the accordion to $682,500 of aggregate commitments as of March 31, 2025. See Note 14 for additional information on the Revolving Credit Facility.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(in thousands, except share and per share data)
As of March 31, 2025 and December 31, 2024, the Company had outstanding U.S. dollar borrowings under the Revolving Credit Facility of $451,300 and $396,100, respectively, and non-U.S. dollar borrowings denominated in Australian dollars of AUD 21,978 ($13,730 in U.S. dollars) and AUD 21,978 ($13,599 in U.S. dollars), respectively, and Great Britain pounds of £40,000 ($51,672 in U.S. dollars) and £38,440 ($48,111 in U.S. dollars), respectively, and Euros of €24,000 ($25,958 in U.S. dollars) and €22,500 ($23,296 in U.S. dollars), respectively. The 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. The borrowings denominated in foreign currency are translated into U.S. dollars based on the spot rate at each balance sheet date. The impact resulting from changes in foreign currency borrowings is included in net change in unrealized gain (loss) on foreign currency and other transactions on the Company’s consolidated statements of operations and totaled $(2,758) and $641 for the three months ended March 31, 2025 and 2024, respectively.
Advances under the Revolving Credit Facility initially bear interest at a per annum rate equal to, (a) in the case of any U.S. dollar advances, (i) 1.25% per annum (or, at any time the Rating Condition is satisfied, 1.15% per annum) plus an “alternate base rate” (as described in the Revolving Credit Agreement) or (ii) 2.25% per annum (or, at any time the Rating Condition is satisfied, 2.15% per annum) plus Term SOFR, (b) in the case of any foreign currency advances (other than Pounds Sterling), 2.25% per annum (or, at any time the Rating Condition is satisfied, 2.15% per annum) plus the applicable benchmark rate and (c) in the case of any Pounds Sterling advances, 2.50% per annum (or, at any time the Rating Condition is satisfied, 2.35% per annum) plus the Daily Simple Risk Free Rate, in each case, depending on the nature of the advances being requested under the Revolving Credit Facility. The “Rating Condition” shall be satisfied at any time the Company maintains a public credit rating of at least BBB- from S&P Global Ratings (or equivalent rating from Moody’s Investors Service, Inc. or Fitch, Inc.). As of March 31, 2025 and December 31, 2024, the outstanding borrowings were accruing at a weighted average interest rate of 6.7% and 7.0%, respectively.
Advances under the Revolving Credit Facility are subject to compliance with borrowing base requirements, pursuant to which the amount of funds advanced varies depending upon the types of assets in the Company’s portfolio. Assets must meet certain criteria in order to be included in the borrowing base, and the borrowing base is subject to certain portfolio restrictions including investment size, sector concentrations and investment type.
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 Revolving Credit 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 of the greater of (a) $500,000 and (b) an amount equal to the sum of (i) $1,063,400 plus (ii) an amount equal to 65% of the difference of (x) the net proceeds to the Company from sales of its equity securities during each quarter following October 31, 2024 and (y) the amount paid or distributed to purchase or redeem its common stock in connection with a tender offer during such quarter; (2) a ratio of total assets (less total liabilities other than indebtedness) to total indebtedness of not less than 1.5 to 1; (3) a senior debt coverage ratio of at least 2 to 1; and (4) minimum net worth equal to or greater than $500,000. 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 Revolving Credit Facility. The Revolving Credit Facility also has customary provisions regarding events of default, including events of default for nonpayment, change in control transactions, 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 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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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(in thousands, except share and per share data)
The Revolving Credit Facility is guaranteed by certain subsidiary guarantors (primarily the Taxable Subsidiaries). Proceeds of the Revolving Credit Facility may be used for general corporate purposes, including, without limitation, making distributions, contributions and investments and for such other uses as permitted under the Revolving Credit Agreement.
The period during which the Company may borrow under the Revolving Credit Facility expires on October 31, 2028, and the Revolving Credit Facility will mature and all amounts outstanding thereunder must be repaid by October 31, 2029. The Revolving Credit Facility is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Company and the subsidiary guarantors, subject to certain exceptions.
SPV Credit Facilities
SPV Credit Facility
The Company has a $450,000 SPV Credit Facility with KeyBank National Association, as agent, through the Company’s wholly-owned subsidiary, the SPV. The Company’s ability to borrow under the SPV Credit Facility is subject to certain financial and restrictive covenants as well as availability under the borrowing base, which permits the Company to borrow up to 72% of the principal balance of its portfolio company investments depending on the type of investment, subject to a maximum advance rate on the portfolio of 67%. The Company entered into an amendment to the SPV Credit Facility on July 15, 2024 to, among other things, reduce the interest rate applicable to the borrowings to SOFR plus 2.40%, remove the SOFR credit spread adjustment as a component of pricing thereunder, and extend both the reinvestment period and the maturity date of the SPV Credit Facility. Under the terms of the amended SPV Credit Facility, the SPV is permitted to reinvest available cash and make new borrowings under the SPV Credit Facility through July 16, 2027. The maturity date of the SPV Credit Facility is July 16, 2029. Distributions from the SPV to the Company are limited by the terms of the SPV Credit Facility, which generally allows for the distribution of net interest income pursuant to a waterfall quarterly during the reinvestment period. As of March 31, 2025 and December 31, 2024, the fair value of investments of the Company that were held in the SPV as collateral for the SPV Credit Facility was $702,776 and $722,845, respectively, and these investments are identified on the accompanying consolidated schedules of investments.
During the reinvestment period, borrowings under the SPV Credit Facility bear interest at an annual rate of SOFR (one or three month, at the SPV’s option and subject to a SOFR minimum of 0.50%) plus a margin ranging from 2.40% to a maximum of 2.70%, depending on the level of utilization of the facility and the number of obligors of eligible loans pledged as collateral in the SPV. After the reinvestment period, borrowings under the SPV Credit Facility bear interest at an annual rate of SOFR plus 3.00%. In addition to the stated interest rate on borrowings, the SPV is required to pay an unused commitment fee of (i) 0.50% per annum on any unused portion of the SPV Credit Facility when the outstanding borrowings are less than or equal to 60% of the facility amount and (ii) 0.35% per annum on any unused portion of the SPV Credit Facility when the outstanding borrowings are greater than 60% of the facility amount. As of March 31, 2025 and December 31, 2024, the outstanding borrowings were accruing at a weighted average interest rate of 6.7% and 7.0%, respectively.
Borrowing under the SPV Credit Facility remains subject to the leverage restrictions contained in the 1940 Act.
SPV II Credit Facility
On December 20, 2022, the Company entered into the SPV II Credit Facility with KeyBank National Association, as lead arranger and administrative agent, through a special purpose wholly-owned subsidiary, SPV II. The SPV II Credit Facility initially allowed SPV II to borrow an aggregate principal amount of $100,000, and includes an accordion feature, which allows the Company, under certain circumstances, to increase the total size of the facility upon request to the administrative agent and with the consent of one or more increasing or additional lenders. Through a series of amendments, most recently on June 18, 2024, the Company increased the facility amount pursuant to the accordion feature of the SPV II Credit Facility to $245,447 and the Company borrowed up to the new aggregate commitments under the SPV II Credit Facility and has since amortized down to the current outstanding balance. As of March 31, 2025 and December 31, 2024, the fair value of the Company’s investments held in SPV II as collateral for the SPV II Credit Facility was $290,939 and $307,517, respectively, and these investments are identified on the accompanying consolidated schedules of investments.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(in thousands, except share and per share data)
Borrowings under the SPV II Credit Facility bear interest at Adjusted Term SOFR (subject to a SOFR minimum of 0.50%) plus an applicable margin rate of 2.40% per annum during the initial period, December 20, 2022 through December 20, 2025, and 3.40% per annum during the amortization period, December 21, 2025 through December 20, 2026. The SPV II Credit Facility matures on December 20, 2026, unless sooner terminated in accordance with its terms. As of March 31, 2025 and December 31, 2024, the outstanding borrowings were accruing at a weighted average interest rate of 6.7% and 6.9%, respectively.
Under the terms of the SPV II Credit Facility, pursuant to a monthly waterfall and subject to the satisfaction of certain coverage tests and portfolio quality tests, SPV II is permitted to reinvest 25% of principal proceeds during the initial period, with the remaining 75% applied to prepay the SPV II Credit Facility. During the amortization period, pursuant to a monthly waterfall, 100% of principal proceeds must be applied to prepay the SPV II Credit Facility. The SPV II Credit Facility contains representations and warranties and affirmative and negative covenants customary for secured financings of this type. The SPV II Credit Facility also contains customary events of default (subject to certain grace periods, as applicable), including but not limited to the nonpayment of principal, interest or fees, breach of covenants, voluntary or involuntary bankruptcy proceedings and change of control of the borrower.
Borrowing under the SPV II Credit Facility remains subject to the leverage restrictions contained in the 1940 Act.
SPV III Credit Facility
On March 28, 2024, the Company entered into the SPV III Credit Facility with Goldman Sachs Bank USA, as administrative agent, through a special purpose wholly-owned subsidiary, SPV III. The SPV III Credit Facility initially allowed the Company, through SPV III, to borrow an aggregate principal amount of $100,000, and includes an accordion feature which allows the Company, under certain circumstances, to increase the total size of the facility to $250,000 upon request to the administrative agent and with consent of the lenders. On March 7, 2025, the Company increased the facility amount pursuant to the accordion feature of the SPV III Credit Facility to $200,000. The Company's ability to borrow under the SPV III Credit Facility is subject to certain financial and restrictive covenants as well as availability under the borrowing base, which permits the Company to borrow up to 70% of the principal balance of its portfolio company investments, depending on the type of investment. Under the terms of the SPV III Credit Facility, the SPV III is permitted to reinvest available cash and make new borrowings under the SPV III Credit Facility through April 5, 2027. The maturity date of the SPV III Credit Facility is April 5, 2029, unless sooner terminated in accordance with its terms. As of March 31, 2025 and December 31, 2024, the fair value of investments of the Company that were held in the SPV III as collateral for the SPV III Credit Facility was $227,034 and $142,151, respectively, and these investments are identified on the accompanying consolidated schedules of investments.
Borrowings under the SPV III Credit Facility bear interest at Adjusted Term SOFR (subject to a SOFR minimum of 1.00%) plus an applicable margin rate of 1.95% per annum. In addition to the stated interest rate on borrowings, the SPV III is required to pay an unused commitment fee of (i) 0.75% per annum on any unused portion of the SPV III Credit Facility through September 5, 2024 and (ii) 0.50% per annum on any unused portion of the SPV III Credit Facility after September 5, 2024. As of March 31, 2025 and December 31, 2024, the outstanding borrowings were accruing at a weighted average interest rate of 6.2% and 7.3%, respectively.
Borrowing under the SPV III Credit Facility remains subject to the leverage restrictions contained in the 1940 Act.
SPV IV Credit Facility
On July 11, 2024, the Company entered into the SPV IV Credit Facility with Capital One, National Association ("CONA") as administrative agent, as amended from time to time, through a special purpose wholly-owned subsidiary, SPV IV.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(in thousands, except share and per share data)
The SPV IV Credit Facility allows the Company, through SPV IV, to borrow an aggregate principal amount of up to $350,000 and includes an accordion feature which allows the Company, under certain circumstances, to increase the total size of the facility to $450,000 upon request to the administrative agent and with consent of the lenders. Under the terms of the SPV IV Credit Facility, SPV IV is permitted to reinvest available cash and make new borrowings under the SPV IV Credit Facility through July 11, 2027. The SPV IV Credit Facility matures on July 11, 2029, unless terminated earlier at the election of the Company, subject to the payment of a customary prepayment fee, or at the election of the administrative agent following the occurrence of an event of default thereunder. Borrowings under the SPV IV Credit Facility bear interest at SOFR plus an applicable margin rate of 2.15% per annum. Advances under the SPV IV Credit Facility are subject to availability governed by a borrowing base comprised of eligible loan assets, which receive advance rates under the SPV IV Credit Facility of up to 75%. Undrawn capacity under the SPV IV Credit Facility is subject to a non-usage fee of between 0.25% and 0.75% per annum on such undrawn capacity, depending on the level of usage of the SPV IV Credit Facility. As of March 31, 2025 and December 31, 2024, the fair value of investments of the Company that were held in the SPV IV as collateral for the SPV IV Credit Facility was $562,558 and $513,208, respectively, and these investments are identified on the accompanying consolidated schedules of investments.
The SPV IV Credit Facility contains representations and warranties and affirmative and negative covenants customary for secured financings of this type. The SPV IV Credit Facility also contains customary events of default (subject to certain grace periods, as applicable), including but not limited to the nonpayment of principal, interest or fees; breach of covenants; voluntary or involuntary bankruptcy proceedings; and change of control of SPV IV. As of March 31, 2025 and December 31, 2024, the outstanding borrowings were accruing at a weighted average interest rate of 6.4% and 6.5%, respectively.
Borrowings under the SPV IV Credit Facility remains subject to the leverage restrictions contained in the 1940 Act.
SPV V Credit Facility
On February 21, 2025, the Company entered the SPV V Credit Facility with CONA as administrative agent, through a special purpose wholly-owned subsidiary, SPV V.
The SPV V Credit Facility allows the Company, through SPV V, to borrow an aggregate principal amount of up to $250,000 and includes an accordion feature which allows the Company, under certain circumstances, to increase the total size of the facility to $350,000 upon request to the administrative agent and with consent of the lenders. Under the terms of the SPV V Credit Facility, SPV V is permitted to reinvest available cash and make new borrowings under the SPV V Credit Facility through February 21, 2028. The SPV V Credit Facility matures on February 21, 2030, unless terminated earlier at the Company's election, subject to the payment of a customary prepayment fee, or at the election of CONA following the occurrence of an event of default thereunder. Borrowings under the SPV V Credit Facility bear interest at SOFR plus an applicable margin rate of 2.15% per annum. Advances under the SPV V Credit Facility are subject to availability governed by a borrowing base comprised of eligible loan assets, which receive advance rates under the SPV V Credit Facility of up to 75%. Undrawn capacity under the SPV V Credit Facility is subject to a non-usage fee of between 0.25% and 0.75% per annum on such undrawn capacity, depending on the level of usage of the SPV V Credit Facility. As of March 31, 2025, the fair value of investments of the Company that were held in the SPV V as collateral for the SPV V Credit Facility was $239,516, and these investments are identified on the accompanying consolidated schedules of investments.
The SPV V Credit Facility contains representations and warranties and affirmative and negative covenants customary for secured financings of this type. The SPV V Credit Facility also contains customary events of default (subject to certain grace periods, as applicable), including but not limited to the nonpayment of principal, interest or fees; breach of covenants; voluntary or involuntary bankruptcy proceedings; and change of control of SPV V. As of March 31, 2025, the outstanding borrowings were accruing at a weighted average interest rate of 6.5%.
Borrowing under the SPV V Credit Facility remains subject to the leverage restrictions contained in the 1940 Act.


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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(in thousands, except share and per share data)

Asset-Backed Securitizations
2022 Asset-Backed Securitization
On April 7, 2022, the Company completed a $425,000 asset-backed securitization (the “2022 ABS”). The notes offered in the 2022 ABS were issued by the 2022 Issuer, a wholly-owned subsidiary of the Company, and are secured by a diversified portfolio of senior secured loans. The transaction was executed through a private placement of $261,375 of Class A Senior Secured Notes, which bear interest at 4.05% (the “2022 Class A Notes”), $44,625 of Class B Senior Secured Notes, which bear interest at 5.15% (the “2022 Class B Notes”) and $36,125 of Class C Senior Secured Notes, which bear interest at 7.75% (the “2022 Class C Notes” and collectively with the 2022 Class A Notes and the 2022 Class B Notes, the “2022 Secured Notes”), and $82,875 of Subordinated Notes, which do not bear interest (the “2022 Subordinated Notes” and, together with the 2022 Secured Notes, the “2022 Notes”). The Company retained all of the 2022 Class C Notes and the 2022 Subordinated Notes. The 2022 Class A Notes and the 2022 Class B Notes are included as debt on the Company’s consolidated statements of assets and liabilities. As of both March 31, 2025 and December 31, 2024, the 2022 Class C Notes and the 2022 Subordinated Notes were eliminated in consolidation.
