10-Q 1 tv520552_10q.htm FORM 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended March 31, 2019

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 every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	¨	Accelerated filer	x

Non-accelerated filer	¨	Smaller reporting company	¨

Emerging growth company	¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

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

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class		Trading Symbol(s)		Name of Each Exchange on Which Registered
Common Stock, par value $0.001 per share 5.75% Notes due 2023		MRCC MRCCL		The Nasdaq Global Select Market The Nasdaq Global Select Market

As of May 6, 2019, the registrant had 20,444,564 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, 2019 (unaudited) and December 31, 2018	3

	Consolidated Statements of Operations for the three months ended March 31, 2019 (unaudited) and 2018 (unaudited)	4

	Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2019 (unaudited) and 2018 (unaudited)	5

	Consolidated Statements of Cash Flows for the three months ended March 31, 2019 (unaudited) and 2018 (unaudited)	6

	Consolidated Schedules of Investments as of March 31, 2019 (unaudited) and December 31, 2018	7

	Notes to Consolidated Financial Statements (unaudited)	26

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	53

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	71

Item 4.	Controls and Procedures	72

PART II. OTHER INFORMATION		73

Item 1.	Legal Proceedings	73

Item 1A.	Risk Factors	73

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	73

Item 3.	Defaults Upon Senior Securities	73

Item 4.	Mine Safety Disclosures	73

Item 5.	Other Information	73

Item 6.	Exhibits	74

Signatures		75

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, 2019			December 31, 2018
	(unaudited)
ASSETS
Investments, at fair value:
Non-controlled/non-affiliate company investments	$	505,957		$	468,720
Non-controlled affiliate company investments		58,956			57,267
Controlled affiliate company investments		32,032			27,634
Total investments, at fair value (amortized cost of: $606,591 and $564,124, respectively)		596,945			553,621
Cash		4,690			3,744
Restricted cash		17,315			13,982
Unrealized gain on foreign currency forward contracts		—			16
Interest receivable		8,976			7,774
Other assets		588			692
Total assets		628,514			579,829

LIABILITIES
Debt:
Revolving credit facility		146,342			136,026
2023 Notes		109,000			69,000
SBA debentures payable		115,000			115,000
Total debt		370,342			320,026
Less: Unamortized deferred financing costs		(9,265	)		(6,262	)
Total debt, less unamortized deferred financing costs		361,077			313,764
Interest payable		1,932			2,550
Unrealized loss on foreign currency forward contracts		49			—
Management fees payable		2,521			2,318
Incentive fees payable		1,319			—
Accounts payable and accrued expenses		2,529			2,430
Directors' fees payable		35			—
Total liabilities		369,462			321,062
Net assets	$	259,052		$	258,767

Commitments and contingencies (See Note 11)

ANALYSIS OF NET ASSETS
Common stock, $0.001 par value, 100,000 shares authorized, 20,445 and 20,445 shares issued and outstanding, respectively	$	20		$	20
Capital in excess of par value		288,911			288,911
Accumulated undistributed (overdistributed) earnings		(29,879	)		(30,164	)
Total net assets	$	259,052		$	258,767

Net asset value per share	$	12.67		$	12.66

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,
	2019			2018
Investment income:
Non-controlled/non-affiliate company investments:
Interest income	$	12,830		$	11,826
Payment-in-kind interest income		98			137
Dividend income		13			260
Fee income		569			724
Total investment income from non-controlled/non-affiliate company investments		13,510			12,947
Non-controlled affiliate company investments:
Interest income		923			1,636
Payment-in-kind interest income		956			192
Total investment income from non-controlled affiliate company investments		1,879			1,828
Controlled affiliate company investments:
Dividend income		770			175
Total investment income from controlled affiliate company investments		770			175
Total investment income		16,159			14,950

Operating expenses:
Interest and other debt financing expenses		4,354			2,706
Base management fees		2,521			2,163
Incentive fees		1,600			761
Professional fees		289			307
Administrative service fees		347			324
General and administrative expenses		227			176
Excise taxes		(7	)		11
Directors' fees		35			37
Expenses before incentive fee waiver		9,366			6,485
Incentive fee waiver		(281	)		—
Total expenses, net of incentive fee waiver		9,085			6,485
Net investment income		7,074			8,465

Net gain (loss):
Net realized gain (loss):
Foreign currency forward contracts		(8	)		—
Foreign currency and other transactions		(1	)		12
Net realized gain (loss)		(9	)		12

Net change in unrealized gain (loss):
Non-controlled/non-affiliate company investments		2,288			(165	)
Non-controlled affiliate company investments		(1,754	)		(6,923	)
Controlled affiliate company investments		323			443
Foreign currency forward contracts		(65	)		—
Foreign currency and other transactions		(416	)		(442	)
Net change in unrealized gain (loss)		376			(7,087	)

Net gain (loss)		367			(7,075	)

Net increase (decrease) in net assets resulting from operations	$	7,441		$	1,390

Per common share data:
Net investment income per share - basic and diluted	$	0.35		$	0.42
Net increase (decrease) in net assets resulting from operations per share - basic and diluted	$	0.36		$	0.07
Weighted average common shares outstanding - basic and diluted		20,445			20,240

See Notes to Consolidated Financial Statements.

MONROE CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(unaudited)

(in thousands)

							Accumulated
	Common Stock				Capital in		undistributed
	Number of		Par		excess of par		(overdistributed)			Total
	shares		value		value		earnings			net assets
Balances at December 31, 2017		20,240	$	20	$	286,141	$	(7,462	)	$	278,699
Net investment income		—		—		—		8,465			8,465
Net realized gain (loss)		—		—		—		12			12
Net change in unrealized gain (loss)		—		—		—		(7,087	)		(7,087	)
Distributions to stockholders		—		—		—		(7,084	)		(7,084	)
Balances at March 31, 2018		20,240	$	20	$	286,141	$	(13,156	)	$	273,005

Balances at December 31, 2018		20,445	$	20	$	288,911	$	(30,164	)	$	258,767
Net investment income		—		—		—		7,074			7,074
Net realized gain (loss)		—		—		—		(9	)		(9	)
Net change in unrealized gain (loss)		—		—		—		376			376
Distributions to stockholders		—		—		—		(7,156	)		(7,156	)
Balances at March 31, 2019		20,445	$	20	$	288,911	$	(29,879	)	$	259,052

See Notes to Consolidated Financial Statements.

