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Subsequent Events
 9 Months Ended
Sep. 30, 2024
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
The Company has evaluated subsequent events through November 8, 2024, the date on which the consolidated financial statements were issued.
Change in Transfer Agent: On August 23, 2024, the Company and UMB Fund Services, Inc., (“UMB”) entered into a transfer agent agreement (the “Transfer Agent Agreement”), pursuant to which UMB was appointed to provide transfer agent services on behalf of the Company. Either party may terminate the Transfer Agent Agreement at the end of the Initial Term (as defined in the Transfer Agent Agreement) or at the end of any successive Renewal Term (as defined in the Transfer Agent Agreement) upon ninety (90) days’ prior written notice. The Company expects to complete the transition to UMB, as transfer agent, during the fourth quarter.
On August 23, 2024, the Board of the Company approved an amended and restated dividend reinvestment plan (the “Amended and Restated DRIP”), which was amended solely to appoint UMB Fund Services, Inc., as the Plan Administrator (as defined in the Amended and Restated DRIP). The Amended and Restated DRIP became effective on November 1, 2024.
Distributions: On October 4, 2024, the Board declared the following regular distributions:
Record DatePayment DateAmount Per Share
October 15, 2024December 30, 2024$0.09
November 14, 2024December 30, 20240.09
December 16, 2024December 30, 20240.09
Total regular distributions declared$0.27
Additionally, on October 4, 2024, the Board also declared a supplemental dividend of $0.02 per share, to stockholders of record as of the close of business on October 15, 2024, payable on December 30, 2024.
Affiliate Strategic Transaction: On October 22, 2024, Monroe Capital, an affiliate of the Company, announced that Monroe Capital has entered into a definitive agreement with Wendel Group (Euronext: MF:FP) (“Wendel”) relating to Wendel’s strategic investment in Monroe Capital.
The transaction is expected to close in the first quarter of 2025, subject to the satisfaction of customary closing conditions, including the receipt of regulatory clearances and approvals and client consents. In connection with the transaction, the Company expects to seek approval of a new investment advisory agreement between the Company and its investment adviser, MC Advisors, an affiliate of Monroe Capital, from the Board and its stockholders, the terms of which are expected to remain substantively similar to the current investment advisory agreement. It is anticipated that all of the officers and investment professionals of MC Advisors will remain at MC Advisors.

Revolving Credit Facility: On October 29, 2024, the Company entered into an amendment (the “Third Credit Facility Amendment”) to the Revolving Credit Facility. The Third Credit Facility Amendment amended the Revolving Credit Facility to, among other things, (i) extend the expiration of the revolver availability period from October 20, 2027 to October 31, 2028, (ii) extend the stated maturity date from October 20, 2028 to October 31, 2029, (iii) increase the total facility size to an aggregate amount of $567,500, (iv) increase the maximum total facility amount contemplated by the accordion provision to permit increases to a total facility amount of up to $800,000, (v) remove the credit-spread adjustment for ABR Loans based on Adjusted Term SOFR and for SOFR Loans, (vi) reduce the applicable margin (a) with respect to any ABR Loan, from 1.50% to 1.25% per annum (or, at any time the rating condition is satisfied, from 1.35% to 1.15% per annum), (b) with respect to any SOFR Loan, CORRA Loan, Eurocurrency Loan or RFR Loan, from 2.50% to 2.25% per annum (or at any time the rating condition is satisfied, from 2.35% to 2.15% per annum), and (vii) reset the minimum shareholders’ equity test and increases the minimum obligors’ net worth test.

The terms of the Third Credit Facility Amendment became effective on October 31, 2024.