10-Q 1 v466081_10q.htm 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended March 31, 2017

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

Commission file number: 814-00866

MONROE CAPITAL CORPORATION

(Exact Name of Registrant as Specified in its Charter)

Maryland	27-4895840
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

311 South Wacker Drive, Suite 6400 Chicago, Illinois	60606
(Address of Principal Executive Office)	(Zip Code)

(312) 258-8300

(Registrant’s Telephone Number, Including Area Code)

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

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting 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. (check one):

Large accelerated filer	¨	Accelerated filer	x

Non-accelerated filer	¨ (Do not check if a smaller reporting company)	Smaller reporting company	¨

Emerging growth company	x

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. x

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

As of May 8, 2017, the registrant had 16,722,025 shares of common stock, $0.001 par value, outstanding.

TABLE OF CONTENTS

		Page
PART I. FINANCIAL INFORMATION		3

Item 1.	Consolidated Financial Statements	3

	Consolidated Statements of Assets and Liabilities as of March 31, 2017 (unaudited) and December 31, 2016	3

	Consolidated Statements of Operations for the three months ended March 31, 2017 (unaudited) and 2016 (unaudited)	4

	Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2017 (unaudited) and 2016 (unaudited)	5

	Consolidated Statements of Cash Flows for the three months ended March 31, 2017 (unaudited) and 2016 (unaudited)	6

	Consolidated Schedules of Investments as of March 31, 2017 (unaudited) and December 31, 2016	7

	Notes to Consolidated Financial Statements (unaudited)	16

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	32

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	44

Item 4.	Controls and Procedures	44

PART II. OTHER INFORMATION		45

Item 1.	Legal Proceedings	45

Item 1A.	Risk Factors	45

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	45

Item 3.	Defaults Upon Senior Securities	45

Item 4.	Mine Safety Disclosures	45

Item 5.	Other Information	45

Item 6.	Exhibits	46

Signatures		47

Part I. Financial Information

Item 1. Consolidated Financial Statements

MONROE CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(in thousands, except per share data)

	March 31, 2017			December 31, 2016
	(unaudited)
ASSETS
Investments, at fair value:
Non-controlled/non-affiliate company investments	$	358,883		$	353,980
Non-controlled affiliate company investments		49,219			50,041
Controlled affiliate company investments		10,047			8,899
Total investments, at fair value (amortized cost of: $422,102 and $413,242, respectively)		418,149			412,920
Cash		5,483			5,958
Restricted cash		10,555			2,373
Interest receivable		3,056			2,643
Other assets		1,454			651
Total assets		438,697			424,545

LIABILITIES
Debt:
Revolving credit facility		136,000			129,000
SBA debentures payable		60,000			51,500
Total debt		196,000			180,500
Less: Unamortized deferred financing costs		(4,268	)		(3,945	)
Total debt, less unamortized deferred financing costs		191,732			176,555
Secured borrowings, at fair value (proceeds of: $1,320 and $1,320, respectively)		1,315			1,314
Interest payable		820			735
Management fees payable		1,805			1,749
Incentive fees payable		1,465			1,222
Accounts payable and accrued expenses		1,917			2,120
Directors fees payable		37			-
Total liabilities		199,091			183,695
Net assets	$	239,606		$	240,850

Commitments and contingencies (See Note 10)

ANALYSIS OF NET ASSETS
Common stock, $0.001 par value, 100,000 shares authorized, 16,712 and 16,582 shares issued and outstanding, respectively	$	17		$	17
Capital in excess of par value		235,516			233,526
Undistributed net investment income (accumulated distributions in excess of net investment income)		7,268			7,037
Accumulated net realized gain (loss) on investments		754			587
Accumulated net unrealized appreciation (depreciation) on investments and secured borrowings		(3,949	)		(317	)
Total net assets	$	239,606		$	240,850

Net asset value per share	$	14.34		$	14.52

See Notes to Consolidated Financial Statements.

MONROE CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except per share data)

	Three months ended March 31,
	2017			2016
Investment income:
Interest income:
Non-controlled/non-affiliate company investments	$	10,055		$	8,273
Non-controlled affiliate company investments		1,196			1,073
Controlled affiliate company investments		177			-
Total interest income		11,428			9,346
Dividend income:
Non-controlled/non-affiliate company investments		250			250
Non-controlled affiliate company investments		-			1,612
Total dividend income		250			1,862
Fee income:
Non-controlled/non-affiliate company investments		328			331
Total fee income		328			331
Total investment income		12,006			11,539

Operating expenses:
Interest and other debt financing expenses		2,010			1,691
Base management fees		1,805			1,500
Incentive fees		1,290			1,740
Professional fees		291			207
Administrative service fees		330			328
General and administrative expenses		209			164
Excise taxes		-			87
Directors fees		37			35
Total expenses		5,972			5,752
Net investment income		6,034			5,787

Net gain (loss) on investments and secured borrowings:
Net realized gain (loss) on investments:
Non-controlled/non-affiliate company investments		167			587
Net realized gain (loss) on investments		167			587

Net change in unrealized appreciation (depreciation) on investments:
Non-controlled/non-affiliate company investments		192			(859	)
Non-controlled affiliate company investments		(2,164	)		1,828
Controlled affiliate company investments		(1,659	)		573
Net change in unrealized appreciation (depreciation) on investments		(3,631	)		1,542

Net change in unrealized (appreciation) depreciation on secured borrowings		(1	)		28

Net gain (loss) on investments and secured borrowings		(3,465	)		2,157

Net increase (decrease) in net assets resulting from operations	$	2,569		$	7,944

Per common share data:
Net investment income per share - basic and diluted	$	0.36		$	0.44
Net increase in net assets resulting from operations per share - basic and diluted	$	0.15		$	0.61
Weighted average common shares outstanding - basic and diluted		16,594			13,008

See Notes to Consolidated Financial Statements.

MONROE CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(unaudited)

(in thousands)

	Common Stock				Capital in		Undistributed net investment income (accumulated distributions in excess of net			Accumulated net realized gain		Accumulated net unrealized appreciation (depreciation) on investments and
	Number of shares		Par value		excess of par value		investment income)			(loss) on investments		secured borrowings			Total net assets
Balances at December 31, 2015		13,008	$	13	$	184,419	$	1,692		$	-	$	(1,589	)	$	184,535
Net increase (decrease) in net assets resulting from operations		-		-		-		5,787			587		1,570			7,944
Distributions to stockholders:
Distributions from net investment income		-		-		-		(4,553	)		-		-			(4,553	)
Distributions from realized gain		-		-		-		-			-		-			-
Balances at March 31, 2016		13,008	$	13	$	184,419	$	2,926		$	587	$	(19	)	$	187,926

Balances at December 31, 2016		16,582	$	17	$	233,526	$	7,037		$	587	$	(317	)	$	240,850
Net increase (decrease) in net assets resulting from operations		-		-		-		6,034			167		(3,632	)		2,569
Issuance of common stock, net of offering and underwriting costs		114		-		1,736		-			-		-			1,736
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan		16		-		254		(254	)		-		-			-
Distributions from net investment income		-		-		-		(5,549	)		-		-			(5,549	)
Balances at March 31, 2017		16,712	$	17	$	235,516	$	7,268		$	754	$	(3,949	)	$	239,606

See Notes to Consolidated Financial Statements.

