10-Q 1 v472516_10q.htm FORM 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 June 30, 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 August 8, 2017, the registrant had 20,239,957 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 June 30, 2017 (unaudited) and December 31, 2016	3

	Consolidated Statements of Operations for the three and six months ended June 30, 2017 (unaudited) and 2016 (unaudited)	4

	Consolidated Statements of Changes in Net Assets for the six months ended June 30, 2017 (unaudited) and 2016 (unaudited)	5

	Consolidated Statements of Cash Flows for the six months ended June 30, 2017 (unaudited) and 2016 (unaudited)	6

	Consolidated Schedules of Investments as of June 30, 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	34

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	48

Item 4.	Controls and Procedures	48

PART II. OTHER INFORMATION		49

Item 1.	Legal Proceedings	49

Item 1A.	Risk Factors	49

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	49

Item 3.	Defaults Upon Senior Securities	49

Item 4.	Mine Safety Disclosures	49

Item 5.	Other Information	49

Item 6.	Exhibits	50

Signatures		51

Part I. Financial Information

Item 1. Consolidated Financial Statements

MONROE CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(in thousands, except per share data)

	June 30, 2017			December 31, 2016
	(unaudited)
ASSETS
Investments, at fair value:
Non-controlled/non-affiliate company investments	$	392,787		$	353,980
Non-controlled affiliate company investments		43,290			50,041
Controlled affiliate company investments		9,472			8,899
Total investments, at fair value (amortized cost of: $456,772 and $413,242, respectively)		445,549			412,920
Cash		9,904			5,958
Restricted cash		5,344			2,373
Interest receivable		3,562			2,643
Other assets		653			651
Total assets		465,012			424,545

LIABILITIES
Debt:
Revolving credit facility		93,845			129,000
SBA debentures payable		85,600			51,500
Total debt		179,445			180,500
Less: Unamortized deferred financing costs		(4,641	)		(3,945	)
Total debt, less unamortized deferred financing costs		174,804			176,555
Secured borrowings, at fair value (proceeds of: $0 and $1,320, respectively)		-			1,314
Interest payable		870			735
Management fees payable		1,903			1,749
Incentive fees payable		1,210			1,222
Accounts payable and accrued expenses		1,917			2,120
Total liabilities		180,704			183,695
Net assets	$	284,308		$	240,850

Commitments and contingencies (See Note 10)

ANALYSIS OF NET ASSETS

Common stock, $0.001 par value, 100,000 shares authorized, 20,240 and 16,582 shares issued and outstanding, respectively	$	20		$	17
Capital in excess of par value		286,269			233,526
Undistributed net investment income (accumulated distributions in excess of net investment income)		6,278			7,037
Accumulated net realized gain (loss) on investments and secured borrowings		2,981			587
Accumulated net unrealized gain (loss) on investments, secured borrowings and foreign currency borrowings		(11,240	)		(317	)
Total net assets	$	284,308		$	240,850

Net asset value per share	$	14.05		$	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 June 30,						Six months ended June 30,
	2017			2016			2017			2016
Investment income:
Interest income:
Non-controlled/non-affiliate company investments	$	10,053		$	8,449		$	20,108		$	16,722
Non-controlled affiliate company investments		1,111			1,092			2,307			2,165
Controlled affiliate company investments		217			10			394			10
Total interest income		11,381			9,551			22,809			18,897
Dividend income:
Non-controlled/non-affiliate company investments		250			250			500			500
Non-controlled affiliate company investments		-			801			-			2,413
Total dividend income		250			1,051			500			2,913
Fee income:
Non-controlled/non-affiliate company investments		637			516			965			847
Total fee income		637			516			965			847
Total investment income		12,268			11,118			24,274			22,657

Operating expenses:
Interest and other debt financing expenses		2,184			1,773			4,194			3,464
Base management fees		1,903			1,504			3,708			3,004
Incentive fees		1,460			1,319			2,750			3,059
Professional fees		286			238			577			445
Administrative service fees		301			304			631			632
General and administrative expenses		259			182			468			346
Excise taxes		-			-			-			87
Directors' fees		37			39			74			74
Expenses before incentive fee waiver		6,430			5,359			12,402			11,111
Incentive fee waiver		(250	)		-			(250	)		-
Total expenses, net of incentive fee waiver		6,180			5,359			12,152			11,111
Net investment income		6,088			5,759			12,122			11,546