Through April 22, 2024, the 2022 Issuer was permitted to use all principal collections received on the underlying collateral to purchase new collateral under the direction of MC Advisors, in its capacity as collateral manager of the 2022 Issuer, in accordance with the Company’s investment strategy and subject to customary conditions set forth in the documents governing the 2022 ABS, allowing the Company to maintain the initial leverage in the 2022 ABS. Subsequent to April 22, 2024, the 2022 ABS is required to use principal collections repay the 2022 Notes. The 2022 Notes are due on April 30, 2032.
As of March 31, 2025 and December 31, 2024, the fair value of investments of the Company that were held in the 2022 Issuer as collateral was $354,432 and $396,560, respectively, and these investments are identified on the consolidated schedule of investments. As of both March 31, 2025 and December 31, 2024, the 2022 Class A Notes were accruing at a weighted average interest rate of 4.1%. As of both March 31, 2025 and December 31, 2024, the 2022 Class B Notes were accruing at a weighted average interest rate of 5.2%.
Distributions from the 2022 Issuer to the Company are limited by the terms of the indenture governing the 2022 ABS, which generally allows for the payment of interest on the 2022 Secured Notes and the distribution of remaining net interest income to the holders of the 2022 Subordinated Notes pursuant to a waterfall quarterly during the reinvestment period.
2023 Asset-Backed Securitization
On September 15, 2023, the Company completed a $251,169 asset-backed securitization (the “2023 ABS”). The notes offered in the 2023 ABS were executed through a private placement and were issued by the 2023 Issuer, a wholly-owned subsidiary of the Company, and were secured by a diversified portfolio of middle market loans and recurring revenue loans. Through November 20, 2024, the 2023 ABS consisted of $160,750 of Class A Senior Secured Notes, which bore interest at Term SOFR plus 3.50% (the “2023 Class A Notes”), $25,100 of Class B Senior Secured Notes, which bore interest at 11.16% (the “2023 Class B Notes” and collectively with the 2023 Class A Notes, the “2023 Secured Notes”), and $65,319 of Subordinated Notes, which do not bear interest (the “2023 Subordinated Notes” and, together with the 2023 Secured Notes, the “2023 Notes”).
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(in thousands, except share and per share data)
On November 21, 2024, the Company and the 2023 Issuer amended the 2023 ABS to, among other things, (a) refinance the issued 2023 Class A Notes by redeeming in full the $160,750 of 2023 Class A Notes and issuing new Class A Senior Secured Notes in an aggregate principal amount of $163,200 which bear interest at Term SOFR plus 2.35% (the "2023 Class A-R Notes"), (b) refinance the issued 2023 Class B Notes by redeeming in full the $25,100 of 2023 Class B Notes and issuing new Class B Senior Secured Notes in an aggregate principal amount of $25,500 which bear interest at 8.81% (the "2023 Class B-R Notes"), (c) issue new Class C Senior Secured Notes in an aggregate principal amount of $20,400 which bear interest at 11.95% (the "2023 Class C-R Notes" and collectively with the 2023 Class A-R Notes and 2023 Class B-R Notes, the “2023-R Secured Notes”), (d) reduce the outstanding principal balance of the 2023 Subordinated Notes from $65,319 to $45,900, and (e) extend the maturity dates of the 2023-R Secured Notes and the 2023 Subordinated Notes to November 22, 2035 (the Subordinated Notes, together with the 2023-R Secured Notes, the "2023-R Notes"). The 2023-R Secured Notes were issued through a private placement and the Company continued to retain all of the 2023 Subordinated Notes for the purpose of satisfying the risk retention requirements pursuant to a subordinated note purchase agreement entered into as of the original closing date. The 2023 Secured Notes and the 2023-R Secured Notes are included as debt on the consolidated statements of assets and liabilities. As of both March 31, 2025 and December 31, 2024, the 2023 Subordinated Notes were eliminated in consolidation.
As of March 31, 2025 and December 31, 2024, the 2023 Class A-R Notes were accruing at a weighted average interest rate of 6.6% and 6.9%, respectively. As of both March 31, 2025 and December 31, 2024, the 2023 Class B-R Notes were accruing at a weighted average interest rate of 8.8%. As of both March 31, 2025 and December 31, 2024, the 2023 Class C-R Notes were accruing at a weighted average interest rate of 12.0%.
Through November 21, 2026, the 2023 Issuer is permitted to use all principal collections received on the underlying collateral to purchase new collateral under the direction of MC Advisors, in its capacity as collateral manager of the 2023 Issuer, in accordance with the Company’s investment strategy and subject to customary conditions set forth in the documents governing the 2023 ABS, allowing the Company to maintain the initial leverage in the 2023 ABS. The 2023 Notes are due on November 22, 2035.
As of March 31, 2025 and December 31, 2024, the fair value of investments of the Company that were held in the 2023 Issuer as collateral was $252,849 and $251,846, respectively, and these investments are identified on the consolidated schedule of investments.
Distributions from the 2023 Issuer to the Company are limited by the terms of the indenture governing the 2023 ABS, which generally allows for the payment of interest on the 2023 Secured Notes and the distribution of remaining net interest income to the holders of the 2023 Subordinated Notes pursuant to a waterfall quarterly during the reinvestment period.
Unsecured Notes
2028 Notes
On November 15, 2023, the Company entered into a note purchase agreement (the “2028 Note Purchase Agreement”) governing the issuance of $100,000 in aggregate principal amount of unsecured notes (the “Series A Notes”), due November 15, 2028, with a fixed interest rate of 9.42% per year and $100,000 in aggregate principal amount of unsecured notes (the “Series B Notes”), due December 13, 2028, with a fixed interest rate of 9.42% per year (collectively, the “2028 Notes”), to institutional accredited investors (as defined in Regulation D under the Securities Act of 1933, as amended (the “Securities Act”) in a private placement. The 2028 Notes are guaranteed by various subsidiaries of the Company.
Interest on the 2028 Notes is due semiannually on May 15 and November 15 each year, beginning on May 15, 2024. The 2028 Notes may be redeemed in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if applicable, a make-whole premium. In addition, the Company is obligated to offer to prepay the 2028 Notes at par plus accrued and unpaid interest up to, but excluding, the date of prepayment, if certain change in control events occur. The 2028 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. As of both March 31, 2025 and December 31, 2024, the Company had $100,000 in aggregate principal amount of Series A Notes outstanding and $100,000 in aggregate principal amount of Series B Notes outstanding.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(in thousands, except share and per share data)
The 2028 Note Purchase Agreement contains customary terms and conditions for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of the Company’s regulation as a business development company within the meaning of the 1940 Act and as a regulated investment company under the Code, as amended, a minimum net worth of $660,865 and a minimum asset coverage ratio of 1.50 to 1.00.
In addition, in the event that a Below Investment Grade Event (as defined in the 2028 Note Purchase Agreement) occurs, the 2028 Notes will bear interest at a fixed rate per annum which is 1.00% above the stated rate of the 2028 Notes from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing. In the event that a Secured Debt Ratio Event (as defined in the 2028 Note Purchase Agreement) occurs, the 2028 Notes will bear interest at a fixed rate per annum which is 1.50% above the stated rate of the 2028 Notes from the date of the occurrence of the Secured Debt Ratio Event to and until the date on which the Below Investment Grade Event is no longer continuing. In the event that both a Below Investment Grade Event and a Secured Debt Ratio Event have occurred and are continuing, the 2028 Notes will bear interest at a fixed rate per annum which is 2.00% above the stated rate of the 2028 Notes from the date of the occurrence of the later to occur of the Below Investment Grade Event and the Secured Debt Ratio Event to and until the date on which one of such events is no longer continuing.
The 2028 Note Purchase Agreement also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, certain cross-defaults or cross-acceleration under other indebtedness of the Company, certain judgments and orders and certain events of bankruptcy.
The 2028 Notes were offered in reliance on Section 4(a)(2) of the Securities Act. The 2028 Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.
As of both March 31, 2025 and December 31, 2024, the Series A Notes and the Series B Notes were accruing at a weighted average interest rate of 9.4%.
2029 Notes
On July 24, 2024, the Company entered into a note purchase agreement (the “2029 Note Purchase Agreement”) governing the issuance of $156,000 in aggregate principal amount of unsecured notes (the "Series C Notes"), due July 24, 2029, with a fixed interest rate of 7.47% per year and $48,000 in aggregate principal amount of unsecured notes (the "Series D Notes"), due September 18, 2029, with a fixed interest rate of 7.47% per year (collectively, the “2029 Notes”), to institutional accredited investors (as defined in Regulation D under the Securities Act) in a private placement. The closing for the Series C Notes occurred on July 24, 2024, and the closing for the Series D Notes occurred on September 18, 2024. The 2029 Notes are guaranteed by various subsidiaries of the Company.
Interest on the 2029 Notes is due semiannually on May 15 and November 15 each year, beginning on November 15, 2024. The 2029 Notes may be redeemed in whole or in part at any time or from time to time at the Company's option, upon notice, in an amount not less than 10% of the aggregate principal amount of 2029 Notes then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid, and the Prepayment Settlement Amount (as defined in the 2029 Note Purchase Agreement) applicable to 2029 Notes determined for the prepayment date with respect to such principal amount. In addition, the Company is obligated to offer to prepay 100% of the principal amount of 2029 Notes, together with interest on such 2029 Notes accrued to, but excluding, the date of prepayment. The 2029 Notes are general unsecured obligations of ours that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by us. As of both March 31, 2025 and December 31, 2024, the Company had $156,000 in aggregate principal amount of Series C Notes outstanding and $48,000 in aggregate principal amount of Series D Notes outstanding.
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MONROE CAPITAL INCOME PLUS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(in thousands, except share and per share data)
The 2029 Note Purchase Agreement contains customary terms and conditions for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of the Company’s regulation as a business development company within the meaning of the 1940 Act and as a regulated investment company under the Code, a minimum net worth of the greater of (A) $500,000 and (B) an amount equal to the sum of (i) $660,865 plus (ii) an amount equal to 65% of the difference, of (x) the aggregate net proceeds of all sales of Equity Interests (as defined in the 2029 Note Purchase Agreement) by the Company and its subsidiaries during each quarter after October 20, 2023 (other than the proceeds of sales of Equity Interests by and among the Company and its subsidiaries) and (y) the amount paid or distributed by the Company to purchase or redeem its shares of common stock in connection with a tender offer during such quarter and a minimum asset coverage ratio of 1.50 to 1.00.
In addition, in the event that a Below Investment Grade Event (as defined in the 2029 Note Purchase Agreement) occurs, the 2029 Notes will bear interest at a fixed rate per annum which is 1.00% above the stated rate of the 2029 Notes from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing. In the event that a Secured Debt Ratio Event (as defined in the 2029 Note Purchase Agreement) occurs, the 2029 Notes will bear interest at the interest rate per annum which is 1.50% above the stated rate of the 2029 Note from the date of the occurrence of the Secured Debt Ratio Event to and until the date on which the Secured
Debt Ratio Event is no longer continuing. In the event that a Below Investment Grade Event and a Secured Debt Ratio Event are both continuing at the same time, the 2029 Notes will bear interest at a fixed rate per annum which is 2.00% above the stated rate of the 2029 Notes from the date on which both such events first simultaneously existed until the date on which either or both events is no longer continuing.

The Note Purchase Agreement also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, certain cross-defaults or cross-acceleration under other indebtedness of the Company, certain judgments and orders and certain events of bankruptcy.

The 2029 Notes were offered in reliance on Section 4(a)(2) of the Securities Act. The Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.
As of both March 31, 2025 and December 31, 2024, the Series C Notes and the Series D Notes were accruing at a weighted average interest rate of 7.5%.
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MONROE CAPITAL INCOME PLUS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(in thousands, except share and per share data)
Components of Interest Expense
The components of the Company’s interest and other debt financing expenses, average debt outstanding and average stated interest rate (i.e., the rate in effect plus spread) for the three months ended March 31, 2025 and 2024 were as follows:
Three months ended March 31,
20252024
Interest expense - Revolving Credit Facility$7,596$5,582
Interest expense - SPV Credit Facility3,9155,073
Interest expense - SPV II Credit Facility3,1182,342
Interest expense - SPV III Credit Facility1,563
Interest expense - SPV IV Credit Facility4,743
Interest expense - SPV V Credit Facility362
Interest expense - 2022 ABS3,0103,221
Interest expense - 2023 ABS3,9134,293
Interest expense - 2028 Notes4,7104,710
Interest expense - 2029 Notes3,810
Amortization of debt issuance costs
2,8531,999
Total interest and other debt financing expenses$39,593$27,220
Average debt outstanding$2,128,049$1,313,104
Average stated interest rate7.0%7.7%

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MONROE CAPITAL INCOME PLUS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(in thousands, except share and per share data)
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, 2025 and December 31, 2024, the counterparty to these foreign currency forward contracts was Bannockburn Global Forex, LLC. Net unrealized gain or loss on foreign currency forward contracts are included in net change in unrealized gain (loss) on foreign currency forward contracts and net realized gain or loss on forward currency forward contracts are included in net realized gain (loss) on foreign currency forward contracts on the accompanying consolidated statements of operations.
Certain information related to the Company’s foreign currency forward contracts is presented below as of March 31, 2025 and December 31, 2024.
March 31, 2025
DescriptionNotional Amount
to be Sold
Settlement
Date
Gross Amount of Unrealized GainGross Amount of Unrealized LossBalance Sheet location of Net Amounts
Foreign currency forward contractAUD5604/16/2025$15$Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractAUD5425/16/202514Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractAUD5606/18/202514Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractAUD5577/16/202525Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractAUD5598/18/202524Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractAUD5579/16/202524Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractAUD53910/17/202522Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractAUD55711/18/202523Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractAUD53912/16/202522Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractAUD5561/20/202622Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractAUD5542/17/202622Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractAUD5003/17/202619Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractAUD47,8584/20/2026688Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractCAD1284/3/2025Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractCAD1287/3/2025Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractCAD12710/6/2025Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractCAD1251/5/2026Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractCAD1214/6/2026Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractCAD1397/6/2026(1)Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractCAD14010/5/2026(1)Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractCAD1391/5/2027(1)Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractCAD1364/5/2027(1)Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractCAD1367/6/2027(1)Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractCAD12,7778/16/2027(50)Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractEUR3324/4/2025(11)Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractEUR3527/7/2025(11)Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractEUR36210/6/2025(11)Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractEUR3601/6/2026(11)Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractEUR3514/6/2026(10)Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractEUR3547/6/2026(10)Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractEUR35610/6/2026(10)Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractEUR3541/6/2027(9)Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractEUR3434/6/2027(9)Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractEUR3457/6/2027(8)Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractEUR34710/6/2027(8)Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractEUR3591/6/2028(8)Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractGBP2704/4/20251Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractGBP2587/7/20251Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractGBP25710/6/2025Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractGBP2551/6/2026Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractGBP2464/7/2026(1)Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractGBP2547/6/2026(1)Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractGBP25910/6/2026(2)Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractGBP2661/6/2027(2)Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractGBP2584/6/2027(2)Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractGBP2597/6/2027(3)Net unrealized gain on foreign currency forward contracts
$936$(182)
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MONROE CAPITAL INCOME PLUS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(in thousands, except share and per share data)
December 31, 2024
DescriptionNotional Amount to be SoldSettlement DateGross Amount of Unrealized GainGross Amount of Unrealized LossBalance Sheet location of Net Amounts
Foreign currency forward contractAUD5681/17/2025$20$Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractAUD5602/18/202520Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractAUD5063/18/202517Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractAUD5604/16/202519Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractAUD5425/16/202517Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractAUD5606/18/202518Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractAUD5577/16/202528Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractAUD5598/18/202527Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractAUD5579/16/202527Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractAUD53910/17/202526Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractAUD55711/18/202526Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractAUD53912/16/202525Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractAUD5561/20/202625Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractAUD5542/17/202625Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractAUD5003/17/202622Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractAUD47,8584/20/2026970Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractGBP3051/6/202514Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractGBP2704/4/202512Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractGBP2587/7/202511Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractGBP25710/6/202510Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractGBP2551/6/202610Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractGBP2464/7/20269Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractGBP2547/6/20269Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractGBP25910/6/20269Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractGBP2661/6/20279Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractGBP2584/6/20278Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractGBP2597/6/20278Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractEUR1411/7/20252Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractEUR3324/4/20254Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractEUR3527/7/20255Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractEUR36210/6/20255Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractEUR3601/6/20266Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractEUR3514/6/20266Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractEUR3547/6/20266Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractEUR35610/6/20267Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractEUR3541/6/20277Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractEUR3434/6/20277Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractEUR3457/6/20278Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractEUR34710/6/20278Net unrealized gain on foreign currency forward contracts
Foreign currency forward contractEUR3591/6/20289Net unrealized gain on foreign currency forward contracts
$1,501$
For the three months ended March 31, 2025 and 2024, the Company recognized net change in unrealized gain (loss) on foreign currency forward contracts of $(747) and $2,353, respectively. For the three months ended March 31, 2025 and 2024, the Company recognized net realized gain (loss) on foreign currency forward contracts of $54 and $2, respectively.
