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 June 30, 2022

OR

☐ 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)

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

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

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  ☒    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  ☒   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	☐
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  ☒

As of August 1, 2022, the registrant had 21,666,340 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, 2022 (unaudited) and December 31, 2021	3
	Consolidated Statements of Operations for the three and six months ended June 30, 2022 and 2021 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2022 and 2021 (unaudited)	5
	Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and 2021 (unaudited)	6
	Consolidated Schedules of Investments as of June 30, 2022 (unaudited) and December 31, 2021	8
	Notes to Consolidated Financial Statements (unaudited)	36
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	73
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	101
Item 4.	Controls and Procedures	102
PART II. OTHER INFORMATION		103
Item 1.	Legal Proceedings	103
Item 1A.	Risk Factors	103
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	107
Item 3.	Defaults Upon Senior Securities	107
Item 4.	Mine Safety Disclosures	107
Item 5.	Other Information	107
Item 6.	Exhibits	108
Signatures		109

2

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, 2022		December 31, 2021
	(unaudited)
ASSETS
Investments, at fair value:
Non-controlled/non-affiliate company investments	$	407,457	$	430,287
Non-controlled affiliate company investments		91,031		90,281
Controlled affiliate company investments		37,551		41,125
Total investments, at fair value (amortized cost of: $567,129 and $576,178, respectively)		536,039		561,693
Cash		5,969		2,622
Restricted cash		—		15,459
Unrealized gain on foreign currency forward contracts		1,421		781
Interest receivable		12,302		9,476
Other assets		600		427
Total assets		556,331		590,458
LIABILITIES
Debt:
Revolving credit facility		190,000		151,045
2026 Notes		130,000		130,000
SBA debentures payable		—		56,900
Total debt		320,000		337,945
Less: Unamortized deferred financing costs		(3,743)		(5,794)
Total debt, less unamortized deferred financing costs		316,257		332,151
Interest payable		2,759		3,304
Management fees payable		2,269		2,454
Incentive fees payable		657		435
Accounts payable and accrued expenses		2,268		2,643
Total liabilities		324,210		340,987
Net assets	$	232,121	$	249,471
Commitments and contingencies (See Note 11)
ANALYSIS OF NET ASSETS
Common stock, $0.001 par value, 100,000 shares authorized, 21,666 and 21,666 shares issued and outstanding, respectively	$	22	$	22
Capital in excess of par value		298,687		298,687
Accumulated undistributed (overdistributed) earnings		(66,588)		(49,238)
Total net assets	$	232,121	$	249,471
Net asset value per share	$	10.71	$	11.51

See Notes to Consolidated Financial Statements.

3

MONROE CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except per share data)

	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
Investment income:
Non-controlled/non-affiliate company investments:
Interest income	$	7,992	$	8,079	$	16,647	$	16,312
Payment-in-kind interest income		644		227		1,301		881
Dividend income		100		30		164		50
Fee income		1,192		300		1,192		777
Total investment income from non-controlled/non-affiliate company investments		9,928		8,636		19,304		18,020
Non-controlled affiliate company investments:
Interest income		1,366		1,102		2,372		2,664
Payment-in-kind interest income		753		1,507		1,917		2,532
Dividend income		48		44		93		86
Total investment income from non-controlled affiliate company investments		2,167		2,653		4,382		5,282
Controlled affiliate company investments:
Dividend income		900		1,075		1,800		2,275
Total investment income from controlled affiliate company investments		900		1,075		1,800		2,275
Total investment income		12,995		12,364		25,486		25,577
Operating expenses:
Interest and other debt financing expenses		3,776		3,842		7,698		8,295
Base management fees		2,269		2,327		4,612		4,661
Incentive fees		774		420		1,182		1,250
Professional fees		248		240		528		466
Administrative service fees		303		337		633		693
General and administrative expenses		287		269		506		529
Directors’ fees		39		39		74		74
Expenses before base management fee and incentive fee waivers		7,696		7,474		15,233		15,968
Base management fee waivers		—		—		(55)		—
Incentive fee waivers		(117)		(420)		(525)		(1,057)
Total expenses, net of base management fee and incentive fee waivers		7,579		7,054		14,653		14,911
Net investment income before income taxes		5,416		5,310		10,833		10,666
Income taxes, including excise taxes		402		153		421		183
Net investment income		5,014		5,157		10,412		10,483
Net gain (loss):
Net realized gain (loss):
Non-controlled/non-affiliate company investments		20		909		(83)		967
Non-controlled affiliate company investments		—		—		—		(250)
Extinguishment of debt		—		—		(1,039)		(2,774)
Foreign currency forward contracts		19		(37)		31		(75)
Foreign currency and other transactions		(28)		—		(37)		(14)
Net realized gain (loss)		11		872		(1,128)		(2,146)
Net change in unrealized gain (loss):
Non-controlled/non-affiliate company investments		(9,375)		4,243		(11,232)		8,884
Non-controlled affiliate company investments		(910)		705		(1,299)		(1,097)
Controlled affiliate company investments		(3,159)		318		(4,074)		2,101
Foreign currency forward contracts		1,056		112		640		446
Foreign currency and other transactions		(1)		(77)		164		(286)
Net change in unrealized gain (loss)		(12,389)		5,301		(15,801)		10,048
Net gain (loss)		(12,378)		6,173		(16,929)		7,902
Net increase (decrease) in net assets resulting from operations	$	(7,364)	$	11,330	$	(6,517)	$	18,385
Per common share data:
Net investment income per share - basic and diluted	$	0.23	$	0.24	$	0.48	$	0.49
Net increase (decrease) in net assets resulting from operations per share - basic and diluted	$	(0.34)	$	0.53	$	(0.30)	$	0.86
Weighted average common shares outstanding - basic and diluted		21,666		21,361		21,666		21,333