Net gain (loss) on investments, secured borrowings and foreign currency borrowings:
Net realized gain (loss):
Non-controlled/non-affiliate company investments		2,161			-			2,328			587
Secured borrowings		66			-			66			-
Net realized gain (loss)		2,227			-			2,394			587

Net change in unrealized gain (loss):
Non-controlled/non-affiliate company investments		497			(261	)		689			(1,120	)
Non-controlled affiliate company investments		(7,192	)		1,368			(9,356	)		3,196
Controlled affiliate company investments		(575	)		(1,648	)		(2,234	)		(1,075	)
Secured borrowings		(5	)		59			(6	)		87
Foreign currency borrowings		(16	)		-			(16	)		-
Net change in unrealized gain (loss)		(7,291	)		(482	)		(10,923	)		1,088

Net gain (loss) on investments, secured borrowings and foreign currency borrowings		(5,064	)		(482	)		(8,529	)		1,675

Net increase (decrease) in net assets resulting from operations	$	1,024		$	5,277		$	3,593		$	13,221

Per common share data:
Net investment income per share - basic and diluted	$	0.35		$	0.44		$	0.71		$	0.89
Net increase in net assets resulting from operations per share - basic and diluted	$	0.06		$	0.41		$	0.21		$	1.02
Weighted average common shares outstanding - basic and diluted		17,369			13,008			16,984			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 excess		Undistributed net investment income (accumulated distributions in excess of net			Accumulated net realized gain (loss) on investments and		Accumulated net unrealized gain (loss) on investments, secured borrowings and foreign
	Number of shares		Par value		of par value		investment income)			secured borrowings		currency 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		-		-		-		11,546			587		1,088			13,221
Distributions to stockholders:
Distributions from net investment income		-		-		-		(9,106	)		-		-			(9,106	)
Balances at June 30, 2016		13,008	$	13	$	184,419	$	4,132		$	587	$	(501	)	$	188,650

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		-		-		-		12,122			2,394		(10,923	)		3,593
Issuance of common stock, net of offering and underwriting costs		3,624		3		52,218		-			-		-			52,221
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan		34		-		525		(525	)		-		-			-
Distributions from net investment income		-		-		-		(12,356	)		-		-			(12,356	)
Balances at June 30, 2017		20,240	$	20	$	286,269	$	6,278		$	2,981	$	(11,240	)	$	284,308

See Notes to Consolidated Financial Statements.

MONROE CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)

	Six months ended June 30,
	2017			2016

Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	3,593		$	13,221
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 (gain) loss on investments		10,901			(1,001	)
Net change in unrealized (gain) loss on secured borrowings		6			(87	)
Net change in unrealized (gain) loss on foreign currency borrowings		16			-
Net realized (gain) loss on investments		(2,328	)		(587	)
Net realized (gain) loss on secured borrowings		(66	)		-
Payment-in-kind interest income		(1,018	)		(830	)
Net accretion of discounts and amortization of premiums		(746	)		(754	)
Proceeds from principal payments and sales of investments		75,460			47,383
Purchases of investments		(114,898	)		(45,928	)
Amortization of deferred financing costs		486			381
Changes in operating assets and liabilities:
Interest receivable		(919	)		(435	)
Other assets		(2	)		168
Payable for open trades		-			(5,297	)
Interest payable		135			(43	)
Management fees payable		154			1
Incentive fees payable		(12	)		303
Accounts payable and accrued expenses		(203	)		67
Directors’ fees payable		-			(74	)
Net cash provided by (used in) operating activities		(29,441	)		6,488

Cash flows from financing activities:
Borrowings on revolving credit facility		68,329			24,000
Repayments of revolving credit facility		(103,500	)		(20,500	)
SBA debentures borrowings		34,100			-
Payments of deferred financing costs		(1,182	)		(849	)
Repayments on secured borrowings		(1,254	)		(277	)
Proceeds from shares sold, net of offering and underwriting costs		52,221			-
Stockholder distributions paid, net of stock issued under the dividend reinvestment plan of $525 and $0, respectively		(12,356	)		(9,106	)
Net cash provided by (used in) financing activities		36,358			(6,732	)