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MONROE CAPITAL INCOME PLUS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(in thousands, except share and per share data)
Note 9. Distributions
The Company’s distributions to stockholders are recorded on the applicable record date. The following table summarizes the distributions declared during the three months ended March 31, 2025 and 2024:
Date
Declared
Record
Date
Payment
Date (1)
Dividend
Type
Amount
Per
Share
Distribution
Declared
Three months ended March 31, 2025:
January 9, 2025January 15, 2025March 31, 2025Regular$0.09 $17,883 
January 9, 2025February 14, 2025March 31, 2025Regular0.09 17,883 
January 9, 2025March 14, 2025March 31, 2025Regular0.09 17,884 
Total distributions declared$0.27 $53,650 
Three months ended March 31, 2024:
January 4, 2024January 16, 2024March 29, 2024Regular$0.09 $11,451 
January 4, 2024February 15, 2024March 29, 2024Regular0.09 11,451 
January 4, 2024March 14, 2024March 29, 2024Regular0.09 11,451 
Total distributions declared$0.27 $34,353 
_________________________________________
(1)The portion of the Company’s distribution that is to be reinvested pursuant to the DRIP is issued to the Company’s stockholders on the payment date.
The following tables summarize the Company’s distributions reinvested during the three months ended March 31, 2025 and 2024:
Payment DateNAV
Per Share
DRIP
Shares
Issued
DRIP
Shares
Value
Three months ended March 31, 2025:
March 31, 2025$10.372,292,918$23,777 
Total distributions reinvested2,292,918$23,777 
Payment DateNAV
Per Share
DRIP
Shares
Issued
DRIP
Shares
Value
Three months ended March 31, 2024:
March 29, 2024$10.241,406,628$14,404 
Total distributions reinvested 1,406,628$14,404 
Note 10. Stock Issuances and Share Repurchase Program
Stock Issuances
As of March 31, 2025, the total number of shares of all classes of capital stock that the Company has the authority to issue was 300,000,000 shares of common stock, par value $0.001 per share.
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MONROE CAPITAL INCOME PLUS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(in thousands, except share and per share data)
The following tables summarize the issuance of shares during the three months ended March 31, 2025 and 2024:
DatePrice
Per Share
Shares IssuedProceeds
Three months ended March 31, 2025:
March 20, 2025$10.3736,340,819$376,854 
Total36,340,819$376,854 
DatePrice
Per Share
Shares IssuedProceeds
Three months ended March 31, 2024:
March 15, 2024$10.2425,864,010$264,847 
Total25,864,010$264,847 
During the three months ended March 31, 2025 and 2024, the Company also issued 2,292,918 and 1,406,628 shares, with an aggregate value of $23,777 and $14,404, respectively, under the DRIP as disclosed in Note 9.
Share Repurchase Program
During 2022, the Company commenced a quarterly share repurchase program in which the Company intends to repurchase, in each quarter, up to 5% of the shares of common stock outstanding as of the close of the previous calendar quarter (the “Share Repurchase Program”), subject to the discretion of the Board. Any such repurchases are subject to approval by the Board, in its discretion, and the availability of cash to fund such repurchases. The Board may amend, suspend or terminate the share repurchase program if it deems such action to be in the Company’s best interest and the best interest of the Company’s stockholders. As a result, share repurchases may not be available each quarter. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 under the Securities Exchange Act of 1934 and the 1940 Act and subject to compliance with applicable covenants and restrictions under the Company’s financing arrangements. All shares repurchased by the Company pursuant to the terms of each tender offer will be redeemed and thereafter will be authorized and unissued shares.
On August 23, 2024, the Board approved the Amended and Restated Dividend Reinvestment Plan (the “Amended and Restated DRIP”) solely to appoint a new transfer agent as the Plan Administrator (as defined in the Amended and Restated DRIP). The Amended and Restated DRIP became effective on November 1, 2024.
The following tables summarize the total shares repurchased that were validly tendered under the Share Repurchase Program and not withdrawn during the three months ended March 31, 2025 and 2024:
DatePrice
Per Share
Shares
Repurchased
Total Cost
Three months ended March 31, 2025:
March 28, 2025$10.37774,968$8,037 
Total774,968$8,037 
DatePrice
Per Share
Shares
Repurchased
Total Cost
Three months ended March 31, 2024:
March 28, 2024$10.241,996,254$20,442 
Total1,996,254$20,442 
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(in thousands, except share and per share data)
Note 11. Commitments and Contingencies
Commitments: As of March 31, 2025 and December 31, 2024, the Company had $1,009,586 and $896,624, respectively, in outstanding commitments to fund investments under undrawn revolvers, delayed draw commitments and subscription agreements. Management believes that the Company’s available cash balances and/or ability to draw on existing credit facilities or raise additional leverage facilities provide sufficient funds to cover its unfunded commitments as of March 31, 2025.
The table below presents outstanding commitments to fund investments in current portfolio companies as of March 31, 2025 and December 31, 2024:
Portfolio Company
March 31, 2025December 31, 2024
3C Buyer LLC (Revolver)$1,836 n/a
601 Lafayette Mezz LLC (Delayed Draw)20,50020,500
601 Lafayette Mezz LLC (Delayed Draw)20,50020,500
95 Percent Buyer, LLC (Revolver)808809
A360, Inc. (Delayed Draw)4,4364,437
A360, Inc. (Revolver)1,2412,218
Accelevation LLC (Delayed Draw)5,250 n/a
Accelevation LLC (Revolver)3,065 n/a
Acquia Inc. (Revolver)  n/a 259
Aligned Exteriors Group Holdco, LLC (Delayed Draw)10,00010,000
Aligned Exteriors Group Holdco, LLC (Revolver)1,6671,667
Ambient Enterprises Holdco, LLC (Delayed Draw)3,7943,794
Ambient Enterprises Holdco, LLC (Revolver)1,5281,528
American Broadband and Telecommunications Company LLC (Delayed Draw)94107
American Broadband and Telecommunications Company LLC (Revolver)746748
Animal Dermatology Group, Inc. (Delayed Draw)5,6096,727
Animal Dermatology Group, Inc. (Delayed Draw)5,7695,769
Animal Dermatology Group, Inc. (Revolver)2,5002,500
Appriss Health, LLC (Revolver)433433
Aptean, Inc. (Delayed Draw)225397
Aptean, Inc. (Revolver)728728
Aras Corporation (Revolver)448448
Arax Midco, LLC (Delayed Draw)1,6472,131
Arax Midco, LLC (Revolver)1,2931,293
Arcserve Cayman Opco LP (Delayed Draw)1,0291,029
ASG III, LLC (Delayed Draw)13,98013,980
ASG III, LLC (Revolver)3,1583,158
Avalara, Inc. (Revolver)  n/a 1,000
Bench Walk Lead, LLC (Delayed Draw)4,400 n/a
Bloomerang, LLC (Delayed Draw)3,2004,800
Bloomerang, LLC (Revolver)3,2002,960
BLP Buyer, Inc. (Revolver)4,5095,422
Bluesight, Inc. (Revolver)5,2175,217
Bonterra LLC (Revolver)  n/a 653
BTR Opco LLC (Delayed Draw)383383
BTRS Holdings Inc. (Revolver)  n/a 667
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MONROE CAPITAL INCOME PLUS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(in thousands, except share and per share data)
Portfolio Company
March 31, 2025December 31, 2024
BTRS Holdings Inc. (Revolver)2,255 n/a
Calabrio, Inc. (Revolver)551551
Calienger Holdings, L.L.C. (Revolver)909909
Caravel Autism Health, LLC (Delayed Draw)7,7147,714
Caravel Autism Health, LLC (Revolver)5,4005,400
Catalyst Data Holdings, Inc. (Delayed Draw)9,9009,900
Catalyst Data Holdings, Inc. (Delayed Draw)667759
Catalyst Data Holdings, Inc. (Delayed Draw)9,9009,900
Catalyst Data Holdings, Inc. (Revolver)3,3003,300
Catalyst Data Holdings, Inc. (Equity Commitment)835835
Cdata Software, Inc. (Delayed Draw)3,6163,616
Cdata Software, Inc. (Delayed Draw)4,2554,255
Cdata Software, Inc. (Revolver)5,1065,106
Chess.com, LLC (Revolver)1,4131,413
Cloud for Good, LLC (Delayed Draw)12,500 n/a
Cloud for Good, LLC (Revolver)4,000 n/a
Clydesdale Holdings, LLC (Delayed Draw)5,3676,000
Clydesdale Holdings, LLC (Revolver)4,5234,523
Cohere Beauty, Phoenix LLC (Revolver)1,333444
Cosmos Bidco, Inc. (Delayed Draw)7,88610,286
Cosmos Bidco, Inc. (Delayed Draw)5,379 n/a
Cosmos Bidco, Inc. (Revolver)5,6255,625
Cpex Purchaser, LLC (Delayed Draw)1,2141,906
Cpex Purchaser, LLC (Delayed Draw)4,320 n/a
Cpex Purchaser, LLC (Revolver)13,93510,452
DataOnline Corp. (Revolver)2,2213,146
Demakes Borrower, LLC (Delayed Draw)1,3721,372
Destination Media, Inc. (Revolver)536536
Dorado Acquisition, Inc. (Revolver)1,6701,670
Douglas Holdings, Inc. (Delayed Draw)2,2542,595
Douglas Holdings, Inc. (Delayed Draw) n/a 5,957
Douglas Holdings, Inc. (Delayed Draw)5,4165,416
Douglas Holdings, Inc. (Revolver)2,1662,166
Drawbridge Partners, LLC (Delayed Draw)396396
Drawbridge Partners, LLC (Revolver)2,6092,609
ecMarket Inc. and Conexiom US Inc. (Delayed Draw) n/a 569
ecMarket Inc. and Conexiom US Inc. (Revolver)2,0672,067
E-Discovery Acquireco, LLC (Revolver)2,1822,727
Edustaff, LLC (Revolver)2,3642,364
Einstein Parent, INC. (Revolver)3,738 n/a
Epika Fleet Services, Inc. (Delayed Draw)4,4134,413
Epika Fleet Services, Inc. (Delayed Draw)1,6672,158
Epika Fleet Services, Inc. (Revolver)2,3013,040
EverService Midco, LLC (Revolver)8,9198,919
Excelligence Learning Corporation (Revolver)1,5413,219
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(in thousands, except share and per share data)
Portfolio Company
March 31, 2025December 31, 2024
Expedited Travel, LLC (Revolver)1,5001,500
Express Wash Acquisition Company, LLC (Revolver)241241
FH BMX Buyer, Inc. (Delayed Draw)4,8004,800
Fiasco Enterprises, LLC (Revolver)1,7501,750
Forest Buyer, LLC (Revolver)2,7192,719
Freedom U.S. Acquisition Corporation (Revolver)5,1005,100
Fueled Digital Media, LLC (Revolver)8181
GC Champion Acquisition LLC (Delayed Draw)3,4303,430
Guardian Restoration Partners Buyer, LLC (Delayed Draw)11,70113,245
Guardian Restoration Partners Buyer, LLC (Revolver)2,7403,000
Harlem Acquisition, LLC (Delayed Draw)9,1439,143
Harlem Acquisition, LLC (Revolver)5,6085,608
Helping Hands Childrens Services Management, LLC (Delayed Draw)4,6004,600
Helping Hands Childrens Services Management, LLC (Revolver)2,3002,300
HS4 Acquisitionco, Inc. (Revolver)  n/a 106
HOSTAWAY MIDCO OY (Delayed Draw)5,000 n/a
HOSTAWAY MIDCO OY (Revolver)4,167 n/a
Huckabee Acquisition, LLC (Delayed Draw)6,5226,522
Huckabee Acquisition, LLC (Revolver)3,9133,913
IDIG Parent, LLC (Common stock)3434
IF & P Holdings Company, LLC (Delayed Draw)959959
IF & P Holdings Company, LLC (Revolver)1,6772,471
Independence Buyer, Inc. (Revolver)2,7782,371
Innovative Artists Entertainment, LLC (Revolver)2,225 n/a
Innovative Artists Entertainment, LLC (Equity Commitment)1,091n/a
InsideRE, LLC (Delayed Draw)462 n/a
InsideRE, LLC (Revolver)965965
Interstate BidCo, LLC (Delayed Draw)12,39712,397
Interstate BidCo, LLC (Revolver)3,1253,125
Ivex Holdco Inc. and Induspac Holdco Inc. (Delayed Draw)6,1146,114
Ivex Holdco Inc. and Induspac Holdco Inc. (Revolver)2,8263,261
Izzio Artisan Bakery, LLC (Delayed Draw)8,28610,357
J2 BWA Funding III, LLC (Delayed Draw)4,4544,834
J2 BWA Funding III, LLC (Equity commitment) 697697
J2 BWA Funding LLC (Revolver)  n/a 1,099
JDX Studio, LLC (Delayed Draw)799799
JDX Studio, LLC (Revolver)2,3982,078
Jesse Studio Mezz, LLC (Delayed Draw)7,8337,833
Jobnimbus Holdings, LLC (Delayed Draw)7,1117,111
Jobnimbus Holdings, LLC (Revolver)5,3335,333
Keel Platform, LLC (Delayed Draw)  n/a 1,647
Kingsley Gate Partners, LLC (Revolver)240240
KL Moon Acquisition, LLC (Revolver)650705
KT Naples UB LLC (Delayed Draw)3,7254,652
Lifted Trucks Holdings, LLC (Revolver)1,4292,063
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(in thousands, except share and per share data)
Portfolio Company
March 31, 2025December 31, 2024
Light Wave Dental Management, LLC (Revolver)3,5174,753
Long Grove Pharmaceuticals, LLC (Delayed Draw)14,000 n/a
LVF Holdings, Inc. (Revolver) n/a 329
Madison Logic Holdings, Inc. (Revolver)635635
Maltese Diplomat Owner 100 LLC (Delayed Draw)5,467 n/a
Mammoth Holdings, LLC (Revolver)2,7272,727
MB Purchaser, LLC (Delayed Draw)6,2506,250
MB Purchaser, LLC (Revolver)2,5002,500
MC Voyager SPV II LLC (Equity commitment)37,510 n/a
MEI Buyer LLC (Delayed Draw)8,946 n/a
MEI Buyer LLC (Revolver)5,2534,775
Milrose Consultants, LLC (Revolver)1,8461,846
Mindbody, Inc. (Revolver)190190
Moonraker Acquisitionco LLC (Revolver)653653
Nastel Technologies, LLC (Revolver)368368
Nasuni Corporation (Revolver)3,1253,125
NationsBenefits, LLC (Delayed Draw)1,9871,987
NationsBenefits, LLC (Revolver)4,0836,806
NBPT Acquisition LLC (Delayed Draw)8,074 n/a
NBPT Acquisition LLC (Revolver)2,360 n/a
NBPT Acquisition LLC (Equity Commitment)884 n/a
NFM & J, L.P. (Delayed Draw)6,5856,585
NFM & J, L.P. (Revolver)4,0875,273
Northeast Contracting Company, LLC (Revolver)1,5911,591
NQ PE Project Colosseum Midco Inc. (Revolver)1,8251,825
Off Hours Spirits, Inc. / Hour Barrel, LLC (Revolver)133133
Onix Networking Corp. (Revolver)5,0005,000
OPOC Acquisition, LLC (Delayed Draw)3,0093,009
OPOC Acquisition, LLC (Revolver)1,2041,083
Optomi, LLC (Revolver)2,2322,339
Oranje Holdco, Inc. (Revolver)1,7501,750
PAI Middle Tier, LLC (Revolver)3,765 n/a
Parkhub, Inc. (Delayed Draw)1,7621,762
Parkhub, Inc. (Delayed Draw)3,4233,317
Parkhub, Inc. (Delayed Draw)13,93813,938
Parkhub, Inc. (Revolver)4,7136,733
PC Pest Buyer, LLC (Delayed Draw)26,37328,854
PC Pest Buyer, LLC (Revolver)8,4008,400
PNE Interco LLC (Delayed Draw)884884
PNE Interco LLC (Revolver)5,8995,112
PrecisionX Group, LLC (Delayed Draw)600600
PrecisionX Group, LLC (Revolver)2,4022,401
Premier Roofing L.L.C. (Revolver)144144
PRGX Global, Inc. (Revolver)4,345 n/a
PRGX Global, Inc (Revolver) n/a 3,024
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MONROE CAPITAL INCOME PLUS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(in thousands, except share and per share data)
Portfolio Company
March 31, 2025December 31, 2024
Project Accelerate Parent, LLC (Revolver)3,1253,125
Prototek LLC (Revolver)921921
QF Holdings, Inc. (Revolver)764619
Quest Resource Management Group, LLC (Delayed Draw)6,9446,944
Rampart Exterior Services Buyer, Inc. (Delayed Draw) n/a 7,143
Rampart Exterior Services Buyer, Inc. (Revolver)2,6792,679
Randys Holdings, Inc. (Delayed Draw)2,4323,994