MONROE CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)

	Three months ended March 31,
	2017			2016

Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	2,569		$	7,944
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net change in unrealized (appreciation) depreciation on investments		3,631			(1,542	)
Net change in unrealized appreciation (depreciation) on secured borrowings		1			(28	)
Net realized (gain) loss on investments		(167	)		(587	)
Payment-in-kind interest income		(613	)		(370	)
Net accretion of discounts and amortization of premiums		(388	)		(365	)
Proceeds from principal payments and sales of investments		33,844			26,803
Purchases of investments		(41,536	)		(26,316	)
Amortization of deferred financing costs		231			182
Changes in operating assets and liabilities:
Interest receivable		(413	)		(270	)
Other assets		(803	)		68
Payable for open trades		-			(5,297	)
Interest payable		85			(336	)
Management fees payable		56			(3	)
Incentive fees payable		243			489
Accounts payable and accrued expenses		(203	)		69
Directors fees payable		37			(39	)
Net cash provided by (used in) operating activities		(3,426	)		402

Cash flows from financing activities:
Borrowings on revolving credit facility		39,500			20,000
Repayments of revolving credit facility		(32,500	)		(9,000	)
SBA debentures borrowings		8,500			-
Payments of deferred financing costs		(554	)		-
Repayments on secured borrowings		-			(200	)
Proceeds from shares sold, net of offering and underwriting costs		1,736			-
Stockholder distributions paid, net of stock issued under the dividend reinvestment plan of $254 and $0, respectively		(5,549	)		(4,553	)
Net cash provided by (used in) financing activities		11,133			6,247

Net increase (decrease) in Cash and Restricted Cash		7,707			6,649
Cash and Restricted Cash, beginning of period ⁽¹⁾		8,331			13,866
Cash and Restricted Cash, end of period ⁽²⁾	$	16,038		$	20,515

Supplemental disclosure of cash flow information:
Cash interest paid during the period	$	1,639		$	1,772
Cash paid for excise taxes during the period	$	495		$	167

(1)

Represents cash and restricted cash of $5,958 and $2,373, respectively, from the consolidated statement of assets and liabilities as of December 31, 2016. Represents cash and restricted cash of $5,278 and $8,588, respectively, from the consolidated statement of assets and liabilities as of December 31, 2015.

(2)

Represents cash and restricted cash of $5,483 and $10,555, respectively, from the consolidated statement of assets and liabilities as of March 31, 2017. Represents cash and restricted cash of $5,770 and $14,745, respectively, from the consolidated statement of assets and liabilities as of March 31, 2016.

See Notes to Consolidated Financial Statements.

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

(unaudited)

March 31, 2017

(in thousands, except for units)