See Notes to Consolidated Financial Statements.

4

MONROE CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(unaudited)

(in thousands)

						Accumulated
	Common Stock					undistributed
		Par		Capital in excess of		(overdistributed)		Total
	Number of shares	value		par value		earnings		net assets
Balances at March 31, 2021	21,304	$	21	$	294,897	$	(58,755)	$	236,163
Net investment income	—		—		—		5,157		5,157
Net realized gain (loss)	—		—		—		872		872
Net change in unrealized gain (loss)	—		—		—		5,301		5,301
Issuance of common stock, net of offering and underwriting costs	240		1		2,689		—		2,690
Distributions to stockholders	—		—		—		(5,386)		(5,386)
Balances at June 30, 2021	21,544	$	22	$	297,586	$	(52,811)	$	244,797
Balances at March 31, 2022	21,666	$	22	$	298,687	$	(53,808)	$	244,901
Net investment income	—		—		—		5,014		5,014
Net realized gain (loss)	—		—		—		11		11
Net change in unrealized gain (loss)	—		—		—		(12,389)		(12,389)
Issuance of common stock, net of offering and underwriting costs	—		—		—		—		—
Distributions to stockholders	—		—		—		(5,416)		(5,416)
Balances at June 30, 2022	21,666	$	22	$	298,687	$	(66,588)	$	232,121

						Accumulated
	Common Stock					undistributed
		Par		Capital in excess of		(overdistributed)		Total
	Number of shares	value		par value		earnings		net assets
Balances at December 31, 2020	21,304	$	21	$	294,897	$	(60,484)	$	234,434
Net investment income	—		—		—		10,483		10,483
Net realized gain (loss)	—		—		—		(2,146)		(2,146)
Net change in unrealized gain (loss)	—		—		—		10,048		10,048
Issuance of common stock, net of offering and underwriting costs	240		1		2,689		—		2,690
Distributions to stockholders	—		—		—		(10,712)		(10,712)
Balances at June 30, 2021	21,544	$	22	$	297,586	$	(52,811)	$	244,797
Balances at December 31, 2021	21,666	$	22	$	298,687	$	(49,238)	$	249,471
Net investment income	—		—		—		10,412		10,412
Net realized gain (loss)	—		—		—		(1,128)		(1,128)
Net change in unrealized gain (loss)	—		—		—		(15,801)		(15,801)
Issuance of common stock, net of offering and underwriting costs	—		—		—		—		—
Distributions to stockholders	—		—		—		(10,833)		(10,833)
Balances at June 30, 2022	21,666	$	22	$	298,687	$	(66,588)	$	232,121

See Notes to Consolidated Financial Statements.