Randys Holdings, Inc. (Revolver)1,2741,501
Really Great Reading Company, Inc. (Revolver)3,2003,200
Recorded Future, Inc. (Class A units)n/a8
Recycled Plastics Industries, LLC (Revolver)297446
Relevate Health Group, LLC (Revolver)263368
Rita's Franchise Company, LLC (Revolver)1,7991,799
Ro Health, LLC (Revolver)800 n/a
RS Acquisition, LLC (Revolver)379379
Russell Investments US Institutional Holdco, Inc. (Revolver)1,2401,240
Sandvine Corporation (Delayed Draw) n/a 86
SCP Intermediate Holdings, LLC (Delayed Draw)3,9473,947
SCP Eye Care Holdco, LLC (Delayed Draw)20,31820,318
SCP Eye Care Holdco, LLC (Revolver)1,0821,442
SDG Mgmt Company, LLC (Delayed Draw)9,6499,906
SDG Mgmt Company, LLC (Delayed Draw)  n/a 11,887
SDG Mgmt Company, LLC (Delayed Draw)7,9257,925
SDG Mgmt Company, LLC (Delayed Draw)  n/a 5,741
SDG Mgmt Company, LLC (Revolver)1,9811,981
Second Avenue SFR Holdings II LLC (Revolver) n/a 2,316
Securly, Inc. (Revolver)646646
Seran BioScience, LLC (Delayed Draw)3,556 n/a
Seran BioScience, LLC (Revolver)356356
SFR Holdco 2, LLC (Delayed Draw)1,4272,852
SFR Holdco 2, LLC (Equity commitment)9511,901
SheerTrans Solutions, LLC (Revolver)513513
Signiant Inc. (Delayed Draw)3,0003,000
Signiant Inc. (Revolver)1,8751,875
Sparq Holdings, Inc. (Delayed Draw)578578
Sparq Holdings, Inc. (Revolver)314368
Spherix Global Inc. (Revolver)500500
Sports Operating Holdings II, LLC (Delayed Draw)8351,785
Sports Operating Holdings II, LLC (Revolver)865865
StarCompliance MidCo, LLC (Revolver)1,9481,313
Steel City Wash, LLC (Delayed Draw)3,158 n/a
Steel City Wash, LLC (Revolver)1,579 n/a
Streamland Media MidCo LLC (Revolver)132 n/a
Summit Professional Education, LLC (Revolver)1,471326
Sundy Village West Mezz Borrower, LLC (Delayed Draw)9,6399,639
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MONROE CAPITAL INCOME PLUS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(in thousands, except share and per share data)
Portfolio Company
March 31, 2025December 31, 2024
Sundy Village West Mezz Borrower, LLC (Delayed Draw)10,16610,166
Sunstates Security, LLC (Delayed Draw)13,33313,333
Tavoron Buyer Corp. (Delayed Draw)8,028 n/a
Tavoron Buyer Corp. (Revolver)186 n/a
Tavoron Buyer Corp. (Revolver)1,338 n/a
The Black Tux, LLC (Delayed Draw)1,7501,944
The Black Tux, LLC (Revolver)1,9441,944
The Gersh Agency, LLC (Delayed Draw)12,27012,270
The Gersh Agency, LLC (Revolver)1,0822,589
The Gersh Agency, LLC (Revolver)3,7623,762
The Kyjen Company, LLC (Revolver)142 n/a
The Smilist DSO, LLC (Delayed Draw) n/a 872
SFR Holdco 2, LLC (24.4% of equity commitments)
11,11511,842
The Smilist DSO, LLC (Revolver)1,9741,974
TigerConnect, Inc. (Delayed Draw)1923
TigerConnect, Inc. (Delayed Draw)340436
TigerConnect, Inc. (Revolver)1,4291,429
Tiugo Group Holdings Corp (Delayed Draw)13,178 n/a
Tiugo Group Holdings Corp (Revolver)6,589 n/a
Touchmath Acquisition LLC (Revolver)1,4291,429
Triad Financial Services, Inc. (Equity commitment)37,05337,053
Trilon Group, LLC (Delayed Draw) n/a 9,450
Trilon Group, LLC (Delayed Draw)10,157 n/a
Trilon Group, LLC (Revolver)4,8744,265
Truck-Lite Co., LLC (Delayed Draw)3841,067
Truck-Lite Co., LLC (Revolver)9961,067
Ultra Clean Holdco LLC (Delayed Draw)3,7504,500
Ultra Clean Holdco LLC (Revolver)3,0003,000
Unanet, Inc. (Delayed Draw)1,3501,350
Unanet, Inc. (Delayed Draw)3,0343,555
Unanet, Inc. (Revolver)4,3164,316
Valkyrie Buyer, LLC (Delayed Draw)3,0883,088
Valkyrie Buyer, LLC (Delayed Draw)1,0832,864
Valkyrie Buyer, LLC (Delayed Draw)6,6676,667
Valkyrie Buyer, LLC (Delayed Draw)3,3333,333
Valkyrie Buyer, LLC (Delayed Draw)2,3162,316
Valkyrie Buyer, LLC (Revolver)3,5093,509
Varicent Intermediate Holdings Corporation (Delayed Draw)5,6106,085
Varicent Intermediate Holdings Corporation (Revolver)4,4434,443
Velociti, LLC (Revolver)3,789 n/a
Vhagar Purchaser, LLC (Delayed Draw)1,7221,722
Vhagar Purchaser, LLC (Revolver)1,1111,111
Volt Bidco, Inc. (Revolver)956956
Water Buyer, LLC (Delayed Draw)6,0006,000
Water Buyer, LLC (Revolver)3,0003,000
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MONROE CAPITAL INCOME PLUS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(in thousands, except share and per share data)
Portfolio Company
March 31, 2025December 31, 2024
WebPT, Inc. (Revolver)156246
Whistler Parent Holdings III, Inc. (Delayed Draw)1,5281,973
Whistler Parent Holdings III, Inc. (Revolver)446438
WPEngine, Inc. (Revolver)1,6501,650
XanEdu Publishing, Inc. (Revolver)977977
Xpress Wellness, LLC (Delayed Draw)10,05012,050
Xpress Wellness, LLC (Revolver)4,6772,769
YBR OZ ECE, LLC (Delayed Draw)2,500 n/a
YBR OZ ECE, LLC (Revolver)375 n/a
ZI Intermediate II, Inc. (Revolver)4,7714,771
Zodega Landscaping, LLC (Revolver)992992
Zodega Landscaping, LLC (Preferred interests)1,1971,197
Total Unfunded Portfolio Company Commitments
$1,009,586$896,624
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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MONROE CAPITAL INCOME PLUS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(in thousands, except share and per share data)
Note 12. Financial Highlights
The following are financial highlights for the three months ended March 31, 2025 and 2024:
March 31, 2025March 31, 2024
Per share data:
Net asset value at beginning of period$10.37 $10.24 
Net investment income (1)
0.25 0.29 
Net gain (loss) (1)
(0.03)0.08 
Net increase (decrease) in net assets resulting from operations (1)
0.22 0.37 
Stockholder distributions declared (2)
(0.27)(0.27)
Other (3)
0.01  
Net asset value at end of period$10.33 $10.34 
Total return based on average net asset value (4)
2.21 %3.64 %
Ratio/Supplemental data:
Net assets at end of period$2,442,671 $1,576,430 
Shares outstanding at end of period236,563,264152,507,156
Portfolio turnover (5)
4.96 %3.38 %
Ratio of total investment income to average net assets (6)
20.49 %23.46 %
Ratio of expenses to average net assets (6)
10.53 %11.17 %
Ratio of net investment income to average net assets (6)
9.96 %12.29 %
_________________________________________
(1)The per share data was derived by using the weighted average shares outstanding during the periods presented.
(2)The per share data for distributions reflects the actual amount of distributions declared during the period. 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, 2025 and 2024, 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)Includes the impact of different share amounts used in calculating per share data as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on shares outstanding as of a period end or transaction date.
(4)Total return is calculated as the change in NAV per share during the period, divided by the beginning NAV per share and assumes reinvestment of dividends at prices obtained by the Company's dividend reinvestment plan during the period. Return calculation is not annualized.
(5)Ratio is not annualized.
(6)Ratios are annualized. To the extent incentive fees are included within the ratio, they are not annualized.

Note 13. Segment Reporting

The Company operates through a single operating and reporting segment with an investment objective to generate both current income and capital appreciation through debt and equity investments. The CODM is comprised of the Company’s Chief Executive Officer and Chief Financial Officer. The CODM assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company’s net increase (decrease) in net assets resulting from operations (“net income”) and net investment income. In addition to numerous other factors and metrics, the CODM utilizes net income and net investment income as the key metrics in determining the amount of dividends to be distributed to the Company’s stockholders. As the Company’s operations comprise of a single reporting segment, the segment assets
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MONROE CAPITAL INCOME PLUS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(in thousands, except share and per share data)
are reflected on the accompanying consolidated statements of assets and liabilities as “total assets” and the significant segment expenses are listed on the accompanying consolidated statements of operations.
Note 14. Subsequent Events
The Company has evaluated subsequent events through May 9, 2025, the date on which the consolidated financial statements were issued.
Tender Offering: On April 29, 2025, the Company commenced its normal course quarterly tender offer under the Share Repurchase Program. The Company is offering to purchase up to 11,828,164 shares of its issued and outstanding common stock, par value $0.001 per share (“Common Stock”). This amount represents approximately 5.0% of the Company’s Common Stock outstanding as of March 31, 2025. The tender offer is for a price per share equal to the net asset value per share of Common Stock on May 28, 2025. The tender offer will expire at 11:59 P.M., Eastern Time, on May 27, 2025, unless extended.
Distributions: On April 7, 2025, the Board declared the following distributions:
Record DatePayment DateAmount Per Share
April 15, 2025June 30, 2025$0.09
May 15, 2025June 30, 20250.09
June 16, 2025June 30, 20250.08
Total distributions declared$0.26
Revolving Credit Facility; On April 3, 2025, the Company increased the Revolving Credit Facility amount pursuant to the accordion feature of the Revolving Credit Agreement from $682,500 to $707,500 of aggregate commitments.
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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 Income Plus 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; and Monroe Capital refers to Monroe Capital LLC, a Delaware limited liability company, and its subsidiaries and affiliates. 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, 2024, filed with the U.S. Securities and Exchange Commission (“SEC”) on February 28, 2025. 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;
political and regulatory conditions that contribute to uncertainty and market volatility as a result of legislative, regulatory, trade (including tariffs) and policy changes associated with the current U.S. administration;
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 changing interest rates and elevated 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 new and changing 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 on Form 10-Q 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 this Quarterly Report on Form 10-Q.
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 on Form 10-Q 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 Form 10-Q on information available to us on the date of this Quarterly Report on Form 10-Q, 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 on Form 10-Q, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we may file in the future with the SEC, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Overview
Monroe Capital Income Plus 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.
As an emerging growth company, we intend to take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act of 1933, as amended (the “Securities Act”) for complying with new or revised accounting standards.
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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 seek to provide investors with attractive risk-adjusted returns and downside protection associated with investing in asset based and secured corporate private credit opportunities in a manner that is decoupled from public markets’ volatility. We seek to provide attractive risk-adjusted returns and downside protection by investing primarily in secured private credit transactions and assets, targeting investments that have significant downside protection through a focus on asset coverage. We expect to invest primarily in: (i) senior secured and junior secured and unsecured loans, notes, bonds, preferred equity (including preferred partnership equity), convertible debt and other securities; (ii) unitranche secured loans (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) and securities; (iii) asset-based loans and securities; (iv) small business loans and leases; (v) structured debt and structured equity; (vi) syndicated loans; (vii) securitized debt and subordinated notes of collateralized loan obligations facilities, asset-backed securities and other securitized products and warehouse loan facilities; (viii) opportunities to acquire illiquid investments from other third-party funds as a result of liquidity constraints resulting from investor redemptions and market dislocations; and (ix) capital investments in the secondary markets. As of March 31, 2025, our portfolio included approximately 86.8% senior secured loans, 2.3% unitranche secured loans, 5.6% junior secured loans and 5.3% equity investments, compared to December 31, 2024, when our portfolio included approximately 87.1% senior secured loans, 3.7% unitranche secured loans, 4.4% junior secured loans and 4.8% equity investments. The companies in which we invest may be leveraged, often as a result of leveraged buyouts 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.
We use Monroe Capital’s extensive leveraged finance origination infrastructure and broad expertise in sourcing loans to invest in senior secured, unitranche secured and junior secured debt of middle-market companies. Our investment size will vary proportionately with the size of our capital base. We believe that our focus on lending to lower middle-market companies offers several advantages as compared to lending to larger companies, including more attractive economics, lower leverage, more comprehensive and restrictive covenants, more expansive events of default, relatively small debt facilities that provide us with enhanced influence over our borrowers, direct access to borrower management and improved information flow.
Stock Issuances and Share Repurchase Program
Stock Issuances: We are currently conducting our second best efforts, continuous private offering of our common stock to “accredited investors” in reliance on an exemption from the registration requirements of the Securities Act (the “Second Private Offering”). At each closing an investor purchases shares of our common stock pursuant to a subscription agreement entered into with us. At each closing, investors are required to fund their full subscription to purchase shares of our common stock.