Portfolio Company ^(a)	Industry	Spread Above Index ^(b)	Interest Rate			Maturity		Principal		Amortized Cost		Fair Value ^(c)		% of Net Assets ^(d)
Senior Secured Loans
AdTheorent, Inc. (Revolver) ^(e)	Media: Advertising, Printing & Publishing	L+8.50%		9.28	%	12/22/2021			515	$	232	$	232		0.1	%
AdTheorent, Inc.	Media: Advertising, Printing & Publishing	L+8.50%		9.28	%	12/22/2021			5,000		4,904		5,015		2.1	%
All Holding Company, LLC ^(f)	Beverage, Food & Tobacco	L+7.00%		7.98	%	11/15/2021			5,431		5,334		5,513		2.3	%
American Community Homes, Inc. ^(g)	Banking, Finance, Insurance, & Real Estate	L+8.00%		9.50	%	7/22/2019			7,667		7,560		7,843		3.3	%
American Community Homes, Inc. ^(g)	Banking, Finance, Insurance, & Real Estate	L+12.50%		9.50% Cash/4.50% PIK		7/22/2019			4,265		4,212		4,351		1.8	%
American Community Homes, Inc. ^(g)	Banking, Finance, Insurance, & Real Estate	L+12.50%		9.50% Cash/4.50% PIK		n/a	^(h)		524		515		524		0.2	%
Answers Corporation	High Tech Industries	P + 6.25%		10.25	%⁽ⁱ⁾	10/1/2021			2,903		2,822		1,352		0.6	%
Answers Corporation (DIP Facility) ^(e)	High Tech Industries	L+7.00%		8.00	%⁽ⁱ⁾	n/a	^(h)		269		105		108		0.0	%
BC Equity Ventures LLC	Hotels, Gaming & Leisure	L+6.50%		7.50	%	8/31/2022			2,605		2,557		2,635		1.1	%
BCC Software, LLC ^(f)	High Tech Industries	L+8.00%		9.00	%	6/20/2019			3,248		3,210		3,247		1.3	%
BCC Software, LLC (Revolver) ^(e)	High Tech Industries	L+8.00%		9.00	%	6/20/2019			469		-		-		0.0	%
Beaver-Visitec International Holdings, Inc.	Healthcare & Pharmaceuticals	L+5.00%		6.15	%	8/19/2023			4,975		4,929		4,975		2.1	%
Bluestem Brands, Inc.	Consumer Goods: Non-Durable	L+7.50%		8.54	%	11/6/2020			2,718		2,698		2,242		0.9	%
Cali Bamboo, LLC	Construction & Building	L+8.50%		9.48	%	7/10/2020			5,409		5,341		5,517		2.3	%
Cali Bamboo, LLC (Revolver) ^(e)	Construction & Building	L+8.50%		9.48	%	7/10/2020			1,624		996		996		0.4	%
California Pizza Kitchen, Inc.	Beverage, Food & Tobacco	L+6.00%		7.00	%	8/23/2022			6,965		6,895		6,966		2.9	%
Corbett Technology Solutions, Inc. ^(f)	High Tech Industries	L+7.00%		7.98	%	11/7/2021			4,444		4,382		4,481		1.9	%
Corbett Technology Solutions, Inc. (Revolver) ^(e)	High Tech Industries	L+7.00%		7.98	%	11/7/2021			867		-		-		0.0	%
Cornerstone Detention Products, Inc. ^(j)	Construction & Building	L+10.50%		10.50% Cash/1.00% PIK		4/8/2019			3,676		3,644		3,568		1.5	%
Cornerstone Detention Products, Inc. (Revolver) ^(e)	Construction & Building	L+9.50%		10.50	%	4/8/2019			400		-		-		0.0	%
CRCI Holdings, Inc.	Utilities: Electric	L+5.50%		6.65	%	8/31/2023			2,866		2,840		2,872		1.2	%
Cyalume Technologies Holdings, Inc. ^(f)	Aerospace & Defense	L+9.00%		10.00	%	5/18/2020			4,222		4,142		4,348		1.8	%
Cyalume Technologies Holdings, Inc. (Delayed Draw)	Aerospace & Defense	L+9.00%		10.00	%	5/18/2020			376		376		387		0.2	%
Cyalume Technologies Holdings, Inc. (Revolver) ^(e)	Aerospace & Defense	L+9.00%		10.00	%	5/18/2020			1,528		306		306		0.1	%
Diesel Direct Holdings, Inc. ^(f)	Energy: Oil & Gas	L+7.00%		7.98	%	2/17/2020			5,156		5,156		5,208		2.2	%
EB Employee Solutions, LLC ^(f)	Services: Business	L+8.50%		10.00	%	2/28/2019			3,268		3,228		3,157		1.3	%
Echelon Funding I, LLC (Delay Draw) ^{(e) (k) (l)}	Banking, Finance, Insurance, & Real Estate	L+10.25%		11.03	%	2/24/2021			15,000		14,286		14,290		6.0	%
Edge Systems Holdings Corp.	Healthcare & Pharmaceuticals	L+8.00%		9.00	%	12/1/2021			3,717		3,646		3,761		1.6	%
Edge Systems Holdings Corp. (Revolver) ^(e)	Healthcare & Pharmaceuticals	L+8.00%		9.00	%	12/1/2021			260		-		-		0.0	%
Familia Dental Group Holdings, LLC ^(f)	Healthcare & Pharmaceuticals	L+8.00%		8.98	%	4/8/2021			5,363		5,293		5,470		2.3	%
Familia Dental Group Holdings, LLC (Delayed Draw)	Healthcare & Pharmaceuticals	L+8.00%		8.98	%	4/8/2021			516		516		526		0.2	%
Familia Dental Group Holdings, LLC (Revolver) ^(e)	Healthcare & Pharmaceuticals	L+8.00%		8.98	%	4/8/2021			573		115		115		0.0	%
Forman Mills, Inc. ^(f)	Retail	L+7.50%		8.50	%	10/4/2021			8,500		8,344		8,377		3.5	%
InMobi Pte, Ltd. (Delayed Draw) ^{(e) (k) (l)}	Media: Advertising, Printing & Publishing	L+10.17%		11.17	%	9/1/2018			10,000		6,667		6,623		2.8	%
Inteva Products, LLC	Automotive	L+8.50%		9.75	%	9/8/2021			1,956		1,946		1,965		0.8	%
Jerry Lee Radio, LLC	Media: Broadcasting & Subscription	L+9.50%		10.48	%	12/17/2020			13,230		12,969		13,495		5.6	%
Landpoint, LLC	Energy: Oil & Gas	L+12.75%		12.00% Cash/2.25% PIK	^(m)	12/20/2019			2,521		2,495		2,434		1.0	%
Landpoint, LLC (Revolver) ^(e)	Energy: Oil & Gas	L+10.50%		12.00	%	12/20/2019			313		-		-		0.0	%
L.A.R.K. Industries, Inc.	Construction & Building	L+8.50%		9.50	%	9/3/2019			8,510		8,375		8,565		3.6	%
Liftforward SPV II, LLC ^(e) (l)	Banking, Finance, Insurance, & Real Estate	L+10.75%		11.73	%	11/10/2020			10,000		3,482		3,522		1.5	%
Luxury Optical Holdings Co.	Retail	L+11.50%		9.00% Cash/3.50% PIK		9/12/2019			4,038		3,995		3,911		1.6	%
Luxury Optical Holdings Co. (Revolver) ^(e)	Retail	L+8.00%		9.00% Cash		9/12/2019			273		-		-		0.0	%
Madison Logic, Inc. ^(f)	Services: Business	L+8.00%		8.98	%	11/30/2021			10,434		10,235		10,570		4.4	%
Madison Logic, Inc. (Delayed Draw) ^(e) (k)	Services: Business	L+8.00%		8.98	%	11/30/2021			4,818		-		-		0.0	%
Madison Logic, Inc. (Revolver) ^(e)	Services: Business	L+8.00%		8.98	%	11/30/2021			988		-		-		0.0	%
Mid-West Wholesale Hardware Co. ^(f)	Wholesale	L+7.50%		8.48	%	2/9/2022			11,970		11,736		11,898		5.0	%
Mid-West Wholesale Hardware Co. (Revolver) ^(e)	Wholesale	L+7.50%		8.48	%	2/9/2022			4,421		1,137		1,137		0.5	%
Miles Partnership LLC	Hotels, Gaming & Leisure	L+12.50%		10.65% Cash/3.00% PIK		3/24/2021			6,119		6,066		6,126		2.6	%
Miles Partnership LLC (Delayed Draw) ^(e) (k)	Hotels, Gaming & Leisure	L+12.50%		10.65% Cash/3.00% PIK		3/24/2021			1,454		1,106		1,107		0.5	%
Miles Partnership LLC (Revolver) ^(e)	Hotels, Gaming & Leisure	L+12.50%		10.65% Cash/3.00% PIK		3/24/2021			320		-		-		0.0	%
O'Brien Industrial Holdings, LLC	Metals & Mining	L+7.75%		8.75	%	5/13/2019			5,286		5,225		5,363		2.2	%
Peerless Network, Inc. ^(f)	Telecommunications	L+9.25%		9.28% Cash/0.75% PIK	⁽ⁿ⁾	12/11/2020			3,500		3,434		3,498		1.5	%
PeopleConnect Intermediate, LLC (formerly Intelius, Inc.)	Services: Consumer	L+5.50%		6.65	%	7/1/2020			4,614		4,542		4,642		1.9	%
PeopleConnect Intermediate, LLC (formerly Intelius, Inc.)	Services: Consumer	L+11.50%		12.65	%	7/1/2020			4,807		4,729		4,795		2.0	%
PeopleConnect Intermediate, LLC (formerly Intelius, Inc.) (Revolver) ^(e)	Services: Consumer	L+8.50%		9.50	%	8/11/2017			236		-		-		0.0	%
Precision Toxicology, LLC ^(f)	Healthcare & Pharmaceuticals	L+11.50%		10.48% Cash/2.00% PIK		3/24/2020			4,195		4,143		4,195		1.7	%
Repay Holdings, LLC	Banking, Finance, Insurance, & Real Estate	L+9.00%		9.98	%	9/1/2021			11,850		11,663		11,880		5.0	%
Repay Holdings, LLC (Revolver) ^(e)	Banking, Finance, Insurance, & Real Estate	L+9.00%		9.98	%	9/1/2021			1,200		-		-		0.0	%
Rockdale Blackhawk, LLC ^(g)	Healthcare & Pharmaceuticals	L+11.00%		12.00	%	3/31/2020			10,923		10,202		10,933		4.6	%
Rockdale Blackhawk, LLC (Revolver) ^(g)	Healthcare & Pharmaceuticals	L+11.00%		12.00	%	3/31/2020			1,849		1,849		1,849		0.8	%

See Notes to Consolidated Financial Statements.