Net increase (decrease) in Cash and Restricted Cash		6,917			(244	)
Cash and Restricted Cash, beginning of period ⁽¹⁾		8,331			13,866
Cash and Restricted Cash, end of period ⁽²⁾	$	15,248		$	13,622

Supplemental disclosure of cash flow information:
Cash interest paid during the period	$	3,473		$	2,974
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 $9,904 and $5,344, respectively, from the consolidated statement of assets and liabilities as of June 30, 2017. Represents cash and restricted cash of $5,483 and $8,139, respectively, from the consolidated statement of assets and liabilities as of June 30, 2016.

See Notes to Consolidated Financial Statements.

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

(unaudited)

June 30, 2017

(in thousands, except for shares and 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.	Media: Advertising, Printing & Publishing	L+8.50%		9.55	%		12/22/2021			4,969	$	4,877	$	5,013		1.8	%
AdTheorent, Inc. (Revolver) ^(e)	Media: Advertising, Printing & Publishing	L+8.50%		9.55	%		12/22/2021			515		232		232		0.1	%
All Holding Company, LLC ^(f)	Beverage, Food & Tobacco	L+7.00%		8.23	%		11/15/2021			5,397		5,304		5,505		1.9	%
American Community Homes, Inc.^(g)	Banking, Finance, Insurance & Real Estate	L+8.00%		9.50	%		7/22/2019			7,667		7,570		7,743		2.7	%
American Community Homes, Inc.^(g)	Banking, Finance, Insurance & Real Estate	L+12.50%		9.50% Cash/ 4.50% PIK			7/22/2019			4,314		4,266		4,357		1.5	%
American Community Homes, Inc.^(g)	Banking, Finance, Insurance & Real Estate	L+12.50%		9.50% Cash/ 4.50% PIK			n/a	^(h)		530		522		530		0.2	%
American Community Homes, Inc. ^(g)	Banking, Finance, Insurance & Real Estate	L+8.00%		9.50	%		7/22/2019			444		432		449		0.2	%
American Community Homes, Inc. ^(g)	Banking, Finance, Insurance & Real Estate	L+12.50%		9.50% Cash/ 4.50% PIK			7/22/2019			223		217		225		0.1	%
American Community Homes, Inc. (Delayed Draw)^{(e) (g) (l)}	Banking, Finance, Insurance & Real Estate	L+8.00%		9.50	%		7/22/2019			444		—		—		0.0	%
American Community Homes, Inc. (Delayed Draw)^{(e) (g) (l)}	Banking, Finance, Insurance & Real Estate	L+12.50%		9.50% Cash/ 4.50% PIK			7/22/2019			222		—		—		0.0	%
Answers Finance, LLC	High Tech Industries	L+5.00%		6.23	%		4/15/2021			254		252		250		0.1	%
APCO Worldwide, Inc.	Services: Business	L+8.00%		9.23	%		6/30/2022			5,000		4,900		4,900		1.7	%
Bartlett Reserve Durham, LLC ^(j)	Banking, Finance, Insurance & Real Estate	L+9.00%		10.16	%		6/1/2018			6,468		6,355		6,346		2.2	%
BC Equity Ventures LLC	Hotels, Gaming & Leisure	L+6.50%		7.73	%		8/31/2022			2,599		2,552		2,625		0.9	%
BCC Software, LLC ^(f)	High Tech Industries	L+8.00%		9.23	%		6/20/2019			3,163		3,129		3,163		1.1	%
BCC Software, LLC (Revolver)^(e)	High Tech Industries	L+8.00%		9.23	%		6/20/2019			469		—		—		0.0	%
Beaver-Visitec International Holdings, Inc.	Healthcare & Pharmaceuticals	L+5.00%		6.30	%		8/19/2023			4,962		4,918		4,963		1.7	%
Bluestem Brands, Inc.	Consumer Goods: Non-Durable	L+7.50%		8.73	%		11/6/2020			2,678		2,659		1,905		0.7	%
Cali Bamboo, LLC	Construction & Building	L+8.50%		9.73	%		7/10/2020			5,346		5,283		5,346		1.9	%
Cali Bamboo, LLC (Revolver) ^(e)	Construction & Building	L+8.50%		9.73	%		7/10/2020			1,624		1,212		1,212		0.4	%