5

MONROE CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)

	Six months ended June 30,
	2022		2021
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	(6,517)	$	18,385
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by
(used in) operating activities:
Net realized (gain) loss on investments		83		(717)
Net realized (gain) loss on extinguishment of debt		1,039		2,774
Net realized (gain) loss on foreign currency forward contracts		(31)		75
Net realized (gain) loss on foreign currency and other transactions		37		14
Net change in unrealized (gain) loss on investments		16,605		(9,888)
Net change in unrealized (gain) loss on foreign currency forward contracts		(640)		(446)
Net change in unrealized (gain) loss on foreign currency and other transactions		(164)		286
Payment-in-kind interest income		(3,218)		(3,413)
Net accretion of discounts and amortization of premiums		(645)		(617)
Purchases of investments		(42,827)		(99,567)
Proceeds from principal payments, sales of investments and settlement of forward contracts		55,687		131,177
Amortization of deferred financing costs		1,091		1,138
Changes in operating assets and liabilities:
Interest receivable		(2,826)		(2,294)
Other assets		(173)		(603)
Interest payable		(545)		1,225
Management fees payable		(185)		349
Incentive fees payable		222		—
Accounts payable and accrued expenses		(375)		(279)
Net cash provided by (used in) operating activities		16,618		37,599
Cash flows from financing activities:
Borrowings on revolving credit facility		97,100		175,500
Repayments of revolving credit facility		(57,999)		(175,650)
Repayment of 2023 Notes		—		(109,000)
Proceeds from 2026 Notes		—		130,000
Repayment of SBA debentures		(56,900)		(28,100)
Payments of deferred financing costs		(79)		(4,038)
Proceeds from shares sold, net of offering and underwriting costs		—		2,690
Stockholder distributions paid, net of stock issued under the dividend reinvestment plan of $0, and $0, respectively		(10,833)		(10,712)
Net cash provided by (used in) financing activities		(28,711)		(19,310)
Net increase (decrease) in Cash and Restricted cash		(12,093)		18,289
Effect of foreign currency exchange rates		(19)		(41)
Cash and Restricted cash, beginning of period		18,081		32,426
Cash and Restricted cash, end of period	$	5,969	$	50,674
Supplemental disclosure of cash flow information:
Cash interest paid during the period	$	7,080	$	5,874
Cash paid for income taxes, including excise taxes during the period	$	578	$	400

6

MONROE CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS - (continued)

(unaudited)

(in thousands)

The following tables provide a reconciliation of cash and restricted cash reported on the Consolidated Statements of Assets and Liabilities that sum to the total of the same such amounts on the Consolidated Statements of Cash Flows:

	June 30, 2022		December 31, 2021
Cash	$	5,969	$	2,622
Restricted cash		—		15,459
Total cash and restricted cash shown on the Consolidated Statements of Cash Flows	$	5,969	$	18,081
	June 30, 2021		December 31, 2020
Cash	$	21,129	$	6,769
Restricted cash		29,545		25,657
Total cash and restricted cash shown on the Consolidated Statements of Cash Flows	$	50,674	$	32,426

See Notes to Consolidated Financial Statements.

7

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

(unaudited)

June 30, 2022

(in thousands, except for shares and units)