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

(unaudited)

March 31, 2017

(in thousands, except for units)

Portfolio Company ^(a)	Industry	Spread Above Index ^(b)	Interest Rate			Maturity	Principal		Amortized Cost		Fair Value ^(c)		% of Net Assets ^(d)
Rockdale Blackhawk, LLC (Capex) ^(g)	Healthcare & Pharmaceuticals	L+11.00%		12.00	%	3/31/2020		549	$	549	$	549		0.2	%
Rocket Dog Brands, LLC ^(g)	Consumer Goods: Non-Durable	n/a		12.00% PIK		8/29/2019		1,157		1,157		51		0.0	%
Rocket Dog Brands, LLC ^(g)	Consumer Goods: Non-Durable	n/a		15.00% PIK		8/29/2019		422		418		296		0.1	%
Rocket Dog Brands, LLC ^(g)	Consumer Goods: Non-Durable	n/a		17.00% PIK		9/30/2017		235		235		176		0.1	%
SHI Holdings, Inc. ^{(f) (g)}	Healthcare & Pharmaceuticals	L+9.75%		10.73	%	7/10/2019		2,625		2,596		2,625		1.1	%
SHI Holdings, Inc. (Revolver) ^{(e) (g)}	Healthcare & Pharmaceuticals	L+9.75%		10.73	%	7/10/2019		1,773		1,394		1,408		0.6	%
SNI Companies ^(o)	Services: Business	L+8.00%		9.00	%	12/31/2018		4,837		4,791		4,886		2.0	%
SNI Companies (Revolver) ^(e)	Services: Business	L+8.00%		9.00	%	12/31/2018		1,250		150		150		0.1	%
Shields Land Company of Georgia, LLC ^(l)	Banking, Finance, Insurance, & Real Estate	L+9.50%		10.35	%	12/28/2017		2,450		2,431		2,460		1.0	%
Solaray, LLC	Consumer Goods: Non-Durable	L+6.50%		7.61	%	9/9/2023		3,288		3,258		3,272		1.4	%
Solaray, LLC (Delayed Draw) ^{(e) (k)}	Consumer Goods: Non-Durable	L+6.50%		7.61	%	9/9/2023		703		161		160		0.1	%
Summit Container Corporation ^{(f) (g)}	Containers, Packaging & Glass	L+12.00%		12.00% Cash/2.00% PIK		1/6/2019		3,591		3,556		3,440		1.4	%
Synergy Environmental Corporation ^(f)	Environmental Industries	L+8.00%		8.98	%	4/29/2021		3,111		3,048		3,148		1.3	%
Synergy Environmental Corporation ^(f)	Environmental Industries	L+8.00%		8.98	%	4/29/2021		520		510		526		0.2	%
Synergy Environmental Corporation (Delayed Draw) ^(e) (k)	Environmental Industries	L+8.00%		8.98	%	4/29/2018		1,342		-		-		0.0	%
Synergy Environmental Corporation (Revolver) ^(e)	Environmental Industries	L+8.00%		8.98	%	4/29/2021		671		47		47		0.0	%
The Worth Collection, Ltd. ^(f)	Retail	L+8.50%		9.48	%	9/29/2021		10,863		10,663		10,846		4.5	%
TPP Operating, Inc. ^(p)	Retail	L+6.00%		7.5% PIK	⁽ⁱ⁾	11/8/2018		9,370		9,330		581		0.2	%
TPP Operating, Inc. ^(p)	Retail	L+6.00%		7.50	%⁽ⁱ⁾	11/8/2018		4,344		4,344		3,903		1.6	%
TPP Operating, Inc. ^(p)	Retail	L+9.61%		11.11	%⁽ⁱ⁾	11/8/2018		5,563		5,563		5,563		2.3	%
TRG, LLC	Hotels, Gaming & Leisure	L+14.09%		8.28% Cash/6.59% PIK	^(q)	3/31/2021		11,863		11,827		11,910		5.0	%
TRG, LLC (Revolver)	Hotels, Gaming & Leisure	L+9.50%		10.28	%	3/31/2021		131		131		131		0.1	%
TRG, LLC (CapEx) ^(e)	Hotels, Gaming & Leisure	L+9.50%		8.28% Cash/2.00% PIK		3/31/2021		1,614		948		952		0.4	%
Vacation Innovations, LLC ^(r)	Hotels, Gaming & Leisure	L+8.60%		7.98% Cash/1.60% PIK	^(s)	8/20/2020		10,455		10,296		10,769		4.5	%
Vacation Innovations, LLC (Revolver) ^(e)	Hotels, Gaming & Leisure	L+7.50%		7.98% Cash/0.50% PIK		8/20/2020		342		-		-		0.0	%
Vacation Innovations, LLC (Delayed Draw) ^(e) (k)	Hotels, Gaming & Leisure	L+7.50%		7.98% Cash/0.50% PIK		8/20/2020		2,037		-		-		0.0	%
Yandy Holding, LLC	Retail	L+9.00%		10.00	%	9/30/2019		5,596		5,549		5,484		2.3	%
Yandy Holding, LLC (Revolver) ^(e)	Retail	L+9.00%		10.00	%	9/30/2019		907		-		-		0.0	%
Total Senior Secured Loans								346,753		307,532		300,223		125.3	%

Unitranche Loans
Collaborative Neuroscience Network, LLC ^(t)	Healthcare & Pharmaceuticals	L+11.50%		13.00	%	12/27/2017		6,120		6,063		5,854		2.5	%
Collaborative Neuroscience Network, LLC	Healthcare & Pharmaceuticals	n/a		12.00% Cash/3.00% PIK		4/30/2017		288		288		288		0.1	%
Fabco Automotive Corporation	Automotive	L+11.25%		8.00% Cash/4.25% PIK		4/3/2019		8,681		8,650		3,121		1.3	%
Gracelock Industries, LLC	Wholesale	L+13.74%		11.00% Cash/4.24% PIK	^(u)	5/7/2019		4,804		4,740		4,583		1.9	%
Incipio Technologies, Inc. ^(v)	Consumer Goods: Non-Durable	L+6.50%		7.50	%	12/26/2019		14,103		13,878		13,962		5.8	%
MooreCo, Inc.	Consumer Goods: Durable	L+14.50%		13.50% Cash/2.50% PIK		12/27/2017		3,579		3,565		3,579		1.5	%
Output Services Group, Inc.	Services: Business	L+9.00%		9.50% Cash/1.00% PIK		12/17/2020		6,174		6,117		6,260		2.6	%
Output Services Group, Inc.	Services: Business	L+9.00%		9.50% Cash/1.00% PIK		12/17/2020		7,762		7,673		7,878		3.3	%
Playtime, LLC	Hotels, Gaming & Leisure	L+8.50%		9.00% Cash/1.00% PIK		12/31/2021		5,343		5,326		4,940		2.1	%
Total Unitranche Loans								56,854		56,300		50,465		21.1	%