MONROE CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)

	Three months ended March 31,
	2019			2018

Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	7,441		$	1,390
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		(857	)		6,645
Net change in unrealized (gain) loss on foreign currency forward contracts		65			—
Net change in unrealized (gain) loss on foreign currency and other transactions		416			442
Net realized (gain) loss on foreign currency forward contracts		8			—
Net realized (gain) loss on foreign currency and other transactions		1			(12	)
Payment-in-kind interest income		(1,054	)		(329	)
Payment-in-kind dividend income		—			(260	)
Net accretion of discounts and amortization of premiums		(426	)		(1,032	)
Proceeds from principal payments, sales of investments and settlement of forward contracts		29,127			25,559
Purchases of investments		(70,122	)		(32,479	)
Amortization of deferred financing costs		433			281
Changes in operating assets and liabilities:
Interest receivable		(1,202	)		(421	)
Other assets		104			33
Interest payable		(618	)		(740	)
Management fees payable		203			99
Incentive fees payable		1,319			(396	)
Accounts payable and accrued expenses		99			(8	)
Directors' fees payable		35			37
Net cash provided by (used in) operating activities		(35,028	)		(1,191	)

Cash flows from financing activities:
Borrowings on revolving credit facility		210,850			24,800
Repayments of revolving credit facility		(200,950	)		(16,750	)
Proceeds from 2023 Notes		40,000			—
SBA debentures borrowings		—			3,280
Payments of deferred financing costs		(3,436	)		(79	)
Stockholder distributions paid, net of stock issued under the dividend reinvestment plan of $0 and $0, respectively		(7,156	)		(7,084	)
Net cash provided by (used in) financing activities		39,308			4,167

Net increase (decrease) in Cash and Restricted Cash		4,280			2,976
Effect of foreign currency exchange rates		(1	)		12
Cash and Restricted Cash, beginning of period ⁽¹⁾		17,726			7,199
Cash and Restricted Cash, end of period ⁽²⁾	$	22,005		$	10,187

Supplemental disclosure of cash flow information:
Cash interest paid during the period	$	4,845		$	3,145
Cash paid for excise taxes during the period	$	130		$	91

(1)	Represents cash and restricted cash of $3,744 and $13,982, respectively, from the consolidated statement of assets and liabilities as of December 31, 2018. Represents cash and restricted cash of $4,332 and $2,867, respectively, from the consolidated statement of assets and liabilities as of December 31, 2017.

(2)	Represents cash and restricted cash of $4,690 and $17,315, respectively, from the consolidated statement of assets and liabilities as of March 31, 2019. Represents cash and restricted cash of $3,070 and $7,117, respectively, from the consolidated statement of assets and liabilities as of March 31, 2018.

See Notes to Consolidated Financial Statements.

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

(unaudited)

March 31, 2019

(in thousands, except for shares and units)

Portfolio Company ^(a)	Spread Above Index ^(b)	Interest Rate		Acquisition Date ^(c)	Maturity	Principal		Amortized Cost		Fair Value ^(d)		% of Net Assets ^(e)
Non-Controlled/Non-Affiliate Company Investments
Senior Secured Loans
Automotive
Hastings Manufacturing Company	L+8.25%	10.75%		4/24/2018	4/24/2023		2,925	$	2,875	$	2,798		1.1	%
Hastings Manufacturing Company (Delayed Draw) ^{(f) (g)}	L+8.25%	10.75%		4/24/2018	4/24/2023		899		—		—		0.0	%
Magneto & Diesel Acquisition, Inc.	L+5.50%	8.00%		12/18/2018	12/18/2023		4,987		4,904		4,965		1.9	%
Magneto & Diesel Acquisition, Inc. (Revolver) ^(f)	L+5.50%	8.00%		12/18/2018	12/18/2023		500		83		83		0.0	%
							9,311		7,862		7,846		3.0	%
Banking, Finance, Insurance & Real Estate
Echelon Funding I, LLC (Delayed Draw) ^{(f) (g) (h)}	L+7.50%	9.99%		2/24/2017	2/24/2022		15,750		15,358		15,374		5.9	%
HFZ Capital Group, LLC ^(h)	L+10.17%	12.80% Cash/ 0.17% PIK	⁽ⁱ⁾	10/20/2017	10/21/2019		18,000		17,873		18,000		6.9	%
HFZ Member RB Portfolio LLC (Delayed Draw) ^{(f) (g) (h)}	L+12.00%	14.62%		10/30/2018	10/29/2021		9,000		4,473		4,469		1.7	%
Liftforward SPV II, LLC ^{(f) (h)}	L+10.75%	13.25%		11/10/2016	11/10/2020		10,000		4,070		4,105		1.6	%
PKS Holdings, LLC ^(h)	L+10.00%	12.49%		11/30/2017	11/30/2022		1,733		1,587		1,712		0.8	%
PKS Holdings, LLC (Revolver) ^{(f) (h)}	L+10.00%	12.49%		11/30/2017	11/30/2022		80		—		—		0.0	%
							54,563		43,361		43,660		16.9	%
Beverage, Food & Tobacco
California Pizza Kitchen, Inc.	L+6.00%	8.50%		8/19/2016	8/23/2022		6,825		6,778		6,612		2.6	%
Toojay's Management LLC	L+5.50%	8.00%		10/26/2018	10/26/2022		3,491		3,428		3,489		1.3	%
Toojay's Management LLC (Delayed Draw) ^(f) (g)	L+5.50%	8.00%		10/26/2018	10/26/2022		477		239		239		0.1	%
Toojay's Management LLC (Revolver) ^(f)	L+5.50%	8.00%		10/26/2018	10/26/2022		159		80		80		0.0	%
							10,952		10,525		10,420		4.0	%
Chemicals, Plastics & Rubber
Midwest Composite Technologies, LLC	L+6.25%	8.75%		8/31/2018	8/31/2023		896		879		913		0.4	%
Midwest Composite Technologies, LLC (Delayed Draw) ^{(f) (g)}	L+6.25%	8.75%		8/31/2018	8/31/2023		600		—		—		0.0	%
Midwest Composite Technologies, LLC (Revolver) ^(f)	L+6.25%	8.75%		8/31/2018	8/31/2023		90		—		—		0.0	%
Valudor Products LLC	L+7.50%	10.00%		6/18/2018	6/19/2023		1,594		1,566		1,589		0.6	%
Valudor Products LLC ^(j)	L+7.50%	10.00%		6/18/2018	6/19/2023		211		205		210		0.1	%
Valudor Products LLC (Revolver) ^(f)	L+9.50%	12.00%		6/18/2018	6/19/2023		818		622		622		0.2	%
							4,209		3,272		3,334		1.3	%
Construction & Building
Cali Bamboo, LLC	L+6.25%	8.75%		7/10/2015	7/10/2020		7,916		7,843		7,916		3.1	%
Cali Bamboo, LLC (Revolver) ^(f)	L+6.25%	8.75%		7/10/2015	7/10/2020		2,165		866		866		0.3	%
Construction Supply Acquisition, LLC	L+6.00%	8.50%		11/27/2018	6/30/2023		4,650		4,628		4,638		1.8	%
Inland Pipe Rehabilitation LLC	L+5.50%	8.10%		12/27/2018	12/26/2024		12,469		12,227		12,431		4.8	%
Inland Pipe Rehabilitation LLC (Revolver) ^(f)	L+5.50%	8.00%		12/27/2018	12/26/2024		4,118		2,789		2,789		1.1	%
							31,318		28,353		28,640		11.1	%
Consumer Goods: Durable
Nova Wildcat Amerock, LLC	L+5.75%	8.25%		10/12/2018	10/12/2023		9,476		9,301		9,419		3.6	%
Nova Wildcat Amerock, LLC (Revolver) ^(f)	L+5.75%	8.25%		10/12/2018	10/12/2023		931		106		106		0.0	%
Parterre Flooring & Surface Systems, LLC ^(k)	L+7.25%	9.75%		8/22/2017	8/22/2022		11,100		10,938		10,789		4.2	%
Parterre Flooring & Surface Systems, LLC (Revolver) ^(f)	L+7.25%	9.75%		8/22/2017	8/22/2022		2,400		696		675		0.3	%
							23,907		21,041		20,989		8.1	%
Consumer Goods: Non-Durable
Quirch Foods Holdings, LLC	L+6.00%	8.49%		2/14/2019	12/19/2025		1,995		1,975		2,005		0.8	%
							1,995		1,975		2,005		0.8	%
Energy: Oil & Gas
BJ Services, LLC	L+7.00%	9.65%		1/28/2019	1/3/2023		4,500		4,458		4,498		1.7	%
Landpoint, LLC	L+10.50%	13.00%		12/17/2013	12/20/2019		2,256		2,254		2,251		0.9	%
Landpoint, LLC (Revolver) ^(f)	L+10.50%	13.00%		12/17/2013	12/20/2019		313		—		—		0.0	%
							7,069		6,712		6,749		2.6	%