	Spread Above		Interest		Acquisition			Amortized				% of
Portfolio Company (a)	Index (b)		Rate		Date (c)	Maturity	Principal	Cost		Fair Value (d)		Net Assets (e)
Non-Controlled/Non-Affiliate Company Investments
Senior Secured Loans
Automotive
Born To Run, LLC	L+6.00	%	8.25	%	4/1/2021	4/1/2027	3,465	$	3,408	$	3,472	1.6	%
Born To Run, LLC (Delayed Draw) (f) (g)	L+6.00	%	8.25	%	4/1/2021	4/1/2027	569		33		33	0.0	%
Hastings Manufacturing Company	L+7.25	%	8.92	%	4/24/2018	4/24/2023	2,412		2,402		2,412	1.0	%
Lifted Trucks Holdings, LLC	L+5.75	%	6.75	%	8/2/2021	8/2/2027	6,965		6,843		6,906	3.0	%
Lifted Trucks Holdings, LLC (Delayed Draw) (f) (g)	L+5.75	%	6.75	%	8/2/2021	8/2/2027	1,400		—		—	0.0	%
Lifted Trucks Holdings, LLC (Revolver) (f)	L+5.75	%	6.75	%	8/2/2021	8/2/2027	1,667		—		—	0.0	%
Magneto & Diesel Acquisition, Inc.	L+5.50	%	7.17	%	12/18/2018	12/18/2023	4,825		4,797		4,825	2.1	%
Magneto & Diesel Acquisition, Inc.	L+5.50	%	7.17	%	7/6/2020	12/18/2023	1,899		1,882		1,913	0.8	%
Magneto & Diesel Acquisition, Inc.	L+5.50	%	7.17	%	8/4/2021	12/18/2023	79		78		80	0.0	%
Magneto & Diesel Acquisition, Inc. (Revolver) (f)	L+5.50	%	7.17	%	12/18/2018	12/18/2023	500		—		—	0.0	%
							23,781		19,443		19,641	8.5	%
Banking
MV Receivables II, LLC (Delayed Draw) (f) (g) (h)	L+9.75	%	11.25	%	7/29/2021	7/29/2026	8,000		3,768		4,026	1.7	%
StarCompliance MidCo, LLC	L+6.75	%	9.00	%	1/12/2021	1/12/2027	2,000		1,969		1,983	0.9	%
StarCompliance MidCo, LLC	L+6.75	%	9.00	%	10/12/2021	1/12/2027	336		330		333	0.1	%
StarCompliance MidCo, LLC (Revolver) (f)	L+6.75	%	8.42	%	1/12/2021	1/12/2027	322		32		32	0.0	%
							10,658		6,099		6,374	2.7	%
Beverage, Food & Tobacco
LVF Holdings, Inc.	L+6.25	%	8.45	%	6/10/2021	6/10/2027	1,493		1,467		1,470	0.6	%
LVF Holdings, Inc.	L+6.25	%	8.45	%	6/10/2021	6/10/2027	1,428		1,428		1,407	0.6	%
LVF Holdings, Inc. (Delayed Draw) (f) (g)	L+6.25	%	8.45	%	6/10/2021	6/10/2027	344		—		—	0.0	%
LVF Holdings, Inc. (Revolver) (f)	L+6.25	%	8.50	%	6/10/2021	6/10/2027	238		176		173	0.1	%
LX/JT Intermediate Holdings, Inc.	SF+6.00	%	7.63	%	3/11/2020	3/11/2025	5,518		5,453		5,438	2.4	%
LX/JT Intermediate Holdings, Inc. (Revolver) (f)	SF+6.00	%	7.63	%	3/11/2020	3/11/2025	833		—		—	0.0	%
Toojay’s Management LLC (i)	n/a		n/a	(j)​	10/26/2018	10/26/2022	1,448		1,407		—	0.0	%
Toojay’s Management LLC (i)	n/a		n/a	(j)​	10/26/2018	10/26/2022	199		199		—	0.0	%
Toojay’s Management LLC (Revolver) (i)	n/a		n/a	(j)​	10/26/2018	10/26/2022	66		66		—	0.0	%
							11,567		10,196		8,488	3.7	%
Capital Equipment
MCP Shaw Acquisitionco, LLC	SF+6.50	%	8.82	%	2/28/2020	11/28/2025	9,733		9,614		9,738	4.2	%
MCP Shaw Acquisitionco, LLC	SF+6.50	%	8.82	%	12/29/2021	11/28/2025	2,987		2,935		2,989	1.3	%
MCP Shaw Acquisitionco, LLC (Delayed Draw) (f) (g)	SF+6.50	%	8.82	%	12/29/2021	11/28/2025	983		437		437	0.2	%
MCP Shaw Acquisitionco, LLC (Revolver) (f)	SF+6.50	%	8.82	%	2/28/2020	11/28/2025	1,784		595		595	0.2	%
							15,487		13,581		13,759	5.9	%

8

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

June 30, 2022

(in thousands, except for shares and units)