Junior Secured Loans
AIM Aerospace, Inc.	Aerospace & Defense	L+9.00%		10.03	%	8/2/2022		5,000		4,936		5,050		2.1	%
Confie Seguros Holdings II Co.	Banking, Finance, Insurance, & Real Estate	L+9.00%		10.25	%	5/8/2019		8,594		8,248		8,565		3.6	%
CSM Bakery Supplies LLC	Beverage, Food & Tobacco	L+7.75%		8.76	%	7/3/2021		5,792		5,792		5,039		2.1	%
Education Corporation of America	Services: Consumer	L+11.00%		12.15	%	9/30/2017		625		616		625		0.3	%
Mergermarket USA, Inc.	Media: Broadcasting & Subscription	L+6.50%		7.60	%	12/19/2021		4,500		4,404		4,466		1.9	%
Micro Holdings Corp.	High Tech Industries	L+7.50%		8.50	%	7/8/2022		5,590		5,480		5,660		2.4	%
Pre-Paid Legal Services, Inc. (Legal Shield)	Services: Consumer	L+9.00%		10.25	%	7/1/2020		3,000		3,000		3,018		1.2	%
Rocket Dog Brands, LLC ^(g)	Consumer Goods: Non-Durable	n/a		15.00% PIK		5/1/2020		2,011		2,011		-		0.0	%
SCP TPZ Acquisition, Inc.	Media: Diversified & Production	L+8.25%		9.35	%	5/29/2022		5,000		4,940		4,937		2.0	%
Sterling Merger Sub Corp.	Services: Business	L+7.75%		8.90	%	6/19/2023		5,000		4,960		4,900		2.0	%
Total Junior Secured Loans								45,112		44,387		42,260		17.6	%

See Notes to Consolidated Financial Statements.

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

(unaudited)

March 31, 2017

(in thousands, except for units)

Portfolio Company ^(a)	Industry	Spread Above Index ^(b)	Interest Rate			Maturity	Principal		Amortized Cost		Fair Value ^(c)		% of Net Assets ^(d)
Equity Securities
AdTheorent, Inc. (128,866 units) ^(w)	Media: Advertising, Printing & Publishing	-		-	^(x)	-		-	$	129	$	172		0.1	%
American Community Homes, Inc. (warrant to purchase up to 9.0% of the equity) ^(g)	Banking, Finance, Insurance, & Real Estate	-		-	^(x)	10/9/2024		-		-		1,362		0.5	%
Collaborative Neuroscience Network, LLC (warrant to purchase up to 4 LLC units) ^(w)	Healthcare & Pharmaceuticals	-		-	^(x)	12/27/2022		-		-		-		0.0	%
Cyalume Technologies Holdings, Inc. - Series D Preferred Stock (3.06 shares) ^(w)	Aerospace & Defense	-		-	^(x)	-		-		-		693		0.3	%
Education Corporation of America - Series G Preferred Stock (8,333 shares) ^(w)	Services: Consumer	n/a		12.00	%	-		-		8,125		8,083		3.4	%
Fabco Automotive Corporation (warrant to purchase up to 1.87% of the equity) ^(w)	Automotive	-		-	^(x)	-		-		-		-		0.0	%
InMobi Pte, Ltd. (represents the right to purchase 2.80% of the equity) ^{(l) (w)}	Media: Advertising, Printing & Publishing	-		-	^(x)	9/18/2025		-		-		44		0.0	%
O'Brien Industrial Holdings, LLC (warrants to purchase up to 2.44% of certain affiliated entities of the company) ^(w)	Metals & Mining	-		-	^(x)	5/13/2024		-		-		-		0.0	%
Output Services Group, Inc. (warrant to purchase up to 3.89% of the common stock) ^(w)	Services: Business	-		-	^(x)	12/17/2022		-		-		918		0.4	%
Playtime, LLC - Preferred Units (8,665 units) ^(w)	Hotels, Gaming & Leisure	-		-	^(x)	-		-		200		-		0.0	%
Rockdale Blackhawk, LLC - LLC Units (11.56% of the LLC interest) ^(g)	Healthcare & Pharmaceuticals	-		-		-		-		1,093		13,354		5.6	%
Rocket Dog Brands, LLC - Common Units (75,502 units) ^(g)	Consumer Goods: Non-Durable	-		-	^(x)	-		-		-		-		0.0	%
Rocket Dog Brands, LLC - Preferred Units (10 units) ^(g)	Consumer Goods: Non-Durable	-		15.00% PIK	^(y)	-		-		967		-		0.0	%
SHI Holdings, Inc. (24 shares of common stock) ^(g)	Healthcare & Pharmaceuticals	-		-	^(x)	-		-		27		458		0.2	%
Summit Container Corporation (warrant to purchase up to 19.50% of the equity) ^(g)	Containers, Packaging & Glass	-		-	^(x)	1/6/2024		-		-		-		0.0	%
The Tie Bar Operating Company, LLC - Class A Preferred Units (1,275 units) ^(w)	Retail	-		-		-		-		86		117		0.0	%
The Tie Bar Operating Company, LLC - Class B Preferred Units (1,275 units) ^(w)	Retail	-		-		-		-		1		-		0.0	%
TPP Acquisition, Inc. (829 shares of common stock) ^(p)	Retail	-		-	^(x)	-				-		-		0.0	%
TPP Operating, Inc. (40 shares of common stock) ^(p)	Retail	-		-	^(x)	-		-		3,255		-		0.0	%
Total Equity Securities										13,883		25,201		10.5	%
TOTAL INVESTMENTS							$	348,662	$	422,102	$	418,149		174.5	%

(a)

All of our investments are issued by eligible U.S. portfolio companies, as defined in the Investment Company Act of 1940 (the “1940 Act”), unless otherwise noted. All investments are non-controlled/non-affiliate company investments, unless otherwise noted. All of our investments are issued by U.S. portfolio companies except for InMobi Pte, Ltd. which is an international company headquartered in California.

(b)

The majority of the investments bear interest at a rate that may be determined by reference to London Interbank Offered Rate (“LIBOR” or “L”) or Prime Rate (“Prime” or “P”) which reset daily, monthly, quarterly, or semiannually. For each such investment, the Company has provided the spread over LIBOR or Prime and the current contractual interest rate in effect at March 31, 2017. Certain investments are subject to a LIBOR or Prime interest rate floor.

(c)

Because there is no readily available market value for these investments, the fair value of these investments is determined in good faith by our board of directors as required by the Investment Company Act of 1940. (See Note 4 in the accompanying notes to the consolidated financial statements.)

(d)

Percentages are based on net assets of $239,606 as of March 31, 2017.

(e)

All or a portion of this commitment was unfunded at March 31, 2017. As such, interest is earned only on the funded portion of this commitment.

(f)

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

(g)

As defined in the 1940 Act, the Company is deemed to be an “Affiliated Person” of the portfolio company as it owns five percent 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).

(h)

This is a demand note with no stated maturity.

See Notes to Consolidated Financial Statements.

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

(unaudited)

March 31, 2017

(in thousands, except for units)

(i)

This position was on non-accrual status as of March 31, 2017, 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.