California Pizza Kitchen, Inc.	Beverage, Food & Tobacco	L+6.00%		7.30	%		8/23/2022			6,947		6,878		6,958		2.4	%
Corbett Technology Solutions, Inc. ^(f)	High Tech Industries	L+7.00%		8.23	%		11/7/2021			4,388		4,329		4,475		1.6	%
Corbett Technology Solutions, Inc. (Revolver) ^(e)	High Tech Industries	L+7.00%		8.23	%		11/7/2021			867		—		—		0.0	%
Cornerstone Detention Products, Inc. ^(k)	Construction & Building	L+10.50%		10.73% Cash/ 1.00% PIK			4/8/2019			3,569		3,541		3,490		1.2	%
Cornerstone Detention Products, Inc. (Revolver) ^(e)	Construction & Building	L+9.50%		10.73	%		4/8/2019			400		—		—		0.0	%
CRCI Holdings, Inc.	Utilities: Electric	L+5.50%		6.80	%		8/31/2023			2,814		2,788		2,835		1.0	%
Cyalume Technologies Holdings, Inc.^(f)	Aerospace & Defense	L+9.00%		10.23	%		5/18/2020			3,929		3,860		4,046		1.4	%
Cyalume Technologies Holdings, Inc.	Aerospace & Defense	L+9.00%		10.23	%		5/18/2020			350		350		361		0.1	%
Cyalume Technologies Holdings, Inc. (Revolver)^(e)	Aerospace & Defense	L+9.00%		10.23	%		5/18/2020			1,528		—		—		0.0	%
Destination Media, Inc. ^(f)	Media: Advertising, Printing & Publishing	L+6.50%		7.73	%		4/7/2022			7,950		7,835		7,942		2.8	%
Destination Media, Inc. (Revolver) ^(e)	Media: Advertising, Printing & Publishing	L+6.50%		7.73	%		4/7/2022			542		—		—		0.0	%
Diesel Direct Holdings, Inc. ^(f)	Energy: Oil & Gas	L+7.00%		8.23	%		2/17/2020			5,087		5,087		5,138		1.8	%
EB Employee Solutions, LLC ^(f)	Services: Business	L+8.50%		10.00	%		2/28/2019			3,244		3,208		3,138		1.1	%
Echelon Funding I, LLC (Delayed Draw) ^{(e) (j) (l)}	Banking, Finance, Insurance & Real Estate	L+10.25%		11.30	%		2/24/2021			15,000		14,981		15,187		5.3	%
Edge Systems Holdings Corp.	Healthcare & Pharmaceuticals	L+8.00%		9.23	%		12/1/2021			3,453		3,391		3,503		1.2	%
Edge Systems Holdings Corp. (Revolver) ^(e)	Healthcare & Pharmaceuticals	L+8.00%		9.23	%		12/1/2021			260		—		—		0.0	%
Energy Services Group, LLC	High Tech Industries	L+9.82%		10.99	%		5/4/2022			4,620		4,563		4,638		1.6	%
Energy Services Group, LLC ^{(j) (m)}	High Tech Industries	L+9.82%		10.82	%		5/4/2022			2,405		2,358		2,410		0.8	%
Energy Services Group, LLC (Delayed Draw)^{(e) (l)}	High Tech Industries	L+9.82%		11.00	%		5/4/2022			1,313		1,096		1,117		0.4	%
Familia Dental Group Holdings, LLC ^(f)	Healthcare & Pharmaceuticals	L+8.00%		9.23	%		4/8/2021			5,328		5,259		5,371		1.9	%
Familia Dental Group Holdings, LLC	Healthcare & Pharmaceuticals	L+8.00%		9.23	%		4/8/2021			512		512		516		0.2	%
Familia Dental Group Holdings, LLC (Revolver) ^(e)	Healthcare & Pharmaceuticals	L+8.00%		9.23	%		4/8/2021			573		229		229		0.1	%
Forman Mills, Inc. ^(f)	Retail	L+7.50%		8.73	%		10/4/2021			8,500		8,351		8,398		3.0	%
InMobi Pte, Ltd. (Delayed Draw) ^{(e) (j) (l) (n)}	Media: Advertising, Printing & Publishing	L+10.17%		11.36	%		9/1/2018			10,000		6,667		6,860		2.4	%
Jerry Lee Radio, LLC	Media: Broadcasting & Subscription	L+9.50%		10.73	%		12/17/2020			12,417		12,185		12,665		4.5	%
Landpoint, LLC	Energy: Oil & Gas	L+12.75%		12.00% Cash/ 2.25% PIK	^(o)		12/20/2019			2,462		2,440		2,393		0.9	%
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%		9.55	%		9/3/2019			8,274		8,158		8,295		2.9	%
Liftforward SPV II, LLC ^{(e) (j)}	Banking, Finance, Insurance & Real Estate	L+10.75%		11.98	%		11/10/2020			10,000		5,209		5,349		1.9	%