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

(unaudited)

March 31, 2019

(in thousands, except for shares and units)

Portfolio Company ^(a)	Spread Above Index ^(b)	Interest Rate		Acquisition Date ^(c)	Maturity		Principal		Amortized Cost		Fair Value ^(d)		% of Net Assets ^(e)
Environmental Industries
StormTrap, LLC	L+5.50%	8.00%		12/10/2018	12/8/2023			7,980	$	7,847	$	7,956		3.1	%
StormTrap, LLC (Revolver) ^(f)	L+5.50%	8.00%		12/10/2018	12/8/2023			432		216		216		0.1	%
Synergy Environmental Corporation ^(k)	L+6.50%	9.00%		4/29/2016	4/29/2021			2,912		2,878		2,902		1.1	%
Synergy Environmental Corporation ^(k)	L+6.50%	9.00%		4/29/2016	4/29/2021			487		481		485		0.1	%
Synergy Environmental Corporation (Delayed Draw) ^{(f) (g)}	L+6.50%	9.00%		4/29/2016	4/29/2021			1,315		832		829		0.3	%
Synergy Environmental Corporation (Revolver) ^(f)	L+6.50%	9.00%		4/29/2016	4/29/2021			671		404		402		0.2	%
								13,797		12,658		12,790		4.9	%
Healthcare & Pharmaceuticals
American Optics Holdco, Inc. ^{(h) (l)}	L+7.00%	9.50%		9/13/2017	9/13/2022			4,293		4,228		4,265		1.6	%
American Optics Holdco, Inc. ^{(h) (l)}	L+7.00%	9.50%		9/13/2017	9/13/2022			1,669		1,640		1,658		0.6	%
American Optics Holdco, Inc. (Revolver) ^{(f) (h) (l)}	L+7.00%	9.50%		9/13/2017	9/13/2022			440		—		—		0.0	%
American Optics Holdco, Inc. (Revolver) ^{(f) (h) (l)}	L+7.00%	9.50%		9/13/2017	9/13/2022			440		—		—		0.0	%
Familia Dental Group Holdings, LLC ^(k)	L+8.00%	10.50%		4/8/2016	4/8/2021			5,019		4,981		4,906		1.9	%
Familia Dental Group Holdings, LLC	L+8.00%	10.50%		4/8/2016	4/8/2021			483		483		472		0.2	%
Familia Dental Group Holdings, LLC (Revolver) ^(f)	L+8.00%	10.50%		4/8/2016	4/8/2021			573		286		286		0.1	%
Rockdale Blackhawk, LLC (DIP Facility)	n/a	15.10%		8/30/2018	n/a	^(m)		198		198		198		0.1	%
Rockdale Blackhawk, LLC (DIP Facility)	n/a	15.10%		8/6/2018	n/a	^(m)		8,877		8,877		8,877		3.4	%
Rockdale Blackhawk, LLC	L+13.00%	15.50%	⁽ⁿ⁾	3/31/2015	3/31/2020			10,923		10,465		8,692		3.4	%
								32,915		31,158		29,354		11.3	%
High Tech Industries
Host Analytics, Inc.	L+6.00%	8.49%		12/28/2018	12/28/2023			9,500		9,318		9,500		3.7	%
Host Analytics, Inc. (Revolver) ^(f)	L+6.00%	8.49%		12/28/2018	12/28/2023			442		—		—		0.0	%
Mindbody, Inc.	L+7.00%	9.48%		2/15/2019	2/14/2025			6,333		6,212		6,346		2.4	%
Mindbody, Inc. (Revolver) ^(f)	L+7.00%	9.48%		2/15/2019	2/14/2025			667		—		—		0.0	%
Newforma, Inc. ^(k)	L+5.50%	8.10%		6/30/2017	6/30/2022			14,775		14,622		14,775		5.7	%
Newforma, Inc. (Revolver) ^(f)	L+5.50%	8.10%		6/30/2017	6/30/2022			1,250		—		—		0.0	%
Prototek Sheetmetal Fabrication, LLC	L+7.00%	9.50%		12/11/2017	12/12/2022			3,456		3,402		3,437		1.3	%
Prototek Sheetmetal Fabrication, LLC (Delayed Draw) ^{(f) (g)}	L+7.00%	9.50%		12/11/2017	12/12/2022			2,327		811		806		0.3	%
Prototek Sheetmetal Fabrication, LLC (Revolver) ^(f)	L+7.00%	9.50%		12/11/2017	12/12/2022			233		—		—		0.0	%
RPL Bidco Limited ^{(h) (l) (o)}	L+7.50%	8.36%		11/9/2017	11/9/2023			14,056		14,107		14,196		5.5	%
RPL Bidco Limited (Delayed Draw) ^{(f) (g) (h) (l) (o)}	L+7.50%	8.36%		5/22/2018	11/9/2023			2,086		—		—		0.0	%
RPL Bidco Limited (Revolver) ^{(f) (h) (l) (o)}	L+7.50%	8.36%		11/9/2017	11/9/2023			521		—		—		0.0	%
WillowTree, LLC	L+5.50%	8.00%		10/9/2018	10/9/2023			7,960		7,832		7,956		3.1	%
WillowTree, LLC (Revolver) ^(f)	L+5.50%	8.00%		10/9/2018	10/9/2023			1,000		620		620		0.2	%
								64,606		56,924		57,636		22.2	%
Hotels, Gaming & Leisure
TRG, LLC	L+12.94%	9.99% Cash/ 5.44% PIK	^(p)	12/23/2014	3/31/2021			17,080		17,027		18,429		7.0	%
TRG, LLC (CapEx)	L+9.50%	9.99% Cash/ 2.00% PIK		9/1/2015	3/31/2021			1,365		1,362		1,473		0.6	%
TRG, LLC (Revolver) ^(f)	L+9.50%	11.99%		12/23/2014	3/31/2021			262		131		141		0.1	%
								18,707		18,520		20,043		7.7	%
Media: Advertising, Printing & Publishing
AdTheorent, Inc.	L+8.50%	10.99%		12/22/2016	12/22/2021			4,029		3,981		4,035		1.6	%
Destination Media, Inc. ^(k)	L+5.50%	8.00%		4/7/2017	4/7/2022			5,024		4,976		5,075		2.0	%
Destination Media, Inc. (Revolver) ^(f)	L+5.50%	8.00%		4/7/2017	4/7/2022			542		—		—		0.0	%
MC Sign Lessor Corp.	L+7.00%	9.49%		12/22/2017	12/22/2022			9,159		9,014		9,250		3.5	%
MC Sign Lessor Corp.	L+7.00%	9.49%		12/22/2017	12/22/2022			2,083		2,083		2,104		0.8	%
MC Sign Lessor Corp. (Revolver) ^(f)	L+7.00%	9.49%		12/22/2017	12/22/2022			625		—		—		0.0	%
								21,462		20,054		20,464		7.9	%
Media: Diversified & Production
Attom Intermediate Holdco, LLC	L+5.75%	8.25%		1/4/2019	1/4/2024			1,995		1,957		1,997		0.8	%
Attom Intermediate Holdco, LLC (Revolver) ^(f)	L+5.75%	8.25%		1/4/2019	1/4/2024			320		—		—		0.0	%
Crownpeak Technology, Inc.	L+6.25%	8.74%		2/28/2019	2/28/2024			4,000		3,923		4,010		1.5	%
Crownpeak Technology, Inc. (Delayed Draw) ^{(f) (g)}	L+6.25%	8.74%		2/28/2019	2/28/2024			333		—		—		0.0	%
Crownpeak Technology, Inc. (Revolver) ^(f)	L+6.25%	8.74%		2/28/2019	2/28/2024			167		—		—		0.0	%
								6,815		5,880		6,007		2.3	%
Retail
Bluestem Brands, Inc.	L+7.50%	10.00%		6/26/2015	11/6/2020			2,396		2,387		1,770		0.7	%
Forman Mills, Inc. ^(k)	L+9.50%	10.00% Cash/ 2.00% PIK		10/4/2016	10/4/2021			8,309		8,216		8,068		3.1	%
LuLu's Fashion Lounge, LLC	L+7.00%	9.50%		8/21/2017	8/29/2022			4,437		4,340		4,433		1.7	%
The Worth Collection, Ltd. ^(k)	L+8.50%	11.00%		9/29/2016	9/29/2021			10,588		10,469		8,682		3.4	%
Yandy Holding, LLC	L+11.00%	13.50%		9/30/2014	9/30/2019			3,643		3,636		3,632		1.4	%
Yandy Holding, LLC (Revolver) ^(f)	L+11.00%	13.50%		9/30/2014	9/30/2019			907		—		—		0.0	%
								30,280		29,048		26,585		10.3	%