	Spread Above		Interest		Acquisition			Amortized				% of
Portfolio Company (a)	Index (b)		Rate		Date (c)	Maturity	Principal	Cost		Fair Value (d)		Net Assets (e)
Chemicals, Plastics & Rubber
Valudor Products LLC	L+7.50	%	7.67% Cash/ 1.50% PIK		6/18/2018	6/19/2023	1,597	$	1,590	$	1,914	0.8	%
Valudor Products LLC	L+7.50	%	9.17	%	12/22/2021	6/19/2023	502		502		1,509	0.6	%
Valudor Products LLC (k)	L+7.50	%	9.17% PIK		6/18/2018	6/19/2023	247		246		243	0.1	%
Valudor Products LLC (Revolver) (f)	L+9.50	%	11.17	%	6/18/2018	6/19/2023	1,095		589		589	0.3	%
							3,441		2,927		4,255	1.8	%
Construction & Building
Brightly Software Holdings, Inc. (fka Dude Solutions Holdings, Inc.)	L+6.25	%	8.50	%	6/14/2019	6/13/2025	9,850		9,725		9,860	4.2	%
Brightly Software Holdings, Inc. (fka Dude Solutions Holdings, Inc.) (Revolver) (f)	L+6.25	%	8.50	%	6/14/2019	6/13/2025	1,304		696		696	0.3	%
TCFIII OWL Buyer LLC	SF+5.50	%	7.14	%	4/19/2021	4/17/2026	2,030		2,001		2,030	0.9	%
TCFIII OWL Buyer LLC	SF+5.50	%	7.14	%	4/19/2021	4/17/2026	2,478		2,478		2,478	1.1	%
TCFIII OWL Buyer LLC	SF+5.50	%	7.14	%	12/17/2021	4/17/2026	2,224		2,189		2,224	1.0	%
							17,886		17,089		17,288	7.5	%
Consumer Goods: Durable
Independence Buyer, Inc.	L+5.50	%	6.79	%	8/3/2021	8/3/2026	5,970		5,870		5,955	2.6	%
Independence Buyer, Inc. (Revolver) (f)	L+5.50	%	6.79	%	8/3/2021	8/3/2026	1,423		—		—	0.0	%
Recycled Plastics Industries, LLC	L+6.75	%	7.81	%	8/4/2021	8/4/2026	3,474		3,415		3,443	1.5	%
Recycled Plastics Industries, LLC (Revolver) (f)	L+6.75	%	7.81	%	8/4/2021	8/4/2026	473		95		94	0.0	%
							11,340		9,380		9,492	4.1	%
Consumer Goods: Non-Durable
The Kyjen Company, LLC	L+6.50	%	7.99	%	5/14/2021	4/3/2026	988		979		983	0.4	%
The Kyjen Company, LLC (Revolver) (f)	L+6.50	%	8.17	%	5/14/2021	4/3/2026	105		79		78	0.0	%
Thrasio, LLC	L+7.00	%	9.25	%	12/18/2020	12/18/2026	2,458		2,450		2,470	1.1	%
							3,551		3,508		3,531	1.5	%
Environmental Industries
Quest Resource Management Group, LLC	L+7.00	%	8.06	%	10/19/2020	10/20/2025	977		912		959	0.4	%
Quest Resource Management Group, LLC	L+7.00	%	8.06	%	10/19/2020	10/20/2025	1,073		1,073		1,053	0.4	%
Quest Resource Management Group, LLC	L+7.00	%	8.06	%	12/7/2021	10/20/2025	3,816		3,749		3,731	1.6	%
Quest Resource Management Group, LLC (Delayed Draw) (f) (g)	L+7.00	%	8.06	%	12/7/2021	10/20/2025	1,774		385		376	0.2	%
							7,640		6,119		6,119	2.6	%
FIRE: Finance
J2 BWA Funding LLC (Delayed Draw) (f) (g) (h)	n/a		9.00	%	12/24/2020	12/24/2026	2,710		1,033		1,008	0.4	%
Liftforward SPV II, LLC (h)	L+10.75	%	12.42	%	11/10/2016	9/30/2022	555		555		532	0.2	%
Oceana Australian Fixed Income Trust (h) (l) (m)	n/a		10.75	%	6/29/2021	6/29/2026	3,125		3,400		3,125	1.4	%
Oceana Australian Fixed Income Trust (h) (l) (m)	n/a		11.50	%	2/25/2021	2/25/2026	7,418		8,460		7,418	3.2	%
W3 Monroe RE Debt LLC (h)	n/a		10.00% PIK		2/5/2021	2/4/2028	3,053		3,053		3,053	1.3	%
							16,861		16,501		15,136	6.5	%

9

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

June 30, 2022

(in thousands, except for shares and units)

	Spread Above		Interest		Acquisition			Amortized				% of
Portfolio Company (a)	Index (b)		Rate		Date (c)	Maturity	Principal	Cost		Fair Value (d)		Net Assets (e)
FIRE: Real Estate
Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC (h)	SF+8.25	%	9.38	%	5/3/2022	4/30/2025	3,300	$	3,237	$	3,300	1.4	%
Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC (Delayed Draw) (f) (g) (h)	SF+8.25	%	9.51	%	5/3/2022	4/30/2025	337		116		116	0.0	%
Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC (Revolver) (f) (h)	SF+8.25	%	9.38	%	5/3/2022	4/30/2025	1,653		—		—	0.0	%
Florida East Coast Industries, LLC (h)	n/a		10.50	%	8/9/2021	6/28/2024	2,084		2,039		2,063	0.9	%
NCBP Property, LLC (h)	L+9.50	%	10.56	%	12/18/2020	12/16/2022	1,950		1,946		1,955	0.9	%
							9,324		7,338		7,434	3.2	%
Healthcare & Pharmaceuticals