See Notes to Consolidated Financial Statements.

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

(unaudited)

June 30, 2017

(in thousands, except for shares and 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.	Retail	L+11.50%		9.23% Cash/ 3.50% PIK			9/12/2019			4,084	$	4,045	$	3,854		1.4	%
Luxury Optical Holdings Co. (Revolver) ^(e)	Retail	L+8.00%		9.23	%		9/12/2019			273		123		116		0.0	%
Madison Logic, Inc. ^(f)	Services: Business	L+8.00%		9.23	%		11/30/2021			10,369		10,180		10,535		3.7	%
Madison Logic, Inc. (Delayed Draw) ^{(e) (l)}	Services: Business	L+8.00%		9.23	%		11/30/2021			4,818		—		—		0.0	%
Madison Logic, Inc. (Revolver) ^(e)	Services: Business	L+8.00%		9.23	%		11/30/2021			988		—		—		0.0	%
MFG Chemical, LLC ^(f)	Chemicals, Plastics, & Rubber	L+6.00%		7.23	%		6/23/2022			8,855		8,723		8,723		3.1	%
MFG Chemical, LLC (Revolver) ^(e)	Chemicals, Plastics, & Rubber	L+6.00%		7.23	%		6/23/2022			1,780		831		818		0.3	%
Mid-West Wholesale Hardware Co. ^(f)	Wholesale	L+7.50%		8.73	%		2/9/2022			11,940		11,716		11,845		4.2	%
Mid-West Wholesale Hardware Co. (Revolver) ^(e)	Wholesale	L+7.50%		8.73	%		2/9/2022			4,421		1,453		1,442		0.5	%
Miles Partnership LLC	Hotels, Gaming & Leisure	L+11.00%		10.30% Cash/ 2.00% PIK			3/24/2021			5,926		5,880		5,943		2.1	%
Miles Partnership LLC (Delayed Draw) ^{(e) (l)}	Hotels, Gaming & Leisure	L+11.00%		10.30% Cash/ 2.00% PIK			3/24/2021			1,418		1,071		1,073		0.4	%
Miles Partnership LLC (Revolver) ^(e)	Hotels, Gaming & Leisure	L+11.00%		10.30% Cash/ 2.00% PIK			3/24/2021			320		—		—		0.0	%
Newforma, Inc. ^(f)	High Tech Industries	L+7.50%		8.73	%		6/30/2022			15,000		14,775		14,775		5.2	%
Newforma, Inc. (Revolver) ^(e)	High Tech Industries	L+7.50%		8.73	%		6/30/2022			1,250		—		—		0.0	%
O'Brien Industrial Holdings, LLC	Metals & Mining	L+7.75%		8.98	%		5/13/2019			5,286		5,232		5,392		1.9	%
Peerless Network, Inc. ^(f)	Telecommunications	L+9.25%		9.55% Cash/ 0.75% PIK	^(p)		12/11/2020			3,500		3,437		3,514		1.2	%
PeopleConnect Intermediate, LLC (formerly Intelius, Inc.)	Services: Consumer	L+5.50%		6.80	%		7/1/2020			4,560		4,494		4,585		1.6	%
PeopleConnect Intermediate, LLC (formerly Intelius, Inc.)	Services: Consumer	L+11.50%		12.80	%		7/1/2020			4,780		4,707		4,765		1.7	%
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+10.00%		9.73% Cash/ 1.50% PIK			3/24/2020			3,724		3,683		3,717		1.3	%
Priority Ambulance, LLC ^(f)	Healthcare & Pharmaceuticals	L+7.00%		8.30	%		4/12/2022			7,000		6,865		7,025		2.5	%
Priority Ambulance, LLC (Revolver) ^(e)	Healthcare & Pharmaceuticals	L+7.00%		8.30	%		4/12/2022			3,345		—		—		0.0	%
Q-Tragon Holdings, LLC ^(f)	Services: Business	L+7.00%		8.23	%		5/2/2022			4,000		3,943		4,008		1.4	%
Q-Tragon Holdings, LLC (Revolver) ^(e)	Services: Business	L+7.00%		8.23	%		5/2/2022			308		62		62		0.0	%
Repay Holdings, LLC	Banking, Finance, Insurance & Real Estate	L+7.75%		8.98	%		9/1/2021			11,700		11,524		11,799		4.2	%
Repay Holdings, LLC (Revolver) ^(e)	Banking, Finance, Insurance & Real Estate	L+7.75%		8.98	%		9/1/2021			1,200		—		—		0.0	%