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

(unaudited)

March 31, 2019

(in thousands, except for shares and units)

Portfolio Company ^(a)	Spread Above Index ^(b)	Interest Rate	Acquisition Date ^(c)	Maturity	Principal		Amortized Cost		Fair Value ^(d)		% of Net Assets ^(e)
Services: Business
APCO Worldwide, Inc.	L+8.00%	10.50%	6/30/2017	6/30/2022		4,812	$	4,745	$	4,731		1.8	%
Atlas Sign Industries of FLA, LLC ^(k)	L+11.50%	13.00% Cash/ 1.00% PIK	5/14/2018	5/15/2023		3,500		3,305		3,334		1.3	%
Burroughs, Inc. ^(k)	L+7.50%	9.99%	12/22/2017	12/22/2022		5,850		5,782		5,718		2.2	%
Burroughs, Inc. (Revolver) ^(f)	L+7.50%	9.99%	12/22/2017	12/22/2022		1,215		1,125		1,125		0.4	%
Certify, Inc.	L+6.00%	8.50%	2/28/2019	2/28/2024		9,000		8,867		8,973		3.5	%
Certify, Inc. (Delayed Draw) ^{(f) (g)}	L+6.00%	8.50%	2/28/2019	2/28/2024		1,227		—		—		0.0	%
Certify, Inc. (Revolver) ^(f)	L+6.00%	8.50%	2/28/2019	2/28/2024		409		—		—		0.0	%
First Call Resolution, LLC ^(k)	L+7.00%	9.49%	9/22/2017	9/22/2022		4,085		4,032		4,166		1.6	%
First Call Resolution, LLC	L+7.00%	9.49%	9/28/2018	9/22/2022		9,900		9,756		10,098		4.0	%
HaystackID LLC	L+6.50%	9.00%	1/14/2019	1/12/2024		4,988		4,893		4,997		1.9	%
HaystackID LLC (Revolver) ^(f)	L+6.50%	9.00%	1/14/2019	1/12/2024		403		161		161		0.1	%
IT Global Holding LLC	L+7.00%	9.50%	11/15/2018	11/10/2023		10,434		10,238		10,419		4.0	%
IT Global Holding LLC (Revolver) ^(f)	L+7.00%	9.50%	11/15/2018	11/10/2023		875		263		263		0.1	%
Madison Logic, Inc. ^(k)	L+8.00%	10.50%	11/30/2016	11/30/2021		9,868		9,750		9,868		3.8	%
Madison Logic, Inc. (Revolver) ^(f)	L+8.00%	10.50%	11/30/2016	11/30/2021		988		—		—		0.0	%
RedZone Robotics, Inc.	L+7.75%	9.25% Cash/ 1.00% PIK	6/1/2018	6/5/2023		756		743		688		0.3	%
RedZone Robotics, Inc. (Revolver) ^(f)	L+7.75%	9.25% Cash/ 1.00% PIK	6/1/2018	6/5/2023		158		—		—		0.0	%
Security Services Acquisition ^(k)	L+6.00%	8.58%	2/15/2019	2/15/2024		3,500		3,433		3,497		1.3	%
Security Services Acquisition (Delayed Draw) ^{(f) (g) (k)}	L+6.00%	8.58%	2/15/2019	2/15/2024		2,500		—		—		0.0	%
Security Services Acquisition (Delayed Draw) ^{(f) (g) (k)}	L+6.00%	8.58%	2/15/2019	2/15/2024		2,188		—		—		0.0	%
Security Services Acquisition (Revolver) ^(f)	L+6.00%	8.58%	2/15/2019	2/15/2024		1,042		—		—		0.0	%
TRP Construction Group, LLC ^(k)	L+7.00%	9.50%	10/5/2017	10/5/2022		7,911		7,793		7,888		3.0	%
TRP Construction Group, LLC (Delayed Draw) ^{(f) (g)}	L+7.00%	9.50%	9/5/2018	10/5/2022		7,000		6,741		6,721		2.7	%
TRP Construction Group, LLC (Revolver) ^(f)	L+7.00%	9.50%	10/5/2017	10/5/2022		2,133		—		—		0.0	%
VPS Holdings, LLC	L+7.00%	9.50%	10/5/2018	10/4/2024		4,969		4,874		4,979		1.9	%
VPS Holdings, LLC	L+7.00%	9.50%	10/5/2018	10/4/2024		4,000		4,000		4,008		1.5	%
VPS Holdings, LLC (Revolver) ^(f)	L+7.00%	9.50%	10/5/2018	10/4/2024		1,000		100		100		0.0	%
						104,711		90,601		91,734		35.4	%
Services: Consumer
Mammoth Holdings, LLC	L+6.00%	8.80%	10/16/2018	10/16/2023		1,995		1,958		1,992		0.8	%
Mammoth Holdings, LLC (Delayed Draw) ^{(f) (g)}	L+6.00%	8.80%	10/16/2018	10/16/2023		4,167		—		—		0.0	%
Mammoth Holdings, LLC (Revolver) ^(f)	L+6.00%	8.80%	10/16/2018	10/16/2023		500		—		—		0.0	%
PeopleConnect Intermediate, LLC	L+6.50%	9.30%	7/1/2015	7/1/2020		4,272		4,245		4,255		1.6	%
PeopleConnect Intermediate, LLC	L+12.50%	15.30%	7/1/2015	7/1/2020		4,636		4,603		4,610		1.8	%
PeopleConnect Intermediate, LLC (Revolver) ^(f)	L+9.50%	12.30%	7/1/2015	7/1/2020		236		118		118		0.0	%
						15,806		10,924		10,975		4.2	%
Wholesale
Mid-West Wholesale Hardware Co. ^(k)	L+8.00%	10.50%	2/9/2017	2/9/2022		16,361		16,148		16,279		6.3	%
Mid-West Wholesale Hardware Co. (Revolver) ^(f)	L+8.00%	10.50%	2/9/2017	2/9/2022		5,491		3,295		3,278		1.3	%
Nearly Natural, Inc. ^(k)	L+7.00%	9.60%	12/15/2017	12/15/2022		6,913		6,806		6,843		2.6	%
Nearly Natural, Inc. (Revolver) ^(f)	L+7.00%	9.60%	12/15/2017	12/15/2022		1,522		761		761		0.3	%
						30,287		27,010		27,161		10.5	%
Total Non-Controlled/Non-Affiliate Senior Secured Loans						482,710		425,878		426,392		164.5	%