(j)

A portion of this loan (principal of $2,206) is held in the Company’s wholly-owned subsidiary, Monroe Capital Corporation SBIC, LP and is therefore not collateral to the Company’s revolving credit facility.

(k)

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

(l)

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, 2017, non-qualifying assets totaled 6.14% of the Company’s total assets.

(m)

The PIK portion of the interest rate for Landpoint, LLC is structured as a fee paid upon the termination of the commitment. The fee currently accrues at 2.25% per annum.

(n)

The PIK portion of the interest rate for Peerless Network, Inc. is structured as a fee paid upon the termination of the commitment. The fee currently accrues at 0.75% per annum.

(o)

A portion of this loan (principal of $3,102) is held in the Company’s wholly-owned subsidiary, Monroe Capital Corporation SBIC, LP and is therefore not collateral to the Company’s revolving credit facility.

(p)

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

(q)

A portion of the PIK interest rate for TRG, LLC is structured as a fee paid upon the termination of the commitment. The fee currently accrues at 4.59% per annum.

(r)

A portion of this loan (principal of $4,617) is held in the Company’s wholly-owned subsidiary, Monroe Capital Corporation SBIC, LP and is therefore not collateral to the Company’s revolving credit facility.

(s)

The PIK portion of the interest rate for Vacation Innovations, LLC is structured as a fee paid upon the termination of the commitment. The fee currently accrues at 1.10% per annum.

(t)

The sale of a portion of this loan does not qualify for sale accounting under ASC Topic 860 — Transfers and Servicing, and therefore, the entire unitranche loan asset remains in the Consolidated Schedule of Investments.

(u)

The PIK portion of the interest rate for Gracelock Industries, LLC is structured as a fee paid upon the termination of the commitment. The fee currently accrues at 4.24% per annum.

(v)

A portion of this loan (principal of $5,171) is held in the Company’s wholly-owned subsidiary, Monroe Capital Corporation SBIC, LP and is therefore not collateral to the Company’s revolving credit facility.

(w)

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

(x)

Represents a non-income producing security.

(y)

This position includes a PIK dividend and is currently on non-accrual status.

n/a - not applicable

See Notes to Consolidated Financial Statements.

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2016
(in thousands, except for units)

Portfolio Company ^(a)	Industry		Spread Above Index ^(b)			Interest Rate			Maturity			Principal		Amortized Cost		Fair Value ^(c)		% of Net Assets ^(d)
Senior Secured Loans
360 Holdings III Corp.		Consumer Goods: Non-Durable		L+9.00	%		10.00	%		10/1/2021			5,925	$	5,718	$	5,718		2.4	%
AdTheorent, Inc. (Revolver) ^(e)		Media: Advertising, Printing & Publishing		L+8.50	%		9.26	%		12/22/2021			515		77		77		0.0	%
AdTheorent, Inc.		Media: Advertising, Printing & Publishing		L+8.50	%		9.26	%		12/22/2021			5,000		4,908		4,900		2.0	%
All Holding Company, LLC ^(f)		Beverage, Food & Tobacco		L+7.00	%		7.76	%		11/15/2021			5,466		5,363		5,493		2.3	%
American Community Homes, Inc. ^(g)		Banking, Finance, Insurance & Real Estate		L+8.00	%		9.50	%		7/22/2019			7,667		7,550		7,816		3.3	%
American Community Homes, Inc. ^(g)		Banking, Finance, Insurance & Real Estate		L+12.50	%		9.50% Cash/ 4.50% PIK			7/22/2019			4,217		4,158		4,301		1.8	%
American Community Homes, Inc. ^(g)		Banking, Finance, Insurance & Real Estate		L+12.50	%		9.50% Cash/ 4.50% PIK			n/a	^(h)		518		508		518		0.2	%
Answers Corporation		High Tech Industries		P+6.25	%		10.00	%⁽ⁱ⁾		10/1/2021			2,903		2,819		1,495		0.6	%
BC Equity Ventures LLC		Hotels, Gaming & Leisure		L+6.50	%		7.50	%		8/31/2022			2,612		2,562		2,635		1.1	%
BC Equity Ventures LLC		Hotels, Gaming & Leisure		L+6.50	%		7.50	%		8/31/2022			375		372		373		0.2	%
BCC Software, LLC ^(f)		High Tech Industries		L+8.00	%		9.00	%		6/20/2019			2,204		2,186		2,203		0.9	%
BCC Software, LLC (Revolver) ^(e)		High Tech Industries		L+8.00	%		9.00	%		6/20/2019			469		—		—		0.0	%
Beaver-Visitec International Holdings, Inc.		Healthcare & Pharmaceuticals		L+5.00	%		6.00	%		8/19/2023			4,988		4,939		4,988		2.1	%
Bluestem Brands, Inc.		Consumer Goods: Non-Durable		L+7.50	%		8.50	%		11/6/2020			2,758		2,737		2,404		1.0	%
Cali Bamboo, LLC		Construction & Building		L+8.50	%		9.26	%		7/10/2020			5,423		5,350		5,531		2.3	%
Cali Bamboo, LLC (Revolver) ^(e)		Construction & Building		L+8.50	%		9.26	%		7/10/2020			1,624		65		65		0.0	%
California Pizza Kitchen, Inc.		Beverage, Food & Tobacco		L+6.00	%		7.00	%		8/23/2022			6,983		6,913		6,966		2.9	%
Corbett Technology Solutions, Inc. ^(f)		High Tech Industries		L+7.00	%		7.76	%		11/7/2021			4,500		4,434		4,511		1.9	%
Corbett Technology Solutions, Inc. (Revolver) ^(e)		High Tech Industries		L+7.00	%		7.76	%		11/7/2021			867		—		—		0.0	%
Cornerstone Detention Products, Inc. ^(j)		Construction & Building		L+10.50	%		10.50% Cash/ 1.00% PIK			4/8/2019			3,784		3,747		3,599		1.5	%
Cornerstone Detention Products, Inc. (Revolver) ^(e)		Construction & Building		L+9.50	%		10.50	%		4/8/2019			400		—		—		0.0	%
CRCI Holdings, Inc.		Utilities: Electric		L+5.50	%		6.50	%		8/31/2023			2,993		2,964		2,999		1.3	%
Cyalume Technologies Holdings, Inc. ^(f)		Aerospace & Defense		L+9.00	%		10.00	%		5/18/2020			4,291		4,204		4,462		1.9	%
Cyalume Technologies Holdings, Inc. (Delayed Draw)		Aerospace & Defense		L+9.00	%		10.00	%		5/18/2020			387		387		402		0.2	%
Cyalume Technologies Holdings, Inc. (Revolver) ^(e)		Aerospace & Defense		L+9.00	%		10.00	%		5/18/2020			1,528		—		—		0.0	%
Diesel Direct Holdings, Inc. ^(f)		Energy: Oil & Gas		L+7.00	%		7.76	%		2/17/2020			5,225		5,217		5,277		2.2	%
EB Employee Solutions, LLC ^(f)		Services: Business		L+8.50	%		10.00	%		2/28/2019			3,370		3,324		3,263		1.4	%
Edge Systems Holdings Corporation		Healthcare & Pharmaceuticals		L+8.00	%		9.00	%		11/29/2021			3,740		3,667		3,665		1.5	%
Edge Systems Holdings Corporation (Revolver) ^(e)		Healthcare & Pharmaceuticals		L+8.00	%		9.00	%		11/29/2021			260		—		—		0.0	%
Familia Dental Group Holdings, LLC ^(f)		Healthcare & Pharmaceuticals		L+8.00	%		8.76	%		4/8/2021			5,397		5,327		5,480		2.3	%
Familia Dental Group Holdings, LLC (Delayed Draw)		Healthcare & Pharmaceuticals		L+8.00	%		8.76	%		4/8/2021			519		519		527		0.2	%
Familia Dental Group Holdings, LLC (Revolver) ^(e)		Healthcare & Pharmaceuticals		L+8.00	%		8.76	%		4/8/2021			573		57		57		0.0	%
Forman Mills, Inc. ^(f)		Retail		L+7.50	%		8.50	%		10/4/2021			8,500		8,337		8,470		3.5	%
G&M Opco LLC ^(f)		Construction & Building		L+7.50	%		8.26	%		6/23/2020			3,006		2,951		3,066		1.3	%
InMobi Pte, Ltd. (Delayed Draw) ^{(e) (k) (l)}		Media: Advertising, Printing & Publishing		L+10.17	%		10.98	%		9/1/2018			10,000		6,667		6,587		2.7	%
Inteva Products, LLC		Automotive		L+8.50	%		9.75	%		9/8/2021			1,978		1,967		1,998		0.8	%
Jerry Lee Radio, LLC		Media: Broadcasting & Subscription		L+9.50	%		10.26	%		12/17/2020			13,407		13,127		13,675		5.7	%
Landpoint, LLC		Energy: Oil & Gas		L+12.75	%		12.00% Cash/ 2.25% PIK	^(m)		12/20/2019			2,632		2,602		2,526		1.1	%
Landpoint, LLC (Revolver) ^(e)		Energy: Oil & Gas		L+10.50	%		12.00	%		12/20/2019			313		—		—		0.0	%
L.A.R.K. Industries, Inc.		Construction & Building		L+7.00	%		8.00	%		9/3/2019			6,257		6,169		6,341		2.6	%
Liftforward SPV II, LLC ^{(e) (l)}		Banking, Finance, Insurance, & Real Estate		L+10.75	%		11.51	%		11/10/2020			10,000		254		254		0.1	%
Luxury Optical Holdings Co.		Retail		L+11.50	%		9.00% Cash/ 3.50% PIK			9/12/2019			4,012		3,965		3,948		1.6	%