Rockdale Blackhawk, LLC ^(g)	Healthcare & Pharmaceuticals	L+11.00%		12.23	%		3/31/2020			10,923		10,251		10,802		3.8	%
Rockdale Blackhawk, LLC (Capex) ^(g)	Healthcare & Pharmaceuticals	L+11.00%		12.23	%		3/31/2020			549		549		543		0.2	%
Rockdale Blackhawk, LLC (Revolver) ^(g)	Healthcare & Pharmaceuticals	L+11.00%		12.23	%		3/31/2020			1,849		1,849		1,825		0.6	%
Rocket Dog Brands, LLC ^(g)	Consumer Goods: Non-Durable	n/a		12.00% PIK	⁽ⁱ⁾		8/29/2019			1,157		1,157		243		0.1	%
Rocket Dog Brands, LLC ^(g)	Consumer Goods: Non-Durable	n/a		15.00% PIK	⁽ⁱ⁾		8/29/2019			422		416		—		0.0	%
Rocket Dog Brands, LLC ^(g)	Consumer Goods: Non-Durable	n/a		17.00% PIK	⁽ⁱ⁾		9/30/2017			235		235		176		0.1	%
SHI Holdings, Inc.^{(f) (g)}	Healthcare & Pharmaceuticals	L+9.75%		10.98	%		7/10/2019			2,625		2,600		2,625		0.9	%
SHI Holdings, Inc. (Revolver) ^{(e) (g)}	Healthcare & Pharmaceuticals	L+9.75%		10.98	%		7/10/2019			2,045		1,913		1,926		0.7	%
Solaray, LLC	Consumer Goods: Non-Durable	L+6.50%		7.72	%		9/9/2023			3,272		3,242		3,256		1.2	%
Solaray, LLC (Delayed Draw) ^{(e) (l)}	Consumer Goods: Non-Durable	L+6.50%		7.79	%		9/9/2023			703		506		504		0.2	%
Summit Container Corporation^{(f) (g)}	Containers, Packaging & Glass	L+12.00%		12.00% Cash/ 2.00% PIK			1/6/2019			3,557		3,529		3,397		1.2	%
Synergy Environmental Corporation ^(f)	Environmental Industries	L+8.00%		9.23	%		4/29/2021			3,091		3,029		3,126		1.1	%
Synergy Environmental Corporation ^(f)	Environmental Industries	L+8.00%		9.23	%		4/29/2021			517		506		523		0.2	%
Synergy Environmental Corporation (Delayed Draw) ^{(e) (l)}	Environmental Industries	L+8.00%		9.23	%		4/29/2018			1,342		—		—		0.0	%
Synergy Environmental Corporation (Revolver) ^(e)	Environmental Industries	L+8.00%		9.23	%		4/29/2021			671		47		47		0.0	%
The Worth Collection, Ltd. ^(f)	Retail	L+8.50%		9.73	%		9/29/2021			10,725		10,537		10,553		3.7	%
TPP Operating, Inc. ^(q)	Retail	L+6.00%		7.50% PIK	⁽ⁱ⁾		11/8/2018			9,370		9,330		300		0.1	%
TPP Operating, Inc. ^(q)	Retail	L+6.00%		7.50	%⁽ⁱ⁾		11/8/2018			5,324		5,324		4,589		1.6	%
TPP Operating, Inc. ^(q)	Retail	L+9.61%		11.11	%⁽ⁱ⁾		11/8/2018			4,583		4,583		4,583		1.6	%
TRG, LLC	Hotels, Gaming & Leisure	L+14.10%		8.55% Cash/ 6.60% PIK	^(r)		3/31/2021			11,850		11,818		11,963		4.2	%
TRG, LLC (CapEx) ^(e)	Hotels, Gaming & Leisure	L+9.50%		8.55% Cash/ 2.00% PIK			3/31/2021			1,619		953		963		0.3	%
TRG, LLC (Revolver)	Hotels, Gaming & Leisure	L+9.50%		10.55	%		3/31/2021			131		131		131		0.0	%
Vacation Innovations, LLC ^(s)	Hotels, Gaming & Leisure	L+8.79%		8.23% Cash/ 1.79% PIK	^(t)		8/20/2020			10,029		9,887		10,094		3.6	%
Vacation Innovations, LLC (Delayed Draw) ^{(e) (l)}	Hotels, Gaming & Leisure	L+7.50%		8.23% Cash/ 0.50% PIK			8/20/2020			2,037		—		—		0.0	%
Vacation Innovations, LLC (Revolver)^(e)	Hotels, Gaming & Leisure	L+7.50%		8.23% Cash/ 0.50% PIK			8/20/2020			342		—		—		0.0	%
Yandy Holding, LLC	Retail	L+9.00%		10.23	%		9/30/2019			5,368		5,327		5,253		1.8	%
Yandy Holding, LLC (Revolver) ^(e)	Retail	L+9.00%		10.23	%		9/30/2019			907		—		—		0.0	%
Total Senior Secured Loans										400,657		358,418		351,491		123.6	%