Unitranche Secured Loans ^(q)
Chemicals, Plastics & Rubber
MFG Chemical, LLC ^(k)	L+6.00%	8.50%	6/23/2017	6/23/2022		10,477		10,366		10,335		4.0	%
MFG Chemical, LLC	L+6.00%	8.50%	3/15/2018	6/23/2022		1,129		1,129		1,114		0.4	%
						11,606		11,495		11,449		4.4	%
Consumer Goods: Durable
RugsUSA, LLC	L+6.00%	8.61%	5/2/2018	4/28/2023		4,000		3,967		3,990		1.5	%
						4,000		3,967		3,990		1.5	%

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

(unaudited)

March 31, 2019

(in thousands, except for shares and units)

Portfolio Company ^(a)	Spread Above Index ^(b)	Interest Rate		Acquisition Date ^(c)	Maturity		Principal		Amortized Cost		Fair Value ^(d)		% of Net Assets ^(e)
Healthcare & Pharmaceuticals
Collaborative Neuroscience Network, LLC	L+11.50%	14.00%		12/27/2012	n/a	^(m)		6,120	$	6,102	$	6,025		2.3	%
Collaborative Neuroscience Network, LLC	n/a	12.00% Cash/ 3.00% PIK		4/14/2016	n/a	^(m)		306		306		306		0.1	%
Collaborative Neuroscience Network, LLC (Revolver)	L+10.00%	12.50%		5/25/2017	n/a	^(m)		200		193		200		0.1	%
Priority Ambulance, LLC ^(r)	L+6.50%	9.10%		4/12/2017	4/12/2022			10,015		10,015		9,965		3.8	%
Priority Ambulance, LLC ^(s)	L+6.50%	9.10%		12/13/2018	4/12/2022			1,253		1,228		1,247		0.5	%
Priority Ambulance, LLC (Delayed Draw) ^{(f) (g)}	L+6.50%	9.10%		7/18/2018	4/12/2022			246		—		—		0.0	%
Priority Ambulance, LLC (Delayed Draw) ^{(f) (g)}	L+6.50%	9.10%		12/13/2018	4/12/2022			2,485		446		444		0.2	%
								20,625		18,290		18,187		7.0	%
High Tech Industries
Energy Services Group, LLC	L+8.42%	10.92%		5/4/2017	5/4/2022			4,337		4,297		4,337		1.7	%
Energy Services Group, LLC ^{(h) (o)}	L+8.42%	9.42%		5/4/2017	5/4/2022			5,092		5,122		5,092		2.0	%
Energy Services Group, LLC	L+8.42%	10.92%		5/4/2017	5/4/2022			1,234		1,219		1,234		0.5	%
Mnine Holdings, Inc.	L+6.75%	9.25%		11/2/2018	11/2/2023			7,980		7,830		8,024		3.2	%
								18,643		18,468		18,687		7.4	%
Total Non-Controlled/Non-Affiliate Unitranche Secured Loans								54,874		52,220		52,313		20.3	%

Junior Secured Loans
Beverage, Food & Tobacco
CSM Bakery Supplies, LLC	L+7.75%	10.55%		5/23/2013	7/5/2021			5,792		5,792		5,430		2.1	%
								5,792		5,792		5,430		2.1	%
High Tech Industries
Micro Holdings Corp.	L+7.50%	9.99%		8/16/2017	8/18/2025			3,000		2,972		2,963		1.1	%
								3,000		2,972		2,963		1.1	%
Media: Broadcasting & Subscription
Mergermarket Bidco Limited	L+7.25%	9.75%		7/26/2017	8/4/2025			4,500		4,459		4,472		1.7	%
								4,500		4,459		4,472		1.7	%
Media: Diversified & Production
The Octave Music Group, Inc.	L+8.25%	10.73%		5/29/2015	5/27/2022			5,000		4,959		5,000		1.9	%
								5,000		4,959		5,000		1.9	%
Services: Consumer
Education Corporation of America	L+11.00%	8.10% Cash/ 5.50% PIK	⁽ⁿ⁾	9/3/2015	3/31/2020			2,292		2,289		2,292		0.9	%
								2,292		2,289		2,292		0.9	%
Total Non-Controlled/Non-Affiliate Junior Secured Loans								20,584		20,471		20,157		7.7	%