The following table summarizes the issuance of shares of our common stock pursuant to the Second Private Offering (in thousands except shares and per share data) during the three months ended March 31, 2025 and 2024:
DateNAV Per
Share
Shares IssuedProceeds
Three months ended March 31, 2025:
March 20, 2025$10.3736,340,819$376,854 
Total36,340,819$376,854 
DateNAV Per
Share
Shares IssuedProceeds
Three months ended March 31, 2024:
March 15, 2024$10.2425,864,010$264,847 
Total25,864,010$264,847 
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Share Repurchase Program: During 2022, we commenced a quarterly share repurchase program in which we intend to repurchase, in each quarter, up to 5% of our shares of common stock outstanding as of the close of the previous calendar quarter (the “Share Repurchase Program”), subject to the discretion of our board of directors (the "Board") and the availability of cash to fund such repurchases. Our Board may amend, suspend or terminate the Share Repurchase Program if it deems such action to be in our best interest and the best interest of our stockholders.
On August 23, 2024, our Board approved an amended and restated dividend reinvestment plan (the “Amended and Restated DRIP”) solely to appoint a new transfer agent as the Plan Administrator (as defined in the Amended and Restated DRIP). The Amended and Restated DRIP became effective on November 1, 2024.
The following tables summarize the total shares repurchased that were validly tendered under the Share Repurchase Program and not withdrawn (in thousands except shares and per share data) during the three months ended March 31, 2025 and 2024:
DatePrice
Per Share
Shares
Repurchased
Total Cost
Three months ended March 31, 2025:
March 28, 2025$10.37774,968$8,037
Total774,968$8,037
DatePrice
Per Share
Shares
Repurchased
Total Cost
Three months ended March 31, 2024:
March 28, 2024$10.241,996,254$20,442
Total1,996,254$20,442
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 that 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 recorded as other income in the period the service is completed.
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Dividend income on preferred equity investments 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 investments 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 investments and LLC and LP investments may fluctuate significantly from period to period.
Expenses
Our primary operating expenses include the payment of base management and incentive fees to MC Advisors under the Amended and Restated Investment Advisory and Management Agreement entered into on March 31, 2025 (the “Amended Investment Advisory Agreement”), the payment of fees to MC Management for our allocable portion of overhead and other expenses under the administration agreement entered into on December 5, 2018 (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 Amended Investment Advisory 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, 2025, we invested $419.7 million in 24 new portfolio companies, $299.0 million in 83 existing portfolio companies and had $211.4 million in aggregate amount of sales and principal repayments, resulting in net investments of $507.3 million for the period.
During the three months ended March 31, 2024, we invested $183.1 million in 15 new portfolio companies, $180.1 million in 68 existing portfolio companies and had $90.4 million in aggregate amount of sales and principal repayments, resulting in net investments of $272.8 million for the period.
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The following table shows portfolio yield by security type as of March 31, 2025 and December 31, 2024:
March 31, 2025December 31, 2024
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 loans10.2 %10.2 %10.4 %10.4 %
Unitranche secured loans10.5 11.3 11.4 11.9 
Junior secured loans11.6 11.6 11.0 11.0 
Equity investments9.1 9.1 9.1 9.1 
Total10.3 %10.3 %10.4 %10.5 %
_________________________________________
(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 and the cost basis of our preferred equity investments.
(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 and the cost basis of our preferred equity investments. 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 investment portfolio or sales load that may be paid by stockholders.
The following table shows the composition of our investment portfolio at fair value and as percentage of our total investments at fair value (in thousands) as of March 31, 2025 and December 31, 2024:
March 31, 2025December 31, 2024
Fair Value:
Senior secured loans$3,925,239 86.8 %$3,491,117 87.1 %
Unitranche secured loans103,073 2.3 148,531 3.7 
Junior secured loans254,222 5.6 177,677 4.4 
Equity investments238,093 5.3 191,648 4.8 
Total$4,520,627 100.0 %$4,008,973 100.0 %
Our portfolio composition at March 31, 2025 remained relatively consistent with our portfolio at December 31, 2024. As of March 31, 2025, our yields decreased slightly compared to December 31, 2024.
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The following table shows our portfolio composition by industry at fair value and as percentage of our total investments at fair value (in thousands) as of March 31, 2025 and December 31, 2024:
March 31, 2025December 31, 2024
Fair Value:
Aerospace & Defense$1,638 
0.0% *
$23,854 0.6 %
Automotive119,335 2.6 66,253 1.7 
Banking42,102 0.9 43,672 1.1 
Beverage, Food & Tobacco22,606 0.5 27,414 0.7 
Capital Equipment196,356 4.4 187,727 4.7 
Construction & Building197,125 4.4 222,008 5.5 
Consumer Goods: Durable91,369 2.0 71,293 1.8 
Consumer Goods: Non-Durable63,050 1.4 48,784 1.2 
Containers, Packaging & Glass40,397 0.9 40,136 1.0 
Energy: Oil & Gas118 
0.0 *
118 
0.0 *
Environmental Industries85,078 1.9 68,253 1.7 
FIRE: Finance261,689 5.8 233,307 5.8 
FIRE: Real Estate163,570 3.6 81,966 2.1 
Healthcare & Pharmaceuticals664,385 14.7 594,527 14.8 
High Tech Industries720,984 15.9 497,616 12.4 
Hotels, Gaming & Leisure113 
0.0 *
123 
0.0 *
Media: Advertising, Printing & Publishing183,828 4.1 197,904 4.9 
Media: Broadcasting & Subscription853 
0.0 *
867 
0.0 *
Media: Diversified & Production93,683 2.1 111,259 2.8 
Retail14,743 0.3 14,566 0.4 
Services: Business913,742 20.2 901,082 22.5 
Services: Consumer304,529 6.7 240,488 6.0 
Telecommunications95,602 2.2 101,469 2.5 
Transportation: Cargo175,588 3.9 172,550 4.3 
Utilities: Electric20,073 0.4 13,764 0.3 
Wholesale48,071 1.1 47,973 1.2 
Total$4,520,627 100.0 %$4,008,973 100.0 %
________________________________________________________
*Represents an amount less than 0.1%.
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 1Includes 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 2Includes 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 3Includes 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 4Includes 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 5Indicates 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, 2025 (in thousands):
Investment Performance Risk RatingInvestments at
Fair Value
Percentage of
Total Investments
1$— %
24,244,06293.9 
3223,9234.9 
450,2791.1 
52,3630.1 
Total$4,520,627100.0 %
________________________________________________________
*Represents an amount less than 0.1%.
The following table shows the distribution of our investments on the 1 to 5 investment performance risk rating scale as of December 31, 2024 (in thousands):
Investment Performance Risk RatingInvestments at
Fair Value
Percentage of
Total Investments
1$— %
23,691,71692.1 
3282,6357.1 
433,7550.8 
5867
0.0 *
Total$4,008,973100.0 %
________________________________________________________
*Represents an amount less than 0.1%.
As of March 31, 2025, there were 13 borrowers with debt or preferred equity investments on non-accrual status (Adept AG Holdings, LLC, AppLogic Networks OpCo I LLC (fka Sandvine Corporation), Arcserve Cayman Opco LP ("Arcserve"), Avison Young (USA) Inc. ("Avison Young"), BTR Opco LLC ("BTR"), EOS Finco S.A.R.L, INH Buyer, Inc. ("INH"), MV Receivables II, LLC ("MV Receivables"), Prototek LLC ("Prototek"), Reorganized Mobileum AcquisitionCo, LLC ("Reorganized Mobileum"), Streamland Media Midco LLC ("Streamland Media"), Thrasio, LLC ("Thrasio") and Vice Acquisition Holdco, LLC ("Vice Acquisition"), and these investments totaled $45.2 million at fair value, or 1.0% of our total investments at fair value at March 31, 2025.
As of December 31, 2024, there were 11 borrowers with debt or preferred equity investments on non-accrual status (Arcserve, Avison Young, BTR, INH, MV Receivables, Prototek, Reorganized Mobileum, Sandvine Corporation, Streamland Media, Thrasio and Vice Acquisition), and these investments totaled $28.7 million at fair value, or 0.7% of our total investments at fair value at December 31, 2024.
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Results of Operations
Operating results for the three months ended March 31, 2025 and 2024 were as follows (in thousands):
Three months ended March 31,
20252024
Total investment income$113,430 $83,984 
Total operating expenses
62,633 45,149 
Net investment income before income taxes50,797 38,835 
Income taxes, including excise taxes375 125 
Net investment income50,422 38,710 
Net realized gain (loss) on investments118 
Net realized gain (loss) on foreign currency forward contracts54 
Net realized gain (loss) on foreign currency and other transactions(46)(18)
Net realized gain (loss)126 (12)
Net change in unrealized gain (loss) on investments(3,044)7,617 
Net change in unrealized gain (loss) on foreign currency forward contracts(747)2,353 
Net unrealized gain (loss) on foreign currency and other transactions(2,757)639 
Net change in unrealized gain (loss)(6,548)10,609 
Net increase (decrease) in net assets resulting from operations$44,000 $49,307 
Investment Income
The composition of our investment income for the three months ended March 31, 2025 and 2024 was as follows (in thousands):
Three months ended March 31,
20252024
Interest income$103,899 $77,074 
PIK interest income3,145 2,994 
Dividend income (1)
481 152 
Other income
455 101 
Prepayment gain (loss)1,324 1,061 
Accretion of discounts and amortization of premiums4,126 2,602 
Total investment income$113,430 $83,984 
_________________________________________
(1)During the three months ended March 31, 2025 and 2024, dividend income includes PIK dividends of $429 and $152, respectively.
Total investment income increased by $29.4 million during the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily due to an increase in interest income and accretion of discounts and amortization of premiums due to the increase in average invested assets, partially offset by the impacts of declines in base interest rates.
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Operating Expenses
The composition of our operating expenses for the three months ended March 31, 2025 and 2024 was as follows (in thousands):
Three months ended March 31,
20252024
Interest and other debt financing expenses$39,593$27,220
Base management fees
14,0768,620
Incentive fees (1)
6,2867,044
Professional fees729503
Administrative service fees962645
General and administrative expenses9491,079
Directors’ fees3838
Total operating expenses$62,633$45,149
_________________________________________
(1)Incentive fees for the three months ended March 31, 2025 were $6,286, comprised of part one incentive fees of $7,089 and a reversal of previously accrued part two capital gains incentive fees of $803. Incentive fees for the three months ended March 31, 2024 were $7,044, comprised of part one incentive fees of $5,719 and part two capital gains incentive fees of $1,325. See Note 6 to our consolidated financial statements and “Capital Gains Incentive Fee” for additional information.
The composition of our interest and other debt financing expenses, average debt outstanding and average stated interest rate (i.e., the rate in effect plus spread) for the three months ended March 31, 2025 and 2024 were as follows (in thousands):
Three months ended March 31,
20252024
Interest expense - Revolving Credit Facility$7,596$5,582
Interest expense - SPV Credit Facility3,9155,073
Interest expense - SPV II Credit Facility3,1182,342
Interest expense - SPV III Credit Facility1,563
Interest expense - SPV IV Credit Facility4,743
Interest expense - SPV V Credit Facility362
Interest expense - 2022 ABS3,0103,221
Interest expense - 2023 ABS3,9134,293
Interest expense - 2028 Notes4,7104,710
Interest expense - 2029 Notes3,810
Amortization of debt issuance costs
2,8531,999
Total interest and other debt financing expenses$39,593$27,220
Average debt outstanding$2,128,049$1,313,104
Average stated interest rate7.0%7.7%
Total operating expenses increased by $17.5 million during the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily due to an increase in interest and other debt financing expenses from higher average borrowings outstanding to support portfolio growth, partially offset by a reduced base interest rate environment. Additionally, increases in base management fees from higher invested assets contributed to the increase in operating expenses.
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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 U.S. federal income 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, 2025 and 2024, we recorded a net expense on the consolidated statements of operations of $0.4 million and $0.1 million, respectively, for U.S. federal excise tax.
Certain of our consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes. For both the three months ended March 31, 2025 and 2024, we recorded a net tax expense of zero on the consolidated statements of operations for these subsidiaries.
Net Realized Gain (Loss)
During the three months ended March 31, 2025 and 2024, we recorded sales or dispositions on investments resulting in $0.1 million and $4 thousand of net realized gain (loss) on investments, respectively.
We have entered and may continue to enter into foreign currency forward contracts to reduce our exposure to foreign currency exchange rate fluctuations. During the three months ended March 31, 2025 and 2024, we had $0.1 million and $2 thousand of net realized gain (loss) on foreign currency forward contracts, respectively. During the three months ended March 31, 2025 and 2024, we had $(46) thousand and $(18) 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, 2025 and 2024, our investments had $(3.0) million and $7.6 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, 2025, the net change in unrealized loss on investments was primarily driven by mark-to-market losses from certain 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, 2025. These declines in fair value were partially offset by net unrealized gains attributable to broad market movements and improvements in fundamental performance at our portfolio companies.
During the three months ended March 31, 2024, the net change in unrealized gain on investments was primarily attributable to broad market movements and improvements in fundamental performance at our portfolio companies. These increases were partially offset by net unrealized losses attributable to portfolio companies that have underlying credit performance concerns resulting in a risk rating of Grade 3, 4 or 5 on our investment performance risk rating scale that were still held as of March 31, 2024.
For the three months ended March 31, 2025 and 2024, our foreign currency forward contracts had $(0.7) million and $2.4 million of net change in unrealized gain (loss), respectively.
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For the three months ended March 31, 2025 and 2024, our foreign currency and other transactions had $(2.8) million and $0.6 million of net change in unrealized gain (loss), respectively. Net unrealized gains (losses) on foreign currency and other transactions primarily relate to our foreign currency borrowings.
Net Increase (Decrease) in Net Assets Resulting from Operations
For the three months ended March 31, 2025 and 2024, the net increase (decrease) in net assets resulting from operations was $44.0 million and $49.3 million, respectively. Based on the weighted average shares of common stock outstanding for the three months ended March 31, 2025 and 2024, our per share net increase (decrease) in net assets resulting from operations was $0.22 and $0.37, respectively.
Liquidity and Capital Resources
We generate cash primarily from (i) the net proceeds of private offerings, (ii) cash flows from our operations, and (iii) borrowings under our existing leverage facilities and any financing arrangements we may enter into in the future. These financings may come in the form of borrowings from banks and issuances of senior securities. Our primary uses of cash are for (i) investments in portfolio companies and other investments to comply with certain portfolio diversification requirements, (ii) the cost of operations (including paying MC Advisors and reimbursements to MC Management), (iii) debt service of any borrowings, (iv) share repurchases under our share repurchase program and (v) cash distributions to our stockholders.
As of March 31, 2025, we had $125.5 million in cash and cash equivalents and $132.1 million in restricted cash and cash equivalents. Restricted cash and cash equivalents includes amounts held within our wholly-owned financing subsidiaries and is generally restricted to use for the origination of new investments, the repayment of outstanding debt and the related payment of interest expense and the quarterly release of our earnings. As of March 31, 2025, restricted cash and cash equivalents at each wholly-owned financing subsidiary and debt outstanding consisted of the following:
Restricted cash and cash equivalentsDebt outstanding
Revolving Credit Facility$ n/a$542,660 
MC Income Plus Financing SPV LLC ("SPV")28,904 160,000 
MC Income Plus Financing SPV II LLC ("SPV II")8,419 176,527 
MC Income Plus Financing SPV III LLC ("SPV III")18,851 121,000 
MC Income Plus Financing SPV IV LLC ("SPV IV")13,059 315,000 
MC Income Plus Financing SPV V LLC ("SPV V")1,215 37,700 
Monroe Capital Income Plus ABS Funding, LLC ("2022 Issuer")51,148 283,269 
Monroe Capital Income Plus ABS Funding II, LLC ("2023 Issuer")10,515 209,100 
2028 Notesn/a200,000 
2029 Notesn/a204,000 
Total$132,111 $2,249,256 
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, 2025 and December 31, 2024, our asset coverage ratio based on aggregate borrowings outstanding was 209% and 196%, respectively.