Unitranche Loans
Collaborative Neuroscience Network, LLC	Healthcare & Pharmaceuticals	L+11.50%		13.00	%		12/27/2017			6,120		6,069		5,820		2.0	%
Collaborative Neuroscience Network, LLC	Healthcare & Pharmaceuticals	n/a		12.00% Cash/ 3.00% PIK			n/a	^(h)		290		290		290		0.1	%
Collaborative Neuroscience Network, LLC (Revolver)	Healthcare & Pharmaceuticals	L+10.00%		11.23	%		12/27/2017			200		190		195		0.1	%

See Notes to Consolidated Financial Statements.

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

(unaudited)

June 30, 2017

(in thousands, except for shares and units)

Portfolio Company ^(a)	Industry	Spread Above Index ^(b)	Interest Rate			Maturity		Principal		Amortized Cost		Fair Value ^(c)		% of Net Assets ^(d)
Fabco Automotive Corporation	Automotive	L+4.50%		5.73	%		4/3/2019		3,538	$	1,852	$	3,430		1.2	%
Fabco Automotive Corporation	Automotive	L+11.25%		8.23% Cash/ 4.25% PIK			4/3/2019		8,774		8,747		2,817		1.0	%
Fabco Automotive Corporation (Revolver) ^(e)	Automotive	L+4.00%		5.23	%		4/3/2019		2,234		2,199		2,199		0.8	%
Gracelock Industries, LLC	Wholesale	L+13.74%		11.00% Cash/ 4.24% PIK	^(u)		5/7/2019		4,721		4,664		4,730		1.7	%
Incipio Technologies, Inc. ^(v)	Consumer Goods: Non-Durable	L+7.50%		8.73	%		12/26/2019		13,916		13,712		13,651		4.8	%
Playtime, LLC	Hotels, Gaming & Leisure	L+7.50%		9.00	%		12/31/2021		4,484		4,475		4,170		1.4	%
Total Unitranche Loans									44,277		42,198		37,302		13.1	%