See Notes to Consolidated Financial Statements.

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
December 31, 2016
(in thousands, except for units)

Portfolio Company ^(a)	Industry		Spread Above Index ^(b)			Interest Rate			Maturity		Principal		Amortized Cost		Fair Value ^(c)		% of Net Assets ^(d)
Luxury Optical Holdings Co. (Revolver) ^(e)		Retail		L+8.00	%		9.00% Cash			9/12/2019		273	$	—	$	—		0.0	%
Madison Logic, Inc. ^(f)		Services: Business		L+8.00	%		8.76	%		11/30/2021		10,500		10,291		10,610		4.4	%
Madison Logic, Inc. (Delayed Draw) ^{(e) (k)}		Services: Business		L+8.00	%		8.76	%		11/30/2021		4,818		—		—		0.0	%
Madison Logic, Inc. (Revolver) ^(e)		Services: Business		L+8.00	%		8.76	%		11/30/2021		988		—		—		0.0	%
Miles Media Group LLC		Hotels, Gaming & Leisure		L+11.00	%		10.00% Cash/ 2.00% PIK			3/24/2021		6,110		6,052		6,119		2.5	%
Miles Media Group LLC (Delayed Draw) ^{(e) (k)}		Hotels, Gaming & Leisure		L+11.00	%		10.00% Cash/ 2.00% PIK			3/24/2021		1,455		—		—		0.0	%
Miles Media Group LLC (Revolver) ^(e)		Hotels, Gaming & Leisure		L+11.00	%		10.00% Cash/ 2.00% PIK			3/24/2021		320		—		—		0.0	%
O’Brien Industrial Holdings, LLC		Metals & Mining		L+7.75	%		8.75	%		5/13/2019		5,286		5,219		5,268		2.2	%
Peerless Network, Inc. ^(f)		Telecommunications		L+8.50	%		9.18% Cash/ 0.75% PIK	⁽ⁿ⁾		12/11/2020		3,500		3,431		3,430		1.4	%
PeopleConnect Intermediate, LLC (formerly Intelius, Inc.)		Services: Consumer		L+5.50	%		6.50	%		7/1/2020		4,698		4,619		4,693		1.9	%
PeopleConnect Intermediate, LLC (formerly Intelius, Inc.)		Services: Consumer		L+11.50	%		12.50	%		7/1/2020		4,849		4,765		4,805		2.0	%
PeopleConnect Intermediate, LLC (formerly Intelius, Inc.) (Revolver) ^(e)		Services: Consumer		L+8.50	%		9.50	%		8/11/2017		236		—		—		0.0	%
Precision Toxicology, LLC ^(f)		Healthcare & Pharmaceuticals		L+11.50	%		10.26% Cash/ 2.00% PIK			3/24/2020		4,242		4,186		4,244		1.8	%
Repay Holdings, LLC		Banking, Finance, Insurance & Real Estate		L+9.00	%		9.76	%		9/1/2021		12,000		11,802		11,934		5.0	%
Repay Holdings, LLC (Revolver) ^(e)		Banking, Finance, Insurance & Real Estate		L+9.00	%		9.76	%		9/1/2021		1,200		—		—		0.0	%
Rockdale Blackhawk, LLC ^(g)		Healthcare & Pharmaceuticals		L+11.00	%		12.00	%		3/31/2020		10,923		10,155		10,933		4.5	%
Rockdale Blackhawk, LLC (Revolver) ^{(e) (g)}		Healthcare & Pharmaceuticals		L+11.00	%		12.00	%		3/31/2020		1,849		924		924		0.4	%
Rockdale Blackhawk, LLC (Capex) ^(g)		Healthcare & Pharmaceuticals		L+11.00	%		12.00	%		3/31/2020		565		565		565		0.2	%
Rocket Dog Brands, LLC ^(g)		Consumer Goods: Non-Durable		n/a			12.00% PIK			8/29/2019		1,124		1,125		464		0.2	%
Rocket Dog Brands, LLC ^(g)		Consumer Goods: Non-Durable		n/a			15.00% PIK			8/29/2019		407		402		365		0.2	%
Rocket Dog Brands, LLC ^(g)		Consumer Goods: Non-Durable		n/a			17.00% PIK			3/31/2017		225		225		225		0.1	%
SHI Holdings, Inc. ^{(f) (g)}		Healthcare & Pharmaceuticals		L+9.25	%		10.01	%		7/10/2019		2,625		2,592		2,625		1.1	%
SHI Holdings, Inc. (Revolver) ^{(e) (g)}		Healthcare & Pharmaceuticals		L+9.25	%		10.01	%		7/10/2019		1,773		1,188		1,203		0.5	%
Shields Land Company of Georgia, LLC ^(l)		Banking, Finance, Insurance & Real Estate		L+9.50	%		10.15	%		12/28/2017		2,450		2,425		2,445		1.0	%
Solaray, LLC		Consumer Goods: Non Durable		L+6.50	%		7.50	%		9/9/2023		3,297		3,265		3,280		1.4	%
Solaray, LLC (Delayed Draw) ^{(e) (k)}		Consumer Goods: Non Durable		L+6.50	%		7.50	%		9/9/2023		703		—		—		0.0	%
SNI Companies ^(o)		Services: Business		L+8.00	%		9.00	%		12/31/2018		5,357		5,299		5,378		2.2	%
SNI Companies (Revolver) ^(e)		Services: Business		L+8.00	%		9.00	%		12/31/2018		1,250		313		313		0.1	%
Summit Container Corporation ^{(f) (g)}		Containers, Packaging & Glass		L+12.00	%		12.00% Cash/ 2.00% PIK			1/6/2019		3,624		3,582		3,550		1.5	%
Synergy Environmental Corporation ^(f)		Environmental Industries		L+8.00	%		8.76	%		4/29/2021		3,130		3,068		3,148		1.3	%
Synergy Environmental Corporation ^(f)		Environmental Industries		L+8.00	%		8.76	%		4/29/2021		523		513		526		0.2	%
Synergy Environmental Corporation (Delayed Draw) ^{(e) (k)}		Environmental Industries		L+8.00	%		8.76	%		4/29/2018		1,342		—		—		0.0	%
Synergy Environmental Corporation (Revolver) ^(e)		Environmental Industries		L+8.00	%		8.76	%		4/29/2021		671		94		94		0.0	%
Tectum Holdings, Inc.		Automotive		L+4.75	%		5.75	%		8/24/2023		1,995		1,976		2,025		0.8	%
The Worth Collection, Ltd. ^(f)		Retail		L+8.50	%		9.26	%		9/29/2021		11,000		10,789		11,132		4.6	%
TPP Operating, Inc. ^(p)		Retail		L+6.00	%		7.50	%⁽ⁱ⁾		11/8/2018		9,370		9,330		1,799		0.7	%
TPP Operating, Inc. ^(p)		Retail		L+6.00	%		7.50	%⁽ⁱ⁾		11/8/2018		4,344		4,344		4,344		1.8	%
TPP Operating, Inc. ^(p)		Retail		L+9.61	%		11.11	%⁽ⁱ⁾		11/8/2018		2,756		2,756		2,756		1.1	%
TRG, LLC		Hotels, Gaming & Leisure		L+13.80	%		8.12% Cash/ 6.30% PIK	^(q)		3/31/2021		11,876		11,837		11,960		5.0	%
TRG, LLC (Revolver)		Hotels, Gaming & Leisure		L+9.50	%		10.12	%		3/31/2021		131		131		131		0.1	%
TRG, LLC (CapEx) ^(e)		Hotels, Gaming & Leisure		L+9.50	%		8.12% Cash/ 2.00% PIK			3/31/2021		1,609		943		946		0.4	%
Vacation Innovations, LLC ^(r)		Hotels, Gaming & Leisure		L+9.40	%		7.76% Cash/ 2.42% PIK	^(s)		8/20/2020		10,553		10,382		10,848		4.5	%
Vacation Innovations, LLC (Revolver) ^(e)		Hotels, Gaming & Leisure		L+8.50	%		7.76% Cash/ 1.50% PIK			8/20/2020		342		—		—		0.0	%