Cash Flows
For the three months ended March 31, 2025 and 2024, we experienced a net increase (decrease) in cash and restricted cash and cash equivalents of $3.6 million and $(16.7) million, respectively. For the three months ended March 31, 2025 and 2024, cash used in operating activities was $426.6 million and $241.8 million, respectively, resulting primarily from purchases of investments, partially offset by proceeds from principal payments and sale of investments and settlement of forward contracts and net investment income. During the three months ended March 31, 2025 and 2024, cash provided by financing activities was $430.2 million and $225.1 million, respectively, resulting primarily from net borrowings on debt and proceeds from issuances of common stock, partially offset by stockholder distributions paid and repurchases of common stock.
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Capital Resources
As a BDC, we distribute substantially all of our net income to our stockholders and have an ongoing need to raise additional capital for investment purposes. We intend to generate additional cash primarily from future offerings of securities, including our current Second Private Offering and any subsequent offerings, 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, fund share repurchases under our share repurchase program 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, 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. As of March 31, 2025 and December 31, 2024, we had 236,563,264 and 198,704,495 shares outstanding, respectively.
Distributions
Distributions to stockholders are recorded on the applicable record date. The amount, if any, to be distributed to stockholders is determined by our Board at least quarterly and is generally based upon our earnings estimated by management. Net realized capital gains, if any, are generally distributed at least annually.
The determination of the tax attributes for our distributions is made annually, based upon our 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. Distributions to stockholders for the three months ended March 31, 2025 and 2024 totaled $53.7 million ($0.27 per share) and $34.4 million ($0.27 per share), respectively. The tax character of such distributions is determined at the end of the fiscal year. However, if the character of such distributions were determined as of March 31, 2025 and 2024, no portion of these distributions would have been characterized as a return of capital to stockholders.
We have adopted a dividend reinvestment plan (the "DRIP") that provides for the reinvestment of dividends and other distributions on behalf of its stockholders that elect to participate in such plan. As a result, if we declare a dividend or distribution, our stockholders’ cash distributions will only be reinvested in additional shares of our common stock if a stockholder specifically “opts in” to the DRIP at least ten (10) days prior to the record date fixed by our Board. Shares issued under the DRIP will be issued at a price per share equal to the NAV per share as of the last day of our fiscal quarter immediately preceding the date that the distribution was declared. On August 23, 2024, the Board approved the Amended and Restated Dividend Reinvestment Plan (the "Amended and Restated DRIP") solely to appoint a new transfer agent as the Plan Administrator (as defined in the Amended and Restated DRIP). The Amended and Restated DRIP became effective on November 1, 2024. See Note 10 to our consolidated financial statements for additional information on our distributions.
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Borrowings
Our outstanding debt as of March 31, 2025 was as follows (in thousands):
March 31, 2025
Aggregate
Principal
Amount
Committed (1)
Principal
Amount
Outstanding
Carrying Value (2)
Unamortized Debt Issuance Costs
Revolving Credit Facility (3)
$682,500 $542,660 $536,587 $6,073 
SPV Credit Facility450,000160,000156,8273,173
SPV II Credit Facility176,527176,527175,4651,062
SPV III Credit Facility
200,000121,000119,1291,871
SPV IV Credit Facility350,000315,000311,8233,177
SPV V Credit Facility250,00037,70035,1242,576
2022 ABS (4)
283,269283,269283,030239
2023 ABS (5)
209,100209,100206,5602,540
2028 Notes200,000200,000198,2941,706
2029 Notes204,000204,000202,3881,612
Total$3,005,396 $2,249,256 $2,225,227 $24,029 
_________________________________________
(1)Represents the total aggregate amount committed or outstanding, as applicable, under such instrument.
(2)Represents the principal amount outstanding, less unamortized debt issuance costs.
(3)Principal amount outstanding includes borrowings denominated in foreign currencies converted at the period end exchange rate.
(4)As of March 31, 2025, the 2022 Class C Notes and 2022 Subordinated Notes (each as defined below) totaling $33.4 million and $82.9 million, respectively, are excluded from the total aggregate principal amount committed/outstanding amount as these notes are eliminated in consolidation.
(5)As of March 31, 2025, the 2023 Subordinated Notes (as defined below) totaling $45.9 million, are excluded from the total aggregate principal amount committed/outstanding amount as these notes are eliminated in consolidation.
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Our outstanding debt as of December 31, 2024 was as follows (in thousands):
December 31, 2024
Aggregate
Principal
Amount
Committed (1)
Principal
Amount
Outstanding
Carrying Value (2)
Unamortized Debt Issuance Costs
Revolving Credit Facility (3)
$652,500 $481,106 $474,756 $6,350 
SPV Credit Facility450,000243,300239,8893,411
SPV II Credit Facility195,998195,998194,5741,424
SPV III Credit Facility
100,00075,00073,7221,278
SPV IV Credit Facility350,000248,600245,1853,415
2022 ABS (4)
294,609294,609293,3931,216
2023 ABS (5)
209,100209,100206,3692,731
2028 Notes200,000200,000198,1781,822
2029 Notes204,000204,000202,2961,704
Total$2,656,207 $2,151,713 $2,128,362 $23,351 
_________________________________________
(1)Represents the total aggregate amount committed or outstanding, as applicable, under such instrument.
(2)Represents the principal amount outstanding, less unamortized debt issuance costs.
(3)Principal amount outstanding includes borrowings denominated in foreign currencies converted at the period end exchange rate.
(4)As of December 31, 2024, the 2022 Class C Notes and 2022 Subordinated Notes (each as defined below) totaling $34.8 million and $82.9 million, respectively, are excluded from the total aggregate principal amount committed/outstanding amount as these notes are eliminated in consolidation.
(5)As of December 31, 2024, the 2023 Subordinated Notes (as defined below) totaling $45.9 million are excluded from the total aggregate principal amount committed/outstanding amount as these notes are eliminated in consolidation.
Credit Facilities
Revolving Credit Facility
On October 20, 2023, we entered into a senior secured revolving credit facility (the “Revolving Credit Facility”) pursuant to a Senior Secured Revolving Credit Agreement (the “Revolving Credit Agreement”), as amended from time to time, with ING Capital, LLC, as administrative agent and joint lead arranger. The initial principal amount of the Revolving Credit Facility was $295.0 million, subject to availability under the borrowing base, which is based on our portfolio investments and other outstanding indebtedness, with an accordion provision permitting increases to the total facility amount up to $800.0 million, subject to the satisfaction of certain conditions. Through various amendments to the Revolving Credit Agreement, we have increased the facility amount multiple times under the accordion to $682.5 million of aggregate commitments as of March 31, 2025. See Recent Developments for additional information on the Revolving Credit Facility.
As of March 31, 2025 and December 31, 2024, we had outstanding U.S. dollar borrowings under the Revolving Credit Facility of $451.3 million and $396.1 million, respectively, and non-U.S. dollar borrowings denominated in Australian dollars of AUD 22.0 million ($13.7 million in U.S. dollars) and AUD 22.0 million ($13.6 million in U.S. dollars), respectively, and Great Britain pounds of £40.0 million ($51.7 million in U.S. dollars) and £38.4 million ($48.1 million in U.S. dollars), respectively, and Euros of €24.0 million ($26.0 million in U.S. dollars) and €22.5 million ($23.3 million in U.S. dollars), respectively. The 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. The borrowings denominated in foreign currency are translated into U.S. dollars based on the spot rate at each balance sheet date. The impact resulting from changes in foreign currency borrowings is included in net change in unrealized gain (loss) on foreign currency and other transactions on our consolidated statements of operations and totaled $(2.8) million and $0.6 million for the three months ended March 31, 2025 and 2024, respectively.
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Advances under the Revolving Credit Facility initially bear interest at a per annum rate equal to, (a) in the case of any U.S. dollar advances, (i) 1.25% per annum (or, at any time the Rating Condition is satisfied, 1.15% per annum) plus an “alternate base rate” (as described in the Revolving Credit Agreement) or (ii) 2.25% per annum (or, at any time the Rating Condition is satisfied, 2.15% per annum) plus Term SOFR, (b) in the case of any foreign currency advances (other than Pounds Sterling), 2.25% per annum (or, at any time the Rating Condition is satisfied, 2.15% per annum) plus the applicable benchmark rate and (c) in the case of any Pounds Sterling advances, 2.50% per annum (or, at any time the Rating Condition is satisfied, 2.35% per annum) plus the Daily Simple Risk Free Rate, in each case, depending on the nature of the advances being requested under the Revolving Credit Facility. The “Rating Condition” shall be satisfied at any time we maintain a public credit rating of at least BBB- from S&P Global Ratings (or equivalent rating from Moody’s Investors Service, Inc. or Fitch, Inc.). As of March 31, 2025 and December 31, 2024, the outstanding borrowings were accruing at a weighted average interest rate of 6.7% and 7.0%, respectively.
Advances under the Revolving Credit Facility are subject to compliance with borrowing base requirements, pursuant to which the amount of funds advanced varies depending upon the types of assets in our portfolio. Assets must meet certain criteria in order to be included in the borrowing base, and the borrowing base is subject to certain portfolio restrictions including investment size, sector concentrations and investment type.
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 its 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 Revolving Credit Facility. The Revolving Credit Facility contains certain financial covenants, including, but not limited to, our maintenance of: (1) minimum consolidated total net assets of the greater of (a) $500.0 million and (b) an amount equal to the sum of (i) $1.1 billion plus (ii) an amount equal to 65% of the difference of (x) the net proceeds to us from sales of our equity securities during each quarter following October 31, 2024 and (y) the amount paid or distributed to purchase or redeem our common stock in connection with a tender offer during such quarter; (2) a ratio of total assets (less total liabilities other than indebtedness) to total indebtedness of not less than 1.5 to 1; (3) a senior debt coverage ratio of at least 2 to 1; and (4) minimum net worth equal to or greater than $500.0 million. 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 Revolving Credit Facility. The Revolving Credit Facility also has customary provisions regarding events of default, including events of default for nonpayment, change in control transactions, 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.
The Revolving Credit Facility also imposes certain conditions that may limit the amount of our distributions to stockholders. Distributions payable in our common stock under the DRIP are not limited by the Revolving Credit Facility. Distributions in cash or property other than common stock are generally limited to 115% of the amount of distributions required to maintain our status as a RIC.
The Revolving Credit Facility is guaranteed by certain subsidiary guarantors (primarily the Taxable Subsidiaries). Proceeds of the Revolving Credit Facility may be used for general corporate purposes, including, without limitation, making distributions, contributions and investments and for such other uses as permitted under the Revolving Credit Agreement.
The period during which we may borrow under the Revolving Credit Facility expires on October 31, 2028, and the Revolving Credit Facility will mature and all amounts outstanding thereunder must be repaid by October 31, 2029. The Revolving Credit Facility is secured by a perfected first-priority interest in substantially all of the portfolio investments held by us and the subsidiary guarantors, subject to certain exceptions.
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SPV Credit Facilities
SPV Credit Facility
We have a $450.0 million senior secured revolving credit facility (the “SPV Credit Facility”) with KeyBank National Association, as agent, through our wholly-owned subsidiary, the SPV. Our ability to borrow under the SPV Credit Facility is subject to certain financial and restrictive covenants as well as availability under the borrowing base, which permits us to borrow up to 72% of the principal balance of our portfolio company investments depending on the type of investment, subject to a maximum advance rate on the portfolio of 67%. We entered into an amendment to the SPV Credit Facility on July 15, 2024 to, among other things, reduce the interest rate applicable to the borrowings to SOFR plus 2.40%, remove the SOFR credit spread adjustment as a component of pricing thereunder, and extend both the reinvestment period and the maturity date of the SPV Credit Facility. Under the terms of the amended SPV Credit Facility, the SPV is permitted to reinvest available cash and make new borrowings under the SPV Credit Facility through July 16, 2027. The maturity date of the SPV Credit Facility is July 16, 2029. Distributions from the SPV to us are limited by the terms of the SPV Credit Facility, which generally allows for the distribution of net interest income pursuant to a waterfall quarterly during the reinvestment period. As of March 31, 2025 and December 31, 2024, the fair value of our investments that were held in the SPV as collateral for the SPV Credit Facility was $702.8 million and $722.8 million, respectively, and these investments are identified on the accompanying consolidated schedules of investments.
During the reinvestment period, borrowings under the SPV Credit Facility bear interest at an annual rate of SOFR (one or three month, at the SPV’s option and subject to a SOFR minimum of 0.50%) plus a margin ranging from 2.40% to a maximum of 2.70%, depending on the level of utilization of the facility and the number of obligors of eligible loans pledged as collateral in the SPV. After the reinvestment period, borrowings under the SPV Credit Facility bear interest at an annual rate of SOFR plus 3.00%. In addition to the stated interest rate on borrowings, the SPV is required to pay an unused commitment fee of (i) 0.50% per annum on any unused portion of the SPV Credit Facility when the outstanding borrowings are less than or equal to 60% of the facility amount and (ii) 0.35% per annum on any unused portion of the SPV Credit Facility when the outstanding borrowings are greater than 60% of the facility amount. As of March 31, 2025 and December 31, 2024, the outstanding borrowings were accruing at a weighted average interest rate of 6.7% and 7.0%, respectively.
Borrowing under the SPV Credit Facility remains subject to the leverage restrictions contained in the 1940 Act.
SPV II Credit Facility
We have a senior secured term credit facility (the “SPV II Credit Facility”) with KeyBank National Association, as lead arranger and administrative agent, through a special purpose wholly-owned subsidiary, SPV II. The SPV II Credit Facility initially allowed SPV II to borrow an aggregate principal amount of $100.0 million, and includes an accordion feature, which allows us, under certain circumstances, to increase the total size of the facility upon request to the administrative agent and with the consent of one or more increasing or additional lenders. Through a series of amendments, most recently on June 18, 2024, we increased the facility amount pursuant to the accordion feature of the SPV II Credit Facility to $245.4 million and we borrowed up to the new aggregate commitments under the SPV II Credit Facility and have since amortized down to the current outstanding balance. As of March 31, 2025 and December 31, 2024, the fair value of our investments held in SPV II as collateral for the SPV II Credit Facility was $290.9 million and $307.5 million, respectively, and these investments are identified on the accompanying consolidated schedules of investments.
Borrowings under the SPV II Credit Facility bear interest at Adjusted Term SOFR (subject to a SOFR minimum of 0.50%) plus an applicable margin rate of 2.40% per annum during the initial period, December 20, 2022 through December 20, 2025, and 3.40% per annum during the amortization period, December 21, 2025 through December 20, 2026. The SPV II Credit Facility matures on December 20, 2026, unless sooner terminated in accordance with its terms. As of March 31, 2025 and December 31, 2024, the outstanding borrowings were accruing at a weighted average interest rate of 6.7% and 6.9%, respectively.
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Under the terms of the SPV II Credit Facility, pursuant to a monthly waterfall and subject to the satisfaction of certain coverage tests and portfolio quality tests, SPV II is permitted to reinvest 25% of principal proceeds during the initial period, with the remaining 75% applied to prepay the SPV II Credit Facility. During the amortization period, pursuant to a monthly waterfall, 100% of principal proceeds must be applied to prepay the SPV II Credit Facility. The SPV II Credit Facility contains representations and warranties and affirmative and negative covenants customary for secured financings of this type. The SPV II Credit Facility also contains customary events of default (subject to certain grace periods, as applicable), including but not limited to the nonpayment of principal, interest or fees, breach of covenants, voluntary or involuntary bankruptcy proceedings and change of control of the borrower.
Borrowing under the SPV II Credit Facility remains subject to the leverage restrictions contained in the 1940 Act.