Equity Securities ^{(t) (u)}
Banking, Finance, Insurance & Real Estate
PKS Holdings, LLC (warrant to purchase up to 0.8% of the equity) ^(h)	—	—	^(v)	11/30/2017	11/30/2027			—		116		13		0.0	%
										116		13		0.0	%
Chemicals, Plastics & Rubber
Valudor Products, LLC (501,014 class A-1 units)	n/a	10.00% PIK		6/18/2018	—			—		501		323		0.1	%
										501		323		0.1	%
Healthcare & Pharmaceuticals
Collaborative Neuroscience Network, LLC (warrant to purchase up to 1.5% of the equity)	—	—	^(v)	12/27/2012	12/27/2022			—		—		190		0.1	%
Collaborative Neuroscience Network, LLC (warrant to purchase up to 2.1% of the equity)	—	—	^(v)	7/19/2016	12/31/2027			—		—		—		0.0	%
										—		190		0.1	%
High Tech Industries
Answers Finance, LLC (76,539 shares of common stock)	—	—	^(v)	4/14/2017	—			—		2,413		172		0.0	%
Host Analytics, Inc. (441,860 class A Units)	—	—	^(v)	12/28/2018	—			—		442		453		0.2	%
										2,855		625		0.2	%
Hotels, Gaming & Leisure
Playtime, LLC - Preferred Units (8,665 units)	—	—	^(v)	12/4/2012	—			—		200		—		0.0	%
										200		—		0.0	%
Media: Advertising, Printing & Publishing
AdTheorent, Inc. (128,866 class A voting units)	—	—	^(v)	12/22/2016	—			—		129		262		0.1	%
InMobi Pte, Ltd. (warrant to purchase up to 2.8% of the equity) ^(h) (l)	—	—	^(v)	9/18/2015	9/18/2025			—		—		209		0.1	%
										129		471		0.2	%
Media: Diversified & Production
ATTOM Holdco LLC (260,000 class A units)	—	—	^(v)	1/4/2019	—			—		260		256		0.1	%
										260		256		0.1	%

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

(unaudited)

March 31, 2019

(in thousands, except for shares and units)

Portfolio Company ^(a)	Spread Above Index ^(b)	Interest Rate		Acquisition Date ^(c)	Maturity	Principal		Amortized Cost		Fair Value ^(d)		% of Net Assets ^(e)
Retail
The Tie Bar Operating Company, LLC - Class A Preferred Units (1,275 units)	—	—		6/25/2013	—		—	$	87	$	110		0.0	%
The Tie Bar Operating Company, LLC - Class B Preferred Units (1,275 units)	—	—		6/25/2013	—		—		—		—		0.0	%
									87		110		0.0	%
Services: Business
APCO Worldwide, Inc. (100 shares class A voting common stock)	—	—	^(v)	11/1/2017	—		—		395		307		0.2	%
Atlas Sign Industries of FLA, LLC (warrants to purchase up to 0.8% of the equity)	—	—	^(v)	5/14/2018	5/14/2026		—		125		85		0.0	%
									520		392		0.2	%
Services: Consumer
Education Corporation of America - Series G Preferred Stock (8,333 shares)	n/a	12.00% PIK	⁽ⁿ⁾	9/3/2015	—		—		7,492		4,583		1.8	%
									7,492		4,583		1.8	%
Wholesale
Nearly Natural, Inc. (152,174 class A units)	—	—	^(v)	12/15/2017	—		—		152		132		0.1	%
									152		132		0.1	%
Total Non-Controlled/Non-Affiliate Equity Securities									12,312		7,095		2.8	%
Total Non-Controlled/Non-Affiliate Company Investments								$	510,881	$	505,957		195.3	%

Non-Controlled Affiliate Company Investments ^(w)
Senior Secured Loans
Banking, Finance, Insurance & Real Estate
American Community Homes, Inc.	L+10.00%	12.50% PIK		7/22/2014	12/31/2020		8,046	$	8,031	$	6,574		2.5	%
American Community Homes, Inc.	L+14.50%	17.00% PIK		7/22/2014	12/31/2020		4,931		4,923		4,028		1.5	%
American Community Homes, Inc.	L+10.00%	12.50% PIK		3/17/2016	12/31/2020		609		607		497		0.2	%
American Community Homes, Inc.	L+10.00%	12.50% PIK		5/24/2017	12/31/2020		488		486		399		0.2	%
American Community Homes, Inc.	L+14.50%	17.00% PIK		5/24/2017	12/31/2020		265		264		217		0.1	%
American Community Homes, Inc.	L+8.00%	10.50% PIK		8/10/2018	12/31/2020		1,778		1,778		1,452		0.5	%
American Community Homes, Inc.	L+8.00%	10.50% PIK		3/29/2019	12/31/2020		3,333		3,333		2,723		1.1	%
							19,450		19,422		15,890		6.1	%
Containers, Packaging & Glass
Summit Container Corporation ^(k)	L+8.00%	10.50%		12/5/2013	1/6/2021		3,259		3,269		3,029		1.2	%
Summit Container Corporation (Revolver) ^{(f) (k)}	L+8.00%	10.50%		6/15/2018	1/6/2021		8,000		5,685		5,634		2.2	%
							11,259		8,954		8,663		3.4	%
Healthcare & Pharmaceuticals
SHI Holdings, Inc. ^(k)	L+10.25%	12.75% PIK		7/10/2014	12/31/2020		2,637		2,634		2,612		1.0	%
SHI Holdings, Inc. (Revolver) ^(f)	L+10.25%	12.75% PIK		7/10/2014	12/31/2020		4,227		3,547		3,515		1.4	%
							6,864		6,181		6,127		2.4	%
Retail
Luxury Optical Holdings Co.	L+8.00%	10.50% PIK		9/12/2014	9/12/2019		4,824		4,815		4,429		1.7	%
Luxury Optical Holdings Co. (Delayed Draw) ^{(f) (g)}	L+11.50%	14.00%		9/29/2017	9/12/2019		1,059		624		622		0.2	%
Luxury Optical Holdings Co. (Revolver)	L+8.00%	10.50% PIK		9/12/2014	9/12/2019		222		222		204		0.1	%
							6,105		5,661		5,255		2.0	%
Services: Business
Curion Holdings, LLC ^(k)	n/a	14.00% PIK		5/2/2017	5/2/2022		4,080		4,041		3,723		1.4	%
Curion Holdings, LLC (Revolver) ^(f)	n/a	14.00% PIK		5/2/2017	5/2/2022		462		256		250		0.1	%
							4,542		4,297		3,973		1.5	%
Total Non-Controlled Affiliate Senior Secured Loans							48,220		44,515		39,908		15.4	%

Unitranche Secured Loans ^(q)
Consumer Goods: Non-Durable
Incipio, LLC ^(x)	L+9.06%	11.00% Cash/ 0.56% PIK	^(y)	12/26/2014	5/31/2019		13,803		13,777		12,685		4.9	%
Incipio, LLC ^(z)	L+8.50%	11.00%		3/9/2018	5/31/2019		3,613		3,613		3,599		1.4	%
Incipio, LLC	L+8.50%	11.00%		7/6/2018	5/31/2019		1,535		1,535		1,529		0.6	%
							18,951		18,925		17,813		6.9	%
Total Non-Controlled Affiliate Unitranche Secured Loans							18,951		18,925		17,813		6.9	%