Junior Secured Loans
AIM Aerospace, Inc.	Aerospace & Defense	L+9.00%		10.17	%		8/2/2022		5,000		4,938		4,973		1.7	%
Answers Finance, LLC	High Tech Industries	P+7.90%		9.00	%		9/15/2021		396		381		388		0.1	%
Confie Seguros Holdings II Co.	Banking, Finance, Insurance & Real Estate	L+9.75%		11.05	%		5/8/2019		8,594		8,285		8,479		3.0	%
CSM Bakery Supplies LLC	Beverage, Food & Tobacco	L+7.75%		8.90	%		7/3/2021		5,792		5,792		5,054		1.8	%
Education Corporation of America	Services: Consumer	L+11.00%		12.30	%		9/30/2017		625		617		625		0.2	%
Mergermarket USA, Inc.	Media: Broadcasting & Subscription	L+6.50%		7.58	%		12/19/2021		4,500		4,409		4,500		1.6	%
Micro Holdings Corp.	High Tech Industries	L+7.50%		8.73	%		7/8/2022		5,590		5,485		5,672		2.0	%
Pre-Paid Legal Services, Inc. (Legal Shield)	Services: Consumer	L+9.00%		10.25	%		7/1/2020		3,000		3,000		3,024		1.1	%
Rocket Dog Brands, LLC ^(g)	Consumer Goods: Non-Durable	n/a		15.00% PIK	⁽ⁱ⁾		5/1/2020		2,011		2,011		—		0.0	%
SCP TPZ Acquisition, Inc.	Media: Diversified & Production	L+8.25%		9.47	%		5/29/2022		5,000		4,942		4,994		1.8	%
Total Junior Secured Loans									40,508		39,860		37,709		13.3	%

Equity Securities
AdTheorent, Inc. (128,866 units) ^(w)	Media: Advertising, Printing & Publishing	—		—	^(x)		—		—		129		173		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		—		—		1,271		0.5	%
Answers Finance, LLC (76,539 shares of common stock) ^(w)	Services: Business			—	^(x)		—		—		2,413		1,180		0.4	%
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)		—		—		—		615		0.2	%
Education Corporation of America - Series G Preferred Stock (8,333 shares) ^(w)	Services: Consumer	n/a		12.00	%		—		—		8,125		8,283		2.9	%
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) ^{(j) (n)} ^(w)	Media: Advertising, Printing & Publishing	—		—	^(x)		9/18/2025		—		—		215		0.1	%
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	%
Playtime, LLC - Preferred Units (8,665 units) ^(w)	Hotels, Gaming & Leisure	—		—	^(x)		—		—		200		15		0.0	%
Rockdale Blackhawk, LLC - LLC Units (11.56% of the LLC interest)^(g)	Healthcare & Pharmaceuticals	—		—			—		—		1,093		6,533		2.3	%
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		589		0.2	%
Summit Container Corporation (warrant to purchase up to 19.50% of the equity) ^(g)	Containers, Packaging & Glass	—		—	^(x)		1/6/2024		—		—		56		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) ^(q)	Retail	—		—	^(x)		—				—		—		0.0	%
TPP Operating, Inc. (40 shares of common stock) ^(q)	Retail	—		—	^(x)		—		—		3,255		—		0.0	%
Total Equity Securities											16,296		19,047		6.7	%
TOTAL INVESTMENTS										$	456,772	$	445,549		156.7	%

See Notes to Consolidated Financial Statements.

(a)

All of our investments are issued by eligible 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 unless otherwise noted.

(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 June 30, 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 $284,308 as of June 30, 2017.

(e)

All or a portion of this commitment was unfunded at June 30, 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.

(i)

This position was on non-accrual status as of June 30, 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)

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 June 30, 2017, non-qualifying assets totaled 7.83% of the Company’s total assets.

(k)

A portion of this loan (principal of $2,141) 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.

(l)

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

(m)

This term loan is denominated in Great Britain pounds and is translated into U.S. dollars as of the valuation date.

(n)

InMobi Pte, Ltd is an international company headquartered in California.

(o)

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.

(p)

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.

(q)

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.

(r)

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 4.60% per annum.

(s)

A portion of this loan (principal of $4,429) 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.

(t)

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 1.29% per annum.

(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 $5,102) 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.

(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 shares and 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 shares and 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 shares and 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