SPV III Credit Facility
On March 28, 2024, we entered into a senior secured revolving credit facility (the "SPV III Credit Facility") with Goldman Sachs Bank USA, as administrative agent, through a special purpose wholly-owned subsidiary, SPV III. The SPV III Credit Facility initially allowed SPV III to borrow an aggregate principal amount of $100.0 million, and includes an accordion feature which allows us, under certain circumstances, to increase the total size of the facility to $250.0 million upon request to the administrative agent and with consent of the lenders. On March 7, 2025, we amended the SPV III Credit Facility to increase facility amount pursuant to the accordion feature of the SPV III Credit Facility to $200.0 million. Our ability to borrow under the SPV III Credit Facility is subject to certain financial and restrictive covenants as well as availability under the borrowing base, which permits us to borrow up to 70% of the principal balance of its portfolio company investments depending on the type of investment. Under the terms of the SPV III Credit Facility, the SPV III is permitted to reinvest available cash and make new borrowings under the SPV III Credit Facility through April 5, 2027. The maturity date of the SPV III Credit Facility is April 5, 2029, unless sooner terminated in accordance with its terms. As of March 31, 2025 and December 31, 2024, the fair value of investments that were held in the SPV III as collateral for the SPV III Credit Facility was $227.0 million and $142.2 million, respectively, and these investments are identified on the accompanying consolidated schedules of investments.
Borrowings under the SPV III Credit Facility bear interest at Adjusted Term SOFR (subject to a SOFR minimum of 1.00%) plus an applicable margin rate of 1.95% per annum. In addition to the stated interest rate on borrowings, the SPV III is required to pay an unused commitment fee of (i) 0.75% per annum on any unused portion of the SPV III Credit Facility through September 5, 2024 and (ii) 0.50% per annum on any unused portion of the SPV III Credit Facility after September 5, 2024. As of March 31, 2025 and December 31, 2024, the outstanding borrowings were accruing at a weighted average interest rate of 6.2% and 7.3%, respectively.
Borrowing under the SPV III Credit Facility remains subject to the leverage restrictions contained in the 1940 Act.
SPV IV Credit Facility
On July 11, 2024, we entered into a senior secured revolving credit facility (the “SPV IV Credit Facility”) with Capital One, National Association ("CONA") as administrative agent, as amended from time to time, through a special purpose wholly-owned subsidiary, SPV IV.
The SPV IV Credit Facility allows us, through SPV IV, to borrow an aggregate principal amount of up to $350.0 million, and includes an accordion feature which allows us, under certain circumstances, to increase the total size of the facility to $450.0 million upon request to the administrative agent and with consent of the lenders. Under the terms of the SPV IV Credit Facility, SPV IV is permitted to reinvest available cash and make new borrowings under the SPV IV Credit Facility through July 11, 2027. The SPV IV Credit Facility matures on July 11, 2029, unless terminated earlier at our election, subject to the payment of a customary prepayment fee, or at the election of the administrative agent following the occurrence of an event of default thereunder. Borrowings under the SPV IV Credit Facility bear interest at SOFR plus an applicable margin rate of 2.15% per annum. Advances under the SPV IV Credit Facility are subject to availability governed by a borrowing base comprised of eligible loan assets, which receive advance rates under the SPV IV Credit Facility of up to 75%. Undrawn capacity under the SPV IV Credit Facility is subject to a non-usage fee of between 0.25% and 0.75% per annum on such undrawn capacity, depending on the level of usage of the SPV IV Credit Facility. As of March 31, 2025 and December 31, 2024, the fair value of investments that were held in the SPV IV as collateral for the SPV IV Credit Facility was $562.6 million and $513.2 million, respectively, and these investments are identified on the accompanying consolidated schedules of investments.
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The SPV IV Credit Facility contains representations and warranties and affirmative and negative covenants customary for secured financings of this type. The SPV IV Credit Facility also contains customary events of default (subject to certain grace periods, as applicable), including but not limited to the nonpayment of principal, interest or fees; breach of covenants; voluntary or involuntary bankruptcy proceedings; and change of control of SPV IV. As of March 31, 2025 and December 31, 2024, the outstanding borrowings were accruing at a weighted average interest rate of 6.4% and 6.5%, respectively.
Borrowing under the SPV IV Credit Facility remains subject to the leverage restrictions contained in the 1940 Act.
SPV V Credit Facility
On February 21, 2025, we entered into a senior secured revolving credit facility (the “SPV V Credit Facility”) with CONA, through a special purpose wholly-owned subsidiary, SPV V.
The SPV V Credit Facility allows us, through SPV V, to borrow an aggregate principal amount of up to $250.0 million and includes an accordion feature which allows us, under certain circumstances, to increase the total size of the facility to $350.0 million upon request to the administrative agent and with consent of the lenders. Under the terms of the SPV V Credit Facility, SPV V is permitted to reinvest available cash and make new borrowings under the SPV V Credit Facility through February 21, 2028. The SPV V Credit Facility matures on February 21, 2030, unless terminated earlier at our election, subject to the payment of a customary prepayment fee, or at the election of CONA following the occurrence of an event of default thereunder. Borrowings under the SPV V Credit Facility bear interest at SOFR plus an applicable margin rate of 2.15% per annum. Advances under the SPV V Credit Facility are subject to availability governed by a borrowing base comprised of eligible loan assets, which receive advance rates under the SPV V Credit Facility of up to 75%. Undrawn capacity under the SPV V Credit Facility is subject to a non-usage fee of between 0.25% and 0.75% per annum on such undrawn capacity, depending on the level of usage of the SPV V Credit Facility. As of March 31, 2025, the fair value of our investments that were held in the SPV V as collateral for the SPV V Credit Facility was $239.5 million, and these investments are identified on the accompanying consolidated schedules of investments.
The SPV V Credit Facility contains representations and warranties and affirmative and negative covenants customary for secured financings of this type. The SPV V Credit Facility also contains customary events of default (subject to certain grace periods, as applicable), including but not limited to the nonpayment of principal, interest or fees; breach of covenants; voluntary or involuntary bankruptcy proceedings; and change of control of SPV V. As of March 31, 2025, the outstanding borrowings were accruing at a weighted average interest rate of 6.5%.
Borrowing under the SPV V Credit Facility remains subject to the leverage restrictions contained in the 1940 Act.
Asset Backed Securitizations
2022 Asset-Backed Securitization
On April 7, 2022, we completed a $425.0 million asset-backed securitization (the “2022 ABS”). The notes offered in the 2022 ABS were issued by the 2022 Issuer, a wholly-owned subsidiary, and are secured by a diversified portfolio of senior secured loans. The transaction was executed through a private placement of $261.4 million of Class A Senior Secured Notes, which bear interest at 4.05% (the “2022 Class A Notes”), $44.6 million of Class B Senior Secured Notes, which bear interest at 5.15% (the “2022 Class B Notes”) and $36.1 million of Class C Senior Secured Notes, which bear interest at 7.75% (the “2022 Class C Notes” and collectively with the 2022 Class A Notes and the 2022 Class B Notes, the “2022 Secured Notes”), and $82.9 million of Subordinated Notes, which do not bear interest (the “2022 Subordinated Notes” and, together with the 2022 Secured Notes, the “2022 Notes”). We retained all of the 2022 Class C Notes and the 2022 Subordinated Notes. The 2022 Class A Notes and the 2022 Class B Notes are included as debt on the accompanying consolidated statements of assets and liabilities. As of both March 31, 2025 and December 31, 2024, the 2022 Class C Notes and the 2022 Subordinated Notes were eliminated in consolidation.
Through April 22, 2024, the 2022 Issuer was permitted to use all principal collections received on the underlying collateral to purchase new collateral under the direction of MC Advisors, in its capacity as collateral manager of the 2022 Issuer, in accordance with our investment strategy and subject to customary conditions set forth in the documents governing the 2022 ABS, allowing us to maintain the initial leverage in the 2022 ABS. Subsequent to April 22, 2024, the 2022 ABS is required to use principal collections repay the 2022 Notes. The 2022 Notes are due on April 30, 2032.
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As of March 31, 2025 and December 31, 2024, the fair value of our investments held in the 2022 Issuer as collateral was $354.4 million and $396.6 million, respectively, and these investments are identified on the accompanying consolidated schedule of investments. As of both March 31, 2025 and December 31, 2024, the 2022 Class A Notes were accruing at a weighted average interest rate of 4.1%. As of both March 31, 2025 and December 31, 2024, the 2022 Class B Notes were accruing at a weighted average interest rate of 5.2%.
Distributions from the 2022 Issuer to us are limited by the terms of the indenture governing the 2022 ABS, which generally allows for the payment of interest on the 2022 Secured Notes and the distribution of remaining net interest income to the holders of the 2022 Subordinated Notes pursuant to a waterfall quarterly during the reinvestment period.
2023 Asset-Backed Securitization
On September 15, 2023, we completed a $251.2 million asset-backed securitization (the “2023 ABS”). The notes offered in the 2023 ABS were executed through a private placement and were issued by the 2023 Issuer, a wholly-owned subsidiary, and were secured by a diversified portfolio of middle market loans and recurring revenue loans. Through November 20, 2024, the 2023 ABS consisted of $160.8 million of Class A Senior Secured Notes, which bore interest at Term SOFR plus 3.50% (the “2023 Class A Notes”), $25.1 million of Class B Senior Secured Notes, which bore interest at 11.16% (the “2023 Class B Notes” and collectively with the 2023 Class A Notes, the “2023 Secured Notes”), and $65.3 million of Subordinated Notes, which do not bear interest (the “2023 Subordinated Notes” and, together with the 2023 Secured Notes, the “2023 Notes”).
On November 21, 2024, we and the 2023 Issuer amended the 2023 ABS to, among other things, (a) refinance the issued 2023 Class A Notes by redeeming in full the $160.8 million of 2023 Class A Notes and issuing new Class A Senior Secured Notes in an aggregate principal amount of $163.2 million which bear interest at Term SOFR plus 2.35% (the "2023 Class A-R Notes"), (b) refinance the issued 2023 Class B Notes by redeeming in full the $25.1 million of 2023 Class B Notes and issuing new Class B Senior Secured Notes in an aggregate principal amount of $25.5 million which bear interest at 8.81% (the "2023 Class B-R Notes"), (c) issue new Class C Senior Secured Notes in an aggregate principal amount of $20.4 million which bear interest at 11.95% (the "2023 Class C-R Notes" and collectively with the 2023 Class A-R Notes and 2023 Class B-R Notes, the “2023-R Secured Notes”), (d) reduce the outstanding principal balance of the 2023 Subordinated Notes from $65.3 million to $45.9 million, and (e) extend the maturity dates of the 2023-R Secured Notes and the 2023 Subordinated Notes to November 22, 2035 (the Subordinated Notes, together with the 2023-R Secured Notes, the "2023-R Notes"). The 2023-R Secured Notes were issued through a private placement and we continued to retain all of the 2023 Subordinated Notes for the purpose of satisfying the risk retention requirements pursuant to a subordinated note purchase agreement entered into as of the original closing date. The 2023 Secured Notes and the 2023-R Secured Notes are included as debt on the consolidated statements of assets and liabilities. As of both March 31, 2025 and December 31, 2024, the 2023 Subordinated Notes were eliminated in consolidation.
As of March 31, 2025 and December 31, 2024, the 2023 Class A-R Notes were accruing at a weighted average interest rate of 6.6% and 6.9%, respectively. As of both March 31, 2025 and December 31, 2024, the 2023 Class B-R Notes were accruing at a weighted average interest rate of 8.8%. As of both March 31, 2025 and December 31, 2024, the 2023 Class C-R Notes were accruing at a weighted average interest rate of 12.0%.
Through November 21, 2026, the 2023 Issuer is permitted to use all principal collections received on the underlying collateral to purchase new collateral under the direction of MC Advisors, in its capacity as collateral manager of the 2023 Issuer, in accordance with our investment strategy and subject to customary conditions set forth in the documents governing the 2023 ABS, allowing us to maintain the initial leverage in the 2023 ABS. The 2023 Notes are due on November 22, 2035.
As of March 31, 2025 and December 31, 2024, the fair value of investments that were held in the 2023 Issuer as collateral was $252.8 million and $251.8 million, respectively, and these investments are identified on the consolidated schedule of investments.
Distributions from the 2023 Issuer to us are limited by the terms of the indenture governing the 2023 ABS, which generally allows for the payment of interest on the 2023 Secured Notes and the distribution of remaining net interest income to the holders of the 2023 Subordinated Notes pursuant to a waterfall quarterly during the reinvestment period.
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Unsecured Notes
2028 Notes
On November 15, 2023, we entered into a note purchase agreement (the “2028 Note Purchase Agreement”) governing the issuance of $100.0 million in aggregate principal amount of unsecured notes (the “Series A Notes”), due November 15, 2028, with a fixed interest rate of 9.42% per year and $100.0 million in aggregate principal amount of unsecured notes (the “Series B Notes”), due December 13, 2028, with a fixed interest rate of 9.42% per year (collectively, the “2028 Notes”), to institutional accredited investors (as defined in Regulation D under the Securities Act of 1933, as amended (the “Securities Act”) in a private placement. The 2028 Notes are guaranteed by our various subsidiaries.
Interest on the 2028 Notes is due semiannually on May 15 and November 15 each year, beginning on May 15, 2024. The 2028 Notes may be redeemed in whole or in part at any time or from time to time at our option at par plus accrued interest to the prepayment date and, if applicable, a make-whole premium. In addition, we are obligated to offer to prepay the 2028 Notes at par plus accrued and unpaid interest up to, but excluding, the date of prepayment, if certain change in control events occur. The 2028 Notes are our general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by us. As of both March 31, 2025 and December 31, 2024, we had $100.0 million in aggregate principal amount of Series A Notes outstanding and $100.0 million in aggregate principal amount of Series B Notes outstanding.

The 2028 Note Purchase Agreement contains customary terms and conditions for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of our regulation as a business development company within the meaning of the 1940 Act and as a regulated investment company under the Code, as amended, a minimum net worth of $660.9 million and a minimum asset coverage ratio of 1.50 to 1.00.
In addition, in the event that a Below Investment Grade Event (as defined in the 2028 Note Purchase Agreement) occurs, the 2028 Notes will bear interest at a fixed rate per annum which is 1.00% above the stated rate of the 2028 Notes from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing. In the event that a Secured Debt Ratio Event (as defined in the 2028 Note Purchase Agreement) occurs, the 2028 Notes will bear interest at a fixed rate per annum which is 1.50% above the stated rate of the 2028 Notes from the date of the occurrence of the Secured Debt Ratio Event to and until the date on which the Below Investment Grade Event is no longer continuing. In the event that both a Below Investment Grade Event and a Secured Debt Ratio Event have occurred and are continuing, the 2028 Notes will bear interest at a fixed rate per annum which is 2.00% above the stated rate of the 2028 Notes from the date of the occurrence of the later to occur of the Below Investment Grade Event and the Secured Debt Ratio Event to and until the date on which one of such events is no longer continuing.
The 2028 Note Purchase Agreement also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, certain cross-defaults or cross-acceleration under our other indebtedness, certain judgments and orders and certain events of bankruptcy.
The 2028 Notes were offered in reliance on Section 4(a)(2) of the Securities Act. The 2028 Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.
As of both March 31, 2025 and December 31, 2024, the Series A Notes and the Series B Notes were accruing at a weighted average interest rate of 9.4%.
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2029 Notes
On July 24, 2024, we entered into a note purchase agreement (the “2029 Note Purchase Agreement”) governing the issuance of $156.0 million in aggregate principal amount of unsecured notes (the "Series C Notes"), due July 24, 2029, with a fixed interest rate of 7.47% per year and $48.0 million in aggregate principal amount of unsecured notes (the "Series D Notes"), due September 18, 2029, with a fixed interest rate of 7.47% per year (collectively, the “2029 Notes”), to institutional accredited investors (as defined in Regulation D under the Securities Act) in a private placement. The closing for the Series C Notes occurred on July 24, 2024, and the closing for the Series D Notes occurred on September 18, 2024. The 2029 Notes are guaranteed by our various subsidiaries.
Interest on the 2029 Notes is due semiannually on May 15 and November 15 each year, beginning on November 15, 2024. The 2029 Notes may be redeemed in whole or in part at any time or from time to time at our option, upon notice, in an amount not less than 10% of the aggregate principal amount of 2029 Notes then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid, and the Prepayment Settlement Amount (as defined in the 2029 Note Purchase Agreement) applicable to 2029 Notes determined for the prepayment date with respect to such principal amount. In addition, we are obligated to offer to prepay 100% of the principal amount of 2029 Notes, together with interest on such 2029 Notes accrued to, but excluding, the date of prepayment. The 2029 Notes are general unsecured obligations of ours that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by us. As of both March 31, 2025 and December 31, 2024, we had $156.0 million in aggregate principal amount of Series C Notes outstanding and $48.0 million in aggregate principal amount of Series D Notes outstanding.