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

(unaudited)

March 31, 2019

(in thousands, except for shares and units)

Portfolio Company ^(a)	Spread Above Index ^(b)	Interest Rate		Acquisition Date ^(c)	Maturity	Principal		Amortized Cost		Fair Value ^(d)		% of Net Assets ^(e)
Junior Secured Loans
Consumer Goods: Non-Durable
Incipio, LLC ^(aa)	n/a	10.70% PIK	⁽ⁿ⁾	6/18/2018	12/31/2020		3,766	$	—	$	1,109		0.4	%
Incipio, LLC ^(ab)	n/a	10.70% PIK	⁽ⁿ⁾	6/18/2018	12/31/2020		7,194		—		—		0.0	%
							10,960		—		1,109		0.4	%
Services: Business
Curion Holdings, LLC ^(k)	n/a	15.00% PIK	⁽ⁿ⁾	8/17/2018	1/2/2023		1,720		1		—		0.0	%
Curion Holdings, LLC ^(k)	n/a	15.00% PIK	⁽ⁿ⁾	8/17/2018	1/2/2023		44		—		—		0.0	%
							1,764		1		—		0.0	%
Total Non-Controlled Affiliate Company Junior Secured Loans							12,724		1		1,109		0.4	%

Equity Securities ^(u)
Banking, Finance, Insurance & Real Estate
American Community Homes, Inc. (warrant to purchase up to 22.3% of the equity)	—	—	^(v)	10/9/2014	12/18/2024		—		—		—		0.0	%
									—		—		0.0	%
Consumer Goods: Non-Durable
Incipio, LLC (1,774 shares of series C common units)	—	—	^(v)	7/6/2018	—		—		—		—		0.0	%
Millennial Brands LLC (10 preferred units)	—	—	^(v)	5/2/2014	—		—		967		—		0.0	%
Millennial Brands LLC (75,502 common units)	—	—	^(v)	5/2/2014	—		—		—		—		0.0	%
									967		—		0.0	%
Containers, Packaging & Glass
Summit Container Corporation (warrant to purchase up to 19.5% of the equity)	—	—	^(v)	1/6/2014	1/6/2024		—		—		—		0.0	%
									—		—		0.0	%
Healthcare & Pharmaceuticals
SHI Holdings, Inc. (24 shares of common stock)	—	—	^(v)	12/14/2016	—		—		27		126		0.0	%
									27		126		0.0	%
Retail
Luxury Optical Holdings Co. (86 shares of common stock)	—	—	^(v)	9/29/2017	—		—		—		—		0.0	%
									—		—		0.0	%
Services: Business
Curion Holdings, LLC (58,779 shares of common stock)	—	—	^(v)	8/17/2018	—		—		—		—		0.0	%
									—		—		0.0	%
Total Non-Controlled Affiliate Equity Securities									994		126		0.0	%
Total Non-Controlled Affiliate Company Investments								$	64,435	$	58,956		22.7	%

Controlled Affiliate Company Investments ^(ac)
Equity Securities
Investment Funds & Vehicles
MRCC Senior Loan Fund I, LLC (50.0% of the equity interests) ^(h)	—	—		10/31/2017	—		—	$	31,275	$	32,032		12.4	%
Total Controlled Affiliate Equity Securities									31,275		32,032		12.4	%
Total Controlled Affiliate Company Investments								$	31,275	$	32,032		12.4	%

TOTAL INVESTMENTS								$	606,591	$	596,945		230.4	%

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

(unaudited)

March 31, 2019

(in thousands, except for shares and units)

Derivative Instruments

Foreign currency forward contracts

	Notional Amount		Notional Amount				Unrealized Gain
Description	to be Purchased		to be Sold		Counterparty	Settlement Date	(Loss)
Foreign currency forward contract	$	137	£	106	Bannockburn Global Forex, LLC	4/1/2019	$	(3	)
Foreign currency forward contract	$	293	£	229	Bannockburn Global Forex, LLC	5/31/2019		(5	)
Foreign currency forward contract	$	135	£	106	Bannockburn Global Forex, LLC	7/1/2019		(3	)
Foreign currency forward contract	$	294	£	230	Bannockburn Global Forex, LLC	8/30/2019		(5	)
Foreign currency forward contract	$	134	£	105	Bannockburn Global Forex, LLC	10/1/2019		(2	)
Foreign currency forward contract	$	295	£	230	Bannockburn Global Forex, LLC	11/29/2019		(5	)
Foreign currency forward contract	$	133	£	104	Bannockburn Global Forex, LLC	1/2/2020		(2	)
Foreign currency forward contract	$	296	£	231	Bannockburn Global Forex, LLC	2/28/2020		(5	)
Foreign currency forward contract	$	132	£	103	Bannockburn Global Forex, LLC	4/1/2020		(2	)
Foreign currency forward contract	$	130	£	102	Bannockburn Global Forex, LLC	5/5/2020		(2	)
Foreign currency forward contract	$	296	£	230	Bannockburn Global Forex, LLC	5/29/2020		(5	)
Foreign currency forward contract	$	295	£	230	Bannockburn Global Forex, LLC	8/28/2020		(5	)
Foreign currency forward contract	$	294	£	229	Bannockburn Global Forex, LLC	11/30/2020		(5	)
							$	(49	)

(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 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 the 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, 2019. Certain investments are subject to a LIBOR or Prime interest rate floor, or rate cap.

(c)

Except as otherwise noted, all of the Company’s portfolio company investments, which as of March 31, 2019 represented 230.4% of the Company’s net assets or 95.0% of the Company’s total assets, are subject to legal restrictions on sales.

(d)

Because there is no readily available market value for these investments, the fair value of these investments is determined in good faith using significant unobservable inputs by 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.)

(e)

Percentages are based on net assets of $259,052 as of March 31, 2019.

(f)

All or a portion of this commitment was unfunded at March 31, 2019. As such, interest is earned only on the funded portion of this commitment.

(g)

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

(h)

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, 2019, non-qualifying assets totaled 16.10% of the Company’s total assets.

(i)

The PIK portion of the interest rate for HFZ Capital Group, LLC is structured as a fee paid upon the termination of the commitment. The fee currently accrues at 0.17% per annum.

(j)

This investment represents a note convertible to preferred shares of the borrower.

(k)

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.

(l)

This is an international company.

(m)

This is a demand note with no stated maturity.

(n)

This position was on non-accrual status as of March 31, 2019, 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.

(o)

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

(p)

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 3.44% per annum.