See Notes to Consolidated Financial Statements.

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
December 31, 2016
(in thousands, except for units)

Portfolio Company ^(a)	Industry		Spread Above Index ^(b)			Interest Rate			Maturity		Principal		Amortized Cost		Fair Value ^(c)		% of Net Assets ^(d)
Vacation Innovations, LLC (Delayed Draw) ^{(e) (k)}		Hotels, Gaming & Leisure		L+8.50	%		7.76% Cash/ 1.50% PIK			8/20/2020		2,037	$	—	$	—		0.0	%
Yandy Holding, LLC		Retail		L+9.00	%		10.00	%		9/30/2019		5,677		5,625		5,581		2.3	%
Yandy Holding, LLC (Revolver) ^(e)		Retail		L+9.00	%		10.00	%		9/30/2019		907		—		—		0.0	%
Total Senior Secured Loans												322,496		280,324		275,253		114.3	%
Unitranche Loans
Collaborative Neuroscience Network, LLC ^(t)		Healthcare & Pharmaceuticals		L+11.50	%		13.00	%		12/27/2017		6,120		6,059		5,814		2.4	%
Collaborative Neuroscience Network, LLC		Healthcare & Pharmaceuticals		n/a			12.00% Cash/ 3.00% PIK			12/27/2017		286		286		286		0.1	%
Fabco Automotive Corporation		Automotive		L+11.25	%		8.00% Cash/ 4.25% PIK			4/3/2019		8,587		8,553		3,491		1.4	%
Gracelock Industries, LLC		Wholesale		L+13.74	%		11.00% Cash/ 4.24% PIK	^(u)		5/7/2019		4,888		4,816		4,500		1.9	%
Incipio Technologies, Inc. ^(v)		Consumer Goods: Non-Durable		L+6.00	%		7.00	%		12/26/2019		14,291		14,045		14,219		5.9	%
MooreCo, Inc.		Consumer Goods: Durable		L+14.50	%		13.50% Cash/ 2.50% PIK			12/27/2017		3,620		3,600		3,620		1.5	%
Output Services Group, Inc.		Services: Business		L+9.00	%		9.50% Cash/ 1.00% PIK			12/17/2020		6,500		6,432		6,520		2.7	%
Output Services Group, Inc.		Services: Business		L+9.00	%		9.50% Cash/ 1.00% PIK			12/17/2020		8,296		8,189		8,391		3.5	%
Playtime, LLC		Hotels, Gaming & Leisure		L+8.50	%		9.00% Cash/ 1.00% PIK			12/31/2021		5,405		5,381		4,797		2.0	%
Total Unitranche Loans												57,993		57,361		51,638		21.4	%

Junior Secured Loans
AIM Aerospace, Inc.		Aerospace & Defense		L+9.00	%		10.00	%		8/2/2022		5,000		4,933		5,040		2.1	%
Confie Seguros Holdings II Co.		Banking, Finance, Insurance & Real Estate		L+9.00	%		10.25	%		5/8/2019		8,594		8,215		8,547		3.5	%
CSM Bakery Supplies LLC		Beverage, Food & Tobacco		L+7.75	%		8.75	%		7/3/2021		5,792		5,792		4,335