The 2029 Note Purchase Agreement contains customary terms and conditions for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of our regulation as a business development company within the meaning of the 1940 Act and as a regulated investment company under the Code, a minimum net worth of the greater of (A) $500.0 million and (B) an amount equal to the sum of (i) $660.9 million plus (ii) an amount equal to 65% of the difference, of (x) the aggregate net proceeds of all sales of Equity Interests (as defined in the 2029 Note Purchase Agreement) by us and our subsidiaries during each quarter after October 20, 2023 (other than the proceeds of sales of Equity Interests by and among us and our subsidiaries) and (y) the amount paid or distributed by us to purchase or redeem its shares of common stock in connection with a tender offer during such quarter and a minimum asset coverage ratio of 1.50 to 1.00.
In addition, in the event that a Below Investment Grade Event (as defined in the 2029 Note Purchase Agreement) occurs, the 2029 Notes will bear interest at a fixed rate per annum which is 1.00% above the stated rate of the 2029 Notes from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing. In the event that a Secured Debt Ratio Event (as defined in the 2029 Note Purchase Agreement) occurs, the 2029 Notes will bear interest at the interest rate per annum which is 1.50% above the stated rate of the 2029 Note from the date of the occurrence of the Secured Debt Ratio Event to and until the date on which the Secured
Debt Ratio Event is no longer continuing. In the event that a Below Investment Grade Event and a Secured Debt Ratio Event are both continuing at the same time, the 2029 Notes will bear interest at a fixed rate per annum which is 2.00% above the stated rate of the 2029 Notes from the date on which both such events first simultaneously existed until the date on which either or both events is no longer continuing.

The Note Purchase Agreement also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, certain cross-defaults or cross-acceleration under other indebtedness of ours, certain judgments and orders and certain events of bankruptcy.

The 2029 Notes were offered in reliance on Section 4(a)(2) of the Securities Act. The Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.
As of both March 31, 2025 and December 31, 2024, the Series C Notes and the Series D Notes were accruing at a weighted average interest rate of 7.5%.
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Related Party Transactions
We have a number of business relationships with affiliated or related parties, including the following:
On March 31, 2025, in connection with the change of control transaction where an affiliate of Wendel SE, acquired 75% of the outstanding equity interests of certain affiliates of Monroe Capital, including MC Advisors (the "Wendel Transaction"), we entered into the Amended Investment Advisory Agreement with MC Advisors. The Amended Investment Advisory Agreement was approved by our stockholders at a meeting of stockholders held on February 21, 2025. The terms of the Amended Investment Advisory Agreement, including the fee structure and services to be provided, remained the same as the terms of the former investment advisory and management agreement between us and MC Advisors, dated December 5, 2018 (the "Original Investment Advisory Agreement"). The Original Investment Advisory Agreement terminated pursuant to its terms as a result of the Wendel Transaction in accordance with the requirements of the 1940 Act. Under the terms of the Amended Investment Advisory Agreement, MC Advisors, subject to the overall supervision of the Board, continues to provide investment advisory services to us. We pay MC Advisors a fee for its services under the Amended Investment Advisory Agreement consisting of two components — a base management fee and an incentive fee. See Note 6 to our consolidated financial statements and “Significant Accounting Estimates and Critical Accounting Policies – Capital Gains Incentive Fee” for additional information.
We have an Administration Agreement with MC Management to provide us with the office facilities and administrative services necessary to conduct our day-to-day operations. See Note 6 to our consolidated financial statements for additional information.
Theodore L. Koenig, our Chief Executive Officer and Chairman of our Board, is also a manager of MC Advisors and the Chairman and 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 the Maryland General Corporation Law.
Commitments and Contingencies and Off-Balance Sheet Arrangements
As of March 31, 2025 and December 31, 2024, we had outstanding commitments to fund investments under undrawn revolvers, delayed draw commitments and subscription agreements totaling $1.0 billion and $896.6 million, respectively. We believe that our available cash balances and/or ability to draw on existing credit facilities or raise additional leverage facilities provide sufficient funds to cover our unfunded commitments as of March 31, 2025. Additionally, we have entered into certain contracts with other parties that contain a variety of indemnification provisions. Our maximum exposure under these arrangements is unknown. However, as of March 31, 2025, we have not experienced claims or losses pursuant to these contracts and believe the risk of loss related to such indemnification provisions 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.
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Market Trends
We have identified the following general trends that may affect our business:
Target Market: We believe that small and middle-market companies in the United States with annual revenues between $10.0 million and $2.5 billion represent a significant growth segment of the U.S. economy and often require substantial capital investments to grow. Middle-market companies have generated a significant number of investment opportunities for investment funds managed or advised by Monroe Capital, and we believe that this market segment will continue to produce significant investment opportunities for us.
Specialized Lending Requirements: We believe that several factors render many U.S. financial institutions ill-suited to lend to U.S. middle-market companies. For example, based on the experience of our management team, lending to U.S. middle-market companies (1) is generally more labor intensive than lending to larger companies due to the smaller size of each investment and the fragmented nature of information for such companies, (2) requires due diligence and underwriting practices consistent with the demands and economic limitations of the middle-market and (3) may also require more extensive ongoing monitoring by the lender.
Demand for Debt Capital: We believe there is a large pool of uninvested private equity capital for middle-market companies. We expect private equity firms will seek to leverage their investments by combining equity capital with senior secured loans and mezzanine debt from other sources, such as us.
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.
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Market Environment: We believe middle market investments are attractive in volatile market environments such as the current market environment where there is uncertainty around the overall direction of the economy and interest rates. 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. Throughout the first three quarters of 2024, the middle market saw continued spread compression but also a significant increase in transaction activity. While M&A activity remained strong in the fourth quarter of 2024, spreads widened for the first time in six quarters dating back to the first quarter of 2023 (2). Overall M&A activity in the early onset of 2025 has decelerated from fourth quarter of 2024 levels; however, spreads continue to widen and documentation and structures have increasingly favored lenders due to market uncertainty stemming from the potential tariffs implemented by the current U.S. administration and concurrent market volatility. Consequently, the market has continued to see a trend of modest, yet stable loan-to-value and leverage attachment points despite the widening of spreads. (2) We believe this makes for an attractive opportunity for middle market direct lenders to deploy capital in assets that have attractive pricing and lower risk structures, resulting in an attractive vintage with strong risk-adjusted returns. That said, we note that a softening macroeconomic environment and ongoing impact of 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 our portfolio is well insulated from the potential risks associated with tariffs and lingering inflation. Further, 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.
_________________________________________
(1)Private Credit total return performance measured by the Cliffwater Direct Lending Index total return, US high yield measured by the ICE BofA US High Yield Index, Leveraged Loans by Morningstar LSTA US Leveraged Loan Index – September 2024.
(2)LSEG LPC’s 1Q25 Sponsored Middle Market Private Deals Analysis – April 2025.
Recent Developments
Tender Offering: On April 29, 2025, we commenced our normal course quarterly tender offer under the Share Repurchase Program. We are offering to purchase up to 11,828,164 shares of its issued and outstanding common stock, par value $0.001 per share (“Common Stock”). This amount represents approximately 5.0% of our Common Stock outstanding as of March 31, 2025. The tender offer is for a price per share equal to the net asset value per share of Common Stock on May 28, 2025. The tender offer will expire at 11:59 P.M., Eastern Time, on May 27, 2025, unless extended.
Distributions: On April 7, 2025, the Board declared the following distributions:
Record DatePayment DateAmount Per Share
April 15, 2025June 30, 2025$0.09
May 15, 2025June 30, 20250.09
June 16, 2025June 30, 20250.08
Total distributions declared$0.26
Revolving Credit Facility; On April 3, 2025, we increased the Revolving Credit Facility amount pursuant to the accordion feature of the Revolving Credit Agreement from $682.5 million to $707.5 million of aggregate commitments.
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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 investments 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 investments if we have reason to doubt our ability to collect such interest. We may make exceptions to this policy and partially record interest if the loan has sufficient collateral value or is in process of collection and there is the expectation of collection of principal and a portion of the contractual 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 investment, any unamortized premium or discount or loan origination fees are recorded as interest income. We record prepayment premiums on loans and debt investments 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 recorded as other income in the period the service is completed.
Dividend income on preferred equity investments 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 investments 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
Pursuant to SEC Rule 2a-5 under the 1940 Act, the Board has 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 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 investments 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 independent valuation firms 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 in a particular quarter, 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 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, 2025, 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. The impact resulting from changes in foreign exchange rates on the Revolving Credit Facility borrowings is included in net change in unrealized gain (loss) on foreign currency and other transactions.
Capital Gains Incentive Fee
Pursuant to the terms of the Amended Investment Advisory Agreement with MC Advisors, the incentive fee on capital gains earned on liquidated investments of our portfolio is determined and payable in arrears as of the end of each calendar year (or upon termination of the Amended Investment Advisory Agreement). This fee equals 12.5% (reduced from 15.0% as a result of MC Advisors April 18, 2022 agreement to permanently waive a portion of the incentive fees starting on January 1, 2022) 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 Amended Investment Advisory Agreement with MC Advisors neither includes nor contemplates the inclusion of unrealized gains in the calculation of the capital gains incentive fee, pursuant to an interpretation of an American Institute for Certified Public Accountants Technical Practice Aid for investment companies, we include unrealized gains in the calculation of the capital gains incentive fee expense and related accrued capital gains incentive fee. This accrual reflects the incentive fees that would be payable to MC Advisors if our entire portfolio was liquidated at its fair value as of the balance sheet date even though MC Advisors is not entitled to an incentive fee with respect to unrealized gains unless and until such gains are actually realized.
During the three months ended March 31, 2025, we reversed previously accrued capital gains incentive fees of $0.8 million based on unrealized losses on our portfolio during the period. This reversal was partially offset by $16 thousand of accrued capital gains incentive fees payable to MC Advisors as a result of realized gains during the period. During the three months ended March 31, 2024, we accrued capital gains incentive fees of $1.3 million based on the performance of our portfolio, $10 thousand of which was payable to MC Advisors as a result of realized gains. The remainder was based on unrealized appreciation, none of which was payable to MC Advisors under the Amended Investment Advisory Agreement.
New Accounting Pronouncements
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) (“ASU 2023-09”), which updates income tax disclosure requirements related to rate reconciliation, income taxes paid and other disclosures. ASU 2023-09 is effective for public business entities for annual reporting periods beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. We are currently evaluating the impact of adopting ASU 2023-09; however, we do not expect a material impact on our consolidated financial statements.
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In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (“ASU 2024-03”), which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning with the first quarter ended March 31, 2028. Early adoption and retrospective application are permitted. We are currently assessing the impact of this guidance; however, we do not expect a material impact on the accompanying consolidated financial statements.
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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 elevated inflation; levels and uncertainty resulting from tariffs and trade policy changes; and interest rate fluctuations.
Valuation Risk
Our investments may not have readily available market quotations (as such term is defined in Rule 2a-5 of 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, SPV Credit Facility, SPV II Credit Facility, SPV III Credit Facility, SPV IV Credit Facility, SPV V Credit Facility and 2023 Class A-R Notes have a floating interest rate provision, whereas our 2022 Secured Notes, 2023 Class B-R Notes, 2023 Class C-R Notes, 2028 Notes and 2029 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. In a low interest rate environment, we may be negatively impacted if the difference between the total interest income earned on our interest earning assets and the total interest expense incurred on our interest bearing liabilities is compressed.
Assuming that the consolidated statement of assets and liabilities as of March 31, 2025 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 RatesIncrease
(decrease) in
interest income
Increase
(decrease) in
interest expense
Net increase
(decrease) in net
investment income
Down 300 basis points$(119,939)$(44,352)$(75,587)
Down 200 basis points(81,137)(29,568)(51,569)
Down 100 basis points(41,386)(14,784)(26,602)
Up 100 basis points42,026 14,784 27,242 
Up 200 basis points84,052 29,568 54,484 
Up 300 basis points126,077 44,352 81,725 
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 our floating rate credit facilities 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.
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We may in the future hedge against interest rate fluctuations by using standard hedging instruments such as futures, options and forward contracts to the extent permitted under the 1940 Act and applicable commodities laws. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in the benefits of lower interest rates with respect to the investments in our portfolio with fixed interest rates or interest rate floors.
Currency Risk
We may also have exposure to foreign currencies (currently Australian dollars (AUD), Canadian dollars (CAD), Euros (EUR), and Great Britain pounds (GBP)) related to certain investments and borrowings through our Revolving Credit Facility. 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, 2025, we had foreign currency forward contracts in place for AUD 54.4 million, CAD 14.1 million, EUR 4.2 million and GBP 2.6 million associated with future principal and interest payments on certain investments.
Inflation and Supply Chain Risk
U.S. inflation rates have fluctuated in recent periods and remain well above historical levels over the past several decades. Inflationary pressures have increased the costs of labor, energy and raw materials and have adversely affected consumer spending, economic growth and our portfolio companies' operations. 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 and impact their ability to pay interest and principal on our loans, particularly if interest rates rise in response to inflation.
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 this 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 our 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 quarter ended March 31, 2025 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, 2025 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, 2024, filed with the SEC on February 28, 2025. 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
On March 20, 2025, we issued 36,340,819 shares of our common stock, par value $0.01 per share, at a price of $10.37 per share for proceeds of $376.9 million.
The sale of shares of our common stock was made pursuant to subscription agreements entered into by us, on the one hand, and each of our investors, on the other hand. The issuance and sale of the shares of our common stock is exempt from the registration requirements of the Securities Act, pursuant to Section 4(a)(2) thereof and Regulation D or Regulation S thereunder, as applicable.
Except as previously reported by us in this Item 2 or on our current reports on Form 8-K, we did not sell any securities during the period covered by this Form 10-Q that were not registered under the Securities Act.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
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Item 5. Other Information
(a) None.
(b) None.
(c) Rule 10b5-1 Trading Plans
During the quarter ended March 31, 2025, no director or executive officer of the Company adopted or terminated any contract, instruction or written plan for the purchase or sale of securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act or 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 directors and executive officers 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
3.2
3.3
3.4
10.1
10.2
10.3
10.4
10.5
10.6
31.1
31.2
32.1
101.INSInline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCHInline XBRL Taxonomy Extension Schema Document
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document
101.LABInline XBRL Taxonomy Extension Labels Linkbase Document
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document
104Cover Page Interactive Data File (Embedded within the Inline XBRL document and included in Exhibit)
_________________________________________
*Filed herewith
(1)Previously filed as an exhibit to amendment no. 1 to the registration Statement on Form 10 (File No. 000-55941) filed with the SEC on July 30, 2018.
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(2)Previously filed as an exhibit to the current report on Form 8-K filed with the SEC on December 7, 2018.
(3)Previously filed as an exhibit to the current report on Form 8-K filed with the SEC on June 21, 2023.
(4)Previously filed as an exhibit to the current report on Form 8-K filed with the SEC on April 29, 2022.
(5)Previously filed as an exhibit to the quarterly report on Form 10-Q filed with the SEC on February 27, 2025.
(6)Previously filed as an exhibit to the current report on Form 8-K filed with the SEC on March 13, 2025.
(7)Previously filed as an exhibit to the current report on Form 8-K filed with the SEC on March 31, 2025.

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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 9, 2025
By/s/ Theodore L. Koenig
Theodore L. Koenig
Chairman, Chief Executive Officer and Director
(Principal Executive Officer)
Monroe Capital Income Plus Corporation
Date: May 9, 2025
By/s/ Lewis W. Solimene, Jr.
Lewis W. Solimene, Jr.
Chief Financial Officer and Chief Investment Officer
(Principal Financial and Accounting Officer)
Monroe Capital Income Plus Corporation
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