(q)

The Company structures its unitranche secured loans as senior secured loans. The Company obtains security interests in the assets of these portfolio companies that serve as collateral in support of the repayment of these loans. This collateral may take the form of first-priority liens on the assets of a portfolio company. Generally, the Company syndicates a “first out” portion of the loan to an investor and retains a “last out” portion of the loan, in which case the “first out” portion of the loan will generally receive priority with respect to payments of principal, interest and any other amounts due thereunder. Unitranche structures combine characteristics of traditional first lien senior secured as well as second lien and subordinated loans and the Company’s unitranche secured loans will expose the Company to the risks associated with second lien and subordinated loans and may limit the Company’s recourse or ability to recover collateral upon a portfolio company’s bankruptcy. Unitranche secured loans typically provide for moderate loan amortization in the initial years of the facility, with the majority of the amortization deferred until loan maturity. Unitranche secured loans generally allow the borrower to make a large lump sum payment of principal at the end of the loan term, and there is a risk of loss if the borrower is unable to pay the lump sum or refinance the amount owed at maturity. In many cases the Company, together with its affiliates, are the sole or majority lender of these unitranche secured loans, which can afford the Company additional influence with a borrower in terms of monitoring and, if necessary, remediation in the event of underperformance.

(r)

A portion of this loan (principal of $9,258) 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.

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

(unaudited)

March 31, 2019

(in thousands, except for shares and units)

(s)

A portion of this loan (principal of $525) 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)

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

(u)

Ownership of certain equity investments may occur through a holding company or partnership.

(v)

Represents a non-income producing security.

(w)

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).

(x)

A portion of this loan (principal of $5,061) 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.

(y)

The PIK portion of the interest rate for Incipio Technologies, Inc. is structured as a fee paid upon the termination of the commitment. The fee currently accrues at 0.56% per annum.

(z)

A portion of this loan (principal of $46) 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.

(aa)

A portion of this loan (principal of $1,015) 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.

(ab)

A portion of this loan (principal of $1,938) 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.

(ac)

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.

n/a - not applicable

See Notes to Consolidated Financial Statements.

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2018

(in thousands, except for shares and units)

Portfolio Company ^(a)	Spread Above Index ^(b)	Interest Rate			Maturity	Principal		Amortized Cost		Fair Value ^(c)		% of Net Assets ^(d)
Non-Controlled/Non-Affiliate Company Investments
Senior Secured Loans
Automotive
Hastings Manufacturing Company	L+8.25%		10.76	%	4/24/2023		2,944	$	2,891	$	2,883		1.1	%
Hastings Manufacturing Company (Delayed Draw) ^{(e) (f)}	L+8.25%		10.76	%	4/24/2023		899		—		—		0.0	%
Magneto & Diesel Acquisition, Inc.	L+5.50%		8.01	%	12/18/2023		5,000		4,913		4,913		1.9	%
Magneto & Diesel Acquisition, Inc. (Revolver) ^(e)	L+5.50%		8.01	%	12/18/2023		500		83		82		0.0	%
							9,343		7,887		7,878		3.0	%
Banking, Finance, Insurance & Real Estate
Echelon Funding I, LLC (Delayed Draw)^{(e) (f) (g)}	L+7.50%		9.85	%	2/24/2021		15,750		15,253		15,146		5.9	%
HFZ Capital Group, LLC ^(g)	L+10.17%		12.39% Cash/ 0.17% PIK	^(h)	10/21/2019		18,000		17,819		18,009		7.0	%
HFZ Member RB Portfolio LLC (Delayed Draw)^{(e) (f) (g)}	L+12.00%		14.54	%	10/29/2021		9,000		3,708		3,706		1.4	%
Liftforward SPV II, LLC ^{(e) (g)}	L+10.75%		13.27	%	11/10/2020		10,000		4,088		4,132		1.6	%
PKS Holdings, LLC ^(g)	L+10.00%		12.35	%	11/30/2022		1,755		1,605		1,675		0.6	%
PKS Holdings, LLC (Revolver) ^{(e) (g)}	L+10.00%		12.35	%	11/30/2022		80		—		—		0.0	%
							54,585		42,473		42,668		16.5	%
Beverage, Food & Tobacco
California Pizza Kitchen, Inc.	L+6.00%		8.53	%	8/23/2022		6,843		6,793		6,654		2.6	%
Toojay's Management LLC	L+5.50%		8.01	%	10/26/2022		3,500		3,433		3,497		1.4	%
Toojay's Management LLC (Delayed Draw) ^(e) (f)	L+5.50%		8.01	%	10/26/2022		477		—		—		0.0	%
Toojay's Management LLC (Revolver) ^(e)	L+5.50%		8.01	%	10/26/2022		159		79		79		0.0	%
							10,979		10,305		10,230		4.0	%
Chemicals, Plastics & Rubber
Midwest Composite Technologies, LLC	L+6.75%		9.26	%	8/31/2023		898		881		907		0.4	%
Midwest Composite Technologies, LLC (Delayed Draw) ^{(e) (f)}	L+6.75%		9.26	%	8/31/2023		600		—		—		0.0	%
Midwest Composite Technologies, LLC (Revolver) ^(e)	L+6.75%		9.26	%	8/31/2023		90		—		—		0.0	%
Valudor Products LLC	L+7.50%		10.01	%	6/19/2023		1,604		1,575		1,600		0.6	%
Valudor Products LLC ⁽ⁱ⁾	L+7.50%		10.01	%	6/19/2023		211		205		210		0.1	%
Valudor Products LLC (Revolver) ^(e)	L+9.50%		12.01	%	6/19/2023		818		606		607		0.2	%
							4,221		3,267		3,324		1.3	%

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2018

(in thousands, except for shares and units)

Portfolio Company ^(a)	Spread Above Index ^(b)	Interest Rate			Maturity	Principal		Amortized Cost		Fair Value ^(c)		% of Net Assets ^(d)
Construction & Building
Cali Bamboo, LLC	L+6.25%		8.76	%	7/10/2020		5,264	$	5,231	$	5,264		2.0	%
Cali Bamboo, LLC (Revolver) ^(e)	L+6.25%		8.76	%	7/10/2020		2,165		1,689		1,689		0.7	%
Construction Supply Acquisition, LLC	L+6.00%		8.62	%	6/30/2023		4,791		4,767		4,779		1.8	%
Cornerstone Detention Products, Inc. ^(j)	L+11.83%		11.01% Cash/ 3.33% PIK	^(k)	4/8/2019		3,350		3,346		3,350		1.3	%
Cornerstone Detention Products, Inc. (Revolver) ^(e)	L+8.50%		11.01	%	4/8/2019		1,000		200		200		0.1	%
Inland Pipe Rehabilitation LLC	L+5.50%		8.29	%	12/26/2024		12,500		12,251		12,250		4.7	%
Inland Pipe Rehabilitation LLC (Revolver) ^(e)	L+5.50%		7.87	%	12/26/2024		4,118		2,305		2,259		0.9	%
							33,188		29,789		29,791		11.5	%
Consumer Goods: Durable
Nova Wildcat Amerock, LLC	L+5.75%		8.26	%	10/12/2023		9,500		9,317		9,372		3.6	%
Nova Wildcat Amerock, LLC (Revolver) ^(e)	L+5.75%		8.26	%	10/12/2023		931		292		288		0.1	%
Parterre Flooring & Surface Systems, LLC ^(l)	L+7.25%		9.76	%	8/22/2022		11,250		11,076		10,879		4.2	%
Parterre Flooring & Surface Systems, LLC (Revolver) ^(e)